NewzIntel.com

Category: Asia Pacific

  • MIL-OSI New Zealand: Name release, Gisborne homicide

    Source: New Zealand Police (National News)

    Attributable to Detective Senior Sergeant Mark Moorhouse:

    Police are continuing to make enquiries into the death of a man in Tolerton Avenue on Monday 28 October.

    A homicide investigation was launched following the man’s death after he was transported to hospital at around 4.20am.

    The victim can now be named as 67-year-old Wayne Tamahori Dewes.

    Police are supporting the family of the deceased at this difficult time.

    A scene guard remains at the address and Police hope to release the scene later today.

    ENDS

    Issued by Police Media Centre

    MIL OSI New Zealand News –

  • MIL-OSI Australia: Press Conference – Cowes

    Source: Australia Government Ministerial Statements

    CATHERINE KING: Hi, I’m Catherine King. I’m the Federal Minister for Infrastructure, Transport and Regional Development, and one of the great parts of my job is being able to invest in local communities. Today we’re announcing here in Cowes that the Albanese Labor Government is committing $8 million to upgrade the esplanade, to do the work that’s needed to ensure that this is a much more pedestrian-friendly area for the beautiful people that come to Phillip Island each year, who live on the island, and call this home. This investment alongside over $21 million worth of funding that we’re announcing as part of the regional Precincts and Partnerships Program, another project in Hamilton, a project in Mansfield, and a project in Cobram, are really important projects for local communities. What they enable and the reason we’ve been looking to invest alongside council in these projects is to create precincts that come to life. Where the infrastructure may be a bit tired, it’s not working, we’re really trying to make sure we’re bringing people back into the centres and regions, that we’re providing that opportunity for new businesses to flourish, but also really for places to be used because we know how important that is to local communities.

    So, really delighted to be here today to announce the latest round of regional Precincts and Partnerships funding and the $8 million to give to the Cowes community. I might hand over to the CEO – obviously the council is in caretaker at the moment – to say a few words and then I’ll be happy to take some questions.

    GREG BOX: Thank you, Minister. So, we’re really pleased to have you here and really pleased to have the Federal Government provide this funding. Ultimately, it’ll bring the money to 9.6 million from council’s contribution. This is an iconic part of Victoria. It’s an iconic street. And really, that investment is going to bring that right up as, the Minister said, and transform it into the sort of place that we want this to be. We’ve had an enormous amount of investment over the last ten years. The master planning for this was done out in 2015, and that master planning has culminated in nearly $300 million worth of investment around this site and around this place. So it’s incredible work and council’s really proud of it, but we’re actually really excited and looking forward to transforming this space right now.

    CATHERINE KING: Great. Happy to take some questions.

    QUESTION:  So traffic will be going one way in Cowes?

    CATHERINE KING: Yeah. Well I think if you’ve ever come down here at summer- it’s a little while since I’ve been down here on holidays. I used to come down here a lot as a kid. But it’s pretty busy and it’s really very congested and hard to get through. But it also makes it dangerous when you’ve got families with little kids who are trying to get access to the shops, trying to get their kids ice creams, or just come and do your shopping. It does make it really difficult over summer. And of course, anyone who’s been down here knows that it banks up, so that means you’ve just got a decent traffic flow. You really make sure you’re slowing cars down, you’re pedestrianising access. That makes it safer, but it also makes it a much better place for people. People want to come here, they want to actually come and shop, and that’s really good for the retailers as well.

    QUESTION:  Will there be any impacts to car parking?

    CATHERINE KING: Again, that’s really a matter for council. They’re delivering the project. The Federal Government is delivering the funding and partnership, so I’ll hand over to the CEO to make [indistinct].

    GREG BOX: Yeah, we’ll work through the detailed design of it. We’re not really talking about net losses and gains at the moment. There’s a whole lot of detail still to be done on that. But as the Minister said, really, what we’re trying to do is prioritise people in the space. We already experience an enormous amount of people in this space, and letting them be able to interact both with business and community is incredibly important. Providing shade, there’ll be curve extensions. This part of the world will be one of those places that you really do want to walk and sit and contemplate. It’s the only north facing beach in Victoria. It really is an iconic spot and we’re experiencing that today with the sun on us. It’s really a magnificent spot to actually stop and engage in local culture.

    QUESTION:  And so it will be one way up until Chapel Street, is that right?

    GREG BOX: Yes. Just until- just up until chapel. And it’ll be one way coming down this way, and then it’ll go one way both ways around. So again, as the Minister said, that will slow down traffic and will enable people to feel like the space is something that they can inhabit more safely.

    QUESTION:  And Minister, speaking about the other areas across the state receiving funding, were they announced- are you announcing them today or have they already been…

    CATHERINE KING: We’re announcing all of the Victorian regional Precincts and Partnerships Projects today. So, the work in Hamilton, Mansfield and Cobram. And over $21 million across the state of Victoria. What we’re really looking for are- these are place-based funding. It’s to really look at how do you improve the places where regional communities live, how do you get partnerships between council, Federal Government, commercial retailers, not-for-profit organisations to really make those places where people want to come and live.

