Assenagon Asset Management S.A., Zweigniederlassung München

München

Jahresabschluss zum Geschäftsjahr vom 01.01.2022 bis zum 31.12.2022

REPORT OF THE REVISEUR D'ENTREPRISES AGREE

Report on the Audit of the Annual Accounts

Opinion

We have audited the annual accounts of Assenagon Asset Management S.A. (the "Company"), which comprise the balance sheet as at 31 December 2022, and the profit and loss account for the year then ended, and notes to the annual accounts, including a summary of significant accounting policies.

In our opinion, the accompanying annual accounts give a true and fair view of the financial position of the Company as at 31 December 2022, and of the results of its operations for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the annual accounts.

Basis for Opinion

We conducted our audit in accordance with the Law of 23 July 2016 on the audit profession (Law of 23 July 2016) and with International Standards on Auditing (ISAs) as adopted for Luxembourg by the "Commission de Surveillance du Secteur Financier" (CSSF). Our responsibilities under the Law of 23 July 2016 and ISAs as adopted for Luxembourg by the CSSF are further described in the "Responsibilities of the "réviseur d'entreprises agréé" for the Audit of the Annual Accounts " section of our report. We are also independent of the Company in accordance with the International Code of Ethics for Professional Accountants, including International Independence Standards, issued by the International Ethics Standards Board for Accountants (IESBA Code) as adopted for Luxembourg by the CSSF together with the ethical requirements that are relevant to our audit of the annual accounts, and have fulfilled our other ethical responsibilities under those ethical requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Other information

The Board of Directors of the Company is responsible for the other information. The other information comprises the information stated in the annual report including the management report but does not include the annual accounts and our report of the "réviseur d'entreprises agréé" thereon.

Our opinion on the annual accounts does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the annual accounts, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the annual accounts or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report this fact. We have nothing to report in this regard.

Responsibilities of the Board of Directors of the Company and Those Charged with Governance for the Annual Accounts

The Board of Directors of the Company is responsible for the preparation and fair presentation of these annual accounts in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the annual accounts and for such internal control as the Board of Directors of the Company determines is necessary to enable the preparation of annual accounts that are free from material misstatement, whether due to fraud or error.

In preparing the annual accounts, the Board of Directors of the Company is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors of the Company either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Responsibilities of the "réviseur d'entreprises agréé" for the Audit of the Annual Accounts

Our objectives are to obtain reasonable assurance about whether the annual accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue a report of the "réviseur d'entreprises agréé" that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these annual accounts.

As part of an audit in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

•	Identify and assess the risks of material misstatement of the annual accounts, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
•	Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.
•	Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors of the Company.
•	Conclude on the appropriateness the Company's Board of Director's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our report of the "réviseur d'entreprises agréé" to the related disclosures in the annual accounts or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our report of the "réviseur d'entreprises agréé". However, future events or conditions may cause the Company to cease to continue as a going concern.
•	Evaluate the overall presentation, structure and content of the annual accounts, including the disclosures, and whether the annual accounts represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Report on Other Legal and Regulatory Requirements

The management report is consistent with the annual accounts and has been prepared in accordance with applicable legal requirements.

15 May 2023

For Deloitte Audit, Cabinet de révision agréé

Jan van Delden, Réviseur d'entreprises agréé

Partner

BALANCE SHEET Financial year from 01 01/01/2022 to 02 31/12/2022 (in 03 EUR )

Assenagon Asset Management S.A.

