Disclaimer

The Warsaw Stock Exchange acting in its capacity as the organiser of the GlobalConnect market, a separate market within the alternative trading system (“GlobalConnect”), does not assess the legal position, assets, the financial and economic position of any issuer whose financial instruments are to be introduced into trading or are traded on GlobalConnect and it does not assess such instruments. The entity acting as the Introducing Market Maker for financial instruments on GlobalConnect does not make such assessment, either, other than performing an analysis of whether the issuer is not under liquidation or bankruptcy proceedings as at the date of introduction of the financial instruments to trading on GlobalConnect according to information published by the issuer in its most recent annual report or reports published after the date of the most recent annual report. Investors should independently review the legal position, assets, the financial and economic position of the issuer and the information concerning the issuer and its financial instruments made available to the public by the issuer in accordance with the relevant regulations applicable to it.

The introduction of financial instruments to trading on GlobalConnect does not constitute endorsement by the Warsaw Stock Exchange or by the Introducing Market Maker of the issuer or the financial instruments so introduced to trading.

When introducing financial instruments to trading on GlobalConnect, the Warsaw Stock Exchange does not review or approve the issuer’s business model, business methods or financing methods, nor does it assess the level of risk associated with the issuer’s activities or the investment risk associated with the purchase of its financial instruments. The Introducing Market Maker does not perform such activities either.

In the event of the potential delisting of financial instruments on GlobalConnect, investors who choose not to exit before that date on GlobalConnect should be aware that the sale of their financial instruments on a foreign organised market may involve additional costs when using investment firms with access to such foreign organised markets.

The Warsaw Stock Exchange draws the attention of investors investing on GlobalConnect in financial instruments issued by entities with their registered office outside of Poland (“foreign issuers”) that, in the case of foreign issuers, risk factors connected with the investment itself and the issuer’s activity may not be identical to the risks of entities governed by Polish law.

Foreign issuers whose financial instruments are listed on GlobalConnect come from various regions of the world, including both EU and non-EU countries. Investors should be aware that the rights attached to financial instruments issued by foreign issuers and the manner in which they are exercised may differ significantly from the rights of shareholders of Polish companies operating under the Commercial Companies Code. In addition, foreign issuers may comply with disclosure obligations to an extent that is not necessarily identical to that set out in Polish or European Union law. Foreign issuers whose financial instruments are listed on GlobalConnect are not subject to any disclosure requirements under MAR, Polish law or the Alternative Trading System Rules.

Due to differences in national legal systems, foreign issuers may be subject to regulations other than those indicated above, not only with respect to corporate regulations or tax regulations but also with respect to, for example, bankruptcy, reorganisation or liquidation proceedings, as well as other proceedings of a similar nature. Legal solutions in force in other countries may differ substantially from those permitted under Polish law or, in the case of issuers from outside the European Union, from those permitted under European Union law. In addition, to a certain extent, foreign issuers may be exempt from the jurisdiction of Polish common courts as well as from supervision by the Polish Financial Supervision Authority (KNF) and other national administrative authorities. Issuers from outside the European Union may also, to a certain extent, be exempt from the jurisdiction of EU common courts and from supervision by competent authorities operating under European Union law.

The Warsaw Stock Exchange emphasises that the above circumstances should be taken into consideration each time investment decisions are made regarding securities of foreign issuers. Such decisions should be preceded by an analysis of the issuer’s relevant information document prepared for the purpose of admitting financial instruments to trading on a foreign organised market and of information concerning the issuer and its financial instruments made available to the public by the issuer in accordance with regulations applicable to it, with particular consideration of risks arising from legal and organisational differences in the country of the registered office or country of incorporation of the entity in question. Investors should also review the tax regulations applicable in foreign markets with a view to assessing the risks that may be associated with participation in trading in financial instruments subject to different tax regimes.

Investors should be aware of the risks involved in investing in financial instruments traded on GlobalConnect and their investment decisions should be preceded by proper analysis and, if the situation so requires, consultation with an investment adviser.