    QUESTION:  Is there anything that stands out about [indistinct]? One-way traffic or anything.

    CATHERINE KING: So, yeah, really to me, what I’ve been looking for and I’ve got a panel of people who are really involved in urban planning and changing places. And so they do the assessments for me, and that comes to me. But what I’ve been looking for is have we got areas that are underutilised, have older buildings in them that really have been- have had huge uses throughout their life but are not really being used; spaces that are not being activated. So really, that’s what I’ve been looking for. What changes a place and makes a place more liveable for people in our communities. And that’s really what this program is about.

    QUESTION:  And why have these towns been specifically selected?

    CATHERINE KING: Again, because of the excellence of their projects. If you look at the projects here in Cowes, this is about changing places. It’s about changing the way that people who live in this community interact with the built environment and use it more effectively, and that’s really what these projects are about.

    MIL OSI News –

  • MIL-OSI China: ​New disaster film grapples with radiation leak crisis

    Source: China State Council Information Office 3

    The new disaster film “Cesium Fallout” kept audiences on the edge of their seats at its premiere, telling a cautionary tale about battling a Cesium-137 radiation leak in China’s Hong Kong region.

    An IMAX poster for “Cesium Fallout.” [Photo courtesy of IMAX China]

    Cesium-137 is a radioactive isotope that is used by many commercial and industrial sectors. Having a half-life of 30 years, Cesium-137 during its period of decay emits gamma rays, which can negatively impact “human health.” The radioactive isotope can even cause death.  

    Directed by Anthony Pun and starring Andy Lau, Bai Yu and Karen Mok, “Cesium Fallout” delivers an apocalyptic scenario in which government officials, firefighters and experts race against the clock to address a Cesium-137 radiation leak and save millions of lives. The film also explores themes of heroism, complex human nature, corruption among officials and businessmen, and environmental pollution.

    Veteran producer Bill Kong shared at the Beijing premiere on Oct. 28 that his inspiration for creating the film came after seeing news about illegal transshipment of foreign waste and wanting “to let the whole world know.”

    “Waste recycling sites and imported trash pose many safety hazards,” he said, “we interviewed environmental experts and learned that, in the past, some foreign companies, to save on recycling costs, dumped electronic waste overseas, with some of it sent to Hong Kong. Electronic waste contains many harmful substances and, if they seep into soil and water sources, they can severely damage the environment. Through this film, I hope to spark public concern about these issues.”

    At the Beijing premiere, real-life firefighters brought hazmat suits similar to those used in the film, adding authenticity that impressed the audience. They explained that the 27-kilogram suit’s oxygen supply “only lasts for 30 minutes.”

    Director Pun shared that filming the scene where Andy Lau and Bai Yu wore these suits to locate hazardous substances was especially challenging, as the real breathing apparatus and 20-minute countdown intervals added intense tension both on and off set.

    Cast and crew interact with the audience at the premiere for “Cesium Fallout” in Beijing, Oct. 28, 2024. [Photo courtesy of Dark Horse Entertainment]

    A pre-record speech by the prominent Chinese director Zhang Yimou was also played at the premiere. In his video address, Zhang described the film as a rare disaster blockbuster that portrays a “doomsday scenario triggered by a hazardous substance leak,” adding that it “fills a gap in Hong Kong cinema.”

    Zhang also noted that this film is not just a commercial blockbuster but a profound message that addresses the critical issue of environmental pollution, provoking people to think about how to face the future of planet Earth.

    “Cesium Fallout” will hit theaters nationwide on Nov. 1, with advanced limited screenings having already started on Oct. 25, receiving positive feedback from moviegoers. 

    MIL OSI China News –

  • MIL-OSI Australia: SBS, NITV and Screen Australia announce documentary series 2.6 Seconds

