Term Liquidity Fund

Term Liquidity Fund is an open-ended AIF incorporated in Ireland (“the Fund”). The Fund offers no capital guarantee. It is not quoted on regulated markets, and its objective is to provide an investment return, which exceeds the applicable benchmark rate by a predefined value. Participation titles can be purchased in the following currencies: USD, EUR and GBP.

The Fund can only purchase those assets from Citigroup Global Markets Ltd. or Citigroup Global Markets Inc. Both Citigroup Global Markets Ltd. and Citigroup Global Markets Inc. provide liquid financial instruments as collateral for the repurchase of those assets. The value of the collateral is monitored on a daily basis by Euroclear and the Bank of New York.

Fund highlights

• higher return on investment than with deposits,
• high investment security,
• flexible terms,
• the Fund does not guarantee a rate of return, the investment does not guarantee return of capital,
• the Fund invests only in the assets purchased from entities that are members of Citigroup.

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This material was prepared by the employees of the Financial Markets and Corporate Banking – Sector of Bank Handlowy w Warszawie S.A.

Any data, information, comments, hypotheses have been developed for information purposes only and constitute neither an offer nor enticement to execute any transactions with the Bank.

This document has been issued for information purposes only and is not an offer in the meaning of Article 66 of the Civil Code. The terms and conditions presented in this document constitute a basis for negotiations only and may be amended. Binding terms and conditions shall be presented in the final draft agreement concerning a transaction and/or in a confirmation of transaction. They do not constitute any investment or financial analysis either, or any other recommendation of a general nature concerning transactions in financial instruments referred to in Article 69 clause 4 sub-clause 6 of the Act on Trading in Financial Instruments of 29 July 2005, or any 'information recommending or suggesting an investment strategy’, or any 'investment recommendation' in the meaning of Regulation (EU) No. 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse. This material is not an investment research or a marketing communication within the meaning of article 36 of the Commission Delegated Regulation (EU) 2017/565 of 25 April 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council as regards organizational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive.

The conclusion of transactions in financial instruments involves a risk, including the risk that a financial instrument will be impaired or that a loss will be incurred. Product manuals developed by the Bank describe risks related to the conclusion of transactions. The prices and ratios quoted in the presentation are presented for information only. The financial instruments described in this document are not guaranteed by the State Treasury, the Bank Guarantee Fund or any other government institutions.

Any comments, hypotheses, illustrations and examples in this document are for reference only, presented herein are an expression of Bank's assessment as at the presentation date and may be subject to change without notice. Shall the information presented consist of excerpts or summaries of other materials published by the Bank, we recommend to acknowledge such materials in their entirety.

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The Client shall be responsible for the results of investment decisions made on the basis of any information presented.

The Bank does not act as the Client's advisor or intermediary. The Bank did not prepare this document on the basis of the individual situation of the Client and did not analyze a given transaction from the point of view of its adequacy to the Client, even when the Bank had the information on the adequacy of specified transactions or the investment strategy of the Client, etc. Prior to concluding a transaction, the Client should assess risks and benefits related to the conclusion of the transaction as well as the characteristic features and financial, legal, tax and accounting consequences of the transaction, and assess independently, if the Client is able to take such risks, not relying on any information delivered by the Bank but individually or jointly with its financial, investment, legal and accounting advisors.

The outcome of investments generated by the Client in the past based on the data, information, comments, hypotheses presented, prepared by the Bank, may not be interpreted as a guaranty or grounds to a conviction that they will be repeated in the future. The information which refers to past quotations or results associated with investments in a given financial instrument or index shall not be construed as a guaranty that such quotations or results associated with investments in such instrument or index will reach the same or similar levels in the future.

All the hypotheses presented are based on certain hypothetical assumptions, in particular in relation to future events or market conditions. As such assumptions adopted may fail to materialize, actual quotations and results associated with investments in the financial instruments, indices or ratios presented, may divert considerably from the values presented.

It is not allowed to reproduce or otherwise distribute the presented contents in whole or part. This document and its contents are the property of the Bank. Copying and distributing this document, in part or in whole, is only authorized upon the prior written consent of the Bank, except where the disclosure of this document is mandatory in court or administrative proceedings.

The Bank or any other subsidiary of Citigroup Inc. may occur to be an issuer or creator for identical or similar to those described in this document financial instruments. The Bank (or any other subsidiary of Citigroup Inc., or its directors, officers or employees) may be involved or may make an investment in buying or selling the financial instruments described in this document. The Bank may conclude transactions which are opposite to transactions concluded by the Client and which may or may not affect negatively the market price of a financial instrument, interest rate, index, foreign exchange rate or any other underlying market parameter (hedging). The Bank has developed policies and measures for conflict of interest management.

Bank Handlowy w Warszawie S.A. is supervised by the Polish Financial Supervision Authority (KNF).

Citi and Citi Handlowy are registered trademarks of Citigroup Inc., used under the license. Citigroup Inc. and its subsidiaries shall also hold the rights to certain trademarks used herein. Bank Handlowy w Warszawie S.A. with its registered office in Warsaw, at ul. Senatorska 16, 00-923 Warsaw, entered in the Register of Entrepreneurs of the National Court Register maintained by the District Court for the Capital City of Warsaw in Warsaw, 12th Commercial Division of the National Court Register, KRS 000 000 1538, Tax Identification Number NIP 526-030-02-91, with fully paid-up share capital amounting to PLN 522,638,400.