Participants of Systematic Saving Plans use declines from  manipulative charges. Height of decline depends on declared period of saving and  total  decline flies :

Reduced handling fee from Table of Handling Fees for category A participation units

Period of saving - Decline

• 2 and 3 year -30% 
• 4 and 5 year -40% 
• 6 and 7 year -60% 
• 8 and 9 year -80% 
• 10 year and more -100%

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.

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.