L-SENNINGERBERG

ASSETS

		Reference(s)		Current year		Previous year
A. Subscribed capital unpaid	1101		101	0.00	102	0,00
I. Subscribed capital not called	1103		103	0,00	104	0,00
II. Subscribed capital called but unpaid	1105		105	0,00	106	0,00
B. Formation expenses	1107		107	0,00	108	0,00
C. Fixed assets	1109	3.	109	1.940.763,85	110	191.956,74
I. Intangible assets	1111		111	1.547.931,50	112	0,00
1. Costs of development	1113		113	0,00	114	0,00
2. Concessions, patents, licences, trade marks and similar rights and assets, if they were	1115		115	370,50	116	0,00
a) acquired for valuable consideration and need not be shown under C.I.3	1117		117	370,50	118	0,00
b) created by the undertaking itself	1119		119	0,00	120	0,00
3. Goodwill, to the extent that it was acquired for valuable consideration	1121	3. & 11.	121	1.547.561,00	122	0,00
4. Payments on account and intangible assets under development	1123		123	0,00	124	0,00
II. Tangible assets	1125		125	227.539,92	126	26.664,31
1. Land and buildings	1127		127	0,00	128	0,00
2. Plant and machinery	1129		129	0,00	130	0,00
3. Other fixtures and fittings, tools and equipment	1131		131	227.539,92	132	26.664,31
4. Payments on account and tangible assets in the course of construction	1133		133	0,00	134	0,00
III. Financial assets	1135		135	165.292,43	136	165.292,43
1. Shares in affiliated undertakings	1137		137	109.754,43	138	109.754,43
2. Loans to affiliated undertakings	1139		139	0,00	140	0,00
3. Participating interests	1141		141	0,00	142	0,00
4. Loans to undertakings with which the undertaking is linked by virtue of participating interests	1143		143	0,00	144	0,00
5. Investments held as fixed assets	1145		145	0,00	146	0,00
6. Other loans	1147		147	55.538,00	148	55.538,00
D. Current assets	1151		151	16.761.021,08	152	18.316.871,16
I. Stocks	1153		153	0,00	154	0,00
1. Raw materials and consumables	1155		155	0,00	156	0,00
2. Work in progress	1157		157	0,00	158	0,00
3. Finished goods and goods for resale	1159		159	0,00	160	0,00
4. Payments on account	1161		161	0,00	162	0,00
II. Debtors	1163	4.	163	6.431.273,38	164	5.749.755,69
1. Trade debtors	1165		165	6.001.153,84	166	5.335.701,97
a) becoming due and payable within one year	1167		167	6.001.153,84	168	5.335.701,97
b) becoming due and payable after more than one year	1169		169	0,00	170	0,00
2. Amounts owed by affiliated undertakings	1171		171	0,00	172	0,00
a) becoming due and payable within one year	1173		173	0,00	174	0,00
b) becoming due and payable after more than one year	1175		175	0,00	176	0,00
3. Amounts owed by undertakings with which the undertaking is linked by virtue of participating interests	1177		177	0,00	178	0,00
a) becoming due and payable within one year	1179		179	0,00	180	0,00
b) becoming due and payable after more than one year	1181		181	0,00	182	0,00
4. Other debtors	1183		183	430.119,54	184	414.053,72
a) becoming due and payable within one year	1185		185	430.119,54	186	414.053,72
b) becoming due and payable after more than one year	1187		187	0,00	188	0,00
III. Investments	1189		189	0,00	190	0,00
1. Shares in affiliated undertakings	1191		191	0,00	192	0,00
2. Own shares	1209		209	0,00	210	0,00
3. Other investments	1195		195	0,00	196	0,00
IV. Cash at bank and in hand	1197		197	10.329.747,70	198	12.567.115,47
E. Prepayments	1199	5.	199	1.641.453,22	200	1.312.375,18
TOTAL (ASSETS)			201	20.343.238,15	202	19.821.203,08

