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(10) 2. Ture of False I. Both VaR and Expected Shortfall depend on the assumption of a normal distribution of returns 2. Expected Shorfall is sub-additive while VaR is not 3. Both VaR and Expected Shortfall measure the amount of capital an investor can expecte to loss over a given time period and are, therefore, interchangeable as risk measures 4. VaR vary according to the confidence level selected, but expected shortfall will not 5. The duration of a bond can not be larger than its maturity