Annual Report 2013 - Amsterdam Trade BankAnnual Report 2013 Amsterdam Trade Bank N.V. Herengracht 475 1017 BS Amsterdam The Netherlands ... foreign currency long term deposit rating

Annual Report 2013

Amsterdam Trade Bank N.V.

Herengracht 475

1017 BS Amsterdam

The Netherlands

Phone +31 (0)20 5 209 209

Fax +31 (0)20 5 209 219

[email protected]

www.atbank.nl

Chamber of Commerce

Amsterdam 33260432

Annual Report2013

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GENERAL INFORMATION 4

REPORT OF THE SUPERVISORY BOARD 6

REPORT OF THE EXECUTIVE BOARD 10

CORPORATE GOVERNANCE 21

FINANCIAL STATEMENTS 2013

CONSOLIDATED FINANCIAL STATEMENTS 2013 23

Consolidated statement of financial position at 31 December 2013 24

Consolidated statement of income for 2013 25

Consolidated statement of cash flows for 2013 26

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 2013 29

Summary of significant accounting principles 30

Summary of significant accounting policies 33 Risk management 36

Notes to the consolidated statement of financial position 53

Notes to the consolidated statement of income 67

COMPANY FINANCIAL STATEMENTS 2013 73

Company statement of financial position at 31 December 2013 74

Company statement of income for 2013 75

Notes to the company financial statements 2013 76

OTHER INFORMATION 77

Subsequent events 78

Appropriation of result 78

Independent auditor’s report 79

Glossary 80

Contents

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General information

Profile Amsterdam Trade Bank NV (ATB) is an independent financial institution which was founded in 1994 and obtained its banking license in the same year. ATB has its head office in Amsterdam, the Netherlands and has representative offices in Moscow (Russian Federation or Russia), Almaty (Kazakhstan) and a fully owned subsidiary (ATB Leasing) in Moscow. Currently ATB has 162 employees representing 23 different nationalities. ATB is supervised by Dutch Central Bank (De Nederlandsche Bank or DNB) and Authority for the Financial Markets (Autoriteit Financiële Markten or AFM).ATB carries out its activities in strict accordance with all applicable Dutch and European banking regulations.

Since 2001 ATB has been a subsidiary of Alfa Bank Russia, one of the largest private commercial banks in the Russian Federation, and part of the Alfa Banking Group, which is present in the Russian Federation, Kazakhstan, Belarus, Ukraine, Cyprus, the United Kingdom and the United States. Considering its position in the Alfa Banking Group, ATB closely cooperates with its parent and related banks and uses their knowledge and expertise of the local markets.

The main business areas of ATB are: - Corporate banking: commercial lending to companies in Russia and the other CIS

countries and Western European countries;- Trade finance: structured trade and commodity finance for companies trading with or

from Russia and the other CIS countries;- Transaction services: treasury and payments services for companies trading with and

from Russia and the other CIS countries.

Credit ratingOn 16 July 2013 Moody’s Investors Service has assigned to ATB a first-time local and foreign currency long term deposit rating of Ba2, local and foreign currency short-term deposit rating of Not-Prime, and a standalone bank financial strength rating (BFSR) of D (equivalent to a baseline credit assessment (BCA) of Ba2). The outlook on the standalone BFSR and the long-term deposit rating are both stable.

StrategyATB’s strategy is mainly based on the following three pillars: - Improve and expand the core activities, capitalising on its expert knowledge of the

CIS region; - Use the synergy of closer Alfa Banking Group cooperation; - Selective diversification of activities, preferably in areas where ATB could demonstrate

a competitive advantage and also provide value to Western European clients.

With the Russian roots and network of Alfa Banking Group, ATB distinguishes itself from other banks in Western Europe by having knowledge and expertise in the Russian and CIS market. The main goal of ATB is to be an established center of excellence within Alfa Banking Group for cross border trade and commodity finance activities between Europe and CIS.

ATB aspires to be an important gateway for developing banking relationships between clients in Western Europe and the CIS countries. ATB is instrumental in structuring and financing client business jointly with local Alfa Banks in Russia, Ukraine, Kazakhstan and Belarus.

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General information

Due to the focus on financing trade and investment flows of corporates, a significant part of ATB’s clients performs activities in the import/export business in a variety of industries. Although ATB does not limit itself to certain industries, targeted sectors for these products and services are: - Production and trade of ferrous and nonferrous metals, coal, crude oil,

petrochemicals, fertilizers, soft commodities;- Machinery and equipment production;- ICT components;- Transportation and logistics.

These activities are funded by a mix of retail savings and deposits from the Netherlands, Germany and Austria as well as wholesale funding.

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Report of the Supervisory Board

We are pleased to present the annual report (including the financial statements) of Amsterdam Trade Bank NV (ATB) for the year ended 31 December 2013 as prepared by the Executive Board and adopted by ourselves. The financial statements included herein have been audited by KPMG Accountants NV.

We recommend the Shareholder to approve the financial statements 2013 as presented and to discharge the members of the Executive Board for their management of ATB and the members of the Supervisory Board for their oversight exercised thereon. Adopting the profit appropriation contained herein will imply that no dividend will be distributed for the financial year 2013.

We would like to express our gratitude to all our clients for placing their trust in ATB.

The Supervisory Board met five times in the course of 2013 and is appreciative of the open dialogue with the Executive Board. The changing landscape in which ATB operates led to growing attention to the development of a focused strategy and compliance with regulatory requirements applicable to the banking sector at large. Other topics for discussion included, amongst others, business development in structured commodity and trade finance, internal control and compliance areas, corporate governance, the quarterly and annual figures, budgeting, ICT project portfolio, recovery plan, risk management and the credit rating. Especially at a time of uncertainties in the financial markets due to political developments in the countries where ATB is active, the Supervisory Board will support the Executive Board in ensuring that ATB’s activities are executed with extreme care.

In the course of 2013 the composition of the Supervisory Board and its committees were significantly modified.

The Audit Committee met twice and discussed various issues related to audit, internal controls, financial reporting, reports of the internal and external auditor, reports from the Executive Board and the progress in the resolution of audit issues and staffing of the Internal Audit Department. During 2013 the committee consisted of Mr H.C.M. van Damme (from the date of his appointment), Mr W. Devriendt (from the date of his appointment), Mr R.D. James and Mr K.A. de Jong (until his resignation).

The Risk and Compliance Committee met four times and discussions covered topics including ATB’s risk appetite, various risk (reporting) related issues and compliance matters. On an ongoing basis during the year, the committee also took several decisions on credit proposals escalated in accordance with ATB’s internal governance. During 2013 the committee consisted of Mr R.D. James, Mr F.C.W. Kuijlaars, Mr W. Devriendt (from the date of his appointment), Mr V.V. Tatarchuk, Mr V. Lisovenko (from the date of his appointment until his resignation) and Mr A. van ‘t Veer (until his resignation).

The Remuneration and Nominating Committee had two meetings and discussed, amongst others, the remuneration of ATB’s management and staff and compliance with rules and guidelines with respect to the Regulation on Sound Remuneration Policies (Regeling beheerst beloningsbeleid or Rbb). During 2013 the committee consisted of Mr F.C.W. Kuijlaars, Mr W. Devriendt (from the date of his appointment), Mr H.C.M. van Damme (from the date of his appointment), Mr A. van ‘t Veer (until his resignation), Mr R.D. James and Mr K.A. de Jong (until his resignation).

We are pleased to note that the committee meetings were, in nearly all cases, attended by all members of the committees and the members of the Executive Board.

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Report of the Supervisory Board

The Supervisory Board has been involved in ATB’s compliance with the Banking Code. In that respect the permanent education program, through which the expertise of the members of the Executive Board and the Supervisory Board is maintained and expanded, continued in the course of 2013 and covered various subjects of this Code. Part of this year’s training program emphasized regulatory developments with respect to compliance and market risk. The training aimed to further enhance the knowledge in areas of strategy development, remuneration, attitude and culture and style of communication.

The following members joined the Supervisory Board during the year: Mr H.C.M. van Damme and Mr W. Devriendt have been appointed as from 1 March 2013. Mr V. Lisovenko has been appointed as from 1 October 2013. We are pleased that they joined the Supervisory Board in order to maintain a well balanced composition.

The following members of the Supervisory Board resigned: Mr V. Izutin as from 1 May 2013, Mr A. van ‘t Veer as from 1 June 2013, Mr K.A. de Jong as from 1 October 2013 and Mr V. Lisovenko as from 13 March 2014. ATB would like to thank these members for the duties they have performed and the contributions they have made to the ongoing success of ATB.

On 15 July 2013 Mr A.V. Drovossekov was appointed Chief Commercial Officer and member of the Executive Board. We would like to thank Mr J.H.F. Umbgrove who resigned as member of the Executive Board as from 1 October 2013.

We wish to compliment the Executive Board and the staff of ATB for their work and dedication.

Amsterdam, 2 May 2014

Supervisory Board:

W. Devriendt, ChairmanH.C.M. van DammeR.D. JamesF.C.W. Kuijlaars V.V. Tatarchuk

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Report of the SupervisoryBoard

Profile of the members of the Supervisory Board(in accordance with article 3.5 of ATB’s governing charter)

Mr W. Devriendt (1967), Chairman

Nationality: BelgianAppointing period: 2013-2017

Position ATB:- Member of Audit Committee- Member of Risk and Compliance Committee- Member of Remuneration and Nominating Committee

Other positions:- Independent Advisor to the Belgian Government (Federal Participation and Investment

Company) on Belgian state intervention and bank restructuring- Non-Executive Supervisory Board member of Belfius- Non-Executive member General Council of Hellenic Financial Stability Fund

Mr H.C.M. van Damme (1951)

Nationality: DutchAppointing period: 2013-2017

Position ATB:- Chairman of Audit Committee- Member of Remuneration and Nominating Committee

Other positions:- Acting chairman of Supervisory Board of EFRAG- Chair of Common Content Project

Mr R.D. James (1964)

Nationality: BritishAppointing period: 2013-2017

Position ATB:- Chairman of Risk and Compliance Committee- Member of Audit Committee- Member of Remuneration and Nominating Committee

Other positions:- CFO of Letter One Treasury Services LLP

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Report of the SupervisoryBoard Mr F.C.W. Kuijlaars (1958)

Nationality: DutchAppointing period: 2012-2016

Position ATB:- Chairman of Remuneration and Nominating Committee- Member of Risk and Compliance Committee Other positions:- Independent director JSC NC KazMunayGas- Independent director JSC HalykBank- Independent director MD Eureka (Energy) Ventures BV

Mr V.V. Tatarchuk (1975)

Nationality: RussianAppointing period: 2013-2017

Position ATB:- Member of Risk and Compliance Committee

Other positions:- CEO of Proxima Capital Group

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Operational review

Market developmentsIn recent months, there have been encouraging signs that economic recovery is in progress in European markets according to the European Commission. Europe’s economic recovery, which began in the second quarter of 2013, is expected to continue spreading across countries and gaining strength while at the same time becoming more balanced. However, against the background of the uncertainty around Ukraine and a weakened outlook for emerging market economies, the return to solid growth will likely be a gradual process.

The Russian Federation’s growth for 2013 is positive, but remains below the strong growth outturn of 2012, after having lost steam throughout the year. Economic growth slowed significantly during the first half of 2013 which was mainly due to domestic consumption; the main growth driver which in the past expanded at a much slower pace than the previous year. Moreover the trade in global markets did not provide the expected relief, while oil prices retreated and stabilised in the second quarter of 2013. Weak export performance was an important factor for lower growth in the first quarter of 2013.

The World Bank revised its 2013 growth projection for the Russian economy to 1.8%, compared to a 3,4% growth in gross domestic product (GPD) in 2012. President Putin’s annexation of Crimea last month sparked a selloff in Russian assets as the United States and the European Union imposed sanctions against officials and threatened to broaden the penalties. On 15 April 2014 the finance minister of Russia Mr Siluanov stated that the Russian economy may expand less than 0.5% this year or growth may halt as “geopolitical uncertainty” drives capital outflows.

According to United Nations department of economic affairs economic growth for CIS countries expanded at about 2.0% in 2013, which was a slowdown compared to 3.4% in 2012. Current projections of economic growth in the CIS region, again depending on possible increased economic sanctions against Russia, remain very uncertain.

Growth of CIS economies noticeably slowed in 2013, largely reflecting a sharp deterioration of growth in the Russian Federation. Ukraine is facing significant external financing needs. In Belarus, economic growth markedly slowed, dragged down by decreased exports. Ukraine registered a near-zero inflation rate, while Belarus registered the highest annual inflation rate in the CIS at over 20%.However, all economies of the CIS countries, especially energy-exporting countries, had sustained growth except for Ukraine which flat-lined in 2013. Improvement in the global economy should support a better economic performance for the region in 2014.

In Ukraine, the protests demanding closer European integration started in November 2013. President Yanukovich was impeached in February 2014. The increasing political tension between Russia and the West together with economic sanctions against Russia require close attention of management of ATB due to its investments and exposure in Ukraine and Russia.At year end ATB has € 444 million of exposure on Ukraine (of which € 206 million on banks) and € 259 million of exposure on Russia.

Growth outlook in 2014 for Emerging Europe is much lower than the World Bank expected (9 April 2014) and in the Eastern part of the region this is expected to be the lowest among all developing regions.

Profile of ATB per business areaThe key business areas of ATB are reflected in the following commercial activities: - Corporate banking: mainly commercial lending for companies in Russia and the other

CIS countries and subsequently expanding to other Western European countries (50% of total income);

Report of the Executive Board

- Trade finance: structured commodity and trade finance for companies predominantly trading and transporting with and from Russia and the other CIS countries (32% of total income);

- Transaction services: treasury and payments services for companies trading and transporting with and from Russia and the other CIS countries (18% of total income).

Corporate banking has been historically developed as the main business line, offering on-balance and transactional based lending for trade and investment flows of corporates and financial institutions to and from Russia and the other CIS countries. Customers mainly represent medium to large sized corporates, active in strategic industries such as oil and gas, manufacturing, wholesale, retail, trade, import and export of various equipment and machinery and engineering companies. In addition, this business area is also offering financial leasing services to customer groups mainly based in Russia such as operators of rolling stock, production companies importing foreign equipment and European producers with vendor leasing programs.

The strategic focus of corporate banking will also expand from the Eastern Europe region to other Western European countries. ATB’s opportunity is to capture business previously done by traditional banks, competing with its key strengths in knowledge in targeted regions, offering high quality service by expertise involved in knowledge of statutory and regulatory requirements in Western Europe. Structured commodities and trade finance also is the main strategic growth area. This business area traditionally offers trade and structured credit facilities to customers involved in the production, trade and transport of commodities such as ferrous and nonferrous metals, coal, crude oil, petrochemicals and fertilizers. These clients may be both trading and/or distribution companies and commodity producers. The geographical scope varies for the respective services and product offerings and is limited to the CIS region for pre-export facilities, this is however widened with the Western European region for borrowing base facilities and for transactional credit facilities. Currently, ATB’s trade finance portfolio partly relates to participations with other financial institutions in syndicated facilities.

Transaction services is another target growth area which is predominantly focusing on increasing the level of cross-sell to ATB’s corporate clients by expanding the offering of treasury and payment products and services. This creates a solid stream of additional revenue that can be derived with limited risk.Core products are foreign exchange (FX) solutions, hedging of interest rates and currencies for professional clients and payments from Russia and the other CIS countries to Europe and vice versa. ATB can swiftly compete in these areas as a client-focused and flexible niche bank.

