Annual accounts for the year ended December 31, 2014 (with the report of Réviseur d Entreprises agréé thereon) R.C.S. Luxembourg: B 166 171 Share Capital: 31 000 Registered office 28-32, Place de la Gare L-1616 Luxembourg
KPMG Luxembourg, Societe cooperative 39, Avenue John F. Kennedy L-1855 Luxembourg Tel. : +352 22 51 51 1 Fax: +352 22 51 71 Email: info@kpmg.lu Internet: www.kpmg.lu To the Board of Directors of Agate Assets S.A. 28-32, Place de la Gare L-1616 Luxembourg Report on the annual accounts REPORT OF THE REVIS D'ENTREPRISES AGREE Following our appointment by the Board of Directors, we have audited the accompanying annual accounts of Agate Assets S.A., which comprise the balance sheet as at 3 I December 2014 and the profit and loss account for the year then ended, and a summary of significant accounting policies and other explanatory information. Board of Directors ' responsibility for the annual accounts The Board of Directors is responsible for the preparation and fair presentation of these annual accounts in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the annual accounts, and for such internal control as the Board of Directors determines is necessary to enable the preparation of annual accounts that are free from material misstatement, whether due to fraud or error. Responsibility of the Reviseur d 'Entreprises agree Our responsibility is to express an opinion on these annual accounts based on our audit. We conducted our audit in accordance with International Standards on Auditing as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the annual accounts are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the annual accounts. The procedures selected depend on the judgement of the Reviseur d'entreprises agree, including the assessment of the risks of material misstatement of the annual accounts, whether due to fraud or error. In making those risk assessments, the Reviseur d'entreprises agree considers internal control relevant to the entity' s preparation and fair presentation of the annual accounts 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 Board of Directors, as well as evaluating the overall presentation of the annual accounts. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified audit opinion. KPMG Luxembourg, Soc1ete cooperative, a Luxembourg entity and a TV.A. LU 27351518 member fffm of the KPMG network of independent member firms R.C.S. Luxembourg B 149133 affiliated with KPMG Jnternauonal Cooperative ("KPMG International"). a Swiss entity.
Basisfor Qualified Opinion Agate Assets S.A. Compartment SO 15 disclosed the "facility agreement" with HPS S.P.A. (the Borrower) under the heading "Other loans" amounting to 15 nrn. We were unable to obtain sufficient audit evidence about the recoverability of this asset due to information on potential fraud involving HPS S.P.A. prevailed after the reporting date 31 December 2013. Legal steps have been taken. No further information has been brought to our attention. Consequently, we are unable to determine whether any adjustment to this amount was necessary. As disclosed in note 1 1, the interest accrual as of 3 1 December 2013 was netted off with interest income for the financial year under review. Qualified Opinion In our opinion, except for the possible effects of the matter described in the Basis for Qualified Opinion paragraph, the annual accounts give a true and fair view of the financial position of Agate Assets S.A. as of 31 December 2014, and of the results of its operations for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the annual accounts. Report on other legal and regulatory requirements The management report, including the corporate governance statement, which is the responsibility of the Board of Directors, is consistent with the annual accounts and includes the information required by the law with respect to the Corporate Governance Statement. Luxembourg, 13 May 2015 KPMG Luxembourg Societe cooperative Cabinet de revision agree W. Ernst
Table of content Pages Management and administration... 3 Management report... 6 Global Statement... 10 Combined balance sheet... 11 Combined profit and loss account of the Company... 12 Notes to the annual accounts... 13 2
Management and administration For the year ended December 31, 2014 Registered office 28-32 place de la Gare L-1616 Luxembourg Board of Directors Directors Peter Corner with professional address Commerzbank AG, London Branch 30 Gresham Street London EC2V 7PG United Kingdom Until December 14, 2014 Martijn Sinninghe Damsté with professional address Structured Finance Management (Luxembourg) S.A. 9B, Boulevard Prince Henri L-1724 Luxembourg From December 14, 2014 Danielle Delnoije with professional address Structured Finance Management (Luxembourg) S.A. 9B, Boulevard Prince Henri L-1724 Luxembourg Laurent Bélik With professional address Structured Finance Management (Luxembourg) S.A. 9B, Boulevard Prince Henri L-1724 Luxembourg Issuer AGATE ASSETS S.A. Guarantor (if applicable, as specified in the Final Terms) Commerzbank AG D-60261 Frankfurt am Main Germany 3
Management and administration For the year ended December 31, 2014 Arranger and Dealer Commerzbank AG, London Branch 30 Gresham Street London EC2V 7PG United Kingdom Trustee Citicorp Trustee Company Limited 14th Floor Citigroup Centre Canada Square Canary Wharf London E14 5LB United Kingdom Custodian Agent, Issuing and Paying Agent, Registrar, Exchange Agent and Transfer Agent Société Générale Bank & Trust 11, avenue Emile Reuter L-2420 Luxembourg Domiciliary Agent Société Générale Bank & Trust 11, avenue Emile Reuter L-2420 Luxembourg Principal Paying Agents Société Générale Bank & Trust 11, avenue Emile Reuter L-2420 Luxembourg Compartments Assets Manager and Supplementary Assets Manager Commerzbank AG, London Branch 30 Gresham Street London EC2V 7PG United Kingdom 4
Management and administration For the year ended December 31, 2014 Administrative, Corporate Agent Until July 31, 2014 Société Générale Securities Services Luxembourg S.A 28-32 Place de la gare L-1616 Luxembourg Grand Duchy of Luxembourg Since August 1, 2014 Société Générale Bank & Trust (operational center) 28-32 Place de la gare L-1616 Luxembourg Grand Duchy of Luxembourg Legal advisers To the Dealer, Arranger, Calculation Agent and Trustee as to English law: Clifford Chance LLP 10 Upper Bank Street London E14 5JJ United Kingdom To the Dealer, Arranger and Calculation Agent as to Luxembourg law: Clifford Chance 2-4, Place de Paris, B.P. 1147 L-1011 Luxembourg Independent Auditor KPMG Luxembourg Société coopérative Cabinet de révision agréé 39, Avenue John F. Kennedy L-1855 Luxembourg 5
