ASN Bank Report Sustainability report and financial results

Transcription

1 ASN Bank Rport 2014 Sustainability rport and financial rsults

2 ASN Bank Rport 2014 Sustainability rport and financial rsults

3 Contnts Prfac by th Managmnt Board 3 Rport 5 A Suprvision 9 Rport of th Suprvisory Board 10 Rport of th Advisory Council 12 B Sustainability 17 1 Sustainability mission and objctivs 18 2 Sustainability in practic 20 3 Human rights 23 4 Climat chang 25 5 Biodivrsity 27 6 Sustainabl offic 28 C Stakholdrs 33 7 Consultation and ngagmnt 34 8 Customrs 35 9 Sharholdr Partnring NGOs Socity Staff 45 D Economic prformanc Raising capital Exposurs: loans and othr invstmnts 56 E Financial accounts Financial rsults Risk managmnt organisation Corporat govrnanc 81 Indpndnt Assuranc Rport 84 Appndics 89 1 ASN Bank s xposurs 90 2 Donations to partnring NGOs 96 3 Sustainability prformanc of th offic 97 4 Organisation 98 5 History Matriality analysis Prsonal dtails 104 In th vnt of discrpancis btwn diffrnt vrsions of th ASN Bank Rport 2014, th Dutch vrsion shall prvail.

4 Prfac by th Managmnt Board ASN Bank xists by th grac of its ovr 600,000 customrs, who nabl us to build tomorrow s fair, sustainabl world. W oftn har customrs say: I am a mmbr of ASN Bank. It shows how committd thy ar to our bank. It is a commitmnt w chrish, not only by living up to our promis of sustainably managing our customrs funds, but also by ngaging with thm about our common idals through panls and during vnts and othr mtings. For xampl, w consultd customrs in 2014 about our nw animal wlfar policy. W wnt on tour with inspiring mtings of ASN Liv in Zwoll and Nijmgn and TomorrowToday (MorgnVandaag) at th Wstrgasfabrik in Amstrdam. Thr, w mt many customrs and othrs who wr intrstd popl who ar ddicatd to our common idals and who inspir us to tak nw stps. 3 Long-trm goals In 2014, w invstd considrabl tim and rsourcs in stting our cours for th long trm both as rgards our sustainability policy and in trms of our objctivs as a bank. It is an ongoing procss that w ar continuously working on as a bank and also as a driving forc in collaboration with our partnring NGOs, our customrs and our community For th World of Tomorrow (Voor d Wrld van Morgn). Th objct is first of all to find a sound purpos for th funds ntrustd to us and to assss our banking activitis in thir own right. On top of that, howvr, it is also most crtainly important to considr th many othr activitis w initiat and support, as wll as th coalitions w ntr into. In 2014, w dvotd particular attntion to ASN Bank s ambition to b carbon nutral by W wr th first bank to issu and spcifically pursu such a long-trm goal. W also formulatd long-trm banking goals: our aims ar on million satisfid customrs as wll as controlld growth of both th assts undr managmnt and th funding of sustainabl sctors was a good yar in financial trms. Assts undr managmnt incrasd: growth was sn in savings as wll as in th ASN Invstmnt Funds and ASN Asst Managmnt. Th growth in th numbr of nw customrs was again ncouraging in 2014 and in lin with xpctations, as w wr happy to wlcom almost forty thousand nw customrs. Th total customr bas showd a limitd drop following an administrativ clan-up. Climat chang ambition In 2013, w formulatd our climat chang ambition: ASN Bank is to achiv nt carbon nutrality by This targt applis both to our offic and having a much largr impact to all our loans and invstmnts. W aim to achiv this ambition by valuing all our loans and invstmnts in trms of thir carbon footprint. Thn, w work towards rducing that footprint. Givn th rlativly small siz of our bank, our impact on th climat is limitd. Still, our ambition tran-

5 ASN Bank Rport 2014 scnds its importanc to ASN Bank. W want to show th financial sctor that this ambition is possibl and fasibl, for which w wr grtd with intrst and apprciation on many locations in Th major climat confrnc is st to tak plac in Paris at th nd of W will b prsnt thr to highlight th importanc of ambitious climat chang targts for financial institutions to as many rlvant partis as possibl. Nw sctor: car & wlfar In ASN Bank s viw, a sustainabl socity is also a caring socity. It is fitting for our bank to financ th halthcar sctor in this contxt. Dspit having don so vr sinc our incorporation, w hav dcidd to stp up our lnding fforts to th halthcar sctor. An xtnsiv, fundamntal invstigation has bn compltd that will guid our futur halthcar funding activitis. A caring socity is xplicitly about mor than just whit coat car. W bliv that solidarity, social cohsion and an y for popl s wll-bing in th broadst sns of th word ar th building blocks of a saf and optimistic socity. W also stay tru to this viw in our partnrships with organisations including th Royal Dutch Guid Dog Foundation (KNGF Glidhondn) and th National Foundation for th Eldrly (Nationaal Oudrnfonds), as wll as in how w wish to trat our customrs. Plans for 2015 Last yar, w announcd hr th launch of our nw currnt account for small businss clints. Sadly, though, w had to disappoint ths customrs as th work prssur from all our projcts on lgislation and rgulations forcd us to postpon this introduction. W ar awar of th urgnt nd for this account, so w ar making vry ffort to introduc it in In 2015, w will again aim for controlld growth of our customr bas and assts undr managmnt. Our prptual challng is to attract customrs and to convinc thm of th bnfits of banking with ASN Bank whil at th sam tim capitalising on profitabl, sound funding opportunitis. W will again dvot much attntion in 2015 to furthr improving th quality, and our customrs apprciation, of our srvics. In addition, w will intnsify and stimulat th dirct ngagmnt with our customrs in To mt, sound out, inspir and surpris customrs lis at th hart of our hightnd ddication. Lastly, w wish to st long-trm human rights and biodivrsity goals to complmnt our climat chang targt. 4 In mmoriam: Pit Bof Pit Bof did on 19 Sptmbr H bcam Dirctor of Algmn Spaarbank voor Ndrland, as ASN Bank was calld at th tim, on 1 January 1980 and was th Managing Dirctor of our bank from 1986 until his rtirmnt in Pit was on of th prsons rsponsibl for formulating th gnral aspcts of our invstmnt policy and th mission of ASN Bank. Pit was charactrisd by his solidarity with popl who suffrd injustic, which drov his strong commitmnt to th anti-aparthid movmnt and Nlson Mandla s rlas. His ddication and nthusiasm bcam th voic of ASN Bank. It was a spcial momnt for him whn h had th opportunity to mt Nlson Mandla during th lattr s visit to th Nthrlands. It markd th achivmnt of th long-trm goal of Pit and ASN Bank at th tim. As Pit put it in ZAM Magazin: ASN sprang from socialist circls. Th Catholics and Protstants had thir own banks; w wr thr for th working class. That changd in th 1970s and 1980s. Th fight against aparthid was vry widly supportd mayb it was in fact our commitmnt that nabld us to ris abov th compartmntalisation of socity and to kp on growing. W ar gratful to Pit Bof for his contribution to th bank and th prsonal xampl h st by showing compassion and ngagmnt. W would lik to thank all thos who, as ASN Bank s customrs, mmbrs or partnring NGOs, put thir trust in us. Many thanks go out to our staff, who commit thmslvs to our customrs and our idals with such whol-hartd nthusiasm and ddication. Togthr, w will continu to build th just, sustainabl world of tomorrow in Ewoud Goudswaard Jron Jansn Joyc van dr Est

6 Rport ASN Bank wants to b transparnt about its objctivs, mthods and prformanc, both in th ara of sustainability and with rgard to its financial and conomic rsults. Th annual rport is an important link in that procss. In this rport, w rport on how w implmnt our sustainability policy in our banking srvics and products, our oprations and our ngagmnt with divrs partis on mattrs of sustainability. In addition, in this rport w rndr account of ASN Bank s financial rsults. Ths rsults ar also incorporatd in th consolidatd financial statmnts of SNS Bank N.V. This rport is intndd for our customrs, staff and othr stakholdrs w work with, such as our associats, partnring NGOs, rgulators, sharholdr and all othr individuals and organisations intrstd in ASN Bank s prformanc in 2014 and its plans for th futur. Chaptrs 7 to 12, inclusiv, giv mor dtails about our stakholdrs. GRI ASN Bank rports in accordanc with th nw G4 Sustainability Rporting Guidlins of th Global Rporting Initiativ (GRI). Th GRI tabl is availabl at Th G4 Guidlins plac an mphasis on th matriality analysis, which mans that w must answr th following qustions: Which sustainability issus ar important to ASN Bank in particular? To what xtnt do w lt our stakholdrs influnc th choic for ths issus? Dos our rport rndr account of th issus important to our stakholdrs? Th matriality analysis answrs ths qustions. Mor information can b found in Chaptr 7 and in Appndix 6. Th analysis rvals that all issus that w considr to b of matrial importanc ar sufficintly rflctd in our rports and policy pillars. Assuranc Rport This is a sustainability rport, supplmntd with rlvant financial information. W askd KPMG Sustainability to rviw th information about our sustainability prformanc includd in this rport. You will find th scop of th ngagmnt and th conclusions in th indpndnt Assuranc Rport. Plas rfr to th SNS Bank N.V. Annual Rport 2014 for th auditd financial statmnts. 5

7 ASN Bank Rport 2014 Ky prformanc in 2014 Oprations Oprating profit 58,6 m -12,3% compard to 2013 Costs Assts undr /managmnt 0,54% in 2013: 0.32% Employ satisfaction 7,8 targt 8,0 Provisions 0,04% CO 2 pr FTE 1,15 targt 1.34 tonns of CO 2 pr FTE Papr consumption pr clint account 0,31 targt 0.28 kg pr clint account Brand awarnss among primary targt group 26% compard to 23% in Novmbr 2013 Availability of onlin/mobil banking 99,7% targt 99% 6 Customrs NPS 12% Nw customrs ambition is 25% Customr bas at yar-nd Customr contact ,2% compard to ,0% compard to ,1% compard to 2013 Apprciation of customr vnts 8,2 Social mdia contact % % % INDUSTRY WINNER BANK Most customrfrindly businss in th Nthrlands 2014

8 Sustainability Assts undr managmnt SAVINGS INVESTMENT S TOTAL m +7,9% compard to 2013 Sustainability assssmnts 567 countris, companis and organisations assssd Donations to partnring NGOs 2,8 mln 176 partnrs Carbon-nutrality ambition 45% 2013: 34% CO 2 AGM voting 220 AGM s 167 Companis Invstmnt univrs Rcognitions Fair Bank Guid Intrnational rcognition for climat chang ambition Grn Bull Applications 176 Participants 100 Finalists 8 Winnrs 4 Votrs

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10 A Suprvision 9

11 ASN Bank Rport 2014 Rport of th Suprvisory Board To th Gnral Mting of Sharholdrs of ASN Bank N.V. Prliminary advic W ar prsnting you with th company s financial statmnts for th 2014 financial yar as prpard by th Managmnt Board, as wll as th rport of th Managmnt Board. W propos that you approv ths financial statmnts as prsntd, which will ntail that: th total profit of 58.6 million gnratd in 2014 will b addd to th sharholdrs quity; th Managmnt and Suprvisory Boards will b dischargd from liability in rspct of thir managrial and suprvisory work during th past financial yar. Introduction W fully ndors ASN Bank s sustainability mission and th nsuing policy. Consquntly, w fl closly connctd to ASN Bank s commrcial, financial and sustainabl dvlopmnt. Th ASN Bank Suprvisory Board and Managmnt Board mt four tims in On thos occasions, w discussd th financial and commrcial rports, which giv us clar insight into how ASN Bank is managd, how it achivs its rsults, th rsourcs it dploys to that nd, and how risks ar controlld. Som of th othr topics discussd in th cours of 2014 wr th following. Annual Rport 2013 W adoptd th 2013 Annual Rport and approvd th corrsponding prss rlas, which was issud on 19 March Customr intgrity Throughout 2014, much attntion was dvotd to two customr intgrity projcts, focusing on corporat clints and rtail customrs. In th cours of 2014, ASN Bank wnt through th fils of all its corporat clints and rtail customrs, supplmnting th incomplt fils aftr contacting th rlvant clints and customrs. W followd th progrss of th two projcts with intrst. 10 Appointmnt of ACTIAM N.V. as AIF managr Following th Altrnativ Invstmnt Fund Managrs Dirctiv (AIFMD), th ASN Bank Managmnt Board appointd ACTIAM N.V. (formrly SNS Asst Managmnt N.V.) as th AIF managr of th ASN Invstmnt Funds. Th Suprvisory Board gav its consnt to this. Th AIFMD imposs mor dtaild rquirmnts on th managmnt of invstmnt institutions lik ASN Blggingsinstllingn Bhr B.V. (ABB), th managr of th ASN Invstmnt Funds. If ABB wr to prform th managmnt itslf according to th AIFMD ruls, this would ncssitat a modification of its organisational modl and a considrabl incras of scal and th availabl xprtis of ABB. This dos not fit in with th prfrrd organisational modl and ASN Bank s stratgy. That is why ASN Bank dcidd to appoint ACTIAM, a profssional party, as its oprational fund managr with ffct from 22 July ABB will continu to conduct th managmnt of th ASN Invstmnt Funds. Bank balanc sht and risk managmnt W discussd ASN Bank s bank balanc sht togthr with th Managmnt Boards of SNS Bank N.V. and ASN Bank. ASN Bank works from th principl of a sustainabl socity whn building its balanc sht. This rquirs both a clar plan with assumptions about potntial rturns and risks and propr risk control. ASN Bank draftd a plan in 2014 to optimis th managmnt of th loan and invstmnt portfolio in trms of achiving sustainability objctivs, so that its balanc sht will rflct vn bttr th sustainabl socity it is pursuing. ASN Bank strivs for controlld growth of its corporat loans and invstmnts in th nxt fiv yars. Markt conditions will rmain a challnging factor in our fforts to strik th right balanc btwn sustainability objctivs, risks and rturns.

12 A Suprvision Nw focus ara: car W spok at lngth with th Managmnt Board about how ASN Bank wishs to xpand its (funding) activitis in th (halth)car sctor. W rcognis that th thm car is fitting for ASN Bank and mts a grat social nd. Howvr, w did xplicitly point out th risks and th nd to opt for a gradual, wll-thought-out approach. Advisory Council W wr informd of th dpartur of Fmk Halsma as th Chair of ASN Bank s Advisory Council. Hr succssor is Jan van dr Kolk, who was alrady a mmbr of th Council. In addition, th Chairman of th Suprvisory Board xtnsivly talkd with th nw Chairman of th Advisory Council, including about long-trm policy, th govrnanc structur, th climat chang ambitions and th common points of dpartur on various sustainability issus and how th various brands within SNS Bank N.V. (ASN Bank, SNS, Rgiobank, BLG Wonn) can collaborat and larn from ach othr in this rspct. Oprational plan for W discussd th oprational plan with th Managmnt Board. Th ky objctiv is: sustainabl banking that mts th customr nds of today and contributs to th world of tomorrow. Important lmnts of th plan includ ASN Bank s goal to grow to on million satisfid customrs, incras its assts undr managmnt and nsur controlld growth of its loans and invstmnts. In addition, ASN Bank ss a clar rol for itslf as a drivr of sustainabl choics. Rport on Banking Cod monitoring Th Banking Cod lays down guidlins to b complid with by all Dutch banks, unlss thy can xplain thir noncomplianc on spcific points. Th monitoring conductd by Complianc has shown that, with a fw xcptions, th Banking Cod is fully applid at SNS Bank N.V. Th wbsit of SNS Bank N.V. provids information on ths xcptions. Prformanc and composition of th Suprvisory Board W discussd th Suprvisory Board rgulations, which ar in part basd on and furthr laborat on th Banking Cod. Th rgulations hav bn adoptd. By th nd of th yar undr rviw, w valuatd our own prformanc and shard our findings with th ASN Bank Managmnt Board. Th Suprvisory Board s mmbrship was as follows during th 2014 financial yar: Rob Langzaal, Chairman Annmik van Mlick Bart d Ruigh (until 1 Sptmbr) 11 Bart d Ruigh lft th mploymnt of SNS Bank N.V. on 1 Sptmbr, thrby ffctivly giving up his sat on th Suprvisory Board of ASN Bank. In 2015, thr nw mmbrs joind th ranks of th Suprvisory Board: Dick Okhuijsn, Alxandr Baas and Martijn Wissls. W would lik to thank our customrs and othr stakholdrs for thir confidnc in ASN Bank. W xprss our apprciation of th fforts mad by th mploys and Managmnt Board. W hav vry confidnc that ASN Bank, dmonstrating commitmnt, will succssfully achiv its mission of bing a sustainabl bank in 2015 as wll. Th Hagu, 10 April 2015 On bhalf of th Suprvisory Board Rob Langzaal, Chairman

13 ASN Bank Rport 2014 Rport of th Advisory Council ASN Bank s Advisory Council compriss rprsntativs with a wid rang of social backgrounds. Cratd in 1993, th Council acts as th advisory body for ASN Bank. Th Council critically monitors ASN Bank s sustainability mission and provids th Managmnt Board with solicitd or unsolicitd advic. Th Managmnt Board and th Advisory Council rgularly consult about th bank s activitis and rsults, as wll as its sustainability cours. Thy mt twic in Thy also mt onc with th ASN Bank Suprvisory Board. Som of th topics discussd during th Advisory Council mtings wr th following. Draft animal wlfar policy Introducing ASN Bank s draft policy on animal wlfar, th Managmnt Board mt a nd th bank had flt for a long tim. Onc an initial draft had bn drawn up, th agncy Schuttlaar & Partnrs assistd in th consultation of stakholdrs. Th Managmnt Board also askd th Council for its input. This gav ris to th qustion whthr ASN Bank has any viws on xcssiv animal consumption. According to th Managmnt Board, this is on of th many aspcts of animal wlfar; th talks might lad to th conclusion that thy can b combind to form policy. Th policy will b rdiscussd in th Council onc th stakholdrs hav bn hard. Car and wlfar Th Managmnt Board discussd th intntion to mak a car & wlfar policy and answrd th Council s qustions and commnts in this rspct rgarding th objct, th dpth of analysis, th focus and innovation. It is about promoting a caring socity, about caring for ach othr. This might bcom on of ASN Bank s sustain ability pillars. Th draft policy will b discussd in Vision for th futur of th sustainabl bank balanc sht Th Managmnt Board rportd that it had talkd with th Suprvisory Board about ASN Bank s vision for th futur of its sustainabl bank balanc sht. Th Suprvisory Board ndorsd th analysis, but was cautious about ASN Bank s ambition for growth within th group of SNS Bank N.V. Th Advisory Council mphasisd th importanc of sustainability in rlation to funding via th balanc sht. Th Managmnt Board indicatd that ASN Bank will hav to strik a balanc btwn th risks it is taking as a bank and th rturns gnratd, whil taking account of th intrsts of all stakholdrs, including SNS Bank N.V. 12 ASN Bank govrnanc Th Council and th Managmnt Board discussd th govrnanc of ASN Bank, in particular th position and composition of th Suprvisory Board, and spcially th lvl of indpndnc. At th Advisory Council s rqust, a list was mad of th formal rquirmnts for th position and composition of th Suprvisory Board. It will b usd as a basis for ongoing talks with th Managmnt Board and th Suprvisory Board. Oprational plan for Th Council and th Managmnt Board discussd th draft oprational plan for th yars ahad. Th basic prmis is for ASN Bank to pursu controlld growth and hav on million satisfid customrs tn yars from now, and at th sam tim to incras th assts undr managmnt and th shar of sustainabl loans on its balanc sht. In addition, ASN Bank wants to xrt influnc in th ara of sustainability as part of, as wll as indpndntly from, its banking activitis. Extnsiv talks wr hld about th ambition to achiv halthy growth using corporat loans and invstmnts, and about th consquncs this ambition will hav in today s markt conditions. Th Council drw attntion to th importanc of innovation in rlation to th loans and invstmnts. Th final plan will b adoptd in arly January Composition and powrs of th Advisory Council Th draft of th updatd vrsion of th Advisory Council s rgulations was adoptd at th bginning of Onc th Council s profil has bn addd, th final vrsion will b formally adoptd in arly Halfway through th yar, Fmk Halsma dcidd to rtir from th Council for prsonal rasons. Jan van dr Kolk took ovr hr position as Chair with th Suprvisory Board s consnt. No nw mmbrs joind th Council in Howvr, th Managmnt Board is looking for a nw mmbr.

14 A Suprvision Th Council s mmbrship was thrfor as follows in 2014: Fmk Halsma, Chair until 29 Sptmbr 2014 Maartn van Huijst Hans Kamps Jan van dr Kolk, Chairman as from 29 Sptmbr 2014 Willmijn Vrloop Th Council blivs that ASN Bank actd in lin with its sustainability mission in W would lik to xprss our apprciation for th mannr in which th bank s Managmnt Board and staff prformd thir dutis in Th Hagu, 10 April 2015 On bhalf of th Advisory Council, Jan van dr Kolk, Chairman 13

15 ASN Bank Rport 2014 Climat chang Climat stability is undr havy prssur from grnhous gas missions. Ths missions ar crating rapid global warming, which is harmful to natur and biodivrsity as wll as human rights and world pac. That is why w contribut to a saf, stabl and livabl climat in a varity of ways. Attntion for climat chang ambition ASN Bank has an ambitious climat chang objctiv: w want to b carbon nutral by Th ky challng is to rduc th nt carbon footprint of all our invstmnts and loans to zro. W rcivd much attntion for this ambition in 2014, including during th annual mting of th Unitd Nations Environmnt Programm Financ Initiativ (UNEP FI) in Gnva. 14 WakaWaka lamp for womn Th ASN Foundation supportd th WakaWaka Foundation, which provids th vry poorst around th world with saf, sustainabl, slf-sufficint sourcs of nrgy and light. Th donation was mad to a projct that supplis womn in dvloping countris with solar lamps, nabling thm to work at night. Th solar lamps ar safr, bttr, halthir and chapr than traditional lighting. Photo: Josj Dkns Scouting Solar Battl Introducing childrn and thir parnts to rnwabl nrgy in a positiv way: that was th goal of th Scouting Solar Battl (Scouting Zonnstrijd) organisd by Natuur & Miliu with ASN Bank s support. As many as 250 scouting clubs wantd to win fr solar panls for thir bas. Aftr an xciting round of voting, th first priz of tn panls wnt to th Albrt Schwitzr Group from Wordn.

16 Climat Photo: Hollands Hoogt/Wib Kistra Photo: Josj Dkns Voic for young popl Via National Youth Council NJR w sponsord th young sustainability ambassadors, nabling thm to giv young popl a voic at th climat chang confrncs and organis workshops at schools. On of th young ambassadors, Ralin Bkkrs, alrady has som grat achivmnts to hr nam: sh addrssd th Unitd Nations and rankd in th Sustainabl 100 of Trouw nwspapr. Wstrmrwind Wind farm Wstrmrwind will mrg from th IJsslmr watrs alongsid th Noordoostpoldr diks in th nxt fw yars. Du to b compltd in 2016, th 48- turbin wind farm is xpctd to produc wind powr for 160,000 housholds. ASN Bank is contributing 36.5 million uros to th funding. Dutch Climat Coalition In 2014 ASN Bank joind Ndrlands Klimaatcoaliti (th Dutch Climat Coalition), an initiativ of MVO Ndrland, Klimaatvrbond Ndrland and Stichting Natuur & Miliu, in collaboration with th Ministry of Infrastructur and th Environmnt. This coalition brings togthr companis, govrnmnts, public institutions and NGOs to build a carbon-nutral socity. 15

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18 B Sustainability 17

19 ASN Bank Rport Sustainability mission and objctivs Sustainability is th guiding principl in all of ASN Bank s activitis. W subscrib to th gnrally accptd dfinition st out in th 1987 Unitd Nations rport Our Common Futur: sustainabl dvlopmnt mans dvlopmnt that mts th nds of th prsnt without compromising th ability of futur gnrations to mt thir own nds. ASN Bank s mission is in lin with this dfinition. Our mission is: Our conomic conduct is aimd at promoting sustainability in socity. W hlp to scur changs that ar intndd to put an nd to procsss whos harmful ffcts ar shiftd to futur gnrations or foistd onto th nvironmnt, natur and vulnrabl communitis. In doing so, w do not los sight of th ncssity to yild rturns in th long run that safguard th continud xistnc of our bank. W manag th funds that our customrs ntrust to us in a mannr that dos justic to thir xpctations. Sustainabl bank Sustainability is about mor than just having a sustainabl offic or sustainabl production sit: it is also vital to impos sustainability rquirmnts on supplirs. This also holds tru for banks. A bank may mak its offic organisation mor sustainabl ASN Bank has alrady don so but th influnc it can xrcis through its lnding and invsting activitis is many tims largr. That is why ASN Bank aims to achiv its mission by pursuing a highr lvl of sustainability in both its offic organisation and its banking activitis, i.. th loans providd by ASN Bank and th invstmnts mad by th ASN Invstmnt Funds and ASN Asst Managmnt. Th thr pillars of our policy: human rights, climat chang and biodivrsity Sustainability and sustainabl dvlopmnt ar frquntly only rgardd as nvironmntal objctivs. To ASN Bank, howvr, th aim for sustainabl dvlopmnt is first of all inspird by a sns of justic. Th purpos of sustainabl actions is to arriv at a fair distribution of walth, now and in th futur. Sustainability thus includs a social aspct, which is why w build our sustainability policy on thr pillars: human rights; climat chang; biodivrsity. All issus that mattr to our customrs and to us can b groupd undr th umbrlla of ths thr pillars. W rgularly rviw our policy basd on our day-to-day xprincs. Is it still corrct? Do w spcify clarly what popl man? Ar w sing any nw dvlopmnts? If our insights or thos of customrs indicat that th policy nds to b updatd, w implmnt such updats on th basis of xtnsiv stakholdr consultation (crowdsourcing). Objctivs W formulat objctivs for th sustainability prformanc of th offic organisation, ASN Bank s banking activitis and th activitis of th ASN Invstmnt Funds. For th short trm, w dfin quantitativ and qualitativ goals. In addition, w st long-trm goals. Long-trm goals As a sustainabl bank, ASN Bank wants to mak an activ contribution to procsss that promot th sustainability of socity. W achiv this ambition by mans of our activitis in th aras of slction, ngagmnt and voting (s Chaptr 2). Th nxt, uniqu stp in th dvlopmnt of our sustainability policy is th dfinition of long-trm goals at th stratgic lvl for th thr pillars of our sustainability policy: human rights, climat chang and biodivrsity. Th climat chang targt has now bn st; goals for human rights and biodivrsity ar undr dvlopmnt. Th formulation of ths goals is uniqu as no othr bank has as yt st such sustainability objctivs for th long run. W want to dfin goals that will allow us to incorporat our mission in all our activitis (s Chaptrs 3, 4 and 5 for mor information about ths activitis). In ordr to achiv our long-trm goals w prfr to tam up with othrs, including customrs, civil socity, companis, th govrnmnt and othr financial institutions. Human rights In 2014, w discussd a possibl long-trm objctiv in th ara of human rights. W do not wish it to tak th form of rfrncs to intrnational convntions, but rathr that of th clar-cut prformanc of our human rights invstmnts and activitis. W apply strict human rights critria whn slcting our invstmnts and loans. W activly ngag with companis about human rights issus such as childlabour and working conditions. Furthrmor, w wish to dfin a spcific long-trm goal to furthr xpand our influnc on th improvmnt of human rights. W do so without pursuing a quantitativ goal, howvr, as xprinc has taught us that this is impracticabl for us. Du to th complxity of th mthods, mor mphasis should b placd on masurmnt rathr than rsults. That is why w will adopt a spcific long-trm objctiv on a vital but clar sgmnt in 2015 and implmnt it in an activist kind of way. Our goal is to driv dmonstrabl changs lading to idntifiabl, bttr prformanc in th ara of human rights. Our activist attitud towards th pharmacutical industry is in lin with that approach.