Key developments in 2013ATB has sharpened its strategic focus with the aim to be a recognized leading bank involved in the facilitation of the major trade flows between the CIS countries and Europe.

In view of further support in achieving its strategic aspirations ATB successfully completed the process for obtaining an external credit rating in the first half year of 2013. On 16 July 2013 Moody’s Investors Service has assigned to ATB a first-time local and foreign currency long term deposit rating of Ba2, local and foreign currency short-term deposit rating of Not-Prime, and a standalone bank financial strength rating (BFSR) of D (equivalent to a baseline credit assessment (BCA) of Ba2).

ATB further strengthened its organisation in order to comply with required changes in regulatory and legislative framework for the banking sector. During 2013 ATB also took

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necessary operational measures to comply with required regulations relating to the introduction of European Market Infrastructure Regulation (EMIR) and Single European Payments Area (SEPA).

During the recent financial crisis, several financial institutions had to be bailed out by national governments. As a consequence of these events and in anticipation of future situations of severe stress, regulatory authorities required financial institutions to prepare and manage Recovery and Resolution Plans (RRPs). A recovery plan should be activated by a financial institution, if the institution is subject to extreme stress situations from which it seeks to recover. ATB discussed with DNB and successfully implemented this plan, in which specific actions are outlined and designed to maintain ATB as a going concern during a severe stress situation.

ATB emphasized its client focused strategy by the appointment of a Chief Commercial Officer to its Executive Board in July 2013.

The Chief Risk Officer resigned as per 1 October 2013; however ATB is in the final phase of appointing a successor. The CRO tasks and responsibilities are temporarily assigned to the CEO and the CCO.

Key financialsIn 2013 the results continued to improve considering a substantial increase in net profit of 33% to € 27.6 million (2012: € 20.7 million) mainly due to an increase in income of € 20.7 million offset by an increase of operating expenses (€ 4.7 million) and increased impairment losses (€ 10 million). The increase of net profit included a one-off release of deferred tax liabilities in ATB Leasing causing a positive net impact of some € 2.7 million which also explains a lower effective tax rate of 16.3% (2012: 23.2%). Subsequently, the ROE (return on equity) increased to 9% in 2013 (2012: 7%).

The cost to income ratio before impairments improved to 39% (2012: 44%). Total income from operating activities increased by 33% to € 83.1 million (2012: € 62.4 million) mainly due to increase of net interest income (€ 14.4 million) caused by higher gross interest income driven by volume increase of corporate loan portfolio, while gross interest expense decreased as a result of decreased retail funding volume and related average interest rates during the year. Increase of net commission income (€ 1.8 million) as a result of higher trade finance fees further contributed to increase of total income as well as an increase of result on financial transactions (€ 4.0 million) mainly due to gains from sales in the investment portfolio and trading results.

The increase in total income was partly offset by an increase in total expense excluding impairments of 17% to € 32.0 million (2012: € 27.4 million) which was due to an increase in staff expense (€ 3.5 million) as a result of increase in number of employees, increase in general and administrative expense (€ 0.2 million) and higher depreciation (€ 0.9 million).

Impairments on loans and advances to customers increased to € 18.1 million (2012: € 8.1 million) mainly consisting of additions to the loan loss provision of € 23.7 million and a release of the provisioning amounting to € 5.6 million. Subsequently, the loan loss provision at year-end 2013 amounted to € 63.4 million (2012: € 45.3 million) and was based on a careful and prudent assessment relating to a relatively small number of clients. The loan loss provision also included a provision for incurred but not reported (IBNR) credit losses of € 2.8 million (2012: € 2.4 million).

The operating result before tax increased by 18% to € 32.9 million (2012: € 26.9 million).

Total assets at year-end 2013 amounted to € 4,240 million (2012: € 3,798 million). This significant increase of total assets was mainly a result of an increase of Due from banks


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of € 431 million, funded by an increase of Funds entrusted with € 473 million. During 2013 the loan portfolio increased with 11% to € 1,228 million (2012: € 1,111 million). ATB managed to further diversify its funding portfolio demonstrated by a decrease of retail funding in the Netherlands, Germany and Austria to € 1,079 million at year-end 2013 (2012: € 1,359 million) and an increase of wholesale funding to € 1,194 million (2012: € 504 million).

Capital AdequacyATB applies the standardised approach to calculate its capital requirement for credit risk. As per year end 2013, the BIS ratio was 20.6% which means a slight decrease compared to previous year (2012: 21.1%). The increase of risk weighted assets experienced during the year was balanced with additional capital generated internally (Tier 1) as well as through an additional subordinated loan (Tier 2) acquired from the parent company. Following these developments, the Tier 1 capital ratio slightly decreased to 15.4% at year-end 2013 (2012: 15.7%). The Tier 1 capital amounted to € 300 million as per year-end 2013, while the total capital requirement under Pillar 1 amounted to € 156 million.

ATB has developed the Internal Capital Adequacy Assessment Process (ICAAP) and the Internal Liquidity Adequacy Assessment Process (ILAAP) to meet Pillar 2 requirements of the Basel framework, under which internal capital is calculated for additional risks that are not captured under Pillar 1, i.e. concentration risk, country risk, interest rate risk in the banking book and liquidity risk. On a daily basis, ATB monitors solvency and liquidity to ensure compliance with the regulatory requirements. Additionally, the capital and liquidity adequacy are evaluated through regular stress tests which cover severe but still plausible stress scenarios. The internal assessments are subject to the Supervisory Review and Evaluation Process (SREP) conducted by Dutch Central Bank.

On a quarterly basis, ATB participates in the Basel III monitoring exercise executed by Dutch Central Bank. For this purpose ATB calculates solvency, leverage and liquidity ratios based on the new Basel III regulations. Additionally, ATB monitors any new regulatory requirements to ensure future compliance.

Risk management Risk management is of pre-eminent importance to ATB. In its business ATB incurs an increased level of inherent risk, which is implicit to ATB’s geographical focus. ATB uses stringent controls and portfolio techniques to manage risks. This includes the evaluation of the potential risks and the assessment and implementation of the measures that can mitigate these risks. Based on the current baseline risk assessment, ATB determines the following categories and risks:

Strategic• Strategic risk: the current and prospective impact on earnings or capital arising from

changes in the business environment which can threaten the strategic position of ATB.

ATB’s vision is to be a recognized leading bank involved in the facilitation of the major trade flows between the CIS countries and Europe. To realize this vision, ATB is building the Group’s center of expertise for structured commodities and trade financing and closely cooperates with its parent and related banks within the Alfa Banking Group in terms of marketing its products. Next to that, ATB is pursuing a focused geographical diversification strategy, so as to also cover CIS and CEE countries in which the Alfa Banking Group is not locally present and to cautiously expand in Western Europe. Product-wise, next to the various forms of lending and trade finance, ATB is expanding its offering of treasury products and payment services. Funding for the ATB activities is sourced largely from retail savings accounts and retail time deposits in the Netherlands, Germany and Austria. Furthermore, funding is coming from corporate client deposits and amounts borrowed from financial institutions. ATB is aiming to maintain a sound


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diversification in the funding mix with a view to achieve a stable funding base for the growth of its activities.

Compliance• Compliance/Regulatory risk: the risk or regulatory sanctions, financial loss, or loss

to reputation which a bank may suffer as a result of its failure to comply with all applicable laws, regulations, codes of conduct and standards of good practice.

• Integrity risk: the risk of being used by criminals to launder funds or finance terrorist activity and terrorist organization or persons and entities that are subject to (international) sanctions.

• Reputational risk: the risk of loss resulting from damages to ATB’s reputation, in decreased revenue or shareholder value.

ATB considers integrity one of its most important values. ATB recognises its responsibility as a gatekeeper to the financial system not to facilitate crime and is committed to comply with all applicable laws and regulations. Based on the analysis of clients, products and countries in combination with the strategy and business operations, the likelihood of compliance risks occurring is considered to be ‘very likely’ in case no mitigating measures are applied. As the impact of such risks manifesting is considered to be high due to reputational and financial damage, the risk profile in relation to these risks is considered to be relatively high compared to the (Dutch) financial sector in general.

Credit• Counterparty risk: the risk of financial loss if a customer or counterparty fails to meet

a payment obligation under a contract. It is the risk that a borrower or counterparty will fail to meet its obligations in accordance with agreed terms.

• Country risk: the risk of losses due to country-specific events or circumstances. It is also an exposure to cross-border risk, especially convertibility and transfer risk, i.e. the risk of obligations not being repaid as a consequence of a debt moratorium or similar payment restriction.

• Cross-border risk: the risk that funds in foreign currencies cannot be transferred out of a risk country as a result of a specific event or circumstance.

• Concentration risk: the risk arising from uneven distribution of counterparties in credit or any other business relationships or from a concentration in business sectors or geographical regions which is capable of generating losses large enough to endanger ATB.

Credit risk constitutes ATB’s most significant risk and arises mainly from trade finance and lending business. Credit risk also represents all other forms of counterparty exposure, where counterparties default on their obligations to ATB in relation to hedging and other financial activities. The Executive Board is responsible for establishing credit policies and the mechanism, organization and procedures required to analyse, manage and control credit risk. In order to identify and manage risk arising from these activities, ATB has put adequate methodologies, policies, procedures and expertise in place.

Credit risk is managed in accordance with limits and asset quality measures which are set out in policies approved and monitored by the Executive Board. The policies set boundaries on one obligor exposure, industry sector and country of risk.

Measurement and monitoring of Credit Risks is embedded in the Risk Appetite Dashboard (RAD) via credit metrics. Losses resulting from, for instance, credit exposures, country exposures and market exposures all have an impact on ATB’s equity buffer. This is closely monitored in the ‘Capital’ risk driver in the risk appetite dashboard. The impact of non-performing loans on the profitability is monitored via ‘Earnings Volatility’. (Country) concentration risk is considered under both ‘Capital’ and ‘Portfolio Management’ risk drivers.


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ATB reduced its exposure on Russia to around 18% in 2013 from slightly above 20% in 2012 (based on total risk weighted assets for country risk reporting). Dutch Central Bank modified core capital regulations for certain countries with effect from July 2010. This means that additional capital requirements are imposed if exposure exceeds 5% in a number of markets. This makes it more expensive for banks to compete in those markets. Accordingly, ATB’s diversification of activities into other markets is aimed at mitigating the effects of these measures.

Market • Market risk/Interest rate risk/Foreign exchange risk: the risk that movements in

market risk factors, including foreign exchange rates, interest rates, credit spreads, equity prices and commodity prices, will reduce ATB’s income or the value of its portfolio.

Within the market risk management framework, market risk limits, expressed in terms of Value-at-Risk (VAR), are set to prevent the accumulation of market risk beyond the market risk tolerance of ATB. The VaR limits are set, monitored and managed at trading book level: i.e. FX, derivatives, and fixed income. These limits are complemented by additional monetary and non-monetary trading controls with the aim of preventing excessive concentrations and illiquidity of exposures. ATB uses derivative transactions to hedge most of its market exposure (mainly foreign exchange and interest rate risk). Key metrics are included in different ‘risk drivers’ in the risk appetite dashboard.

Liquidity• Liquidity risk: the risk that ATB will fail to fund increases in assets and meet

obligations as they come due at reasonable cost. Liquidity risk arises from the inability of ATB to accommodate decreases in liabilities or to fund current (and increases in) assets in full, at the right time and in the right currency.

As a key area of focus, ATB puts a high priority on establishing an internal funding and liquidity risk strategy that ensures ATB measures, monitors and manages its liquidity risk to be able to withstand a range of stress circumstances without endangering the continuing viability of its business.

ATB manages its liquidity profile by short-term liquidity risk management combined with a long-term funding strategy. Additionally, liquidity risk stress testing is an important element of liquidity risk measurement, risk evaluation and contingency funding planning for all potential contingent as well as improbable, but plausible stress events. ATB uses liquidity stress tests as a management tool to identify the potential vulnerabilities and worst case liquidity risks of ATB on its current cash flows, liquidity position and liquidity risk mitigates.

Liquidity is a separate ‘risk driver’ in the risk appetite framework and detailed metrics are included in the risk appetite dashboard. Due to the importance, ATB also implemented a separate liquidity dashboard.

Operational• The risk of loss arising from fraud, unauthorized activities, errors, omissions,

inefficiency, system failure or external events.• Process risk: the probability of loss inherent in business processes.• ICT risk: the risk of ICT support to business and information supply being provided with

insufficient integrity, lack of continuity or insufficient security.• Business continuity risk: the risk that the continuity of critical ATB business is

jeopardized by non-availability of the ICT-infrastructure (including applications and systems)


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• Legal risk: the risk of financial or reputational loss arising from regulatory or legal action, disputes for or against ATB; failure to correctly document, enforce or adhere to contractual arrangements, inadequate management of non-contractual rights; or failure to meet non-contractual obligations.

• Outsourcing risk: the use of service providers presents various risks. Some are inherent to the outsourced activity itself, some are introduced with the involvement of a service provider. In this context ATB considers the impact of compliance risks, country and concentration risks, reputational risks and operational and legal risks.

• Product risk: under operational risk management, product risk is mainly considered in the context of new products.

• People risk: the risk that people do not follow ATB’s procedures, practices and/or rules, thereby deviating from expected behaviour.

In addition, ATB aims to further optimise the operational risk organisation. ATB is exposed to certain potential losses caused by a failure in information, system processing, settlement of transactions and procedures.

ATB considers risk appetite as a continuous, evolutionary process and not a point-in-time, one-off exercise. ATB’s risk appetite is expressed in terms of a number of qualitative and quantitative measures designed to cover all areas of the ‘classic risk categories’. The metrics have been developed with reference to ATB’s strategy and budget as well as to DNB reporting requirements, the general regulatory environment, rating agencies and current banking leading practice. In order to best present these metrics, ATB has grouped the metrics under five Business Risk Drivers:• Capital;• Liquidity;• Earnings Volatility;• Compliance; • Portfolio Management.

Each driver has its own assigned risk weighting based on ATB’s business model and local circumstance, taking into account banking regulations. These risk weightings and metrics are summarized in the risk appetite dashboard, which is regularly reported to all relevant governance bodies within ATB.

The Executive Board monitors the metrics on a bi-monthly basis and instigates action plans in case limits are breached. The Risk and Compliance Committee of the Supervisory Board discusses the risk appetite dashboard during their regular meetings, but at least once per year and will raise issues to the general meeting of the Supervisory Board, if required.

In line with ATB’s strategy and ambition and with due consideration to ATB’s duty-of-care responsibilities, ATB sets itself the following boundaries when considering business opportunities: • We only buy what we understand;• We only sell what we know to be of added value to our clients;• We only provide banking services to clients we know.

Risk management is embedded throughout the entire organisation. ATB uses the ‘three lines of defense’ concept, detailed later in this report under section Risk Management.

Compliance and IntegrityThe Compliance Department is responsible for oversight of the corporate clients of ATB who predominantly have a background in Russia and the other CIS countries. This is of key importance, as around 100,000 retail clients in the Netherlands, Germany and Austria, entrust their savings to ATB. These savings are covered by the Dutch Deposit Guarantee Scheme for amounts up to € 100,000.


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Due to activities in the field of treasury, ATB also is subject to Markets in Financial Directive or MiFID regulations. ATB has developed internal controls and procedures to comply with these regulations and also adapted the new requirements following MiFID II. The main focus of the department includes client acceptance, monitoring of client conduct, internal oversight of employees’ conduct and contacts with correspondent banks on clients and transactions. Currently ATB’s compliance control framework is being re-assessed and subject to further enhancement.

