This publication has been prepared by Dom Maklerski TMS Brokers S.A. ("TMS Brokers") with registered office in Warsaw, ul. Złota 59 00-120 Warsaw, registered by the District Court for the Capital City of Warsaw in Warsaw, 12th Commercial Division of the National Court Register under the numer KRS 0000204776, Taxpayer Identification No 526.27.59.131, with share capital amounting to PLN 3,537.560, fully paid up, operating in accordance with the Act on Trading in Financial Instruments dated July 29th 2005, exclusively for the needs of TMS Brokers' clients.

TMS Brokers is subject to the supervision of the Polish Financial Supervision Authority on the basis of an authorization of April 26th 2004 (KPWiG-4021-54-1 / 2004)

This publication is a commercial publication within the meaning of art. 36 par. 2 of Commission Delegated Regulation (EU) 2017/565 of 25 April 2016 supplementing Directive 2014/65 / EU of the European Parliament and of the Council with regard to the organizational requirements and operating conditions of investment firms and the concepts defined for the purposes of this directive.

Recipients of this publication should consult the financial adviser before taking any investment decision on the basis of this publication.

In the preparation of this document TMS Brokers not take into account the individual needs and situation of the investor. Investments and services presented or included in this document may not be suitable for a specific investor, therefore, in case of doubts concerning such investments or investment services, it is recommended to consult an independent investment advisor.

Recipients of this report must make their own determination of the appropriateness of an investment in any financial instruments referred to herein based on the merits and risks involved, their own investment strategy and their legal and financial position.

None of the information presented in this publication constitutes investment, legal, accounting or tax advice or a statement that any investment strategy is adequate or appropriate due to individual circumstances related to the recipient, as well as does not constitute any other personal recommendation. TMS Brokers does not provide tax advisory services related to investing in financial instruments and recommends to contact an independent tax advisor.

TMS Brokers informs that in the case of a general recommendation service, there is a conflict of interest consisting in the issuance by TMS Brokers recommendation of a general nature, while TMS Brokers concluded transactions on the trading portfolio.

This publication is only informative and:

(i) does not constitute or form part of a sale, subscription or invitation to subscribe for any financial instruments,

(ii) it is not intended to offer or purchase or subscribe to or acquire any financial instruments

(iii) does not constitute advertising of any financial instruments

This publication has been prepared with due diligence, reliability and principles of objectivity based on generally available information. The information and opinions contained in this document have been collected or developed by TMS Brokers based on sources considered reliable, however TMS Brokers and related entities are not responsible for any inaccuracies or omissions. This document expresses the knowledge and views of its authors, as at the date of preparation.

The results achieved in the past should not be treated as an indication of whether the guarantee of future results. TMS Brokers is not responsible for investment decisions taken on the basis of this publication or for damages incurred as a result of investment decisions based on this publication.

The date on the first page of this publication is the date of its preparation and publication.

CFDs are complex instruments and involve a high risk of a quick loss of cash due to leverage. 76% of retail investors' accounts record losses as a result of trading CFDs at this supplier. Consider if you understand how CFDs work and whether you can afford a high risk of losing money.

Detailed information about TMS Brokers, principles of preparing and disseminating recommendations, sources of information, determining recipients of recommendations, professional terminology, conflicts of interest, as well as frequency of issuing and validity of recommendations, are available at www.tms.pl in the section https://www.tms.pl/zastrzezenia-prawne