5 . Discount rates can be broken down by geographic zone as follows: In % 2021 2020 2019 Weighted average (all countries) based on the benefit obligation 1.6% 1.1% 1.6% Of which: Euro zone Discount rate (commitment) (1) 1.0% 0.5% 0.9% Discount rate (service cost)* 1.1% 0.6% 1.0% USA Discount rate (commitment) 2.5% 2.0% 2.8% Discount rate (service cost)* 2.8% 2.3% 3.0% United Kingdom Discount rate (commitment) 2.0% 1.5% 2.0% Discount rate (service cost)* 2.0% 1.5% 2.0% (1) The weighted average for 2021 consists of a 1.02% discount rate on annuity plans with an average term of 19.86 years and a 0.72% discount rate on capital plans with an average term of 11.23 years. * Used for the service cost for the following financial year. A 50 basis point decrease in the discount rates would increase the projected defined benefit obligations by €237.0 mill ion for the euro zone, €89.0  million for the United States and €74.5 million for the United Kingdom. The expected returns on plan assets are based on the discount rates used. The break down of plan assets is as follows: In % 31.12.2021 31.12.2020 31.12.2019 Equity securities (1) 36.6% 35.2% 33.9% Bonds 54.1% 57.2% 57.8% Property assets (2) 4.3% 4.6% 4.8% Monetary instruments 3.3% 0.9% 0.6% Other (1) 1.7% 2.1% 2.9% TOTAL 100% 100% 100% (1) Of which L’Oréal shares: none. (2) Of which property assets occupied by Group entities: none. The allocation of plan assets has to comply with specific investment limits for the different classes of assets and meet minimum rating criteria for monetary instruments and bonds. 304 L ’ ORÉAL I UNIVERSAL REGISTRATION DOCUMENT 2021 2021 CONSOLIDATED FINANCIAL STATEMENTS Notes to the consolidated financial statements