Banque Audi (Suisse) SA

Banque Audi (Suisse) SA 01 REPORT OF THE BOARD OF DIRECTORS FOR THE YEAR ENDED 31 DECEMBER 2020 06

02 REPORT OF THE STATUTORY AUDITOR ON THE FINANCIAL STATEMENTS 07

03 BALANCE SHEET AS AT 31 DECEMBER 2020 09

04 INCOME STATEMENT FROM 1 JANUARY TO 31 DECEMBER 2020 10

05 STATEMENT OF CHANGES IN EQUITY 11

06 ALLOCATION OF NET INCOME PROPOSED BY THE BOARD OF DIRECTORS AND APPROVED BY THE SHAREHOLDERS’ MEETING 11 07 NOTES TO THE FINANCIAL STATEMENTS AS AT 31 DECEMBER 2020 12

1. Nature of the Bank’s business and staffing levels 12 2. Significant accounting policies 12 3. Risk management 13 4. Presentation of collateral for loans/receivables, off-balance sheet transactions, as well as impaired loans/receivables 14 5. Breakdown of trading portfolio 14 6. Presentation of derivative financial instruments (assets and liabilities) 15 7. Breakdown of financial investments 15 8. Presentation of participations 16 9. Disclosure of companies in which the Bank holds a permanent direct or indirect significant participation 16 10. Presentation of tangible fixed assets 16 11. Other assets and other liabilities 16 12. Disclosure of assets pledged or assigned to secure own commitments and assets under reservation of ownership 17 13. Disclosures on the economic situation of own pension schemes 17 14. Presentation of value adjustments and provisions, reserves for general banking risks and changes therein during the current year 18 15. Presentation of share capital 18 16. Disclosure of amounts due from/to related parties 18 17. Disclosure of holders of significant participations 19 18. Presentation of maturity structure of financial instruments 19 19. Presentation of assets and liabilities by domestic and foreign origin 20 20. Breakdown of total assets by country or group of countries 20 21. Breakdown of total assets abroad by credit rating of country groups 21 22. Presentation of assets and liabilities by the most significant currencies for the Bank 21 23. Breakdown of contingent liabilities 22 24. Breakdown of fiduciary transactions 22 25. Breakdown of assets under management or custody 22 26. Breakdown of the result from trading activities 23 27. Disclosure of material refinancing income in the item Interest and discount income as well as material negative interest 23 28. Breakdown of personnel expenses 23 29. Breakdown of general and administrative expenses 23 30. Breakdown of extraordinary income and expenses, 24 31. Presentation of current taxes, deferred taxes and disclosure of tax rate 24

08 BOARD OF DIRECTORS 25

09 EXECUTIVE COMMITTEE 26

10 BANK AUDI ADDRESSES 27 BANQUE AUDI (SUISSE) SA 06

REPORT OF THE BOARD OF DIRECTORS 01 FOR THE YEAR ENDED 31 DECEMBER 2020

SUMMARY

The year 2020 was a year where two important events continued inherent in the Bank’s operations, is being undertaken by the Bank. to impact Banque Audi (Suisse) SA (the “Bank”), namely the Operating expenses decreased year-on-year by CHF 3.6 million to global pandemic crisis and the prolonged economic and monetary CHF 35.5 million, as a result of certain cost reduction measures crisis impacting since the end of 2019. Despite such implemented by the Bank to partially offset the impact of decreasing constraints, the Bank was able to achieve a net profit for the year revenue during the year. of CHF 21.1 million. Operating income for 2020 amounted to CHF 65.0 million, compared to CHF 79.7 million in 2019. However, ALLOCATION OF RETAINED EARNINGS operating expenses were reduced to CHF 35.5 million, with a cost to income ratio of 54.7%. It is proposed to pay the 2020 net profit of CHF 21.1 million as an ordinary dividend, payable before 30 September 2021. Total Balance Sheet assets of the Bank totalled CHF 1.87 billion, an increase of CHF 180 million versus 2019. At year-end 2020, after the allocation of retained earnings, shareholders equity amounts to CHF 171.6 million (Net Tier I BALANCE SHEET capital), with a Tier I capital ratio of 42.9%. As at 31 December 2020, the Bank continues to be well-capitalized with a combined The year-on-year increase in Total Balance Sheet assets to CHF Tier I and Tier II capital of CHF 180.6 million. 1.87 billion is principally due to a CHF 251 million increase in customer deposits. This increase, in conjunction with the NEW FINMA REGIME FOR CATEGORY 4 reduction in the Lombard Loan portfolio, which decreased by AND 5 BANKS CHF 251 million, together with the relatively small increase in the Bank’s financial investment portfolio of CHF 45 million, due In 2018, the Swiss Financial Market Supervisory Authority FINMA to limited market opportunities, resulted in a significant increase defined a new regime for category 4 and 5 banks which have a in the Bank’s liquidity position. As a result, amounts deposited at relatively high level of capital and liquidity. Although the Bank, as the Swiss National Bank increased by CHF 356 million to CHF 843 a category 4 bank, participated in the “pilot” phase of this new million as at the end of 2020, and the Bank’s Liquidity Coverage regime, the Board of Directors and the Executive Management Ratio strengthened to 635%. of the Bank decided ultimately not to participate in this regime, principally due to certain disadvantageous changes in the capital From an Assets under Management (“AUM”) perspective, the adequacy rules under Basel III. Bank posted total AUMs of CHF 5.5 billion, a decrease of 20% year-on-year, principally due the deterioration of global markets and the US Dollar exchange rate versus the Swiss Franc, as well as negative net new money of CHF 386 million during the year.

INCOME STATEMENT

Results from interest operations decreased year-on-year by CHF 12.0 million to CHF 16.7 million, principally due the decrease in the Lombard Loan portfolio and the increase in amounts deposited at the Swiss National Bank.

Commission business and services income decreased year-on- year by CHF 2.9 million to CHF 34.8 million, principally due to the decrease in AUMs. However, results from trading activities remained stable year-on-year at CHF 13.4 million. This income is primarily driven by customer foreign exchange activity, as no proprietary foreign exchange trading, outside of hedging foreign exchange risk 07 ANNUAL REPORT 2020

REPORT OF THE STATUTORY AUDITOR 02 ON THE FINANCIAL STATEMENTS

Ernst & Young Ltd Phone: +41 58 286 56 56 Place de Pont-Rouge 1 Fax: +41 58 286 56 57 P.O. Box 1575 www.ey.com/ch CH-1211 Genève 26

To the general meeting of Banque Audi (Suisse) SA, Genève

Geneva, 9 March 2021

Report of the statutory auditor on the financial statements

As statutory auditor, we have audited the financial statements of Banque Audi (Suisse) SA, which comprise the balance sheet, income statement, statement of changes in equity and notes, for the year ended 31 December 2020.