20 B Sustainability Climat chang In 2013, w formulatd our climat chang targt as our first long-trm goal in th ara of sustainability. Th problm of climat chang is highly urgnt, rquiring vryon to contribut to a solution. W aim for a maximum contribution by ASN Bank, if only bcaus w want to st an xampl to othr companis and financial institutions. For that rason, w includd a fundamntal goal for th longr trm as w rvisd our climat chang policy: w want both our organisation and all of our invstmnts on th ASN Bank balanc sht and undr managmnt at th ASN Invstmnt Funds to b carbon nutral by This works as follows. Our dirct and indirct invstmnts that mit grnhous gass ar offst by our dirct and indirct invstmnts that prvnt grnhous gas missions. Our goal is that th sum of th missions and th prvntion of missions will b zro in 2030, rsulting in a nt zro ffct on th climat. Our offic organisation is alrady carbon nutral. This is why th long-trm climat goal is: Long-trm goal Nt zro carbon footprint of all invstmnts 100% 45% 4 S Chaptr Contrary to human rights and biodivrsity, our sus tainability pillar climat chang dos allow us to dtrmin a long-trm goal basd on a clar, objctivly quantifiabl prformanc. Aftr all, thr is an intrnational, unambiguous unit for masuring this prformanc: th mission of CO 2 quivalnts. Incrasingly bttr data has bcom availabl in rcnt yars. Masurmnt is not asy, but it is possibl. Biodivrsity In our sarch for a long-trm biodivrsity goal, w ncountrd th sam kind of objctions as with human rights. Again, as w ar a financial institution, w would hav to considr too many factors and indicators to masur our biodivrsity prformanc. W do bliv that masurmnt within a subara is possibl, howvr, for xampl th amount of natur prsrvd or nwly cratd. In 2015, w will xplor how w can dfin a goal that is important both to ourslvs and to our customrs. Short-trm goals For th short trm, w dfin quantitativ and qualitativ goals. W xprss our quantitativ goals in figurs and our qualitativ goals in achivd or not achivd. Targt for 2014 Achivd in 2014 Targt for 2015 S Chaptr Qualitativ short-trm goals Climat chang policy Implmntation of stratgic objctiv ASN Bank carbon nutral by 2030 Implmntation progrss 4 Living and working policy Compltd Animal wlfar policy Implmntation of ISO for th offic organisation Policy is in its compltion phas Crtification rcivd in arly 2014 Compltion in arly Maintain crtification Formulat long-trm human rights goal Formulat long-trm biodivrsity goal 3 5 Short-trm qualitativ goals Nt Promotr Scor (NPS)* 12% 20% 8 Social and nvironmntal goals of th offic organisation Carbon missions 1.34 tonns pr FTE (scops 1 and 2** 1,15 Targt unchangd 6 Papr consumption 0.28 kilos pr account 0,31 Targt unchangd 6 Employ satisfaction 8.0 7,8 Targt unchangd 12 * S Chaptr 8 ** S Chaptr 6

21 ASN Bank Rport Sustainability in practic Sustainability is part and parcl of all of ASN Bank s activitis. This chaptr xplains how w ar actually bringing th sustainabl world closr using our banking activitis, such as our loans and invstmnts, as wll as all sorts of activitis outsid our rol as a bank, oftn in collaboration with lik-mindd popl. Policy paprs ASN Bank s sustainability policy has bn laid down in policy paprs containing th sustainability critria for th slction of all dirct and indirct invstmnts, and th choic of supplirs, sponsor projcts and projcts for th ASN Bank World Award. Th critria apply to all loans xtndd by ASN Bank (s Chaptr 14). ASN Blggingsinstllingn Bhr B.V. (ABB), th dirctor of ASN Blggingsfondsn N.V. and th managr of ASN-Novib Microkrditfonds and ASN Gron projctn fonds, has adoptd ths sustainability critria in full as th basis for its invstmnt policy. Th sam gos for ASN Asst Managmnt. Th policy for ach pillar human rights, climat chang and biodivrsity has bn laboratd in sparat policy paprs. Sctor-spcific policy paprs dscrib how w implmnt ths policis in th various sctors. All policy paprs ar publishd on our wbsit, asnbank.nl. Instrumnts for sustainabl choics W implmnt th concpt of sustainabl invstmnt and lnding using thr tools: A. th slction of loans, companis, institutions and national govrnmnts; B. ngagmnt, or th dialogu with th companis or institutions in which w invst or may wish to invst; C. xrcising th voting rights associatd with quity invstmnts. Each of ths activitis is prformd according to a standard procdur, ultimatly lading to a spcific rsult, i.. approval or disapproval of a company, projct, institution or national govrnmnt, th casting of a vot at a mting of sharholdrs, or compltion of ngagmnt with a company. W will xplain ths procdurs blow. Assssd in 2014: companis for th quity univrs and countris for th govrnmnt bond univrs ASN Duurzaam Aandlnfonds 242 ASN Miliu & Watrfonds 80 ASN Duurzaam Small & Midcapfonds 64 ASN Duurzaam Obligatifonds Approvd Disapprovd and rmovd from th ASN Invstmnt Univrss Disapprovd and not admittd to th ASN Invstmnt Univrss * 14 companis wr assssd for mor than on fund. Engagmnt in 2014 Companis in th quity univrs 42 Voting in 2014 Numbr of companis whr vots wr cast 196* Numbr of sharholdrs mtings whr vots wr cast 220* Numbr of companis in which th ASN Invstmnt Funds invstd at yar-nd * Ths figurs ar diffrnt bcaus: - som companis hav svral sharholdrs mtings; - w votd at mtings of companis that wr no longr includd in th fund portfolio at th nd of th yar, and vic vrsa.

22 B Sustainability Th Sustainability & Rsarch (S&R) Dpartmnt is rsponsibl for sustainability policy formulation, th assssmnts, th dialogu with companis and th xcution of th voting policy. In addition, mploys of this dpartmnt rgularly tak part in (public) dbats on a rang of sustainability issus. A. Slction Th slction procss is on of th ky procdurs that w us to implmnt ASN Bank s mission for our customrs. It is an intnsiv and thorough procss that taks plac according to a standard procdur. W continuously vrify whthr invstmnts mt our sustainability critria. In that procss, w us information from th companis or countris thmslvs, as wll as information providd by spcialisd rsarch instituts, th mdia and NGOs. W discuss th assssmnts in th ASN Slction Committ aftr compltion. Th Committ consists of rprsntativs of th Managmnt Board of ASN Bank and of th Managmnt Board of ASN Blggings instllingn Bhr B.V. and th Had of S&R. Th lattr has a right of vto. Th Committ is advisd by th S&R Dpartmnt. It mt six tims in Th ASN Slction Committ is th only body that has th powr to approv or disapprov a company, govrnmnt or institution for th invstmnt univrs. It is our goal to rviw vry company and institution in th univrs within thr yars. If nw information shows that th rviw should b prformd arlir, w will do so. Companis, institutions and national govrnmnts that mt our sustainability critria hav bn includd in th ASN Invstmnt Univrss. This way, w crat a list of invstmnt opportunitis that hav bn approvd for thir contribution to a sustainabl socity. Whn structuring thir portfolios, th asst managrs of th ASN Invstmnt Funds, th managrs invsting th ASN Bank savings, and ASN Asst Managmnt mak a slction from ths lists of approvd companis and institutions. In 2014, many and divrs invstmnts wr assssd for thir complianc with our sustainability critria. Th tabl prsnts th numbrs of listd companis that wr assssd. Anothr substantial catgory is th govrnmnt bond catgory, for which w assssd approximatly two hundrd countris in W approvd svntn of thm. B. Engagmnt W rgularly contact th companis and institutions that w financ or that our funds invst in, with a qustion or a rqust. Our aim is to mak thm mor awar of thir prformanc in th aras of human rights, climat chang and biodivrsity and to improv this prformanc. It also givs us vn bttr insight into th choics that companis fac in practic. This rgular contact hlps Engagmnt in 2014: Bangladsh In 2013, w startd an ngagmnt procss following th catastroph in th Rana Plaza garmnt factory in Bangladsh on 14 April Non of th fiftn clothing manufacturrs includd in th ASN Invstmnt Univrs at that tim wr involvd in Rana Plaza, but thy ar activ in low-wag countris. W hav sn in practic that th chanc of accidnts happning is substantial thr. That is why w askd thm, togthr with othr invstors, to tak thir rsponsibility. Most companis answrd sufficintly to xtnsivly. Svn of thm signd th Bangladsh Safty Accord, othrs took thir own masurs. W contactd th fiv companis that had not rspondd sufficintly or at all again in Thr of thos could sufficintly xplain thir position. Two clothing companis rspondd insufficintly and rquir furthr ngagmnt. If an adquat rspons is not forthcoming, thy will b rmovd from th univrs. In 2014, ASN Bank also signd a dclaration of invstors urging th companis concrnd to activly implmnt th Bangladsh Safty Accord and to contribut mony to th victims compnsation fund. thm to undrstand bttr what w on bhalf of our customrs xpct of thm. W primarily avail ourslvs of this ngagmnt in th following cass: 1. If w suspct that a company in th invstmnt univrs no longr mts our invstmnt critria. W will contact th company about this. If th dsird rspons is not obtaind, th ASN Slction Committ dcids whthr th company should b rmovd from th univrs. 2. ASN Duurzaam Small & Midcapfonds may invst in companis that mt our absolut sustainability critria but that do not yt scor sufficintly on all rlativ sustainability critria. By activly ngaging thm in dialogu, w str thm towards improvmnt. 3. Companis and institutions apprciat it if thy ar slctd for our univrs. W ncourag thm by informing thm of thir admission whr possibl. In 2015, w will dfin a long-trm goal for human rights. Engagmnt will b an important tool to achiv this goal. In th yars ahad, our ngagmnt with companis will b lss frqunt but mor in-dpth and ffctiv. 21

23 ASN Bank Rport 2014 C. Voting Th ASN Invstmnt Funds ar ntitld to vot at sharholdrs mtings of th companis in which thy invst, which nabls thm to influnc th policis and managmnt of thos companis. Th funds cast thir vots according to th mission and sustainability critria of ASN Bank and ASN Blggingsinstllingn Bhr B.V. Lobbying activitis, advocacy and dclarations As an advocat, w participat in national and intrnational forums, such as th Carbon Disclosur Projct, UNEP FI, Global Compact, Caring for Climat Initiativ, D Gron Zaak, and Duurzam Enrgi Kopl. W promot climat-saving masurs among all sorts of targt groups and ar a PRI mmbr. Plas rfr to Chaptrs 3, 4 and 5 for mor information. 22 Sustainability dilmma: th pharmacutical industry Th concpt of sustainability is vry comprhnsiv, which somtims lads to discussion whn w translat th concpt into practic. Do w invst in a solar panl manufacturr without a human rights policy? What do w do if a company is accusd of corruption that is not provn? By formulating our sustainability policy as clarly as possibl, w attmpt to obviat such dilmmas. On spcific dilmma is posd by invstmnts in th pharmacutical industry. This industry is in part rsponsibl for th availability and accssibility of mdicins. Mdicins rais th standard of living and improv halth, which mans that pharmacutical companis ar part of a sustainabl world. Yt thy ar frquntly a sourc of scandal, for xampl on account of malpractics in clinical trial procdurs in dvloping countris, falsification of tst rsults and illgal mdicin markting. To incras our ffctivnss, w want to add focus to our ngagmnt by convincing pharmacutical companis to implmnt thir human rights policy thy usually hav a good policy in plac but fail to proprly xcut it. Sharing knowldg W activly participat in platforms, working groups, sminars and a rang of othr mtings whr w shar our knowldg of sustainabl banking. Our mission is to mak socity mor sustainabl, and w ar happy to hlp othr banks and financial institutions with similar aims. Convrsly, w also want to larn from th idas and initiativs of stakholdrs. For this rason, w tak part in th Dutch Banking Association s Sustainability Platform (Platform Duurzaamhid) and in mtings about subjcts lik rnwabl nrgy and nrgy consrvation masurs in rsidntial construction, halthcar funding and climat chang. W ourslvs rgularly tak th initiativ to shar knowldg, for xampl in th aras of biodivrsity (s Chaptr 5) and nrgy consrvation masurs in rsidntial construction (s Chaptr 11). W do this both in th Nthrlands and at th intrnational lvl, in 2014 mainly about th issus of climat chang and human rights. Promoting sustainability W hav various ways to initiat sustainabl dvlopmnts in socity and support othr popl s initiativs in this fild, for xampl via our partnring NGOs, th ASN Foundation and our community For th World of Tomorrow. Mor information can b found in Chaptrs 10 and 11.

24 B Sustainability 3 Human rights Human rights ar univrsal valus that apply vrywhr, always and to vryon. Giving paramount importanc to human dignity, justic, frdom and quality, th purpos of human rights is to protct th human dignity of all. Our intrprtation of human rights includs vry typ of human rights: civil rights, political rights and conomic, social and cultural rights. Human rights protct popl against abus of powr by govrnmnts and organisations, which may tak th form of discrimination, privacy violations and tortur. Human rights also impos obligations on govrnmnts, for xampl th obligations to provid ducation and halthcar, frdom of spch and qual tratmnt. Human rights ar laid down in intrnational convntions. In our human rights policy papr, w answr th qustion: how dos ASN Bank trat popl via its loans, invstmnts and activitis? Th foundations of our human rights policy ar th 1948 Univrsal Dclaration of Human Rights and th intrnational standards basd on it. W ar also rfrring hr to th Guiding Principls on Businss & Human Rights adoptd by th UN Human Rights Council in Jun Ths principls ar basd on th work prformd by th Amrican Profssor John Ruggi as th UN s Spcial Rprsntativ of th Scrtary-Gnral and hav bn incorporatd in our policy papr. In this documnt, w st strict critria for assssing th companis and institutions in which ASN Bank, th ASN Invstmnt Funds and ASN Asst Managmnt invst. Ths companis ar rquird to mak considrabl fforts to prvnt any violations of human rights. W analys companis and institutions on a rang of issus, such as non-discrimination, child labour, frdom of spch and privacy, frdom of association, rspct for local socity and th local population, and consumr safty. Principls for Rsponsibl Invstmnt (PRI) In 2010, w signd th Unitd Nations Principls for Rsponsibl Invstmnt (PRI). Ths principls wr introducd in 2006 as a st of voluntary bst practic standards for walthy individuals and asst managrs who want to considr th nvironmnt, socity and govrnanc in thir invstmnt procdurs. Th PRI provid invstors with a platform to jointly ngag with companis, giving thm mor powr to mak a diffrnc. In that contxt, w took part in an ngagmnt programm about labour rights in th chain of food companis in Mmbrs can also jointly submit agnda itms, or sharholdr rsolutions, to sharholdrs mtings, for xampl about climat chang and human rights. W publishd PRI rports in Th purpos of th rports is to b transparnt about how ESG factors ar part of our oprations and how thy ar rflctd in our policy, our procdurs and our arrangmnts with th managrs implmnting our sustainability policy. Arms Trad Traty On 2 April 2013, a historic stp was takn for human rights: th Unitd Nations adoptd th Arms Trad Traty. On 24 Dcmbr 2014, th Traty took ffct in all ratifying countris. Each yar, vry country must provid a statmnt of th import, xport and transit of arms. This stp markd a hug chang in th lvl of transparncy, providing a much bttr undrstanding of th world s arms flows. Th Traty also lays down clar standards on whn a country may xport wapons and whn it may not. Countris must prvnt th risk of divrsion, i.. wapons ultimatly nding up in th wrong hands. Wapons xport is subjct to a mandatory risk analysis. ASN Bank supportd Control Arms Nthrlands, a coalition of Amnsty Intrnational Nthrlands, PAX and Oxfam Novib, in its fight for a strong arms trad traty. W lobbid activly and also urgd customrs via our wbsit to sign th global ptition for a strong traty. 23 Global Compact Th Global Compact is an initiativ of th Unitd Nations that ncourags companis to includ and abid by tn principls in th aras of human rights, mploymnt, th nvironmnt and corruption. As Ewoud Goudswaard, our Managing Dirctor, puts it: In 2007 ASN Bank signd th Global Compact to xprss its long-standing and continuous commitmnt to th tn goals of this intrnational UN initiativ. That commitmnt continus with full intnsity. This rport shows how w implmntd it in Social dvlopmnt goals aftr 2015 In 2000, 189 Unitd Nations mmbr stats adoptd th ight Millnnium Dvlopmnt Goals for 2015, which wr to nd xtrm povrty, inquality, disas and hungr in th world. Much has bn achivd, but many of th goals ar yt to b rachd. On a positiv not, th goals hav had a major impact on th fforts undrtakn by th intrnational community for sustainabl dvlopmnt. This sparkd th initiativ to dfin goals to succd th Millnnium Dvlopmnt Goals: th Sustainabl Dvlopmnt Goals, focusing on social dvlopmnt and an qual distribution of walth in th world.

25 ASN Bank Rport 2014 Thir novl aspct lis in th fact that not only countris ar committd to ths goals, but also companis and non-govrnmntal organisations (NGOs). W bliv that collaboration btwn companis and NGOs lik ASN Bank itslf is doing can mak a significant contribution towards achiving th goals. Th talks rsultd in th Chartr on th rol of businss, civil socity and cross-sctor partnrships in th Post-2015 Dvlopmnt Agnda. With this Chartr, ovr fifty Dutch companis and NGOs wish to show that a joint approach is ffctiv. ASN Bank is on of th signatoris. Th Dutch govrnmnt will submit th Chartr to th ngotiations about th nw agnda of th Sustainabl Dvlopmnt Goals. 24

26 B Sustainability 4 Climat Convincd of th urgncy of th problm of climat chang, w hav dfind an ambitious long-trm climat chang targt. W ar working to achiv this targt first of all as a financir and invstor, but also as an activist and driving forc, advocat and mployr. To climat scintists, it is byond any doubt that th mission of grnhous gass, mainly CO 2 (carbon dioxid), is causing today s rapid global warming. This climat chang advrsly affcts natur and popl s wll-bing. Floods, long priods of drought and othr xtrm wathr conditions can lad to rgional food inscurity and th displacmnt of larg groups of popl, crating rfug flows that may jopardis pac, public ordr and safty. Th poorst rgions of th world will b hit th hardst. It is absolutly vital that th world rachs a turning point in its missions by 2030 at th latst if w ar to prvnt th global warming from assuming disastrous proportions. Aftr that, as soon as possibl but dfinitly no latr than around 2050 a nt carbon-nutral situation must hav bn cratd, which mans that no additional CO 2 is rlasd into th atmosphr. Carbon nutral by 2030 ASN Bank wants to tak th lad by bing th bank that maks a maximum contribution to rducing missions. For this rason, w hav mad it our goal to achiv full nt carbon nutrality in all our loans and invstmnts (banking activitis) by Extrnal xprts hav hlpd us calculat to what xtnt w hav alrady rachd this targt for th yars 2011 to In this rspct, w distinguish btwn th invstmnts of ASN Bank and thos of invstmnt company ASN Blggingsinstllingn Bhr B.V. (ABB). W rduc th carbon missions of our banking activitis as follows: W do not invst in th xtraction and procssing of fossil nrgy sourcs. W invst as much as possibl in nrgy takn from rnwabl nrgy sourcs, as wll as in nrgysaving masurs, low-nrgy buildings and nrgy fficincy. W avoid invstmnts in nrgy-intnsiv companis and prfr companis dlivring nrgy- xtnsiv solutions. W hav a climat chang objctiv for ASN Duurzaam Aandlnfonds: th mor CO 2 companis mit, th lowr our invstmnts in thos companis. Achivd portion of th carbon-nutrality objctiv in % Crdits and chargs in kilotonns of CO 2 quivalnts Achivd 24.4% 2012 Achivd 23.1% 2013 Achivd 34.1% 2014 Achivd 45.1% 2030 ambition 100% 25 POSITIVE IMPACTS ASN Bank ABB* ASN Bank ABB ASN Bank ABB ASN Bank ABB NEGATIVE IMPACTS ABB ASN Bank ABB ASN Bank ABB ASN Bank ABB ASN Bank * ABB is ASN Blggingsinstllingn Bhr B.V.

27 ASN Bank Rport Whn th positiv CO 2 impacts qual th ngativ, w hav fully achivd th objctiv. Togthr with Ecofys, w furthr dvlopd th mthods usd to calculat this in 2014 in as wll. This producd th following data for th yars 2011 to 2014, inclusiv: In 2014 w achivd a substantial nt improvmnt. Both th bank and th ASN Invstmnt Funds producd highr positiv CO 2 impacts, whil th nt ngativ impacts ros only to a limitd xtnt. Th ris in ngativ CO 2 impacts at th invstmnt funds is mainly th rsult of th absolut growth of th siz of th funds. Although th bank also grw, its ngativ impacts droppd limitdly. Th main rason for th nt improvmnt is th incras of positiv CO 2 impacts at th bank and, to a lssr xtnt, at th funds. This incras was drivn by th growth of invstmnt v olum in rnwabl nrgy projcts and grn bonds with a focus on rnwabl nrgy and nrgy consrvation. Sharing knowldg On Thursday 16 Octobr 2014, w prsntd th carbon-nutrality objctiv during th annual mting of th Unitd Nations Environmnt Programm Financ Initiativ (UNEP FI) in Gnva. W hop this will inspir othr financial institutions, govrnmnts and policymakrs to follow our xampl. Charls Andrson, Dirctor of UNEP FI, rfrrd to ASN Bank as an important xampl of how things can b and should b don diffrntly. W will continu to talk with UNEP FI rprsntativs about how w can play our rol as a driving forc vn bttr. W also shard our knowldg in this ara with many individual partis, including various financial institutions from th Nthrlands and othr countris. Thr is a grat dal of intrst in our approach, which is considrd to push th boundaris of th diffrnc that banks can mak in rducing global warming. Ddication to th climat W ar also ddicatd to th climat outsid of our lnding and invsting activitis. With Facbook posts, twts, customr mtings and articls in Idaal, w aim to hightn popl s awarnss about th importanc of carbon-nutral living. In 2014, for xampl, w dnouncd th ffcts that th us of coal has on th climat and human rights. Th sam Idaal issu also discussd Urgnda s wbsit which hlps consumrs mak thir homs nrgy nutral. Togthr with Natuur & Miliu, w organisd a comptition in which scouting groups could win solar panls for thir bas. At ASN Liv in Nijmgn on 9 Sptmbr, w discussd th climat with popl lik wathr forcastr Rinir van dn Brg, journalist Olaf Kons, Timmo Trpstra of Koffibrandrij Pz, and attnding customrs and othr intrstd popl. Climat Coalition In Novmbr w joind th partnrship Ndrlands Klimaatcoaliti (th Dutch Climat Coalition), an initiativ of MVO Ndrland, Klimaatvrbond Ndrland and Stichting Natuur & Miliu in collaboration with th Ministry of Infrastructur and th Environmnt. Th companis, govrnmnts, public institutions and NGOs in th coalition tak initiativs to hlp build a carbon-nutral socity. Th coalition is pooling all initiativs in th run-up to th UN Climat Chang Confrnc in Paris in Dcmbr 2015, in ordr for th Nthrlands to srv as an xampl and a sourc of inspiration for othr countris on th road to a carbon-nutral socity.

28 B Sustainability 5 Biodivrsity Biodivrsity is th divrsity of living organisms and th varity of thir intrrlationships in cosystms. As a sustainabl bank, w hop to contribut to maintaining and strngthning biodivrsity and cosystms. Biodivrsity contributs to our prosprity, but only part of that contribution can b xprssd in montary trms. Many popl njoy natur, or valu it from an asthtic, rligious or cultural point of viw. But biodivrsity also offrs valuabl conomic srvics through cosystms, for xampl in th production of oxygn, watr purification, food, fuls, raw matrials, mdicins, protction and rcration. A balanc btwn th various animals, plants and microorganisms xists in th cosystms. Upstting that balanc can hav srious consquncs. It is thrfor important to protct biodivrsity so that this balanc is not disruptd. Th protction of biodivrsity and cosystms is not only dsirabl for moral rasons, but vn ncssary from an conomic prspctiv. Many srvics and products, such as food, strongly dpnd on bio divrsity, in particular thos for th poorst popl. Ovr on billion popl ar dirctly dpndnt on natural rsourcs lik food, clan watr and wood. As a sustainabl bank, w hop to contribut to maintaining and strngthning biodivrsity and cosystms. For that rason, w spcifid our biodivrsity invstmnt critria in our biodivrsity policy papr. W apply ths critria whn slcting companis, projcts and countris for our invsting and lnding activitis. Intrnational coopration W hav ndorsd th Natural Capital Dclaration (NCD). In this dclaration, banks, invstors and insuranc companis undrtak to intgrat natural capital into th financial sctor s businss modl. Th NCD is dvloping a mthod for th financial sctor to masur biodivrsity, in th absnc of any rady-mad, usabl masurmnt mthod. W want to furthr dvlop our critria for pollution, chang of land us and ovrxploitation in ordr to provid insight into th impact on biodivrsity. Th Nthrlands: Community of Practic W hav bn a mmbr of th Businss and Bio divrsity Community of Practic (CoP) of th Nthrlands Entrpris Agncy (Rijksdinst voor Ondr nmnd Ndrland; RVO) for som yars now. In this community w xchang idas about th qustion what to do with this subjct and forg nw partnrships as a rsult. As companis shar knowldg and mbark on joint initiativs, th transition to policy and actions taking account of biodivrsity is gathring pac. Th CoP s insights rsultd in th publication Bdrijvn n Biodivrsitit, issud in 2014 and availabl at ASN Bank also contributd to this publication. As a bank has no physical products, w can only indirctly influnc biodivrsity by mans of our loans and invstmnts. Howvr, th CoP dos hlp us undrstand how companis dal with this issu. At our initiativ, RVO facilitatd th start of a biodivrsity Community of Practic for th financial sctor in In that community, financial institutions mt four tims pr yar to discuss biodivrsity and shar thir xprincs. Apart from a fw frontrunnrs, most banks only just startd considring this issu. Animal wlfar policy Animal wlfar is vry important to both our customrs and ASN Bank. That is why w prsntd our updatd draft animal wlfar policy to customrs and xprts in In svral sssions, w had intnsiv talks with thm about th policy itslf and th undrlying dilmmas and choics. Ths talks producd som intrsting points of viw, which w hav incorporatd into th policy. Subtitld For rspctful intraction btwn popl and animals, th policy documnt dals with th company slction critria in rspct of animal tsting, gntic nginring, fur, livstock farming, fishry, wild animals and animals in captivity. Th policy was approvd at th bginning of

29 ASN Bank Rport Sustainabl offic In our offic in Th Hagu w hav ovr 140 popl working with a passion to achiv a sustainabl, livabl world. W ar also faithful to our mission as an offic organisation, which drivs us to improv our dirct sustainability prformanc in many ways. ASN Bank is locatd in a sustainably rnovatd offic building. In 2014, th building was assignd EPBD nrgy labl A (s Appndix 3) for rasons including th solar nrgy systm installd on th roof. W also installd a thrmal storag systm in 2014, which is usd to hat and cool th building. Thanks to th rduction in nrgy consumption this is st to produc, w ar likly to rciv an vn highr nrgy labl in Th offic building has a grywatr sanitary systm, and th company rstaurant uss sustainabl products. Th main nvironmntal impact of our offic is cratd by th carbon missions of our (offic) activitis, such as hating and travl, and papr consumption. Appndix 3 givs a comprhnsiv ovrviw of our consumption in th past fiv yars. Grnhous gas missions W distinguish various typs of grnhous gas mission: scop 1 missions: dirct grnhous gas missions by our own activitis. scop 2 missions: indirct grnhous gas missions rsulting from our own activitis, such as th gnration of lctricity w us. scop 3 missions: th missions of grnhous gass in th supply chain, such as th papr w us and th invstmnts w mak. ASN Bank s offic is carbon nutral for scop 1 and scop 2; our activitis ar carbon nutral for part of scop 3. Our offic activitis lad to carbon missions as w us fossil fuls for transporting mploys, us gas through district hating, and consum lctricity. W ar rducing th nt mission lvls of grnhous gass in various ways. Firstly, all our lctricity is gnratd in sustainabl ways, partly bcaus w installd solar panls on th roof of our nw building and us a supplir that gnrats lctricity in a fully sustainabl mannr. Scondly, w ar continuously working on a rduction of nrgy consumption, both in th offic and in th transport of mploys. For xampl, w annually fintun our las policy by tightning mission rquirmnts for th purpos of lowring th avrag carbon missions pr las car in us. Effctiv 2014, w hav again tightnd th rquirmnts in this rspct. All nw modls wr rquird to hav missions of lss than 125 grams pr kilomtr. For 2015, th maximum will b 115 grams pr kilomtr. Our rstraind us of airlins also translats into low carbon missions pr FTE. 28 Sustainabl offic ASN Bank CO 2 missions: tonns pr FTE Elctricity: kwh pr FTE 2, , , , , Gas quivalnts: m 3 pr squar mtr Papr consumption pr clint account Watr consumption: m 3 pr FTE , , , , ,