CAPITAL, RESERVES AND LIABILITIES

		Reference(s)		Current year		Previous year
A. Capital and reserves	1301	6.	301	12.138.056,26	302	11.371.651,74
I. Subscribed capital	1303	6.2	303	5.000.000,00	304	5.000.000,00
II. Share premium account	1305		305	0,00	306	0,00
III. Revaluation reserve	1307		307	0,00	308	0,00
IV. Reserves	1309		309	1.088.650,00	310	806.150,00
1. Legal reserve	1311	6.3	311	500.000,00	312	500.000,00
2. Reserve for own shares	1313		313	0,00	314	0,00
3. Reserves provided for by the articles of association	1315		315	0,00	316	0,00
4. Other reserves, including the fair value reserve	1429		429	588.650,00	430	306.150,00
a) other available reserves	1431		431	0,00	432	0,00
b) other non available reserves	1433	6.4	433	588.650,00	434	306.150,00
V. Profit or loss brought forward	1319		319	3.183.001,74	320	3.482.717,66
VI. Profit or loss for the financial year	1321		321	2.866.404,52	322	2.082.784,08
VII. Interim dividends	1323		323	0,00	324	0,00
VIII. Capital investment subsidies	1325		325	0,00	326	0,00
B. Provisions	1331		331	3.799.431,65	332	3.391.698,65
1. Provisions for pensions and similar obligations	1333		333	0,00	334	0,00
2. Provisions for taxation	1335		335	0,00	336	0,00
3. Other provisions	1337	7.	337	3.799.431,65	338	3.391.698,65
C. Creditors	1435		435	4.361.241,10	436	5.057.852,69
1. Debenture loans	1437		437	0,00	438	0,00
a) Convertible loans	1439		439	0,00	440	0,00
i) becoming due and payable within one year	1441		441	0,00	442	0,00
ii) becoming due and payable after more than one year	1443		443	0,00	444	0,00
b) Non convertible loans	1445		445	0,00	446	0,00
i) becoming due and payable within one year	1447		447	0,00	448	0,00
ii) becoming due and payable after more than one year	1449		449	0,00	450	0,00
2. Amounts owed to credit institutions	1355		355	0,00	356	0,00
a) becoming due and payable within one year	1357		357	0,00	358	0,00
b) becoming due and payable after more than one year	1359		359	0,00	360	0,00
3. Payments received on account of orders in so far as they are not shown separately as deductions from stocks	1361		361	0,00	362	0,00
a) becoming due and payable within one year	1363		363	0,00	364	0,00
b) becoming due and payable after more than one year	1365		365	0,00	366	0,00
4. Trade creditors	1367		367	2.749.590,99	368	2.781.697,62
a) becoming due and payable within one year	1369		369	2.749.590,99	370	2.781.697,62
b) becoming due and payable after more than one year	1371		371	0,00	372	0,00
5. Bills of exchange payable	1373		373	0,00	374	0,00
a) becoming due and payable within one year	1375		375	0,00	376	0,00
b) becoming due and payable after more than one year	1377		377	0,00	378	0,00
6. Amounts owed to affiliated undertakings	1379		379	0,00	380	782.587,90
a) becoming due and payable within one year	1381		381	0,00	382	782.587,90
b) becoming due and payable after more than one year	1383		383	0,00	384	0,00
7. Amounts owed to undertakings with which the undertaking is linked by virtue of participating interests	1385		385	0,00	386	0,00
a) becoming due and payable within one year	1387		387	0,00	388	0,00
b) becoming due and payable after more than one year	1389		389	0,00	390	0,00
8. Other creditors	1451		451	1.611.650,11	452	1.493.567,17
a) Tax authorities	1393		393	1.563.029,29	394	1.434.754,08
b) Social security authorities	1395		395	26.474,67	396	38.710,44
c) Other creditors	1397		397	22.146,15	398	20.102,65
i) becoming due and payable within one year	1399		399	22.146,15	400	20.102,65
ii) becoming due and payable after more than one year	1401		401	0,00	402	0,00
D. Deferred income	1403		403	44.509,14	404	0,00
TOTAL (CAPITAL, RESERVES AND LIABILITIES)			405	20.343.238,15	406	19.821.203,08

PROFIT AND LOSS ACCOUNT Financial year from 01 01/01/2022 to 02 31/12/2022 (in 03 EUR )

Assenagon Asset Management S.A.