Board of Directors’ responsibility The Board of Directors is responsible for the preparation of the financial statements in accordance with the requirements of Swiss law and the company’s articles of incorporation. This responsibility includes designing, implementing and maintaining an internal control system relevant to the preparation of financial statements that are free from material misstatement, whether due to fraud or error. The Board of Directors is further responsible for selecting and applying appropriate accounting policies and making appropriate accounting estimates that are reasonable in the circumstances.

Auditor’s responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Swiss law and Swiss Auditing Standards. Those standards require that we plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers the internal control system relevant to the entity's preparation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control system. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of accounting estimates made, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion In our opinion, the financial statements for the year ended 31 December 2020 comply with Swiss law and the company’s articles of incorporation.

BANQUE AUDI (SUISSE) SA 08

2

Report on other legal requirements We confirm that we meet the legal requirements on licensing according to the Audit Oversight Act (AOA) and independence (article 728 CO and article 11 AOA) and that are no circumstances incompatible with our independence

In accordance with article 728a paragraph 1 item 3 CO and Swiss Auditing Standard 890, we confirm that an internal control system exists, which has been designed for the preparation of financial statements according to the instructions of the Board of Directors.

We further confirm that the proposed appropriation of available earnings complies with Swiss law and the company’s articles of incorporation. We recommend that the financial statements submitted to you be approved.

Ernst & Young SA

Stéphane Muller Khaled Elfeshawey Expert-réviseur agréé Expert-réviseur agréé (Réviseur responsable)

09 ANNUAL REPORT 2020

BALANCE SHEET AS AT 31 DECEMBER 2020 03 (EXPRESSED IN THOUSANDS OF SWISS FRANCS)

Notes 31/12/2020 31/12/2019 ASSETS Liquid assets 843,416 487,641 Amounts due from banks 12 170,373 105,936 Amounts due from customers 4 508,252 759,471 Mortgage loans 4 21,000 21,000 Trading portfolio assets 5 84 - Positive replacement values of derivative financial instruments 6 10,521 19,089 Financial Investments 7 273,780 248,200 Accrued income and prepaid expenses 9,262 12,957 Participations 8,9 235 258 Tangible fixed assets 10 30,284 31,376 Other assets 11 419 1,592 Total assets 1,867,626 1,687,520 LIABILITIES Amounts due to banks 136,155 185,568 Amounts due in respect of customer deposits 1,495,231 1,244,623 Negative replacement values of derivative financial instruments 6 14,150 21,604 Accrued expenses and deferred income 16,185 28,078 Other liabilities 11 5,807 2,868 Provisions 14 7,207 6,632 Reserves for general banking risks 14 2,100 - Share capital 15 25,000 25,000 Statutory retained earnings reserve 17,000 17,000 Voluntary retained earnings reserve 19,300 19,300 Profits carried forward 108,386 108,386 Profit for the period 21,105 28,461 Total liabilities 1,867,626 1,687,520

Notes 31/12/2020 31/12/2019 OFF-BALANCE SHEET Contingent liabilities 4,23 19,856 27,201 Irrevocable commitments 4 2,022 2,228 BANQUE AUDI (SUISSE) SA 10

INCOME STATEMENT FROM 1 JANUARY TO 31 DECEMBER 2020 04 (EXPRESSED IN THOUSANDS OF SWISS FRANCS)

Notes 2020 2019 RESULTS FROM INTEREST OPERATIONS Interest and discount income 27 14,805 26,148 Interest and dividend income from trading portfolio (8) 78 Interest and dividend income from financial investments 1,040 2,633 Interest expenses 106 (207) Gross results from interest operations 15,943 28,652 Changes in value adjustment for default risks and losses from interest operations 713 - Subtotal net results from interest operations 16,656 28,652

RESULTS FROM COMMISSION BUSINESS AND SERVICES Commission income from securities trading and investment activities 41,703 48,599 Commision income from lending activities 293 215 Commission income from other services 1,564 1,175 Commission expense (8,788) (12,351) Subtotal results from commission business and services 34,772 37,638 RESULTS FROM TRADING ACTIVTIES 26 13,433 13,305

OTHER RESULTS FROM ORDINARY ACTIVITIES Result from the disposal of financial investments 141 114 Income from non-consolidated participations - - Other ordinary income - - Other ordinary expenses - - Subtotal other results from ordinary activities 141 114

OPERATING EXPENSES Personnel expenses 28 (25,965) (28,146) General and administrative expenses 29 (9,567) (10,992) Subtotal operating expenses (35,532) (39,138)

Value adjustments on participations and depreciation of tangible fixed assets 8,10 (1,583) (2,695) and intangible assets Changes to provisions and other value adjustments, and losses 14 (3,643) (804)

OPERATING RESULT 24,244 37,072

Extraordinary income 30 593 1,666 Extraordinary expenses 30 (85) (75) Changes in reserves for general banking risks 14 - - Taxes 31 (3,647) (10,202)

PROFIT FOR THE PERIOD 21,105 28,461 11 ANNUAL REPORT 2020

STATEMENT OF CHANGES IN EQUITY 05 (EXPRESSED IN THOUSANDS OF SWISS FRANCS)

Statutory Voluntary Reserves retained retained for general Profit Share earnings earnings banking carried Profit of capital reserve reserve risks forward the period TOTAL Equity as at 1 January 2020 25,000 17,000 19,300 - 108,386 28,461 198,147 Other allocations to the reserves for general - - - 2,100 - - 2,100 banking risks Other allocations to other reserves - - - - 28,461 (28,461) - Dividend and other distributions - - - - (28,461) - (28,461) Profit for the period - - - - - 21,105 21,105 Equity as at 31 December 2020 25,000 17,000 19,300 2,100 108,386 21,105 192,891 The Bank paid the 2019 ordinary dividend on 25 September 2020.