30 B Sustainability Th offic s absolut CO 2 missions (scops 1 and 2) droppd from 183 to 153 in 2014, for two important rasons. Car missions from commuting wr substantially rducd as mploys now driv cars with lowr missions. In addition, nrgy consumd for hating purposs fll sharply as 2014 was a warm yar. Enrgy consumption in 2014 was much lowr than in 2013 both in absolut trms and pr FTE thanks to th us of mor nrgyfficint quipmnt. A lot of watr was ndd for th installation of th thrmal storag systm, which mant that watr consumption was highr than usual in W offst our rmaining carbon missions by supporting projcts with a broadr objct than climat protction. Sinc 2013, w hav don this via th Trs for All projct in Bolivia. Crtifid by th CarbonFix Gold Standard, this projct aims for th local population in Bolivia to plant nw forst. Th farmrs involvd us it as productiv forst. Improvd agricultural and livstock farming practics undr th trs (including fruit trs) allow th farmrs to incras thir incom and protct and connct natural forsts. With this projct, w offst 348 tonns of CO 2 for hating and transport in 2014, as wll as th carbon missions rlatd to th offic s papr consumption, wast and watr consumption. Rduction of papr consumption It taks a lot of papr to inform all of ASN Bank s customrs (mor than 600,000) through bank statmnts, lttrs, flyrs and our customr magazin Idaal. Our stratgy is to continually rduc papr and nvlop consumption in part by furthr dvloping as an Intrnt bank, so that customrs rquir fwr papr bank statmnts. At th sam tim, w wish to mt th rqust of customrs who prfr to rciv information in writing. W ncourag customrs in Idaal, for xampl to bank by laptop, tablt or mobil tlphon. Thy thmslvs can rduc th numbr of bank statmnts thy rciv. In 2014 as wll, invstmnt customrs wr confrontd with th larg numbr of statmnts pr transaction gnratd by Binck s administrativ systms. Solar panls on th roof of our building. Customrs wr givn an option in 2014 to disabl ths statmnts by -mailing a rqust to that nd to ASN Bank. Sinc arly 2012, w offr an onlin vrsion of Idaal in ordr to furthr rduc papr consumption togthr with our customrs. Almost vryon subscribing to th onlin vrsion cancls th printd vrsion. Th ASN Bank rport is publishd in hard copy in small numbrs. Supplir policy Th third important way to accomplish our mission at th offic is purchasing. W assss supplirs in trms of our supplir policy. Th social and nvironmntal impact of th hundrds of products w purchas is highly varid, which is why w dividd products into thr catgoris. 29 Catgory Compriss Policy A: high priority Products that w purchas in larg quantitis and that involv a high risk or ar asy to mak sustainabl W xamin ths products on th basis of our sustainability critria. B: avrag priority Products that hav a larg purchasing volum but do not involv high risks or ar difficult to mak sustainabl, such as IT srvics and postal dlivry Companis must ndors our sustainability dclaration. C: low priority Products rprsnting small quantitis, with low cost of purchas or low risks, such as offic supplis Basic assssmnt

31 ASN Bank Rport 2014 Human rights Human rights is a broad concpt, including civil rights, political rights and conomic, social and cultural rights. W critically analys th institutions, companis and govrnmnts in which w invst in trms of how thy dal with human rights. W ar committd to human rights in othr ways as wll, as you will rad blow. Arms trad traty In April 2014 th Unitd Nations adoptd th Arms Trad Traty, which took ffct on 24 Dcmbr. Th Control Arms Coalition in th Nthrlands consisting of Amnsty Intrnational Nthrlands, PAX and Oxfam Novib had fought hard for this traty. ASN Bank supportd thm with a lttr co-signd by a rang of partis. 30 Bttr Lif Option Program In th contxt of our sustainability issu anti-child labour, w hav bn an activ supportr of Plan s Bttr Lif Option Program in Npal sinc mid This projct focuss on Kamaiya childrn working on th land. With ASN Bank s support, Plan aims to mak 6,000 young popl spcially girls mor assrtiv and mor motivatd to stay in school. Photo: Svn Torfinn van Enckvort / Hollands Hoogt Hall of Fam In 2014, PAX publishd two rports about th multi-billion invstmnts mad by financial institutions in nuclar wapons and in clustr munitions. As ASN Bank dos not invst in any wapons whatsovr, th bank was givn a plac in th Hall of Fam in both rports.

32 Human rights 25 yars of childrn s rights 20 Novmbr 2014 markd th 25th annivrsary of th UN Convntion on th Rights of th Child. In that contxt, all ASN customrs could download a fr copy of th -book Kindrn di d wrld hbbn vrandrd (Childrn who changd th world). Th book contains 22 storis of childrn lik Malala Yousafzai, Ann Frank and Kim Phuc, who undrlin th importanc of childrn s rights and point out that th battl is far from ovr. Amnsty Intrnational Nuclar wapons from th Nthrlands As many as 115 countris around th world hav bannd nuclar wapons. Th Nthrlands is not yt among thm. PAX has organisd a citizns initiativ to put th ban on nuclar wapons on th political agnda in th Nthrlands. Via our wbsit and our magazin Idaal, w calld on our customrs to sign th ptition to this nd. 31 Nlson Mandla mmorial magazin Nlson Mandla did on 5 Dcmbr In a spcial dition, Nlson Mandla s futur, ZAM Magazin sktchd a pictur of him as a human rights advocat, prson and politician. It also highlightd th anti-aparthid movmnt that ASN Bank supportd. W gav fr spcial copis of th magazin to all of our customrs.

33 32

34 C Stakholdrs 33

35 ASN Bank Rport Consultation and ngagmnt For 2014, w rport for th first tim according to th G4 Guidlins of th Global Rporting Initiativ. Th G4 Guidlins plac an mphasis on th matriality analysis: th mthods w usd to dtrmin which sustainability issus ar of matrial importanc to us. Invstigation In our matriality analysis, w idntifid how w ngag with stakholdrs in rlation to our sustaina bility mission. A diagram of th outcom, rflcting th hirarchy of our sustainability policy, can b found in Appndix 6. It shows th objctiv at ach lvl and th rol playd by xtrnal stakholdrs in that rgard. In 2014, w conductd an intrnal invstigation to bttr idntify our stakholdrs. As part of that invstigation, th ASN Bank mploys a major group of stakholdrs also talkd about thir knowldg of and involvmnt in our sustainability policy and its significanc in contacts with thir stakholdrs. Stakholdrs W distinguish th following stakholdrs: Customrs and ambassadors Th sharholdr: SNS Bank N.V. Th ASN Bank mploys and Managmnt Board Partnring NGOs Exprts and xprt organisations Companis, industris, projcts Advisory Council Suprvisory Board Govrnmnt Stakholdr influnc Consultation with stakholdrs plays a cntral rol in dvloping and implmnting our policy and our activitis. During our rgular contacts with stakholdrs w hav raisd th qustion of matriality as a structural issu. Thir opinions and commnts ar xtrmly important in th drafting of our policy and in th assssmnt of xisting policy. On xampl in 2014 was th crowdsourcing initiativ for th animal wlfar policy (s Chaptr 5). Blow is a brif dscription of th topics w ar currntly discussing with th various groups of stakholdrs: Our vision of a sustainabl socity is ASN Bank s raison d êtr. This vision is th subjct of discussion btwn th Managmnt Board and th Suprvisory Board and Advisory Council. Our mission indicats how w aim to achiv our vision. W discuss this mission with customrs, managmnt boards, mploys, partnring NGOs, th Suprvisory Board and th Advisory Council. Our sustainability policy provids guidlins and assssmnt critria for our activitis, invstmnts and loans. Consisting of policis for our thr sustainability pillars human rights, climat chang and biodivrsity th policy is applicabl to ASN Bank, th ASN Invstmnt Funds and ASN Asst Managmnt. It is tailord to spcific sctors and issus, and is th subjct of discussion with all our stakholdrs. Th sustainability issus nabl us to play a broadr rol in crating a mor sustainabl socity, for xampl through our support to partnring NGOs and our support of social objctivs. Th four issus fair trad, rnwabl nrgy, anti-child labour and anti-arms wr chosn on th basis of customr survys. W communicat about ths issus with all our stakholdrs, xcpt thos blonging to th companis, projcts and industris catgory. Th following chaptrs (8 to 12) provid mor information about our communication with th main groups of stakholdrs.

36 C Stakholdrs 8 Customrs Th mor than 600,000 rtail customrs and corporat clints of ASN Bank ar our most important stakholdrs. Thy mak our xistnc possibl and thy nabl us to contribut to a mor sustainabl socity. As a financial srvics providr, ASN Bank wants to do its part in achiving a sustainabl socity. In this spirit, w not only activly promot sustainability but also impos strict rquirmnts on ourslvs in trms of how w trat our customrs. Intgrity, transparncy, xprtis and rliability ar paramount in that rgard. W offr asy-to-undrstand banking products and good srvic, and communicat clarly about this. But customr communication is crtainly not a on-way strt, as w st grat stor by our customrs opinions and involv thm in our mission and th dvlopmnt of our sustainability policy. W call on thm during mtings, survys and discussions about spcific sustainability issus. W also considr signals rcivd via our customr srvic and wbcar whn drawing up our sustainability policy and giving shap to our banking srvics. W gratly apprciat th ngagmnt of customrs who ntr into discussions with us, whom w mt at vnts and who snd us thir commnts. Products and srvics Rtail customrs can pay, sav and invst at ASN Bank; corporat clints can sav and invst. W dvotd much attntion to th dvlopmnt of mobil banking in 2014, in part promptd by customr commnts and suggstions. Th ASN Mobil Banking app was nhancd with a cash book, allowing usrs to kp track of paymnts mad from thir currnt accounts. This fatur offrs customrs insight into how much mony thy spnd ach month in ach catgory, and will b mad availabl for onlin banking as wll in Th app now also nabls usrs to schdul priodic paymnt ordrs and mak transfrs to unknown third partis. Th daily limit for transfrs using th mobil PIN was incrasd. At th rqust of customrs, w providd th app with a balanc chck, which nabls usrs to chck th balanc in a slctd account without logging on. Opning nw accounts onlin was improvd. Customrs can now asily opn a nw account aftr logging on, without having to r-ntr all thir dtails. Th numbr of paymnt systm disruptions was highr in 2014 than in prvious yars, causing ngativ x princs for customrs. Th availability of ASN Onlin Banking was 99.7% in 2014, wll abov th 99.0% targt. A ky indicator of customrs intntion to rcommnd a company is th Nt Promotr Scor (NPS). To calculat this scor, customrs ar askd: What is th liklihood, on a scal from 0 to 10, that you will rcommnd ASN Bank to family, frinds or collagus? ASN Bank achivd an NPS of +12% at th nd of This mans that th shar of customrs giving 9 or 10 xcds th shar of customrs giving 0 to 6 by 12%. At th nd of 2013, this prcntag was 15%. Although it is not asy to giv a clar xplanation for this modst dclin, som rasons can b discrnd: continuous intrst rat drops on savings, paymnt systm disruptions, papr bank statmnts for invstmnts and th tightning of administrativ procsss. Srvic Our customrs can tak thir qustions and commnts to th staff of th ASN Customr Srvic Dpartmnt. In 2014, thy dalt with ovr 284,000 incoming phon calls through th fr srvic numbr, 77,000 -mails and 9,000 lttrs. A larg part of customrs qustions concrnd thir accounts, for xampl rlating to onlin banking, transfr ordrs, contra account changs and activating th ASN Wrldpas. Th ASN Customr Srvic Dpartmnt hlpd around 4,500 popl transfr thir currnt account to ASN Bank. Unfortunatly, waiting tims for customrs wr somtims longr than dsird. W ar taking masurs to bttr rspond to paks in Aftr a start-up priod, th Nthrlands switchd from th traditional account numbrs to IBAN (Intrnational Bank Account Numbr) on 1 August. It took som gtting usd to for many customrs, as was vidnt from th rsponss rcivd by th ASN Customr Srvic Dpartmnt. Th major advantag of IBAN is that Europan paymnts ar now just as asy as domstic paymnts. Lgislation and rgulations Throughout 2014, much attntion was dvotd to th customr intgrity of rtail customrs and corporat clints. Th purpos of customr intgrity policy is to nsur that th bank knows who its customrs ar and protcts itslf against bing abusd for criminal activitis, such as mony laundring and trrorism. It has to know its customrs at th door: what ar thir wishs and charactristics, and which risks will th rlationship ntail? Banks ar rquird not only to answr all ths qustions, but also to dmonstrably rcord this. To this nd, th administrativ procss in rlation to nw customrs was tightnd. In addition, w askd som of our currnt rtail customrs and corporat clints to r-idntify thmslvs in th framwork of lgislation and rgulations. Thanks to our customrs coopration, only a small numbr of corporat clints and rtail customrs still rquird furthr idntification at th nd of W ar wll awar of th inconvninc, and somtims rightly irritation, this procss causd to 35

37 ASN Bank Rport th customrs concrnd, spcially to thos who had bn our customrs for many yars. W wr happy to also rciv a grat dal of undrstanding for th lgal ncssity undrlying this rqust, for which w ar gratful. Customr consultation ASN Bank aims to act in its customrs intrsts. By sking frqunt contact with our customrs, w can har from thm how thy think about issus whr thir intrsts ar at stak. W ar alrady activly consulting customrs, but not yt structurally in vry ara. That is why w dvlopd policy on th basis of which w consult our customrs in a rsponsibl, structurd mannr about: ASN Bank s prioritis in th dvlopmnt of its srvics; nw products and srvics that customrs nd; th compltnss of information about products and srvics and how asy it is to find and undrstand this information. W will introduc ths procsss in W also consult customrs about our sustainability policy, but that falls outsid th scop of ths procsss. Communication W aim to b in touch with all our customrs, irrspctiv of whthr thy prfr papr, th Intrnt, tlphon or mobil banking. At th sam tim, w ar looking for nw ways to draw attntion to information. W lt old and nw mdia xist sid by sid whrvr possibl, such as papr and th Intrnt. Our main onlin mdium is our wbsit, asnbank.nl, whr customrs can us th onlin banking facility and find information about ASN Bank. Th information about savings, paymnts and invstmnts on our wbsit was much bttr organisd in 2014 by th us of diffrnt tabs pr product. Onlin: wbcar and social mdia Social mdia such as Facbook, Twittr and LinkdIn ar playing an incrasingly prominnt rol in our communications with customrs and othr stakholdrs. Communication through ths mdia is brif and dirct as wll as rciprocal. Intrstd prsons post positiv, but also critical mssags about ASN Bank. As ths mssags ar rpatd, thy can rach vry far. That is why w activly monitor all mssag traffic and answr qustions about our srvics and th bank. Th numbr of mssags about ASN Bank was up 32% in 2014, rising from ovr 36,000 to 48, % mor mssags rquird a rspons as customrs askd qustions or mad commnts. In addition, w initiat mssags, discussions and campaigns of our own on social mdia. In Dcmbr w passd th 10,000-followr mark on Twittr. W ndd 2014 with 37,000 Facbook fans. W complmntd our commrcial campaigns with Facbook campaigns. On xampl of a succssful Facbook campaign was Tak th puppy xam and win a (dog) guidd tour, in th contxt of our savings campaign with th Royal Dutch Guid Dog Foundation. Th campaign yildd 13,000 intractions and 4,800 popl participatd. In Dcmbr 2013, w launchd th Facbook campaign Nwspapr for tomorrow. Togthr with and for Facbook fans, w cratd a digital nwspapr containing fictitious but positiv and inspiring nws. Th nwspapr was publishd onlin arly in Our onlin platform For th World of Tomorrow has ovr 9,000 followrs on Twittr and almost 24,000 fans on Facbook. Customr magazin Our customr magazin Idaal appard fiv tims in 2014, both as a hard copy and onlin. Th contnts of ths two vrsions ar practically th sam. Customrs may choos which of ths two vrsions thy prfr; thy may also choos both. Th onlin vrsion is also availabl to intrstd popl who ar not, or not yt, ASN Bank customrs. By yar-nd 2014 th onlin vrsion had approximatly 15,000 subscribrs, 14,000 of whom hav canclld th hard copy vrsion. Annual and othr rports Th annual and othr rports of ASN Bank, th ASN Invstmnt Funds and th ASN Foundation ar usd to inform customrs and stakholdrs about our policis and activitis. Mtings with customrs W ar convincd that w can only b succssful if w kp up th dialogu with our customrs and frankly discuss with thm th choics associatd with sustainabl banking. This is why w intnsifid our fac-tofac contact with customrs in W organisd various mtings for customrs and othrs who wr intrstd. Thr, prsons including customrs and mploys, young social ntrprnurs and popl from th worlds of businss, scinc, journalism, politics and from civil socity gav thir viws on a sustainabl socity in a rlaxd stting. ASN Liv Undr th titl ASN Liv, mtings wr hld in Nijmgn and Zwoll. Th mting in Nijmgn was all about th subjct of clothing, whil in Zwoll w talkd about th climat. On Nijmgn visitor said: On of th most inspiring mtings I v bn to. I wnt hom with th book by Marik Eyskoot (Talking Drss, d.) and all sorts of idas for living vn mor sustainably.

38 C Stakholdrs André Kuiprs spaking at TomorrowToday TomorrowToday Aftr thirtn ditions of Ethical Invstmnt Day, w mbarkd on a nw cours with TomorrowToday (MorgnVandaag). Th background of this nam is as follows: ASN Bank strivs for a livabl world of tomorrow for futur gnrations; to achiv this, w hav to mak th right choics today. During TomorrowToday, w initiatd discussions about this using issus that w and our customrs and businss contacts gratly car about. This mting on Saturday 11 Octobr at th Wstrgasfabrik in Amstrdam attractd som 1,000 visitors, both customrs and othr intrstd prsons. Spakrs includd scintist and astronaut André Kuiprs, conomist Bas Jacobs, Prby initiator Daan Wddpohl, journalist Rna Ntjs and prsntr Eric Corton. W postd rports and vido compilations of th mtings on th wbsit morgn-vandaag.nl. On social mdia (#morgnvandaag), w ar fulling a positiv flow of mssags around th vnts to crat an onlin audinc and, with it, inform a largr targt group about ASN Bank and its thms. This was vry succssful in During TomorrowToday, th hashtag #morgnvandaag was in Twittr s top 5 of trnding topics for a major part of th aftrnoon. At its pak, 350,000 Twittr usrs wr rachd. Sharholdrs mtings Lik vry yar, w rcivd hundrds of invstmnt customrs at th sharholdrs mtings and mtings of unitholdrs of th ASN Invstmnt Funds on Friday 25 April. In a sparat Q&A sssion th Managmnt Board of ASN Bank answrd qustions about th bank. This provd to fill a grat nd. ASN Asst Managmnt ASN Asst Managmnt rgularly organiss smallscal vnts for its customrs. In addition, ASN Asst Manag mnt startd organising mtings about spcific sustainability issus, with much room for discussion. Th first mting was hld on 24 Octobr and cntrd on th issu of climat chang. Valu on th Map In 2013 w launchd th wb pag WAAR(d) op d kaart ( Valu on th Map ). It shows how ASN Bank puts its mission into practic and what it dos with th mony that its customrs hav ntrustd to it. Th map is availabl on asnbank.nl, th wbsit of our onlin community For th World of Tomorrow, and also appard on our Facbook pag in th cours of Th map shows a slction of activitis: loans providd by ASN Bank, invstmnts mad by th ASN Invstmnt 37

39 ASN Bank Rport 2014 Funds and projcts w support through sponsoring, collaboration, For th World of Tomorrow and th ASN Foundation. At th nd of 2014, 200 activitis wr on th map. Th wbsit attractd an avrag of at last 1,300 visitors ach month. Four sustainability issus Sustainability is a broad concpt. Mor than half of all popl in th Nthrlands do not hav a spcific undrstanding of sustainabl and social invstmnt. Whn thy har sustainability, thy mainly think th nvironmnt and grn. Othr aspcts, such as human rights, follow at a grat distanc, although popl did find it an qually important issu whn thy wr askd to giv thir opinion. Th social, human aspct of sustainability is ssntial to ASN Bank and its customrs. Sinc 2010, w hav mad th concpt of sustainability mor tangibl for our currnt and prospctiv customrs by focusing on four issus in our communi cations. Survys hav rvald that our customrs find ths issus to b of gratst rlvanc to thir savings. Th four issus mak th pillars of our sustainability policy mor spcific for customrs and othr stakholdrs: This sustainability issu: Fair trad Anti-child labour Rnwabl nrgy Anti-arms supports communication about ths pillars of our sustainability policy: human rights, biodivrsity human rights climat chang human rights Th issus giv our customrs an opportunity to voic thir prsonal prfrncs. Th issus ar linkd to th ASN Crdit Card and ASN Idaalsparn. Customrs who purchas ths products may opt for on or mor of th issus. A failur to mak a slction automatically indicats a prfrnc for all four of th issus. Each issu has two partnring NGOs linkd to it, along with a projct in th contxt of th issu. Th projcts rciv a shar of th f that ASN Bank rcivs from Intrchang for ach paymnt customrs mak with th ASN Crdit Card. Th total contribution mad on bhalf of customrs with an ASN Idaalsparn account is a fixd amount; highr savings balancs of customrs who hav chosn to focus on a particular issu rais highr contributions from ASN Bank for th corrsponding projcts. Through Idaal, social mdia and our wbsit, w kp our customrs up to dat of th rsults of our support of ths projcts. At yar-nd 2014, w supportd th following projcts on bhalf of our customrs: 38 Issu Organisation Projct Fair trad Solidaridad Txtil industry in Asia Oxfam Novib Sustainabl cocoa from Nigria Anti-child labour Plan Ndrland and Plan Bangladsh A futur for hous slavs in Bangladsh (until mid-2014) End child labour in Npal s rural aras (from mid-2014) Cordaid Kindrstm Hlp to childrn in Uganda and Congo Rnwabl nrgy Natuur & Miliu Shin a light on scouting and th wind nrgy campaign Urgnda Enrgy-nutral Txl Anti-arms industry Amnsty Intrnational Ndrland Spcial Programm on Africa War Child Hlp to war childrn in Congo

40 C Stakholdrs 9 Sharholdr ASN Bank is part of SNS Bank N.V., which is thus th sol sharholdr of ASN Bank. SNS Bank disntanglmnt Th disntanglmnt of th holding company and th Banking and Insuranc activitis of SNS REAAL rquird organisational adjustmnts in For xampl, th Group s snior managmnt structur was changd, a nw Managmnt Board was appointd for th Bank and part of th mploys of SNS REAAL transfrrd to th Bank in th cours of Mutual connctions still xist btwn th Bank and th Insurr, including in th aras of loans, solvncy, financ and IT. Th disntanglmnt is du to b compltd in th cours of In Fbruary 2015, SNS REAAL rachd agrmnt on th conditional sal of th Insuranc activitis to th Chins insuranc company Anbang. Th sal, which is xpctd to b compltd in th third quartr of 2015 subjct to approval from th rgulatory authoritis, will b followd by th transfr of SNS Bank from SNS REAAL to th Dutch Stat. Aftr that, SNS Bank will no longr b part of SNS REAAL. In du cours SNS Bank will b privatisd. good housing accssibl and uphold prsonal contact as th cornrston of banking. In addition, ach brand, yt ach in its own way, chooss to build a futur basd on th principl of sustainability. Plas rfr to th 2014 Annual Rport of SNS Bank N.V. for mor information about SNS Bank N.V. s principls and stratgy. Sustainability at SNS Bank N.V. Togthr yt ach in its own way th fiv SNS Bank N.V. brands choos to build a futur basd on th principl of sustainability. To SNS Bank N.V., sustainability mans that it dos what is right, now and for futur gnrations, such as sustainabl invstmnt and financ, monitoring th customr s intrsts by mans of mortgag chcks, and ncouraging sustainabl housing. ASN Bank lads th way within SNS Bank N.V. whr sustainability is concrnd. In 2014, for xampl, w spok at lngth about making th collaborating banks mortgag portfolio mor sustainabl. As ASN Bank invsts in ths mortgags, it is of major concrn to us to mak thm as sustainabl as possibl. W xpct that spcific plans will b mad in 2015 to achiv this in du cours. An important rsult of our collaboration is that SNS Bank N.V. will adopt ASN Bank s ambition to arriv at a carbon-nutral balanc sht. Manifsto Fiv SNS brands work togthr undr th flag of SNS Bank N.V.: ASN Bank, BLG Wonn, RgioBank, SNS and Zwitsrlvn Bank. Ths fiv brands shar th sam principls and common valus. Thir ssnc is: popl to popl banking with a human touch. Th brands hav laid this down in thir Manifsto. Raching back to our social roots, w ar taking our rsponsibility to shap our financial srvics basd on what customrs truly nd. W want to hlp customrs to b financially rsilint. This mans that our financial srvics must focus on bnfit rathr than rturn. Th fiv brands of SNS Bank N.V. offr popl insight, clarity and prospcts in financ. W want to mak Collaboration with SNS Bank N.V. SNS Bank N.V. is not only ASN Bank s sharholdr, but also its clos partnr in various aras. W ar cutting costs by using th sam IT infrastructur and corrsponding scurity and by working togthr with th IT xprts and with staff dpartmnts such as Lgal Affairs and Tax Affairs. As ASN Bank oprats within SNS Bank N.V. s risk managmnt organisation, it is also assurd of its continuous complianc with rgulatory authoritis vr mor stringnt rquirmnts. Th organisation of ASN Bank itslf is kpt rlativly small and transparnt as a rsult, allowing us to kp all our attntion focusd on our sustainability mission. 39

