This pr e s e nt at ion w as pr e pare d by KG H M Pols k a Mie dz S A KG H M The p re s e nt at ion is s t ric t ly of an inform at ional nat ure an d s hould no t be c o nstrued as c o n t a inin g inve s t m e nt a dv ic e The use rs of t hi s pre s e nt a t io n a re s o le ly re s po n s ible for t heir o w n a na l y s is a nd as s e s s men t of t he ma rk e t s it uat ion and of t he pot e nt ial fut ure re s ult s of KG H M bas e d on t he inform at ion c ont aine d in t hi s pr e s e nt at ion The pr e s e nt at ion is not and s hould not be c ons t ru e d to be an of fe r to s e ll or to s ubmit an of fe r to pur c has e any of t he s e c u ritie s of KG H M The p re s e nt at ion is als o ne it he r in w hole nor in part t he bas is for c onc luding any ag re e men t or c ont rac t w hat s oe v e r or for unde rta k ing any liabilit ie s w hat s oe v e r More ov e r t his pr e s e nt at ion doe s no t re pr e s e nt a re c om men dat ion to inv e s t in t he s e c uritie s of KG H M N e it he r KG H M nor any of it s s ub s idiarie s s hall be h e ld liable for t he re s ult s of any de c i s ions t a k e n bas e d on or ut ilizing t he inform at ion c ont aine d in t his pr e s e nt at ion or aris ing from it s c ont e nt s The ma rk e t re lat e d inform at ion c ont ain e d w it hin t his pr e s e nt at i on w as partia lly pr e pare d on t he bas is of dat a aris ing from t hos e t hird parties men t ione d in t his pr e s e nt at ion F urthe rmore c e rta in de c larat ions c ont aine d in t hi s pr e s e nt a t ion may be of a fo rw ard loo k ing nat ure in partic ular s uc h de c larat ions m ay be in t he nat ure of pr oje c t ions de v e lope d bas e d on ac t u al as s umpt ions re fle c t ing k now n and unk now n t yp e s of ris k as w e ll as a c e rt ain le v e l of unc e rta int y The ac t ual re s ult s ac hie v e men t s an d e v e nt s w hi c h o c c ur in f ut ure may s ig nific ant ly d i ff e r from t he dat a dir e c t l y c ont ain e d or unde rs t oo d to be c o nt a ined w it hin t his pre s e nt a t io n In no c as e w hat s o e v e r s h ould t he inform at ion c on t aine d w it hin t his pr e s e nt at ion be c ons ide re d as a c le ar or unde rs t oo d de c l arat ion or as any t yp e of as s e rtio n w hat s oe v e r by KG H M or pe rs ons ac t ing in it s be half N e it he r KG H M nor a ny of it s s ubs id iarie s are re quir e d or oblig at e d to upd at e t hi s pr e s e nt at ion or to pr ov i de it s us e rs w it h any addi t ional inform at ion w h at s o e v e r KG H M furt he rmore he re by not ifie s t he us e rs of t his pr e s e nt at ion t hat t he s ole re liable s ourc e of da t a on it s financ ial re s ult s fo re c as t s e v e nt s and c om pany indicat o rs a re t he c urre nt a nd pe riod ic re po rt s pub lishe d by KG H M in pe rfo r m a nc e of t he inf o rm a t io n a l o blig a t io ns a ris ing fro m Po lish law Caut ionar y state ment 1