ALLOCATION OF NET INCOME PROPOSED BY THE BOARD OF DIRECTORS AND APPROVED BY THE SHAREHOLDERS' MEETING 06 (EXPRESSED IN THOUSANDS OF SWISS FRANCS)

2020 2019 RETAINED EARNINGS Profit for the period 21,105 28,461 Profit brought forward 136,847 136,827 Ordinary dividend (28,461) (28,441) Retained earnings at the end of the year 129,491 136,847

ALLOCATION OF THE RETAINED EARNINGS Ordinary dividend 21,105 28,461 Profit carried forward 108,386 108,386 Total 129,491 136,847 BANQUE AUDI (SUISSE) SA 12

NOTES TO THE FINANCIAL STATEMENTS 07 AS AT 31 DECEMBER 2020

1. NATURE OF THE BANK’S BUSINESS applied at 31 December 2020 for the conversion of the main AND STAFFING LEVELS currencies into Swiss francs are the following: USD 0.8810 (2019: 0.9684) General Information EUR 1.0805 (2019: 1.0850) Banque Audi (Suisse) SA is a Bank incorporated in , headquartered in Geneva and owned by Bank Audi SAL, , Forward Foreign Exchange Transactions and Derivative Lebanon. Financial Instruments Trading Transactions The Bank’s primary activities are and Outstanding forward foreign exchange transactions and administration in the form of investment management, placing derivative financial instruments, comprising currency and of deposits on a fiduciary basis and secured lending for private securities options, are expressed at prevailing market rates in customers. the financial statements. The variation in positive and negative replacement values resulting from this treatment are included in The Bank has a representative office in Beirut for the purpose results from trading activities in the income statement. of developing the market of the Middle Eastern region. The subsidiary in Monaco has been liquidated at the end of 2019. The contract volumes as presented correspond to the values of the underlying currencies and securities from which the The Bank’s staff at 31 December 2020 comprises 96 employees, instruments are derived. of which 4 are located in the representation office in Beirut (at 31 December 2019: 100 of which 4 located in the representation Hedging Transactions office in Beirut). Hedging transactions are reported using the same valuation principles as the transactions that they are serving to hedge and Outsourcing are included under the same accounting captions. The continuing The Bank outsources services as defined by circular FINMA 2018/3. validity of the accounting treatment of hedging transactions These services comprise its interbank messaging. is reviewed periodically. Transactions that can no longer be considered as valid hedges are treated as trading transactions. 2. SIGNIFICANT ACCOUNTING POLICIES Liquid Assets and Amounts Due from and to Banks and Customers Basis of Preparation Liquid assets and amounts due from and to banks and customers The annual financial statements are prepared in compliance with are reported in the balance sheet at their nominal value. the requirements of the Swiss Civil Code, the Swiss law on banks and related ordinance and the directives of the Swiss Financial Impaired customer loans are subject to individual provisions Markets Supervisory Authority (FINMA), as defined by circular which are recorded as a deduction from the amount due. FINMA 2020/1 (PCB).

Securities and Precious Metal Trading Portfolios Accounting Recognition of Transactions Securities held as trading items and securities held as available All transactions made until the balance sheet date are booked on for sale are valued at their prevailing market rates at the balance the day they are executed. Non-executed spot transactions are sheet date. The financing cost of the securities portfolio is not included in the balance sheet on the transaction date. included in the same income statement caption.

Foreign Currency and Precious Metal Balances Financial Investments The financial statements are presented in Swiss francs. Foreign Interest bearing financial investments that are intended to be held currency and precious metal balances are translated into their to maturity are included in the balance sheet at cost adjusted on Swiss franc equivalents at the closing rate of exchange. Income pro-rata basis to accrue to their value at maturity. In event of the and expense amounts denominated in foreign currencies are risk of non-repayment at maturity, a specific provision is made converted to Swiss francs at the end of each month. The rates and deducted from the reported value. 13 ANNUAL REPORT 2020

· Loss limits Tangible Fixed Assets Tangible fixed assets are reported in the balance sheet at cost and With regard to foreign exchange activities, trading for the Banks’ are depreciated over their estimated useful economic lives on a own account is minimal, the principal role being that of serving straight line basis. the customer base and covering customer transactions in the interbank market. Positions in foreign exchange or securities Owned operating premises are reported in the balance sheet at options are generally not taken other than for hedging revenues a maximum of their acquisition cost, less depreciation deemed to denominated in foreign currencies. be economically necessary, on a straight line basis. Interest Rate Risk The useful lives of the different categories used for depreciation The directive on interest rate risk defines the authorized purposes are: instruments and limits. The directive reflects the Bank’s policy - Information technology hardware and purchased software: 3 years of low interest rate risk in view of the short maturities inherent - Office furniture and equipment: 5 years in underlying customer transactions and the hedging of such - Installations and office improvements: 5 years transactions. - Motor vehicles: 5 years - Owned premises: 50 years Credit Risk The policy and rules on credit risk are set out in the directive Provision on credit activities. Credit activity is limited to secured lending The principle of prudence is applied in recognizing adequate value and, on an exceptional basis, to mortgage loans. The value of adjustments and provisions in all situations that involve a degree of portfolios pledged are established by reference to a loan-to- uncertainty as to the appreciation or evaluation of the risk. value rate defined by asset class. The value of assets included in portfolios pledged by clients are regularly reappraised. Exposures Value Adjustments are subject to daily monitoring by the Credit Department and The credit policy of the Bank is to lend to customers on a fully approvals for over-limit situations are submitted to the authority secured basis with collateral of quality, duly weighted. Impairment levels stipulated in the directive. of collateral is the primary reason for which loan recovery may become doubtful. A value adjustment is made against each specific Country Risk impaired loan and is the difference between the nominal value Management of exposure to country risk including limits is set of the loan and the estimated recoverable amount taking into out in an internal directive. Country risk is principally generated account the estimated realisable value of the collateral. Provisions by the Bank’s investment portfolio and guarantees provided by are made for interest remaining due for more than three months. customers to whom the Bank lends and is subject to verification on a regular basis. Taxes Income and capital tax are provided for on all taxable items, Reputational and Compliance Risk including those in respect of which payment is deferred. The These risks arise from the absence of compliance with professional provisions are included in accrued expenses. standards and legal requirements. The compliance function performs the tasks conferred to it in a chart of compliance that is approved by the Board of Directors. 3. RISK MANAGEMENT Operational Risk The risk management policies of the Bank are embodied in the Operational risks are those that arise in the event of erroneous internal directives approved by the Board of Directors. These or omitted execution of a transaction or more generally from a directives set out the scope of the activities, their nature and the procedural or technological weakness. These failures result in levels of authority delegated to management. one or more of the risks set out above. The operational risks are The directives are accompanied by operating procedures that are covered by written departmental procedures. developed by the departments concerned. Monitoring of compliance with the directives is performed by the Risk Analysis by the Board of Directors internal control function of the Bank. The Board of Directors has defined the principal objectives of risk management of the Bank by performing an inventory of Market Risk identified risks and an evaluation of the probability of occurrence Market risk management policy is defined in the directives on and its consequences, thus enabling the effective allocation of foreign exchange and securities trading. The requirements and the Bank’s resources. limits include those relating to: Capital Adequacy · Approved instruments The Bank’s capital adequacy report is available on its website · Individual and overall positions www.bankaudipb.com in compliance with FINMA Circular · Transaction limits 2016/01. BANQUE AUDI (SUISSE) SA 14

