Description of funds proposed in the SuperDuet offer:

Millennium FIO Dynamic Subfund

The Subfund may invest up to 100% of its assets in shares of small and medium companies, wherein the share of the shares in the Subfund's portfolio cannot be lower than 65%. These companies have WIG share lower then 2%. Capitalisation of stock market lower than EUR 1 bn is used for companies from other indexes or stock exchange. The remaining means are invested by the subfund in other financial instruments, in particular in other equities, treasuary securities issued by the State Treasury or issuers of high creditworthiness.

Millennium FIO Equity Subfund

The Subfund may invest up to 100% of its assets in stocks, wherein the share of stocks in the Subfund's portfolio cannot be lower than 65%.  The remaining means are invested by the fund in other financial instruments, in particular in treasury securities issued by the State Treasury or issuers of high creditworthiness.

Millennium FIO Economic Trend Subfund

The Subfund's investment policy assumes variable allocation of assets to shares and bonds, depending on foreseen medium-term market trends. Shares will account for no less than 20% and no more than 80% of the Subfund's assets. The Subfund may invest its remaining money in financial instruments other than shares, in particular in debt securities issued by the State Treasury. The Subfund invests mainly on the Polish market. The Subfund will also sign contracts on derivative instruments.

Millennium FIO Stable Growth Subfund

The Subfund invests means in treasury securities issued by the State Treasury or issuers of high creditworthiness (at least 55% of the means) and in stocks issued by companies whose financial situation is stable (10% - 40%). Debt Securities Subfund - ensures stable growth of the value of entrusted assets at a a minimum level of risk. The subfund invests the collected assets in debt securities, mainly in bonds issued by the Polish State Treasury and other entities with high credit rating.

Millennium SOIF Absolute Return Subfund

The Subfund seeks to achieve a positive average annual returns over the long-term investment horizon, regardless of the situation on financial markets. Due to flexible investment policy, fund returns should not be highly correlated with changes in stock exchange indices. As part of the strategy the Fund invests in multiple asset classes in equity, debt, currency and money markets, also using derivative instruments (options, futures, swaps, forwards). The Fund may invest in foreign markets as well.

Millennium SOIF Global Stable Growth Subfund

The Subfund's investment policy assumes creation of a globally diversified portfolio with moderate risk, which will invest in various global financial instruments, with a majority of bonds (over 50%) and significant participation of equities (approx. 30%), with observance of appropriate diversification criteria. The Subfund's money will be invested up to 100% in participation titles of foreign funds whose investment policy assumes investing assets mainly in debt instruments, in participation titles of foreign funds whose investment policy assumes investing the assets mainly in equities as well as in participation titles of other foreign funds, which invest in alternative assets. The Subfund may invest in derivatives.

Millennium SOIF Global Equity Subfund

The Subfund's investment policy assumes allocation up to 100% of the assets to equities on global markets, subject to appropriate diversification criteria. The Subfund's money will be invested mainly in participation titles of foreign funds whose investment policy assumes investing the assets mainly in equities. The Subfund may invest in derivatives.

Fund participant's individual net rate of return depends on the date of sale and date of redemption of participation units and handling charges paid as well as deducted capital gains tax. Information about the Fund, including a description of the risk factors, is contained in the prospectus and Key Investor Information Documents, which are available together with the Fund's fee table from branches  of Bank Millennium S.A. and the principal office of Millennium TFI S.A., at Żaryna 2a Str. in Warsaw as well as online at www.millenniumtfi.pl. The Fund may invest in excess of 35% of its assets in securities whose issuer, surety or guarantor are: the State Treasury, NBP, a Polish local authority, an EU Member State, a local authority of an EU Member State, an OECD Member State or an international financial institution whose membership includes Poland or at least is one EU Member State.

Investing in a Fund involves the risk of a loss. A Fund does not guarantee the attainment of one's investment objectives or a specific investment result. Due to the composition of the investment portfolio the value of a Fund's net assets of as well as the value of its participation units is subject to high volatility.

Money kept on the SuperDuet is guaranteed in keeping with the Act on Banking Guarantee Fund. The 100% guarantee covers deposits up to the equivalent in zloty of 100 000 EUR. The protection is for registered deposits of natural persons, in keeping with art. 2 item 1) of the Act.

Investment Fund is an entity having legal personality and operating on the basis of the Act of 27 May 2004 on investment funds, conducting, exclusively, operations involving investing cash collected publicly or not publicly in securities and other property rights provided for in the Act.