    Source: Screen Australia

    30 10 2024 – Media release

    2.6 Seconds. Photo credit: Jesse Marlow. 
    SBS, NITV and Screen Australia are proud to announce the commission of landmark documentary series, 2.6 Seconds, a truth-telling of a fatal meeting between two young men from two very different worlds, in the isolated community of Yuendumu in Australia’s central desert. One black, the other white.
    2.6 Seconds is the story of how the paths of 19-year-old Warlpiri Luritja teenager, Kumanjayi Walker, and Zachary Rolfe, the 27-year-old police officer, came to cross. It traces the tearing apart of their lives and that of their families, and the clash of two notions of justice. It is a case that reaches far beyond these two men to tell a deeply compelling, insightful and confronting story about the country both were born into.
    Screen Australia’s Head of First Nations Angela Bates said, “2.6 Seconds not only explores the lives of Kumanjayi Walker and Zachary Rolfe but also navigates the complex intersection of culture and justice – empowering our communities to share their truths. The First Nations Department is proud to support such an important project, which plays a crucial role in elevating First Nations narratives and fostering understanding among all Australians.”
    SBS Head of Unscripted Joseph Maxwell said, “With unprecedented access, 2.6 Seconds will forensically examine what happened the night Kumanjayi Walker was killed, the trial that followed, and the impact on a family and community. The series will be a purposeful and powerful examination of those events and also the far-reaching repercussions on the entire country. This landmark series reflects the role of SBS and NITV to tell important and challenging stories that impact the nation.
    Director of Indigenous Content for SBS and NITV, Tanya Denning-Orman said, “The death of Kumanjayi Walker tore lives and communities apart. Over five years, we’ve all seen the media headlines and now, for the first time, SBS and NITV with Blackfella Films will take the time and care to tell this important story, hear from the voices involved, and in doing so, drive an important national conversation.”
    Blackfella Films Producer, Darren Dale said: “2.6 Seconds will vividly examine, in four one-hour episodes, the circumstances surrounding a black teenager’s death at the hands of a white police officer in a place far removed from our sense of our Australia, A place where young men are lost and almost forgotten and where to some ‘there are no rules’. This story will reveal the justice system where racism must be interrogated. It will shock, anger and break our hearts yet again. It will reveal to us who we still are as a nation.”
    Head of Screen NSW Kyas Hepworth said, “Darren Dale and the team at Blackfella Films are renowned for bringing bold, ambitious and complex stories to screen, highlighting many important and nuanced First Nations stories in our country. I anticipate this detailed series will spark many important conversations across the nation and will be another watershed project from Blackfella Films.”
    Premiering on SBS, NITV and SBS On Demand in 2025, the four-part series from leading Australian production company Blackfella Films is written and produced by Darren Dale (The Australian Wars, Meet the Neighbours) with Jacob Hickey (The Australian Wars, Addicted Australia) as series producer.
    Production credit: 2.6 Seconds is a co-commission between SBS and NITV with the production of Blackfella Films. Major production investment from Screen Australia’s First Nations Department in association with SBS. Financed with support from Screen NSW. Produced in association with All3Media International.
    SBS/NITV Media Enquiries
    Nikita Jacka | 0425 171 192 | [email protected]
    Media enquiries
    Maddie Walsh | Publicist
    + 61 2 8113 5915  | [email protected]
    Jessica Parry | Senior Publicist (Mon, Tue, Thu)
    + 61 428 767 836  | [email protected]
    All other general/non-media enquiries
    Sydney + 61 2 8113 5800  |  Melbourne + 61 3 8682 1900 | [email protected]

    MIL OSI News –

  • MIL-Evening Report: Trust matters but we also need these 3 things to boost vaccine coverage

    Source: The Conversation (Au and NZ) – By Holly Seale, Associate Professor, School of Population Health, UNSW Sydney

    Julien Jean Zayatz/Shutterstock

    Australia’s COVID vaccine roll-out started slowly, with supply shortages and logistical shortcomings. Once it got going, we immunised more than 95% of the population.

    This week’s COVID inquiry report contains a number of recommendations to improve Australia’s vaccine preparedness the next time we face a pandemic or health emergency.

    While the inquiry gets most things right, as vaccine experts, we argue the government response should be broadened in three areas:

    • expanding compensation programs for people who suffer any type of vaccine injury
    • better understanding why people aren’t up-to-date with their vaccinations
    • equipping community helpers in marginalised communities to deliver information about vaccines and combat misinformation.

    Australians should be compensated after vaccine injuries – not just during pandemics

    The inquiry recommends reviewing Australia’s COVID vaccine claims scheme in the next 12 to 18 months, to inform future schemes in national health emergencies.

    Early in the pandemic, vaccine experts called on the Australian government to establish a COVID vaccine injury compensation scheme.

    This meant people who were injured after suffering a rare but serious injury, or the families of those who died, would receive compensation when there had been no fault in the manufacturing or administration of the vaccine.

    Vaccine experts recommended the creation of such a scheme based on the principle of reciprocity. The Australian public was asked to accept the recommended COVID vaccines in good faith for their health benefit and the benefit of the community. So they should be compensated if something went wrong.

    In 2021, the Australian government announced the COVID-19 Vaccine Claims Scheme. Australia had no such scheme before this, in stark contrast to 25 other countries including the United States, United Kingdom and New Zealand.

    Australia’s scheme closed on September 30 2024.

    The inquiry report recommends reviewing:

    • the complexity of the claims process
    • delayed or denied payments
    • any links between the scheme and vaccine hesitancy.

    However, this is currently framed only within the scope of the scheme being used for future epidemic or pandemic responses.

    Instead, we need a permanent, ongoing vaccine compensation scheme for all routine vaccines available on the National Immunisation Program.

    As we’ve learnt from similar schemes in other countries, this would contribute to the trust and confidence needed to improve the uptake of vaccines currently on the program, and new ones added in the future. It is also right and fair to look after those injured by vaccines in rare instances.

