Price risk Money-market instruments Volatility risk Interest rate risk (treasury bills, certificates Liquidity risk of deposit, commercial Issuer risk up to 5% paper) that do not embed a Counterparty risk up to 10% Complex derivative Credit risk up to 20% And that do not incorporate Interest rate risk Non-Complex up to 50% Underlying asset risk a structure which makes it up to 100% Market risk difficult for the client to Risk of Total Loss understand the risk Risk of loss exceeding acquisition involved cost Any other risk Price risk Volatility risk Interest rate risk Liquidity risk Issuer risk up to 5% Counterparty risk up to 10% Complex Credit risk Shares or units in UCITS up to 20% Interest rate risk Non-Complex up to 50% Underlying asset risk up to 100% Market risk Risk of Total Loss Risk of loss exceeding acquisition cost Any risk risk Volatility risk Structured deposits that do Interest rate risk not incorporate a structure up to 5% Liquidity risk which makes it difficult for up to 10% Issuer risk Complex the client to understand the up to 20% Counterparty risk Non-Complex up to 50% Credit risk risk of return or the cost of up to 100% Interest rate risk exiting the product before Underlying asset risk term Market risk Risk of Total Loss
Money-market instruments (treasury bills, certificates of deposit, commercial paper) that do not embed a derivative And that do not incorporate a structure which makes it difficult for the client to understand the risk involved Complex Non-Complex up to 5% up to 10% up to 20% up to 50% up to 100% Price risk Volatility risk Interest rate risk Liquidity risk Issuer risk Counterparty risk Credit risk Interest rate risk Underlying asset risk Market risk Risk of Total Loss Risk of loss exceeding acquisition cost Any other risk Shares or units in UCITS Complex Non-Complex up to 5% up to 10% up to 20% up to 50% up to 100% Price risk Volatility risk Interest rate risk Liquidity risk Issuer risk Counterparty risk Credit risk Interest rate risk Underlying asset risk Market risk Risk of Total Loss Risk of loss exceeding acquisition cost Any risk Structured deposits that do not incorporate a structure which makes it difficult for the client to understand the risk of return or the cost of exiting the product before term Complex Non-Complex up to 5% up to 10% up to 20% up to 50% up to 100% risk Volatility risk Interest rate risk Liquidity risk Issuer risk Counterparty risk Credit risk Interest rate risk Underlying asset risk Market risk Risk of Total Loss
APPROPRIATENESS_TEST_indv.docx