In return for payments into the fund investors receive participation units. Their number shows proportional share held by the investor in the investment fund assets. In specified time intervals the fund determines the value of participation units i.e. calculates „net value of fund's assets" assigned to a single participation unit. For this purpose, the fund determines the value of its investment portfolio and divides it by the number of participation units allocated to all participants. The value of participation unit may change on each valuation day.  

The following risks result from investing in investment funds:

• Sector risk,
• Credit risk,
• Short-term price volatility risk,
• FX risk,
• Risk of not admitting issuer's securities to regulated market trading,
• Liquidity risk,
• Tax risk,
• Legal risk,
• Settlement risk,
• Market risk,
• Interest rate risk,
• Risk of loss of capital,
• Asset or market concentration risk,
• Level of charges and fees,
• Product complexity.

Risk description is provided in „Description of Risk Related to Financial Instruments and Products for Individuals in Bank Millennium S.A."1), as available in the Bank's outlets and on the Bank Web site www. bankmillennium.pl.

Detailed information on risks and investment strategy can be found in investment fund prospectuses.

Inwestowanie w fundusze wiąże się z ryzykiem poniesienia straty, jak również z obowiązkiem uiszczenia opłat manipulacyjnych i podatku dochodowego. Fundusz nie gwarantuje osiągnięcia celu inwestycyjnego ani określonego wyniku inwestycyjnego. Wartość aktywów netto funduszy cechuje się dużą zmiennością ze względu na skład portfela inwestycyjnego. Emitentem, poręczycielem lub gwarantem papierów wartościowych stanowiących powyżej 35% aktywów Funduszy Millennium (z wyłączeniem Millennium SFIO Funduszy Zagranicznych) może być Skarb Państwa, NBP, rząd USA, Europejski Bank Centralny lub Europejski Bank Inwestycyjny. Informacje o funduszach, w tym dane finansowe i opis czynników ryzyka, zawarto w prospektach informacyjnych i Kluczowych Informacjach dla Inwestorów, dostępnych wraz z tabelą opłat funduszy w placówkach Banku Millennium, w siedzibie Millennium TFI SA oraz na stronie internetowej www.millenniumtfi.pl.

Środki zainwestowane w produkt nie są objęte systemem gwarantowania Bankowego Funduszu Gwarancyjnego.

Any information contained in this publication is for information only and does not constitute an offer, recommendation or any invitation sent to anyone (or any group of people) to conclude a transaction on financial instruments presented in it. In particular, information contained in this publication does not constitute an offer within the meaning of the Civil Code Act dated 23 April 1964 and is not a service of investment, financial, tax, legal or any other advice.

The terms contained in this publication are for orientation. Any prices and/or specimen transactions are for illustration purposes only and do not constitute an offer of concluding a transaction on such terms or the indication that a transaction on these terms is feasible. Moreover, no calculations or results presented in this publication guarantee future profits. The actual terms of a transaction on financial instruments will be based on market terms established at the moment of its conclusion. Any available price quotations or analyses contained in this publication have been prepared on the basis of assumptions and parameters reflecting the assessment or choice made by the Bank. The Bank shall provide no guarantee of precision, completeness or reasonableness of such quotations or analyses. 
The recipient of the information in this publication shall exclusively bear the risk of its using in particular with respect to investment decisions on its basis.

Financial transactions are connected with risk detailed in the „Description of the Risk Connected with Financial Instruments or Products at Bank Millennium S.A.", available from the Bank's outlets and website www.bankmillennium.pl. Anyone who purchases a financial instrument shall accept and bear liability under tax obligations resulting from binding regulations. In view of the above risks and circumstances the Bank's clients should have sufficient knowledge and experience to assess the nature of each financial transaction entertained by them and them associated risk. If in any doubt, clients should use the services of a tax, legal or investment advisor. The Bank shall communicate any additional information which will be validly asked for by the Client to enable him the assessment of the risks and nature of the transaction.

The Client's conclusion of a transaction on financial instruments constitutes grounds for recognition that the Client has familiarised himself with the terms of the transaction and associated risks and accepted them

The dissemination and distribution of certain financial instruments and trading in them may be subject to certain limitations with respect to certain persons and states, in accordance with appropriate legislation. It is up to the client to demonstrate the legal capacity or rights to invest in a given financial instrument. Financial instruments can be offered and traded exclusively in compliance with the appropriate provisions of law.
The information in this publication shall be made available exclusively to its Recipient. The Recipient must not copy, reproduce nor communicate or make it available to third parties in any other way, in full or in part (except to his professional advisors) without the Bank's prior written consent.

Funds invested in the product are not covered by the deposit insurance scheme of the Bank Guarantee Fund.