41 rtnr AA ASN Bank Rport 2014 In ordr to achiv our mission, w cooprat with partnring NGOs as much as possibl. W mak a positiv contribution to ach othr s objctivs and thus nhanc our ffctivnss. ord Our partnrs ar primarily NGOs, but also sustainably oprating companis. W also frquntly consult with NGOs in a wid rang of forums and ar prsnt at vnts and sminars. W work togthr with partnrs in a varity of ways. Th following organisations ar stratgic partnrs with which w also collaborat within th framwork of th four sustainability issus (s Chaptr 8): Amnsty Intrnational, Cordaid Kindrstm and Cordaid Mmisa, Natuur & Miliu, Oxfam Novib, Plan, Solidaridad, Urgnda and War Child. W tmporarily tam up with othr partnrs in th contxt of markting campaigns; in 2014 thos partnrs wr FNV Mondiaal, th Royal Dutch Guid Dog Foundation and Stichting God Bzig. Two partnrs ar linkd to intrst donations via savings pro ducts: Cordaid Microkrdit and Waddnvrniging. In 2013, w contributd financially to th film Dappr in d kindrschonn, which dals with child labour in th Turkish lathr industry. Th film mad a grat imprssion during th sharholdrs mting of th ASN Invstmnt Funds on 25 April n h t wo 10 Partnring NGOs Stichting God Bzig In 2014 w supportd Stichting God Bzig for th scond yar in a row, which foundation placs bubblgum machins filld with God Bzig ( Wll Don ) badgs at primary schools. Childrn may us th badgs to pay ach othr complimnts, which ncourags positiv bhaviour and discourags harassmnt. Ultimatly, w want to achiv that childrn giv ach othr 25,000 complimnts. Primary school CBS d Borg won th National Education Award of th Provinc of Groningn with th complimnts machin. Childrn who changd th world 20 Novmbr markd th 25th annivrsary of th UN Convntion on th Rights of th Child. On this occasion, ASN Bank sponsord th book Kindrn di d wrld hbbn vrandrd ( Childrn Who Changd th World ) by photographr and publishr Ptr d Ruitr. Th book portrays twnty childrn who drw th public s attntion to srious violations of childrn s rights, thus making th world a littl bit bttr, lik Malala and Ann Frank. W highlightd this injustic togthr with our fiv thm partnrs that ar also committd to childrn s rights: Amnsty Intrnational, War Child, Cordaid Kindrstm, Nationaal Fonds Kindrhulp and Plan Ndrland. ASN Bank customrs and th supportrs of ths fiv NGOs wr givn th -book vrsion of th book. ASN Bank also sponsord th xhibition of th photographs and storis from th book, which is travlling along libraris. n g t p o n a a t ns Nw partnr: Nationaal Fonds Kindrhulp W support Nationaal Fonds Kindrhulp on bhalf of ASN Jugdsparn savings customrs with ffct from Almost 400,000 childrn in th Nthrlands grow up in povrty. With modst financial contributions, Nationaal Fonds Kindrhulp crats a littl mor happinss for ths childrn, so thy can join a sports club, for xampl. Nationaal Fonds Kindrhulp rcivs donations from us in th form of an amount for ach nwly opnd ASN Jugdsparn account and a prcnt40 ag of th total dposits on ths accounts. Nationaal Fonds Kindrhulp is th scond organisation w support with ASN Jugdsparn. As th numbr of accounts and th balancs on thos accounts grow, th financial contribution bcoming availabl via ASN Jugdsparn vry yar is incrasing. Until 2014, this contribution was donatd ntirly to Cordaid childrn s projcts. ld in, bijvoorb ord d n a Th support w givin todnationaal Fonds Kindrhulp a n r r gsk rlous op n intg ow o ij h t m o k mans that ASN Jugdsparn to contribut n o Z ht. k ton ik film Wit Licboth. Ik hoop dat ddvlopmnt tnabroad. h c at hom and rr is,childrn s d in k k Huto r 25 jaar. d in K t h n Rchtn va d n d n o vrandrd jl. bst n r b b b m h v ld o Op 20 n di d wr n r d aandacht in K d k r o o d n d r o Di dag w drrchtn drn, in in k k t a r d k d n o o. En b van 22 bijz n l a h r glancrd v d N-klantn! n S A p r ij o r o g v n a is t d a book is gra brngt via t H. c ú h la n Kim P la a M ls a o z oo n Fran manir op v k n daarm dr o b n n ij r m jv ri rd o h af, sc nsn on FNV zijn voorwo nog mr m la ij la b a M n n t h c with Dutch trad union FNV. nn ASN Bank has drrtis kinclos r rngt. gopnd voow continud d th campaign aan acht bwith FNV Voordl that d r a a rn in Each FNV mmbr who opnd n. Ton ik w launchd or voan t komnbonus. ilwlcom acti with ASN Bankrcivd w in ti c i a d account a 15 n in t r c d n s op Als u dir sugg sti10. aan. vindt u FNV Mondiaal rcivd, n t h c rr wrd aangdfor ach nwkcustomr, ind wbtosit di l, dways.nbst t. h c Combating school drop-out is on ofth a rm d n d a a n rd. ra d kv dr ww.ifnv w Bank lanc N S A n prvnt child labour. Mondiaal and th Gnral r d t d in m k t d RuitrOndrwijsbond; otn w Unionnof Education Ptr(Algmn licrt di m n pubaob) ll lfi t s s g n a ra aakt unions in countris n? D v of Twittr. fum work tachrs Facbooklik tstogthrowith p i o n t o rm m d ran and Uganda to prvnt nn Morocco, Albania, #ikvturky lijdn s d t s g o n childrn from dropping out of school to go to work. tn ntn n. Wij mo randrd r As n K l A o o v s ld hbbn v i is r t t a w H r. d n G r i r d crë mputr t n Kindrn o a c v n k o o n d -b o r o h Ht nloadn lprijs vo t, smartp adr, tabl t gratis dow n -r la r -k r a o N a o S v M A. als 6. nn

42 C Stakholdrs Contributions to socity W offr two dposit accounts that hav th option of donating th intrst, which is 0.25% highr than th rat for similar dposits. Customrs holding an ASN Vrouwnspaardposito donat to Cordaid Microkrdit; customrs holding an ASN Waddndposito donat to Waddnvrniging. Sinc 5 Jun 2014, for administrativ rasons it has not bn possibl and it will b impossibl for th tim bing to opn a nw ASN Vrouwnspaardposito or Waddn dposito. Appndix 2 givs a list of ASN Bank s donations and sponsorship, which amountd to 2.8 million in total. Th biggst donation wnt to th ight thm partnrs, which jointly rcivd 1.5 million for thir projcts in th aras of fair trad, rnwabl nrgy, th fight against child labour and th fight against wapons. In th contxt of ASN Jugdsparn, Cordaid Kindrstm, Cordaid Mmisa and Nationaal Fonds Kindrhulp rcivd ovr 330,000 for childrn s projcts. W contributd 210,000 to th upbringing of pups of th Royal Dutch Guid Dog Foundation and donatd 300,000 to th ASN Foundation. Th winnrs of th ASN Bank World Award jointly rcivd 40,

43 ASN Bank Rport Socity Broadly promoting our mission, w aim to spur othrs to ddicat thmslvs to a just, sustainabl world. Othr mthods w dploy ar our support to and sponsoring of grn and social initiativs. Haring at th Dutch Hous of Rprsntativs On 3 Sptmbr, a haring was hld at th Dutch Hous of Rprsntativs about sustainabl banking. Banks, invstors, scintists and xprts talkd with th mmbrs of th Hous of Rprsntativs about th charactristics and importanc of sustainabl banking. Ewoud Goudswaard told th Hous of Rprsntativs that, to ASN Bank, sustainabl banking is about stability, srvic and rliability; about putting customrs and socity s intrsts first. H also xplaind that sustainabl banking taks account of what is sustainabl in th long run in social and cological trms. ASN Bank puts this into practic by: using sustainability critria in th slction of loans grantd and invstmnts mad by th bank and th ASN Invstmnt Funds; involving customrs in th sustainability policy to hlp thm undrstand what w do and so that w do what thy want; stting th right xampl by awarding modrat rmunration, not striving for profit maximisation and by providing asy-to-undrstand products and absolut transparncy. Ewoud Goudswaard askd politicians to contribut to building a sustainabl socity by assigning a ky rol to th circular conomy in a nw tax systm. In such a systm, us would tak prcdnc ovr possssion and th us of raw matrials would b taxd mor than labour. H mphasisd th importanc of long-trm rathr than short-trm thinking, and of social rturn in addition to financial rturn. Involvmnt in sustainabl dvlopmnt Almost sixty Dutch companis and NGOs signd th Chartr on th rol of businss, civil socity and cross- sctor partnrships in th Post-2015 Dvlopmnt Agnda on 29 Sptmbr 2014, committing thmslvs to mor collaboration and fforts in ordr to achiv th nw dvlopmnt goals. Managing Dirctor Ewoud Gouds waard signd th covnant on bhalf of ASN Bank. Th signatoris bliv that companis and non-govrnmntal organisations (NGOs) play an important rol in sustainabl dvlopmnt. Th covnant dscribs what companis and NGOs can contribut. Th signatoris undrtak to tak a common stanc in th form of collaboration btwn diffrnt sctors. It maks our country a global frontrunnr. Th Ministry of Forign Affairs uss this signal in ngotiations in th Unitd Nations. Mting with xprts on mor sustainabl housing and ral stat On 26 Jun, th scond mting was hld about how th financial sctor can mak an ffctiv contribution to making rsidntial dvlopmnt and th ral stat sctor mor sustainabl. It followd up on th mting of April Organisd by SNS and ASN Bank togthr with Rabobank and th Fair Bank Guid, th mting was attndd by mor than sixty rprsntativs of th financial sctor, construction industry, nrgy sctor, ral stat brokrag, housing corporations, indpndnt rsarch agncis, mortgag brokrs, NGOs and othr partis. Th mphasis was on th progrss mad in making th sctor mor sustainabl in ordr to inform and inspir ach othr. For th World of Tomorrow Using our onlin community For th World of Tomorrow, w ar intnsifying our focus on sustainabl start-ups: popl who tak action to contribut to solving a social problm in th Nthrlands or abroad. Th community hlps thm to dvlop initiativs and xcut idas, shar information and mt nw popl. At yar-nd 2014, For th World of Tomorrow had mor than 55,000 mmbrs (yar-nd 2013: approx. 53,000). W also us th For th World of Tomorrow platform to launch campaigns that hlp us flsh out our mission. Mmbrs of th sit and stratgic partnrs of ASN Bank can launch campaigns and post mssags. W support ths campaigns through th ntwork sits Facbook and Twittr to rach an incrasingly larg audinc. Th ASN Bank World Award For th World of Tomorrow organisd th ASN Bank World Award for th svnth tim. From th on hundrd bst ntris, th jury slctd tn projcts on ach issu that wnt through to th nxt round. Ths initiators rcivd coaching and workshops to furthr dvlop thir plans. Th jury chos th winnrs aftr a round of voting by 25,000 popl. W would lik to thank th mmbrs of th jury, who hav bn major contributors to th ASN Bank World Award for svral yars: Jron Jansn (ASN Bank

44 C Stakholdrs Winnrs of th 2014 ASN Bank World Award SlimBrkn maks nw cmnt from old concrt, which prvnts much carbon mission. FoodSharing wants to crat a community to ncourag food sharing. Yoni is going to offr an organic and thrfor halthir and mor nvironmntally frindly altrnativ to sanitary towls and tampons. IK circuleer translats sustainability xprincs from actual practic and highr ducation for vocational ducation. Sustainability issu: Rnwabl nrgy, natur and th nvironmnt Safty and social cohsion Fair trad, fair fashion and fair food Childrn s rights, ducation and th fight against child labour Dirctor and chairman of th jury), Ink van Zantn (Grnwish and IdalnKompas), Ynzo van Zantn (GrnInc.), Olof van dr Gaag (Natuur & Miliu), Listt Krischr (Vggi in Pumps), Rudolf Schffr (Oxfam Novib), Tom van d Bk (Butch & Sundanc Mdia and Stichting Tipping Point), Grd Junn (War Child), Davina Flus (Plan Ndrland) and Marik Eyskoot (Talking Drss). Polar xpdition Th Nthrlands most famous polar xplorr and climat journalist Brnic Notnboom trid to rach th North Pol on skis last spring. Hr goal was to docu mnt th visibl consquncs of climat changs and rlas a film about this. W supportd Brnic, who imprssd during TomorrowToday with hr story about th rough journy. Sponsorship ASN Bank sponsors spcial projcts that match our vision and that w want to stimulat. In doing so, w aim to incras our brand awarnss and bring sustainability to th attntion of a broadr and, if possibl, young audinc. That is why w sponsor spcial projcts ach yar, both small and larg ons. A fw xampls: Brnic Notnboom talking about hr journy to th North Pol at TomorrowToday Movis that Mattr In 2014 w again sponsord th annual Movis that Mattr Fstival. Amnsty Intrnational organiss this fstival to opn popl s ys to human rights by mans of films, documntaris and dbats. W rcivd customrs at th showing of Inquality for all, a documntary about th normous incom gap in th Unitd Stats. Fstival Mundial wast projct Fstival Mundial in Tilburg aims to b a compltly wast-fr fstival within thr yars, in part through Lt op! Brikbaarhid Dn Haag th fforts of its visitors. ASN Bank sponsord this projct. Out of th tn tonns of wast producd at th fstival in Jun, svn tonns of plastic wr rizn. Ht thatr is op loopafstand van Cntraal Station Dn Haag. collctd for rcycling thanks to playful initiativs Vrindlijk vrzok: lik th Wast Towr. Op 24 n 25 maart is Ndrland gastland van n intrnational top ovr nuclair vilighid. In Dn Haag zijn voorafgaand aan n tijdns dz dagn n groot aantal vilighids- n vrkrsmaatrgln van kracht. D stad zlf n bpaald stadsdln zijn dan moilijk brikbaar. Wannr u van buitn Dn Haag komt, kunt u ht bst mt ht opnbaar vrvor Bnt u toch vrhindrd op 23 maart of komt u alln in plaats van mt zijn twën? Laat dat ons dan vn wtn via tlfoon of n -mail naar [email protected]. W kunnn dan imand andrs n plzir don mt uw plaats(n). Smils4Sal Popl who smingly hav littl to offr sll good dds on th wbsit Smils4Sal. As th rcipints ASN Bank Postbus AM Dn Haag of th good dds ar also poor, th smils ar paid Tlfoon (gratis) by popl who do hav mony. Th [email protected] buyr givs a good dd by on vulnrabl prson to anothr. As a thank-you, h rcivs a rport about it. Dit programma is uw ntrbwijs; vrgt dus nit ht m t nmn! Wlkom namns d ASN Bank bij Movis that Mattr Inquality for All 43

45 ASN Bank Rport ASN Foundation For many yars, ASN Bank has bn making donations to projcts and organisations that contribut to our mission. W mak ths donations through Stichting ASN Foundation, which maks mony availabl to organisations and projcts to ralis sustainabl initiativs. W support projcts across th glob. Th organisation rqusting th donation must b basd in th Nthrlands. In 2014, ASN Bank donatd 300,000 to th ASN Foundation, which usd th mony to support 109 projcts for a total amount of 295,571. Th donations rangd from 100 to 25,000. In 2014, larg gifts wr snt to foundations including Movis that Mattr, Stichting Grd Grdschap and Vrniging Ndrlands Cultuurland. You will find mor information in th ASN Foundation s annual rport and on our wbsit. Rcognition In 2014, w rcivd various honourabl mntions and awards. W would lik to thank vryon who contributd to this. Good ovrall scor in th Fair Bank Guid On 22 April, th Fair Bank Guid publishd th fourtnth updatd vrsion of th sustainability policis of Dutch banks. ASN Bank was awardd good scors again this yar. W rcivd 10 points out of 10 for our policy in th filds of human rights, labour rights and arms, natur (biodivrsity), taxation and corruption. Our scor on Housing and Ral Estat was considrably bttr than in 2013 thanks to our nw Living and Working policy. This sctor policy contains our choics for th invstmnt in and financing of homs and buildings. PAX Hall of Fam In 2014, PAX publishd a rport about th multi-billion invstmnts mad by financial institutions in nuclar wapons and a rport about th financing of clustr munitions. As ASN Bank dos not invst in any wapons whatsovr, th bank was givn a plac in th Hall of Fam in both rports. w show that things nd to chang. Evn though it is not yt ntirly clar how xactly w ar to rach th targt, w will not lt that stop us. Our can-do mntality is uniqu in th financial sctor, says th jury. Most customr-frindly bank ASN Bank was lctd th most customr-frindly bank in th Nthrlands for th fifth tim in a row. This nws was announcd on 23 Sptmbr 2014 by rsarch agncy Marktrspons, which annually conducts a rprsntativ onlin survy among mor than 4,000 Dutch consumrs. Financial wbsit of th yar 2014 W wr awardd th priz for Bst Financial Wbsit of th Yar for th fourth yar in a row. This public award is prsntd vry yar and th lction is organisd by MtrixLab in collaboration with Emrc. Thy masur both th popularity and th quality of th nominatd wbsits. Grn Bull award for ASN Miliu & Watrfonds On 13 Novmbr, ASN Miliu & Watrfonds was awardd th Gron Stir ( Grn Bull ) for th most sustainabl invstmnt fund in th Nthrlands. Th fund had won this award fiv tims bfor, from 2007 to Th jury praisd th fund and ASN Bank for thir clar critria, transparncy, focus on th wbsit and invstmnts in th ral conomy. Th jury also laudd ASN Bank s ambition to hav a nt zro carbon footprint by 2030, which it aims to achiv partly through ASN Miliu & Watrfonds. Morningstar nominations On 4 Fbruary, Morningstar nominatd two ASN funds for th annual Morningstar Awards: ASN Duurzaam Aandlnfonds in th global quity catgory and ASN Duurzaam Mixfonds in th nutral mixd funds catgory. Evn though w did not win th awards, ths nominations ar of grat significanc as Morningstar is th world s lading authority in indpndnt invstor information about invstmnt funds. Markting award for ASN Bank carbon nutral by 2030 ASN Bank won th Knight/Amazon Award ( Riddr/ Amazon Award ) with its objctiv to hav a nt zro carbon footprint by This award is prsntd to a prson or organisation doing groundbraking work in th financial sctor making popl sit up and tak notic, idntifying challngs and prsnting solutions. According to th jury, with our climat chang targt Tr on ladrship lan Trs for All invitd dirctors of Dutch companis to plant trs at th nd of Novmbr as a symbol of thir ddication to a sustainabl world. On bhalf of ASN Bank, Jron Jansn plantd a tr on ladrship lan in th Bntwoud sponsor forst. Extndd vry yar, th lan will grow into a path to b njoyd for gnrations to com.

46 C Stakholdrs 12 Staff In our offic in Th Hagu w hav ovr 140 popl working with a passion to achiv a sustainabl, livabl world. Each in thir own ara of xprtis, th ASN Bank mploys ar activly working to crat a sustainabl socity. Thy xcut ASN Bank s sustainability mission and sprad this mission among customrs and othr stakholdrs. This maks thm important ambassadors of ASN Bank and th idals w jointly stand for. Our mission is also rflctd in th way managmnt and staff trat ach othr. At th basis li mutual concrn, opn dialogu and intraction, both vrtically and horizontally in th organisation. W crat a positiv nvironmnt in which popl ar givn dvlopmnt opportunitis and rsponsibilitis. Whr possibl, w also ncourag staff to mak thir own contributions to a sustainabl socity by doing voluntary work, for xampl. Rmunration, objctivs, comptncis and dvlopmnt ASN Bank s rmunration policy is graftd onto that of SNS Bank N.V. Th SNS Bank N.V. Collctiv Labour Agrmnt, which contains good primary and scondary bnfits that comply with th markt standard, also applis to our bank. W provid our staff with propr dvlopmnt opportunitis and aim to b an accssibl organisation for vryon in th labour markt. Th human rsourcs policy is basd on matur labour rlations: on principls of mutual rsponsibility, quality and du car. This is xprssd, for xampl, in th prformanc and comptncy assssmnt cycl. During th annual planning mting, mploys provid spcific targts that thy aim to achiv in th yar ahad, how thy aim to achiv thm and which training courss ar ncssary to that nd. Thy also focus on th dvlopmnt of comptncis in viw of th mploy s currnt position and ambitions. Our prformanc and comptncy assssmnt cycl partly focuss on gnric comptncis and partly on comptncis spcifically aimd at th individual mploys. As a businss, ASN Bank is using a spcific comptncy: coopration. W can dlivr bttr prformanc if w cooprat, both within dpartmnts and btwn th bank s various dpartmnts. Staff Numbr of nw staff Lavrs Numbr of mploys as at 31 Dcmbr Ft s 39,6% Part-tim staff 39,3% Part-tim staff 38,6% Part-tim staff 33,6% Part-tim staff 31,9% Part-tim staff Ft (fulltim-quivalnt): convrtd to th numbr of full-tim staff.

47 ASN Bank Rport 2014 Employ satisfaction SNS Bank N.V. conducts an mploy survy vry yar. In 2014, almost 85% of th ASN mploys compltd this survy. Gnral satisfaction was 7.8 (on a scal of 1 to 10): a good scor, but lowr than th 8.6 of Accordingly, w did not achiv th Managmnt Board s prmannt targt, i.. a scor of at last 8 out of 10. Employs indicat that thy ar satisfid with thir work, ar proud of ASN Bank and know much about th sustainability mission. Lowr scors wr givn to fficint working mthods, collaboration within th bank and th opn discussion of mistaks and fdback. Th rsults wr discussd in th tams. Th managmnt tam will implmnt th improvmnts in Nin points for th company rstaurant In th contxt of a sris of articls about company cantns, a journalist from NRC Handlsblad visitd ASN Bank s cantn. Sh praisd th good atmos phr and th tasty dishs, and gav th cantn 9 points out of 10. It is a wll-dsrvd complimnt to our prmannt staff, Bas of Bastinfoods and Ada, who mak halthy lunchs using fair, sustainabl ingrdints vry working day. Intr national. Arvind Gansan of Human Rights Watch gav an inspiring lctur and UN Young Ambassadors spok about th work thy do. In Novmbr, around fiftn collagus wnt for a walk with a forstr in th Haags Bos forst nar our offic building and larnd about th history of this ancint woodland. Attntion was also givn to th collagus supporting Fairfood Intrnational by running th Damloop by Night. Lastly, w startd an introduction programm for nw mploys in Staff mtings Four mtings for all staff mmbrs wr hld in At two mtings, collagus including th Managmnt Board shard topical issus with th ntir organisation. Th mattrs addrssd includd th rsults, currnt issus rgarding th invstmnt oprations, th climat chang ambition and voluntring activitis. At a spcial mting ntitld A look to th futur, th Managmnt Board and mploys discussd ASN Bank s long-trm objctivs and plans for th futur. Rprsntation Th SNS Bank N.V. works council also rprsnts th ASN Bank mploys. Thr mmbrs of th works council hav ASN Bank as thir ara of attntion. 46 Communication with mploys An Intrnal Communications Programm was introducd at th nd of Th programm stats our dfinition of intrnal communications, idntifis th rlvant rsponsibilitis and th prsons to whom ths ar assignd and dscribs our focus for th tim ahad. Th ky purpos of intrnal communications is to rtain th ASN cultur by sharing knowldg and nourishing xprinc and inspiration. In 2014 w did so, for xampl, in svn lunch sssions including prsntations hld by collagus and stratgic partnrs such as Oxfam Novib and Amnsty In-hous workforc Th numbr of mploys incrasd by 7 to 144. Th numbr of FTEs incrasd to Absntism was low in 2014: 2.7%. Absntism mtings and, whr ncssary, propr support from th occupational physician tak cntr stag in our sick lav policy. Formally, thr is no balancd distribution of sats btwn mn and womn on th ASN Bank Managmnt Board. Howvr, as th Managmnt Board dos includ on woman, thr is a balancd distribution in matrial trms Numbr of nw staff Numbr of mploys as at 31 Dcmbr Numbr of FTEs* as at 31 Dcmbr Part-tim staff (in %) Absntism (in %) 2.7% 3.9% 2.6% 3.2% 2.9% Workplac halth and safty costs (in uros) 39,520 33,262 24,273 25,530 27,316 Training costs (in uros) 140, ,981 79,256 68,208 87,592 * FTE (full-tim quivalnt): convrtd to th numbr of full-tim staff.

48 C Stakholdrs Composition of prsonnl: % 32% 32% 37% 40% Mal Fmal FOR THE WORLD OF TODAY ASN Bank mploys prformd voluntary work by th nam VOOR DE WERELD VAN VANDAAG (FOR THE WORLD OF TODAY) in and around Th Hagu, whr th bank is basd. In 2014, too, w wr activ with th voluntring programm for rsidntial car cntr Ht Ankr in Voorburg. Sixty mploys took part in this programm in Thy wnt out for th day with thir buddis from Ht Ankr to th Dutch Parliamnt, Kuknhof, Avifauna, Blijdorp, Madurodam and Muson. Ths wr unforgttabl days for th ldrly, but for us as wll. In 2015, w will ddicat ourslvs to th Surfridr Foundation, making a Hagu contribution to th rduction of th garbag patch in th ocans. 66% 68% 68% 63% 60% 47

49 ASN Bank Rport 2014 Biodivrsity Biodivrsity th varity of living organisms and thir corrlations within cosystms contributs to our wll-bing and our wlfar. It is vital to valuabl mattrs such as oxygn, drinking watr and food. This pag provids som xampls of th fforts w mad in 2014 to maintain biodivrsity. Photo: Immk Urban bkping cours Our platform For th World of Tomorrow organisd an introductory urban bkping cours for customrs in Amstrdam and Rottrdam. W wr surprisd by th many applications and th participants nthusiasm. 48 Photo: Waltr Sitinga Spj Th projct got to th finals of th ASN Bank World Award but only just faild to win: Spj. A fully natural dtrgnt mad of pls of th fruit of th Sapindus tr from Npal, hypoallrgnic and without chmicals. Participating in th World Award was a stp towards th launch of Spj Vloibaar. A Sd Europ Th ASN Foundation donatd to A Sd Europ in Th goal of this annual sd wknd is to involv popl in th fight for agricultural biodivrsity. Th wknd s organisrs, Rclaim th Sds, aim for robust, sustainabl agricultur that is indpndnt from th concntration of powr in th sd trad.

50 Biodivrsity Photo: Cor Kuyvnhovn Plastic Whal Building a boat of plastic littr to highlight and tackl th plastic soup problm that was th challng that Marius Smit had st himslf. H mobilisd popl to drdg up plastic in th Amstrdam canals. It was such a succss that th boat bcam a rality th Plastic Whal with financial support from ASN Bank. Support to th squirrl 2014 was th Yar of th Squirrl, th symbol of ASN Bank. That is why th ASN Foundation mad a donation to th Dutch Mammal Socity in 2013 to hlp it pay mor attntion to squirrls. Th Socity put togthr a larning modul and an idntification sht and showd citizns and govrnmnts what thy can do for squirrls. 49 Photo: Hilco Kuiprs Naturalis aftr dark Biodivrsity, volution, climat chang, animal wlfar: ths subjcts fascinat not only biologists but also othr scintists. Six of thm wr givn th floor in a sris of flash lcturs. Th goal: to gt nw idas by viwing familiar thms from a whol nw prspctiv. ASN Bank sponsord th sris of lcturs.

51 50

52 D Economic prformanc 51

53 ASN Bank Rport Raising capital W want to grow in ordr to contribut mor mony to sustainabl businsss, govrnmnts and projcts, as wll as to maintain a halthy financial basis as a bank that safguards our continud xistnc. W wlcomd 39,896 nw customrs in 2014, bringing th total customr bas to 603,496. This is a drop of 4,177 customrs compard to th numbr rportd at yar-nd 2013, as a substantial numbr of customrs lft us. Th Mony Laundring and Trrorism Financing (Prvntion) Act (Wt tr voorkoming van witwassn n financirn van trrorism; Wwft) obligs banks to vri fy thir customrs idntitis and to kp customr fils that ar in complianc with statutory rquirmnts. This mans that th rcords must b accurat and up to dat. In 2014, w contactd all customrs whos idntification was not proprly rcordd or whos fils wr incomplt. Th rlationship with customrs who wr unabl to idntify thmslvs aftr rpatd rqusts in many cass dormant accounts was trminatd. As a rsult, 15,496 customr rlationships wr trminatd and 7,641 customrs ar not includd in th numbr of customrs at yar-nd Finally, w lost 20,936 customrs bcaus thy trminatd thir contractual rlationship or passd away. As from 2014, th fils of customrs on whom w rport mt all rquirmnts Customr bas 603, , , , ,902 Sustainabl savings and invstmnts markt shar Th 2014 figurs on th Dutch sustainabl savings and invstmnt markts wr not yt known at th tim this rport was writtn. In 2013, th total rtail markt for sustainabl savings and invstmnt products ros to 25.1 billion. Our shar in th total sustainabl savings markt stood at 63.5% in Our shar in th total markt for sustainabl invstmnts was 26.7%. Ths figurs wr providd by th Dutch Association of Invstors for Sustainabl Dvlopmnt (Vrniging van Blggrs voor Duurzam Ontwikkling; VBDO). VBDO xpandd th dfinition of sustainabl savings and invstmnt in For this rason, w do not prsnt th comparativ figurs for 2012 and arlir hr. 52 Assts undr managmnt (in millions of uros) Funds and asst managmnt ,296 1,377 1,760 2,097 ASN Bank , ,992 8,969 9,811 10,122 10, ,367 10,265 11,188 11,882 12,821 Total assts undr managmnt

54 D Economic prformanc Savings Dspit stagnation in th Dutch savings markt, savings at ASN Bank ros by 4.9% from 9.3 billion to 9.7 billion. This growth was mainly achivd in our instant-accss savings products for th rtail markt (ASN Idaalsparn) and th commrcial markt (ASN Sparn Zaklijk). ASN Jugdsparn also showd solid growth again Savings markt shar 2.9% 2.8% 2.8% 2.7% 2.5% Sourc: CBS ASN Idaalsparn With ASN Idaalsparn, w activly support four sustainability issus, promoting fair trad and rnwabl nrgy and fighting child labour and th arms industry (s Chaptrs 8 and 10). Puppy campaign From 1 Fbruary to 15 April, w organisd th campaign Hlp rais KNGF pups. For vry nw ASN Idaal sparn account or 1,000 dposit on an xisting ASN Idaalsparn account, w supportd th upbringing of KNGF guid dogs. Th campaign yildd 130,000 for KNGF Glidhondn, sufficint for th upbringing of 26 pups. Anothr 16 pups wr raisd thanks to customrs w contactd with th rqust to r-idntify thmslvs (s Chaptr 8). As compnsation, thy could choos btwn a sum of mony, a DVD or a donation for th KNGF pups. Mor than 10,000 customrs optd for th donation. ASN Jugdsparn In 2014, 4,464 nw ASN Jugdsparn accounts wr opnd. Dposits grw by 16.9% from 222 million to 259 million. Using ASN Jugdsparn, our customrs invst in th futur of thir childrn and grandchildrn and th futur of many childrn who ar lss fortunat, as ASN Bank donats 5 to Cordaid and 5 to Nationaal Fonds Kindrhulp for vry nw ASN Jugdsparn account. Each yar, w also donat an amount to ths two organisations that is basd on th total savings balanc of all ASN Jugdsparn accounts. Th donation in 2014 totalld 330,000. Sinc th start of ASN Jugdsparn in 2002, w hav donatd mor than 2.5 million for vulnrabl childrn in this 53 From lft to right: Karlijn Kuiprs and Ptr van dr Hijdn of th Royal Dutch Guid Dog Foundation rciving th donation from Micky Bakkr and Hnk d Ligt of ASN Bank.