Management report For the year ended December 31, 2014 The Board of Directors of Agate Assets S.A. (the Company ) herewith submits its report for the year ended December 31, 2014. General The corporate object of the Company is to carry out securisation transactions governed by and under the law dated March 22, 2004 on securitisation, as amended (the "Securitisation Law"). Summary of activities During the period ended at December 31, 2014, ten compartments (S030, S031, S032, S033, S034, S035, S036, S037, S038 and S039) have been created. The movements in non-convertible bonds for the period are as follows: Compartment Issuing Currency Issues/Buy back Nominal Amount in original currency Outstanding Nominal Amount in original currency S030 3 500 000 3 400 000 S031 4 750 000 4 750 000 S032 3 770 000 3 770 000 S033 4 400 000 4 400 000 S034 5 000 000 5 000 000 S035 2 000 000 2 000 000 S036 5 800 000 5 800 000 S037 13 000 000 13 000 000 S038 3 040 000 3 040 000 S039 2 000 000 2 000 000 The Company did not exercise any research and development activity, neither have had a branch, nor acquire own shares in the period ended December 31, 2014. 6
Management report For the year ended December 31, 2014 Risk Considerations Investing in Notes involves certain risks and may be suitable only for investors who have the knowledge and experience in financial and business matters necessary to enable them to evaluate the risks and the merits of an investment in Notes. Prior to making an investment decision, prospective investors should consider carefully, among other things, in light of their own financial circumstances and investment objectives, (i) all the information set forth in this Indicative Term Sheet and, in particular, the risk factors set out below; (ii) all the information set forth in the applicable final terms and conditions; and (iii) all the information set forth in the Definitions. The principal factors that may affect the abilities of the Issuer and Guarantor (if applicable) to fulfil their respective obligations under the Notes are discussed under "Risk Factors" in the Base Prospectus and include risks arising from (i) the Issuer being a special purpose vehicle, (ii) the Noteholder being exposed to the credit risk of, among other things, any Counterparty, the Paying Agents and the Custodian, (iii) factors affecting the Guarantor's creditworthiness and ability to fulfil its obligations, (iv) limitations on a Noteholder's recourse to the Issuer and the Charged Assets and the effect of the Securitisation Act 2004 and Compartments established by the Issuer, (v) the product structure of certain Notes, (vi) modifications, waivers and consents in relation to the Conditions, (vii) taxation on amounts payable to Noteholders, (viii) the lack of an active trading market in the Notes, (ix) investment risks and suitability of the Notes for investors, (x) the Notes being held in clearing systems, and (xi) transfer restrictions on the Notes. Prospective purchasers should make such inquiries as they deem necessary without relying on the Issuer. The Notes are limited recourse in nature and no assets of the Issuer other than the relevant Charged Assets and Supplementary Assets (if applicable) will be available to meet any shortfall, and the claims of the Noteholders as against the Issuer in respect of any such shortfall shall be extinguished. Key features of internal control The Board has overall responsibility for the Company s internal control and for achieving its effectiveness. This system of internal control is designed to manage, rather than eliminate, risk of failure to achieve business objectives and can only provide reasonable and not absolute assurance against material misstatement or loss. The company operates a management structure with clear delegated authority levels and clear functional reporting lines and accountability. All relevant decisions are subject to appropriate authorization procedures. The Board monitors financial and 7
operational performance and compliance controls on a continuing basis and identifies and responds to business risks as they arise. Significant direct and indirect shareholdings The company has a sole shareholder which is The Agate Assets Charitable Trust, a charitable trust established under the laws of Jersey acting through its trustee Sanne Trustee Services Limited with registered office at 13 Castle Street, St Hélier, Jersey. Special control and voting rights The Shares shall rank pari passu and be identical in all respects, have equal voting rights, dividend and liquidation rights. Each share is entitled to one vote. A shareholder may act at any general meeting, even the annual general meeting of shareholders, by appointing another person as his proxy in writing. Rules governing the appointment and replacement of Board Members The Company must be managed by a Board of Directors consisting of one director of category A (the "A Director") and two (2) directors of category B (the "B Directors", together with the A Director, the "Directors" and each a "Director"), who need not be shareholders. The Directors are appointed by the general meeting of shareholders for a period not exceeding six years and are re-eligible. They may be removed at any time by a resolution of the general meeting of shareholders or by the Sole Shareholder. A director will remain in function until his successor has been appointed. In case a Director is elected without mention of the term of his mandate, he is deemed to be elected for six years from the date of his election. In the event of vacancy of a member of the Board of Directors because of death, retirement, or otherwise, the remaining Directors thus appointed may meet and elect, by majority vote, a Director to fill such vacancy until the next general meeting of shareholders which will be asked to ratify such election. General powers of the board of directors. The Board of Directors is vested with