The integrity risk framework is subject to ongoing enhancement and is designed to target the specific risks pertaining to the organisation. Key elements of this framework are:- Ongoing integrity risk analysis;- Adequate governance structure ensuring sufficient oversight and independence if

required;- Due diligence of clients and transactions;- Policies, procedures and processes to mitigate money laundering, terrorism financing

and corruption risk;- Monitoring of client activity, including transaction monitoring;- Ongoing training and awareness programs for all staff.

The measures as designed in ATB’s integrity risk framework are also applicable to our representative offices in Moscow and Almaty. All employees of ATB, including temporary staff are committed to the values of ATB and will execute the controls of the framework to its full extent. Banking Code ATB complies with the Banking Code. During 2013 ATB further focussed on the role of the Executive Board and the Supervisory Board (corporate governance), the annual re-assessment of ATB’s risk appetite, the subsequent monitoring using a risk appetite dashboard and systematic reporting of actual risks (risk management), permanent education for all Board members and development of a new remuneration policy.

The Supervisory Board is composed in such a way that conditions are created for proper performance of duties by and within the Board. These conditions are complementarity, proper team spirit, independence and diversity. The Board has broad experience in the financial sector and thorough knowledge of the social functions of ATB and the interests of all parties involved. During 2013 three members of the Supervisory Board also had relations with the Alfa Group, the ultimate shareholder of ATB. At this moment one of these dependent positions is vacant. The other three members, including the chairman, are independent.

The members of the Executive Board share many years of experience at executive level in banking, and have thorough knowledge of the social functions of ATB and the interests of all parties involved. Each member of the Executive Board and each Department Head has signed the moral and ethical statement.

Within ATB are clear rules and regulations which are translated into guidelines for employees. Newly hired employees of ATB are made aware of ATB’s principles and agree upon the Code of Conduct. Each employee is required to comply with these principles.


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Pre-employment screening is performed by an external party. As from 2012 all employees (both current and new) are screened by an external party.

Reporting on the actual risks is done through a risk appetite dashboard which is assessed by the Executive Board on a periodical basis. The Supervisory Board subsequently reviews the risk reporting. The risk policy and risk appetite dashboard are subject to periodic discussion in the Executive Board and in the Risk and Compliance Committee of the Supervisory Board. Following each meeting of the Risk and Compliance Committee, the chairman of this committee reports on the considerations, recommendations and decisions to the Supervisory Board. Once a year the principles for risk-taking are jointly discussed by the Executive Board and the Supervisory Board and revised if necessary. These principles have been sustained throughout the year.

ATB has an Internal Audit Department that reports directly to the Executive Board and the Audit Committee. Both the head of the Internal Audit Department and the external auditor of ATB attend the meetings of the Audit Committee.

At least twice a year consultations take place between Dutch Central Bank, the external auditor and the internal auditor on audit plans, risk analyses and audit findings.

The interests of the customers and other stakeholders have always been a priority to ATB. As part of the implementation of the Banking Code requirements, ATB reviewed all existing products and services and reemphasized ATB’s responsibility for the interest of the clients with all staff members. The best interest of the client is also considered in the development of new products. ATB has a product approval process in place.

ATB values all feedback from its clients (positive or negative), also when this is expressed in the form of complaints, as this helps to improve services provided to them. The further development of ATB is also based on clients recommending ATB as a reputable, reliable and client-friendly organization. ATB puts great importance on accurate, clear and not-misleading marketing and client communication. The website contains up-to-date information on products, interest rates and corporate information. Contact details of various specialists are available on the website to facilitate direct communication between clients and ATB.

ATB’s remuneration policy is fully in line with the current requirements.

ATB has a dedicated budget for permanent education of employees in delivering high quality and flexible services to ensure expectations of our clients are met in the best possible way. The Executive and Supervisory Board yearly attend training sessions as part of permanent education considering various subjects to ensure that expectations of all our stakeholders are met.Further information with respect to the Banking Code is available on the website.

People & Operation The number of employees increased to 158 FTEs at year-end 2013, from 136 at year- end 2012. The increase of FTEs during the year is mainly a reflection of the commercial growth aspirations of ATB and also a result of its commitment to further comply with changes in legislation and regulations in the market which require additionally skilled employees.

In accordance with article 3.1 of ATB’s governing charter, ATB aims for a diverse composition of members in the Supervisory Board and Executive Board in terms of such factors as gender and age. In general, the hiring process of new staff executed within ATB follows transparent procedures considering objective criteria which are


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subject to the required job profile. Up until now female candidates were not available for a position in the Board or did not fit the required job profile. Currently 21% of the Department Heads and 49% of the staff are female.

Based on the governing charter and considering the term of currently seating members, ATB is committed to further improve the required diversification of new members taking part in the Board in order to acquire a participation level of at least 30% in terms of required number of female members.

The financial and operational results during the year could not have been achieved without our dedicated staff, our loyal clients and our supportive shareholder. The Executive Board wishes to thank these stakeholders for their contribution.

Outlook 2014Next year’s market conditions will, to a large extent, depend on the recovery in Russia’s most important economic partner, the Euro area.

For 2014, given the volatile and uncertain developments with respect to the situation in Ukraine, the Executive Board does not provide any projections on ATB’s result as further developments in Ukraine during 2014 may have a negative impact on ATB’s business. The Executive Board monitors the developments with close attention.

Considering its strategic aspirations, ATB will maintain a strong focus on further strengthening cooperation with banks within the Alfa Banking Group in supporting medium and large sized corporate clients. This is expected to increase the share of structured trade and commodity finance and of special products.

The required capital adequacy in view of this growth in ATB’s risk capital will be supported by the shareholder.

Statement by the Executive Board (section 5.25c (2c)) of the Financial Supervision Act.To our knowledge:1. The financial statements give a true and fair view of the assets, liabilities, financial

position and the profit and loss account of ATB; and

2. The annual report gives a true and fair view regarding the balance sheet as at 31 December 2013, the state of affairs of ATB during the financial year, and the principal risks confronting ATB.


Executive Board:

P. Gorbatsevich, Chief Executive Officer H.W. te Beest, Chief Financial OfficerA.V. Drovossekov, Chief Commercial Officer


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Profile of the members of the Executive Board

Mr P. Gorbatsevich (1958)

Nationality: Russian

Chief Executive Officer and Chairman

Responsible for: - Corporate Banking CIS- Human Resources- Legal- Treasury- Risk and Portfolio Management- Financial Institutions- ATB Leasing- Representative Offices in Moscow and Almaty

Mr H. W. te Beest RE RA (1950)

Nationality: Dutch

Chief Financial Officer

Responsible for: - Finance & Control- Operations- Internal Audit- ICT

Other positions:- Lecturer at the University of Nyenrode - Member of the non-executive Board of the Raphael Foundation

Mr A.V. Drovossekov (1967)

Nationality: British

Chief Commercial Officer

Responsible for: - Compliance- Structured Trade and Commodity Finance- Corporate Banking Non CIS- Business Support Department


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Executive BoardThe Executive Board is jointly responsible for the management of Amsterdam Trade Bank NV (ATB), each of its members having specific areas of interest within an allocation of duties. The members of the Executive Board are appointed by the General Meeting of Shareholders upon nomination of the Supervisory Board.In accordance with best practices, the Executive Board submits ATB’s operational and financial objectives together with the strategy to achieve stated goals to the Supervisory Board for its consideration and approval. The outlined objectives and strategy include detailed parameters to be applied in relation to the strategy, such as ATB’s financial ratios and capital adequacy level.

Supervisory Board Oversight of the Executive Board and the general course of affairs of ATB and business connected therewith are entrusted to the Supervisory Board. The Supervisory Board also assists the Executive Board by giving advice. The members of the Supervisory Board are required to act in accordance with the interests of ATB. Pursuant to the Articles of Association, Supervisory Board members are empowered to obtain any information they deem necessary for the performance of their duties. Members of the Supervisory Board are appointed by the General Meeting of Shareholders. Each member of the Supervisory Board is expected to be capable of assessing the broad outline of overall policy, in addition to having the specific expertise required to fulfil his or her designated role. At the end of 2013 the Supervisory Board consisted of six non-executive members. At this moment one of the positions is vacant. Specific issues are dealt with and prepared in the Audit Committee, the Risk and Compliance Committee and the Remuneration and Nomination Committee. Members of these committees are appointed by and consist of a number of members of the Supervisory Board.

• Audit Committee The Audit Committee’s main task is to assist the Supervisory Board in monitoring the adequacy and integrity of ATB’s financial statements, the auditor’s competence and independence, the performance of the internal audit function, the audit findings on the quality and effectiveness of the system of governance, risk management and ATB’s control procedures. The Audit Committee reports its findings to the Supervisory Board and these findings are discussed in its plenary meetings.

• Risk and Compliance Committee The Risk and Compliance Committee’s main task is to assist the Supervisory Board in supervising ATB’s risk policy, appetite for and results on market risk, credit risk, liquidity risk and operational risk and ATB’s Code of Conduct (compliance including the Regulation on Whistleblowers and internal governance). The Risk and Compliance Committee also decides on credit proposals escalated in accordance with ATB’s internal governance rules. The Risk and Compliance Committee reports its findings to the Supervisory Board and these findings are discussed in its plenary meetings.

Corporate governance

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• Remuneration and Nominating Committee The Remuneration and Nominating Committee’s main task is to assist the Supervisory Board in preparing and presenting proposals for the remuneration policy for Supervisory Board members, members of the Executive Board, and Senior Management. Other tasks of this Committee consist of presenting general principles for the remuneration policy for other staff, implementing and evaluating the agreed remuneration policies for the Supervisory Board and Executive Board, monitoring the implementation of the remuneration policy for Senior Management and other staff, presenting proposals for the remuneration evaluation of Supervisory Board members, Executive Board and Senior Management.

Furthermore, the remit of the Committee is presenting proposals for the Management Development Policy and succession planning for (members of) the Executive Board and Supervisory Board and presenting proposals for appointment, re-appointment and dismissals to the Supervisory Board, its committees and the Executive Board. The Remuneration and Nominating Committee reports its findings to the Supervisory Board and these findings are discussed in its plenary meetings.

Corporate governance

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Consolidated financial statements 2013

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Consolidated statement of financial position At 31 December 2013before profit appropriation

(in €)

31-12-2013 31-12-2012

Assets NoteCash and cash equivalents and balances 1 421,373,418 473,265,766withdrawable with central banksDue from banks 2 2,365,395,635 1,934,382,918Trading financial assets 3 23,097,313 216,190Loans and advances to customers 4 1,227,560,989 1,110,836,289Interest-bearing securities 5 150,303,601 231,498,518Participating interests 6 56,100 56,174Intangible assets 7 12,560,617 8,750,511Property and equipment 8 2,146,927 2,336,251Prepayments and accrued income 9 26,454,985 21,362,049Other assets 10 10,689,426 15,117,071

Total assets 4,239,639,011 3,797,821,737

Liabilities and equity Due to banks 11 219,483,686 287,258,553 Funds entrusted 12 3,562,907,504 3,090,399,158 Accruals and deferred income 13 26,288,124 37,023,148 Other liabilities 14 2,577,324 1,400,787 Fund for general banking risks 15 1,591,603 1,591,603 Subordinated liabilities 16 115,409,271 90,000,000

Total liabilities 3,928,257,512 3,507,673,249 Equity: - Issued capital 117,343,424 117,343,424 - Share premium 4,317,803 4,317,803 - Retained earnings 164,321,310 145,598,585 - Currency translation reserve -2,175,115 2,153,556 - Revaluation reserve 12,395 12,395 - Undistributed profit 27,561,682 20,722,725

Total equity 17 311,381,499 290,148,488

Total liabilities and equity 4,239,639,011 3,797,821,737

Contingent liabilities 18 75,975,109 51,654,397Irrevocable commitments 19 123,427,022 71,487,662

The number beside each item refers to the relevant note

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Consolidated statement of income for 2013

(in €)

2013 2012

Income from operating activities

Note Interest income 20 120,510,043 116,460,004 Interest expense 21 60,866,342 71,260,062

Net interest income 59,643,701 45,199,942 Commission income 13,250,257 11,256,881 Commission expense 984,729 773,442 Net commission income 22 12,265,528 10,483,439 Result on financial transactions 23 9,021,593 5,016,724 Other income 24 2,128,822 1,708,913 Total income from operating activities 83,059,644 62,409,018 Expense Staff expense 25 21,311,012 17,777,322General and administrative expense 26 8,166,869 7,935,256Depreciation 27 2,566,997 1,649,105Impairments 28 18,070,000 8,074,963 Total expense 50,114,878 35,436,646 Operating result before tax 32,944,766 26,972,372 Income tax 29 5,383,084 6,249,647 Net profit 27,561,682 20,722,725

The number beside each item refers to the relevant note

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Consolidated statement of cash flows for 2013

(in €)

2013 2012

Cash flow from operating activities Operating result before tax 32,944,766 26,972,372 Adjustment for Depreciation 2,566,997 1,649,105

Impairments 18,070,000 8,074,963 53,581,763 36,696,440 Net increase (decrease) in operating assets and liabilities

Due from/to banks -342,475,176 -811,230,701Trading financial assets -22,881,123 -216,190Loans and advances to customers/Funds entrusted 337,713,646 985,281,923Prepayments and accrued income/Accruals and deferred income -23,211,044 15,120,009Other assets/liabilities 5,604,182 -48,877,827

Total movement in assets and liabilities -45,249,515 140,077,214 Net cash flow from operating activities 8,332,248 176,773,654 Cash flow from investing activities Investments and acquisitions

Interest-bearing securities -139,904,742 -144,847,095Participating interests - -10,540Intangible assets -5,682,602 -5,784,890Property and equipment -530,896 -1,877,989

Divestments, repayments and sales

Interest-bearing securities 221,099,659 105,520,758Participating interests 74 13,400Property and equipment 25,720 66,250

Net cash flow from investing activities 75,007,213 -46,920,106 Cash flow from financing activities

Issue of subordinated liabilities 25,409,271 - FX and revaluation reserve -4,328,671 1,236,095

Net cash flow from financing activities 21,080,600 1,236,095 Net increase in cash and cash equivalents and balances withdrawable with central banks 104,420,061 131,089,643

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Consolidated statement of cash flows for 2013

(in €)

2013 2012

Cash and cash equivalents and balances withdrawable with central banks at 1 January 451,403,530 320,313,887 Cash and cash equivalents and balances withdrawable with central banks at 31 December 555,823,591 451,403,530

Movement 104,420,061 131,089,643

Additional informationCash flows from interest received 122,277,742 113,720,546Cash flows from interest paid 65,352,098 66,620,435Cash flows from income tax 9,357,388 -7,788,251

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Notes to the consolidated financial statements 2013

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Notes to the consolidated financial statements

At 31 December 2013

SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES

GeneralAmsterdam Trade Bank NV’s (ATB) registered office is at Herengracht 469-475, 1017 BS Amsterdam, the Netherlands. ATB is a company incorporated and established in the Netherlands and is fully owned by Alfa Bank Russia and its ultimate shareholder Alfa Group. The consolidated financial statements of Amsterdam Trade Bank NV at 31 December 2013 were prepared by the Executive Board, adopted by the Supervisory Board on 2 May 2014 and will be submitted to the General Meeting of Shareholders for approval within the regulatory time period.

Basis of preparationThe financial statements have been prepared in accordance with section 14, “Provisions for banks”, book 2, Title 9 of the Dutch Civil Code and the guidelines of the Council for Annual Reporting (Raad voor de Jaarverslaggeving).