INFORMATION ON BALANCE SHEET TRANSACTIONS

4. PRESENTATION OF COLLATERAL FOR LOANS/RECEIVABLES, OFF-BALANCE SHEET TRANSACTIONS, AS WELL AS IMPAIRED LOANS/RECEIVABLES (EXPRESSED IN THOUSANDS OF SWISS FRANCS) Type of Collateral Presentation of collateral for loans/receivables, Secured by Other off-balance sheet transactions mortgage collateral Unsecured Total LOANS (BEFORE NETTING WITH VALUE ADJUSTMENTS) Amounts due from customers - 508,053 257 508,310 Mortgage loans - Office and business premises 21,000 - - 21,000 Total Loans (before netting with value adjustments) 31/12/2020 21,000 508,053 257 529,310 31/12/2019 21,000 759,234 948 781,182 Total Loans (after netting with value adjustments) 31/12/2020 21,000 508,053 199 529,252 31/12/2019 21,000 759,234 237 780,471 OFF-BALANCE SHEET Contingent liabilities - 19,674 182 19,856 Irrevocable commitments - - 2,022 2,022 Total off-balance sheet 31/12/2020 - 19,674 2,204 21,878 Total off-balance sheet 31/12/2019 - 26,208 3,221 29,429

Estimated Individual liquidation value Impaired loans/receivables Gross debt value of Net debt adjust- amount collateral amount ments Total impaired loans/receivables 31/12/2020 58 - 58 58 31/12/2019 711 - 711 711

5. BREAKDOWN OF TRADING PORTFOLIO (EXPRESSED IN THOUSANDS OF SWISS FRANCS)

31/12/2020 31/12/2019 TRADING PORTFOLIO ASSETS Debt securities, money market securities / transactions 84 - - of which, listed 84 - Total trading portfolio assets 84 - - of which, determined using a valuation model - - - of which, securities eligible for repo transaction in accordance with - - liquidity requirements 15 ANNUAL REPORT 2020

6. PRESENTATION OF DERIVATIVE FINANCIAL INSTRUMENTS (ASSETS AND LIABILITIES) (EXPRESSED IN THOUSANDS OF SWISS FRANCS) Trading Instruments Hedging Instruments Replacement values Contract Replacement values Contract Positive Negative volume Positive Negative volume FOREIGN EXCHANGE Forward contracts 217 183 19,373 - - - Swaps 2,803 6,512 926,767 - - - Options (OTC) 3,656 3,656 115,643 - - -

PRECIOUS METALS Forward contracts 43 - 2,033 - - - Swaps 3 - 250 - - - Options (OTC) 2,687 2,687 86,544 - - -

EQUITY SECURITIES / INDICES Options (OTC) 1,112 1,112 793 - - - Total 31/12/2020 10,521 14,150 1,151,403 - - - 31/12/2019 19,089 21,604 1,944,109 - - -

The Bank does not apply any netting contracts on positive and negative replacement values.

BREAKDOWN BY COUNTERPARTY Central clearing house Bank & securities dealers Other customers Positive replacement values - 10,106 415

7. BREAKDOWN OF FINANCIAL INVESTMENTS (EXPRESSED IN THOUSANDS OF SWISS FRANCS) Book Value Fair Value 31/12/2020 31/12/2019 31/12/2020 31/12/2019 PRESENTATION OF FINANCIAL INVESTMENTS Debt securities 103,125 58,620 103,125 58,689 - intended to be held to maturity 103,125 58,620 103,125 58,689 Equities securities 2 2 2 2 Precious metals 170,653 189,578 170,653 189,578 Total financial investments 273,780 248,200 273,780 248,269 - of which, securities eligible for repo transactions in accord- ance with liquidity requirements - - - -

Precious metals are held to cover customer deposits booked on the balance sheet as non-physical metals, recorded at fair value, as well as the spot component of short tem swap transactions on such metals.

BREAKDOWN OF COUNTERPARTIES From AAA From A+ From BBB+ BY RATING to AA- to A- to BBB- Book value of debt securities 26,723 76,402 -

The Bank’s ratings are based on Standard & Poor’s rating categories. BANQUE AUDI (SUISSE) SA 16

8. PRESENTATION OF PARTICIPATIONS (EXPRESSED IN THOUSANDS OF SWISS FRANCS) Accumulated value Disposals adjustment (including Acquisition and changes Book value exchange Value Book value cost in book value 31.12.2019 Additions difference) adjustments 31.12.2020 Other participations - without market value 1,004 (746) 258 - (23) - 235 Total participations 1,004 (746) 258 - (23) - 235

9. DISCLOSURE OF COMPANIES IN WHICH THE BANK HOLDS A PERMANENT DIRECT OR INDIRECT SIGNIFICANT PARTICIPATION Share of Share of Company capital and capital and Held COMPANY NAME capital votes (in %) votes (in %) directly/ AND DOMICILE Business activity Currency (in 1'000s) 31.12.2020 31.12.2019 indirectly Audi Capital (KSA), Riyad SAR 100,000 1.00% 1.00% Directly

10. PRESENTATION OF TANGIBLE FIXED ASSETS (EXPRESSED IN THOUSANDS OF SWISS FRANCS)

Acquisition Accumulated Book value Book value cost depreciation 31.12.2019 Additions Disposals Depreciation 31.12.2020 Bank's building 37,749 (8,663) 29,086 - - (755) 28,331 Other tangible fixed assets 18,402 (16,763) 1,639 272 - (430) 1,481 Acquired software 5,527 (4,876) 651 219 - (398) 472 Total tangible fixed assets 61,678 (30,302) 31,376 491 - (1,583) 30,284

11. OTHER ASSETS AND OTHER LIABILITIES (EXPRESSED IN THOUSANDS OF SWISS FRANCS)

Other Assets Other Liabilities 31/12/2020 31/12/2019 31/12/2020 31/12/2019 Transit accounts 239 1,216 3,869 272 Indirect taxes 180 376 1,629 2,160 Compensation account - - 309 436 Total 419 1,592 5,807 2,868 17 ANNUAL REPORT 2020

