(a) Reduced value of equities due to stock market falls etc;

(b) Variation in interest rates and the effect on the market value of investments;

(c) A lower level of investment income than planned;

(d) Inadequate valuation of assets;

(e) The direct impact on the portfolio of currency devaluation, as well as the effect on related markets and currencies; and

(f) The extent of any mismatch of assets and liabilities of any type (eg. maturity, currency, market, repricing etc.).