Functional and reporting currencyThe financial statements are denominated in euros, the functional and reporting currency of ATB.

Basis for consolidationThe consolidated financial statements of ATB comprise the financial statements of Amsterdam Trade Bank NV, its subsidiaries and other companies controlled by ATB and are prepared as at 31 December, using consistent accounting policies. The financial year is the same as the calendar year.Control exists when ATB has the power, directly or indirectly, to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Group companies are participating interests in which ATB has a direct and indirect controlling interest. In assessing whether controlling interest exists, potential voting rights that presently are exercisable are taken into account. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. In preparing the consolidated financial statements, intra-group debts, receivables and transactions are eliminated. The group companies are consolidated in full with minority interest presented within group equity separate from parent’s equity.

Changes in presentation and accounting policiesAs per 1 January 2014 the accounting principle “RJ 290 Financiële Instrumenten” has been changed. The main changes relate to the separation of embedded derivatives from the host contract if these are not closely related and when in a cost price hedge relationship the critical terms do not perfectly match, the entity should perform a quantitative ineffectiveness testing measurement.

Foreign currencies

Functional currencyLine items of each group company are measured using the currency of the economic environment in which the entity operates (i.e. the functional currency).

Group companiesThe assets, liabilities, income and expenses of group companies using another functional currency than the reporting currency are translated as follows:• Assets and liabilities are translated using the closing rate at the reporting date;• Income and expenses are translated using rates ruling at the transaction dates, which

are approximately equal to the average rates;• Any resulting exchange difference is recognised as a separate component of equity.Upon consolidation, exchange differences arising from monetary items forming part of a

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At 31 December 2013

net investment in foreign divisions are recognised in equity.

Transactions and line itemsMonetary assets and liabilities denominated in foreign currencies are converted at closing rate at reporting date. Exchange rate effects arising from the conversion of assets and liabilities are stated in the statement of income as Result on financial transactions. Transactions in foreign currencies are translated at the exchange rate prevailing on the transaction date.

Recognition and derecognitionAn asset is disclosed in the statement of financial position when it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the cost of the asset can be measured reliably. A liability is recognised in the statement of financial position when it is expected to result in an outflow from the entity of resources embodying economic benefits and the amount of the obligation can be measured with sufficient reliability. If a transaction results in a transfer of future economic benefits and or when all risks relating to assets or liabilities transfer to a third party, the asset or liability is no longer included in the statement of financial position.

Income is recognised in the statement of income when an increase in future economic potential related to an increase in an asset or a decrease of a liability has arisen, the size of which can be measured reliably. Expenses are recognised when a decrease in the economic potential related to a decrease in an asset or an increase of a liability has arisen, the size of which can be measured with sufficient reliability.

DerivativesAs part of its economic hedging policy, ATB uses derivatives such as foreign exchange swaps to offset foreign exchange risks related to specific asset and liability positions and interest rate swaps for hedging its interest rate risk.FX derivatives are measured at spot rate. The forward points on currency swaps are amortized to the statement of income on a linear basis over the duration of the currency derivative. Interest rate swaps are recorded at cost.

For accounting purposes ATB applies cost price hedge accounting. In line with the cost price hedge accounting model the derivatives are valued at cost price in the statement of financial position and accrued based upon the contractual terms of the contracts, generally maturing in accordance with the relating asset or liability. The associated income or expense is recorded under interest. The accrued interest receivable is stated under Prepayments and accrued income and for accrued interest payable under Accruals and deferred income. The ineffective portion of the cost price hedge accounting relationships is recorded in the statement of income when there is an over hedge using the lower of cost or fair value when valuing the derivative.

Embedded derivativesEmbedded derivatives are treated as separate derivatives when their economic characteristics are not closely related to those of the financial host contract. The embedded derivative is separately measured if the financial contract itself is not recognised at fair value with the value changes through profit or loss.

Repo transactions and reverse repo transactionsSecurities sold subject to repurchase agreements (repos) continue to be included in the statement of financial position. The related liability is included under the line item concerned (mainly Due to banks). Securities purchased subject to resale agreements (reverse repos) are presented under the line item Due from banks or Loans and advances to customers. The difference between the sales price and the purchase price is recognised in the statement of income as interest during the term of the agreement.

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Netting of financial assets and liabilitiesFinancial assets and liabilities are netted and presented in the financial statements at the net amount when ATB has a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis, or realize the asset and settle the liability simultaneously. This mainly concerns netting of current account balances.

Impairment financial assets measured at amortised costATB assesses at the end of each reporting period whether there is objective evidence that a financial asset or group of financial assets is impaired. This is assumed to be the case if there is objective evidence of impairment as a result of one or more events that occurred after initial recognition of the asset and that loss event has an impact on the estimated future cash flows of the financial asset or group of financial assets that can reliably be estimated. ATB uses criteria to determine whether there is objective evidence of impairment, or breach of contract such as default or delinquency in interest or principal payments and/or it becomes probable that the borrower will enter into bankruptcy or other financial reorganization.If objective evidence of impairment exists, ATB measures the loss amount as the difference between the asset’s carrying amount and the present value of estimated future cash flows discounted at the financial asset’s original effective interest rate. The asset’s carrying amount is reduced and the amount of loss is recognised in the statement of income. If in a subsequent period, the amount of impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised, the reversal of the previously recognised impairment loss is recognised in the statement of income.

Fair valueWhere the fair value of financial assets and liabilities cannot be derived from active markets, these are determined using valuation techniques that include the use of mathematical models. The input to these models is taken from observable markets where possible, but where this is not feasible a degree of judgment is required in establishing the fair value. The following summarizes the major methods and assumptions used in estimating the fair values:• The estimated fair value of Loans and advances to customers represents the

discounted amount of estimated future cash flows of individual loans expected to be received. Expected cash flows are discounted based upon (a) the difference between initial funding rates versus the current market rates and (b) the change into the risk profile of the borrower and other market circumstances. Given the volatile economic environment the realizable value may differ significantly from the disclosed fair value in the event the loans would be sold before maturity.

• The carrying amount of floating rate inter-bank placements, overnight deposits and fixed deposits is deemed to be a good estimate of their value given.

• The fair value of the interest-bearing securities in the investment portfolio is based on the market prices at reporting date.

• The fair value of derivatives is based on observable market data.


At 31 December 2013

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Statement of financial position

Cash and cash equivalents and balances withdrawable with central banksCash and cash equivalents and balances withdrawable with central banks comprise, at nominal value, the cash in hand and balances withdrawable with central banks and balances withdrawable on demand with other banks and the central government, in respect of which the risk of value changes is insignificant. The amount due from Dutch Central Bank by virtue of the minimum reserve requirement is also included in this item.

Due from banksAmounts due from banks are initially recognised at fair value and subsequently at amortised cost using the effective interest method.

Trading financial assetsTrading financial assets are transactions for own account with the aim to actively sell these instruments in the short term.Trading financial assets consist of the trading portfolio debt instruments. The trading financial assets held for trading are initially recognised and subsequently measured at fair value with effect from the trade date and value adjustments are taken to the statement of income under the line Result on financial transactions.

Loans and advances to customersLoans and advances to customers are recognized at amortised cost using the effective interest method.

Interest-bearing securitiesInterest-bearing securities are debt securities held in the investment portfolio, with the general intent to hold the securities until redemption date. The investment portfolio is valued at cost including premiums and discounts less impairment charges, if necessary. Premiums and discounts are amortized over the remaining life of the securities on a straight line basis. Transaction costs related to the purchase of the securities are taken directly to income if insignificant.All purchases and sales transacted according to standard market conventions of bonds are recognised on the transaction date.

Participating interestsParticipating interests in which ATB has significant influence, but which it does not control or which are held for the sole purpose of ATB’s activities as a bank are valued on the basis of the net asset value method.

Intangible assetsIntangible assets are capitalised at cost and amortised on a straight-line basis over their expected useful lives. Intangible assets mainly comprise software which is depreciated over a 5 years term. At reporting date ATB assesses whether there is objective evidence for an impairment of intangible assets. Intangible assets are impaired if loss event(s) occurred that had an impact on the estimated realizable value of these assets.

Property and equipmentProperty and equipment is initially carried at cost and subsequently at historical cost less accumulated depreciation and accumulated impairments. Depreciation is calculated on a straight-line basis over the useful lives of the assets concerned.


At 31 December 2013

34

Estimated useful lives of property and equipment are as follows:Leasehold improvement : 10 yearsComputer equipment : 5 yearsOther equipment : 5 years

At reporting date ATB assesses whether there is objective evidence for an impairment of Property and equipment. Property and equipment is impaired if loss event(s) occurred that had an impact on the estimated net realizable value of these assets.

Prepayments and accrued incomePrepayments and accrued income are stated at historical cost.

Other assetsOther assets are stated at historical cost.

Due to banksUpon initial recognition, amounts due to banks are disclosed at fair value excluding transaction costs. After their initial recognition, they are recognised at amortised cost using the effective interest method.

Funds entrustedUpon initial recognition, funds entrusted are disclosed at fair value excluding transaction costs. After their initial recognition they are recognised at amortised cost using the effective interest method.

Accruals and deferred incomeAccruals and deferred income are stated at historical cost.

Other liabilitiesOther liabilities are stated at amortised cost.

Fund for general banking risks (FAR)ATB has formed a general banking risk provision to cover general risks arising from banking activities. The amount as presented in the statement of financial position is net of taxes.

Subordinated liabilitiesUpon initial recognition, subordinated liabilities are disclosed at fair value excluding transaction costs. After initial recognition, they are carried at amortised cost.

EquityDirect costs of new shares issued are deducted from equity, taking taxes into account. The equity instruments issued by subsidiaries included under equity are carried at cost.

Obligations not recognised in the statement of financial positionThis includes the obligations that represent a potential credit risk and consists of the off-balance sheet items contingent liabilities and irrevocable commitments.

Contingent liabilitiesContingent liabilities are carried at the contract value and consist of guarantees and irrevocable letters of credit.

Irrevocable commitmentsIrrevocable commitments consist of unused overdraft facilities, sale and repurchase commitments and all other obligations resulting from irrevocable commitments that can give rise to loans.


At 31 December 2013

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Statement of income

GeneralRevenue is recognised insofar as it is likely that the economic benefits will flow to ATB and can be measured reliably. Costs are allocated as far as possible to the period in which the services were rendered or to the relevant proceeds.

Net interest incomeThis item consists of income earned on lending and cost of borrowing and associated transactions, related commission and other income or expense similar to interest.Interest income and expense is recognised using the effective interest method.

Net commission incomeThis item consists of the income, other than income similar to interest, earned on banking services provided to third parties. Commission paid to third parties is accounted for as commission expense.

Other incomeOther income comprise non-banking income.

Staff expenseStaff expense comprise wages and salaries, pension, social security cost and other staff cost.Pension obligations are insured with an insurance company. The pension scheme is a defined-contribution plan; hence ATB has no financial and actuarial risk on pension obligations on behalf of staff.

General and administrative expenseGeneral and administrative expense comprise ICT expense, cost of marketing and communication, accommodation expense, office expense and other administrative expense.

DepreciationDepreciation is determined based on the estimated useful life and is charged to the statement of income.

ImpairmentsThis item consists of the required additions and reversals of such impairments.

Income taxTax on operating result is recognised in the statement of income in accordance with applicable tax law in the jurisdictions in which ATB operates. Tax effects of any losses incurred in certain jurisdictions are recognised as assets when it is probable that sufficient future profits will be available in the relevant jurisdiction against which these losses can be set off.

Cash flow statementThe cash flow statement has been drawn up in accordance with the indirect method, distinguishing between cash flows from operating, investing and financing activities.The accounting principles applied for the cash flow statement are in conformity with those applied for both the statement of financial position and statement of income.Cash and cash equivalents comprise, at face value, all cash in hand and balances withdrawable on demand with central banks and other banks in respect of which the risk of value changes is insignificant.


At 31 December 2013

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RISK MANAGEMENT

IntroductionATB’s commercial strategy is guided by the Portfolio Management Policy and approved by the Executive Board. This policy is updated at least annually to reflect the current strategy of ATB, to reflect changes in the economic environment in ATB’s core markets and to actively manage the credit portfolio and the overall risk profile.The commercial strategy is implemented through 5 business units, Corporate Banking CIS, Corporate Banking Non CIS, Structured Commodity and Trade Finance, Financial Institutions and Treasury, each with a specific focus within ATB’s target activities:• Geographies: CIS, CEE and a few selected other countries.• Products: structured commodity and trade finance, (syndicated) loans, cash

management services and treasury products.• Industries: oil and gas, utilities, petrochemicals, retail trade, commodity traders, ict

trading and transportation.

With reference to the above mentioned activities, ATB is subject to the following typical risks: credit risk, market risk (interest rate risk and foreign currency risk), country risk and liquidity risk. ATB is also subject to more general risks, such as operational risk, reputation risk and compliance risk. The Executive Board actively manages ATB’s daily operations and related risks. The Supervisory Board approves the commercial strategy and the overall risk appetite of ATB and performs oversight on the activities of the Executive Board.The risk appetite framework has resulted in the development of a risk management dashboard on which the adherence is monitored. This dashboard is monitored regularly and its reports are shared and discussed quarterly within the Risk and Compliance Committee of ATB.

ATB follows the ‘three lines of defense’ concept. The first line is formed by the control measures that are included in the operating processes and that are monitored by the line managers’ internal control activities. The second line consists of the monitoring role by specialists of the Risk Management and Compliance departments, which operate independently from commercial activities. The third line is the internal audit function.

There are six committees, supporting the Executive Board in managing the risks of ATB:

• Credit Committee The Credit Committee meetings are held weekly to advise on new credit applications and proposals and acceptance of new clients, and to monitor credit risk, overdue positions and collateral. The Credit Committee decides on (semi) annual credit reviews. New credit proposals are ultimately decided upon by the Executive Board or, in a limited number of cases and based on a predetermined escalation model, by the Supervisory Board.

• Asset and Liability Committee (ALCO) The ALCO meets biweekly to monitor funding, interest, foreign currency and liquidity risks and solvency.

• Audit and Operational Risk Committee The Audit and Operational Risk Committee meets monthly and discusses issues relating to the maintenance of an adequate operational risk management framework, assessment of the operational risk related incidents and complaints. Furthermore, the committee monitors the progress in the internal control framework and the resolution of audit issues identified by both the internal and external auditor and the regulatory authorities.


At 31 December 2013

37

• Country Risk Committee The Country Risk Committee meetings are held quarterly to advise the Executive Board on the utilization of country limits, as well as, if necessary, on the adaptation of limits. Individual transactions are allocated to specific country limits by the Credit Committee. New or increased country limits are finally decided by the Supervisory Board upon the advice of the Executive Board.

• Provisioning Committee The Provisioning Committee meets on a quarterly basis. All relevant loans are discussed and problem loans are assessed or re-assessed. Potential problem loans are put under special monitoring for industry and company specific developments. The Provisioning Committee advises the Executive Board on loan impairments and provisions to be taken.

• Compliance Committee The Compliance Committee meetings are held monthly to advise the Executive Board on client acceptance procedures (Know Your Customer), on authorization procedures, on segregation of duties and to monitor the adherence to these procedures.

Strategic risk is managed directly by the Executive Board.

The following section addresses the definition and control measures of identified risk categories.

Credit riskCredit risk is defined as the current or prospective threat to ATB’s earnings and capital as a result of counterparty’s failure to comply with financial or other contractual obligations.