12. DISCLOSURE OF ASSETS PLEDGED OR ASSIGNED TO SECURE OWN COMMITMENTS AND ASSETS UNDER RESERVATION OF OWNERSHIP (EXPRESSED IN THOUSANDS OF SWISS FRANCS)

31/12/2020 31/12/2019 Effective Effective Book value commitments Book value commitments PLEDGED/ASSIGNED ASSETS: - Amounts due from banks 70,861 70,861 29,886 29,886 - Financial investments 20,971 20,971 18,419 18,419 Total pledged assets 91,832 91,832 48,305 48,305

13. DISCLOSURES ON THE ECONOMIC SITUATION OF OWN PENSION SCHEMES (EXPRESSED IN THOUSANDS OF SWISS FRANCS)

Employer contribution reserve (ECR) No reserve for future contributions has been set up by the Bank.

PRESENTATION OF THE ECONOMIC Economic Change in BENEFIT/OBLIGATION AND THE Overfunding/ interest of the economic Contributions Pension expenses in PENSION EXPENSES underfunding Bank interest paid personnel expenses 2020 2020 2019 2020 2020 2020 2019 Pension plans with overfunding - - - - 1,607 1,607 1,604 Total - - - - 1,607 1,607 1,604

The Bank has signed a contract of affiliation to the collective foundation AXA in Lausanne, an independent provident institution applying the legal dispositions governing employee pension plans in Switzerland and offering a defined contribution plan. Its objective is to insure employees against the economic impact resulting from retirement, disability and death.

In addition to the basic plan, executives and members of management are eligible for a supplemental defined contribution plan. These plans are financed by both the employer and the employees in accordance with the regulations of the plans.

On 1 January 2019, AXA transferred the 100% insured pension fund to a new partially insured plan. At 31 december 2020, the unaudited coverage rate was 110.3%, which means that there is no underfunding at this date.

Liabilities relating to own pension schemes The Bank has no liabilities relating to its own pension schemes as of 31 December 2020 (2019: none). BANQUE AUDI (SUISSE) SA 18

14. PRESENTATION OF VALUE ADJUSTMENTS AND PROVISIONS, RESERVES FOR GENERAL BANKING RISKS AND CHANGES THEREIN DURING THE CURRENT YEAR (EXPRESSED IN THOUSANDS OF SWISS FRANCS)

Used in conformity New with creations Balance as at designated Currency charged to Release to Balance at 31/12/2019 purpose Reclassifications differences income income 31/12/2020

Provisions for other business risks - - - - 647 - 647 Other provisions 6,632 (224) (2,166) (1) 2,831 (512) 6,560 Total provisions 6,632 (224) (2,166) (1) 3478 (512) 7,207

Reserves for general banking - - 2,100 - - - 2,100 risks Value adjustments for default 711 (5) 66 (1) - (713) 58 and country risks - of which, value adjustments for default risks in respect of impaired 711 (5) 66 (1) - (713) 58 loans/receivables

15. PRESENTATION OF SHARE CAPITAL (EXPRESSED IN THOUSANDS OF SWISS FRANCS )

31/12/2020 31/12/2019 Total nominal Number of Capital eligible Total nominal Number of Capital eligible value shares for dividend value shares for dividend Share capital 25,000 25,000 25,000 25,000 25,000 25,000 Total 25,000 25,000 25,000 25,000 25,000 25,000

16. DISCLOSURE OF AMOUNTS DUE FROM/TO RELATED PARTIES (EXPRESSED IN THOUSANDS OF SWISS FRANCS)

Amounts due from Amounts due to 31/12/2020 31/12/2019 31/12/2020 31/12/2019 Holders of qualified participations 242 281 48,367 23,403 Group companies 1 12,900 4,341 52,972 Transactions with members of governing bodies 2 128 712 321 Other related companies 12,671 18,081 13,452 50,600 Total 12,916 31,390 66,872 127,296

The Bank confirms that the conditions applicable to amounts due from and to related parties are at arm’s length. 19 ANNUAL REPORT 2020

17. DISCLOSURE OF HOLDERS OF SIGNIFICANT PARTICIPATIONS (EXPRESSED IN THOUSANDS OF SWISS FRANCS)

The holders of participations below directly hold participations exceeding 5% of all voting rights:

31/12/2020 31/12/2019 Nominal Share as % Nominal Part en % BAPB Holding Limited, Cyprus 25,000 100% 25,000 100%

At 31 December 2020, the share capital of Banque Audi (Suisse) SA, Geneva, is 100% held indirectly by Bank Audi sal, Beirut, through BAPB Holding Limited, Cyprus, which directly holds all of the share capital and voting rights of the Bank.

18. PRESENTATION OF MATURITY STRUCTURE OF FINANCIAL INSTRUMENTS (EXPRESSED IN THOUSANDS OF SWISS FRANCS)

Due Within Within Within 3 3 to 12 12 months At sight Cancellable months months to 5 years Total ASSETS / FINANCIAL INSTRUMENTS Liquid assets 843,416 - - - - 843,416 Amounts due from banks 170,065 - 308 - - 170,373 Amounts due from customers - 25,061 442,126 41,065 - 508,252 Mortgage loans - - 21,000 - - 21,000 Trading portfolio assets 84 - - - - 84 Positive replacement values of 10,521 - - - - 10,521 derivative financial instruments Financial investments 170,653 2 - 24,424 78,701 273,780 Total 31/12/2020 1,194,739 25,063 463,434 65,489 78,701 1,827,426 Total 31/12/2019 796,244 117,555 577,000 140,854 9,684 1,641,337

DEBT CAPITAL / FINANCIAL INSTRUMENTS Amounts due to banks 114,130 - 22,025 - - 136,155 Amounts due in respect of customer deposits 1,495,231 - - - - 1,495,231 Negative replacement values of derivative financial instruments 14,150 - - - - 14,150 Total 31/12/2020 1,623,511 - 22,025 - - 1,645,536 Total 31/12/2019 1,451,795 - - - - 1,451,795 BANQUE AUDI (SUISSE) SA 20

19. PRESENTATION OF ASSETS AND LIABILITIES BY DOMESTIC AND FOREIGN ORIGIN (CLIENT’S DOMICILE) (EXPRESSED IN THOUSANDS OF SWISS FRANCS)