55 ASN Bank Rport way. Cordaid invsts this mony in childrn s projcts in th Cntral African Rpublic and Congo that nsur that childrn can go to school and stay in school. Cordaid also nsurs that childrn hav a hom and rciv mdical car and adquat nutrition. On 1 January 2014, w also tamd up with Nationaal Fonds Kindrhulp as our partnr for ASN Jugdsparn. Th fund hlps childrn in th Nthrlands who ar growing up in povrty and ar thrfor on th sidlins of socity. Currnt accounts At th bginning of 2009, w introducd our currnt account for privat customrs, th ASN Bank Account. This is a comprhnsiv, inxpnsiv onlin currnt account for customrs from th ag of 18. Customrs rciv intrst on positiv balancs and pay only low monthly costs. In 2014, th (nt) numbr of accounts incrasd by 11,372. In part as a rsult of this, a total of 120,425 ASN Bank Accounts wr rcordd in our books at yar-nd In addition, sinc May 2011 w offr th ASN Jongrnrkning account spcially for young popl agd 12 to 25. This account allows young popl to mak paymnts without providing an ovrdraft facility. Th account is fr of charg. At yar-nd 2014, 17,029 of ths accounts wr rgistrd. Th total numbr of customrs holding on or mor currnt accounts as sol or joint account holdrs was 157,271 by yar-nd ASN Crdit Card Th ASN Crdit Card is a Visa Card administrd by crdit card xprt ICS. Almost 27,000 cards wr in us at th nd of As with ASN Idaalsparn, ASN Crdit Card holdrs hav a choic of supporting th sustainability issus that ASN Bank is aiming to advanc, promoting fair trad and rnwabl nrgy and fighting child labour and th arms industry. A small prcntag of ach paymnt mad with th card is donatd to th thmd projcts of our partnring NGOs. This amount is dductd from ASN Bank s rvnu; customrs do not hav to pay anything xtra. This brought in 129,282 for th rlvant projcts for th full yar ASN Invstmnt Funds Our invstmnt funds achivd strong growth in 2014, in part thanks to historically low intrst rats on savings, our invstmnt campaigns, strong invstmnt prformanc and th rcognisabl sustainability profil of our invstmnt funds. W closd 2014 on a high with total fund growth of ovr 348 million, or 21.7%. Sustainabl invstmnt campaign In Novmbr 2014, w introducd th wbsit nandrrndmnt.nl to support our invstmnt campaigns. This sit xplains to invstors and othr intrstd popl th diffrnc that sustainabl invstmnt in th ASN Invstmnt Funds can mak for thm. Ky in this rspct is that th ASN Invstmnt Funds offr an opportunity for diffrnt rturns : rturns arnd whil rspcting popl, plant and climat. In th contxt of this campaign, w placd an app on our Facbook pag in Novmbr and Dcmbr that assssd brands in trms of thir sustainability. This way, w mad clar that th ASN Invstmnt Funds only invst in companis that mt all critria. Th gam was visitd 60,000 tims, introducing many popl to our sustainability critria. ASN Gronprojctnfonds ASN Gronprojctnfonds is th only ASN Invstmnt Fund that is tax fficint. At th nd of 2014, it xprincd an unxpctdly larg inflow of mony. As a rsult, th portion of th invstmnt portfolio that was invstd in grn projcts thratnd to b rducd to lss than 70 prcnt. If this wr to happn, th fund might los its status of grn institution. This is why, on 25 Novmbr, w had to tmporarily clos th fund to nw invstmnts. Asst managmnt ASN Asst Managmnt is intndd for privat individuals, foundations, associations and social institutions that do not want to manag thir invstmnt portfolios thmslvs. Th srvics ar aimd at customrs with invstabl assts of 250,000 or mor. ASN Asst Managmnt invsts ths assts on th basis of ASN Bank s sustainability policy was a good yar for ASN Asst Managmnt. Its customr bas grw to 214 privat individuals and institutions at yar-nd Assts undr managmnt also showd good growth. Th invstmnt prformanc was satisfactory.

56 D Economic prformanc Dvlopmnt of ASN Invstmnt Funds (amounts x 1,000/ 1,000) Nt assts Total nt assts of invstmnt funds ASN Duurzaam Aandlnfonds ASN Duurzaam Obligatifonds ASN Duurzaam Mixfonds ASN Miliu & Watrfonds ASN Duurzaam Small & Midcapfonds ASN Gronprojctnfonds ASN-Novib Microkrditfonds (amounts x 1,000/ 1,000) Numbr of shars/units ASN Duurzaam Aandlnfonds ASN Duurzaam Obligatifonds ASN Duurzaam Mixfonds ASN Miliu & Watrfonds ASN Duurzaam Small & Midcapfonds ASN Gronprojctnfonds ASN-Novib Microkrditfonds

57 ASN Bank Rport Exposurs: loans and othr invstmnts It nsus from ASN Bank s mission that w hlp crat a social, just and sustainabl socity. ASN Bank xists by th grac of its customrs and thir trust. Th bank invsts customrs savings, whil th ASN Invstmnt Funds invst customrs invstmnt mony. Our customrs must b abl to dpnd on us to invst thir mony in a carful, risk-avrs mannr. Ky catgoris of ASN Bank ar bonds and privat loans to govrnmnts (countris, provincs and municipalitis), as wll as rsidntial mortgags, watr boards, nrgy companis, halthcar institutions, housing corporations, ducation, cultur and lisur, and rnwabl nrgy. This sprad crats a good balanc btwn th various sctors and a divrsification of risks. Appndix 1 to this rport shows whr w invst your mony; Chaptr 15, in th Nots to th balanc sht, shows th sprad across sctors of our invstmnts and loans. Hr, you will find nots to th main catgoris. Principls and policy Our objctiv as a bank is to contribut to a just, sustainabl socity. This mans that w act within th paramtrs imposd on us as a bank. W bas our actions on two ky principls. First, w invst our customrs mony only in ways accptabl to thm. Scond, w must satisfy th rquirmnts st by rgulatory bodis. Th capital rquirmnts st by rgulators dtrmin th paramtrs of our policy to a grat xtnt. As shown by th list of our loans and invstmnts, privat hom loans ar th main catgory. This is bcaus, through Woonhuishypothkn B.V., w financ mortgags that mt our sustainability critria (s th ASN Bank Living and Working policy papr). By financing such mortgags, w nsur that popl can buy a hom of thir own as with financing in th social housing sctor. In doing so, w ar incrasingly focusing on th rduction of nrgy consumption and th us of rnwabl nrgy for ths homs. This bnfits both th climat and th occupants disposabl incom. In collaboration with third partis, w masurd th nrgy consumption of th homs in our portfolio in Basd on this baslin masurmnt, w drw up plans to start making th homs mor sustainabl in W particularly focus on invsting in th rnwabl nrgy sctor. Taking account of our low risk profil, w can financ a limitd numbr of projcts dirctly in this sctor vry yar. As w valu rnwabl nrgy projcts, in addition to ths projct loans w ar looking for othr typs of financing that kp th financial risks undr control, such as grn bonds. Grn bonds ntail lowr risks and at th sam tim form an invstmnt in rnwabl nrgy. Quality rviw In prparation of th transition to Europan banking suprvision, an asst quality rviw was conductd to analys th quality of all loans on th balanc sht. Th projct plan for this, which applid to SNS Bank N.V. as a whol, was first submittd to th Dutch Cntral Bank. In th cours of 2014, ASN Bank wnt through th fils of all its corporat clints and supplmntd thm whr ncssary. Dvlopmnts in 2014 Our loans and invstmnts incrasd by 569 million in 2014, from 10,299 million to 10,868 million. ASN Bank s xposurs consist of loans and advancs to customrs and invstmnts (bonds and a small quity portfolio). Invstmnts incrasd by 749 million in 2014, whil loans and advancs to customrs droppd by 180 million. Loans and advancs to customrs Loans and advancs to customrs consist of businss loans, privat loans, mortgag loans, and loans and advancs to privat individuals. Chang in loans and advancs to customrs (in millions of uros) Businss loans + 8 Privat loans Loans and advancs to privat individuals - 7 Rsidntial mortgags - Chang in loans and advancs to customrs Businss loans W provid businss loans for ASN Bank itslf and, on th instructions of ASN Blggingsinstllingn Bhr B.V., for ASN Gronprojctnfonds and Enrgifonds Ovrijssl. (in millions of uros) Chang Loans and advancs to customrs 6,414 6, Invstmnts 4,454 3, Total loans and invstmnts 10,868 10,

58 D Economic prformanc Markt dvlopmnts In ASN Bank s viw, a sustainabl socity is also a caring socity. It is thrfor fitting for our bank to financ this sctor. Dspit having don so vr sinc our incorporation, w hav dcidd to stp up our lnding fforts to th halthcar sctor. That is why w dvlopd our own proposition for this sctor in W also providd various loans to halthcar institutions. Th aim is to xpand th numbr of loans to this sctor in W wr xprincing som difficultis from falling intrst rats and narrow margins in In addition, w facd firc comptition btwn banks, spcially in th cas of sustainabl projcts that ar also financially fasibl, which cratd immns prssur on margins. On top of that, crtain sctors lik housing corporations fl th nd for loans with xtrmly long trms. Combind with today s low intrst rats, this somtims mant that w wr unabl to mt th dmand for financ. ASN Bank s nw loans In 2014, ASN Bank signd loan agrmnts rprsnting mor than 98 million. In all, invstmnts in businss loans ros by 8.4 million to million. In addition, outstanding commitmnts amount to ovr 74 million. Important nw loans in 2014 wr: Nationaal Enrgibspaarfonds ASN Bank undrtook to fund 50 million for Nationaal Enrgibspaarfonds. This fund was cratd to nabl privat hom ownrs to tak nrgy-saving masurs with an inxpnsiv loan. Th costs savd on th nrgy bill as a rsult must b at last qual to th costs of th loan. Th Stat and Rabobank also tak part in this fund, which has a total of 300 million in cash. Unfortunatly, privat borrowrs hav mad littl us of th fund so far. Wstrmrwind BV ASN Bank taks part in a consortium of fiv financial institutions that, togthr, nabl th construction and opration of th largst nar shor wind projct in th Nthrlands: Wstr mr wind. Th projct consists of 48 Simns wind turbins, which will b placd 520 mtrs from th coast in th IJsslmr. Simns is to supply, install and maintain th wind turbins. Th shar of th funding that ASN Bank undrtook to provid amounts to mor than 36.5 million. Mor than 12 million of this amount was paid in Stichting Bhr Gbouw 3X Factorn W ntrd into a loan agrmnt with Stichting Bhr Gbouw 3X Factorn, affiliatd with th univrsity hospital in Maastricht (Acadmisch Ziknhuis Maastricht; AZM). Th contract concrns a 4.8 million loan to xpand th building, which is ownd by 3X Factorn and locatd on th Maastricht Halth Campus. 90% of th building is usd by th AZM s Clinical Gntics Dpartmnt and 10% by th Maastricht Thrombosis Clinic. RW OG BV In Almr, a formr offic building is bing convrtd into a car hom. Privat ntrprnurs and halthcar providr Rdwaard work to gthr in this nw halthcar institution for th ldrly. Th loan amounts to 3.2 million. Stichting Emhovn Bhr Vrplg- n Gasthuis St. Elisabth in Amrsfoort is opratd in Stichting Emhovn Bhr. In 2014 w xtndd th loan, which was about to xpir, by a fw yars aftr consultation. Th amount involvd is mor than 2.6 million. Equator Principls Th Equator Principls for larg projct loans rquir th loans to mt th social and nvironmntal critria st by th Intrnational Financ Corporation (IFC). ASN Bank has adoptd th Equator Principls, which raffirms our policy to provid loans only to projcts that ar dvlopd in a socially rsponsibl mannr and ar in lin with th rquirmnts for sound sustainability policis. In addition to our own sustainability critria, w apply th Equator Principls to all th projcts w financ whos total valu xcds $ 10 million (w apply th convrtd amount of 8 million as a limit). Th Equator Principls distinguish thr projct catgoris, ranging from a high possibl advrs ffct on th nvironmnt and human rights (catgory A) to a low ffct (C). As w apply our own sustainability critria, w do not financ and assss any projcts from catgory A. W did assss on projct in catgory B in 2014, which w approvd. 57

59 ASN Bank Rport 2014 Privat loans In 2014, a total sum of 181 million was rpaid on th privat loan portfolio. No nw privat loans wr providd in By mans of such privat loans, ASN Bank financs companis and institutions in projct catgoris including th following: Watr managmnt In th Nthrlands, watr managmnt is vry important indd. Watr plays a ky rol in th dvlopmnt of our living nvironmnt, for xampl with rgard to housing, working, natur consrvation and lisur. As far as th nvironmnt is concrnd, sinc 2007 som watr boards hav bn intnsifying thir activitis in th aras of climat chang, watr quality, natur consrvation and biodivrsity, and xporting knowldg to Third World countris. As th watr boards activitis ar highly harmonisd, w assss th sctor as a whol in trms of human rights and th nvironmnt. Halthcar and old-ag car W considr good halthcar to b an ssntial lmnt of a just socity. It is a ky human right to which w wish to contribut with our financing activitis. Halthcar institutions play a major social rol as thy provid halthcar with du attntion to quality and safty for patints and staff. W vrify whthr th organisation of th halthcar institutions is such that thy contribut to good halthcar, now and in th futur. Housing corporations Housing corporations hav a social objctiv: thy provid good, affordabl housing, spcifically for low-incom housholds. Thy incrasingly add nvironmntal goals to this social objctiv, which maks thm ligibl for financing by ASN Bank. Rsidntial mortgags W us a substantial portion of th savings ntrustd to us to financ rsidntial mortgags. This is in lin with our vision of a sustainabl futur, whn popl will want to liv in high-quality, affordabl and nrgyfficint homs. As ASN Bank itslf dos not offr any rsidntial mortgags, w financ mortgag portfolios via privat loans to Woonhuishypothkn B.V., which manags mortgags providd by Rgiobank, SNS and BLG Wonn. Togthr with thm, w crat a mor sustainabl portfolio. W slct ths portfolios on th basis of our own critria, which ar currntly mostly of a social natur. W prfr to financ nrgy-fficint homs built of sustainabl matrials. In practic, howvr, this is not possibl on a larg scal, which is why w also contribut in othr ways to making homs in th Nthrlands mor sustainabl. W contribut to initiativs undr which mortgag lndrs offr thir customrs th opportunity to mak thir homs mor sustainabl. 58 Watr boards ar rsponsibl for watr quantity and quality and dik maintnanc.

60 D Economic prformanc To this nd w providd a loan to Nationaal Enrgibspaarfonds, which assumd its work in Th fund allows hom ownrs to tak out chap loans to financ nrgy-saving masurs in thir homs. In th third quartr of 2013, w changd th mannr in which ASN Bank financs rsidntial mortgags. W st up a sparat lgal ntity to this ffct, namd Woonhuishypothkn B.V. Only rsidntial mortgags that mt our critria hav bn transfrrd to this privat company. W financ ths mortgags by providing a privat loan to Woonhuishypothkn B.V. Togthr with SNS Bank N.V., w ar making this portfolio mor sustainabl. Invstmnts Th cost of invstmnts ros by 460 million in Invstmnts ar masurd at markt valu in accordanc with IFRS guidlins. Th markt valu of invstmnts ros by 289 million in Togthr, this translats into an incras of invstmnts by 749 million. Chang in invstmnts (in millions of uros) Chang in cost Chang in markt valu Govrnmnt bonds Grn bonds and sustainabl bonds Othr invstmnts Total Govrnmnt bonds Th Dutch Cntral Bank rquirs all banks to maintain part of thir assts in radily marktabl invstmnts such as govrnmnt bonds. Govrnmnt bonds ar loans xtndd to countris govrnmnts, which play an important rol in promoting sustainability and in th functioning of a just socity. Thy provid basic facilitis such as housing, ducation and halthcar and ruls to protct natur, for xampl. W invst in th govrnmnt bonds of countris that mt our sustainability critria. As w do not wish to run any currncy risk on our go vrnmnt bond invstmnts, only govrnmnt bonds dnominatd in uros qualify for inclusion in our invstmnt univrs. W assss th countris that issu ths bonds first on th basis of our absolut critria for human rights, climat chang and biodivrsity. A numbr of countris ar xcludd automatically. W assss th sustainability prformanc of th countris that mt our absolut critria on th basis of sixtn rlativ indicators. Th Govrnmnt Bonds policy papr, publishd on our wbsit, contains an xplanation of ths indicators. Th countris of which ASN Bank ownd govrnmnt bonds as at 31 Dcmbr 2014 ar statd in Appndix 1. In 2014 th govrnmnt bond portfolio grw by ovr 300 million. W mainly xpandd th staks in Blgium (+ 113 million), Grmany (+ 94 million), Franc (+ 72 million) and th Nthrlands (+ 96 million). In addition, w spnt 20 million on th purchas of Swdish govrnmnt loans. W rducd our stak in Austria by approximatly 89 million. Local and rgional govrnmnts Just lik national govrnmnts, thy play an important rol in a socity s functioning. If w hav approvd a country s govrnmnt bonds basd on th critria laid down in th ASN Bank Govrnmnt Bonds Issu Papr, th local govrnmnts hav also automatically bn approvd. In this catgory, w invst mainly in bonds of Dutch municipalitis and provincs. Grn bonds and sustainabl bonds Grn bonds allow us to invst in fixd-incom scuritis in th filds of rnwabl nrgy, nrgy rduction and biodivrsity. This fairly nw catgory is a wlcom addition to th bank s balanc sht. Ths bonds contribut considrably to achiving th objctiv of bing fully carbon nutral by In 2014, ASN Bank spnt an amount of 141 million on th purchas of grn bonds and sustainabl bonds from NRW Bank and th Europan Invstmnt Bank (EIB) in particular. Ownd by th 28 Europan Mmbr Stats, th AAA-ratd EIB financs projcts that tackl climat chang, such as projcts in th aras of wind, tidal and solar nrgy and nrgy fficincy. NRW Bank is a dvlopmnt bank of th Grman stat North Rhin-Wstphalia. NRW Bank uss th grn bonds to financ nvironmntally frindly watr and nrgy projcts. ASN Invstmnt Funds Th assts of th svn ASN Invstmnt Funds, managd by ACTIAM N.V. as AIF managr, ar rgardd as part of ASN Bank s assts undr managmnt. ASN Blggingsinstllingn Bhr B.V. (ABB) adopts rlvant policy, including th sustainability guidlins and critria. Blow, w dscrib how ths funds invstmnts contribut to a sustainabl socity. Mor information about th funds can b found in th annual rports of ASN Blggingsfondsn N.V., ASN Gronprojctnfonds and ASN-Novib Microkrditfonds. 59

61 ASN Bank Rport ASN Duurzaam Aandlnfonds ASN Duurzaam Aandlnfonds invsts in quitis of around 150, primarily listd, companis across th glob. ABB slcts companis that mt th sustainability critria and hav sound financial prospcts. Its policy s main focus is on rising quity prics. Th managr is also guidd by companis climat chang prformanc: it dtrmins th siz of its stak in sustainabl companis in part on th basis of thir CO 2 missions. ASN Duurzaam Obligatifonds ASN Duurzaam Obligatifonds invsts in uro bonds issud by govrnmnts that mt th sustainability critria of th ASN Invstmnt Funds. Th fund is uniqu as govrnmnts ar assssd both in trms of thir social and nvironmntal prformanc and on th basis of a fundamntal financial critrion, which is thir rpaymnt capacity (th ratio btwn a country s tax rvnus and intrst paymnt commitmnts). For xampl, govrnmnts ar assssd on aspcts including th amount of protctd natural aras, carbon missions pr capita and th country s incom in quality. ASN Duurzaam Mixfonds Th portfolio of ASN Duurzaam Mixfonds consists of quitis from th ASN Duurzaam Aandlnfonds univrs and bonds from ASN Duurzaam Obligatifonds, which mt th sustainability critria of th ASN Invstmnt Funds. Th sprad btwn th two invstmnt catgoris is, in principl, 55% bonds and 45% quitis. Th managr may dviat from this to a limitd xtnt according to currnt markt conditions. ASN Miliu & Watrfonds ASN Miliu & Watrfonds is a sctor fund invsting worldwid in around sixty quitis of listd companis that primarily offr tchnologically advancd solutions to nvironmntal problms. Th fund invsts in companis oprating in th watr, wast and rnwabl nrgy sctors. Exampls includ companis that produc solar clls and LED lights, purify watr, mak buildings mor nrgy fficint and produc rnwabl nrgy. ASN Duurzaam Small & Midcapfonds ASN Duurzaam Small & Midcapfonds invsts in quitis of small to mdium-sizd listd Europan companis. Ths companis mt th sustainability critria of th ASN Invstmnt Funds or ar rquird to mt ths critria within thr yars of admission to th ASN Invstmnt Univrs. Th fund managr activly ncourags businsss to put corporat social rsponsibility on th agnda. Th portfolio includs a divrs rang of companis, such as transport companis, halthcar providrs, lctronics manufacturrs and IT companis. ASN-Novib Microkrditfonds In dvloping countris, rgular banks gnrally mak hardly any funds availabl to financ small-scal projcts in th informal sctor. ASN-Novib Micro krditfonds lnds monis to, or participats in, microfinanc institutions (MFIs), allowing th MFIs to provid loans to Bionrgy projct Ovrijssl, Empyro BV.

62 D Economic prformanc small and mdium-sizd local businsss. This way, th fund hlps to combat povrty. Spcial attntion is dvotd to th social aspcts of th loans that th fund provids. ASN Gronprojctnfonds ASN Gronprojctnfonds maks a significant contribution to our climat chang objctiv. It provids loans in th filds of sustainabl construction and rnwabl nrgy,.g. nrgy gnratd by wind turbins and dcntralisd nrgy supplis (thrmal storag, cognration and solar nrgy). Enrgifonds Ovrijssl ASN Blggingsinstllingn Bhr B.V. (ABB), ASN Bank s invstmnt businss, has bn th managr of Enrgifonds Ovrijssl of 250 million sinc In 2014 th managmnt was transfrrd to ASN Bank on account of an organisational chang as a rsult of th nw Europan Dirctiv for invstmnt fund managrs, th Altrnativ Invstmnt Fund Managrs Dirctiv (AIFMD). Th Provinc of Ovrijssl uss this fund to work towards its ambition that rnwabl nrgy sourcs should provid for 20% of th provinc s total nrgy rquirmnt by Enrgifonds Ovrijssl offrs ntrprnurs, housing corporations and othr social organisations th opportunity to financ thir projcts in th aras of nrgy saving and producing nw nrgy. Not in th traditional way with subsidis, but by mans of participating intrsts, loans and guarants. ASN Bank manags Enrgifonds Ovrijssl togthr with Royal HaskoningDHV and Start Grn Vntur Capital. 61

63 ASN Bank Rport 2014 Car and wlfar A sustainabl socity is also a caring socity. W bliv that solidarity, taking car of ach othr, social cohsion and an y for popl s wll-bing in th broadst sns of th word ar th building blocks of a caring socity. W contribut to this in a varity of ways. 42 pups for th Royal Dutch Guid Dog Foundation Thanks to ASN customrs, th Royal Dutch Guid Dog Foundation is raising 42 pups. W donatd mony for 26 pups in connction with a succssful ASN Idaalsparn campaign. Anothr 16 pups can b raisd as ovr tn thousand customrs prfrrd a donation to th Royal Dutch Guid Dog Foundation ovr a small prsonal rward as a thank-you for thir rspons to our administrativ rqust. 62 ZorgSaam Twntrand Th ASN Foundation donatd a sum to ZorgSaam Twntrand for Etm. Undr th motto Eating togthr is fun, Etm provids halthy, inxpnsiv mals at four locations in th Municipality of Twntrand. Th projct is run by voluntrs. Th donation was usd, among othr things, for th Etm vgtabl gardns in Vroomshoop and th Villag Gardn in Dn Ham. Nationaal Fonds Kindrhulp With ffct from 2014, ASN Bank maks a yarly donation to Nationaal Fonds Kindrhulp on bhalf of ASN Jugdsparn account holdrs. Clos to 400,000 childrn in th Nthrlands ar at risk of bcoming marginalisd du to povrty and srious problms at hom. With modst financial contributions, Nationaal Fonds Kindrhulp crats a littl mor happinss for ths childrn.

64 Car and wlfar Photo: Waltr Sitinga Yoni Yoni turns th world of tampons, sanitary towls and pantylinrs upsid down with organic cotton products, mad without plastic or othr synthtic matrials, chlorin and tracs of psticids. It offrs womn a halthir, mor nvironmntally frindly altrnativ to th standard products. Yoni was on of th winnrs of th ASN Bank World Award Photo: Josj Dkns Complimnts machin Complimnting studnts contributs to a positiv school climat and countrs bullying. That is why Stichting Collctif Godbzig placs bubblgum machins filld with Wll Don badgs at primary schools, as tangibl tokns of complimnts paid. ASN Bank sponsord tn thousand Wll Don badgs in 2014 and will continu its sponsorship in Photo: Josj Dkns Rsidntial car cntr Ht Ankr In 2014, a total of sixty ASN Bank mploys voluntrd at rsidntial car cntr Ht Ankr in Voorburg. Thy undrtook six day trips with rsidnts of Ht Ankr to Avifauna, Madurodam and Blijdorp, among othr placs. Each voluntr was matchd with a car cntr rsidnt. This intnsiv contact cratd ngagmnt and a bautiful day for both of thm.

