1.   The total of liquid assets referred to in Article 9 and the annual financial commitments referred to in Article 10 shall be valued as of 31 December of the calendar year preceding the one in which the simulation is performed.

2.   However, where a valuation at such date would not accurately reflect the current situation of the prospective investor’s net worth, the valuation shall be performed at a more recent date enabling a more accurate valuation.

3.   For the purpose of paragraph 2, a more recent date may be any date between 31 December of the calendar year preceding the one in which the simulation is performed and the date on which the simulation is performed and shall be the same for the valuation of the total of liquid assets and the annual financial commitments. When determining such date, prospective non-sophisticated investors shall consider whether taking such date as the reference date will enable an accurate valuation in respect of the net annual income, the total of liquid assets and the annual financial commitments referred to in the formula laid down in Article 7.

4.   The net annual income referred to in Article 8 shall be the income of the calendar year preceding the year in which the simulation is performed. However, where the valuation of the total of liquid assets and annual financial commitments is performed using a more recent date pursuant to paragraph 2 of this Article, the net annual income shall be the income received during the 12 months preceding such more recent date.