    Not getting vaccinated isn’t just about a lack of trust

    The COVID inquiry recommends developing a national strategy to rebuild community trust in vaccines and improve vaccination rates, including childhood (non-COVID) vaccine rates, which are currently declining.

    The COVID vaccine program has affected trust in routine vaccines. Childhood vaccine coverage has declined 1–2%. And there is a persistent issue around timeliness – kids not getting their vaccines within 30 days of the recommended time point.

    The national Vaxinsights project examined the social and behavioural drivers of under-vaccination among parents of children under five years. It found access issues were the main barriers to partially vaccinated children. Cost, difficulty making an appointment and the ability to prioritise appointments due to other conflicting needs were other barriers. Trust was not a major barrier for this group.

    However for unvaccinated children, vaccine safety and effectiveness concerns, and trust in information from the health-care provider, were the leading issues, rather than access barriers.

    To improve childhood vaccination rates, governments need to monitor the social and behavioural drivers of vaccination over time to track changes in vaccine acceptance. They also need to address barriers to accessing immunisation services, including affordability and clinic opening hours.

    It is also imperative we learn from the lessons during COVID and better engage communities and priority populations, such as First Nations communities, people with disabilities and those from different cultural groups, to build trust and improve access through community drop-in and outreach vaccine programs.

    To address the decline in adult COVID vaccination we need to focus on perceptions of need, risk and value, rather than just focusing on trust. If adults don’t think they are at risk, they won’t get the vaccine. Unfortunately, when it comes to COVID, people have moved on and few people believe they need boosters.

    Variant changes or enhancements to the vaccine (such as combined vaccines to protect against COVID and flu, or RSV or vaccines with long last protection) may encourage people to get vaccinated in the future. In the meantime, we agree with the inquiry that we should focus on those most at risk of severe outcomes, including residents in aged care and those with chronic health conditions.

    Invest in community-led strategies to improve uptake

    The COVID inquiry recommends developing a communication strategy for health emergencies to ensure all Australians, including those in priority populations, families and industries, have the information they need.

    While these are not strictly focused on the promotion of vaccination, the suggestions – including the need to work closely with and fund community and representative organisations – are aligned with what our COVID research showed.

    However, the government should go one step further. Communication about vaccines must be tailored, translated for different cultural groups, and easy to understand.

    In some settings, messages about the vaccines will have the most impact if they come from a health-care worker. But this is not always the case. Some people prefer to hear from trusted voices from their own communities. In First Nations communities, these roles are often combined in the form of Aboriginal Health Workers.

    We must support these voices in future health emergencies.

    During COVID, there was insufficient support and training for community helpers – such as community leaders, faith leaders, bilingual community workers, and other trusted voices – to support their vaccine communication efforts.

    The government should consider implementing a national training program to support those tasked (or volunteering) to pass on information about vaccines during health emergencies. This would provide them with the information and confidence they need to undertake this role, as well as equipping them to address misinformation.

    Holly Seale is an investigator on research studies funded by NHMRC and has previously received funding from NSW Ministry of Health, as well as from Sanofi Pasteur, Moderna and Pfizer for investigator driven research and consulting fees.

    Julie Leask receives a fellowship from the National Health and Medical Research Council and research funding from the World Health Organization. She received reimbursement for overseas travel costs from Sanofi in April 2024.

    Margie Danchin receives funding from the Victorian and Commonwealth governments, NHMRC/MRFF and DFAT.

    – ref. Trust matters but we also need these 3 things to boost vaccine coverage – https://theconversation.com/trust-matters-but-we-also-need-these-3-things-to-boost-vaccine-coverage-242487

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Australia: Minister Shorten doorstop interview at Services Australia, Mount Barker

    Source: Ministers for Social Services

    E&OE TRANSCRIPT

    SUBJECTS: $241 million in outstanding Medicare payments owed to Australians; MP’s declaration of flights; academic pressure on politicians re: abortion laws.

    REBECCA SHARKIE, MEMBER FOR MAYO: I’d like to now welcome the Minister for NDIS, Government Services Minister Bill Shorten, who I – I’m allowed to have favourites, the Minister is my favourite Minister in the government. There we go. Mic drop over to you.

    BILL SHORTEN, MINISTER FOR THIS NDIS AND GOVERNMENT SERVICES: Look, it is great to be in Rebecca Sharkie’s electorate of Mayo. The truth of the matter is, Rebecca is one of the hardest working members of Parliament. She’s highly respected in all parts. And I was very keen to come and visit, hear her issues on the ground. It’s great to be here at Service Australia and the NDIA office. The Services Australia staff here look after over 100 people every day, making sure that people can get their pensions, their entitlements, their Medicare. And it’s fantastic, what this hard-working team do.

    It’s also great to be here with staff from the National Disability Insurance Agency. The NDIS is changing hundreds of thousands of lives for the better. There’s been a lot of change. We’re making the scheme better. We’re making it true to its original purpose. We’re ensuring it’s sustainable. But all of that happens because we’ve got great people. So, the fact that call waiting times in Centrelink are down, processing payment times are now shorter in Medicare because of the hard work. And in the NDIS, we’re getting better outcomes for people daily, is due to hard work in Commonwealth public servants here in Mount Barker.