31/12/2020 31/12/2019 Switzerland Foreign Switzerland Foreign ASSETS Liquid assets 843,416 - 487,641 - Amounts due from banks 116,132 54,241 81,438 24,498 Amounts due from customers 28,001 480,251 32,482 726,989 Mortgage loans 21,000 - 21,000 - Trading portfolio assets - 84 - - Positive replacement values of derivative financial instruments 10,146 375 16,311 2,778 Financial investments 170,653 103,127 189,578 58,622 Accrued income and prepaid expenses 8,649 613 10,275 2,682 Participations - 235 - 258 Tangible fixed assets 30,284 - 31,376 - Other assets 380 39 1,592 - Total assets 1,228,661 638,965 871,693 815,827

LIABILITIES Amounts due to banks 69,167 66,988 40,127 145,441 Amounts due in respect of customer deposits 38,535 1,456,696 32,886 1,211,737 Negative replacement values of derivative financial instruments 11,345 2,805 13,159 8,445 Accrued expenses and deferred income 16,185 - 27,773 305 Other liabilities 5,807 - 2,868 - Provisions 7,207 - 6,632 - Reserves for general banking risks 2,100 - - - Share capital 25,000 - 25,000 - Statutory retained earnings reserve 17,000 - 17,000 - Voluntary retained earnings reserve 19,300 - 19,300 - Profit carried forward 108,386 - 108,386 - Profit for the period 21,105 - 28,461 - Total liabilities 341,137 1,526,489 321,592 1,365,928

20. BREAKDOWN OF TOTAL ASSETS BY COUNTRY OR GROUP OF COUNTRIES (CLIENT’S DOMICILE) (EXPRESSED IN THOUSANDS OF SWISS FRANCS)

31/12/2020 31/12/2019 Absolute Share as % Absolute Share as %

Switzerland 1,228,661 65.8% 871,693 51.7% 143,322 7.7% 140,724 8.3% North America 58,712 3.1% 11,864 0.7% South America 2,088 0.1% 4,509 0.3% 284,081 15.2% 450,951 26.7% Other countries 150,762 8.1% 207,779 12.3% Total assets 1,867,626 100.0% 1,687,520 100.0% 21 ANNUAL REPORT 2020

21. BREAKDOWN OF TOTAL ASSETS ABROAD BY CREDIT RATING OF COUNTRY GROUPS (EXPRESSED IN THOUSANDS OF SWISS FRANCS) NET FOREIGN EXPOSURE 31/12/2020 31/12/2019 Internal rating Standard & Poor’s Absolute Share as % Absolute Share as % 1 AAA / AA- 338,360 71.4% 372,651 70.7% 2 A+ / A- - - - - 3 BBB+ / BBB- 51,025 10.8% 53,719 10.2% 4 BB+ / BB 5,494 1.1% 999 0.2% 5 BB- 39,680 8.4% 46,175 8.8% 6 B+ / B- 33,917 7.1% 37,249 7.1% 7 CCC+ / D 1,733 0.4% 975 0.2% 0 No rating 3,877 0.8% 14,854 2.8% Total 474,086 100.0% 526,622 100.0%

The Bank uses its own internal sovereign risk rating system which corresponds to the Standard & Poor’s ratings published above.

22. PRESENTATION OF ASSETS AND LIABILITIES BY THE MOST SIGNIFICANT CURRENCIES FOR THE BANK (EXPRESSED IN THOUSANDS OF SWISS FRANCS) Precious CHF USD EUR Other metals Total ASSETS Liquid assets 842,918 106 347 45 - 843,416 Amounts due from banks 29,281 128,033 9,076 3,820 163 170,373 Amounts due from customers 112,515 209,671 152,657 29,141 4,268 508,252 Mortgage loans 21,000 - - - - 21,000 Trading portfolio assets - 84 - - - 84 Positive replacement values of derivative financial 1,723 2,641 2,692 773 2,692 10,521 instruments Financial Investments - 103,125 2 - 170,653 273,780 Accrued income and prepaid expenses 8,039 1,092 106 25 - 9,262 Participations - - - 235 - 235 Tangible fixed assets 30,284 - - - - 30,284 Other assets 336 18 39 26 - 419 Total assets shown in balance sheet 1,046,096 444,770 164,919 34,065 177,776 1,867,626 Delivery entitlements from spot exchange, forward forex and forex options transactions 14,656 633,990 270,082 143,847 88,828 1,151,403 Total assets 1,060,752 1,078,760 435,001 177,912 266,604 3,019,029

LIABILITIES Amounts due to banks 74,669 30,081 1,911 13,087 16,407 136,155 Amounts due in respect of customer deposits 27,327 967,525 309,825 82,271 108,283 1,495,231 Negative replacement values of derivative financial instruments 3,534 1,409 2,893 1,808 4,506 14,150 Accrued expenses and deferred income 16,000 153 32 - - 16,185 Other liabilities 1,938 3,859 10 - - 5,807 Provisions 7,207 - - - - 7,207 Share capital 25,000 - - - - 25,000 Statutory retained earnings reserve 17,000 - - - - 17,000 Voluntary retained earnings reserve 19,300 - - - - 19,300 Profit carried forward 108,386 - - - - 108,386 Profit for the period 21,105 - - - - 21,105 Total liabilities shown in the balance sheet 323,566 1,003,027 314,671 97,166 129,196 1,867,626

Delivery obligations from spot exchange, forward forex and forex options transactions 740,527 73,759 120,003 81,472 139,221 1,154,982 Total liabilities 1,064,093 1,076,786 434,674 178,638 268,417 3,022,608 Net position per currency (3,341) 1,974 327 (726) (1,813) (3,579) BANQUE AUDI (SUISSE) SA 22

INFORMATION ON OFF-BALANCE SHEET TRANSACTIONS 23. BREAKDOWN OF CONTINGENT LIABILITIES (EXPRESSED IN THOUSANDS OF SWISS FRANCS)

31/12/2020 31/12/2019 Other contingent liabilities 19,856 27,201 Total contingent liabilities 19,856 27,201

24. BREAKDOWN OF FIDUCIARY TRANSACTIONS (EXPRESSED IN THOUSANDS OF SWISS FRANCS)

31/12/2020 31/12/2019 Fiduciary Deposits with third-party companies 582,902 1,675,753 Fiduciary Deposit with group companies 362,130 429,570 Total fiduciary transactions 945,032 2,105,323

