The Company collects the required information regarding the Client’s knowledge and experience in investments, his financial situation (including his ability to incur losses), his risk tolerance, as well as his investment objectives and needs, in order to assess the identified target market to which he belongs, in order to offer him the Financial Instruments that are compatible with the needs, characteristics and objectives of the relevant target market of end customers.

The Company reserves the right to revise at any time its assessment regarding the compatibility of any Financial Instrument with a designated target market, in particular if it considers that the Financial Instrument no longer meets the conditions of the designated target market, such as when it becomes illiquid or very volatile due to market changes.

In order to fulfill the above obligation, both with regard to the inclusion of the Client in a specific target market, and with regard to the assessment of the compatibility of any Financial Instrument with the needs, characteristics and objectives of each identified target market, the Company acts at its absolute discretion, within the framework of the commonly accepted rules and methodology, and in no case is the Company responsible either for the selection and/or the manner of application of the criteria for the Customer’s inclusion in a designated target market, or for the assessment of the compatibility or otherwise of any Financial Instrument with a particular designated target market.

The Customer in the context of the above procedure may have limited access to the desired Financial Instruments.

Exceptionally, if for any reason the Company is not able to collect information in order to assess the client’s investment profile and to include him/her in a defined target market, in accordance with the above and, based on this, to assess his/her compatibility with a specific Financial Instrument, the transaction is carried out at the sole responsibility of the client. In this case, the Company recommends the client to refer to the characteristics of the Financial Instruments and the corresponding, compatible with them, identified target markets. The above procedure in no way can ensure the financial result of the transactions carried out by the client, nor does it constitute a guarantee on the part of the Company regarding their performance.

Definitions

Investor’s level of knowledge and experience

1. An investor with basic knowledge and experience is defined as an investor with the following characteristics:
   – Has basic knowledge of the relevant financial instruments (an investor with basic knowledge can make an investment decision based on the regulated and approved documents or with the help of basic information provided by the distributor of the financial instrument)
   – He has no experience in the financial industry, i.e. he is investing for the first time.
2. An investor with average knowledge and experience is defined as an investor with one or more of the following characteristics:
   – Has average knowledge of the relevant financial instruments (an investor with average knowledge can make an investment decision based on the regulated and approved documents taking into account the knowledge and information of the specific risks highlighted through these documents only).
   – He has relevant experience in the financial sector.
3. A knowledgeable and experienced investor is defined as an investor with one or more of the following characteristics:
   – Has a good knowledge of relevant financial instruments and investment transactions.
   – He/she shall have experience in the financial sector which, inter alia, may be combined with experience gained either from investment advisory services or from the management of the investment portfolio.

Risk and Return Index

The SRRI (Synthetic Risk & Reward Indicator – an indicator mentioned in the information documents of the Funds) measures the level of risk associated with the investment in the financial instrument. The index uses a scale of 1-7, with 1 being the lowest risk.
Low risk is associated with lower volatility and usually lower returns, but in no case does a lower risk category equate to zero risk, while the higher the risk category, the higher the volatility of the financial instrument and its potential return. The risk category presented is not guaranteed and may change in the future. The Risk and Return Index on bonds measures the level of risk associated with investing in them. The index uses a scale of 2-7, with 2 representing the lowest risk of higher-rated (AAA) bonds.

The General Target Market Financial Instruments Descriptions that identify the Target Client Market and the Financial Instruments that are compatible with the needs, objectives and characteristics of clients are set out below:

Target Market:
– Individual or Professional client with at least the following characteristics: zero to basic knowledge and experience in at least one Financial Instrument, no loss tolerance, conservative profile and capital preservation.
Category of Financial Instrument: Simple Bonds (e.g. rated up to AA) and Low Risk Funds (e.g. Treasury Funds) and general low risk products.

Target Market:
– Individual or Professional client with at least the following characteristics: zero to basic knowledge and experience in at least one Financial Instrument, low loss tolerance, conservative – balanced profile and income/profit making.
Category of Financial Instrument: All of the above as well as ETF Shares simply listed on a Regulated Market in Greece and abroad, Bonds with a credit rating up to BBB, Mutual Funds with SRRI 1-3, simple Corporate Bonds listed on a Regulated Market.

Target Market:
– Individual or Professional client with at least the following characteristics: average knowledge and experience in Financial Instruments, average loss tolerance, conservative-balanced profile and income/profitability achievement.
Category of Financial Instrument: All of the above as well as in Mutual Funds with SRRI 4-7, Derivatives futures-long options-short options-covered, Composite ETFs. Corporate Bonds listed on a regulated market that are categorized as composite, Warrants.

Target Market:
– Individual or Professional client with at least the following characteristics: good knowledge and experience of Financial Instruments, high loss tolerance, and at least an aggressive/professional profile and income/profit making.
Category of Financial Instrument: Transactions in all of the above as well as Uncovered positions in derivatives. Bonds regardless of credit rating.

Derivative Financial Instruments

Futures contracts (Futures)

Target Market:
– Individual or professional client, with a good knowledge and experience in Futures Contracts, seeking capital appreciation, leverage, hedging or arbitrage strategies, regardless of the investment horizon. The client must have a high risk tolerance with the ability to absorb losses that may exceed the amount originally paid as a margin.

Options (Options)

Target Market:
– An individual or professional client, with a good knowledge and experience in Options, who seeks strategies of capital appreciation, leveraging, risk hedging or arbitrage, regardless of the investment horizon. The client does not require a capital guarantee, has a high risk tolerance, with the possibility of absorbing losses which, in the case of the buyer, can be up to the amount of the premium paid, while for the seller of options the potential loss can be unlimited.

Securities Warrants (Warrants)

Target Market:
– An individual or professional client, with a good knowledge and experience in negotiable securities of negotiable instruments, seeking strategies of capital appreciation, leveraging, risk hedging or arbitrage, regardless of the investment horizon. The Client does not require a capital guarantee, has a high risk tolerance, with the possibility of absorbing losses up to the total amount of the investment.

Contracts for Difference (CFDs)

Target Market:
– An individual or professional client, with a good knowledge and experience in OTC derivatives and Contracts for Difference, seeking capital appreciation, leveraging, hedging or arbitrage strategies, irrespective of the investment horizon. The Client does not require a capital guarantee, has a high risk tolerance, with the ability to absorb losses that may exceed the initial invested capital.