    But I’m not just here to listen and not just here to say thank you to the public servants who look after people when they’re vulnerable or in distress. I’ve got some good news for South Australians and good news for Australians generally, during a cost-of-living crisis. At the moment, there is $241 million of Medicare payments which people have accrued. In other words, the money is there for them. There’s 930,000 of our fellow Australians, from every corner of this continent and all walks of life, who actually are entitled to get rebates for the health system. They just haven’t collected them.

    In South Australia alone, there’s $19 million, just basically sitting in the government bank accounts for 73,800 South Australians who, all they have to do is because we don’t have their current bank details, we can’t just automatically send it to them. So, this is good news, but it’s also a request. People should go to the myGov website or the myGov app, link up their Medicare card to their myGov account, and then make sure that the bank details are up to date. You will receive any outstanding money within three working days. That’s all you’ve got to do. Like, if finding treasure was this easy, we’d all be treasure hunters.

    But the reality is we’ve got a national treasure. It’s called Medicare. It’s there to help people defray the costs of their health system. And what we find is that there’s $241 million which people legitimately can claim, just tell us your bank account details and then we will pay you. And you know, when you think about a million people and a quarter of $1 billion, that’s not small change. For some people, I think the average that’s owed is about $260, which is just great. But some people, there’s thousands of people who are owed tens of thousands of dollars. So, my request, my plea, my invitation is, go online to myGov, download the myGov app, link up the Medicare card, make sure you’ve got your bank details up to date, and then if you’re owed money, bang, in three days, it’s in your account. This process will take you about ten minutes if you have to set up a myGov account and link it to Medicare. It’s a lot quicker if you’ve already got your myGov app and Medicare linked. Just update your bank details. Anyway, that’s good news and happy to take questions on this or any other matter.

    JOURNALIST: How did this get uncovered in the first place?

    SHORTEN: Well, it’s always been a thing. I’m just not sure my predecessors always talked about it. I want the money which is the money of the Australian people to be in Australian people’s bank accounts. So, it is possible, you know, you change banks, you can lose track of different things that you put in. You’re not sure. So, I can understand how in busy lives and changing details, thinking about whether or not the government’s got your current bank account details, it’s probably not your number one issue. If you’ve got to, you know, feed the dog, get the kids to school, you know, go to work. But it’s 241 million. We’ve been pushing this a bit to get money back to people. Since the end of last year, we have reunited $117 million with Australians who had outstanding payments, but literally, you don’t have to go on a treasure hunt. Just go to myGov. It’s your money. We just want to try and give it to you. Please just update your bank details.

    JOURNALIST: It might be possible that scammers might jump on this and try.

    SHORTEN: Oh yeah. One thing, listen, there’s a lot of – you know, scammers are wicked, wicked people. Um, and you know, international scammers, terrible. Don’t open a link. We won’t be sending you a link to open. You go to myGov website, you download the myGov app. We won’t be sending you a link to click and open. Do not click a link. You go to myGov website, and you go to the myGov app. Download that.

    JOURNALIST: Is there a certain age group which is owed significantly more than others?

    SHORTEN: Well, the Millennials. The Millennials, Gen Z. There is about 224,000 Gen Z-ers who are owed some money, so that’s the biggest group. But what is interesting when you look at the age cohorts are there’s children, so, through their parents, Gen Z is the biggest group, but it’s right up to people in their 80s. So everywhere in Australia, there’s 930,000 people who are owed money. And literally, it’s not that hard to get. You’ve just got to sort of prioritize it for about ten minutes of your life. I’m not saying you might well be up to date with your Medicare payments, so that’s good, that doesn’t mean you get any more. But for 930,000 of our fellow citizens, it’s just there. Like, it’s like picking apples off a tree.

    JOURNALIST: And this obviously isn’t just in the last financial year. Has this been accruing over time?

    SHORTEN: It accrues over time, yes. I mean, this year, last financial year, this nation of ours paid out $30 billion in Medicare payments, but there’s a quarter of a billion which is ready to be paid, which hasn’t been collected.

    JOURNALIST: As you said, this keeps happening. Do processes perhaps need to be a bit more streamlined?

    SHORTEN: Yeah, we do so – well, the good news is we’re taking a lot of government services online so we can digitally notify a lot of people. Until we had the myGov app, once upon a time, you’d get, you know, myGov, “you have mail”. And that was sort of almost like a nightmare for people because they’d have to try different systems. Very clunky. You’d have to go to the site. The myGov app is great. It’s in the Google shop, just download it. So, we can notify people digitally. We’ve got 30 different campaigns on campuses to let students know, but I think this is something which we can more proactively push, which is why we’re doing it today. We’re doing it in Rebekha Sharkie’s electorate. She has people in Mount Barker, 795 who are owed some money. They’ve just got to update their bank registration details.