the broadest powers to perform all acts of administration and disposition in the Company's interests. All powers not expressly reserved by law to the general meeting of shareholders fall within the competence of the Board of Directors. The Board of Directors is authorised to transfer, assign and dispose of the assets of the Company in accordance with the Securitisation Law and in such manner as the Board of Directors deems appropriate as well as, for the avoidance of doubt, in accordance with the terms and conditions of the securities issued by the Company in the context of the securitisation of the relevant assets. The Board of Directors may delegate its powers to conduct the daily management and affairs of the Company and the representation of the Company for such daily management and affairs, under such terms and with such powers as the Board of Directors shall determine. The Board of Directors may also confer all powers and special mandates to any persons who need not be Directors, appoint and dismiss all officers and employees and fix their emoluments. It is not foreseen to buy back any issued shares. 8
Amendment of Articles of associations Follows the legal requirements in Luxembourg. Board of Directors On December 14, 2014 Martijn Sinninghe Damste retired as Director. From December 14, 2014 on Danielle Delnoije takes over the position of Martijn Sinninghe Damste as Director for Agate Assets S.A. (please refer to page 3 under Management and Administration) Post Balance Sheet Events Since December 31, 2014, one compartment S02 l has been liquidated and seven compartments have been created and activated. No other events have occurred subsequent to year-end, which would have a material impact on the annual accounts as at December 31, 2014. Future outlook The Board of Directors does not anticipate any major changes during the coming financial year and expects to continue with its activities. Luxembourg, May 13, 2015 Peter Comer Director 9-~ ik ai~oi/ 9
Societe Anonyme Global Statement For the year ended December 31, 2014 To the best of our knowledge, the financial statements prepared in accordance with the applicable set of accounting standards give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company. To the best of our knowledge, the management report includes a fair review of the development and performance of the business and the position of the Company and a description of the principal risks and uncertainties that the Company faces. Luxembourg, May 13, 2015 <y C.---- Peter Comer Director ~~Olik 10
Combined balance sheet (expressed in ) Notes 31 December 2014 31 December 2013 ASSETS Fixed Assets Financial fixed Assets Securities held as fixed assets 4 309 875 039 268 990 838 Capitalized loans and receivables Loans Other loans 26 860 000 15 000 000 Positive fair value of financial derivatives 4 2 272 203 2 038 845 Current Assets Debtors Other Receivables a) becoming due and payable within one year 9 766 556 8 233 178 Cash at bank cash in postal cheque accounts, cheques and cash in hand 31 007 31 884 Total Assets 348 804 805 294 294 746 LIABILITIES Capital and reserves Subscribed capital 5 31 000 31 000 31 000 31 000 Non-subordinated debts Bonds Non-convertible bonds 6 314 367 928 263 683 648 Negative fair value of financial derivatives 4 34 405 877 30 580 098 Total Liabilities 348 804 805 294 294 746 The accompanying notes form an integral part of these annual accounts. 11
Combined profit and loss account of the Company For the year ended December 31, 2014 (expressed in ) CHARGES Notes 31 December 2014 31 December 2013 Other operating charges 7.1 16 713 910 3 760 932 and fair value adjustments on financial assets 7.2 28 517 231 29 182 515 Interest and other financial charges 7.3 25 694 247 5 084 674 Total Charges 70 925 388 38 028 120 INCOME Other operating income 7.1 28 050 135 25 938 924 and fair value adjustments on financial assets 7.2 17 350 861 3 297 395 Other Interest and other financial income 7.3 25 524 392 8 791 801 Total Income 70 925 388 38 028 120 The accompanying notes form an integral part of these annual accounts. 12
Notes to the annual accounts Note 1: Split of the combined balance sheet and profit and loss statement per compartments as at December 31, 2014. a) Balance sheet as at December 31, 2014 The balance sheet of the company per compartments is as follows : ASSETS COMBINED COMBINED SA S003 S003 Fixed Assets Financial fixed assets Securities held as fixed assets 268 990 838 309 875 039 21 004 703 23 405 042 Capitalized loans and receivables Loans Other loans 15 000 000 26 860 000 Positive fair value of financial derivatives 2 038 845 2 272 203 1 288 080 1 483 930 Current Assets Debtors Other Receivables a) becoming due and payable within one year 8 233 178 9 766 556 525 141 672 134 618 Cash at bank cash in postal cheque accounts, cheques and cash in hand 31 884 31 007 30 475 Total Assets 294 294 746 348 804 805 31 000 22 434 455 25 023 590 LIABILITIES COMBINED COMBINED SA S003 S003 Capital and reserves Subscribed capital 31 000 31 000 31 000 Non-subordinated debts Bonds Non-convertible bonds 263 683 648 314 367 928 22 434 455 25 023 590 Negative fair value of financial derivatives 30 580 098 34 405 877 Total Liabilities 294 294 746 348 804 805 31 000 22 434 455 25 023 590 13
ASSETS S004 S004 S005 S005 S005 S005 Fixed Assets Financial fixed assets Securities held as fixed assets 4 806 483 5 215 952 10 422 240 8 671 303 4 601 220 3 570 777 Positive fair value of financial derivatives Current Assets Debtors Other Receivables a) becoming due and payable within one year 54 386 51 472 477 231 397 056 200 296 155 440 Cash at bank cash in postal cheque accounts, cheques and cash in hand Total Assets 4 860 869 5 267 424 10 899 470 9 068 359 4 801 516 3 726 217 LIABILITIES S004 S004 S005 S005 S005 S005 Capital and reserves Subscribed capital Non-subordinated debts Bonds Non-convertible bonds 3 815 517 4 345 776 10 286 226 8 558 140 4 608 585 3 576 493 Negative fair value of financial derivatives 1 045 352 921 648 613 244 510 219 192 931 149 724 Total Liabilities 4 860 869 5 267 424 10 899 470 9 068 359 4 801 516 3 726 217 14