Credit risk constitutes ATB’s most significant risk and arises mainly from the trade finance and lending business. Credit risk also covers all other forms of counterparty exposure, namely where counterparties default on their obligations to ATB in relation to hedging and other financial activities. The Executive Board is, upon the advice of the Risk Management Department, responsible for establishing credit policies and the mechanism, organization and procedures required to analyse, manage and control credit risk. In order to identify, measure and manage risk arising from these activities, ATB has put adequate methodologies, policies, procedures and expertise in place.

Credit risk is managed in accordance with limits and asset quality measures which are set out in policies approved and monitored by the Executive Board. The policies place limits on one obligor exposure, industry sector and country of risk.

At borrower level compliance with covenants and limit utilization is monitored daily. Deterioration or improvement in the credit quality of the borrower is monitored by the Commercial Departments and the Risk Management Department.

Credit risk related to treasury activities is managed by limits, asset quality measures and criteria set out, amongst others, by the Fixed Income Investment Policy, as approved by the Supervisory Board on the advice of the Executive Board.

The creditworthiness of the borrower is captured by the borrower’s credit rating, which assesses the obligor’s probability of default (PD). For all corporate borrowers with lending facilities the credit rating is derived by means of internally developed rating models. For Financial Institutions, Sovereigns and Fixed Income exposures, credit assessment provided by one of the eligible External Credit Assessment Institutions (Moody’s, S&P and Fitch) is used. For transactional lending ATB’s risk assessment


At 31 December 2013

38

procedures also take into account the risk specific to the type of credit facility or exposure. This risk is captured in the LGD (Loss Given Default) estimate, which is also a product of internal rating models.

Although ATB uses the standardized approach for credit risk (following the Basel II models), continuous development of internal rating methodologies as well as further integration of the Internal Rating System into the Risk Management Process (provisioning, pricing and portfolio management) are considered to be important to further strengthen ATB’s credit risk management system.

Impairments or losses on Loans and advances to customersIn the context of the provisioning process, ATB reviews at least quarterly all relevant loans and advances to each individual customer on the Watch List or classified as a non performing loan, in order to assess whether the provision for impairment is sufficient. This review is based on the identification of impairment indicators (such as amounts overdue or requests for restructuring) in order to assess the likelihood and magnitude of incurred losses. Proposals for impairments are discussed in the Provisioning Committee and proposed to the Executive Board. The Executive Board decides on the level of impairments. Impairments for loan losses are determined in line with accounting rules. Impairment losses are based on discounted expected cash flows of the outstanding loan (including a cash flow for the collateral value based on the estimated market value, if applicable). For the loans and advances to customers that are under restructuring, the impairment loss is measured as the difference between the carrying amount of the asset and the present value of estimated future cash flows discounted at the asset’s original effective interest rate. Such estimation is by its nature based on assumptions and actual results may differ. The gross amount of outstanding Loans and advances to customers was € 1,228 million as at 31 December 2013 (2012: € 1,111 million). The provision for loan losses amounted to € 63.4 million (2012: € 45.3 million).

Concentration riskConcentration risk is the credit risk related to the degree of diversification in the credit portfolio. ATB takes separately into account the single name concentration, country concentration and sector concentration. In addition, ATB has implemented a framework to measure concentration risk quantitatively and established an approach that links concentration risk levels to capital allocation.

Individual counterparty concentration is defined as the existence of exposures to individual counterparties and/or a group of connected counterparties. This type of concentration is also often referred to as ‘single name concentration’. The definition of ‘connected’ includes exposures which are connected through, for example, common ownership, management or guarantors. ATB manages single name concentration risk and calculates internal capital for this risk under the Basel II framework.

Sector concentration is also referred to as ‘industry concentration’ and relates to the risk that sector or industry factors drive the likelihood of default for a significant number of counterparties in the portfolio. Sector concentration risk arises if the portfolio is unbalanced in exposures to certain sectors, entailing dependencies between default events.

No additional capital charge is calculated for sector concentration due to the small number of counterparties in ATB’s loan portfolio: the individual counterparty concentration capital charge reflects sector concentration as well.


At 31 December 2013

Country riskATB’S Country Risk Policy defines country risk as exposure to cross-border risk, specifically convertibility and transfer risk, i.e. the risk of obligations not being repaid as a consequence of a debt moratorium or similar payment restriction.

For the purpose of its country risk assessment, ATB considers the country of risk as the country of ultimate payment risk for the transaction. This may be the country of counterparty residence, the country of the parent company or a third country where the cash flow to repay the loan is generated from. Based upon this classification, the geographical concentration can be found in the corresponding notes.

In line with the ‘Policy rule on the treatment of concentration risk in emerging countries’ issued by Dutch Central Bank, ATB recognizes its own funds should be sufficient to absorb the risks connected with material concentrations of exposure on certain risk countries.For determining material country concentration, ATB has taken into account risk mitigating instruments which satisfy the minimum requirements regarding credit risk mitigation.

The management of geographic concentration is covered in ATB’s Portfolio Management Policy. Historically, due to the geographical concentration of ATB’s borrowers, development of ATB’s credit portfolio is closely linked to economic and political developments in the CIS countries. ATB’s current commercial strategy will gradually lead to a more diversified portfolio from a geographical point of view.

Liquidity riskAs a key area of focus, ATB puts a high priority to establish an up-to-date internal funding and liquidity risk strategy that ensures that ATB monitors and manages its liquidity sources to meet all current and future financial obligations at all times, in stressed or abnormal circumstances.

ATB manages the liquidity profile through short-term liquidity risk management and a long-term funding strategy. Additionally, liquidity risk stress testing is an important element of liquidity risk measurement, risk evaluation and contingency funding planning for all potential contingent as well as improbable, but plausible stress events. ATB applies scenario analysis and liquidity stress testing with the aim of identifying the potential vulnerabilities and worst case liquidity risks of ATB on its current cash flows, liquidity position and liquidity risk mitigants.

ATB’s liquidity risk management strategy aims to ensure that the liquidity buffer of unencumbered and high-quality liquid assets as the main liquidity source is large enough to cover unexpected cash flow needs for the worst assumed scenario, projected over its survival horizon, without recourse to the market for renewed wholesale funding and to gain enough time for ALCO after risks have materialized either to outlast the event, restructure the balance sheet, implement a contingency funding plan and/or access stand-by liquidity sources for an orderly resolution.

To qualify an asset as a high quality liquid asset, ATB complies with the Basel III liquidity criteria and prefers, in principle, to keeping assets eligible at Central Bank to manage intraday liquidity needs and overnight liquidity facilities as well. Such assets include all unencumbered assets that are available to ATB to convert into cash at any time to fill funding gaps between cash inflows and outflows during potentially detrimental liquidity situations, and are managed for use as a source of contingent funding. There are basically 4 sources of highly liquid assets on ATB’s balance sheet: Cash; DNB and ECB Placements; 0 % and 20% risk weighted Sovereign securities; and other liquid assets

39


At 31 December 2013

40

which are also readily convertible into cash within a relatively short period such as non-financial corporate bonds, rated AA- or better and covered bonds, not self-issued, rated AA- or better.

A series of measures are used to monitor both the statutory and prudential liquidity requirements of ATB on an ongoing basis including: the liquidity buffer calculation and composition, liquidity gap analysis, currency diversification and cash flow mismatches, and regulatory liquidity ratios calculations.

The following table represents the assets and liabilities based on their remaining contractual terms to maturity at the reporting date.


At 31 December 2013

41

31-12-2013

42

On demand Within 1 month Between 1 and Between 3 Between one Over 5 years No cash flow TotalAssets Note 3 months months and year and one year five years Cash and cash equivalents and balances withdrawable with central banks 1 421,373,418 - - - - - - 421,373,418Due from banks 2 194,633,539 570,298,726 222,102,296 1,314,033,095 64,327,979 - - 2,365,395,635Trading financial assets 3 23,097,313 - - - - - - 23,097,313Loans and advances to customers 4 28,534,387 135,211,345 205,414,805 440,007,729 385,065,798 33,326,925 - 1,227,560,989Interest-bearing securities 5 - 23,185,874 4,900,064 40,935,765 80,558,756 723,142 - 150,303,601Participating interests 6 - - - - - - 56,100 56,100Intangible assets 7 - - - - - - 12,560,617 12,560,617Property and equipment 8 - - - - - - 2,146,927 2,146,927Prepayments and accrued income 9 - 6,741,145 7,756,786 11,296,191 660,863 - - 26,454,985Other assets 10 - 7,990,557 1,419,119 1,279,750 - - - 10,689,426

Total assets 667,638,657 743,427,647 441,593,070 1,807,552,530 530,613,396 34,050,067 14,763,644 4,239,639,011 Liabilities and equity Due to banks 11 60,183,366 54,759,320 42,832,771 43,558,750 18,149,479 - - 219,483,686Funds entrusted 12 603,490,908 549,780,732 229,216,005 1,541,752,982 638,666,877 - - 3,562,907,504Accruals and deferred income 13 - 3,794,581 11,453,803 7,579,789 3,459,951 - - 26,288,124Other liabilities 14 - 601,178 713,066 1,263,080 - - - 2,577,324Fund for general banking risks 15 - - - - - - 1,591,603 1,591,603Subordinated liabilities 16 - - - - - 115,409,271 - 115,409,271

Total liabilities 663,674,274 608,935,811 284,215,645 1,584,154,601 660,276,307 115,409,271 1,591,603 3,928,257,512 Equity 17 - - - - - - 311,381,499 311,381,499

Total equity - - - - - - 311,381,499 311,381,499 Total liabilities and equity 663,674,274 608,935,811 284,215,645 1,594,154,601 660,276,307 115,409,271 312,973,102 4,239,639,011 Liquidity GAP 3,964,383 134,491,836 157,377,425 213,397,929 -129,662,911 -81,359,204 -298,209,458 -


At 31 December 2013

(in €)

43

On demand Within 1 month Between 1 and Between 3 Between one Over 5 years No cash flow TotalAssets Note 3 months months and year and one year five years Cash and cash equivalents and balances withdrawable with central banks 1 421,373,418 - - - - - - 421,373,418Due from banks 2 194,633,539 570,298,726 222,102,296 1,314,033,095 64,327,979 - - 2,365,395,635Trading financial assets 3 23,097,313 - - - - - - 23,097,313Loans and advances to customers 4 28,534,387 135,211,345 205,414,805 440,007,729 385,065,798 33,326,925 - 1,227,560,989Interest-bearing securities 5 - 23,185,874 4,900,064 40,935,765 80,558,756 723,142 - 150,303,601Participating interests 6 - - - - - - 56,100 56,100Intangible assets 7 - - - - - - 12,560,617 12,560,617Property and equipment 8 - - - - - - 2,146,927 2,146,927Prepayments and accrued income 9 - 6,741,145 7,756,786 11,296,191 660,863 - - 26,454,985Other assets 10 - 7,990,557 1,419,119 1,279,750 - - - 10,689,426

Total assets 667,638,657 743,427,647 441,593,070 1,807,552,530 530,613,396 34,050,067 14,763,644 4,239,639,011 Liabilities and equity Due to banks 11 60,183,366 54,759,320 42,832,771 43,558,750 18,149,479 - - 219,483,686Funds entrusted 12 603,490,908 549,780,732 229,216,005 1,541,752,982 638,666,877 - - 3,562,907,504Accruals and deferred income 13 - 3,794,581 11,453,803 7,579,789 3,459,951 - - 26,288,124Other liabilities 14 - 601,178 713,066 1,263,080 - - - 2,577,324Fund for general banking risks 15 - - - - - - 1,591,603 1,591,603Subordinated liabilities 16 - - - - - 115,409,271 - 115,409,271

Total liabilities 663,674,274 608,935,811 284,215,645 1,584,154,601 660,276,307 115,409,271 1,591,603 3,928,257,512 Equity 17 - - - - - - 311,381,499 311,381,499

Total equity - - - - - - 311,381,499 311,381,499 Total liabilities and equity 663,674,274 608,935,811 284,215,645 1,594,154,601 660,276,307 115,409,271 312,973,102 4,239,639,011 Liquidity GAP 3,964,383 134,491,836 157,377,425 213,397,929 -129,662,911 -81,359,204 -298,209,458 -

On demand Within 1 month Between 1 and Between 3 Between one Over 5 years No cash flow TotalAssets Note 3 months months and year and one year five years Cash and cash equivalents and balances withdrawable with central banks 1 473,265,766 - - - - - - 473,265,766Due from banks 2 159,091,622 388,493,886 1,114,361,928 143,208,030 102,745,403 26,482,049 - 1,934,382,918Trading financial assets 3 216,190 - - - - - - 216,190Loans and advances to customers 4 13,622,987 80,430,947 245,436,874 392,077,145 379,048,613 219,723 - 1,110,836,289Interest-bearing securities 5 - 12,603,295 25,838,836 74,871,585 116,682,441 1,502,361 - 231,498,518Participating interests 6 - - - - - - 56,174 56,174Intangible assets 7 - - - - - - 8,750,511 8,750,511Property and equipment 8 - - - - - - 2,336,251 2,336,251Prepayments and accrued income 9 - 5,443,386 6,263,500 9,121,525 533,638 - - 21,362,049Other assets 10 - 11,300,309 2,006,929 1,809,833 - - - 15,117,071

Total assets 646,196,565 498,271,823 1,393,908,067 621,088,118 599,010,095 28,204,133 11,142,936 3,797,821,737 Liabilities and equity Due to banks 11 180,953,858 2,476,290 - 7,566,300 96,262,105 - - 287,258,553Funds entrusted 12 278,638,667 323,478,055 1,213,700,262 467,936,483 806,639,125 6,566 - 3,090,399,158Accruals and deferred income 13 - 5,344,138 16,131,080 10,675,073 4,872,857 - - 37,023,148Other liabilities 14 - 326,743 387,554 686,490 - - - 1,400,787Fund for general banking risks 15 - - - - - - 1,591,603 1,591,603Subordinated liabilities 16 - - - - - 90,000,000 - 90,000,000

Total liabilities 459,592,525 331,625,226 1,230,218,896 486,864,346 907,774,087 90,006,566 1,591,603 3,507,673,249 Equity 17 - - - - 290,148,488 290,148,488

Total equity - - - - - - 290,148,488 290,148,488 Total liabilities and equity 459,592,525 331,625,226 1,230,218,896 486,864,346 907,774,087 90,006,566 291,740,091 3,797,821,737 Liquidity GAP 186,604,040 166,646,597 163,689,171 134,223,772 -308,763,992 -61,802,433 -280,597,155 -


At 31 December 2013

(in €)

31-12-2012

44

On demand Within 1 month Between 1 and Between 3 Between one Over 5 years No cash flow TotalAssets Note 3 months months and year and one year five years Cash and cash equivalents and balances withdrawable with central banks 1 473,265,766 - - - - - - 473,265,766Due from banks 2 159,091,622 388,493,886 1,114,361,928 143,208,030 102,745,403 26,482,049 - 1,934,382,918Trading financial assets 3 216,190 - - - - - - 216,190Loans and advances to customers 4 13,622,987 80,430,947 245,436,874 392,077,145 379,048,613 219,723 - 1,110,836,289Interest-bearing securities 5 - 12,603,295 25,838,836 74,871,585 116,682,441 1,502,361 - 231,498,518Participating interests 6 - - - - - - 56,174 56,174Intangible assets 7 - - - - - - 8,750,511 8,750,511Property and equipment 8 - - - - - - 2,336,251 2,336,251Prepayments and accrued income 9 - 5,443,386 6,263,500 9,121,525 533,638 - - 21,362,049Other assets 10 - 11,300,309 2,006,929 1,809,833 - - - 15,117,071

Total assets 646,196,565 498,271,823 1,393,908,067 621,088,118 599,010,095 28,204,133 11,142,936 3,797,821,737 Liabilities and equity Due to banks 11 180,953,858 2,476,290 - 7,566,300 96,262,105 - - 287,258,553Funds entrusted 12 278,638,667 323,478,055 1,213,700,262 467,936,483 806,639,125 6,566 - 3,090,399,158Accruals and deferred income 13 - 5,344,138 16,131,080 10,675,073 4,872,857 - - 37,023,148Other liabilities 14 - 326,743 387,554 686,490 - - - 1,400,787Fund for general banking risks 15 - - - - - - 1,591,603 1,591,603Subordinated liabilities 16 - - - - - 90,000,000 - 90,000,000

Total liabilities 459,592,525 331,625,226 1,230,218,896 486,864,346 907,774,087 90,006,566 1,591,603 3,507,673,249 Equity 17 - - - - 290,148,488 290,148,488

Total equity - - - - - - 290,148,488 290,148,488 Total liabilities and equity 459,592,525 331,625,226 1,230,218,896 486,864,346 907,774,087 90,006,566 291,740,091 3,797,821,737 Liquidity GAP 186,604,040 166,646,597 163,689,171 134,223,772 -308,763,992 -61,802,433 -280,597,155 -

45

46


At 31 December 2013

For liquidity management purposes, ATB prepares daily cash flow projections with respect to the total cash flow available for lending based on historical data from the last two years. These projections show that current liquidity profile is sufficient to withstand stress scenarios.