25. BREAKDOWN OF ASSETS UNDER MANAGEMENT OR CUSTODY (EXPRESSED IN THOUSANDS OF SWISS FRANCS)

31/12/2020 31/12/2019 BREAKDOWN OF ASSETS UNDER MANAGEMENT OR CUSTODY Assets under discretionary asset management agreements 546,798 592,323 Other assets under management or custody 4,988,551 6,350,358 Total assets under management or custody (including double counting) 5,535,349 6,942,681 - of which, double counting - -

CHANGE IN ASSETS UNDER MANAGEMENT OR CUSTODY 2020 2019 Total assets under management or custody (including double counting) at beginning of year 6,942,681 6,459,067 +/- Net new money inflows/(outflows) (385,769) 284,990 +/- Price gains/(losses), interest, dividends and currency gains/(losses) (770,344) 256,183 +/- Other effects (251,219) (57,559) Total assets under management or custody (including double counting) at end of year 5,535,349 6,942,681

Managed assets include all client asset classes under management or custody at market value. Included within managed assets as at 31 December 2020 are CHF 362 million of Fiduciary Deposits held with Bank Audi SAL recorded at nominal value, of which CHF 154 million at 31 December 2020 have matured and the resulting funds paid/made available to clients in Lebanon, as these funds are not transferable outside of the country due to local restrictions.

Assets under discretionary asset management agreements are those for which clients have signed a discretionary asset management agreement.

Net new money comprises a combination of several factors. Firstly, inflow of funds resulting from the acquisition of new clients as well as fresh funds from existing clients. Secondly, outflows, subtracted from total inflows, comprising partial or total withdrawals of existing clients’ assets. Changes in the value of assets caused by market effects (particularly price movements or interest / dividend payments) or interest charges, fees or expenses debited from clients are not included in the calculation of net new money inflows / outflows.

Other effects include the decrease in assets under management or custody generated from financing provided by the Bank. 23 ANNUAL REPORT 2020

INFORMATION ON INCOME STATEMENT 26. BREAKDOWN OF THE RESULT FROM TRADING ACTIVITIES (EXPRESSED IN THOUSANDS OF SWISS FRANCS)

2020 2019 BREAKDOWN BY BUSINESS ACTIVITY Trading activities for the account of the client 9,902 14,535 Trading activities for own account 3,531 (1,230) Total result from trading activities 13,433 13,305

2020 2019 BREAKDOWN BY BUSINESS TYPE Result from trading activities from : - Equity securities (including funds) 3,036 2,595 - Foreign currencies 10,397 10,710 Total result from trading activities 13,433 13,305

27. DISCLOSURE OF MATERIAL REFINANCING INCOME IN THE ITEM INTEREST AND DISCOUNT INCOME AS WELL AS MATERIAL NEGATIVE INTEREST (EXPRESSED IN THOUSANDS OF SWISS FRANCS)

2020 2019 Negative interest paid to the Swiss National Bank (4,750) (1,574)

28 BREAKDOWN OF PERSONNEL EXPENSES (EXPRESSED IN THOUSANDS OF SWISS FRANCS)

2020 2019 Salaries (22,415) (24,548) Social security benefits (1,516) (1,486) Pension fund expenses (1,607) (1,604) Other personnel expenses (427) (508) Total personnel expenses (25,965) (28,146)

29. BREAKDOWN OF GENERAL AND ADMINISTRATIVE EXPENSES (EXPRESSED IN THOUSANDS OF SWISS FRANCS)

2020 2019 Office space expenses (562) (551) Expenses for information and communications technology (2,274) (2,239) Expenses for vehicles, equipment, furniture and other (24) (21) fixtures, as well as operating lease expenses Fees of audit firm (366) (432) - of which, for financial and regulatory audit (366) (432) Other operating expenses (6,341) (7,749) Total general and administrative expenses (9,567) (10,992) BANQUE AUDI (SUISSE) SA 24

30. BREAKDOWN OF EXTRAORDINARY INCOME AND EXPENSES (EXPRESSED IN THOUSANDS OF SWISS FRANCS)

2020 2019 EXTRAORDINARY INCOME Reversal of hidden reserves 512 924 Reversal of tax provisions from last year - 344 Reversal of accrued expenses from last year - 226 Other extraordinary items 81 172 Total extraordinary income 593 1,666

EXTRAORDINARY EXPENSES Loss on valuation difference from prior years (85) - Result of stamp tax control from prior years - (66) Other extraordinary items - (9) Total extraordinary expenses (85) (75)

31. PRESENTATION OF CURRENT TAXES, DEFERRED TAXES AND DISCLOSURE OF TAX RATE (EXPRESSED IN THOUSANDS OF SWISS FRANCS)

2020 2019 Current taxes (3,647) (10,202) Total taxes (3,647) (10,202) Weighted average tax rate based on the operating result 15% 28% 25 ANNUAL REPORT 2020

BOARD OF 08 DIRECTORS

S.E.M. RAYMOND AUDI MARC J AUDI HONORARY CHAIRMAN BOARD MEMBER

As a member of the founding family of Bank Audi Group, Mr. Audi has over 35 years of banking experience with Bank Audi PHILIPPE RAFIC SEDNAOUI Group. He is currently Vice Chairman of the Board at Bank Audi SAL, the ultimate parent company of Banque Audi (Suisse) SA. CHAIRMAN OF THE BOARD He holds a Master’s degree in Business Management from the University of Paris IX Dauphine. Mr. Sednaoui has had a long international career with over 40 years of experince in the banking industry. He has held several senior executive positions in various banks, and most recently was General Manager in two different banks in Switzerland. He is currently the Head of the Private Bank at Bank Audi Group. PIERRE RESPINGER He holds a Master’s degree in International Relations and BOARD MEMBER (INDEPENDENT*) Economics from the Institut d’Etudes, Paris. Mr. Respinger has over 50 years of experience in the banking industry, where he has held various senior executive roles in a MICHEL CARTILLIER number of international Banks in Switzerland and overseas. He is also the Chairman of the Remuneration Committee of Banque VICE-CHAIRMAN OF THE BOARD (INDEPENDENT*) Audi (Suisse) SA. He holds a diploma from the Ecole des Hautes Etudes Commerciales of Paris and a Human Sciences and Social Mr. Cartillier has over 45 years of financial services experience and has held senior executive and non-executive positions in Studies degree from the University of Paris-Sorbonne. several multinational banks. He is also Chairman of the Audit Committee of Banque Audi (Suisse) SA. He holds a degree in Economic Science and a postgraduate degree in Political Economics from the University of Lyon. PIERRE DE BLONAY BOARD MEMBER (INDEPENDENT*)