65 64

66 E Financial accounts 65

67 ASN Bank Rport Financial rsults Balanc sht In thousands of uros bfor profit distribution Nots Assts Cash and cash quivalnts 1 677, ,448 Loans and advancs to customrs 2 6,413,991 6,594,030 Invstmnts 3 4,453,749 3,705,135 Proprty and quipmnt 4 9,883 9,973 Associats 5 1,101 - Dfrrd tax assts 6 1,887 3,935 Othr assts 7 78, ,378 Total assts 11,636,204 10,748,899 Liabilitis Savings 8 9,708,491 9,255,867 Othr amounts du to customrs 9 951, ,138 Dfrrd tax liabilitis 6 65, Othr liabilitis , ,861 Othr provisions Shar capital 11,350 11,350 Othr rsrvs 608, ,817 Profit for th yar 58,582 66,817 Sharholdrs quity , ,984 Total quity and liabilitis 11,636,204 10,748, Incom statmnt In thousands of uros Nots Incom Nt intrst incom , ,030 Nt commission incom 14 15,946 14,483 Invstmnt incom Excptional incom Total incom 154, ,570 Expnss Staff costs 15 13,106 11,464 Dprciation of proprty and quipmnt Othr oprating xpnss 16 31,665 24,060 Impairmnt charg 17 1,266 1,112 Othr xpnss 18 22,025 1,287 Total xpnss 68,590 38,426 Rsult bfor taxation 85,451 89,144 Taxation 19 26,869 22,298 Nt rsult for th priod 58,582 66,846 Minority intrsts - 29 Nt rsult attributabl to sharholdrs 58,582 66,817

68 D Economic prformanc Statmnt of changs in quity In thousands of uros Shar capital Shar prmium rsrv Rvaluation rsrv Othr rsrvs Profit for th yar Minority intrsts Total Balanc as at 1 January , ,886 99, ,927 34, ,012 Transfr of nt rsult ,920-34,920 Transfrs ,920-34,920 Chang in rvaluation rsrv -81,970-81,970 Othr movmnts Amounts chargd dirctly to total quity -81, ,845 Nt rsult ,817 66,817 Total rsult ,817 66,817 Total changs in quity ,970 34,920 31, ,028 Balanc as at 31 Dcmbr , ,886 17, ,847 66, ,984 Balanc as at 1 January , ,886 17, ,847 66, ,984 Transfr of nt rsult ,817-66,817 Transfrs ,817-66,817 Chang in rvaluation rsrv 218, ,553 Othr movmnts Amounts chargd dirctly to total quity 218, ,553 Nt rsult ,582 58,582 Total rsult ,582 58,582 Total changs in quity ,553 66,817-8, ,135 Balanc as at 31 Dcmbr , , , ,664 58, ,119 67

69 ASN Bank Rport 2014 Cash flow statmnt In thousands of uros Cash flow from oprating activitis Oprating profit bfor tax 85,451 89,144 Adjustmnts for: Dprciation and amortisation of tangibl and intangibl assts Changs in othr provisions Impairmnt chargs 1,266 1,112 Tax (paid)/rcivd 42,952-41,438 Changs in oprating assts and liabilitis: Chang in advancs and liabilitis to customrs 244,495-4,530,093 Chang in advancs to banks - 4,453,027 Chang in savings 452, ,645 Chang in invstmnts -94,798 28,654 Chang in othr oprating activitis 52,397 6,349 Nt cash flow from oprating activitis 785, ,902 Cash flow from invstmnt activitis Sal and rdmption of invstmnts 1,480,183 1,328,576 Purchas of invstmnts -1,917,212-1,935,328 Purchas of intangibl assts Purchas of proprty and quipmnt Nt cash flow from invstmnt activitis -437, ,254 Cash flow from financ activitis Minority intrsts - 96 Nt cash flow from financ activitis Cash and cash quivalnts as at 1 January 329, ,704 Chang in cash and cash quivalnts 347, ,256 Cash and cash quivalnts as at 31 Dcmbr 677, ,448 Accounting principls for th financial rsults Gnral information ASN Bank N.V., incorporatd and stablishd in th Nthrlands, is a public limitd liability company incorporatd undr th laws of th Nthrlands. ASN Bank N.V. s rgistrd offic is locatd at Bzuidnhoutswg 153, 2594 AG Th Hagu. Sinc 5 January 1998, ASN Bank N.V. has bn a wholly-ownd subsidiary of SNS Bank N.V., whos financial statmnts ar fild with th Trad Rgistr in Utrcht. Th company s figurs hav bn incorporatd in th consolidatd financial statmnts of SNS Bank N.V. Basd on a guarant issud by SNS Bank N.V. in accordanc with Book 2, Sction 403 of th Dutch Civil Cod, th company financial statmnts of ASN Bank N.V. hav not bn auditd. Th following subsidiaris hav bn consolidatd in th financial rsults of ASN Bank N.V.: ASN Blggingsinstllingn Bhr B.V. (100%) ASN Vrmognsbhr B.V. (100%) Any rfrnc in this rport to ASN Bank also includs its subsidiaris. Basis of prparation ASN Bank s figurs hav bn incorporatd in th consolidatd financial statmnts of SNS Bank N.V. Th consolidatd financial statmnts of SNS Bank N.V. hav bn prpard in accordanc with th Intrnational Financial Rporting Standards (IFRS), as adoptd within th Europan Union (EU). Th information includd in th consolidatd financial statmnts of SNS Bank N.V. has bn usd for th sparat financial rsults of ASN Bank N.V. ASN Bank s sparat financial rsults includ th most important information. Plas rfr to th consolidatd financial statmnts of SNS Bank N.V. for th comprhnsiv financial rsults.

70 D Economic prformanc Th ASN Bank Managmnt Board rlasd ASN Bank s financial rsults for th yar ndd 31 Dcmbr 2014 aftr approval by th Suprvisory Board on 10 April Changs in principls, stimats and prsntation Blow, only th changs rlvant for ASN Bank ar st out. Changs in prsntation A fw changs wr mad to th classification of balanc sht itms. Amounts du to banks wr rcognisd sparatly on last yar s balanc sht and prtain to a currnt account with SNS. This yar this balanc sht itm has bn offst against th cash and cash quivalnts itm, which also includs th othr currnt account rlationships with SNS. Th 2013 figurs hav bn adjustd accordingly. Last yar a balanc sht itm calld funds ntrustd was includd, comprising savings and othr funds ntrustd. Th savings itm is a sparat balanc sht itm this yar. Th othr funds ntrustd ar now incorporatd in th balanc sht itm othr amounts du to customrs, undr dmand dposits. Th 2013 figurs hav bn adjustd accordingly. Accounting principls usd in th prparation of th financial rsults Blow, only th principls that ar most important for ASN Bank ar st out. Plas rfr to th consolidatd financial statmnts of SNS Bank N.V. for a complt ovrviw of th accounting principls. Th accounting principls st out blow hav bn applid consistntly to all th priods prsntd in ths financial rsults. Accounting principls applid to balanc sht itms In prparing th financial rsults, th accounting principls fair valu, amortisd cost and historical cost ar usd. Fair valu is usd for: land and buildings in own us; invstmnts classifid as availabl for sal All othr financial assts (including loans and advancs) and liabilitis ar masurd at amortisd cost. Non-financial assts and liabilitis ar gnrally masurd at historical cost. Excpt for th cash flow information, th financial rsults hav bn prpard on an accrual basis. Functional currncy and rporting currncy Th financial rsults hav bn prpard in thousands of uros ( ). Th uro is th functional currncy of ASN Bank N.V. All financial data prsntd in uros ar roundd off to th narst million, unlss statd othrwis. Main accounting principls, stimats and assumptions Th us of stimats and assumptions in th prparation of th financial rsults Th prparation of th financial rsults rquirs ASN Bank to mak stimats and assumptions basd on complx and subjctiv opinions and stimats. Ths stimats hav a significant impact on th rportd amounts of assts and liabilitis and th contingnt assts and liabilitis at th balanc sht dat, and th rportd incom and xpnss for th financial yar. In this rgard, managmnt judgs situations on th basis of availabl information and financial data which is subjct to chang in th futur. Although th stimats ar mad to th bst of managmnt s knowldg, actual rsults may diffr from ths stimats and th us of othr propositions or data can lad to matrially diffrnt rsults. Estimats and undrlying assumptions ar rviwd on a rgular basis. Th rsulting impact is rcognisd in th priod in which th stimat is rvisd or in th priod of rvision and futur priods if th rvision impacts both th rporting priod and futur priods. Th main accounting principls involving th us of stimats concrn th mthods for dtrmining th provisions for bad dbts, dtrmining th fair valu of financial assts and liabilitis and dtrmining impairmnts. For dtaild information and disclosur of th accounting stimats and assumptions w rfr to th nxt sctions and th nots to th financial rsults. Provision for bad dbts A provision for impairmnt is mad for loans and advancs if thr ar objctiv indications that ASN Bank will not b abl to collct all th amounts to b rcivd in accordanc with th original contract. For loans and advancs that ar individually significant, th provision mad quals th diffrnc btwn th book valu and th rcovrabl valu. Th rcovrabl valu quals th xpctd futur cash flows, including th amounts ralisd by virtu of guarants and collatral, discountd at th initial ffctiv intrst rat of th loans and advancs. 69

71 ASN Bank Rport Th critria for impairmnt ar applid to th ntir loan portfolio. Homognous groups of loans and advancs with smallr amounts pr individual loan or advanc (and corrsponding crdit risk) ar tstd collctivly for impairmnt. Th provision with rspct to th collctiv approach is calculatd using modls. Th loss factors dvlopd using ths modls ar basd on historical loss data of ASN Bank and ar adjustd according to currnt information that, in th opinion of managmnt, can affct th rcovrability of th portfolio on th assssmnt dat. Th provision for impairmnt also covrs losss whr thr ar objctiv indications of losss likly to b incurrd in th loan portfolio. Ths losss ar stimatd on th basis of historical loss pattrns and th crditworthinss of th borrowrs. If th amount of th impairmnt subsquntly dcrass du to an vnt occurring aftr th impairmnt, th provision is rlasd to th incom statmnt. Whn a loan is uncollctibl, it is writtn off against th rlvant provision for impairmnt. Amounts that ar subsquntly collctd ar dductd from th addition to th provision for impairmnt in th incom statmnt. Fair valu of financial assts and liabilitis Th fair valu of financial assts and liabilitis is dtrmind on th basis of quotd list prics whr availabl. Such quotd list prics ar primarily drivd from transaction prics for listd instrumnts. If transaction prics ar not availabl, markt prics from indpndnt markt participants or othr xprts ar usd. ASN Bank applis a transfr pric whn dtrmining fair valu; thrfor financial assts ar initially rcognisd at thir bid prics and financial liabilitis at thir offr prics. In markts whr activity has dcrasd or in inactiv markts, th rang of prics from diffrnt sourcs can b significant for a crtain invstmnt. Slcting th most appropriat pric rquirs judgmnt. Availabl markt information on th fair valu of th instrumnt is takn into account. For crtain financial assts and liabilitis, no markt pric is availabl. Th fair valu of ths financial assts and liabilitis is dtrmind using valuation tchniqus, which vary from discountd cash flow calculation to valuation modls that us accptd conomic mthodologis. Input into th modls is as far as possibl basd on obsrvabl markt information. All valuation mthods usd ar assssd and approvd in-hous according to SNS Bank N.V. govrnanc procdurs. Impairmnt of invstmnts in financial instrumnts Each rporting dat, ASN Bank asssss whthr thr ar objctiv indications of impairmnt of invstmnts classifid as availabl for sal. Impairmnt losss ar rcognisd dirctly in th incom statmnt undr impairmnt chargs. With invstmnts availabl for sal, any positiv rvaluation rsrv of sharholdrs quity is first dductd. Spcific balanc sht principls Cash and cash quivalnts Cash and cash quivalnts includ loans and advancs to crdit institutions with a rmaining trm to maturity of lss than on month. Loans and advancs to customrs Loans and advancs ar masurd at amortisd cost using th ffctiv intrst mthod. A provision for impairmnt is mad if thr ar objctiv indications that ASN Bank will not b abl to collct all th amounts du in accordanc with th original contract. For loans and advancs that ar individually significant, th provision mad quals th diffrnc btwn th book valu and th rcovrabl valu. Homognous groups of loans and advancs with smallr amounts pr individual loan or advanc (and corrsponding crdit risk) ar tstd collctivly for impairmnt. Invstmnts ASN Bank only has invstmnts classifid as availabl for sal. Aftr initial rcognition, invstmnts availabl for sal ar rstatd at fair valu in th balanc sht. Unralisd gains and losss rsulting from fair valu adjustmnts of ths invstmnts ar rcognisd in th othr rsrvs (sharholdrs quity), taking account of dfrrd taxs. Th invstmnts ar rcognisd at fair valu. Whn th invstmnts ar sold, th rlatd fair valu adjustmnts ar rcognisd in th incom statmnt as invstmnt incom. ASN Bank uss th avrag cost mthod to dtrmin th rsults. Intrst incom arnd on scuritis is rcognisd as intrst incom undr nt intrst incom. Dividnd rcivd is rcordd undr invstmnt incom. Proprty and quipmnt Land and buildings in own us Proprty in own us compriss ASN Bank s offic, which is masurd at fair valu (rvaluation modl) basd on yarly valuations prformd by xtrnal, indpndnt valuators with sufficint profssional

72 D Economic prformanc xprtis and xprinc in th spcific location and catgory of th proprty. Any incras in th fair valu xcding th cost pric is addd to th rvaluation rsrv in sharholdrs quity, lss dfrrd taxs. Positiv rvaluations, insofar as ths rsult in th rvrsal of arlir writ-downs on th sam asst, ar crditd to th incom statmnt. Dcrass in th fair valu, insofar as ths rsult in th rvrsal of prior positiv rvaluations of th sam asst, ar chargd to th rvaluation rsrv. Th rvaluation rsrv cannot b ngativ. All othr dcrass in th fair valu ar accountd for in th incom statmnt. Buildings ar dprciatd ovr thir conomic lif using th straight-lin mthod, with a maximum of fifty yars, taking into account th possibl rsidual valu. Land is not dprciatd. Rgular impairmnt tsts ar carrid out on land and buildings. Rpairs and maintnanc xpnss ar rcognisd undr othr oprating xpnss at th momnt th xpnss ar incurrd. Expnss incurrd aftr th acquisition of an asst that incras or xtnd th futur conomic bnfits of land and buildings in own us in rlation to thir original us ar capitalisd and thn amortisd. Upon th sal of a proprty, th part of th rvaluation rsrv rlatd to th sold proprty is transfrrd to othr rsrvs within quity. IT quipmnt and proprty and quipmnt All othr assts includd in this itm ar masurd at cost nt of accumulatd dprciation and, if applicabl, accumulatd impairmnt losss. Th cost pric compriss th xpnss dirctly attributabl to th acquisition of th assts and is dprciatd on a straight-lin basis ovr th usful lif, taking into account any rsidual valu. Th stimatd usful lif can vary from 3 to 10 yars. Priodic impairmnt tsts ar prformd on th othr assts. Taxs Dfrrd tax liabilitis Dfrrd tax liabilitis concrn tax payabl in futur priods in connction with taxabl tmporary diffrncs. Th tratmnt is in accordanc with th dis closur in th prvious sction. Othr assts Othr assts consist of VAT, othr rcivabls and accrud assts. Th nt amount of advancs and provisions in rlation to th Dposit Guarant Schm (DGS) is accountd for undr othr rcivabls. Savings, amounts du to customrs and amounts du to banks Savings consist of balancs on (bank) savings accounts, savings dposits and trm dposits of rtail clints. Amounts du to customrs primarily rprsnt dmand dposits and cash of businss customrs insofar as it dos not concrn crdit institutions. Upon initial rcognition, savings, amounts du to customrs and amounts du to banks ar masurd at fair valu, including transaction costs incurrd. Thraftr, thy ar masurd at amortisd cost. Any diffrnc btwn th masurmnt at initial rcognition and th rdmption valu basd on th ffctiv intrst mthod is rcognisd undr intrst xpnss in th incom statmnt during th trm of ths savings and amounts owd. Othr liabilitis Othr liabilitis primarily consist of intrst accrud on financial instrumnts that ar statd at amortisd cost. This itm also includs crditors, othr taxs and accrud liabilitis. Spcific incom statmnt accounting principls Incom and xpnss ar allocatd to th priod to which thy rlat. Costs ar rcognisd in th cost catgory to which thy rlat. 71 Dfrrd tax assts Dfrrd tax assts and liabilitis ar rcognisd for tax losss carrid forward and for tmporary diffrncs btwn th tax bas of assts and liabilitis and th book valu. This is basd on th tax rats applicabl as at th balanc sht dat and th tax rats that will apply in th priod in which th dfrrd tax assts or tax liabilitis ar sttld. Dfrrd taxs ar carrid at fac valu. Dfrrd tax assts ar only rcognisd if sufficint tax profits ar xpctd to b ralisd in th nar futur to compnsat ths tmporary diffrncs. Intrst Intrst incom compriss intrst arnd on rci vabls and invstmnts that is attributabl to th priod. Intrst xpnss compriss intrst paid on savings and othr amounts du to customrs attributabl to th priod. SNS Bank N.V. hdgs intrst rat risks for ASN Bank. Th sttlmnt of th costs for hdging intrst rat risks is chargd to th intrst incom.

73 ASN Bank Rport F and commission incom F and commission incom includs incom from scuritis transactions for clints, fund managmnt and asst managmnt. This is rcognisd in th rporting priod in which th srvics ar prformd. Commission and managmnt fs du ar includd undr f and commission xpns. Ths costs ar rcognisd in th rporting priod in which th srvics ar acquird. Invstmnt incom Invstmnt incom consists of dividnd and capital gains ralisd. Expnss Expnss ar rcognisd in th incom statmnt on th basis of a dirct rlationship btwn th costs incurrd and th corrsponding conomic bnfits. If futur conomic bnfits ar xpctd to b drivd across diffrnt rporting priods, xpnss ar rcognisd in th incom statmnt using a systmatic mthod of allocation. Expnss ar dirctly includd in th incom statmnt if thy do not gnrat any futur conomic bnfits. Off-balanc sht liabilitis Contingnt liabilitis ar liabilitis not rcognisd in th balanc sht bcaus thir xistnc is contingnt on on or mor uncrtain vnts that may or may not occur in th futur not wholly within th control of ASN Bank. It is not possibl to mak a rliabl stimat of such liabilitis. Th maximum potntial crdit risk arising from pldgs and guarants is statd in th nots. In dtrmining th maximum potntial crdit risk, it is assumd that all th countrpartis will no longr liv up to thir contractual obligations and that all th xisting collatral is without valu. Cash flow statmnt Th cash flow statmnt is prpard according to th indirct mthod, and distinguishs btwn cash flows from oprational, invstmnt and financ activitis. With rgard to cash flow from oprating activitis, th oprating profit bfor tax is adjustd for gains and losss that did not rsult in incom and paymnts in th sam financial yar and for movmnts in provisions and accrud and dfrrd itms. Invstmnts in (consolidatd) subsidiaris and associats ar statd undr cash flow from invstmnt activitis. Th cash and cash quivalnts availabl hr at th acquisition dat ar dductd from th purchas pric. In th contxt of th cash flow statmnt, cash and cash quivalnts ar qual to th balanc sht itm cash and cash quivalnts. Nots to th balanc sht 1. Cash and cash quivalnts Cash and cash quivalnts consist ntirly of dmand dposits. 2. Loans and advancs to customrs Loans and advancs to customrs ar brokn down in two ways: by countrparty: this brakdown is basd on th natur or cor businss of th ntrpris or organisation; by fundd activity: this brakdown is basd on th natur of th projct. This natur is gnrally quivalnt to th natur of th company or institution, but thr ar a fw xcptions. Brakdown by countrparty In thousands of uros Financial institutions 4,509,142 4,510,005 Local govrnmnts 443, ,389 Halth and wlfar srvics 357, ,050 Rsidntial construction 469, ,012 Watr xtraction and managmnt 290, ,311 Enrgy 250, ,151 Rtail customrs 35,877 43,050 Education, cultur and lisur 14,911 19,280 Othr 42,678 42,782 Total loans and advancs to customrs 6,413,991 6,594,030

74 D Economic prformanc Brakdown by fundd activity In thousands of uros Hom loans 4,535,878 4,541,826 Rsidntial construction 475, ,226 Local govrnmnts 443, ,389 Halth and wlfar srvics 360, ,289 Watr xtraction and managmnt 290, ,525 Rnwabl nrgy 271, ,859 Education, cultur and lisur 16,371 20,800 Othr 20,215 36,116 Total loans and advancs to customrs 6,413,991 6,594,030 Th hom loans includ a 4.5 billion privat loan that ASN Bank has providd to Woonhuishypothkn B.V., involving mortgag collatral with a valu of 4.5 billion. Movmnts in loans and advancs to customrs ar as follows: In thousands of uros Balanc as at 1 January 6,594,030 2,073,274 Advancs 34,184 4,707,497 Disposals/rdmptions -210, ,909 Amortisation -3,050-2,661 Othr movmnts ,171 Balanc as at 31 Dcmbr 6,413,991 6,594, Invstmnts Just lik loans and advancs to customrs, invstmnts ar brokn down both by countrparty and by fundd activity. 73 Brakdown by countrparty In thousands of uros Govrnmnt bonds 3,649,759 3,106,119 Financial institutions 385, ,156 Local govrnmnts 190, ,898 Rail transport 202, ,384 Enrgy 25,780 23,578 Total invstmnts 4,453,749 3,705,135

75 ASN Bank Rport 2014 Brakdown by fundd activity In thousands of uros Govrnmnt bonds 3,649,759 3,106,119 Local govrnmnts 162, ,898 Rail transport 202, ,384 Rnwabl nrgy 242, ,468 Dvlopmnt assistanc 87,221 70,873 Othr 109,937 83,393 Total invstmnts 4,453,749 3,705,135 Invstmnt listings In thousands of uros Shars Fixd-incom invstmnts Total Listd - - 4,445,041 3,694,066 4,445,041 3,694,066 Unlistd 8,708 11, ,708 11,069 Total 8,708 11,069 4,445,041 3,694,066 4,453,749 3,705,135 Valuation of invstmnts In thousands of uros Shars Fixd-incom invstmnts Total Amortisd cost 10,096 9,845 4,079,931 3,619,827 4,090,027 3,629,672 Rvaluation -1,388 1, ,926 21, ,538 22,779 Accrud intrst ,184 52,684 52,184 52,684 Total 8,708 11,069 4,445,041 3,694,066 4,453,749 3,705, Movmnts in invstmnts In thousands of uros Shars Fixd-incom invstmnts Total Balanc as at 1 January 11,069 10,350 3,694,066 3,199,423 3,705,135 3,209,773 Invstmnts ,916,671 1,934,514 1,917,212 1,935,328 Disposals -1, ,480,183-1,328,576-1,481,350-1,328,576 Rvaluations , , , ,293 Impairmnt Amortisation - -9,860-10,065-9,860-10,065 Othr movmnts -1, ,735-1,602 8,735 Balanc as at 31 Dcmbr 8,708 11,069 4,445,041 3,694,066 4,453,749 3,705,135

76 D Economic prformanc 4. Proprty and quipmnt In thousands of uros Buildings 7,532 7,664 IT quipmnt Othr proprty and quipmnt 2,305 2,298 9,883 9,973 At th nd of March 2012, ASN Bank rlocatd to th rnovatd building at Bzuidnhoutswg 153. Th building is bing dprciatd as from April In last yar s rport, th costs of rnovation and costs of installations wr includd in th buildings itm. This yar, ths costs ar rcognisd in othr proprty and quipmnt. Th 2013 figurs hav bn adjustd accordingly. Movmnts in proprty and quipmnt In thousands of uros Buildings IT quipmnt Othr Accumulatd acquisition costs 7, ,260 Accumulatd dprciation , ,305 Balanc as at 1 January 7, ,298 Invstmnts Divstmnts Dprciation Balanc as at 31 Dcmbr 7, , Associats ASN Bank has a 25% intrst in Tripl Jump. This participating intrst was includd in th invstmnts until Dfrrd tax assts and liabilitis 75 In thousands of uros Dfrrd tax asst 1,887 3,935 Dfrrd tax liability 65, Total -63,509 3,886 Dfrrd tax assts and liabilitis rsulting from diffrncs btwn balanc sht valu and tax valu ar carrid at fac valu. 7. Othr assts In thousands of uros Accrud intrst 27,649 31,076 Othr accrud assts 29,022 67,898 Accrud assts 56,671 98,974 Othr rcivabls 21,905 7,404 Total 78, ,378 Total

77 ASN Bank Rport Savings In thousands of uros Du on dmand 9,305,907 8,864,774 Othr 402, ,093 Total 9,708,491 9,255,867 Savings consist of balancs on savings accounts, bank savings accounts, savings dposits and trm dposits of rtail clints. Th intrst payabl on savings is includd undr othr liabilitis. 9. Othr amounts du to customrs In thousands of uros Non-currnt dbt Dmand dposits 932, ,214 Mortgag dposits 11,795 13,014 Savings dposits 6,777 6,810 Total 951, ,138 Th dmand dposits compris dposits of businss customrs insofar as it dos not concrn crdit institutions. 10. Othr liabilitis In thousands of uros Othr liabilitis 74,004 25,281 Accrud intrst 158, ,580 Total 232, , Sharholdrs quity For nots to sharholdrs quity, s th statmnt of changs in quity arlir in this chaptr. Th changs compris th nt rsult 2014 and th chang in rvaluation rsrv. Unralisd gains and losss as a rsult of changs in th fair valu of assts that ar classifid as availabl for sal ar rcordd in this rsrv, nt of taxs. 12. Off-balanc sht liabilitis In thousands of uros 2014 Liabilitis from pldgs and guarants givn 29,598 Liabilitis from committd facilitis 74,373 ASN Bank offrs products such as pldgs and guarants in ordr to mt its financ customrs wishs. W do not rcognis th undrlying valus of ths products as ithr assts or liabilitis in th balanc sht. Th aformntiond amount is ASN Bank s maximum potntial crdit risk for ths products, assuming that all partis to contracts with ASN Bank cas to comply with thir contractual obligations and all xisting scuritis hav no valu. Th committd facilitis mainly consist of crdit facilitis pldgd to customrs, but against which no claim has yt bn mad. Ths facilitis ar pldgd for a fixd trm and at a variabl intrst rat. Collatral has bn scurd for th majority of th committd crdit facilitis.

78 D Economic prformanc 13. Nt intrst incom In thousands of uros Intrst incom 308, ,108 Intrst xpnss 170, ,078 Total nt intrst incom 137, ,030 Intrst incom includs th procds drivd from lnding mony and rlatd transactions, as wll as rlatd commissions and othr intrst-rlatd incom. Intrst xpnss compriss intrst paid on savings and othr amounts du to customrs attributabl to th priod. Intrst rat risks ar fully hdgd at group lvl. 14. F and commission incom F and commission incom In thousands of uros Mony transfr, paymnt and invstmnt chargs 3,371 2,166 Managmnt fs 24,851 23,832 Total f and commission incom 28,222 25,998 F and commission xpns 12,276 11,515 Total 15,946 14,483 Total Incom from mony transfr, paymnt and invstmnt chargs includs incom from customrs currnt and invstmnt accounts. Managmnt fs compris incom from th managmnt of invstmnt funds. 15. Staff costs In thousands of uros Salaris 7,682 6,807 Pnsion costs 1,393 1,231 Social scurity 1, Othr staff costs 2,912 2,516 Total staff costs 13,106 11, Staff costs incrasd du to th largr numbr of FTEs. Th avrag numbr of FTEs was in 2014 (2013: 117.1). All staff mmbrs work in th Nthrlands. Othr staff costs consist largly of th costs of tmporary staff, flt, travl costs and ducation and training costs. Th rmunration of individual mmbrs of th ASN Bank Managmnt Board and Suprvisory Board is st out in th Rmunration rport sction of Chaptr 17.

79 ASN Bank Rport Othr oprating xpnss In thousands of uros Businss accommodation costs 1,132 1,207 Information tchnology costs 5,083 4,978 Markting and public rlations costs 7,227 6,575 Consultancy costs Othr costs 17,606 10,606 Total othr oprating xpnss 31,665 24,060 Th incras in othr costs is mainly attributabl to an incras in cost allocations from staff dpartmnts. In addition, th othr costs ros du to ASN Bank s incrasd activitis. 17. Impairmnt chargs / (rvrsals) In thousands of uros Goodwill Invstmnts Loans and advancs to customrs Total 1,266 1, Othr xpnss In thousands of uros Bank tax 1,109 1,287 Rsolution lvy 20,916 - Total 22,025 1, Bank tax has bn chargd to banking institutions oprating in th Nthrlands sinc Th rsolution lvy was chargd in 2014 by way of a contribution mad by th industry towards th bailout of SNS REAAL. 19. Taxs ASN Bank N.V. and its subsidiaris constitut part of th SNS REAAL N.V. tax unit and pay th rlvant corporat tax thus calculatd ach yar. Th bank tax and rsolution lvy ar not dductibl xpnss for corporation tax purposs.