L-SENNINGERBERG

		Reference(s)		Current year		Previous year
1. Net turnover	1701		701	36.930.571,26	702	33.189.598,04
2. Variation in stocks of finished goods and in work in progress	1703		703	0,00	704	0,00
3. Work performed by the undertaking for its own purposes and capitalised	1705		705	0,00	706	0,00
4. Other operating income	1713		713	199.082,98	714	243.728,30
5. Raw materials and consumables and other external expenses	1671		671	-19.217.681,53	672	-20.245.078,12
a) Raw materials and consumables	1601		601	0,00	602	-2.224,88
b) Other external expenses	1603		603	-19.217.681,53	604	-20.242.853,24
6. Staff costs	1605	8.	605	-12.307.074,50	606	-9.567.246,52
a) Wages and salaries	1607		607	-11.108.087,21	608	-8.625.804,32
b) Social security costs	1609		609	-1.148.153,01	610	-941.442,20
i) relating to pensions	1653		653	-240.072,33	654	-264.207,99
ii) other social security costs	1655		655	-908.080,68	656	-677.234,21
c) Other staff costs	1613		613	-50.834,28	614	0,00
7. Value adjustments	1657		657	-474.569,29	658	-55.903,28
a) in respect of formation expenses and of tangible and intangible fixed assets	1659		659	-470.714,80	660	-12.908,65
b) in respect of current assets	1661		661	-3.854,49	662	-42.994,63
8. Other operating expenses	1621		621	-682.906,27	622	-678.725,50
9. Income from participating interests	1715		715	0,00	716	0,00
a) derived from affiliated undertakings	1717		717	0,00	718	0,00
b) other income from participating interests	1719		719	0,00	720	0,00
10. Income from other investments and loans forming part of the fixed assets	1721		721	0,00	722	0,00
a) derived from affiliated undertakings	1723		723	0,00	724	0,00
b) other income not included under a)	1725		725	0,00	726	0,00
11. Other interest receivable and similar income	1727		727	57.591,34	728	28.405,96
a) derived from affiliated undertakings	1729		729	0,00	730	0,00
b) other interest and similar income	1731		731	57.591,34	732	28.405,96
12. Share of profit or loss of undertakings accounted for under the equity method	1663		663	0,00	664	0,00
13. Value adjustments in respect of financial assets and of investments held as current assets	1665		665	0,00	666	-7.718,88
14. Interest payable and similar expenses	1627		627	-77.833,17	628	-70.404,63
a) concerning affiliated undertakings	1629		629	0,00	630	0,00
b) other interest and similar expenses	1631		631	-77.833,17	632	-70.404,63
15. Tax on profit or loss	1635		635	-1.556.324,20	636	-753.871,29
16. Profit or loss after taxation	1667		667	2.870.856,62	668	2.082.784,08
17. Other taxes not shown under items 1 to 16	1637		637	-4.452,10	638	0,00
18. Profit or loss for the financial year	1669		669	2.866.404,52	670	2.082.784,08

Notes to the annual accounts for the financial year ended 31 December 2022

1. General information

Assenagon Asset Management S.A. (hereafter« the Company ») was incorporated on 3 ^rd July 2007 for an unlimited period under the legal form of a public limited company under the laws of Luxembourg.

The purpose of the Company is the management of Luxembourgish and foreign UCITS funds, UCI funds and specialised investment funds, as well as the management of alternative investment funds (AIF), which are in accordance with all provisions of Annex 1 of the Luxembourg Law of 12 ^th July 2013 on alternative fund managers (the "Law of 12 ^th July 2013") and are selling shares of UCITS funds and/or UCI funds and/or AIF in Luxembourg or abroad.

The activity is fulfilled within the limits defined in Chapter 15 of the Law of 17th December 2010 regarding "UCITS" funds and the Law of 12 ^th July 2013 regarding AIF. In addition, the Company is subject to the Law of 10th August 1915 on commercial companies, as amended.

The registered office of the Company is established at 1B, Heienhaff, Aerogolf Center in L- 1736 Senningerberg. The Company is registered under number B 129.914 at the Luxembourg Register of Commerce.

The Company's financial year starts on January 1st and ends on December 31 ^st of each year.

During 2008, the Company incorporated a branch in Munich. In March 2015, the branch opened an office in Frankfurt/Main.

The Company is a 100% subsidiary of Assenagon S.A., Luxembourg.