ASSETS S007 S007 S007 S007 S008 S008 S008 S008 Fixed Assets Financial fixed assets Securities held as fixed assets 8 357 478 11 516 187 8 913 957 10 786 334 5 973 264 4 969 756 5 503 688 4 271 137 Positive fair value of financial derivatives Current Assets Debtors Other Receivables a) becoming due and payable within one year 458 800 632 203 449 500 543 917 273 514 227 563 239 581 185 927 Cash at bank cash in postal cheque accounts, cheques and cash in hand Total Assets 8 816 278 12 148 390 9 363 457 11 330 251 6 246 778 5 197 319 5 743 270 4 457 064 LIABILITIES S007 S007 S007 S007 S008 S008 S008 S008 Capital and reserves Subscribed capital Non-subordinated debts Bonds Non-convertible bonds 7 224 014 9 954 330 8 646 491 10 462 686 5 631 415 4 685 337 5 429 615 4 213 652 Negative fair value of financial derivatives 1 592 264 2 194 060 716 966 867 565 615 363 511 982 313 655 243 412 Total Liabilities 8 816 278 12 148 390 9 363 457 11 330 251 6 246 778 5 197 319 5 743 270 4 457 064 15
ASSETS S009 S009 S009 S009 S010 S010 S010 S010 Fixed Assets Financial fixed assets Securities held as fixed assets 16 829 442 23 190 130 17 950 023 21 720 425 3 841 694 3 196 289 2 856 676 2 216 924 Positive fair value of financial derivatives Current Assets Debtors Other Receivables a) becoming due and payable within one year 923 885 1 273 067 905 158 1 095 286 175 910 146 357 124 354 96 505 Cash at bank cash in postal cheque accounts, cheques and cash in hand Total Assets 17 753 327 24 463 197 18 855 181 22 815 711 4 017 604 3 342 646 2 981 030 2 313 429 LIABILITIES S009 S009 S009 S009 S010 S010 S010 S010 Capital and reserves Subscribed capital Non-subordinated debts Bonds Non-convertible bonds 14 708 165 20 267 116 17 760 523 21 491 120 3 628 510 3 018 920 2 831 946 2 197 732 Negative fair value of financial derivatives 3 045 162 4 196 081 1 094 658 1 324 591 389 094 323 726 149 084 115 697 Total Liabilities 17 753 327 24 463 197 18 855 181 22 815 711 4 017 603 3 342 646 2 981 030 2 313 429 16
ASSETS S011 S011 S011 S011 S012 S012 S012 S012 Fixed Assets Financial fixed assets Securities held as fixed assets 4 732 152 3 937 151 4 402 951 3 416 910 11 282 832 9 387 316 10 983 448 8 523 705 Positive fair value of financial derivatives Current Assets Debtors Other Receivables a) becoming due and payable within one year 216 684 180 281 191 665 148 742 516 637 429 842 478 121 371 046 Cash at bank cash in postal cheque accounts, cheques and cash in hand Total Assets 4 948 836 4 117 432 4 594 616 3 565 652 11 799 469 9 817 158 11 461 569 8 894 750 LIABILITIES S011 S011 S011 S011 S012 S012 S012 S012 Capital and reserves Subscribed capital Non-subordinated debts Bonds Non-convertible bonds 4 248 915 3 535 098 4 168 299 3 234 809 10 463 102 8 705 301 10 652 503 8 266 875 Negative fair value of financial derivatives 699 921 582 334 426 317 330 843 1 336 367 1 111 857 809 065 627 875 Total Liabilities 4 948 836 4 117 432 4 594 616 3 565 652 11 799 469 9 817 158 11 461 569 8 894 750 17
ASSETS S013 S013 S013 S013 S014 S014 S015 S015 Fixed Assets Financial fixed assets Securities held as fixed assets 6 073 925 8 369 564 6 256 885 7 571 143 79 003 589 67 329 300 17 172 900 18 316 350 Capitalized loans and receivables Loans Other loans 15 000 000 15 000 000 Positive fair value of financial derivatives Current Assets Debtors Other Receivables a) becoming due and payable within one year 278 123 383 239 272 369 329 580 1 837 740 923 630 Cash at bank cash in postal cheque accounts, cheques and cash in hand Total Assets 6 352 047 8 752 804 6 529 253 7 900 723 79 003 589 67 329 300 34 010 640 34 239 980 LIABILITIES S013 S013 S013 S013 S014 S014 S015 S015 Capital and reserves Subscribed capital Non-subordinated debts Bonds Non-convertible bonds 5 012 053 6 906 358 5 794 152 7 011 214 79 003 589 67 329 300 25 970 262 26 782 063 Negative fair value of financial derivatives 1 339 995 1 846 446 735 101 889 509 8 040 378 7 457 917 Total Liabilities 6 352 047 8 752 804 6 529 253 7 900 723 79 003 589 67 329 300 34 010 640 34 239 980 18
ASSETS S016 S016 S016 S016 S017 S017 AUD S017 S017 AUD Fixed Assets Financial fixed assets Securities held as fixed assets 1 717 290 2 366 340 1 831 635 2 216 370 2 747 664 4 231 952 7 082 322 10 472 275 Positive fair value of financial derivatives Current Assets Debtors Other Receivables a) becoming due and payable within one year 94 274 129 905 92 363 111 764 150 838 232 321 357 137 528 081 Cash at bank cash in postal cheque accounts, cheques and cash in hand Total Assets 1 811 564 2 496 245 1 923 998 2 328 134 2 898 502 4 464 273 7 439 459 11 000 356 LIABILITIES S016 S016 S016 S016 S017 S017 AUD S017 S017 AUD Capital and reserves Subscribed capital Non-subordinated debts Bonds Non-convertible bonds 1 186 245 1 634 587 1 575 149 1 906 009 2 050 342 3 157 937 5 713 790 8 448 696 Negative fair value of financial derivatives 625 319 861 658 348 849 422 125 848 160 1 306 337 1 725 669 2 551 660 Total Liabilities 1 811 564 2 496 245 1 923 998 2 328 134 2 898 502 4 464 273 7 439 459 11 000 356 19
ASSETS S018 S018 CHF S018 S018 CHF S019 S019 Fixed Assets Financial fixed assets Securities held as fixed assets 8 357 478 10 242 089 8 913 957 10 717 696 5 530 800 2 882 884 Positive fair value of financial derivatives Current Assets Debtors Other Receivables a) becoming due and payable within one year 458 800 562 259 449 500 540 456 253 253 125 495 Cash at bank cash in postal cheque accounts, cheques and cash in hand Total Assets 8 816 278 10 804 349 9 363 457 11 258 153 5 784 053 3 008 379 LIABILITIES S018 S018 CHF S018 S018 CHF S019 S019 Capital and reserves Subscribed capital Non-subordinated debts Bonds Non-convertible bonds 6 947 109 8 513 682 8 105 426 9 745 559 4 997 268 2 713 258 Negative fair value of financial derivatives 1 869 169 2 290 667 1 258 031 1 512 594 786 785 295 121 Total Liabilities 8 816 278 10 804 349 9 363 457 11 258 153 5 784 053 3 008 379 20
ASSETS S020 S020 S020 S020 S021 S021 Fixed Assets Financial fixed assets Securities held as fixed assets 10 340 384 8 603 199 10 651 859 8 266 375 18 518 940 23 795 724 Positive fair value of financial derivatives 750 765 788 273 Current Assets Debtors Other Receivables a) becoming due and payable within one year 473 483 393 938 463 686 359 844 Cash at bank cash in postal cheque accounts, cheques and cash in hand Total Assets 10 813 866 8 997 137 11 115 545 8 626 219 19 269 705 24 583 997 LIABILITIES S020 S020 S020 S020 S021 S021 Capital and reserves Subscribed capital Non-subordinated debts Bonds Non-convertible bonds 9 720 720 8 087 639 10 463 008 8 119 817 19 269 705 24 583 997 Negative fair value of financial derivatives 1 093 147 909 498 652 538 506 402 Total Liabilities 10 813 866 8 997 137 11 115 545 8 626 219 19 269 705 24 583 997 21