    JOURNALIST: It doesn’t run out. Does the government going to hold on to these?

    SHORTEN: Yeah, we’re not spending it. No, there’s no there’s no due date where then it’s garnisheed. It just builds up. But let’s just get it out the door. Cost of living crisis. This is this is really good practical stuff, by the way. It’s not inflationary. This is money which has already been accrued, banked, allocated. We just need to help people reunite with it.

    JOURNALIST: On other matters if that’s okay. Minister. Police are currently investigating the death of a woman in Port Augusta, apparently living with quite significant disability, but wasn’t on the NDIS. She was just living in squalor. How can something, how does someone fall through the cracks like this? Or is the onus on the person with the disability to get onto the NDIS?

    SHORTEN: First of all, this woman’s passing is a tragedy. I understand she was about 26. It’s just tragic. That’s the first point I’d want to make. People with disabilities are vulnerable. It’s a tragedy when someone dies. As I understand in 20 – I’ve only just heard about this matter – in 2017, there was an initial expression of interest to be on the scheme. Then documentation was sent back, and then nothing more was ever heard. South Australian police, you know, they’re the professionals. We’re going to let them investigate. Obviously, we want to see what the findings are. But I think this is an issue not just for government. You know, the great people here or, you know, a local member can’t know what’s going on behind the fence and behind the door in every house. But communities, we’ve all got to look after each other, look out for each other more. Um, and sometimes people with disabilities can be socially isolated, or they might just have a relationship, and if that breaks down, then no one cares. So, I think it is a tragedy and a disaster. And the challenge here, though, is how do we as a community make sure that if someone isn’t seen for a while, what are we doing about it? So, I think this is not just one on government. This is one on all of us, to keep an eye out for each other.

    JOURNALIST: When there is a request to NDIS and you don’t hear back, are steps taken to follow up or is that it?

    SHORTEN: I don’t know what the system was in 2017. Yeah, we do follow up and we do go back to people. But at the end of the day, if someone doesn’t want to persist with an application, you’re not going to make them. It’s not compulsory to be on the NDIS.

    JOURNALIST: Do you think there needs to be more independent processes or safeguards for people to report concerns?

    SHORTEN: I think the question really is, and I’ll be interested in what the South Australian police say, from 2017, who knew about her circumstances? That’s a pretty relevant question, isn’t it? I don’t expect every politician in Australia to know every one of 110,000 adults in their electorate, but one thing they have in some states are community visitor programs. There’s a role also here for the state government. I know Nat Cook is a very conscientious Minister, though. I don’t think there’s a better Disability Minister in the country at the state level. But I think that we need to have a discussion with councils because councils often know where – I mean, maybe I don’t know if anything could have been done to avoid this death. I don’t know. But generally, your council bylaw officers often know where the dodgy houses are. They know what’s happening. I think community visitor programs are very good, where you’ve got volunteers who want to just pop in and check in on people. I think the community generally needs to notice if your neighbours aren’t around, or if they haven’t seen them in a while. What we do though, of course when we get someone who seeks a plan, is we have red flags. So, if you get to sit down and you want your individual plan, we look at their social circumstances. Are they vulnerable where they might just have a carer as a relationship or just one person? o that’s something we certainly take into account in the planning stage, but it’s not compulsory to be on the NDIS.

    JOURNALIST: Do you think this was an extreme case or do you are you concerned with how many others there might be out there like this?

    SHORTEN: It’s an extreme case, but I also am concerned, and it might be rare, but that doesn’t make it acceptable. But let’s let South Australian police see what they say and recommend will, of course. Watch the findings.

    JOURNALIST: We just might move on to the whole Qantas saga at the moment and the whole flights. Peter Dutton now has admitted to taking flights from Gina Rinehart. Do you think MPs are going to be looking at their flight logs?

    SHORTEN: First of all, let’s go to the heart of the matter. The Prime Minister has done everything according to the rules that are in place. He’s made that clear. He’s also made clear that he didn’t approach Alan Joyce for upgrades. That’s the sort of – that’s where this this debate started. Now, of course, it’s cascading into the adequacy of reporting, you know, the role of upgrades. Just two observations. The Liberals have been holding themselves out to be pretty pure and pretty holier than thou, but then it turns out they’ve got problems.

    This reminds me of when Malcolm Turnbull went on the attack, when he was an opposition leader, and there was a whistleblower who I believe was called Godwin Grech and said somehow Kevin Rudd had done something wrong on a used car scheme and it was just wrong. So, I think oppositions need to be very careful about playing the man and going after the Prime Minister because they, I think, have their own problems. They clearly don’t live in a glass house.

    But the other observation I want to make is this I think politicians work incredibly hard. I think they’re very committed. They want to make a difference. I think the opposition fascination with airlines lets the big issue of cost of living off the hook. You know, I’m here today with Rebecca. We want to talk about, how do we get money, which people are owed, in their pockets so they’ve got a little bit more for Christmas. So, you know, I think the opposition’s sort of made a meal of this. They’ve held themselves up to be saintly and they’re not. And I think they’re in danger of overreaching. And maybe they might even shoot themselves in the foot.