80 D Economic prformanc 16 Risk managmnt ASN Bank s activitis involv risks. ASN Bank rcogniss ths risks, which ar controlld by th risk managmnt organisation of SNS Bank N.V. Govrnanc ASN Bank is an intgral part of SNS Bank N.V. s risk managmnt organisation. As a rsult of SNS Bank N.V. s nw organisational structur, a nw risk govrnanc and risk managmnt organisation was st up in July 2014, gard ntirly to th Bank. SNS REAAL s risk managmnt organisation was organisd on th basis of th thr lins of dfnc modl. This structur has bn improvd and translatd into th risk managmnt organisation of SNS Bank N.V. ASN Bank rcivd what is known as a solo waivr from th Dutch Cntral Bank on th basis of Articl 7 CRR, giving it an xmption from solo suprvision (xmption from indpndnt obligation to rport on solvncy rquirmnts, strss tsts, tc.). Plas rfr to th annual rport of SNS Bank N.V. for a complt dscription of risk managmnt, liquidity and capital managmnt. This chaptr contains a concis summary of a fw rlvant topics. Risk govrnanc Thr lins of dfnc Risk govrnanc was rstructurd last yar basd on th thr lins of dfnc modl. In this modl, ASN Bank is rsponsibl for th risk control of its own procsss. It is supportd by th scond lin, which provids framworks, issus advic to ASN Bank and monitors whthr ASN Bank oprats within ths framworks. Th third lin is th audit function, which dtrmins whthr intraction btwn th first and scond lins functions proprly. First lin ASN Bank ASN Bank is rsponsibl for structuring and xcuting its own procsss, for th risks it is taking and for th nsuing rsults. This is don within th paramtrs of th risk managmnt policy and th risk apptit agrd. Scond lin Risk Managmnt / Complianc Risk Managmnt and Complianc dtrmin, ach for thir own focus ara, th boundaris for th first lin by dvloping th dtails of policy framworks and concrt policy. In addition, th scond lin supports, adviss, coordinats and monitors whthr managmnt is taking its rsponsibilitis, and rports on this. ASN Bank closly collaborats with th scond lin and has its own local complianc officr, for xampl, who rports to th Complianc Dirctor of SNS Bank N.V. In addition, ASN Bank s first-lin crdit analysts work closly with th scond-lin risk managrs appointd spcifically for ASN Bank but hirarchically coming undr th Chif Risk Officr (CRO) of SNS Bank N.V. Third lin Intrnal Audit Intrnal Audit priodically rviws th organisation and functioning of th first and scond lins. Intrnal Audit also valuats th ffctivnss of govrnanc, risk managmnt and control procsss and prsnts an indpndnt opinion in this rgard to th Managmnt Boards of ASN Bank N.V. and SNS Bank N.V. Risk committs As ASN Bank is undr consolidatd suprvision, th risk committs hav bn st up cntrally: Th Bank BRC (Bank Risk Committ) dfins th dsird risk profil for financial and non-financial risks and dtrmins th risk apptit, risk policy framworks and risk managmnt framwork for SNS Bank N.V. and all lgal ntitis that com undr th Bank. Th purpos of th Bank PARC (Product Approval and Rviw Committ) is to approv and priodically valuat th products that w offr to our customrs. In this procss, th PARC also asssss whthr th products ar in complianc with th Manifsto (s Chaptr 9). Th Bank NFRC (Non-Financial Risk Committ) is rsponsibl for controlling th risk framworks and risk apptit for non-financial risks. Th Bank ALCO (Asst & Liability Committ) idntifis, monitors and manags ALM risks with a viw to controlld long-trm valu growth of SNS Bank N.V. s balanc sht. Th Bank CC (Crdit Committ) is rsponsibl for controlling crdit risks. Th Bank MPC (Managmnt Pricing Committ) aims for a sustainably profitabl portfolio by wighing volum, risk and rturn within th framworks of xtrnal rgulations and risk policy; th MPC also asssss whthr th Manifsto is bing complid with. Th Bank MGC (Modl Govrnanc Committ) monitors th quality and uniformity of all financial risk and valuation modls. Th Managing Dirctor of ASN Bank, Mr Goudswaard, is a mmbr of th Bank ALCO and th Bank CC. In addition to th risk committ structur, a Rgulatory Board was formd in Its purpos is to idntify and implmnt nw lgislation and rgulations and to nsur thir corrct implmntation. An Information Board was also st up, which adopts data managmnt policis and monitors thir implmntation. Th Rgulatory Board and th Information Board ar both suprvisd by th CRO and th CFO and ar formd by rprsntativs from th Risk domain, th Financ domain and th IT Dpartmnt for th Information Board. 79

81 ASN Bank Rport 2014 At ASN Bank, th ASN Crdit Committ is rsponsibl for taking dcisions aimd at controlling crdit risks (including: dbtor risk, countrparty risk, transfr risk and concntration risk). Th ASN Crdit Committ works closly with, and is suprvisd by, th Bank CC. Th ASN Invstmnt Committ monitors th dvlopmnt of ASN Bank s balanc sht and adviss th Bank ALCO on transactions with th aim of achiving controlld valu growth of a sustainabl ASN Bank balanc sht. Its scop is ASN Bank, xcluding th ASN Invstmnt Funds. Risk classification This sction provids an ovrviw of th various risks that hav bn idntifid and brought togthr in a risk classification. Th structur of th risk classification forms th framwork for th risk control and risk apptit organisation. Each typ of risk is furthr dtaild in undrlying subrisks and in masurs. Th risk classification is valuatd vry yar to dtrmin whthr all rlvant risks hav bn idntifid and spcifid in th risk profil. Stratgic risk Capitalisation risk Liquidity risk Crdit risk Markt risk Oprational risk Rputation risk Rporting risk Complianc risk Lgal risk Th tabl blow lists th dfinitions usd for ths typs of risk: Typ of risk Dfinition Stratgic risk Stratgic risk is th risk that stratgic objctivs ar not achivd du to lack of rspons or inadquat or lat rspons to changs in th nvironmnt and th businss climat. Capitalisation risk Liquidity risk Capitalisation risk is th risk that th capital position is insufficint to srv as a buffr for unxpctd losss that may aris if on or mor risks to which th company is xposd manifst thmslvs. Liquidity risk is th risk that thr ar insufficint liquid assts availabl in th short trm to mt financial obligations, whthr undr normal circumstancs or in tims of strss. In addition, liquidity risk is undrstood to man th liklihood that th balanc sht structur will dvlop in such a way that th company is xcssivly xposd to disruptions in its funding sourcs. Crdit risk Crdit risk is th risk that a borrowr/countrparty dos not mt a financial or othr contractual obligation. 80 Markt risk Oprational risk Rporting risk Complianc risk Markt risk is th risk that quity, th rsult or continuity is thratnd by movmnts in th lvl and/or volatility of markt prics to which th company is xposd. Oprational risk is th risk of dirct or indirct losss rsulting from inadquat or dficint intrnal procsss and systms, from inadquat human bhaviour or human rror, or from xtrnal vnts (such as fraud and crim risks manifsting thmslvs). Rporting risk is th risk that th company provids its intrnal and xtrnal stakholdrs and th rgulatory authoritis with unrliabl information. Complianc risk is th risk that th company s intgrity is harmd by actions (or omissions) that ar contrary to its intrnal (cor) valus, social standards and valu-rlatd or bhavioural laws and rgulations or rquirmnts to b obsrvd by th company whn providing its financial srvics or translating ths into intrnal ruls. Lgal risk Lgal risk is th risk that th company is hld liabl for currnt and futur losss. Rputation risk Rputation risk is th risk that objctivs ar not achivd or cannot b achivd bcaus insufficint account is takn of th pictur and opinion that xtrnal partis (including customrs, countrpartis, sharholdrs and rgulatory bodis) hav of th company. Plas rfr to th annual rport of SNS Bank N.V. for a dscription of how th risk apptit is prpard and how it influncs our dcisions.

82 D Economic prformanc 17 Corporat govrnanc Capital structur ASN Bank N.V. (ASN Bank) is an indpndnt lgal ntity. All ASN Bank shars ar hld by SNS Bank N.V. Th simplifid lgal structur was as follows on 31 Dcmbr 2014:: SNS REAAL N.V. SNS Bank N.V. ASN Bank N.V. 100% 100% 25% ASN Blggingsinstllingn Bhr B.V. ASN Vrmognsbhr B.V. Tripl Jump B.V Sinc 22 July 2014 ASN Blggingsinstllingn Bhr B.V. (ABB) has to comply with a nw Europan dirctiv for managrs of invstmnt institutions, th Altrnativ Invstmnt Fund Managrs Dirctiv (AIFMD), as implmntd in Dutch rgulations. Ths nw rgulations had such a trmndous impact on th organisation of ASN Bank (and ABB as fund managr) that ASN Bank took th stratgic dcision to transfr th managmnt function to an xtrnal managr. ACTIAM N.V. (ACTIAM) was slctd for this function bcaus, bing a sustainabl asst and fund managr, this licnsd ntity fits ASN Bank s profil and ASN Bank and ABB had positiv xprincs with ACTIAM s srvics. Following th implmntation of this dcision, ACTIAM now manags th invstmnt funds offrd by ASN Bank in clos collaboration with ABB. ASN Vrmognsbhr B.V. provids asst managmnt srvics to ASN Bank customrs. ASN Bank holds 25% of th shars of Tripl Jump B.V., which is rsponsibl for th loans and invstmnts of ASN-Novib Microkrditfonds in its capacity as projct managr. Oxfam Novib, NOTS Foundation and managmnt ar th othr sharholdrs. Th participating intrst in Tripl Jump is not includd in th consolidation. Corporat govrnanc Banking Cod On 9 Sptmbr 2009, th Board of th Dutch Banking Association (NVB) adoptd th Banking Cod. In doing so, th NVB built on th findings and rcommndations of th rport ntitld Rstoring Trust. This rport was publishd by th Advisory Committ on th Futur of Banks in th Nthrlands on 7 April Th Banking Cod contains principls that rlat to th suprvisory committ and th xcutiv board, risk managmnt, audit and rmunration policis. Th Cod cam into ffct on 1 January Th Banking Cod applis to all banks with a banking licnc. Banks that ar part of a group can apply parts of th Banking Cod at group or consolidatd lvl. At SNS Bank N.V. th Banking Cod applis to all lgal ntitis with a banking licnc, including ASN Bank. Right aftr th publication of th Rstoring Trust rport in April 2009, SNS Bank N.V. startd implmnting th rcommndations from th rport within its organisation whr ncssary. SNS Bank N.V. aims to contribut to rstoring trust in th Dutch financial sctor by implmnting th Manifsto and its stratgy and, in doing so, to stabilis and improv th functioning of th financial sctor. 81

83 ASN Bank Rport 2014 Th Banking Cod uss th comply or xplain principl, which mans that banks shall, thortically, apply th principls of th Banking Cod. Howvr, applying th principls also dpnds on th activitis and othr spcific charactristics of th bank and th group of which it is part. Dparturs from th Cod, if substantiatd, can thrfor b justifid. ASN Bank Advisory Council ASN Bank has an Advisory Council that solly in th intrsts of ASN Bank and its customrs provids rqustd and unrqustd advic to its Managmnt Board on policy in rlation to th bank s mission and th invstmnt critria drivd from this mission. Th nam of th Council is raad van advis ASN Bank. 82 In 2014, SNS Bank N.V. mad grat strids in monitoring complianc with th Banking Cod by th first lin. This has providd mor insight into th way in which th Cod s principls wr implmntd. Ths insights wr usd as a basis for intrnal monitoring by th scond lin. Monitoring has shown that, with a fw xcptions, th Banking Cod is fully applid at SNS Bank N.V. Th wbsit of SNS Bank N.V. provids information on ths xcptions. Dutch Corporat Govrnanc Cod Th Dutch Corporat Govrnanc Cod is a cod of conduct for listd companis. Th aim of this Cod is to promot good corporat govrnanc in Dutch listd companis through incrasd transparncy in financial rporting, improvd accountability to th suprvisory board and strngthnd sharholdr influnc and protction. Although th shars of SNS Bank N.V. ar not listd on any stock xchang, SNS REAAL N.V., parnt company of SNS Bank N.V., applis th Dutch Corporat Govrnanc Cod, rndring account of its complianc in its annual rport according to th comply or xplain principl. For mor rlvant information on th way in which SNS REAAL N.V. applis th Dutch Corporat Govrnanc Cod, plas rfr to th wbsit of SNS REAAL N.V. Th composition, (r)appointmnt and mthods of th Council ar laid down in ruls. Th Chairman of th Advisory Council rcivs an annual f of 9,000, and th mmbrs of th Advisory Council ach rciv 6,000 pr yar. Rmunration rport Th rmunration rport dals with th rmunration, rmunration policy and dvlopmnts in th rmunration policy of th ASN Bank Managmnt Board in Th mmbrs of ASN Bank s Suprvisory Board prform thir dutis by virtu of thir position at SNS Bank N.V. Thy do not rciv a sparat f for ths dutis and, thrfor, ar not includd in this rmunration rport. Th rmunration policy of th ASN Bank Managmnt Board is in lin with SNS REAAL s rmunration policy. Th rmunration is composd of a fixd annual incom, a pnsion schm, a variabl rmunration schm and othr rmunration componnts. Th highst gross salary at ASN Bank is 5.9 tims highr than th lowst gross salary. Rmunration of th ASN Bank Managmnt Board In thousands of uros Fixd Pnsion Variabl rmunration Total salary Ewoud Goudswaard Jron Jansn Joyc van dr Est Total

84 D Economic prformanc Fixd annual incom Th fixd annual incom of th ASN Bank Managmnt Board mmbrs consists of twlv monthly salaris, holiday allowanc, a thirtnth month s salary and a contribution to halth insuranc prmiums. Th tabl prsnts th fixd annual incom, including social scurity chargs and contribution to halth insuranc. Pnsion Th Managmnt Board of ASN Bank participats in th pnsion schm includd in th SNS REAAL Collctiv Labour Agrmnt. Th mmbr s contribution to th pnsion prmium, which is chargd on th pnsionabl arnings, is 4.5%. Pnsions ar not awardd on a discrtionary basis. Variabl rmunration A variabl rmunration schm was in plac for th ASN Bank Managmnt Board until th nd of 2014, undr which up to 15% of th fixd annual incom could b arnd in variabl rmunration. At last 30% of th variabl rmunration is linkd partly to sustainability targts. Whn stting th targts, th various stakholdrs ar born in mind. Th targts ar aimd at long-trm succss for ASN Bank, with du rgard to th dsird risk profil. Th standards for sustainability prformanc ar rlatd to th qualitativ sustainability objctivs dscribd in Chaptr 1. Thy also includ othr objctivs, for xampl with rgard to customr satisfaction and mploy satisfaction. As SNS REAAL is now a stat-ownd bank, no variabl rmunration is paid to mmbrs of th ASN Bank Managmnt Board. This mans that no variabl rmunration has bn, or will b, grantd to th ASN Bank Managmnt Board for 2014 (as was also th cas for 2012 and 2013). This variabl rmunration schm did not yt apply to dputy Dirctor Joyc van dr Est in 2013; sh rcivd a rsult-rlatd bonus in No variabl rmunration componnts rlating to prvious yars ar yt to b distributd. Othr rmunration componnts For businss travl (including commuting), th Managmnt Board mmbrs ar allocatd a company car, for which thy pay a prsonal contribution. Th othr fring bnfits ar in lin with th sctor and th conditions that apply to th majority of th mploys. 83

85 ASN Bank Rport 2014 Indpndnt Assuranc Rport To th radrs of th ASN Bank Rport 2014 W wr ngagd by th Managmnt Board of ASN Bank to provid assuranc on Chaptrs 1 to 14 and th Appndics 2 and 3 (furthr also: th Sustainability Information) of th ASN Bank Rport 2014 (furthr also: Th Rport). Th Managmnt Board is rsponsibl for prparing Th Rport, including th idntification of matrial issus. Our rsponsibility is to issu an assuranc rport basd on th ngagmnt outlind blow. What was includd in th scop of our Assuranc Rport Our ngagmnt was dsignd to provid limitd assuranc on whthr th Sustainability Information is prsntd, in all matrial rspcts, in accordanc with th rporting critria. W do not provid any assuranc on th achivability of th objctivs, targts and xpctations of ASN Bank. Procdurs prformd to obtain a limitd lvl of assuranc ar aimd at dtrmining th plausibility of information and ar lss xtnsiv than thos for a rasonabl lvl of assuranc. Which rporting critria did ASN Bank us? For th Sustainability Information ASN Bank applis th Sustainability Rporting Guidlins (G4) of th Global Rporting Initiativ (GRI) in conjunction with intrnally dvlopd guidlins as dscribd on pag 5 of Th Rport. It is important to viw th Sustainability Information in th contxt of ths critria. Which assuranc standard did w us? W conductd our ngagmnt in accordanc with th Dutch Standard 3810N: Assuranc ngagmnts rlating to sustainability rports. This standard rquirs, among othrs, that th assuranc tam posssss th spcific knowldg, skills and profssional comptncis ndd to provid assuranc on sustainability information, and that thy comply with th rquirmnts of th Cod of Ethics for Profssional Accountants of th Intrnational Fdration of Accountants to nsur thir indpndnc. 84 What did w do? Our procdurs includd th following: A risk analysis, including a mdia sarch, to idntify rlvant issus for ASN Bank in th rporting priod; Rviwing th suitability of th intrnal rporting guidlins; Evaluating th dsign and implmntation of th systms and procsss for th collction and procssing of th Sustainability Information in Th Rport; Intrviwing rlvant managmnt and staff rsponsibl for th sustainability stratgy and sustainability information; Evaluating intrnal and xtrnal documntation, basd on sampling, to dtrmin whthr th Sustainability Information is supportd by sufficint vidnc. Additionally w dtrmind, as far as possibl, whthr th information concrning sustainability in th othr sctions of Th Rport is consistnt with th Sustainability Information. During th assuranc procss w discussd th ncssary changs to Th Rport with ASN Bank and w dtrmind that ths changs hav bn includd in th final vrsion. What ar our conclusions? Basd on our procdurs, nothing has com to our attntion to indicat that th Sustainability Information is not prsntd, in all matrial rspcts, in accordanc with th G4 Guidlins of th Global Rporting Initiativ.

86 Indpndnt Assuranc Rport Comparativ information includd in rlation to th long trm Climat Goal not xamind W hav not conductd an assuranc ngagmnt on th comparativ information for 2011 and 2012 as prsntd in chaptr 4 in th paragraph Climat nutral in Thrfor, w do not provid assuranc on this comparativ information. Amstlvn, 8 April 2015 KPMG Sustainability, part of KPMG Advisory N.V. W.J. Bartls RA, Partnr 85

87 ASN Bank Rport 2014 Living and working This is our vision: in th sustainabl futur, w will liv in good, affordabl homs and work in plasant buildings. Ths homs and buildings will b nrgy fficint and us rnwabl nrgy. Thy will b built of rsponsibl matrials in a sustainably usd nvironmnt. What did w do in 2014 to contribut to this futur? Photo: Josj Dkns Zorgbordrij Dijkgatshov Wooncompagni in th Provinc of Noord Holland rcivd a loan from ASN Gronprojctnfonds to add sustainability masurs to th shop and th car and mting rooms of Zorgbordrij Dijkgatshov. This car farm is a smallscal living and working community in th Wiringrmr poldr, providing work to 25 popl with intllctual disabilitis or psychosocial nds. 86 SlimBrkn Concrt is flxibl and vrsatil, can b shapd in any form and is rsistant to xtrnal influncs. Howvr, its production causs a high lvl of carbon missions. With th SlimBrk tchniqu, cmnt can b producd from concrt rubbl in a carbon nutral way. SlimBrkn wants to introduc this tchnology all ovr th world. SlimBrkn won th ASN Bank World Award 2014 with this ida. Nationaal Enrgibspaarfonds On 21 January 2014, Nationaal Enrgibspaarfonds kickd off. This public fund provids chap loans that nabl privat homownrs to financ nrgy saving masurs in thir homs. Th fund holds 300 million uros, 50 million uros of which wr contributd by ASN Bank.

88 Living and working Homplan Th ASN Foundation again supportd a Homplan projct in 2014: th construction of woodn houss for th vry poorst in th slumps of Managua, Lon and Chinandga (Nicaragua). Familis living in appalling conditions, without lctricity, swrag or sanitary facilitis, ar thus givn a saf hom. Grn Sustainability Bond Th Frnch rgion Îl d Franc issud a grn bond with a social componnt in April Th bond is usd to financ projcts aimd at, for xampl, protcting biodivrsity, rnovating buildings, dvloping public transport and promoting social housing. ASN Bank invstd 25 million uros in this bond. 87 Photo: Josj Dkns Carbon-nutral school in Haarlm ASN Gronprojctnfonds financd a climat frindly nw building for primary school M.L. King and spcial school for primary ducation Hildbrand in Haarlm. Th school gnrats its own nrgy with fiv hundrd solar panls, solar collctors for domstic hot watr and thrmal storag for hating and cooling. It is a light, frsh building providing an njoyabl larning and working nvironmnt.

89 88

90 Appndics 89

91 ASN Bank Rport 2014 Appndix 1 ASN Bank s xposurs Accounts Rcivabl amounts x 1,000 Govrnmnt bonds 3,649,759 Grmany 1,224,811 Th Nthrlands 1,153,206 Franc 585,759 Blgium 448,842 Austria 216,506 Swdn 20,635 Hom loans and othr loans and advancs to customrs 4,535,878 Woonhuishypothkn B.V. 4,500,000 Various rtail customrs 35, Local govrnmnts 605,597 UNEDIC (Franc) 110,207 Caiss d Amortissmnt d la Dtt Social (Franc) 51,833 Gmnt Enschd 45,000 Gmnt Vnlo 40,445 Gmnt s-hrtognbosch 30,000 Gmnt Zwoll 27,500 Gmnt Middlburg 26,495 Gmnt Niuwgin 26,000 Gmnt Rottrdam 25,000 Gmnt Apldoorn 20,000 Gmnt Zvnaar 15,000 Gmnt Hnglo 12,000 Gmnt Kampn 10,500 Gmnt Kaag & Braassm 10,000 Gmnt Pijnackr 10,000 Gmnt Zwoll 8,000 Gmnt Wststllingwrf 7,500 Gmnt Luwardn 7,500 Gmnt Schijndl 7,167 Gmnt Boxmr 6,800 Gmnt Husdn 6,667 Gmnt Maassluis 6,500 Gmnt Lidn 6,000 Gmnt Haaksbrgn 6,000 Gmnt D Rond Vnn 6,000 Gmnt Montfoort 6,000 Gmnt Oostrhout 6,000 Gmnt Vldhovn 5,714 Gmnt Sluis 5,333 Gmnt Oldnzaal 5,333 Gmnt Vlissingn 5,000 Gmnt Vlaardingn 5,000 Gmnt Gorinchm 5,000 Gmnt Papndrcht 5,000 Gmnt Rijn & IJssl 5,000 Gmnt Bunschotn 4,320 Gmnt Culmborg 4,000 Gmnt Nijkrk 3,600 Gmnt Elburg 3,400

92 Appndix 1 ASN Bank s xposurs Accounts Rcivabl amounts x 1,000 Local govrnmnts (continuation) Gmnt Krimpn 3,333 Gmnt Rnkum 1,700 Gmnt Hoogzand 1,600 Gmnt Groningn 1,500 Gmnt Hllndoorn 650 Rnwabl nrgy 513,533 Wind nrgy 123,668 Northwind N.V. 28,993 Global Tch I Offshor Wind GmbH 27,046 Blwind N.V. 22,643 C-Powr N.V. 19,184 Wstrmrwind B.V. 12,151 SFE-Parc Eolin d Lffincourt 8,962 Trianl Windkraftwrk Borkum GmbH & Co. KG 3,838 VAANSTER XIV BV "Trras aan d Maas" 760 VAANSTER SERVICES BV "Grn Packags" 91 Solar nrgy 126,202 Sonndix Rosièrs 22,976 Cntral Photovoltaïqu d Toul-Rosièrs 2 21,472 Lavansol II SAS 14,327 Cntral Photovoltaïqu du Gabardan 2 14,216 Nwsolar SAS 11,570 Blfutur 2 CVBA 8,622 Lavansol M7 SAS 7,747 SECP OLMO SAS 6,913 FPV Pascialon SAS 6,852 NPG Willbrok N.V. 6,248 FPV Santa Lucia SAS 5,259 Othr rnwabl nrgy 263,663 Europs Invstringsbank (Grnbond) 123,140 NRW Bank (Sustainabl bond) 82,012 IDF 28,352 Enrgifonds Ovrijssl I B.V. 12,000 Unica Financial Srvics B.V. 6,677 Dif Infrastructur Fund 4,501 Dif Rnwabl Enrgy Fund 2,727 Etck B.V. 2,274 Impax Nw Enrgy Invstors II 1,395 BTES Art Court BV Rsidntial construction 475,893 Woonstichting SSW 46,245 Stichting Eign Bouw 25,395 Stichting Ymr 25,000 Stichting Duwo 25,000 Woningcorporati R&B Wonn 20,000 Woningstichting Rochdal 20,000 Woonstichting Domsta 16,112 Woningcorporati Eign Haard 15,904 Stichting D Woonmnsn 15,000

93 ASN Bank Rport Accounts Rcivabl amounts x 1,000 Rsidntial construction (continuation) Stichting d Allianti 14,951 Stichting Ara Wonn 13,888 Stichting Woonbhr Btuw 13,000 Stichting Woongrop Holland 13,000 Woningbouwvrniging Brgopwaarts 11,300 Stichting Watrwg Wonn 11,000 Woningcorporati Acantus Grop 10,505 Stichting Portaal 10,000 Woningstichting Srvatius 10,000 Stichting Woonbdrijf SWS 10,000 Woningbouwvrniging St. Laurntius 10,000 Woningstichting Lusdn 9,600 Stichting Trivir 9,091 Stichting Woonstd 8,500 Bouwvrniging Onz Woning 8,000 Woningstichting God Std 7,755 Stichting Woondinstn Enkhuizn 7,680 Woonstichting Triada 7,500 Woningstichting SWZ 7,500 Stichting D Luw van Puttn 6,364 Stichting Woonvisi 5,386 Woonstichting Groningr Huis 5,000 Stichting Wllr Wonn 5,000 Woningstichting Wststllingwrf 5,000 Stichting Stland Wonn 5,000 Intrvolv Crdit B.V. 4,975 Stichting Bhr Gbouw Dri-X-Factorn 4,800 Stichting Volkshuisvstingsgrop Wooncompagni 4,683 Woningstichting Omnivra 4,675 Mijand Wonn 4,500 Woonstichting Vaals 4,000 Stichting Woonzorg Wst Zuws-Vlaandrn 3,600 Stichting Wonn Wirdn 3,500 RW OG BV 3,150 Woningbouwvrniging Ons Dol 2,051 Stichting Digh 1,013 Stichting Woon & Zorgcntrum Hrfstzon 959 Stichting Habion 311 Halth and wlfar srvics 360,373 Ziknhuis Maastricht 38,584 Univrsitair Mdisch Cntrum Groningn 29,973 Acadmisch Mdisch Cntrum Amstrdam 20,000 Stichting Zorggrop Noord- n Middn Limburg 17,745 St Volkart SBO 14,825 GGZ Noord-middn Limburg 12,600 Stichting Antonius Ziknhuis 12,285 Stichting Arduin 12,123 Stichting Sint Elisabth Ziknhuis 10,500 Stichting Ziknhuis Bthsda 10,418 GGZ Brburg 10,160 Stichting ZorgSaam Zuws-Vlaandrn 10,000 Stichting Dimnc v.h. Adhsi GGZ Middn-Ovrijssl 9,200 Stichting Zorg n Vrplging Gor Ovrflakk 9,000