2. Summary of significant accounting and valuation policies

2.1. Basis of preparation

The annual accounts have been prepared in accordance with Luxembourg legal and regulatory requirements under the historical cost convention.

Accounting policies and valuation rules are, besides the ones laid down by the law of 19th December 2002 (as modified) determined and applied by the Board of Directors.

The preparation of annual accounts requires the use of certain accounting estimates. It also requires the Board of Directors to exercise its judgment in the process of applying the accounting policies. Changes in assumptions may have a significant impact on the annual accounts in the period in which the assumptions changed. The Board of Directors believes that the underlying assumptions are appropriate and that the annual accounts therefore present the financial position and results fairly.

The Company maintains its accounting records in Euro ("EUR").

The measurement of the items shown in the annual accounts is made in accordance with the assumption that the Company is presumed to be carrying on its business as a going concern.

2.2. Significant valuation rules

The main valuation rules applied by the Company are the following:

2.2.1. Intangible fixed assets

Intangible fixed assets are valued at cost less accumulated depreciations. Depreciations are made on a linear basis over the useful lives of the assets.

The following depreciation rates have been applied:

Licenses and other rights:	20 to 33,33%
Goodwill:	20%

2.2.2. Tangible fixed assets

Tangible fixed assets are valued at cost less accumulated depreciations. Depreciations are made on a linear basis over the useful lives of the assets.

The following depreciation rates have been applied:

Plant and machinery:	25 to 33,33%
Fixtures, fittings and equipment:	25%
IT (hardware):	33,33%

2.2.3. Financial assets

Shares in affiliated undertakings and loans to these undertakings are valued at purchase price including the expenses incidental thereto.

In the case of durable depreciation in value according to the opinion of the Board of Directors, value adjustments are made in respect of financial fixed assets, so that they are valued at the lower figure to be attributed to them at the balance sheet date. These value adjustments are not continued if the reasons for which the value adjustments were made have ceased to exist.

2.2.4. Debtors

Debtors are valued at their nominal value. They are subject to value adjustments where their recovery is compromised. These value adjustments are not continued if the reasons for which the value adjustments were made have ceased to exist.

2.2.5. Prepayments

This balance sheet position includes expenses booked before the balance sheet date related to a subsequent financial year.

2.2.6. Provisions

Provisions are intended to cover losses or debts, the nature of which is clearly defined and which, at the date of the balance sheet, are either likely to be incurred or certain to be incurred but uncertain as to their amount or the date which they will arise.

Provisions may also be created to cover charges that have originated in the financial year under review or in a previous financial year, the nature of which is clearly defined and which, at the date of the balance sheet, are either likely to be incurred or certain to be incurred but uncertain as to their amount or the date on which they will arise.

2.2.7. Creditors

Creditors are recorded at their nominal value or at their reimbursement value.

2.2.8. Foreign currency translation

The Company maintains its accounting records in Euro ("EUR").

Transactions expressed in currencies other than EUR are translated into EUR at the exchange rate effective at the time of the transaction. Formation expenses and long term assets and liabilities expressed in currencies other than EUR are translated into EUR at the time of the transaction. At the balance sheet date, these assets remain translated at historical exchange rates.

Cash at banks is translated at the exchange rate effective at the balance sheet date. Exchange losses and gains are recorded in the profit and loss account of the year.

Other assets and liabilities are translated separately respectively at the lower or at the higher of the value converted at the historical exchange rate or the value determined on the basis of the exchange rates effective at the balance sheet date. Solely the unrealised exchange losses are recorded in the profit and loss account. The unrealised exchange gains are recorded in the profit and loss account at the moment of their realisation.

2.2.9. Net turnover

The net turnover comprises the amount derived from the sale of products and the provision of services falling within the Company's ordinary activities, after deduction of sales rebates and value added tax and other taxes directly linked to the turnover.

