Division 10

[Proprietary Trading] OpCo does not undertake dedicated proprietary trading. This means that OpCo carries on only trading activities indicated in its trading book that are necessary either (a) for accepting, transferring and executing its customers' sales and purchase orders (i.e. trading with financial instruments as a service, up to a value measured in value at risk (VaR) of EUR […] million/1 day, 99 % confidence); or (b) for hedging customer business, or interest and liquidity management in the treasury sector (so-called trading for own account, up to a value measured with value at risk (VaR) of EUR […] million/1 day, 99 % confidence); or (c) so that the economic transfer of balance sheet items to the restructuring unit or to third parties can be carried out (up to a value measured in value at risk (VaR) of EUR […] million/1 day, 99 % confidence). As those positions can be taken on only within the limits defined above, they cannot jeopardise the sustainability or liquidity situation of OpCo. Under no circumstances will OpCo carry out business activities that serve purely the realisation of profit, outside the purposes mentioned in (a), (b) or (c). Moreover, OpCo will implement punctually the specifications in the supervisory requirements, ‘Fundamental Review of the Trading Book’ (FRTB).