94 Appndix 1 ASN Bank s xposurs Accounts Rcivabl amounts x 1,000 Halth and wlfar srvics (continuation) Stichting Magnta zorg 8,739 Ziknhuis Ikazia 7,800 Stichting Zvsta 7,700 Christlijk Zorgcombinati Zwoll 7,560 ViCuri Mdisch Cntrum 7,500 Stichting Parnassia Bavo Grop 7,334 Stichting Argos Zorggrop 6,800 Catharina Ziknhuis 6,667 Stichting Franciscus Gasthuis 6,250 Stichting Antoni van Luwnhok Ziknhuis 6,250 Haga Ziknhuis Dn Haag 6,244 Kmpn Zorgcntrum 5,775 Stichting Tragl 5,475 Stichting D Blink 5,280 Stichting Dr. Brnhard Vrbt Instituut 4,442 Maastro Clinic 4,050 Stichting Rvalidati-Cntrum D Hoogstraat 3,970 Stichting Amphia 3,850 Stichting Saxnburgh Grop 2,999 Stichting Vrbtn fonds 2,500 Stichting Emhovn Bhr 2,465 Stichting D Stromn 2,042 GGZ Oost-Brabant 2,000 Stichting Zorgpalt 1,846 Stichting Rinard 1,840 Stichting Woon- n Lfcntra Lichamlijk Ghandicaptn Wst-Brabant 1,689 Stichting Kindropvang 2 Samn 1,552 Stichting D Vlasborch 1,446 Promns Car 1,391 Stichting Ht GORS 1,253 Stichting Intrakt 1,166 Stichting Rod Kruis Ziknhuis 1,000 Stichting Odion 925 D.A.G. Frisland 876 Mdisch Spctrum Twnt 770 Stichting Zorgvrlning s Hrn Loo 578 Zorgpartnrs Frisland 500 Radar 470 Kotsvld 420 Stichting Hliomar 386 Adhsi 315 Stichting Blixmbosch 295 D Dristroom 232 Stichting Avlijn/SDT 208 Stichting Wnd 71 Brabantzorg Watr xtraction and managmnt 290,297 Watrschap Schldstromn 30,000 Watrschap Rivirnland 30,000 Watrschap Brda 21,600 Watrschap Hollands Dlta 21,000 Watrschap Aa & Maas 16,250 Hooghmraadschap Amstl, Gooi n Vcht 16,000

95 ASN Bank Rport 2014 Accounts Rcivabl amounts x 1,000 Watr xtraction and managmnt (continuation) Watrschap Schiland & Krim 15,600 Watrschap Rijn n IJssl 15,000 Wttrskip Fryslân 15,000 Watrschap d Domml 15,000 Hooghmraadschap Rijnland 14,000 Watrschap Brabants Dlta 12,750 Hooghmraadschap Hollands Noordrkwartir 12,600 Watrschap Rst n Widn 10,500 Watrschap Limburg 9,000 Watrschap Ror n Ovrmaas 7,680 Watrschap Zuidrzland 7,000 Watrschap Noordrzijlvst 6,500 Watrschap Rgg n Dinkl 5,000 Watrschap Vluw 3,250 Noord kwartir 2,667 Hooghmraadschap d Stichts Rijnlandn 2,667 Watrlidingmaatschappij Limburg 457 Drnth watrmaatschappij 343 Vitns, formrly Hydron Middn-Ndrland 219 PT Air Manado 214 Rail transport 202,666 OEBB-Infrastruktur Bau AG 108,888 Eurofirma 61,349 Résau Frré d Franc 32, Dvlopmnt assistanc 87,221 Ndrlands Financiringsmaatschappij voor Ontwikklingslandn (Sustainabl bond) 87,135 Oikocrdit Intrnational 59 Oikocrdit Ndrland 27 Dvlopmnt assistanc 16,371 Erasmus Acadmi 5,250 Nationaal Gronfonds 3,702 Univrsitit Twnt 2,407 Stichting Txls Musum 1,518 Stichting Vrijburg 1,500 Vlissingn Bibliothk 1,461 Stichting Scarab Cntrum voor Kunst Cultuur n Politik 282 Stichting Chizon 251 Othr 130,152 Council of Europ Dvlopmnt Bank 84,157 Tnnt 25,780 CAI Wstland 10,500 Stichting Dimnc v.h. Adhsi GGZ Middn-Ovrijssl 7,600 Etck B.V. 529 Stichting Watrtorn Buitnlust 344 Monumntnfonds Brabant N.V. 264 Wrldwinkls 210 Stichting Akti n Informaticntrum Llystad 156 Stichting Idël winkl 139 VOF Yuan 134 Woonvrniging Rgina 130

96 Appndix 1 ASN Bank s xposurs Accounts Rcivabl amounts x 1,000 Othr (continuation) Algmn Vrbond van Volkstuindrs Vrnigingn in Ndrland 75 Basic watr nds B.V. 64 Smit Hrgbruik n Vhoudrij B.V. 61 Stichting Shri Sanatan Dharm-Sabha 9 Eindtotaal 10,867,740 95

97 ASN Bank Rport 2014 Appndix 2 Donations to partnring NGOs ASN Bank mad th following donations to NGOs in 2014: Organisation Amount Dtails Eight thm partnrs 1,400,000 On bhalf of customrs with an ASN Idaalsparn account Eight thm partnrs 129,282 Donation of th Intrchang fs that ASN Bank rcivs from crdit card organisation ICS for paymnts mad with th ASN Crdit Card Cordaid Kindrstm and Cordaid Mmisa Nationaal Fonds Kindrhulp 333,191 On bhalf of customrs with an ASN Jugdsparn account ASN Foundation 300,000 Miscllanous donations 257, rcipints, including Srious Rqust and Giro 555 KNGF Glidhondn 210,000 D Ruitr Communicati 45,110 Contribution in th contxt of th savings campaign and customr idntification Contribution to th book Kindrn di d wrld hbbn vrandrd by PixlPrfct Publications ASN Bank World Award 40,000 Four winnrs rcivd 10,000 ach ZAM Magazin 36,570 Spcial dition about Nlson Mandla Fstival Mundial 18,150 Sponsoring of th wast projct of this Tilburg fstival Strawbrry Earth 18,150 Sponsoring of Strawbrry Acadmy for sustainabl young fashion dsignrs Movis that Mattr 12,100 Sponsoring of th annual human rights film fstival Stichting God Bzig 8,113 Complimnts machin for schools FNV Mondiaal 4,800 Combating school drop-out and child labour in countris including Morocco, Albania, Turky and Uganda Total 2,813,089 96

98 Appndix 3 Sustainability prformanc of th offic Appndix 3 Sustainability prformanc of th offic ASN Bank movd into a sustainably rnovatd offic building in March In th building was givn EPBD nrgy labl A. EPBD is th Europan Enrgy Prformanc of Buildings Dirctiv CO 2 missions 1 : tonns CO 2 missions (scops 1 and 2) CO 2 missions (scops 1 and 2): tonns pr FTE CO 2 missions (scop 3) Enrgy consumption Elctricity: kwh Elctricity: kwh 4 pr FTE Gas 5 : m Gas 5 : m 3 pr m Papr consumption in kilograms Total papr consumption Papr consumption pr clint account Watr consumption Watr: m Watr: m 3 pr FTE Wast Papr wast: tonns This figur compriss all transport (commuting and businss milag, including car, train, bus and air milag) and hating of ASN Bank. 2 FTE (full-tim quivalnt): convrtd to th numbr of full-tim staff. 3 This figur compriss th CO 2 missions rlatd to th papr consumption, wast and watr consumption. This is calculatd for th first tim in Elctricity consumption is xprssd in kwh (kilowatt hours). 1 kwh quals gigajouls. 5 Th building uss district hating, which is xprssd in gigajouls. Ths gigajouls hav bn convrtd into m 3 of gas according to th powr company s statmnt: 1 gigajoul is m 3 of gas. 6 Including th consumption during th rnovation priod, consquntly th nrgy consumption in our old and nw buildings jointly. Excluding th nrgy consumption of th rnovation, ths figurs ar as follows: kwh of lctricity: 273,581; kwh pr FTE: 2,694; m 3 of gas: 27,945; m 3 of gas pr m 2 :

99 ASN Bank Rport 2014 Appndix 4 Organisation Managmnt Board Controlling & Complianc Excutiv Scrtariat Markting & Communication Sustainability & Rsarch Oprations ASN Asst Managmnt ASN Invstmnt Sustainabl Loans Customr & Account Managmnt Customr Srvic Srvics DvlopmntS 98 Explanation Controlling & Complianc is rsponsibl for all financial information flows, including financial rporting and analyss, and th rport of th bank. Controlling also suprviss rgulatory complianc, risk managmnt, accounting procdurs and intrnal control. Customr & Account Managmnt procsss customr and account dtails and snds out rqusts for information. ASN Customr Srvic provids srvics to customrs by tlphon, -mail and corrspondnc. Finally, Srvics maks sur that all ASN staff hav th spac and rsourcs thy nd for thir work. Markting & Communication is rsponsibl for communicating ASN Bank s policy and sustainabl valus, and for customr acquisition and rtntion through campaigns. Th dpartmnt dvlops and crats distribution channls for th ASN products. It is rsponsibl for paymnts and savings and maintains rlations with our partnring NGOs. Sustainability & Rsarch is rsponsibl for formulating and implmnting ASN Bank s sustainability policy. Th dpartmnt writs policy paprs in that rspct, conducts rsarch with rgard to countris, projcts and companis in which ASN Bank and th ASN Invstmnt Funds may invst, carris out th voting policy and ngags in dialogu with companis. It also adviss on th bank s sustainabl oprations. Oprations compriss svral componnts. Dvlopmnt s activitis includ making systms and rsourcs availabl to customrs and mploys. ASN Invstmnt is rsponsibl for th dvlopmnt and sal of invstmnt products. In addition, this dpartmnt is rsponsibl for implmnting lgislation and rgulations to th xtnt that thy rlat to customrs and products. It manags th affairs of th ASN Invstmnt Funds. ASN Asst Managmnt works closly with ASN Invstmnt; this dpartmnt manags capital of 250,000 or mor for privat customrs and institutions basd on ASN Bank s sustainability critria. Sustainabl Loans lnds mony on bhalf of ASN Gronprojctnfonds, ASN Bank and Enrgifonds Ovrijssl, and manags thos loans. Tripl Jump ASN Bank holds 25% of th shars of Tripl Jump, which is rsponsibl for th loans and invstmnts of ASN-Novib Microkrditfonds in its capacity as projct managr. Oxfam Novib, NOTS Foundation and manag-

100 Appndix 4 Organisation mnt ar th othr sharholdrs. Th aim of Tripl Jump is to invst capital in dvloping countris mainly through microfinanc institutions (MFIs) to facilitat th fight against povrty. Tripl Jump: supports MFI start-ups by providing xprtis and loan capital; provids high-risk loan capital and quity to MFIs that ar growing from start-up to maturity; provids low-risk loan capital and quity to matur, stabl MFIs. ASN Foundation Our commitmnt gos byond sustainabl banking. Evry yar, ASN Bank donats part of its arnings to projcts and organisations that contribut to its mission. Th ASN Foundation was stablishd in 2004 in ordr to standardis our donation policy. Th Foundation publishs its own annual rport. In addition to th loans and invstmnts of ASN-Novib Microkrditfonds, Tripl Jump manags th loan portfolios of Oxfam Novib, Calvrt Social Invstmnt Foundation and SNS Institutional Microfinanc Fund. At yar-nd 2014, Tripl Jump managd an quity and loan portfolio of approximatly million. 99

101 ASN Bank Rport 2014 Appndix 5 History 100 On 21 January 1960, ASN was stablishd as th bank of th socialist workrs movmnt. Its main objct was to provid socially rsponsibl mploy savings schms. Howvr, from th outst th inflow of privat savings xcdd th inflow of savings schms. In ordr to absorb that inflow, ASN as th first savings bank in th Nthrlands introducd saving by funds transfr in From th vry start, th bank invstd th savings dposits in accordanc with trad union principls as much as possibl, for xampl in th public sctor and in th socio-cultural fild. Nvrthlss, it nvr bcam th bank for th trad union movmnt nvisagd by its foundrs. That is why in th 1970s ASN shiftd its focus to a nw targt group: popl involvd in issus such as war and pac, human rights and discrimination, intrnational conomic rlationships and th nvironmnt. ASN s vision appald to thm. Knowing whr thir mony was invstd was important to thm and ASN was opn about this: no invstmnts in Pinocht s Chil, but invstmnts in social housing. ASN Bank continud along this cours in th 1980s. In its advrtismnts it drw attntion to th nvironmnt, which suffrd from a lack of policy, and mphasisd that it was not invsting in South Africa. This was th bank s way of xprssing th boycott against th Krugrrand, a symbol of aparthid. In 1993 ASN launchd ASN Aandlnfonds, th first listd sustainabl quity fund. ASN s spcial invstmnt critria in th aras of human rights and th nvironmnt wr formulatd as a point of dpartur in th slction of th fund s invstmnts. Latr, ths critria also applid to th othr invstmnt funds st up by th bank and to th invstmnt of savings. In 1996, ASN changd its nam to ASN Bank. Th closr collaboration with th financial institutions affiliatd with th trad union movmnt had rsultd in th REAAL Group in 1990, in which ASN hld an indpndnt position. In 1997, th REAAL Group mrgd with SNS Group and ASN Bank bcam a subsidiary of SNS Bank N.V. In th scond half of th 1990s and in th 2000s, ASN Bank incrasd th numbr of invstmnt funds to svn, including a grn fund and a microcrdit fund. Howvr, th main mphasis was still on saving, and th bank introducd svral succssful savings accounts. It also dvlopd considrabl xprtis in financing sustainabl construction and rnwabl nrgy production. Th wbsit wnt liv in lat 2000, which includd ASN Onlin Banking. Th us of onlin banking incrasd substantially with th introduction of th currnt account, th ASN Bank Account, in arly Th rang of paymnt srvics was nhancd with th ASN Crdit Card in 2010 and with th ASN Jongrnrkning in arly ASN Mobil Banking was introducd in th cours of 2013 to mt th growing dmand of customrs to bank using thir smartphons or ipads. In 2010, th bank acquird a majority intrst in ASN Asst Managmnt, which manags capital starting from 250,000 on th basis of ASN Bank s sustainability critria. As a rsult, ASN Bank has positiond itslf as a comprhnsiv financial srvics providr for customrs who look for simplicity, transparncy and idals. In 2013, th bank bcam th sol sharholdr of ASN Asst Managmnt. In 2011, ASN Bank xpandd its xprtis and capacitis in th fild of sustainability. It formulatd its own sustainability policy and participatd in social dbats. Sinc 2011, it has also bn conducting its own invstigations into th sustainability of countris, companis and projcts, as wll as th ngagmnt with companis and th voting policy. In 2012 a nw activity was addd: ASN Blggingsinstllingn Bhr B.V. acquird th managmnt of Enrgifonds Ovrijssl, which was introducd in arly Its continuous growth forcd ASN Bank to rlocat to a nw building. It dcidd not to construct a nw building, but to opt for a sustainabl solution: to purchas and sustainably rnovat an xisting, vacatd offic building. On 31 March 2012, th bank rlocatd to this building at Bzuidnhoutswg 153 in Th Hagu. On 1 Fbruary 2013, th Dutch Stat bcam th sol sharholdr of SNS REAAL. ASN Bank will stay on its own sustainabl cours, collaborating with BLG Wonn, RgioBank, SNS and Zwitsrlvn Bank undr th flag of SNS Bank N.V. For mor information, plas rfr to Chaptr 9.

102 Appndix 5 History 101

103 ASN Bank Rport 2014 Appndix 6 Matriality analysis Objctiv Hirarchy of sustainability policy Rason of xistnc Vision Evr sinc its stablishmnt in 1960, ASN Bank has bn working towards a sustainabl and just socity in which popl ar fr to mak thir own choics without harming othrs. A socity without povrty, in which vryon has accss to ducation, good housing and mdical car. Implmnting th vision Mission Our conomic conduct is aimd at promoting sustainability in socity. That is why w contribut to changs that ar intndd to put an nd to procsss whos harmful ffcts: ar shiftd to futur gnrations, or ar foistd onto th nvironmnt, natur and vulnrabl communitis. In doing so, w do not los sight of th ncssity to yild rturns for our customrs. And, as a bank, w want to achiv a financial rsult that safguards th continud sound xistnc of our bank in th long run. 102 Guidlin and assssmnt critria for th activitis and invstmnts of ASN Bank, th ASN Invstmnt Funds and ASN Asst Managmnt Wast procssing Climat chang (vision of climat chang and CO 2 objctivs) Banks & insurrs Sustainability policy (thr pillars undrpinning all sustainability issus) Human rights (social and thical critria) Othr policis and mmoranda (tailoring pillars to spcific sctors and issus): Sctors Issus Othr Supranationals Transport and mobility Watr boards Living and working Car Assssmnt manual (guidlins and procdurs for assssmnts basd on th abov policis) Govrnanc Animal wlfar Supply chain policy Microfinanc Biodivrsity (critria rgarding maintaining and strngthning biodivrsity and cosystms) Voting policy High-risk countris Govrnmnt bonds Implmnting broadr rol in socity (supporting social dvlopmnt and objctivs, lobbying, tc. in ordr to achiv a sustainabl socity) In favour of fair trad Sustainability issus: (ar dtrmind basd on customr survys and ar a spcification and slction of issus falling undr th sustainability pillars) Anti-child labour Anti-arms industry In favour of rnwabl nrgy Car and wlfar Vrsion 26 juni 2014

104 Appndix 6 Matriality analysis Stakholdrs involvd in cration/laboration Customrs & fans / ambassadors Bank & invstmnt fund boards Employs Partnring NGOs / stratgic partnrs Exprts / xprt organisations Companis / industris / projcts Advisory Council Suprvisory Council Govrnmnt x x x x x x x x x x x x x x x x x x 103 x x x x x x x x x x x x x x x x x

105 ASN Bank Rport 2014 Appndix 7 Prsonal dtails 104 Suprvisory Board Rob Langzaal (chairman) Annmik van Mlick Th following mmbrs joind in 2015: Dick Okhuijsn Martijn Wissls Alxandr Baas Advisory Council Hans Kamps Jan van dr Kolk (chairman) Willmijn Vrloop Maartn van Huijst Managmnt Board of ASN Bank N.V. Ewoud Goudswaard Jron Jansn Joyc van dr Est Th Managmnt Board of ASN Bank consists of Ewoud Goudswaard and Jron Jansn; Joyc van dr Est is dputy Dirctor. Suprvisory Board Rob Langzaal Rob Langzaal (1958) is th Chif Commrcial Officr of SNS Bank N.V. Aftr th chang in govrnanc structur at SNS REAAL in 2014, h joind th Managmnt Board of SNS Bank N.V. H is rsponsibl for th rtail activitis of ASN Bank, BLG Wonn, RgioBank, SNS and ZwitsrlvnBank. H bcam a mmbr of th Managmnt Board of SNS Bank in As a Dirctor/Managmnt Board mmbr, h was rsponsibl for th markting, sals and product managmnt portfolios. Langzaal is also Chairman of th Suprvisory Boards of ASN Bank N.V., RgioBank N.V. and SNS Blggingsfondsn N.V. Bfor joining SNS Bank in 2007, h workd at KPN. In addition to his work at SNS Bank, h is a mmbr of th Consumr Mattrs Committ of th Dutch Banking Association (NVB) and board mmbr/trasurr of Stichting Wt Wat J Bstdt. Annmik van Mlick Annmik van Mlick (1976) is Chif Financial Officr of SNS Bank N.V. Sh was appointd Chif Financial Officr of SNS Bank undr th articls of association in July Annmik van Mlick joind SNS REAAL in 2008, first in th position of Dirctor of Corporat Stratgy and Mrgrs & Acquisitions of SNS REAAL. Sh was appointd Chif Financial & Risk Officr of SNS Bank in Prviously mployd by, for instanc, Goldman Sachs in London, Van Mlick has xtnsiv xprinc in th financial sctor. Sh is also a mmbr of th Suprvisory Boards of RgioBank N.V., ASN Bank N.V. and SNS Scuritis N.V. In addition to hr work at SNS Bank, sh is a mmbr of th Suprvisory Council of Radio Nthrlands Worldwid and a mmbr of th Rgulatory Mattrs Committ of th Dutch Banking Association (NVB). Dick Okhuijsn Dick Okhuijsn (1965) is Chif Excutiv Officr of SNS Bank N.V. H joind th SNS REAAL Excutiv Board in Prior to this, h hld svral national and intrnational positions at ING and National Ndrlandn. At ING, Okhuijsn s positions includd CEO in Japan, th Czch Rpublic and Slovakia. In addition to his work at SNS Bank, h is a board mmbr of th Dutch Banking Association (NVB), Vic-Chairman of Stichting Managmnt Studis, Chairman of th Suprvisory Council of PPI Zwitsrlvn, Chairman of th Stichting Gldinzicht and Ambassador of th Univrsity of Twnt. Martijn Wissls Martijn Wissls (1958) has bn Chif Risk Officr and a mmbr of th Managmnt Board of SNS Bank N.V. sinc 1 July H was appointd Dirctor of Group Risk Managmnt of SNS REAAL in Novmbr 2013, a position that h still holds. Wissls prviously workd for Achma in th position of CFRO of Achma Bank. H was also Dirctor of Crdit and Markt Risk at Fortis Bank Ndrland and workd for Fortis and MsPirson in Singapor and Nw York. In addition to his work at SNS Bank, h is a mmbr of th Programm Advisory Council of th Nynrod Suprvisory Board Mmbr Cycl. Alxandr Baas Alxandr Baas (1966) is th Chif Oprations Officr of SNS Bank N.V. H has bn a mmbr of th Managmnt Board sinc July 2014, focusing on th srvic cntrs for paymnts, savings, mortgags, invstmnts and SMEs. H is also rsponsibl for IT & Chang and Facility Managmnt. H was appointd CIO of SNS Bank in 2005, having prviously hld various IT positions at SNS Bank and an nginring firm. In addition to his work for SNS Bank N.V., h is also a board mmbr of Btaalvrniging Ndrland and Chairman of th Advisory Council of Stichting HBO-I.

106 Appndix 7 Prsonal dtails Advisory Council Jan van dr Kolk Jan van dr Kolk (1953) studid nvironmntal scinc and managmnt consultancy at univrsity. Ovr a priod of twnty yars, h hld various positions at KPMG, including mmbr of th KPMG Consulting Board of Dirctors and managing partnr of KPMG Sustainability. H is currntly an indpndnt consultant, xcuting many projcts for major companis in th aras of sustainability stratgy and rporting, managmnt systms and sustainabl invsting by financial institutions. H holds svral othr positions, including Chairman of th invstmnt advisory committ for church social wlfar work of th Protstant church in Th Hagu, Chairman of th jury for th Vrantwoord Ktnbhr Award of th Vrniging van Blggrs in Duurzam Ondrnmingn (VBDO), mmbr of th Advisory Council of Holland Quastor, mmbr of th Environmntal Advisory Council of Studicntrum voor Bdrijf n Ovrhid, Board mmbr of Stichting Mors and mmbr of th Environmnt & Natural Aras Advisory Committ for Sost. Hans Kamps Hans Kamps (1952) combins svral positions. H is a Dirctor of B&A Grop and Chairman of Jugdzorg Ndrland. His othr positions focus on but ar not limitd to youth, th labour markt and businss acumn. H is a Suprvisory Board mmbr at ONVZ Zorgvrzkringn and a mmbr of th Advisory Council or Suprvisory Council of companis including KPC Grop and Staatslotrij. Willmijn Vrloop Willmijn Vrloop (1970) startd hr carr at Th Europan Action Council for Pac in th Balkans. In 1994 sh foundd War Child, which sh managd until In 2012 sh st up Social Entrpris NL, a Dutch platform for social ntrprnurs. In 2013 sh also initiatd Social Impact Vnturs NL, a hands-on invstmnt & vntur assistanc organisation for social ntrpriss. In 2014, Willmijn Vrloop was Vic-Chairman of th Suprvisory Council of War Child, Board mmbr of th Achma Foundation and suprvisor of Stadsschouwburg Amstrdam. Maartn van Huijst Maartn van Huijst is always busy linking his passion for art and cultur to popl and brands. H startd his markting carr with Unilvr in South Africa. Thn h workd for Hinkn, whr h dvlopd stratgic and crativ concpts. In 2005 h foundd ON, an agncy dvloping crativ contnt and snding this through its own ntwork of high-nd catring stablishmnts. This volvd into Ottonico in 2008, an indpndnt advrtising agncy acquird by TAXI in Maartn continud to work thr as a Crativ Dirctor. Maartn is also on of th ownrs of Th Playing Circl, a sris of inspiring mting locations, and co-foundr of Rturn to Sndr, a fair trad brand that crats markts for spcial products mad in th world s poorst rgions. H uss Dlight Agncy, incorporatd in arly 2012, to dvlop idas, stratgis and campaigns as much as possibl for brands that chang th world for th bttr. Basd on th sam blif h foundd Dlight Yoga, a yoga and mdi tation school that has svral studios in Amstrdam. Managmnt Board of ASN Bank N.V. Ewoud Goudswaard Ewoud Goudswaard (1958) has bn ASN Bank s Managing Dirctor sinc H is also a mmbr of th Suprvisory Board of Tripl Jump B.V., th projct advisor of ASN-Novib Microkrditfonds. Ewoud Goudswaard startd his carr at NMB Bank, progrssing to ING Bank, in crdit risk managmnt for (larg) corporat clints. H hld managmnt positions in Haarlmmrmr, Amstrdam and Rottrdam starting in 1989 and bcam Chairman of th Managmnt Board of th Middn- Holland district in Ewoud Goudswaard has svral xtrnal positions: h is a mmbr of th Advisory Council for th Dutch Association of th Club of Rom and th Advisory Council of Plan Ndrland, and trasurr of th Musums Association and Stichting Musumkaart. Jron Jansn Jron Jansn (1962) has bn Dirctor of ASN Bank sinc 2005, primarily focusing on markting, communication, public rlations, asst managmnt and sustainability policy and rsarch. Jron Jansn startd his banking carr at Triodos Bank. H joind Hollands Koopmansbank (currntly ACTIAM) in 1995, whr h dvlopd asst managmnt srvics and sustainability rsarch for institutional invstors, social institutions and ASN Bank. H took up his position as managr of Social Stratgy at SNS REAAL Corporat Communications in H was also part of th ASN Bank Managmnt Board s support staff. H was appointd dputy Dirctor of ASN Bank in Among othr positions, Jron Jansn is trasurr of Stichting Avondstr and a mmbr of th programm council of CSR Nthrlands. Joyc van dr Est Joyc van dr Est (1965) has bn dputy Dirctor of ASN Bank sinc 2011 and is rsponsibl for th bank s oprations, which includs srvic to our customrs, customr and account managmnt, all customr 105

107 ASN Bank Rport 2014 products and srvics, and facilitis support and workstation support at ASN Bank. In this position, sh crats th conditions for profssional srvics to customrs. Joyc van dr Est has yars of xprinc in managing oprational and IT procsss in branch banking. Sh startd hr carr at Robco in Aftr narly tn yars, sh continud hr carr at Bank Labouchr, whr sh also profssionalisd customr and IT procsss. Sinc 2003, sh has managd ASN Bank s oprations. Hr focus is on th continuous dvlopmnt, profssionalisation and innovation of th intrnal organisation with th objctiv of achiving high-quality srvic and transparnt products. 106

108 107

109 108 ASN Bank Rport 2014

110 Colophon Dsign MissionFromMars, in collaboration with SBDD Layout/DTP Quants, in collaboration with Elan Thm sprads and infographics: Katja Vissr Photographs Joost van dr Vlutn 109 Printing Quants This annual rport is printd on Cocoon 100% FSC Rcycld ASN Bank Bzuidnhoutswg AG Th Hagu P.O. Box AM Th Hagu ASN Customr Srvic (frphon) ASN Bank Fax A PDF of this annual rport is availabl for download at

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