The CAIA Program may help our teams develop a better understanding of the rewards and potential risks of the Alternative Investments. At Banco Sabadell - Asset Management Division we encourage our staff to take the exams and gain an insight into the Alternatives through the CAIA Program. We also give our support to educational initiatives that lead to the achievement of the CAIA Designation for our employees as we consider it to be a significant milestone for their professional development, as much as a clear advantage in the market for our firm. In fact the CAIA Designation is becoming gradually required to our investment management side, and getting highly recommended to our middle and back office functions' staff as well.