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

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QUINTET Private Bank (Europe) S.A. 43, Boulevard Royal L-2955 Luxembourg QUINTET Private Bank (Europe) S.A. 43, boulevard Royal L-2955 Luxembourg R.C.S. Luxembourg: B 006.395 Consolidated financial statements, Consolidated management report and Report of the independent auditor as at 31 December 2020 Table of contents INDEPENDENT AUDITOR’S REPORT ............................................................................................................. 4 Consolidated statement of profit and loss ........................................................................................................ 11 Consolidated statement of comprehensive income .......................................................................................... 12 Consolidated statement of financial position .................................................................................................... 13 Consolidated statement of changes in equity ................................................................................................... 14 Consolidated statement of cash flows .............................................................................................................. 15 Notes to the consolidated financial statements ................................................................................................ 16 Note 1 – General .............................................................................................................................................. 16 Note 2a – Statement of compliance ................................................................................................................. 18 Note 2b – Changes in accounting policies since the previous annual publication that may impact Quintet Group ................................................................................................................................................................ 19 Note 2c – Significant accounting policies ......................................................................................................... 20 Note 2d – Significant accounting estimates and judgements ........................................................................... 34 Note 2f – Business combination ....................................................................................................................... 35 Note 3a – Segment reporting by business segment ........................................................................................ 36 Note 3b – Operating segments by geographic sector ...................................................................................... 37 Note 4 – Net interest income ............................................................................................................................ 37 Note 5 – Dividend income................................................................................................................................. 38 Note 6 – Net gains/losses on financial instruments measured at fair value through profit or loss ................... 38 Note 7 – Net realised gains/losses on financial assets and liabilities not measured at fair value through profit or loss ...................................................................................................................................................... 38 Note 8 – Net fee and commission income ........................................................................................................ 39 Note 9 – Other net income................................................................................................................................ 39 Note 10 – Operating expenses ......................................................................................................................... 39 Note 11 – Staff .................................................................................................................................................. 40 Note 12 – Impairment ....................................................................................................................................... 40 Note 13 – Share of profit of associates ............................................................................................................ 42 Note 14 – Income tax (expenses) / income ...................................................................................................... 42 Note 15 – Classification of financial instruments: breakdown by portfolio and by product .............................. 43 Note 16 – Financial Assets at fair value through other comprehensive income and at amortized cost: breakdown by portfolio and quality ................................................................................................................... 50 Note 17 – Financial assets and liabilities: breakdown by portfolio and residual maturity ................................ 51 Note 18 – Offsetting of financial assets and liabilities ...................................................................................... 52 Note 19 – Securities lending and securities given in guarantee ...................................................................... 54 Note 20 – Securities received in guarantee...................................................................................................... 54 Note 21 – Impairment of financial assets at fair value through other comprehensive income ......................... 55 Note 22 – Impairment of financial assets at amortized cost ............................................................................. 55 Note 23 – Derivatives ....................................................................................................................................... 56 - 2 - Note 24 – Other assets ................................................................................................................................... 58 Note 25 – Tax assets and liabilities ................................................................................................................. 58 Note 26 – Investments in associates ............................................................................................................... 59 Note 27 – Goodwill and other intangible assets .............................................................................................. 60 Note 28 – Property, equipment, right-of-use assets and investment properties ............................................. 60 Note 29 – Provisions ....................................................................................................................................... 62 Note 30 – Other liabilities ................................................................................................................................ 63 Note 31 – Retirement benefit obligations ........................................................................................................ 63 Note 32 – Equity attributable to the owners of the parent ............................................................................... 66 Note 33 – Result allocation proposal ............................................................................................................... 67 Note 34 – Loans commitments, financial guarantees and other commitments ............................................... 67 Note 35 – Client assets ................................................................................................................................... 68 Note 36 – Related party transactions .............................................................................................................. 68 Note 37 – Solvency ......................................................................................................................................... 69 Note 38 – Maximum credit risk exposure and collateral received to mitigate the risk ..................................... 70 Note 39 – Risk Management ........................................................................................................................... 71 Note 40 – Audit fees ...................................................................................................................................... 105 Note 41 – Information country by country ..................................................................................................... 105 Note 42 – List of significant subsidiaries and associates .............................................................................. 106 Note 43 – Main changes in the scope of consolidation ................................................................................. 107 Note 44 – Events after the statement of financial position date .................................................................... 107 Management report ....................................................................................................................................... 108 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 consolidated financial statements of the Group. Similarly, the value zero ‘0’ in the following tables indicates the presence of a number after the decimal, while ‘-‘ represents the value nil. - 3 - INDEPENDENT AUDITOR’S REPORT To the Board of Directors of Quintet Private Bank (Europe) S.A. 43 boulevard Royal L-2955 Luxembourg Report on the audit of the consolidated financial statements Opinion We have audited
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