ASSETS S022 S022 AUD S022 S022 AUD S023 S023 S023 S023 Fixed Assets Financial fixed assets Securities held as fixed assets 658 165 1 013 706 677 991 1 002 511 2 570 170 3 541 566 2 698 748 3 265 620 Positive fair value of financial derivatives Current Assets Debtors Other Receivables a) becoming due and payable within one year 30 137 46 417 29 514 43 640 96 855 133 462 94 799 114 711 Cash at bank cash in postal cheque accounts, cheques and cash in hand 1 1 Total Assets 688 302 1 060 123 707 504 1 046 151 2 667 026 3 675 029 2 793 547 3 380 332 LIABILITIES S022 S022 AUD S022 S022 AUD S023 S023 S023 S023 Capital and reserves Subscribed capital Non-subordinated debts Bonds Non-convertible bonds 505 662 778 821 616 594 911 726 2 238 493 3 084 531 2 417 646 2 925 473 Negative fair value of financial derivatives 182 640 281 302 90 911 134 425 428 534 590 498 375 901 454 859 Total Liabilities 688 302 1 060 123 707 504 1 046 151 2 667 026 3 675 029 2 793 547 3 380 332 22
ASSETS S024 S024 S024 S024 S025 S025 S025 S025 Fixed Assets Financial fixed assets Securities held as fixed assets 5 893 749 4 903 599 5 995 528 4 652 830 9 175 597 7 634 097 9 451 987 7 335 214 Positive fair value of financial derivatives Current Assets Debtors Other Receivables a) becoming due and payable within one year 264 938 220 429 247 025 191 704 420 147 349 563 411 455 319 309 Cash at bank cash in postal cheque accounts, cheques and cash in hand 1 400 1 165 Total Assets 6 160 087 5 125 192 6 242 553 4 844 533 9 595 745 7 983 660 9 863 441 7 654 524 LIABILITIES S024 S024 S024 S024 S025 S025 S025 S025 Capital and reserves Subscribed capital Non-subordinated debts Bonds Non-convertible bonds 5 234 160 4 354 821 5 569 658 4 322 333 8 379 485 6 971 732 9 068 919 7 037 935 Negative fair value of financial derivatives 925 927 770 371 672 895 522 200 1 216 260 1 011 928 794 522 616 589 Total Liabilities 6 160 087 5 125 192 6 242 553 4 844 533 9 595 745 7 983 660 9 863 441 7 654 524 23
ASSETS S027 S027 S027 S027 S028 S028 S028 S028 Fixed Assets Financial fixed assets Securities held as fixed assets 2 909 626 4 009 320 3 055 187 3 696 929 8 586 450 11 831 699 9 158 175 11 081 850 Positive fair value of financial derivatives Current Assets Debtors Other Receivables a) becoming due and payable within one year 109 647 151 089 107 319 129 862 471 370 649 524 461 815 558 819 Cash at bank cash in postal cheque accounts, cheques and cash in hand 8 11 Total Assets 3 019 282 4 160 419 3 162 506 3 826 790 9 057 820 12 481 223 9 619 990 11 640 669 LIABILITIES S027 S027 S027 S027 S028 S028 S028 S028 Capital and reserves Subscribed capital Non-subordinated debts Bonds Non-convertible bonds 2 449 137 3 374 788 2667 412 3227 701 6 452 804 8 891 641 8 242 640 9 974 007 Negative fair value of financial derivatives 570 145 785 631 495 094 599 089 2 605 016 3 589 582 1 377 350 1 666 662 Total Liabilities 3 019 282 4 160 419 3 162 506 3 826 790 9 057 820 12 481 223 9 619 990 11 640 669 24
ASSETS S029 S029 S029 S029 S030 S030 S031 S031 Fixed Assets Financial fixed assets Securities held as fixed assets 2 483 825 3 422 586 2 839 469 3 435 900 5 030 304 3 903 767 6 960 213 5 401 473 Positive fair value of financial derivatives Current Assets Debtors Other Receivables a) becoming due and payable within one year 54 329 74 863 56 515 68 385 209 928 162 915 350 979 272 378 Cash at bank cash in postal cheque accounts, cheques and cash in hand 6 5 Total Assets 2 538 154 3 497 449 2 895 984 3 504 285 5 240 239 4 066 687 7 311 192 5 673 851 LIABILITIES S029 S029 S029 S029 S030 S030 S031 S031 Capital and reserves Subscribed capital Non-subordinated debts Bonds Non-convertible bonds 1 826 295 2 516 544 2 693 678 3 259 485 3 802 792 2 951 156 5 466 809 4 242 517 Negative fair value of financial derivatives 711 858 980 905 202 306 244 800 1 437 447 1 115 531 1 844 384 1 431 334 Total Liabilities 2 538 154 3 497 449 2 895 984 3 504 285 5 240 239 4 066 687 7 311 192 5 673 851 25
ASSETS S032 S033 S033 S034 S035 S036 S037 Fixed Assets Financial fixed assets Securities held as fixed assets 4 295 840 6 715 995 5 211 948 6 105 450 2 442 180 7 082 322 Capitalized loans and receivables Loans Other loans 11 860 000 Positive fair value of financial derivatives Current Assets Debtors Other Receivables a) becoming due and payable within one year 187 002 338 664 262 820 307 877 123 151 357 137 698 082 Cash at bank cash in postal cheque accounts, cheques and cash in hand 1 Total Assets 4 482 843 7 054 659 5 474 768 6 413 327 2 565 331 7 439 459 12 558 082 LIABILITIES S032 S033 S033 S034 S035 S036 S037 Capital and reserves Subscribed capital Non-subordinated debts Bonds Non-convertible bonds 3 339 702 5 052 193 3 920 754 4 876 789 1 881 331 5 360 033 12 558 082 Negative fair value of financial derivatives 1 143 141 2 002 466 1 554 014 1 536 538 684 000 2 079 426 Total Liabilities 4 482 843 7 054 659 5 474 768 6 413 327 2 565 331 7 439 459 12 558 082 26
ASSETS S038 S038 S039 S039 Fixed Assets Financial fixed assets Securities held as fixed assets 4 640 142 3 600 982 1 831 635 2 216 370 Positive fair value of financial derivatives Current Assets Debtors Other Receivables a) becoming due and payable within one year 233 986 181 585 92 363 111 764 Cash at bank cash in postal cheque accounts, cheques and cash in hand Total Assets 4 874 128 3 782 567 1 923 998 2 328 134 LIABILITIES S038 S038 S039 S039 Capital and reserves Subscribed capital Non-subordinated debts Bonds Non-convertible bonds 2 976 660 2 310 037 1 249 520 1 511 982 Negative fair value of financial derivatives 1 897 468 1 472 530 674 478 816 152 Total Liabilities 4 874 128 3 782 567 1 923 998 2 328 134 27
