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Financial risk management

The Group is exposed to financial risks such as interest rate risk, currency risk, financing/liquidity risk and credit risk through its operating activities. Catella’s Board of Directors assesses current and future risks and decides how they are to be managed by formulating group-wide risk management guidelines, which are evaluated and amended regularly. Risk management is also conducted at the relevant subsidiary level under the supervision of Group Management, which is why the risk management of significant subsidiaries is described below.

With regard to Asset Management and Banking operations, these subsidiaries include a dedicated risk management function that is independent from business operations, with the relevant managers reporting to each subsidiary’s managing director and directly to the subsidiary’s Board of Directors. Group Management is represented on subsidiary Boards and reports on to the Parent Company’s Board.

Subsidiaries under the supervision of the financial supervisory authority of each country are Catella Real Estate AG, Catella Fondförvaltning AB, Catella Bank S.A., Catella Kapital och Pension AB and IPM Informed Portfolio Management AB in the Asset Management and Banking operating segment. In the Corporate finance operating segment, there are no subsidiaries under supervision. Subsidiaries under supervision have an internal compliance function that monitors the subsidiaries’ compliance with internal and external regulations and customer agreements. This function is independent of the business activities of each subsidiary and its managers report to the Managing Director and directly to the Board of the subsidiary. Group Management is represented in the subsidiary Boards and reports on to the Parent Company’s Board.

As mentioned above, risk management is applied at subsidiary and operational levels since the different operating segments in the Group differ with regard to the operations conducted. For this reason, significant risks in each operating segment are described separately in the respective section on risk below.

Asset management and banking operations are conducted in the Group’s Asset Management and Banking operating segment. The subsidiaries in this operating segment do not trade in financial instruments except in respect of hedge positions relating to client transactions. Nor do the subsidiaries trade in or take positions on their own account. Due to the subsidiaries’ prudent policy for the credit issuance and trading in financial instruments, exposure to risks is limited. This operating segment is mainly exposed to credit risk.

The Group’s treasury management consists of investments and holdings in loan portfolios and funds. These assets are recognised with the Parent Company in the category “Other.” Investments in loan portfolios, described in more detail in Note 23 in the Annual Report, are mainly exposed to credit risk, but also to liquidity risk depending on potential changes in the repayment rate of the loan portfolios, interest rate risk and currency risk because the loans are in a currency other than SEK and mainly issued at variable interest. Fund investments, described in more detail in Note 23 in the Annual report, are mainly exposed to market price risk on the value of the funds and the holdings in them.

Read more in the lastest Annual Report Note 3.

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Michel Fischier

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