3. Fixed assets

	Acquisition cost
	(EUR)
	Acquisition cost as at 01/01/2022	Additions of the year	Disposals of the year	Acquisition cost as at 31/12/2022
I. Intangible assets
2. Concessions, patents, licenses, trademarks and similar rights and assets, if they were acquired for valuable consideration and need not be shown under C.I.3.	0,00	3.963,50	0,00	3.963,50
3. Goodwill, to the extent that it was acquired for Valuable consideration	0,00	1.934.452,50	0,00	1.934.452,50
	0,00	1.938.416,00	0,00	1.938.416,00
II. Tangible assets
2. Plant and machinery	0,00	0,00	0,00	0,00
Fixtures, fittings and equipment	7.527,26	0,00	0,00	7.527,26
IT -Hardware	204.443,16	281.105,91	0,00	485.549,07
3. Other fixtures and fittings, tools and equipment	211.970,42	281.105,91	0,00	493.076,33
	211.970,42	281.105,91	0,00	493.076,33
III. Financial assets
3. Shares in affiliated undertakings	117.473,31	0,00	0,00	117.473,31
6. Other loans	55.538,00	0,00	0,00	55.538,00
	173.011,31	0,00	0,00	173.011,31
TOTAL	384.981,73	2.219.521,91	0,00	2.604.503,64

	Value adjustments
	(EUR)
	Value adjustments as at 01/01/2022	Value adjustments of the year	Reversal of the year	Value adjustments as at 31/12/2022
I. Intangible assets
2. Concessions, patents, licenses, trademarks and similar rights and assets, if they were acquired for valuable consideration and need not be shown under C.I.3.	0,00	-3.593,00	0,00	-3.593,00
3. Goodwill, to the extent that it was acquired for Valuable consideration	0,00	-386.891,50	0,00	-386.891,50
	0,00	-390.484,50	0,00	-390.484,50
II. Tangible assets
2. Plant and machinery	0,00	0,00	0,00	0,00
Fixtures, fittings and equipment	-6.292,87	-642,97	0,00	-6.935,84
IT -Hardware	-179.013,24	-79.587,33	0,00	-258.600,57
3. Other fixtures and fittings, tools and equipment	-185.306,11	-80.230,30	0,00	-265.536,41
	-185.306,11	-80.230,30	0,00	-265.536,41
III. Financial assets
3. Shares in affiliated undertakings	-7.718,88	0,00	0,00	-7.718,88
6. Other loans	0,00	0,00	0,00	0,00
	-7.718,88	0,00	0,00	-7.718,88
TOTAL	-193.024,99	-470.714,80	0,00	-663.739,79

	Net book value
	(EUR)
	Net book value at 31/12/2022	Net book value at 31/12/2021
I. Intangible assets
2. Concessions, patents, licenses, trademarks and similar rights and assets, if they were acquired for valuable consideration and need not be shown under C.I.3.	370,50	0,00
3. Goodwill, to the extent that it was acquired for Valuable consideration	1.547.561,00	0,00
	1.547.931,50	0,00
II. Tangible assets
2. Plant and machinery	0,00	0,00
Fixtures, fittings and equipment	591,42	1.234,39
IT -Hardware	226.948,50	25.429,92
3. Other fixtures and fittings, tools and equipment	227.539,92	26.664,31
	227.539,92	26.664,31
III. Financial assets
3. Shares in affiliated undertakings	109.754,43	109.754,43
6. Other loans	55.538,00	55.538,00
	165.292,43	165.292,43
TOTAL	1.940.763,85	191.956,74

^* The goodwill is related to the branch in Munich. Please refer to Note 11.
^** Shares in affiliated undertakings are related to Assenagon Schweiz GmbH, a fully owned subsidiary, with registered office is in Zurich, Switzerland. As at 31 December 2022, Assenagon Schweiz GmbH had a net equity of CHF 117.407,51. The profit for the financial year 2022 amounts to CHF 4.020,21.

4. Debtors

Trade debtors mostly include management and performance fees for the funds managed by the Company.

5. Prepayments

Prepayments are mainly made up of prepaid expenses for license and IT maintenance fees as well as insurance premiums.