    JOURNALIST: But do you do you think that the Prime Minister, by using terminology like he didn’t call Alan Joyce, he could have cleared it up by clarifying it from the outset?

    SHORTEN: Well, first of all, there’s been a book written. Everyone got excited about that. Or at least Mr. Albanese’s enemies did. He’s cleared it up. We want to get on with talking about cost of living.

    JOURNALIST: Sorry, one quick question. Do you recall working with a Professor Joanna Howe?

    SHORTEN: Not in the Parliament, no. Way back when I was a union official, I don’t really recall, but that would be 20 years ago.

    JOURNALIST: This is a question from another network, but there was, she was championing an anti-abortion bill lately, and she’s admitted to pressuring a politician to abandon a pair vote. Your thoughts on, you know, an academic trying to pressure MPs to vote a certain way?

    SHORTEN: Listen, I’ve accused of being ambitious. I’ve been ambitious for the Australian people, but I’ve never been ambitious enough to run for the South Australian parliament. I think Peter Malinauskas is outstanding. I’m not really wanting to get into South Australia and the entrails of South Australian politics. I do make this point about a woman’s right to choose nationally. I think Mr. Dutton needs to come out and be very clear that if he was ever elected Prime Minister, he wouldn’t use federal powers to roll back the protections that women have to accessing our safe and healthy treatment.

    JOURNALIST: Sorry, Minister, I just have to take you back to the flights. Can I ask, does Bridget McKenzie have anything to question for, any questions to answer? If she hasn’t declared flights, should she be found in contempt of the Senate?

    SHORTEN: Oh, man, the Senate. We have enough time in the Reps. I think the point here is that the Liberals got on their high horse, and they’ve been throwing a lot of mud, but I think what’s ended up is they’ve ended up with most of it on their own face.

    MIL OSI News –

  • MIL-OSI Economics: The 13th ASEAN Plus Three Labour Ministers’ Meeting convenes in Singapore

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, this morning participated in the 13th ASEAN Plus Three Labour Ministers’ Meeting held in Singapore. SG Dr. Kao updated the Meeting on relevant decisions of ASEAN Summits and other relevant ASEAN meetings and delivered remarks pertaining to the Meeting’s theme of “Strengthening Resilience and Promoting Innovation.” The Meeting reviewed the progress of the ASEAN Plus Three Senior Labour Officials’ Meeting Work Plan 2021-2025 and deliberated on the development of the new Work Plan for 2026-2030. The Meeting was chaired by Singapore’s Minister for Manpower Dr. Tan See Leng and joined by ASEAN Member States, China, Japan and the Republic of Korea. Timor-Leste joined as observer.

    The post The 13th ASEAN Plus Three Labour Ministers’ Meeting convenes in Singapore appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI New Zealand: Serious crash, road blocked Tuakau

    Source: New Zealand Police (District News)

    Emergency services are in attendance at a serious crash in Tuakau this afternoon.

    Police were notified of the crash between a vehicle and motorbike, on Buckland Road, at about 4.38pm.

    Early indications suggest one person has received critical injuries.

    Road closures are in place at Wright and Buckland Roads, Logan and Buckland Roads and Ray White and Tuakau Roads.

    Motorists are advised to expect delays or seek an alternate route.

    The Serious Crash Unit has been advised.

    ENDS.

    Holly McKay/NZ Police

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: One person due to appear in Court after crash, Napier

    Source: New Zealand Police (District News)

    Attributable to Senior Sergeant Craig Vining:

    One man is due to appear in court following a serious crash in Onekawa this morning.

    At around 8.05am, Police were called to the intersection of Taradale Road and Riverbend Road after reports of a vehicle rolling multiple times and colliding with another vehicle.

    One person received critical injuries and was transported to hospital.

    Police are making enquiries into the circumstance of the crash.

    A 31-year-old man is due to appear in Napier District Court on Friday 1 November, facing multiple charges including unlawful taking of a motor vehicle and reckless driving.

    ENDS

    Issued by Police Media Centre

    MIL OSI New Zealand News –

  • MIL-OSI Economics: Joint Statement of The Thirteenth ASEAN Plus Three Labour Ministers Meeting (13th ALMM+3)

    Source: ASEAN – Association of SouthEast Asian Nations

    1. The 13th ASEAN Plus Three Labour Ministers Meeting (ALMM+3) was held on 31 October 2024 in Singapore and chaired by H.E. Dr. Tan See Leng, Minister for Manpower of Singapore. The Meeting was attended by the representatives of ASEAN Member States, China, Japan and Republic of Korea (ROK), Secretary-General of ASEAN and their respective accompanying delegations. The representatives of Timor-Leste attended as observers.

