Solid Q3 23 figures

• Revenues were down by 3% to €666m for Q3 23 compared to Q3 22 • Expenses decreased by 4% to €454m in Q3 23 • Net profit attributable to shares was flat at €147m for Q3 23 compared to Q3 22 • The net new money development was an inflow of €2.3bn (consensus €6.0bn) in Q3 23 compared to €7.7bn in Q3 22

Solid Q2 23 figures above consensus expectations

• Revenues were unchanged at €668m for Q2 23 compared to Q2 22 • Expenses increased by 6% to €467m for Q2 23 • Net profit attributable to shares was down by 7% to €145m for Q2 23 compared to Q2 22 • The net new money development was an inflow of €9.3bn in Q2 23 compared to an outflow of €25bn in Q2 22

Solid Q1 23 figures

• Revenues were down by 9% to €624m for Q1 23 compared to Q1 22 • Net profit was down by 26% to €138m for Q1 23 compared to Q1 22 • The net new money development was an inflow of €5.7bn in Q1 23 compared to an outflow of €1.0bn in Q1 22

Disappointing Q4 22 figures, 2025 targets confirmed

• Net profit decreased by 57% to €111m for Q4 22 compared to Q4 21 • Net new money outflow was €1.6bn in Q4 22 compared to an inflow of €15bn for Q4 21. • Net profit was down by 23% to €599m for FY2022 compared to FY2021 • Net new money outflow was €19.9bn for FY2022 compared to an inflow of €47.7bn for FY2021 • The DPS proposal is €2.05 for FY2022 compared to €2.00 per share for FY2021

Targets for 2025

• The new CEO has announced the new strategy for DWS • EPS of €4.50 targeted for 2025 • Pay-out ratio of around 65% from 2025 onwards • Extraordinary dividend of up to €1.0bn in 2024

Mixed Q3 figures

• Revenues were up by 4% to €689m (consensus €639m) for Q3 22 which was 8% above the consensus expectations • Expenses increased by 7% to €474m for Q3 22 • Net profit attributable to shares declined by 19% to €147m, which was 10% below the consensus expectations • Net new money inflow of €7.7bn in Q3 22 benefited from an inflow of €17.6bn of low margin cash

Mixed Q2 figures, high low margin cash outflow

• Revenues were up by 7%, whereas expenses increased by 14% for Q2 22 compared to Q2 21 • Net profit attributable to shares declined by 10% to €155m, which was 16% below the consensus expectations • High net new money outflow of €25bn in Q2 22 (consensus -€5.6bn) compared to an inflow of €19.7bn in Q2 21 • However, high outflow of low margin cash and passive assets pushed overall management margin in Q2 22

Good Q1 figures

• Revenues were up by 9% to €689m for Q1 22 compared to Q1 21 • Net profit was up by 10% to €186m for Q1 22 compared to Q1 21 • The net new money development was an outflow of €1.0bn in Q1 22 compared to an inflow of €1.0bn in Q1 21 • However, clients switched assets from cash to higher margin assets

Strong 2021 figures

• Net profit was up by 59% to €782m for FY2021 compared to FY2020 • Net money inflow was €47.7bn for FY2021 compared to €30.3bn for FY2020 • Cost-income ratio was 60.1% for FY2021 compared to 65.9% for FY2020 • The dividend proposal is €2.00 per share for FY2021 compared to €1.81 per share for FY2020

Good Q3 figures

• Revenues were up by 19% to €664m for Q3 21 compared to Q3 20. • Net profit attributable to shares increased by 21% to €182m, which was 3% above consensus expectations. • Net new money inflow was €12.0bn (consensus €8.8bn) in Q3 21 compared to €10.5bn in Q3.

Good Q2 figures, strong net new money inflow

• Revenues were up by 14%, whereas expenses increased only by 2% for Q2 21 compared to Q2 20. • Net profit attributable to shares increased by 41% to €172m, which was 10% above consensus expectations. • Net new money inflow was €19.7bn (consensus €7.1bn) in Q2 21 compared to €8.7bn in Q2 20.

Good Q1 figures

• Net profit attributable to shares increased by 39% to €169m. • Revenues were up by 21% to €634m for Q1 21. • The net new money was an inflow of €1.0bn in Q1 21 compared to outflows of €2.5bn in Q1 20. • However, clients switched assets from cash to higher margin assets.

Good 2020 results, higher dividend and new targets for FY2024

• Net profit was up by 9% to €558m for FY2020 compared to FY2019 • Net money inflow was €30.3bn in 2020 compared to €26.1bn in 2019 • New adjusted Cost-Income Ratio target of 60% for FY2024 • Management released a dividend proposal of €1.81 per share for FY2020 (plus of 12%) compared to €1.62 per share for FY2019

Good Q3 figures partly above consensus

• Net profit attributable to shares increased by 30% to €151m which is above consensus expectations. • Adjusted cost/income ratio reached the mid-term target of below 65%. • Net new money inflow was €10.5bn in Q3 20 driven by low margin passive and cash products

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Triple Point Social Housing REIT’s (SOHO’s) Q124 update confirms a continuing improvement in rent collection. The newly set FY24 DPS target is unchanged compared to FY23 at 5.46p as the board considers the impact of asset sales and transfers. This represents a yield of 9.0%. Strong indexed rental income continues to support income and capital values.

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PCI Pal - Victory in the Court of Appeal, net cash upgrade of +£1.1m

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