Settlement of the Structured Alpha case

• The Structured Alpha case has been settled with the DOJ and SEC • The guilty plea will result in the disqualification of AGI U.S. from advising U.S. registered mutual funds • Fees and compensation payments already reflected in the provisions set up for 2021 and Q1 22

Solid Q1 22 figures again burdened by Structured Alpha provision

• Additional pre-tax provision of €1.9bn for Q1 22 in anticipation of settlements with major investors in the AllianzGI US-Structured-Alpha funds • Net profit attributable to shareholders declined by 78% to €561m for Q1 22 versus Q1 21 • Net new money was an outflow of €9.0bn in Q1 22 compared to an inflow of €37.8bn in Q1 21 • Operating profit target for 2022 of €13.4bn, plus or minus €1bn confirmed • DPS forecasts don’t look to be at risk

Good 2021 figures burdened by one-time provision

• One-time pre-tax provision of €3.7bn in anticipation of settlements with major investors in the AllianzGI US Structured Alpha funds for Q4 21 • Net result attributable to shareholders was a loss of €292m for Q4 21 due to the provision • Net profit attributable to shareholders decreased by 3% to €6.6bn for 2021 • Dividend per share proposal increased by 12.5% to €10.80 for FY2021 and a new share buy-back programme of €1bn was announced

Good Q3 figures

• Net profit attributable to shareholders increased by 2% to €2.1bn • RoE was 13.3% for Q3 21 compared to 11.6% in Q3 20 • Net new money inflow was €25.7bn for Q3 21 • Allianz confirmed its slightly upgraded operating profit target range of €12-13bn for 2021

Good Q2 21 profit figures, new share buy-back programme in H2 21

• Net profit attributable to shareholders rose by 46% to €2.23bn for Q2 21 versus Q2 20 • RoE was 15.6% in H1 21 compared to 11.4% in H1 20 • Allianz has slightly upgraded its operating profit target range to €12-13bn for 2021 • New share buy-back programme of €750m in H2 21

Good 2020 figures in COVID-19 times

• Net profit attributable to shareholders decreased by 14% to €6.8bn for 2020 • Despite an equity increase of 9% and COVID-19 burdens the RoE was 11.4% for FY2020 • COVID-19 contributed “only” a loss of €1.3bn in 2020 • Dividend per share proposal is unchanged at €9.60 for FY2020

Solid Q3 figures but strong profit

• Net profit attributable to shareholders increased by 6% to €2.1bn and is above consensus • COVID-19 contributed “only” a loss of €100m in Q3 20 • Net new money inflow was €26bn for Q3 20 • Allianz cancelled the outstanding part of the share buy-back programme 2020 of €750m

Solid Q2 20 figures

• Net profit attributable to shareholders declined by 29% to €1.528bn for Q2 20 • RoE was 10.5% in Q2 20 compared to 13.6% in Q2 19 • Net new money was an inflow of €25.9bn for Q2 20 compared to an outflow of €46.4bn for Q1 20 • Solvency II ratio was 187% at the end of June 2020

Good Q1 figures impacted by COVID-19

• Net profit attributable to shareholders declined by 29% to €1.4bn for Q1 20 versus Q1 19 • RoE was 9.3% in Q1 20 compared to 13.7% in Q1 19 • Net new money was an outflow of €46.4bn for Q1 20 mostly in March compared to an inflow of €17.8bn for Q1 19 • Solvency II ratio was 190% at the end of March 2020

Good 2019 figures and new share buy-back

• Net profit attributable to shareholders increased by 6% to €7.9bn • RoE was 13.6% in 2019 despite a 21% increase in shareholders’ funds to €74bn • Net new money inflow was €76bn for 2019 • DPS increase by 7% and a new share buy-back programme of €1.5bn

Solid to good Q3 figures, AuM reached all-time high

• Net profit attributable to shareholders increased by 1% to €1.95bn • RoE was 14.1% in Q3 19 despite a 22% increase in shareholders’ funds to €74.6bn in 9M 19 • Net new money inflow was €18bn for Q3 19 • Third-party AuM reached €1,681bn, an all-time high

Again good Q2 figures, operating profit above FY2019 target

• Net profit attributable to shareholders increased by 13% to €2.14bn • RoE was a high 15.0% in Q2 19 despite a 12% increase in shareholders funds to €68.4bn in H1 19 • Net new money inflow was €20.3bn for Q2 19 compared to an outflow of €9bn for Q2 18 • Third party AuM reached €1,591bn, an all-time high

Good Q1 figures

• Net profit attributable to shareholders increased by 2% to €1.97bn for Q1 19 • RoE was 13.7% in Q1 19 despite an increase in shareholders’ funds of 10% to €67bn • Net new money inflow was €17.8bn for Q1 19 compared to an outflow of €31bn for Q4 18 • Third party AuM reached with €1,548bn, an all time high

Good 2018 figures but net money outflow in Q4, new share buy-back

Preliminary net profit attributable to shareholders increased by 10% to €7.5bn for FY2018 compared to the year before. Premiums earned were flat at €71.5bn in FY2018. Interest and similar income was down by 1% to €21.6bn and realised investment declined by 7% to €5.15bn for FY2018. Total operating income declined by 4% to €102.3bn in 2018 compared to 2017. Claims rose by 2% to €52.2bn for 2018. Total operating expenses declined by 5% to €90.8bn for 2018 compared to 2017. Operating profit (under

Good Q3 18 figures

Net profit attributable to shareholders increased by 24% to €1.94bn for Q3 18 versus the same period last year. Premiums earned rose by 1% to €17.6bn for Q3 18. Operating investment result declined by 5.5% to €5.1bn for Q3 18 compared to Q3 17. Fee and commission income was up by 19% to €3.0bn in Q3 18. Insurance claims increased by 1.9% to €12.7bn in Q3 18. Changes in insurance reserves declined by 18% to €2.7bn for Q3 18. Operating profit increased by 21% to €3.0bn for Q3 18 compared to Q3 17.

