When will AMP SETTLE the ADVISER CLASS ACTION, page-515

FACT LOG - Update as at 7.32 pm, 15 March 2022

This post is designed to provide important factual information to readers. Across AMP threads there are a number of posts that are intended to obfuscate and mislead potential investors.

AMP HAS PUBLICLY COMMITTED TO FINALISING ALL LEGACY ISSUES BY 30 JUNE 2022.

Further updates may be provided prior to the demerger scheduled for 30 June 2022.

1 SHAREHOLDER CLASS ACTION - Maurice Blackburn. This action (CA1)could not get external fundingbecause it is spurious and has extremely low probability of success -Refer similar IOOF case which was dismissed. The IOOF case sought compensation on the same basis as this claim and failed.

Maurice Blackburn quote "we do not, and cannot, guarantee or predict that a successful outcome is certain"unquote.

2 ADVISOR CLASS ACTION -NOT MATERIAL- AMP has advised shareholders it is confident of a favourable outcome.
- Publicly available commentary supports this position
- Some provisioning may be required
- BOLR contracts waive adviser rights to participate in the CA
- BOLR's triggered predominantly involved advisers who failed audits
- Affected advisers predominantly relied on commission based revenue; and
- Advisers removed relied on business model that is demonstrably worth less than those able to sustain an advice business based on fee for service model.

3 AMP SUPER CLASS ACTION - Maurice Blackburn.Offshore litigation funder, Harbour, is funding this CA (which has essentially failed).

-AMP has already remediated all the Superannuation members.
-AMP has confirmed its superannuation trustees have entered into a court enforceable undertaking (CEU) with the Australian Prudential Regulation Authority (APRA) involving $45 million in remediation for historical matters of two of its trustees.
- AMP has fully provisioned.

Maurice Blackburn quote "we do not, and cannot, guarantee or predict that a successful outcome is certain"unquote.

4 LIFE INSURANCE CLASS ACTION -Refer Westpac case. Likely to be settled out of court. Likely to be low value settlement.