Fundusze inwestycyjne BPH TFI

Subfund profile
Risk level	Moderate
Fund category	Capital-protected
Fund manager	Bartosz Zdunski
Valuation Frequency	monthly (on the last trading day of each calendar month)
The Level of Capital Protection (Applicable on the day of capital protection termination)	105,37 PLN
Current capital protection period terminates	31.08.2012 (The day of certificates valuation)
Dates of certificates redemption	the last trading day of February, May, August and November
Value of the investment certificate	valuation

FIRST IN POLAND!
BPH FIZ Capital-protected Commodity is the first fund on the Polish market to benefit from the raw materials prices growth and at the same time aiming at protection of the invested capital. The applied CPPI Strategy (Constant Proportion Portfolio Insurance) enables to increase savings while protecting the invested assets.

INVESTMENT OBJECTIVE
The capital protection at the level set by the fund and maximization of the investment returns through the financial instruments enabling profit gains as result of commodities market prices increase.

SUBSCRIPTION DATES
The fund payments were collected by subscription for the investment certificates in the public issue in the period commencing on 12th June and ending on 14th July 2006.
Currently the investment certificates may be purchased in trading at the brokerage office.

CERTIFICATES REDEMPTION
We would like to inform that as of 1st March 2008 according to the agreement concluded on the 15th January 2008 Biuro Maklerskie Banku BPH S.A (BPH Brokerage Office PLC) seated in Cracow acts as the Offeror for the issue of BPH FIZ Capital-protected Commodity certificates.

The redemption of the certificates takes place on the last trading day in February, May, August and November, however the fund commences the first redemption on the last trading day of February 2007.It should be remembered that the certificates are the subject to trading thus may be purchased or redeemed only by the Brokerage Office of BPH.

The fund does not guarantee reaching its investment objective including the capital protection on the level set by the investment portfolio protection strategy as well as reaching the anticipated performance. Therefore the investor must bear in mind the possibility of losing some capital invested. The investment fund performance is not equal to the return of the individual investor as the fees and the tax levied on the income from investments in the fund, particularly the tax on the capital gains shall be taken into account.

Prospectus (Polish version)
 

Short Prospectus (Polish version)
 

Financial Reports (Polish version)