An analyst in the credit risk department of a bank is estimating the unexpected loss contributions (ULC) of individual loans to overall credit portfolio risk. The portfolio consists of many loans that have approximately the same characteristics and size. Additional information about each loan is provided below:

• Exposure amount: CNY 3,000,000

• Constant pairwise default correlation: 0.25

• Annual probability of default (PD): 4%

• Standard deviation of PD: 19.6%

• Annual loss rate (LR): 15%

• Standard deviation of LR: 9%

What is the correct estimate of the ULC of a single loan to the overall credit portfolio risk?