b) Profit and loss statement for the year ended December 31, 2014 The profit and loss statement of the company per compartments is as follows : CHARGES COMBINED COMBINED SA S003 S003 Other operating charges 3 760 932 16 713 910 2 589 135 and fair value adjustments on financial assets 29 182 515 28 517 231 67 002 Interest and other financial charges 5 084 674 25 694 247 451 301 453 819 Total Charges 38 028 120 70 925 388 518 303 3 042 954 INCOME COMBINED COMBINED SA S003 2013 S003 Other operating income 25 938 924 28 050 135 63 492 and fair value adjustments on financial assets 3 297 395 17 350 861 2 596 189 Other interest and other financial income 8 791 801 25 524 392 454 811 446 764 Total Income 38 028 120 70 925 388 518 303 3 042 954 28
CHARGES S004 S004 S005 S005 S005 S005 Other operating charges 626 633 1 457 808 1 212 896 and fair value adjustments on financial assets 568 592 3 114 115 2 416 709 Interest and other financial charges 177 240 80 866 752 427 626 019 577 115 447 870 Total Charges 745 832 707 499 2 210 235 1 838 915 3 691 230 2 864 579 INCOME S004 S004 S005 S005 S005 S005 Other operating income 567 593 3 393 401 2 633 449 and fair value adjustments on financial assets 533 173 1 424 270 1 184 993 Other interest and other financial income 178 239 174 326 785 965 653 922 297 829 231 130 Total Income 745 832 707 499 2 210 235 1 838 915 3 691 230 2 864 579 29
CHARGES S007 S007 S007 S007 S008 S008 S008 S008 Other operating charges 37 748 52 015 433 174 524 163 and fair value adjustments on financial assets 806 840 1 111 785 645 630 537 164 Interest and other financial charges 519 790 716 245 637 990 772 000 332 632 276 750 482 153 374 175 Total Charges 1 364 378 1 880 045 1 071 165 1 296 163 978 262 813 914 482 153 374 175 INCOME S007 S007 S007 S007 S008 S008 S008 S008 Other operating income 696 059 579 121 74 394 57 734 and fair value adjustments on financial assets 493 072 596 642 125 244 97 195 Other interest and other financial income 1 364 378 1 880 045 578 093 699 521 282 203 234 793 282 515 219 246 Total Income 1 364 378 1 880 045 1 071 165 1 296 163 978 262 813 914 482 153 374 175 30
CHARGES S009 S009 S009 S009 S010 S010 S010 S010 31/12/201 Other operating charges 392 251 540 502 900 081 1 089 143 19 802 15 36 and fair value adjustments on financial assets 264 451 364 400 149 247 124 173 Interest and other financial charges 1 421 346 1 719 900 204 248 169 935 279 637 217 01 Total Charges 656 702 904 902 2 321 427 2 809 043 353 495 294 108 299 439 232 37 INCOME S009 S009 S009 S009 S010 S010 S010 S010 31/12/201 Other operating income 205 503 170 979 and fair value adjustments on financial assets 1 158 453 1 401 786 80 140 62 19 Other interest and other financial income 656 702 904 902 1 162 974 1 407 257 147 992 123 129 219 299 170 18 Total Income 656 702 904 902 2 321 427 2 809 043 353 495 294 108 299 439 232 37 31
CHARGES S011 S011 S011 S011 S012 S012 S012 S012 Other operating charges 40 440 31 384 and fair value adjustments on financial assets 549 605 457 272 1 552 373 1 291 574 Interest and other financial charges 155 596 129 456 351 455 272 747 413 462 344 000 945 851 734 028 Total Charges 705 202 586 728 391 896 304 131 1 965 834 1 635 574 945 851 734 028 INCOME S011 S011 S011 S011 S012 S012 S012 S012 Other operating income 539 704 449 034 1 643 079 1 367 042 119 379 92 644 and fair value adjustments on financial assets 129 066 100 162 188 850 146 557 Other interest and other financial income 165 497 137 694 262 829 203 969 322 755 268 532 637 621 494 826 Total Income 705 202 586 728 391 896 304 131 1 965 834 1 635 574 945 851 734 028 32
CHARGES S013 S013 S013 S013 S014 S014 S015 S015 Other operating charges 395 831 478 974 321 994 and fair value adjustments on financial assets 832 773 1 147 520 7 996 411 11 674 289 6 856 451 Interest and other financial charges 14 320 19 732 89 533 108 340 1 848 000 14 232 000 1 652 372 Total Charges 847 093 1 167 252 485 364 587 314 9 844 411 25 906 289 6 856 451 1 974 366 INCOME S013 S013 S013 S013 S014 S014 S015 S015 Other operating income 675 665 931 032 7 996 411 11 674 289 5 372 238 and fair value adjustments on financial assets 131 000 158 516 1 725 911 Other interest and other financial income 171 428 236 219 354 364 428 798 1 848 000 14 232 000 1 484 212 248 455 Total Income 847 093 1 167 252 485 364 587 314 9 844 411 25 906 289 6 856 451 1 974 366 33
CHARGES S016 S016 S016 S016 S017 S017 AUD S017 S017 AUD Other operating charges 258 250 312 496 236 162 349 200 and fair value adjustments on financial assets 432 983 596 629 374 217 576 369 Interest and other financial charges 23 830 32 836 99 842 120 813 361 195 534 081 Total Charges 456 812 629 465 358 092 433 309 374 217 576 369 597 357 883 282 INCOME S016 S016 S016 S016 S017 S017 AUD S017 S017 AUD Other operating income 393 058 541 615 287 017 442 063 and fair value adjustments on financial assets 239 299 289 563 126 921 187 672 Other interest and other financial income 63 754 87 850 118 793 143 746 87 200 134 305 470 436 695 610 Total Income 456 812 629 465 358 092 433 309 374 217 576 369 597 357 883 282 34
CHARGES S018 S018 CHF S018 S018 CHF S019 S019 Other operating charges 1 403 567 1 687 578 291 195 and fair value adjustments on financial assets 1 020 009 1 250 021 534 273 Interest and other financial charges 191 776 230 581 356 142 Total Charges 1 020 009 1 250 021 1 595 342 1 918 160 534 273 647 337 INCOME S018 S018 CHF S018 S018 CHF S019 S019 Other operating income 862 194 1 056 619 378 540 and fair value adjustments on financial assets 1 042 691 1 253 680 451 223 Other interest and other financial income 157 815 193 402 552 651 664 480 155 733 196 114 Total Income 1 020 009 1 250 021 1 595 342 1 918 160 534 273 647 337 35
CHARGES S020 S020 S020 S020 S021 S021 Other operating charges 1 873 125 5 314 292 and fair value adjustments on financial assets 606 507 504 614 Interest and other financial charges 191 827 159 600 823 319 638 936 Total Charges 798 334 664 214 823 319 638 936 1 873 125 5 314 292 INCOME S020 S020 S020 S020 S021 S021 Other operating income 611 845 509 055 140 190 108 795 and fair value adjustments on financial assets 85 397 66 272 1 873 125 5 314 292 Other interest and other financial income 186 490 155 159 597 732 463 870 Total Income 798 334 664 214 823 319 638 936 1 873 125 5 314 292 36