Market risk Within the current trading mandates of ATB, market risk is derived from positioning and arbitrage trading in foreign exchange (FX), exploiting interest rate positions of swaps and futures, and arbitrage trading in interest rate products as well as hedging of a wide range of FX-spot and derivative transactions with clients and professional counterparts.Within the market risk management framework, market risk limits, expressed in terms of Value-at-Risk (VaR) are set to prevent the accumulation of market risk beyond the market risk appetite of ATB. The VaR limits are set, monitored and managed at trading book level (i.e. FX, Derivatives, and Fixed Income). Subsequently, these are added together to constitute the portfolio level aggregated VaR and aligned with the market risk appetite of ATB for treasury trading activities. These limits are complemented by additional monetary and non-monetary trading controls with the aim of preventing excessive concentrations and illiquidity of exposures.

Considering the nature and scope of ATB’s treasury trading activities, the Historical Simulation methodology, based on full revaluation, using a 99% confidence interval over a time horizon of one day, and using one year price history is chosen as the VaR methodology to monitor the risks associated with the trading activities within the set VaR appetite of ATB.

ATB is aware of the fact that such a VaR measure is not informative on the size of loss that might occur beyond that confidence level. Stressed VaR will be calculated by using historical data series comprising periods of severe market stress and through sensitivity analysis.Daily monitoring and control processes are established to assess all end-of-day market risk exposures against limits, limit utilizations and limit breaches in accordance with the prescribed guidelines, principles and mandates set out in the Market Risk Management Policy. The daily reported information on the trading portfolio covers: VaR and other trading controls versus limits; limit utilizations and breaches together with additional comments, explanations and actions to take where necessary, VaR figures until the lowest level and daily VaR changes.

The Risk Management Department performs independent monitoring and controlling activities in all market risk related issues and is fully responsible for the design and maintenance of procedures and measures to control market risk that has been expressed in accordance with defined risk tolerance levels. ALCO monitors market risk exposures within set trading limits.

Foreign exchange riskForeign exchange risk is the current or future risk on returns and equity due to unfavorable foreign exchange changes. ATB’s foreign currency position is mainly caused by:• operational activities;• credit activities;• investment activities.

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At 31 December 2013

The foreign currency positions due to operational activities, such as money transfer are covered on a day to day basis by spot transactions. The foreign currency positions due to credit and investment activities are hedged by means of derivatives, such as swaps and forward contracts. The value of these derivatives is derived from one or more underlying assets, reference prices or indices.

The total euro equivalent of assets in foreign currency amounts to € 2,866 million (2012: € 2,646 million), while the total of the liabilities in foreign currencies amounts to € 2,630 million (2012: € 1,928 million).

Notional amounts are the principal amounts represented by the derivatives. Positive replacement value represents the loss ATB could incur if all counterparties would be in default at the end of 2013.The positive replacement value depends on the market conditions prevailing at reporting date. The Foreign Exchange Contracts are all OTC-traded (over-the-counter).

Interest rate risk in the banking bookThe interest rate risk is the current or future risk on returns and equity due to unfavorable interest rate changes. ATB is exposed to interest rate risk when there are differences between amounts or interest rates in the interest earning assets and interest bearing liabilities with specified re-pricing bands. To a large extent the maturities of these assets and liabilities are matched. However, where the interest rate exposures do not correspond to the maturity calendar, the interest rate risk is monitored by the ALCO within the limits set.

Interest rate riskThe interest rate risk is monitored by means of the GAP report prepared separately for EUR and USD (the two main currencies). The GAP-analyses measure the difference between the amount of interest-earning assets and interest-bearing liabilities (both on- and off-balance) and allocate these to different time buckets based on the instrument’s next repricing or maturity date. Within each time bucket, ATB may have a positive, negative, or neutral gap. A positive gap indicates that ATB is generally expected to benefit from rising interest rates because its assets are expected to reprice more quickly than its liabilities. A negative gap indicates that ATB may benefit from falling interest rates.

Notional amount Market value Year Total < 1 year 1-<5 year Positive Negative 2013 504,152,448 504,152,448 - 10,605,051 -2,494,369

2012 774,525,476 774,525,476 - 14,957,145 -1,330,206

Interest risk 31-12-2013 31-12-2012(in € million)

EUR GAP report

Due within one month 428.6 285.0Between one and three months 205.9 501.0Between three months and one year -245.3 -260.4Between one and five years -50.1 -236.7Over five years - - Non-interest bearing -362.3 -323.3 Total -23.2 -34.4 USD GAP report Due within one month -359.7 -131.5Between one and three months 164.8 -252.6Between three months and one year 110.7 228.5Between one and five years 76.7 186.8Over five years 2.8 1.8Non-interest bearing 4.5 -11.0 Total -0.2 22,0

Interest Rate SwapsATB uses interest rate swaps to hedge interest risk out of the credit portfolio.

On weighted average the interest on the floating (receive) side is 0.231% (2012: 0.357%) and on the fixed side 1.922% (2012: 2.528%). The remaining maturity (until repricing) on the floating side is 51 days (2012: 42 days) and 527 days (2012: 500 days) on the fixed side. The Interest Rate Swap contracts are all OTC-traded.

Notional amount Market value Year Total < 1 year 1-<5 year >5 year Positive Negative 2013 42,468,679 23,218,992 19,249,687 - - -212,354

2012 96,632,845 47,132,599 49,500,246 - 142,176 -2,004,725

48


At 31 December 2013

49


At 31 December 2013

Effective interest rates at 31 December 2013In % per annum EUR USD RUB

Assets Due from banks 0.73 1.50 6.80 Loans and advances to customers 6.86 7.60 16.43 Interest-bearing securities 1.77 4.28 7.88 Liabilities Due to banks 0.63 4.81 5.25 Savings and savings deposits 2.29 - - Other funds entrusted 1.06 0.58 5.86 Subordinated liabilities 4.50 4.90 -

Effective interest rates at 31 December 2012 In % per annum EUR USD RUB

Assets Due from banks 0.44 2.08 4.21 Loans and advances to customers 6.31 7.70 - Interest-bearing securities 2.63 4.76 7.88 Liabilities Due to banks 0.48 3.65 6.90 Savings and savings deposits 2.70 - - Other funds entrusted 1.29 1.28 5.21 Subordinated liabilities 4.05 - -

Legal proceduresATB is involved in a limited number of court procedures. It is not possible to predict the outcome of these procedures, but it is improbable that these will have a material effect on ATB’s financial position.

Capital informationCapital and solvency ratios are: 31-12-2013 31-12-2012 BIS ratio 20.6% 21.1% Total capital required (in € million) 156 133Total capital available (in € million) 403 350 Tier 1 ratio 15.4% 15.7%

BIS and capital requirements are calculated using the Standardised Approach (SA) under Basel II.For parent company reporting and for regulatory reporting ATB applies IFRS accounting principles and therefore amounts, equity and results differ from the accounting principles as used in these financial statements. The differences with the largest impact on result and equity between these accounting principles are the fair value adjustments on interest-bearing securities, FX contracts and derivatives. As a result the net result 2013 under Dutch GAAP is lower than under IFRS accounting principles. During 2013 and 2012 the minimum requirements on capital and solvency ratios have been met.

50


At 31 December 2013

HedgingATB has developed and implemented hedging strategies to reduce its Interest Rate Mismatch and its exposure to Foreign Currency fluctuations.

1. Interest Rate MismatchThe maturity mismatches between assets and liabilities are managed through the GAP report, which quantifies the risks in interest rate reset buckets. The impact of the market rates changes are calculated on a 100 basis points shock of parallel shifts. To hedge the mismatch (up to 100 basis points shock) ATB uses interest rate swaps.

2. Foreign Currency hedge strategyATB mainly provides lending in the following currencies: EUR, USD and RUB. In case of USD and RUB, the currency risk is hedged by using FX swaps on roll-over base till maturity of the loans.

For quantitative information on ATB’s exposure to interest rate risk and FX, reference is made to page 47 up until 49 of the notes to the consolidated financial statements.

Operational riskATB is exposed to certain potential losses caused by a failure in information, system processing, settlement of transactions and procedures. Measures that have been introduced to control operational risk include: the four-eyes principle, training, specific procedures and directives, segregation of duties, supervision and last but not least monitoring of complaints received from clients and counterparties.

Reputation and Compliance riskTo minimize reputation risk, ATB assigns high priority to meeting integrity compliance requirements in relation to client acceptance procedures and transparency of transactions. The Know Your Customer principle (KYC) is very important in this respect. Before an account is opened all new non-retail customers are scrutinized by the Compliance Officer based on an extensive checklist and analysis. Furthermore, payments are screened daily against denied party lists and are reviewed monthly by the Compliance Committee for irregularities.

Basel II and Basel IIIATB has implemented the Standardised Approach for credit risk capital adequacy calculation and the Basic Indicator Approach for Operational Risk capital calculation. ATB has also developed its Internal Capital Adequacy Assessment Process (ICAAP) and Internal Liquidity Adequacy Assessment Process (ILAAP) frameworks to meet Basel II – Pillar 2 requirements, under which internal capital is calculated for concentration risk, country risk, and interest rate risk in the banking book. Reports based upon the ICAAP and ILAAP have to be submitted to Dutch Central Bank annually. The reports are subject to the Supervisory Review and Evaluation Process (SREP). In 2013, ATB submitted its annual ICAAP and ILAAP in compliance with Basel II requirements.

On quarterly basis, ATB participates in the Basel III monitoring exercise executed by Dutch Central Bank. For this purpose, ATB calculates the leverage and liquidity ratios included in the Basel III framework. On the basis of these experiences, ATB is confident that the requirements of the Basel III framework can be met.

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At 31 December 2013

Stress Test FrameworkATB operates under biweekly liquidity stress tests and implements its contingency funding plan based on the results of these stress tests. Solvency stress testing is performed on a regular basis, with application of severe but plausible scenarios. These have been built in compliance with the stress testing guidelines issued by the European Banking Authority (EBA). The stress tests program ranges from simple sensitivity analysis on single portfolios to complex macroeconomic scenario stress testing on a company-wide basis.

52

53

Notes to the consolidated statement of financial position(in €)

54

Notes to the consolidated statement of financial position

(in €)

31-12-2013 31-12-20121 Cash and cash equivalents and balances

withdrawable with central banks 421,373,418 473,265,766

Reconciliation to consolidated statement of cash flows:

Cash and cash equivalents 421,373,418 473,265,766 Due from banks, available on demand 194,633,539 159,091,622Due to banks, available on demand -60,183,366 -180,953,858 Total 555,823,591 451,403,530

The fair value of cash and cash equivalents and balances withdrawable with central banks does not differ materially from the face value.

2 Due from banks 2,365,395,635 1,934,382,918

Due from banks include balances on current accounts with banks, time deposits and loans to banks and can be classified as follows:

31-12-2013 31-12-2012Due from banks comprise:

Parent bank and related banks 167,235,971 687,774,144Other banks 2,198,159,664 1,246,608,774 Total 2,365,395,635 1,934,382,918 Secured by pledged deposits at ATB are receivables from: Parent bank and related banks 109,401,919 466,997,028Other banks 1,273,833,806 847,158,151 Total 1,383,235,725 1,314,155,179

On demand balances with other banks comprise € 44,005,660 (2012: € 45,992,197) pledges for L/C’s, guarantees and off-balance transactions. These assets are not freely available. Reported under this heading is a net amount of € 9,193,753 paid to Dutch Central Bank relating to ATB’s share in the bankruptcy of the DSB Bank NV under the Dutch Deposit Guarantee Scheme. Impairment loss is estimated at € 2,500,000.

The fair value of amounts due from banks does not differ materially from amortised cost.

By geographical concentration: 31-12-2013 % 31-12-2012 % Russia 22,004,288 0.9 495,457,823 25.6Other CIS countries 284,691,289 12.0 290,844,148 15.0EMU countries 1,260,396,715 53.3 939,778,450 48.7Other European countries 268,992,396 11.4 172,665,466 8.9Other countries 529,310,947 22.4 35,637,031 1.8 Total 2,365,395,635 100.0 1,934,382,918 100.0

55


(in €)

31-12-2013 31-12-2012 3 Trading financial assets 23,097,313 216,190

Trading financial assets comprise debt instruments issued by:

Governments 5,786,181 216,190Corporates 17,311,132 - Total 23,097,313 216,190

4 Loans and advances to customers 1,227,560,989 1,110,836,289

Loans and advances to customers can be classified as follows:

By sector and industry: Finance 36,623,056 3.0 47,149,107 4.2Industry and construction 298,679,506 24.3 281,480,176 25.3Trading companies 107,733,661 8.8 72,367,622 6.5Transport 56,902,215 4.6 52,299,730 4.7Energy 344,639,774 28.0 253,255,869 22.8Agriculture 121,012,056 9.9 100,591,662 9.1Consumer items 100,406,383 8.2 129,605,358 11.7Others 161,564,338 13.2 174,086,765 15.7 Total 1,227,560,989 100.0 1,110,836,289 100.0

By geographical concentration: 31-12-2013 % 31-12-2012 % Russia 218,205,881 17.8 223,243,569 20.1Other CIS countries 590,193,041 48.0 446,261,671 40.1EMU countries 153,439,587 12.5 89,426,702 8.1Other European countries 99,212,877 8.1 123,081,686 11.1Other countries 166,509,603 13.6 228,822,661 20.6 Total 1,227,560,989 100.0 1,110,836,289 100.0

56


(in €) By collateral: 31-12-2013 % 31-12-2012 % Secured by moveable goods 317,448,400 25.8 238,152,485 21.4Secured by equipment 38,119,583 3.1 9,818,114 0.9Secured by deposits 233,285,114 19.0 180,647,732 16.3Secured by mortgages 42,495,472 3.5 106,118,033 9.6Secured by unlisted shares 55,341,393 4.5 24,494,122 2.2Secured by letters of comfort issued by Alfa Bank companies 23,053,395 1.9 24,269,890 2.2Secured by guarantees 231,039,736 18.8 224,438,400 20.2Various secured 6,133,043 0.5 33,138,346 3.0Various unsecured 280,644,853 22.9 269,759,167 24.2

Total 1,227,560,989 100.0 1,110,836,289 100.0

Collateral by geographical 31-12-2013 % 31-12-2012 % concentration:

Russia 152,536,780 12.4 104,137,816 9.4Other CIS countries 382,089,826 31.1 271,589,777 24.3EMU countries 214,682,467 17.5 188,612,934 17.0Other European countries 125,915,078 10.3 - -Other countries 71,691,985 5.8 276,736,595 25.0Unsecured 280,644,853 22.9 269,759,167 24.3

Total 1,227,560,989 100.0 1,110,836,289 100.0

Loans and advances to customers include loans amounting to € 72,350,708 (2012: € 31,203,809) for finance lease transactions of ATB Leasing. These loans have a maturity up to 9 years. Lessees are Russian railway corporations, and the collateral for these leases are Russian railway wagons (moveable goods).No loans and advances are outstanding to members of the Executive Board and Supervisory Board (2012: nil).