6. Capital and reserves

6.1. Movements for the year on the capital and reserves

	Subscribed Capital	Legal reserve	Other reserves	Profit or loss brought forward	Profit or loss for the financial year
	EUR	EUR	EUR	EUR	EUR
Balance as at 1 January	5.000.000,00	500.000,00	306.150,00	3.482.717,66	2.082.784,08
Movements for the period :
Allocation prior year result	0,00	0,00	0,00	500.284,08	-500.284,08
Reserve	0,00	0,00	282.500,00	0,00	-282.500,00
Dividend	0,00	0,00	0,00	-800.000,00	-1.300.000,00
Profit or loss for the year	0,00	0,00	0,00	0,00	2.866.404,52
Balance as at 31 December	5.000.000,00	500.000,00	588.650,00	3.183.001,74	2.866.404,52

6.2. Subscribed capital

At the incorporation of the Company, the subscribed capital amounted to EUR 2.000.000 divided into 200.000 fully paid up voting shares with a nominal value of EUR 10 each. On 30th January 2009, the subscribed capital was increased to EUR 3.000.000, divided into 300.000 voting shares having a nominal value of EUR 10 each. By decision of the extraordinary general meeting of 30th March 2009 a loan granted by Assenagon S.A. was converted into share capital and the share capital was increased to EUR 5.000.000,00.

As at 31st December 2022, the share capital amounts to EUR 5.000.000,00 divided into 500.000 voting shares of EUR 10 each, all fully paid-in.

6.3. Legal reserve

The Company is required to allocate a minimum of 5% of its to a legal reserve, until this reserve equals 10% of the subscribed capital. This reserve may not be distributed.

6.4. Other reserves

In prior years, the Company reduced its Net Wealth Tax liability in accordance with §8a of the Luxembourg Net Wealth Tax Law. The Company allocated under non-distributable reserves an amount that corresponds to five times the amount of reduction of the Net Wealth Tax. This reserve is non-distributable for a period of five years from the year following the one during which the Net Wealth Tax was reduced.

After the five year period, this reserve becomes available.

7. Other provisions

Other provisions predominantly include provisions for personnel expenses.

8. Staff

The Company employed an average of 81 persons during the financial year and 58 people for the previous year broken down as follows:

	31/12/2022	31/12/2021
Employees (full-time) Luxembourg	16,00	17,00
Employees (full-time) Munich branch	65,00	41,00
TOTAL	81,00	58,00

The number of employees has increased during 2022 as a result of an asset deal concluded between the Company and Assenagon GmbH. Please refer to Note 11 for further information.

9. Emoluments granted to the members of the management and supervisory bodies and commitments in respect of retirement pensions for former members of those bodies

By applying article 65 (2) of Companies' law, information regarding the emoluments to the members of the management and supervisory bodies have been omitted. There have been no loans and no advances to these bodies during the year under review.

10. Auditors fees

The total fees expensed by the Company and due for the financial year to the audit firm are presented as follows:

	31/12/2022	31/12/2021
	EUR	EUR
Annual Accounts	15.500,00	13.300,00
Other assurance services	15.000,00	0,00
TOTAL	30.500,00	13.300,00

11. Related party transactions

During 2022, the Munich branch of the Company took over all employees of Assenagon GmbH in the context of an asset deal. Assenagon GmbH was previously active as a service provider for Assenagon Asset Management S.A. The aim of the transaction is to combine all business areas in the Company. The asset deal was effective 1st January 2022. Please refer to Note 3.

12. Off-balance sheet commitments

As at 31 December 2022 and 31 December 2021 the Company had the following rental, lease and service commitments:

	31/12/2022	31/12/2021
Office rental commitments	1.702.959,69	2.522.865,54
Lease commitments	71.830,71	48.427,68
Service contract commitments	3.587.833,20	3.857.224,03
Total	5.362.623,61	6.428.517,25

In respect of the above mentioned amounts, thereof EUR 4.067.778,20 are related to the year 2023 (2021: EUR 6.428.517,25).

13. Post-balance sheet events

There were no significant events between the balance sheet date and the approval of the annual accounts which would have influenced the results of the Company as at 31 December 2022.