QUINTET Private Bank (Europe) S.A. (Formerly KBL European Private Bankers S.A.) 43, Boulevard Royal L-2955 Luxembourg

QUINTET Private Bank (Europe) S.A. (Formerly KBL European Private Bankers S.A.) 43, boulevard Royal L-2955 Luxembourg R.C.S. Luxembourg: B 006.395 Financial statements, Management report and Report of the independent auditor as at 31 December 2019 Table of contents REPORT OF THE REVISEUR D’ENTREPRISES AGREE ................................................................................................. 3 STATEMENT OF PROFIT AND LOSS ................................................................................................................................ 9 STATEMENT OF COMPREHENSIVE INCOME ............................................................................................................... 10 STATEMENT OF FINANCIAL POSITION ......................................................................................................................... 11 STATEMENT OF CHANGES IN EQUITY ......................................................................................................................... 12 STATEMENT OF CASH FLOWS ...................................................................................................................................... 13 NOTES TO THE FINANCIAL STATEMENTS ................................................................................................................... 14 NOTE 1 – GENERAL ........................................................................................................................................................ 14 NOTE 2A – STATEMENT OF COMPLIANCE ................................................................................................................... 15 NOTE 2B – CHANGES IN ACCOUNTING POLICIES SINCE THE PREVIOUS ANNUAL PUBLICATION THAT MAY IMPACT QUINTET ............................................................................................................................................................ 16 NOTE 2C – SIGNIFICANT ACCOUNTING POLICIES ...................................................................................................... 17 NOTE 2D – SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGEMENTS ................................................................ 28 NOTE 2E – IFRS 16 – FIRST TIME APPLICATION .......................................................................................................... 29 NOTE 3A – OPERATING SEGMENTS BY BUSINESS SEGMENT .................................................................................. 30 NOTE 3B – OPERATING SEGMENTS BY GEOGRAPHIC SECTOR .............................................................................. 30 NOTE 4 – NET INTEREST INCOME ................................................................................................................................ 31 NOTE 5 – DIVIDEND INCOME ......................................................................................................................................... 31 NOTE 6 – NET GAINS/LOSSES ON FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE THROUGH PROFIT OR LOSS........................................................................................................................................................................... 31 NOTE 7 – NET REALISED GAINS/LOSSES ON FINANCIAL ASSETS AND LIABILITIES NOT MEASURED AT FAIR VALUE THROUGH PROFIT OR LOSS ............................................................................................................................. 32 NOTE 8 – NET FEE AND COMMISSION INCOME .......................................................................................................... 32 NOTE 9 – OTHER NET INCOME ...................................................................................................................................... 32 NOTE 10 – OPERATING EXPENSES .............................................................................................................................. 33 NOTE 11 – STAFF ............................................................................................................................................................ 33 NOTE 12 – IMPAIRMENT ................................................................................................................................................. 33 NOTE 13 – INCOME TAX (EXPENSES) / INCOME ......................................................................................................... 35 NOTE 14 – CLASSIFICATION OF FINANCIAL INSTRUMENTS: BREAKDOWN BY PORTFOLIO AND BY PRODUCT 35 NOTE 15 – FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME AND AT AMORTIZED COST: BREAKDOWN BY PORTFOLIO AND QUALITY ............................................................................. 44 NOTE 16 – FINANCIAL ASSETS AND LIABILITIES: BREAKDOWN BY PORTFOLIO AND RESIDUAL MATURITY ..... 45 NOTE 17 – OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES ........................................................................... 45 NOTE 18 – SECURITIES LENDING AND SECURITIES GIVEN IN GUARANTEE .......................................................... 47 NOTE 19 – SECURITIES RECEIVED IN GUARANTEE ................................................................................................... 48 NOTE 20 – IMPAIRMENT OF FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME ............................................................................................................................................................................ 48 NOTE 21 – IMPAIRMENT OF FINANCIAL ASSETS AT AMORTIZED COST .................................................................. 49 NOTE 22 – DERIVATIVES ................................................................................................................................................ 50 NOTE 23 – OTHER ASSETS ............................................................................................................................................ 51 NOTE 24 – TAX ASSETS ................................................................................................................................................. 51 NOTE 25 – INTANGIBLE ASSETS ................................................................................................................................... 51 NOTE 26 – PROPERTY, EQUIPMENT, RIGHT-OF-USE ASSETS AND INVESTMENT PROPERTIES ......................... 52 NOTE 27 – PROVISIONS ................................................................................................................................................. 53 NOTE 28 – OTHER LIABILITIES ...................................................................................................................................... 54 NOTE 29 – LONG TERM EMPLOYEES BENEFITS ......................................................................................................... 55 NOTE 30 – EQUITY .......................................................................................................................................................... 57 NOTE 31 – RESULT ALLOCATION PROPOSAL ............................................................................................................. 58 NOTE 32 – LOANS COMMITMENTS, FINANCIAL GUARANTEES AND OTHER COMMITMENTS ............................... 58 NOTE 33 – ASSETS UNDER MANAGEMENT AND CUSTODY ...................................................................................... 59 NOTE 34 – RELATED PARTY TRANSACTIONS ............................................................................................................. 59 NOTE 35 – SOLVENCY .................................................................................................................................................... 60 NOTE 36 – MAXIMUM CREDIT RISK EXPOSURE AND COLLATERAL RECEIVED TO MITIGATE THE RISK ............ 61 NOTE 37 – RISK MANAGEMENT ..................................................................................................................................... 62 NOTE 38 – AUDIT FEES .................................................................................................................................................. 96 NOTE 39 – SIGNIFICANT SUBSIDIARIES AND ASSOCIATE ......................................................................................... 96 NOTE 40 – DEPOSIT GUARANTEE SCHEME ................................................................................................................ 97 NOTE 41 – EVENTS AFTER THE STATEMENT OF FINANCIAL POSITION DATE ........................................................ 97 MANAGEMENT REPORT ................................................................................................................................................. 98 The quantitative tables in the following pages may sometimes show small differences due to the use of concealed decimals. These differences, however, do not in any way affect the true and fair view of the financial statements of the Bank. Similarly, the value zero ‘0’ in the following tables indicates the presence of a number after the decimal, while ‘-‘ represents the value nil. - 2 - Ernst & Young Société anonyme 35E, Avenue John F. Kennedy B.P. 780 L-1855 Luxembourg L-2017 Luxembourg Tel: +352 42 124 1 R.C.S. Luxembourg B 47 771 TVA LU 16063074 www.ey.com/luxembourg REPORT OF THE REVISEUR D’ENTREPRISES AGREE To the Board of Directors of Quintet Private Bank (Europe) S.A. 43 boulevard Royal L-2955 Luxembourg Report on the audit of the financial statements Opinion We have

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