Mr. de Blonay has spent his entire career in the financial services SAMIR N. HANNA industry in Switzerland and overseas. He also serves on the BOARD MEMBER board of directors of various other companies in the banking and investment funds sectors. Mr. Hanna is currently the Chief Executive Officer and Chairman of the Executive Committee of Bank Audi Group. He joined Bank Audi in January 1963 and has spent his entire career at the Bank. He is also the Chairman of Board of Directors of AUDIT COMMITTEE Odeabank, subsidiary of Bank Audi sal in , and a Board member of several other affiliates of Bank Audi Group. Michel Cartillier (Chairman) Jean-Pierre Jacquemoud Pierre de Blonay

JEAN-PIERRE JACQUEMOUD BOARD MEMBER (INDEPENDENT*) REMUNERATION COMMITTEE

Mr. Jacquemoud is an Attorney at Law. He holds a Law Pierre Respinger (Chairman) degree from the University of Geneva and a Master’s degree Samir N. Hanna in Comparative Law from the University of Texas in Austin. He Marc J. Audi holds a lawyers license from the Bar of Geneva and the Bar of Jean-Pierre Jacquemoud New York. He is currently the principal partner at the Swiss law firm, Jacquemoud & Stanislas in Geneva. He also serves on the Board of Directors of various other companies in Switzerland, both within and outside the financial services sector.

* Independent Board Members (FINMA, circular 2017/1). BANQUE AUDI (SUISSE) SA 26

EXECUTIVE 09 COMMITTEE

RAGI BOUSTANY JOSEPH HALLIT GENERAL MANAGER HEAD OF

Mr. Boustany joined the Bank in November 2015, after over 30 Mr. Hallit joined the Bank in January 2015, after over 15 years years of experience with BNP Paribas in various senior executive of Private Banking experience in Bank Audi Group in Saudi positions in Commercial & and Private Arabia, and Lebanon. He holds a Bachelor degree in Banking. He has held General Manager positions in the Middle Economic Science from the University of St. Joseph, Beirut East, UK and Switzerland. He holds a Law degree from the and a Masters degree in Economic Science from the University University “la Sagesse”, Beirut. of Paris-Sorbonne.

ELIE BAZ GREGOR MACINTOSH HEAD OF TREASURY & FOREIGN EXCHANGE CHIEF INVESTMENT OFFICER

Mr. Baz joined the Bank in 1987 and has over 30 years of foreign Mr. Macintosh joined the Bank in November 2017, after over 20 years exchange and metals trading experience. He holds a degree in of investment management experience in Switzerland and overseas, Business Management from the University of St. Joseph, Beirut. notably as Chief Investment Officer Fixed Income & Macro Strategies at Lombard Odier. He holds a BA Honours degree in Economics from Heriot-Watt University, Edinburgh and a Post-Graduate Diploma in Investment Analysis from the University of Stirling. JEAN-MARC CODORELLO HEAD OF BUSINESS MANAGEMENT GREGORY SATNARINE Mr. Codorello joined the Bank in April 2013, after over 20 years CHIEF FINANCIAL OFFICER / of experience in senior management positions, including 10 CHIEF OPERATING OFFICER years with HSBC Private Bank (Suisse), in Europe and Asia. He holds as Economic Science and Social Studies degree from the Mr. Satnarine joined the Bank in November 2014. He has University of Geneva. over 30 years of banking and financial services experience, principally with Merrill Lynch & Co., in 3 geographical regions, including over 15 years of experience as Chief Financial Officer MIREILLE GAVARD and Chief Operating Officer in the Swiss banking sector. A HEAD OF LEGAL & COMPLIANCE qualified Chartered Accountant from the UK with a Bachelor’s degree in Economics, Accounting & Finance from the London Mrs. Gavard joined the Bank in September 2010, after over 25 School of Economics & Political Science. years of experience in senior executive positions in legal and compliance for various Swiss banks, notably Julius Baer and Royal Bank of Canada (Suisse). She holds a Law degree from the University of Geneva.

INTERNAL AUDIT MARIO MAJZOUB 27 ANNUAL REPORT 2020

BANK AUDI 10 ADDRESSES

BANK AUDI PRIVATE BANK

BANQUE AUDI (SUISSE) SA BANK AUDI sa HEAD OFFICE Paris Tel: +33 1 53 83 50 00 Geneva Tel: +41 22 704 11 11 73 Champs-Elysées Avenue Fax: +33 1 42 56 09 74 Cours des Bastions, 18 Fax: +41 22 704 11 00 75008 Paris, France [email protected] P.O. Box 384 [email protected] bankaudi.fr 1211 Geneva 12, Switzerland bankaudipb.com

REPRESENTATIVE OFFICE BANK AUDI LLC Beirut Doha Bank Audi Plaza Qatar Financial Centre Tower, 18th Fl. Tel: +974 44967365 Bab Idriss Diplomatic Area, West Bay Fax: +974 44967373 P.O. Box 11-2666 Tel: +961 1 977 544 P.O. Box 23270 [email protected] Beirut, Lebanon Fax: +961 1 980 535 Doha, Qatar bankaudipb.com

AUDI CAPITAL (KSA) cjsc Riyadh rd Centria Bldg., 3 Floor, 2908 Prince ODEA BANK A.S. Mohammad Bin Abdul Aziz Rd. (Tahlia). Postal Address: Unit No. 28 Tel: +966 11 2199300 Istanbul Ar Riyadh 12241-6055 Fax: +966 11 4627942 HEADQUARTERS P.O. Box 250744 Riyadh 11391 [email protected] Odea Bank A.S. headquarters Tel: +90 212 3048444 Kingdom of audicapital.com Levent 199, Buyukdere Street Fax: +­­­90 212 3048445 No. 199, Floors 33-39 [email protected] 34394 Sisli, Istanbul, Turkey odeababk.com.tr BANK AUDI sal Abu Dhabi REPRESENTATIVE OFFICE Etihad Towers, Tower 3, 15th Fl. Tel: +971 2 6331180 Office 1503, Corniche Street Fax: +971 2 6336044 P.O. Box 94409 Abu Dhabi [email protected] bankaudipb.com

BANK AUDI

BANK AUDI sal Beirut HEADQUARTERS Bank Audi Plaza Tel: +961 1 994000 Bab Idriss Fax: +961 1 990555 P.O. Box 11-2560 Customer helpline: +961 1 212120 Beirut, Lebanon [email protected] bankaudigroup.com bankaudipb.com