Transferable securities

Money-market instruments

Units in collective investment undertakings

Options, futures, swaps, forward rate agreements and any other derivative contracts relating to securities, currencies, interest rates or yields, or other derivatives instruments, financial idices or financial measures which may be settled physically or in cash

Options, futures, swaps, forward rate agreements and any other derivative contracts relating to commodities that must be settled in cash or may be settled in cash at the option of one of the parties (otherwise than by reason of a default or other termination event)

Option, futures, swaps and any other derivative contract relating to commodities than can be physically settled provided that they are traded on a regulated market and/or an MTF

Option, futures, swaps forwards and any other derivative contracts relating to commodities, that can be physically settled not otherwise mentioned in (6) and not being for commercial purposes, which have the characteristics of other derivative financial instruments, having regard to whether, inter alia, they are cleared and settled through recognised clearing houses or are subject to regular magin calls

Derivative instruments for the transfer of credit risk

Financial contracts for differences

Options, futures, swaps, forward rate agreements and any other derivative contracts relating to climit variables, freight rates, emission allowances or inflation rates or other official economic statistics that must be settled in cash or may be settled in cash at the option of one of the parties (otherwise than by reason of a default or ther termination event), as well as any other derivative contracts relating to assets, rights, obligations, indices and measures not otherwise mentioned above, which have the characteristics of other derivative financial instruments, having regard to whether, inter alia, they are traded on a regulated market or an MTF, are cleared and setlled through recognised clearing houses or are subject to regular margin calls

Reception and transmission of orders in relation to one or more financial instruments

Execution of orders on behalf of clients

Delaing on own account

Portfolio management

Investment advice

Underwriting of financial instruments and/or placing of financial instruments on a firm commitment basis

Placing of financial instruments without a firm commitment basis

Operation of Multilateral Trading Facilities

Safekeeping and administration of financial instruments for the account of clients, including custodianship and related services such as cash/collateral management

Granting credits or loans to an investor to allow him to carry out a transaction in one or more financial instruments, where the firm granting the credit or loan in involved in the transaction

Advice to undertakings on capital structure, industrial strategy and related matters and advice and services relating to mergers and purchse of undertakings

Foreing exchange services where these are connected to the provision of investment services

Investment research and financial analysis or other forms of general reccomendation relating to transactions in financial instruments

Services related to underwriting

Investment services and activities as well as ancillary services of the type included under section A or B of annex 1 related to the underlying of the derivatives included under section C-5,6,7 and 10-where these are connected to the provision of investment or ancillary services