Cenkos: Healthcare Sector - Ward Round

Weekly round-up of AIM-listed healthcare news. Venture Life Group, GENinCode, Kromek, Alliance Pharma, Polarean Imaging, Benchmark Holdings, Ondine Biomedical, Verici Dx, Faron Pharmaceuticals, Avacta Group, Abingdon Health, Open Orphan, Belluscura, Hutchmed (China), Oxford Biodynamics

Earnings in line, NAV ahead, caution being exercised

Urban Logistics REIT (“ULR”) has delivered a solid FY22 performance – deploying capital apace and driving strong returns through active asset management. Earnings and dividend are both in line vs SCMe. EPRA NAV is 190p (+7% vs SCMe); as yield compression came as a bonus. Caution is being exercised in deploying remaining capital, which impacts FY23e earnings only. We upgrade EPRA NAV by 14-20% incorporating some (but not all) recent yield compression. We increase our Target Price to 210p (FY23e E

SHORE CAPITAL - H&T Group+ (HAT, House Stock, 322p)

Hybridan Small Cap Feast 01/07/22

1 July 2022 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectives

Auctus on Friday - 01/07/2022

AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN)C; Target price of £0.45 per share: Another well delivers flow rate above expectations – The RCS-1 well was flow tested at oil rates of up 1,872 bbl/d (936 bbl/d net to Arrow) of 30 API crude from the C7B sands. The zone was tested for 33 hours at an average oil rate of 1,076 bbl/d (538 bbl/d net to Arrow) with no formation water. Production will start next week at ~1,000 bbl/d (500 bbl/d net) in order to mini

Hybridan Small Cap Feast 30/06/2022

Dish of the day Joiners: Visum Technologies has joined the AQSE Growth Market. The Company's business is to own and operate an "on-ride" video and photographic camera system that it sells and/or licenses to customers (being theme parks, ride manufacturers, souvenir imaging providers, and other leisure operators). Leavers: No Leavers Today. What’s cooking in the IPO kitchen? Immediate acquisitions (IME.L) is to re-join AIM via a Reverse Takeover of Fiinu Holdings Limited. Once complete the Compan

Cenkos: Marlowe Plc -- Record organic growth

Marlowe delivered an impressive set of FY22A results, with underlying organic revenue growth of 9%, Adj EBITDA margins up 240bps to 18.6%, and Adj EBITDA of £54.4m (ahead of our £50.7m forecast). We make minor updates to our FY23E forecasts (Adj Diluted EPS increases 1% to 49.6p) and release new FY24E forecasts. Given the strength of Marlowe's business model, its defensive nature (non-discretionary products and services; 85%+ recurring revenue), the group's continued positive momentum (including

LIBERUM: Alternatives Daily

LIBERUM: Alternatives Daily

Palace Capital* - Strategy sharpened, 5% buyback commences

Further to its strategic review, Palace Capital intends to focus on becoming an ESG driven, regional office market specialist. To that end the company has announced a new £46.5m property disposal programme including its entire industrial property portfolio with the proceeds to be reinvested into the office sector. Palace Capital has also announced a buyback for up to 5% of its shares and continues to review its cost base. The outcome of the strategic review is to sharpen the focus on themes mana

2H22 – Good NAV Growth & Attractive Opportunities

Augmentum Fintech has delivered a strong finish to FY22, with NAV per share up 19% YoY and +9% HoH to 155.2p, driven by both investments and positive fair value changes across the majority of its portfolio companies. The 23% IRR since IPO is above the Group’s 20% Internal Target Return, demonstrating overall attractive investment performance. Post-period end The Group has invested £4.0m in new portfolio company Kenbi and the £43m proceeds from the sale of its stake in ii strengthens AUGM’s cash

Cenkos: Professional Services -- The week that was

Stocks in focus this week are Personal Group, Johnson Service Group, Capita and Mears

Morning Note – 29 June 2022

Copyright Royalty Board III Decision

The final decision on CRB III (see below) on streaming revenues is positive for Songwriters, Music publishing and Hipgnosis (SONG). The decision will result in addition revenues being paid to SONG over the coming periods. We view the ruling as positive and evidence of a continuing shift in the understanding of the value of a Songwriter’s contribution to a hit record and the willingness of industry stakeholders to recognise it. YTD SONG has de-rated significantly and currently trades on a 23.8% d

NextEnergy Solar Fund - NAV Grows 15% in FY 22

NextEnergy Solar Fund’s (NESF) full-year results show a 15% growth in NAV resulting from better pricing and new asset growth. The fund has been working hard to diversify its asset growth opportunity with battery storage in the UK and more international exposure through its commitment and co-investment opportunity with the NPIII private fund. From a strong start the fund is showing continued progress into the current year.