We have the following questions relating to Article 4(1) of the PRIIPs Regulation, and specifically the term “exposure to reference values”: a) Where a bond offers a conditional coupon if the free cash-flow of the company reaches a certain level at a certain point in time does this fall within the definition of a PRIIP? Is the free cash-flow of a company a reference value? b) Are sustainability-linked bonds, where the returns or cashflows are linked to whether the issuing company meets certain performance indicators relating to sustainability (e.g. a decarbonisation target), within the definition of a PRIIP? c) Are inflation-linked bonds, where the returns or cashflows are linked to the costs of consumer goods as measured by an inflation index, such as the consumer price index (CPI), within the definition of a PRIIP?