CHARGES S022 S022 AUD S022 S022 AUD S023 S023 S023 S023 Other operating charges 111 226 164 464 and fair value adjustments on financial assets 108 098 166 493 300 304 413 804 115 951 140 307 Interest and other financial charges 17 556 25 959 37 305 45 141 Total Charges 108 098 166 493 128 782 190 423 300 304 413 804 153 2546 185 448 INCOME S022 S022 AUD S022 S022 AUD S023 S023 S023 S023 Other operating income 94 183 145 061 268 934 370 578 23 956 28 963 and fair value adjustments on financial assets 91 761 135 682 Other interest and other financial income 13 915 21 432 37 021 54 742 31 370 43 226 129 321 156 485 Total Income 108 098 166 493 128 782 190 423 300 304 413 804 153 2546 185 448 37
CHARGES S024 S024 S024 S024 S025 S025 S025 S025 Other operating charges 161 682 125 473 and fair value adjustments on financial assets 886 674 737 713 1 211 289 1 007 792 Interest and other financial charges 477 341 370 440 671 247 520 921 Total Charges 886 674 737 713 639 023 495 914 1 211 289 1 007 792 671 247 520 921 INCOME S024 S024 S024 S024 S025 S025 S025 S025 Other operating income 839 343 698 333 1 138 190 946 974 16 555 12 847 and fair value adjustments on financial assets 295 537 229 351 124 291 96 456 Other interest and other financial income 47 332 39 380 343 486 266 562 73 099 60 818 530 400 411 617 Total Income 886 674 737 713 639 023 495 914 1 211 289 1 007 792 671 247 520 921 38
CHARGES S027 S027 S027 S027 S028 S028 S028 S028 Other operating charges 5 523 6 683 1 415 167 1 712 423 and fair value adjustments on financial assets 450 250 620 422 104 003 125 849 450 250 620 422 Interest and other financial charges 36 875 44 620 148 229 179 364 Total Charges 450 250 620 422 146 401 177 152 450 250 620 422 1 563 396 1 891 787 INCOME S027 S027 S027 S027 S028 S028 S028 S028 Other operating income 440 425 606 884 2 201 307 3 033 292 and fair value adjustments on financial assets 969 440 1 173 071 Other interest and other financial income 9 824 13 537 146 401 177 152 91 409 125 957 593 956 718 716 Total Income 450 250 620 422 146 401 177 152 2 292 716 3 159 248 1 563 396 1 891 787 39
CHARGES S029 S029 S029 S029 S030 S030 S031 S031 Other operating charges 793 592 960 286 and fair value adjustments on financial assets 675 821 931 248 1 425 112 1 105 959 2 246 034 1 743 035 Interest and other financial charges 2 3 178 526 216 026 264 758 205 465 296 289 229 935 Total Charges 675 824 931 251 972 118 1 176 311 1 689 870 1 311 424 2 542 323 1 972 970 INCOME S029 S029 S029 S029 S030 S030 S031 S031 Other operating income 664 143 915 156 1 414 007 1 097 340 2 197 890 1 705 673 and fair value adjustments on financial assets 750 831 908 543 Other interest and other financial income 11 680 16 095 221 287 267 768 275 863 214 084 344 433 267 297 Total Income 675 824 931 251 972 118 1 176 311 1 689 870 1 311 424 2 542 323 1 972 970 40
CHARGES S032 S033 S033 S034 S035 S036 S037 Other operating charges 1 396 164 and fair value adjustments on financial assets 773 462 2 483 540 1 927 351 1 331 074 624 834 1 698 419 Interest and other financial charges 107 547 205 585 159 544 152 917 Total Charges 881 009 2 689 125 2 086 895 1 483 991 624 834 1 698 419 1 396 164 INCOME S032 S033 S033 S034 S035 S036 S033 Other operating income 671 141 2 433 888 1 888 819 1 159 128 518 669 1 359 967 and fair value adjustments on financial assets 698 082 Other interest and other financial income 209 868 255 237 198 077 324 863 106 164 338 452 698 082 Total Income 881 009 2 689 125 2 086 895 1 483 991 624 834 1 698 419 1 396 164 41
CHARGES S038 S038 S039 S039 Other operating charges and fair value adjustments on financial assets 2 052 777 1 593 058 873 621 1 057 125 Interest and other financial charges 63 662 49 405 Total Charges 2 116 439 1 642 463 873 621 1 057 125 INCOME S038 S038 S039 S039 Other operating income 2 019 335 1 567 105 833 965 1 009 139 and fair value adjustments on financial assets Other interest and other financial income 97 105 75 358 39 656 47 986 Total Income 2 116 439 1 642 463 873 621 1 057 125 42
Note 2 General information AGATE ASSETS S.A. (the Company ) is a Luxembourg company incorporated on January 6, 2012, for an unlimited duration, as a public limited liability company ( ) and subject to the Securitisation Act of March 22, 2004 (the Securitisation Law ). The Board of Directors is entitled to create one or more compartments corresponding each to a separate part of the Company s estate, in each case, corresponding to a separate part of the Issuer s estate and constituting each a Category S Compartment. All fees are taken over and are directly paid by the arranger. The Company s financial year starts on January 1 and ends on December 31of each year. The annual accounts have been prepared in accordance with Luxembourg legal and regulatory requirements under the provisions of the law of December 19, 2002 as amended (the Accounting Law ). Accounting policies and valuation rules are, besides the ones laid down by the Accounting Law, determined and applied by the Board of Directors. The compartment S014 is included in the consolidated financial statements of Commerzbank AG. The financial statements of Commerzbank are available from Commerzbank AG, Investor Relations, Kaiserplatz, D-60261 Frankfurt am Main, Germany. Note 3 Summary of significant accounting policies a) Financial fixed assets The primary purpose of the Company is to invest in securities (the Securities ) or financial instruments through the creation of different compartments (the Compartments ) as defined in the final terms to reflect the correlation with Notes issued. Ten Compartments have been created to invest in the Compartments Assets during the year from January 1 to December 31, 2014, as further described in Note 1. In order to give a true and fair view on the correlation of the valuation of financial assets and notes issued, Art 26(5) of the Accounting Law is applied. Therefore, financial assets (Securities held as fixed assets and Derivatives instruments) are valued at fair-value-model-prices excluding accruals interest. The fair value changes of financial assets are calculated separately and impact the valuation of the Notes issued directly. The corresponding value adjustments of the financial assets are disclosed in the profit and loss account position " and fair value adjustments on financial assets and may constitute a charge or an income. 43
