Risk Disclosure

1. Purpose of this disclosure

This Risk Disclosure is provided in accordance with the conduct-of-business rules under Directive 2014/65/EU ("MiFID II") and the implementing rules issued by the Hellenic Capital Market Commission ("HCMC"). It draws your attention to the principal risks of trading and investing in financial instruments. It is not exhaustive and does not constitute investment advice.

2. General nature of investment risk

The value of financial instruments can go down as well as up. Past performance is not a reliable indicator of future results. You may lose part or all of the capital you invest. You should only invest amounts you can afford to lose without affecting your standard of living, and you should diversify across asset classes appropriately for your circumstances.

3. Specific risks by instrument type

• Equities and equity-like instruments: exposure to issuer-specific risk, sector risk, market risk, dividend variability, and -- for foreign equities -- currency risk.
• Bonds and other debt instruments: exposure to interest-rate risk, credit/default risk of the issuer, inflation risk, and liquidity risk for less actively traded issues.
• Funds (UCITS / AIFs): performance depends on the fund manager's strategy, the underlying assets, and applicable fees; redemption may be suspended in stressed market conditions.
• Derivatives, leveraged products, CFDs, and FX: these are complex instruments that come with a high risk of losing money rapidly due to leverage. ESMA's standardised retail warning applies: a significant percentage of retail investor accounts lose money when trading CFDs. You should consider whether you understand how these products work and whether you can afford to take the high risk of losing your money.
• Crypto-assets: crypto-assets are highly volatile and largely unregulated under the EU Markets in Crypto-Assets Regulation (MiCA) until phased application is complete. They may not be appropriate for all investors and may result in total loss of capital.

4. Market and liquidity risk

Market prices can move sharply in response to economic, political, or company-specific events. In stressed conditions liquidity may evaporate, bid/ask spreads may widen, and you may be unable to close a position at or near the last quoted price. Stop-loss orders are not guaranteed to execute at the requested level under such conditions.

5. Counterparty and execution risk

Trading involves reliance on intermediaries (brokers, exchanges, clearing houses, custodians). The default or operational failure of any of these counterparties may cause losses or delays. Investor-compensation schemes (such as the Hellenic Investor Compensation Fund) provide limited protection up to the statutory caps and only in defined circumstances.

6. Currency and cross-border risk

Investments denominated in a currency other than your reporting currency expose you to FX risk. Cross-border investments may also expose you to differences in tax treatment, settlement conventions, market-holiday calendars, and corporate-action processing.

7. Operational and technology risk

Online trading depends on the availability and integrity of internet connectivity, third-party platforms, and our own infrastructure. Outages, latency, data errors, or cyber-incidents may delay or prevent the execution, modification, or cancellation of orders. We mitigate these risks through redundancy and monitoring but cannot eliminate them entirely.

8. Tax

The tax treatment of your investments depends on your individual circumstances and may change over time. We do not provide tax advice. You should consult a qualified tax adviser before making investment decisions.

9. Suitability and appropriateness

Where required by MiFID II, we assess whether a product or service is appropriate or suitable for you, based on the information you provide about your knowledge, experience, financial situation, and investment objectives. We may decline to provide a service if we determine it is not appropriate or suitable. The accuracy of any such assessment depends on the accuracy of the information you provide.

10. Complaints and supervision

If you have a complaint about the Services, please contact complaints@testakis.gr. If we cannot resolve your complaint to your satisfaction, you may escalate to the Hellenic Capital Market Commission (www.hcmc.gr) or to the relevant out-of-court dispute-resolution body.

11. Acknowledgement

By using the Services you confirm that you have read and understood this Risk Disclosure and that you accept the risks described above. This Disclosure does not exclude or limit any duties or liabilities owed to you under applicable law.

This document is template-grade boilerplate aligned with MiFID II conduct-of-business rules and ESMA guidance. It must be reviewed and tailored by qualified legal counsel and the relevant compliance officer before being relied upon for any specific deployment.