The appropriateness evaluation of the investors orders regarding the subscription of financial instruments on Walliance platform, which is carried out in the investor's interest, represents one of the protection mechanisms for the users imposed by Consob Regulation 18592/2013 (hereafter, "Regulation"), and consists in verifying that the Investor has the level of experience and knowledge necessary to understand the risks that the financial instrument that he intends to purchase entails.

Through the appropriateness evaluation, the Manager verifies that the investment is in line with the characteristics of knowledge and experience of the Investor resulting from the answers provided in the specific questionnaire. The information is collected before the investment is made. In order to consider the evaluation of the investor's knowledge reliable and, therefore, to be reasonably certain that the investments planned by them can be considered appropriate, the questionnaire is passed obtaining a minimum score of 35/50, corresponding to 70% of the total score available.

If the result of the questionnaire is negative, it can be updated during a new investment process, when it will be given a new possibility to fill the questionnaire. If the result of the questionnaire is positive, the replies shall be considered valid for one year. The information provided is the essential element for the correct evaluation of the financial instruments offered on the Platform and the related risks; therefore, it is in the Investor's interest to provide complete, accurate, truthful and up-to-date information and to promptly inform the Portal of any significant changes. In particular, the Manager assesses whether the investment of the client of the Portal is appropriate considering the answers given to the questions in the questionnaire and the fact that all the operations that will be concluded on the portal refer to investments characterized by the highest degree of risk of loss of the entire invested illiquidity capital of the financial instrument acquired.

If the website Manager has the necessary information, he can assess the appropriateness and notify the investor in case of an inappropriateness. In any case, considering the warnings received from the Manager, in the event of inappropriateness, the Investor can always decide to cancel the transaction or confirm the request for execution, even if the information provided are incomplete. If the Manager does not have the necessary information, he warns the Investor of the impossibility to perform the appropriateness evaluation and, therefore, requires further confirmation from the investor about his willingness to continue (completing the insertion of the order anyway) or cancel the operation.

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