Note 3 Summary of significant accounting policies (continued) b) Financial derivatives The Compartments could enter into swap derivative transactions among the charged assets (the Charged Assets ) together with the swap counterparty as detailed in the specific final terms. Such derivative financial instruments are carried as an asset when the fair value is positive in the caption Positive fair value of financial derivatives and as liability when the fair value is negative in the caption Negative fair value of financial derivatives. Changes in fair value of these derivative financial instruments are recognised in the profit and loss account caption and fair value adjustments on financial assets. The securities held in the Compartments serve as collateral to the Compartments Debt Instruments issued (as described in Note 6). c) Other debtors Debtors are valued at their nominal value. They are subject to value adjustments where their recovery is compromised. These value adjustments are not continued if the reasons for which the value adjustments were made have ceased to apply. d) Non-convertible bonds The non-convertible bonds issued by the Company are recorded at their repayable amount which is limited to the performance of the Compartments assets including accrued interest. Gains and losses during the year as a result from sales, default, market value changes or cost may cause value adjustments on the Notes issued. Such value changes will be born by the Note holders in inverse order of the priority of payments. Consequently, an equalization provision for value diminution will be made and deducted from/added to the amount repayable of the notes issued and booked in the Profit and Loss Account under other operation income or charges respectively. Please also refer to Note 7.1. 44
e) Foreign currency translation AGATE ASSETS S.A. The financial statements have been drawn up in the accounting currency of the company ( ). Transactions denominated in currencies other than the accounting currency of each Compartment are translated at the exchange rate prevailing at the date of the transaction. The balance sheet and profit and loss items of compartments recorded in a currency other than the accounting currency are translated into the accounting currency at the exchange rate effective at the balance sheet date. Other assets and liabilities of the compartments are translated separately respectively into at the lower or at the higher of the value converted at the historical exchange rate or the value determined on the basis of the exchange rates effective at the balance sheet date. The unrealised exchange losses are recorded in the profit and loss account. The exchange gains are recorded in the profit and loss account at the moment of their realisation. Assets and liabilities items which are fair valued are converted at the exchange rate effective at the balance sheet date. Foreign exchange differences on those items which are accounted at fair value are recognised in the profit and loss account or revaluation reserves with the change in fair value. The foreign exchange rates applied as at December 31, 2014 are: 1 = 0.77605 1 = 1.21005 1 = 1.20235 CHF 1 = 1.47865 AUD f) Interest income and interest expenses Interest income and expenses are recorded on accrual basis. Note 4 - Financial fixed assets, the financial fixed assets held in the Compartments are acquired with the proceeds of the issuance of debt instruments pursuant to the Company s Programme for the issuance of Debt Instruments. They consist of the charged assets of the Compartments and are comprised of fixed interest securities and derivative financial instruments ( Swap transaction ). 45
4.1 Securities held as financial fixed assets AGATE ASSETS S.A. The presentation of the below table has been change compared to prior year for compartment S015 by not including anymore other loans. The movements for the year are as follows: COMBINED S003 S004 S005 S005 Cost - Opening balance as of December 31, 2013 261 196 602 16 431 001 4 719 015 8 786 114 7 310 047 Additions for the year 49 112 037 Disposals for the year (11 874 599) (5 382 604) (4 177 170) Cost - Closing balance as of December 31, 2014 298 434 041 16 431 001 4 719 015 3 403 510 3 132 877 Accumulated fair value adjustment 700 910 6 974 041 496 937 564 268 437 900 Effects from currency-conversion 10 740 088 633 443 Fair value - Closing balance as of December 31, 2014 309 875 039 23 405 042 5 215 952 4 601 220 3 570 777 Type of security Sovereign bond Corporate bond Corporate bond S007 S007 S008 S008 S009 S009 Cost - Opening balance as of December 31, 2013 7 572 054 10 433 912 6 003 530 4 994 937 14 048 731 19 358 448 Additions for the year Disposals for the year (679 394) (527 243) Cost - Closing balance as of December 31, 2014 7 572 054 10 433 912 5 324 137 4 467 694 14 048 731 19 358 448 Accumulated fair value adjustment 291 245 352 421 (253 278) (196 557) 1 951 966 2 361 977 Effects from currency-conversion 1 050 657 432 830 1 949 326 Fair value - Closing balance as of December 31, 2014 8 913 957 10 786 334 5 503 688 4 271 137 17 950 023 21 720 425 46
Type of security Corporate bond Corporate bond Corporate bond AGATE ASSETS S.A. S010 S010 S011 S011 S012 S012 Cost - Opening balance as of December 31, 2013 3 601 847 2 996 736 4 581 837 3 812 089 11 498 838 9 567 033 Additions for the year Disposals for the year (1 074 067) (833 529) (475 371) (368 912) (678 032) (526 187) Cost - Closing balance as of December 31, 2014 2 527 780 2 163 207 4 106 466 3 443 177 10 820 806 9 040 846 Accumulated fair value adjustment 69 218 53 717 (33 847) (26 267) (666 377) (517 142) Effects from currency-conversion 259 678 330 332 829 019 Fair value - Closing balance as of December 31, 2014 2 856 676 2 216 924 4 402 951 3 416 910 10 983 448 8 523 705 Type of security Corporate bond Corporate bond Corporate bond S013 S013 S014 S015 S016 S016 Cost - Opening balance as of December 31, 2013 5 566 703 7 670 638 87 000 000 15 988 973 1 524 954 2 101 310 Additions for the year Disposals for the year Cost - Closing balance as of December 31, 2014 5 566 703 7 670 638 87 000 000 15 988 973 1 524 954 2 101 310 Accumulated fair value adjustment (82 223) (99 495) (19 670 700) 2 327 377 95 087 115 060 Effects from currency-conversion 772 406 211 594 Fair value - Closing balance as of December 31, 2014 6 256 885 7 571 143 67 329 300 18 316 350 1 831 635 2 216 370 Type of security Corporate bond Ucits Corporate bond Corporate bond 47