The value of collateral as included in the table above is based on valuation reports received from external valuators or other sources (including warehouses and clients). ATB requires periodic updates on these valuation reports. Due to volatile market conditions the value of collateral can differ significantly from the value as stated in the latest available reports.In addition to other collateral, both personal and corporate guarantees are arranged for repayment of the underlying principal and interest amounts.

At year end no loans and advances to customers (2012: € 9,249,659) are secured by deposits placed by the parent bank for the same period of the loans.

57


(in €) 2013 2012 Impairments 63,395,000 45,325,000 Balance at 1 January 45,325,000 37,937,000Releases -5,619,000 -8,728,910Additions 23,689,000 16,803,000Utilised during the year - -686,090 Balance at 31 December 63,395,000 45,325,000

At 31 December 2013 for 7 clients (2012: 5) the loans have been impaired and provided for. The main additions relate to 4 exposures representing 71% of the impaired loans.The loan loss provision includes a provision for incurred but not reported (IBNR) credit losses of € 2.8 million (2012: € 2.4 million).

Fair value of loans and advances to customersThe following table summarizes the carrying amount and fair value of loans and advances to customers.

Face value 1,227,560,989 1,110,836,289Fair value 1,161,256,000 1,091,402,000

5 Interest-bearing securities 150,303,601 231,498,518

Interest-bearing securities represent listed debt instruments, issued by:

Governments 84,534,328 106,648,844Financial institutions 30,389,984 72,768,526Corporates 35,379,289 52,081,148 Total 150,303,601 231,498,518

58


(in €)

Movements in the interest-bearing securities were as follows:

2013 2012

Balance at 1 January 231,498,518 192,172,181Purchases 139,904,742 144,847,095Redemptions -173,592,878 -97,949,903Sales -43,227,377 -2,378,876Amortisation premium and discount -2,471,448 -3,199,346Currency revaluation -1,807,956 -1,992,633 Balance at 31 December 150,303,601 231,498,518

The Russian and Other CIS countries securities are securities issued by financial institutions and corporates. Included in EMU countries are government securities to an amount of € 72,268,655 (2012: € 70,771,683).

By portfolio: 31-12-2013 31-12-2012 Held to maturity 49,289,925 53,929,676Other 101,013,676 177,785,032 Total 150,303,601 231,714,708

The fair value of interest-bearing securities amounts to € 151,149,444 (2012: € 234,900,002). 6 Participating interests 56,100 56,174

Participating interests consist of non-listed shares.

2013 2012 Balance at 1 January 56,174 59,034Divestment -74 -13,400Revaluation - 10,540 Balance at 31 December 56,100 56,174

This balance consists of 17 (2012: 17) shares of Swift (Society for Worldwide Interbank Financial Telecommunication).

By geographical concentration: 31-12-2013 % 31-12-2012 % Russia 18,722,539 12.5 52,640,057 22.7Other CIS countries 3,782,809 2.5 6,614,779 2.9EMU countries 87,266,045 58.0 99,301,699 42.9Other European countries 33,302,640 22.2 58,364,743 25.2Other countries 7,229,568 4.8 14,577,240 6.3 Total 150,303,601 100.0 231,498,518 100.0

59


(in €)

31-12-2013 31-12-2012 7 Intangible assets 12,560,617 8,750,511

Movements in intangible assets were as follows:

2013 2012

Balance at 1 January 8,750,511 3,995,784 - Investment 5,682,602 5,784,890- Depreciation -1,872,496 -1,030,163 Balance at 31 December 12,560,617 8,750,511 Acquisition cost 16,030,441 10,602,539 Accumulated depreciation -3,469,824 -1,852,028

Intangible assets refer to capitalized software expenses. Investment mainly consists of the cost of the renewed Internet Banking System, the new Trade Finance System and the cost of the introduction of a data warehouse for financial and regulatory reporting purposes.

8 Property and equipment 2,146,927 2,336,251

Movements in property and equipment were as follows:

Leasehold Computer improvement equipment Other Total 2013 Total 2012 Balance at 1 January 358,433 1,626,462 351,358 2,336,251 1,143,454 - Investment 132,508 209,137 189,251 530,896 1,877,989- Disposals (net) - - -25,719 -25,719 -66,250- Depreciation -91,422 -473,720 -129,359 -694,501 -618,942 Balance at 31 December 399,519 1,361,879 385,529 2,146,927 2,336,251 Acquisition cost 938,850 2,955,845 928,211 4,822,906 4,888,332 Accumulated depreciation -539,331 -1,593,966 -542,682 -2,675,979 -2,552,081

60


(in €)

31-12-2013 31-12-2012 9 Prepayments and accrued income 26,454,985 21,362,049

Prepayments and accrued income can be specified as follows:

Interest receivable - Parent bank and related banks 307,824 795,509- Related group companies 4,406,209 4,194,104- Banks 1,316,377 1,270,662- Loans and advances to customers 6,681,274 7,243,435- Investments 1,439,620 2,415,294Prepayments 4,884,443 3,678,373Corporate tax 2,676,047 1,308,559Value Added Tax 4,743,191 456,113 Total 26,454,985 21,362,049

10 Other assets 10,689,426 15,117,071

Other assets consist of foreign exchange derivatives used for hedging purposes. 11 Due to banks 219,483,686 287,258,553

Due to banks represent non-subordinated amounts owed to banks and not embodied in debt securities.

By counterparty:

Parent bank and related banks 13,832,072 42,869,607Other banks 205,651,614 244,388,946 Total 219,483,686 287,258,553

By geographical concentration:

Russia 110,863,630 199,951,113Other CIS countries 65,736,492 87,307,440Other countries 42,883,564 - Total 219,483,686 287,258,553

The fair value of amounts due to banks does not differ materially from amortised cost.

61


(in €)

31-12-2013 31-12-2012 12 Funds entrusted 3,562,907,504 3,090,399,158

Savings and savings deposits 1,078,970,565 1,358,881,134Related parties 1,611,251,706 1,380,286,608Other customers 872,685,223 351,231,416 Total 3,562,907,504 3,090,399,158

The fair value of funds entrusted does not differ materially from amortised cost.

13 Accruals and deferred income 26,288,124 37,023,148

Accruals and deferred income can be specified as follows:

Interest payable - Parent bank and related banks 4,461,545 8,270,109- Related group companies 1,749,724 2,386,299- Banks 761,576 1,044,353- Customers 2,988,581 2,746,422Corporate tax payable 225,017 1,879,534Corporate tax deferred 700,593 5,109,558Deferred fee income 7,175,384 5,460,620Other accruals 8,225,704 10,126,253 Total 26,288,124 37,023,148

Other accruals mainly comprise salary related expense and other expense payable. 14 Other liabilities 2,577,324 1,400,787

Other liabilities consist of FX contracts for hedging purposes.

31-12-2013 % 31-12-2012 % Savings and savings deposits 1,078,970,565 30.3 1,358,881,134 44.0Current accounts 526,322,742 14.8 219,394,969 7.1Fixed deposit accounts 667,810,734 18.7 284,410,926 9.2Deposit accounts pledged to ATB 1,289,803,463 36.2 1,227,712,129 39.7 Total 3,562,907,504 100.0 3,090,399,158 100.0

62


(in €)

31-12-2013 31-12-2012 15 Fund for general banking risks 1,591,603 1,591,603

This balance remained unchanged during 2013. 16 Subordinated liabilities 115,409,271 90,000,000

The subordinated liabilities are subordinated in respect of other current and future liabilities of ATB. In 2013 ATB received an additional subordinated loan of $ 35,000,000.

The fair value of subordinated loans does not differ materially from amortised cost. 17 Equity 311.381.499 290.148.488

Statement of changes in equity:

Issued capitalAt 31 December 2013 all shares were held by OAO Alfa Bank, Moscow.

The authorized capital amounts to € 411,719,132 (2012: € 411,719,132) consisting of 907,310 shares (nominal value € 453.78), of which 258,591 shares have been issued and fully paid up.

Interest FinalCCY CCY amount EUR amount Interest reset date maturity dateEUR 90,000,000 90,000,000 4.49671% 31-10-2014 30-10-2020USD 35,000,000 25,409,271 4.89650% 27-01-2014 24-07-2020 115,409,271

Currency

Issued Share Retained translation Revaluation Undistributed

capital premium earnings reserve reserve profit Total

Balance at 31-12-2011 117,343,424 4,317,803 109,307,526 927,456 2,400 36,291,059 268,189,668

Profit appropriation - - 36,291,059 - - -36,291,059 -

FX revaluation - - - 1,226,100 9,995 - 1,236,095

Net result 2012 - - - - - 20,722,725 20,722,725

Balance at 31-12-2012 117,343,424 4,317,803 145,598,585 2,153,556 12,395 20,722,725 290,148,488

Profit appropriation - - 18,722,725 - - -18,722,725 -

Dividend payment - - - - - -2,000,000 -2,000,000

FX revaluation - - - -4,328,671 - - -4,328,671

Net result 2013 - - - - - 27,561,682 27,561,682

Balance at 31-12-2013 117,343,424 4,317,803 164,321,310 -2,175,115 12,395 27,561,682 311,381,499

63


(in €)

Share premiumThis reserve includes amounts paid to ATB by shareholders above the nominal value of purchased shares.

Retained earningsThis reserve includes past profits added to equity.At the General Meeting of Shareholders held on 14 June 2013, it was decided to distribute the 2012 result in the following way; to make a dividend payment of € 2,000,000 and add € 18,722,725 to Retained Earnings.

Currency translation reserveThis reserve (which is not available for free distribution) includes currency translation differences resulting from the valuation of investments in group companies at the ruling exchange rate insofar as the currency rate risk is not hedged.

Revaluation reserve This reserve includes movements in the fair value of participating interests.

31-12-2013 31-12-2012 18 Contingent liabilities 75,975,109 51,654,397

These are irrevocable contingent liabilities pursuant to guarantees.

By product:

Guarantees issued 46,405,789 23,942,083Letters of credit 29,569,320 27,712,314 Total 75,975,109 51,654,397


Russia 434,887 340,483Other CIS countries 16,715,125 5,986,987EMU countries 27,243,235 31,697,412Other countries 31,581,862 13,629,515 Total 75,975,109 51,654,397

64


(in €)

31-12-2013 31-12-2012 19 Irrevocable commitments 123,427,022 71,487,662

Irrevocable commitments comprise the total amount of commitments in respect to undrawn irrevocable credit facilities.


Russia 7,259,792 2,880,000Other CIS countries 5,943,349 11,349,450EMU countries 59,940,836 35,190,668Other European countries 30,513,412 - Other countries 19,769,633 22,067,544 Total 123,427,022 71,487,662

Liabilities pledged to ATBIn connection to the risk profile, the following assets and liabilities are recorded in the financial statements and are subject to pledge agreements. These assets and liabilities are not freely available for ATB’s banking activities.

The related accrued interest forming part of the pledge agreements is not included in this table. Related parties included in Funds entrusted amount to € 1,172,196,723 (2012: € 622,436,196).

Related partiesThe consolidated statement of financial position and consolidated statement of income include the subsidiaries ATB Leasing LLC (Moscow) and Amsterdam Trade Capital Administration Corporation (Amsterdam) which are fully owned.

Parties are considered to be related if one party has the ability to control or exercise significant influence over the other party in making financial or operational decisions.

For the 2013 financial statements, ATB defines and interprets related parties as associated companies, shareholders, the Executive Board, the Supervisory Board, close family members and enterprises which are controlled by these individuals (Executive Board and Supervisory Board) through their majority shareholding.

Transactions are at arm’s length basis and are based upon contractual arrangements and relate mainly to back-to-back loans, the funding of ATB and pledged deposit agreements.

2013 2012 Assets Liabilities Assets LiabilitiesParent bank and group banks 2,381,853 - 466,997,028 9,249,659Related group companies - 28,680,941 - 517,504,931Other banks 1,396,318,485 108,896,875 847,158,151 94,578,746 Funds entrusted/Loans and advances to customers - 1,261,122,522 9,249,659 702,071,502

Total 1,398,700,338 1,398,700,338 1,323,404,838 1,323,404,838

65

Amounts receivable or payable to related parties and income and expenses regarding related parties are disclosed in the notes to the financial statements.

Rental commitmentsATB has entered into rental agreements for its office premises and office equipment amounting to € 7,216,000 (2012: € 3,306,000).Of this amount € 1,120,000 is payable within 1 year, € 4,190,000 is payable between 1 and 5 years and € 1,906,000 is payable after 5 years.


(in €)

66

67

Notes to theconsolidated statement of income

68

Notes to the consolidated statement of income

(in €)

2013 2012 20 Interest income 120,510,043 116,460,004

Interest income comprise interest from:

Cash and cash equivalents 170,912 691,452Banks 29,615,678 24,571,984Loans and advances to customers 83,644,262 82,015,565Interest-bearing securities 6,648,616 8,173,523Derivatives 430,575 1,007,480 Total 120,510,043 116,460,004

Interest income regarding parent and related banks € 18,080,396 (2012: € 19,980,297) Interest income from pledged deposits amounts to € 23,862,183 (2012: € 17,247,078), of which € 13,743,446 (2012: € 12,577,813) from related parties.

2013 2012 21 Interest expense 60,866,342 71,260,062

Interest expense comprise interest from:

Banks 8,410,608 4,811,407Funds entrusted 44,702,560 53,698,819Subordinated liabilities 4,477,756 4,863,772Derivatives 3,275,418 7,886,064 Total 60,866,342 71,260,062

Interest expense regarding parent and related banks € 11,551,557 (2012: € 14,535,743)Interest expense from pledged deposits amounts to € 20,402,395 (2012: 14,370,235), of which € 7,240,916 (2012: € 7,802,150) from related parties.

By geographical concentration: 2013 % 2012 % Russia 12,765,640 10.6 16,041,442 13.8Other CIS countries 44,326,534 36.8 36,290,347 31.2EMU countries 25,220,305 20.9 28,198,262 24.2Other European countries 15,394,320 12.8 9,589,043 8.2Other countries 22,803,244 18.9 26,340,910 22.6 Total 120,510,043 100.0 116,460,004 100.0

By geographical concentration: 2013 % 2012 % Russia 8,202,690 13.5 8,382,215 11.8Other CIS countries 5,922,857 9.7 2,357,477 3.3EMU countries 32,445,340 53.3 47,728,528 67.0Other European countries 1,432,446 2.4 788,617 1.1Other countries 12,863,009 21.1 12,003,225 16.8 Total 60,866,342 100.0 71,260,062 100.0

69


(in €))

2013 2012 22 Net commission income 12,265,528 10,483,439

2013 2012 23 Result on financial transactions 9,021,593 5,016,724

Result on financial transactions comprise:

Other foreign exchange results 574,860 -1,751,037Sale of interest-bearing securities 2,195,647 -Gain on trading financial assets 1,269,171 -Foreign exchange results on client transactions 4,981,915 6,767,761

Total 9,021,593 5,016,724

24 Other income 2,128,822 1,708,913

Other income consists of the recoverable VAT amount. This amount depends on the composition of interest and commission income. Next to this, result on sale of assets and other minor results are comprised in other income. 25 Staff expense 21,311,012 17,777,322

Staff expense comprise:

Wages and salaries 15,804,372 13,825,200Pension cost 1,454,376 1,237,911Other social cost 1,388,449 813,439Other staff cost 2,663,815 1,900,772 Total 21,311,012 17,777,322

2013 % 2012 % Trade finance fees 9,666,657 72.9 9,157,700 81.3Money transfer fees 1,386,016 10.5 942,726 8.4Other fees 2,197,584 16.6 1,156,455 10.3

Commission income 13,250,257 100.0 11,256,881 100.0

Commission expense 984,729 773,442

Total 12,265,528 10,483,439

70


(in €)

Remuneration of Supervisory Board and Executive BoardRemuneration (including pension cost and variable remuneration) of the members of the Executive Board during the period amounted to € 2,358,411 (2012: € 1,995,291), inclusive of € 154,995 Crisis Tax (2012: € 113,249). Remuneration of the Supervisory Board amounts to € 245,834 (2012: € 175,000).

At 31 December 2013, the total number of employees expressed in full-time equivalents was 158 (2012: 136).

2013 2012 26 General and administrative expense 8,166,869 7,935,256

General and administrative expense comprise:

Housing 1,361,181 1,324,077ICT/communication 3,712,765 3,521,564Public relations 228,609 330,998Professional services 1,940,401 1,258,957Foreign taxes -453,470 501,713Other cost 1,377,383 997,947 Total 8,166,869 7,935,256

Foreign taxes comprise the release of accrued dividend tax.

External auditor’s cost: 2013 KPMG Accountants NV Other KPMG Total KPMGAudit services 456,760 - 456,760Audit-related services - 109,006 109,006Tax advice services - 127,635 127,635Other non-audit services - 74,120 74,120

Total 456,760 310,761 767,521 2012 KPMG Accountants NV Other KPMG Total KPMGAudit services 362,395 - 362,395Audit-related services 111,925 87,192 199,117Tax advice services - 187,366 187,366Other non-audit services - 78,540 78,540

Total 474,320 353,098 827,418

71


(in €)

2013 2012 27 Depreciation 2,566,997 1,649,105

Depreciation comprise the depreciation cost of:

Intangible assets 1,872,496 1,030,163Property and equipment 694,501 618,942 Total 2,566,997 1,649,105

28 Impairments 18,070,000 8,074,963 The movements are as follows:

Release from provisions -5,619,000 -8,728,910Addition to provisions 23,689,000 16,803,000Other releases - 873 Total 18,070,000 8,074,963

The addition in 2013 relates to 7 clients (2012: 5). 29 Income tax 5,383,084 6,249,647

The statutory applicable corporate tax rate for 2013 in the Netherlands is 25% (2012: 25%) and in Russia is 20% (2012: 20%).Taxes are calculated on the result before taxation, based on the applicable profit tax rate. In 2013 a tax liability, amounting to € 2.7 million, regarding previous years was released in ATB Leasing, resulting in a lower tax charge in the income statement.For 2013 this resulted in an overall effective tax rate of 16.4% (2012: 24.5%).

72

73

Company financial statements 2013

74

Company statement of financial position

At 31 December 2013before profit appropriation

(in €)

31-12-2013 31-12-2012

Assets Cash and cash equivalents and balances withdrawable with central banks 421,373,418 473,265,766 Due from banks 2,361,798,806 1,923,167,474 Trading financial assets 23,097,313 216,190 Loans and advances to customers 1,201,157,185 1,080,502,695 Interest-bearing securities 150,303,601 231,498,518 Participating interests 37,660,920 36,302,681 Intangible assets 12,560,617 8,750,511 Property and equipment 2,142,913 2,333,605 Prepayments and accrued income 18,697,548 19,582,899 Other assets 10,689,426 15,117,071 Total assets 4,239,481,747 3,790,737,410

Liabilities and equity Due to banks 219,483,686 287,258,553 Funds entrusted 3,563,474,764 3,090,399,159 Accruals and deferred income 25,524,928 29,938,820 Other liabilities 2,615,996 1,400,787 Fund for general banking risks 1,591,603 1,591,603 Subordinated liabilities 115,409,271 90,000,000

Total liabilities 3,928,100,249 3,500,588,922

Equity: - Issued capital 117,343,424 117,343,424 - Share premium 4,317,803 4,317,803 - Retained earnings 164,321,310 145,598,585 - Currency translation reserve -2,175,115 2,153,556 - Revaluation reserve 12,395 12,395 - Net profit 27,561,682 20,722,725

Total equity 311,381,499 290,148,488 Total liabilities and equity 4,239,481,747 3,790,737,410

Contingent liabilities 75,975,109 51,654,397 Irrevocable commitments 123,427,022 71,487,662

75

Company statement of income for 2013

(in €)

2013 2012

Income from operating activities Interest income 117,029,742 110,947,820 Interest expense 60,866,342 71,260,062 Net interest income 56,163,400 39,687,758 Commission income 13,395,512 11,256,881 Commission expense 984,729 773,442 Net commission income 12,410,783 10,483,439 Result on financial 8,328,395 7,145,791transactions

Other income 2,128,696 1,708,913 Total income from operating activities 79,031,274 59,025,901 Expense Staff expense 20,992,834 17,588,240General and administrative expense 8,262,251 7,292,250Depreciation 2,565,752 1,647,763Impairments 18,070,000 8,074,963 Total expense 49,890,837 34,603,216 Operating result before tax 29,140,437 24,422,685 Income tax 7,273,951 5,715,641 Result subsidiaries 5,695,196 2,015,681 Net profit 27,561,682 20,722,725

76

Notes to the company financial statements

(in €)

GeneralThe company financial statements of Amsterdam Trade Bank NV (ATB) have been prepared in conformity with section 14, “Provisions for banks”, of Book 2, Title 9 of the Netherlands Civil Code with the allowed application of the accounting policies (DGAAP) as also applied in the consolidated annual accounts. The principles of valuation and determination of results stated in connection with the consolidated statement of financial position and consolidated statement of income are also applicable to the corporate statement of financial position and corporate statement of income.

Participating interestsIn the company statement of financial position the following participating interests are included:- SWIFT, details can be found in the Notes to the consolidated financial statements.- ATB Leasing LLC, a fully owned subsidiary for leasing activities in Moscow. The paid-in capital of ATB Leasing amounts to € 28,807,976 (Russian Ruble 1,246,273,138).

ATB holds 111 (2012: 111) shares of ATB Leasing. The profit regarding 2013 and 2012 has been recorded as an addition on the participating interest in ATB Leasing.

- ATCAC (Amsterdam Trade Capital Administration Corporation BV), a fully owned subsidiary.

Statement of changes in Participating interests

2013 2012

Balance at 1 January 36,302,681 32,012,682 Result 5,695,196 2,136,024Addition in capital - -2,860FX translation reserve -4,336,957 2,156,835 Balance at 31 December 37,660,920 36,302,681


Executive Board: Supervisory Board:

P. Gorbatsevich, CEO W. Devriendt, ChairmanH.W. te Beest, CFO H.C.M. van DammeA.V. Drovossekov, CCO R.D. James F.C.W. Kuijlaars V.V. Tatarchuk

77

Other information

78

SUBSEQUENT EVENTS

There have been no significant events between the year end and the date of approval of these accounts which would require a change to or disclosure in the accounts.

The developments in ATB’s prime markets and most importantly Ukraine and Russia have been noted at various places throughout the financial statements and the accompanying reports.

APPROPRIATION OF RESULT

Pursuant to article 33, paragraph 1 of the Articles of Association, ATB’s profit is at the disposal of the General Meeting of Shareholders.It is proposed to allocate the net profit of € 27,561,682 to Retained earnings.

Article 33 paragraph 2 of the Articles of Association states that dividends can only be made available to the extent that equity exceeds the amount of issued capital and legal reserves.

Otherinformation

79

Otherinformation

INDEPENDENT AUDITOR’S REPORT

To: the Executive Board and Supervisory Board of Amsterdam Trade Bank NV

Report on the financial statementsWe have audited the accompanying financial statements 2013 of Amsterdam Trade Bank NV, Amsterdam, which comprise the consolidated and corporate balance sheet at 31 December 2013, the consolidated and corporate profit and loss account for the year then ended and the notes comprising a summary of the accounting policies and other explanatory information.

Management’s responsibilityManagement is responsible for the preparation and fair presentation of the financial statements and for the preparation of the Report of the Executive Board, both in accordance with Part 9 of Book 2 of the Netherlands Civil Code. Furthermore, Management is responsible for such internal control as it determines is necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s responsibilityOur responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Dutch law, including the Dutch Standards on Auditing. This requires that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about 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 internal control relevant to the entity’s preparation and fair presentation 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. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Executive Board, 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.

OpinionIn our opinion, the financial statements give a true and fair view of the financial position of Amsterdam Trade Bank NV at 31 December 2013, and of its result for the year then ended in accordance with Part 9 of Book 2 of the Netherlands Civil Code.

Report on other legal and regulatory requirementsPursuant to the legal requirements under Section 2:393 sub 5 at e and f of the Netherlands Civil Code, we have no deficiencies to report as a result of our examination whether the Report of the Executive Board, to the extent we can assess, has been prepared in accordance with part 9 of Book 2 of this Code, and if the information as required under Section 2:392 sub 1 at b - h has been annexed. Further, we report that the Report of the Executive Board, to the extent we can assess, is consistent with the financial statements as required by Section 2:391 sub 4 of the Netherlands Civil Code.

Amstelveen, 2 May 2014

KPMG Accountants NV

W.G. Bakker RA

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Otherinformation

GLOSSARY

Amortised costThe amount for which financial assets or liabilities are initially recognised minus redemptions, plus or minus the accumulated depreciation/amortisation using the effective interest rate method for the difference between the original amount and the amount on maturity date minus impairments.

Basel IIThe framework drawn up by the Basel Committee on Banking Supervision which sets minimum capital requirements for banks.

Basel IIIThe framework drawn up by the Basel Committee on Banking Supervision which provides a stricter definition of capital and introduces several new ratios and buffers to be complied with by banks. The period for gradual transition from Basel II to Basel III is five years and started in January 2014.

BIS total capital ratioThe percentage of a bank’s capital adequacy calculated by dividing qualifying capital by the risk weighted assets as defined by the Bank for International Settlements (BIS).

CEE (Central and Eastern Europe)CEE is a generic term for countries in Central Europe, Southeast Europe and Eastern Europe, usually meaning former communist states in Europe. It is in use after the collapse of the Iron Curtain in 1989–90.

CIS (Commonwealth of Independent States)An alliance made up of states that had been Soviet Socialist Republics in the Soviet Union prior to its dissolution in December 1991.

Contingent liabilitiesAll commitments arising from transactions for which ATB has given a guarantee to third parties.

Core Tier I capitalAlso referred to as the core capital. ATB’s core Tier I capital represents share capital, share premium and other reserves, adjusted for certain deductions set by the regulatory authorities, such as goodwill.

Core Tier I ratioThe Core Tier I capital of ATB as a percentage of risk weighted assets.

Credit derivatives (credit default swaps)In this type of swaps, variable interest payments, linked to Euribor, are exchanged with credit guarantees vis-a-vis a third party. The counterparty is required to pay if the third party cannot meet its payment obligations. The specific events which are followed by payments are recorded in the contract.

Credit riskThe risk that funds lent are not, not fully or not timely repaid. This also includes the settlement risk, i.e. the risk that counterparties do not fulfil their obligations in connection with, for instance, securities transactions.

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DerivativeA financial instrument whose value has been derived from the value of another financial instrument, an index or other variables. ATB holds both derivatives whose size (face value), conditions and price are determined between ATB and the counterparties (OTC derivatives), as well as standardized derivatives negotiable on organised markets.

Executive Board (EB)CEO - Chief Executive OfficerCFO - Chief Finance OfficerCCO - Chief Commercial OfficerCRO - Chief Risk Officer

Gross Domestic Product (GDP)The market value of all officially recognized final goods and services produced within a country in a year, or other given period.

ImpairmentsAmount charged to the statement of income for possible losses on doubtful debts or uncollectible loans and advances or because an impairment test has shown that the asset has to be valued lower, because the fair value is lower than the carrying amount or because the fair value of investments and associates is lower than cost.

Incurred But Not Reported (IBNR)Impairments which have occurred at reporting date but of which ATB is not yet aware due to an information time lag.

Internal Capital Adequacy Assessment Process (ICAAP)Strategies and procedures designed for ATB’s continuous assessment whether the amount, composition and distribution of equity still reconcile with the size and nature of its current and potential future risks.

Irrevocable commitmentsAll obligations that could give rise to the granting of loans.

Leverage Ratio Basel III (LR)The LR represents the ratio between total assets plus contingent items and the Basel III Tier I capital.

Liquidity Coverage Ratio (LCR)The LCR represents the ratio between high quality liquid assets and the balance of cash outflows and cash inflows over the next 30 days.

Net Stable Funding Ratio (NSFR)The NSFR represents the available stable funding sources related to the required amount of stable funding.

Qualifying capitalThe sum of total Tier I capital and total Tier II capital.

Risk weighted assets (RWA)The assets of a financial institution after being adjusted by a weighting factor, as determined by the regulatory authorities, that reflects the relative risk attached to the relevant assets. Risk weighted assets are used to calculate the minimum amount of capital that has to be held.

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SolvencyATB’s buffer capital expressed as a percentage of risk weighted assets.

Standardised Approach (SA)A method used under Basel II to measure a bank’s operational, market and credit risk. This method is based on a standardised approach, in which the risk weighting of an item is prescribed by the regulatory authorities.

Tier I ratioThe ratio between total Tier I capital and risk weighted assets.

Total Tier I capitalTotal Tier I capital of ATB includes share capital, share premium, other reserves and equity instruments issued by subsidiaries, adjusted for certain deductions set by the regulatory authorities.

Total Tier II capitalAlso referred to as supplementary or secondary capital. The total Tier II capital comprise the revaluation reserves and certain subordinated liabilities, adjusted for certain deductions set by the regulatory authorities, if applicable.

Value-at-Risk (VaR)Statistical analysis of historical market developments and volatility in order to estimate the probability of a loss on a portfolio exceeding a certain amount.

Otherinformation

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Annual Report 2013

Amsterdam Trade Bank N.V.

Herengracht 475

1017 BS Amsterdam

The Netherlands

Phone +31 (0)20 5 209 209

Fax +31 (0)20 5 209 219

[email protected]

www.atbank.nl

Chamber of Commerce

Amsterdam 33260432

Documents

Annual Report 2013 - Amsterdam Trade BankAnnual Report 2013 Amsterdam Trade Bank N.V. Herengracht 475 1017 BS Amsterdam The Netherlands ... foreign currency long term deposit rating