    Exchange of Views on the Theme “Strengthening Resilience and Promoting Innovation”

    2. We recognised that since the inaugural ALMM in Jakarta in April 1975, the region has faced many challenges in improving labour conditions, employment standards, and competitiveness of all workers in the region. Through the longstanding cooperation among ASEAN Member States in line with the vision of a peaceful, prosperous and inclusive ASEAN Community, our economic growth in the past five decades has been robust and elevated ASEAN as the fifth largest economy in the world. We were pleased that the well-being and skills of ASEAN workers have improved significantly and committed to sustaining this progress amidst the changing world of work. We reaffirmed our common spirit of strengthening resilience and promoting innovation, which helps ASEAN Member States to navigate and manage the impact of technological advancement, digitalisation and greening of economies, demographical changes, labour migration and global supply chains on our labour markets. We agreed to promote closer cooperation among the ASEAN Plus Three Countries for the well-being of workers and their resilience in the future of work.

    Download the full statement here.
    The post Joint Statement of The Thirteenth ASEAN Plus Three Labour Ministers Meeting (13th ALMM+3) appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI New Zealand: Serious crash following fleeing driver incident, Waterview Tunnel, Southwestern Motorway

    Source: New Zealand Police (District News)

    Attributable to Inspector Juliet Burgess, Tamaki Makaurau Road Policing Manager

    One person has been injured following a crash in the Waterview Tunnel, Southwestern Motorway after fleeing Police.

    Shortly before 2.30pm Police received reports of a motorcycle riding on the wrong side of the road, in the northbound lane of the Southwestern Motorway near Walmsley.

    Police signalled for the motorcycle to stop but it failed to do so and instead fled from Police. Police blocked the northern end of the Waterview Tunnel and again signalled for the motorcycle to stop. It did not stop and fled back into the tunnel.

    A short time later the motorcycle collided with a Police vehicle in the tunnel. The motorcyclist was transported to Auckland Hospital in a serious condition.

    One southbound lane in Waterview Tunnel was blocked while emergency services attended, and the Serious Crash Unit conducted a scene examination.

    All lanes have now re-opened but there is still congestion, Police advise motorists to expect delays on the Southwestern Motorway and surrounding roading network.

    As standard practice, the matter will be referred to the Independent Police Conduct Authority.

    Any further information will be issued proactively when available.

    ENDS

    Issued by Police Media Centre

    MIL OSI New Zealand News –

  • MIL-OSI Australia: 242-2024: Unplanned Outage: Thursday 31 October 2024 – Telephony services (WA regional office)

    Source: Australia Government Statements – Agriculture

    31 October 2024

    Who does this notice affect?

    Clients attempting to contact the Department of Agriculture, Fisheries and Forestry, Western Australia regional office via phone.

    Information

    Detail:

    The department’s Western Australia (WA) regional office is currently experiencing intermittent telephony connectivity issues. As a result, clients may experience unexpected call dropouts or be unable to contact the department’s WA regional office.…

    MIL OSI News –

  • MIL-OSI Economics: Press Release of the 28th ALMM and 13th ALMM+3

    Source: ASEAN

    Singapore, 31 October 2024 – The 28th ASEAN Labour Ministers’ Meeting (28th ALMM) and 13th ASEAN Plus Three Labour Ministers’ Meeting (13th ALMM+3) concluded today in Singapore. The meetings were participated by ASEAN Member States (AMS) and the Secretary-General of ASEAN. China, Japan, and the Republic of Korea attended the 13th ALMM+3.  Timor-Leste participated in both meetings as an observer.

    The 28th ALMM commemorated 50 years of cooperation in the labour sector since its inaugural meeting in 1975. A Commemorative video and the launching of a time capsule marked the celebration, which highlighted the key milestones, projects and accomplishments of ASEAN labour cooperation over the last five decades. The time capsule will be put on display at the ASEAN Secretariat/Headquarters in Jakarta.

    The Meeting was opened by the ALMM Chair of 2024-2026, H.E. Dr. Tan See Leng, Singapore’s Minister for Manpower. “As ASEAN celebrates 50 years of labour cooperation, we reflected on our shared achievements and the progress made in building a resilient workforce across the region. Singapore is proud to be part of this journey and remains committed to strengthening regional cooperation to address the challenges of the future world of work. By enhancing skills development, protecting workers’ rights, and promoting decent work, we can ensure that ASEAN’s workforce is ready to seize the opportunities ahead.”, said H.E. Dr. Tan See Leng, Singapore’s Minister for Manpower and Chair of ALMM.

    In his remarks, the Secretary-General of ASEAN, H.E. Dr. Kao Kim Hourn, highlighted the ALMM’s pivotal role in addressing key labour issues within the region for the past five decades. He stressed the relevance of the theme for the 28th ALMM, “Strengthening Resilience and Promoting Innovation”, being in line with the realisation of the forthcoming ASEAN Community Vision 2045 for a resilient, innovative, dynamic, and people-centred ASEAN Community. Dr. Kao expressed confidence that the ALMM cooperation beyond 2025 will be successful, by leveraging technology, fostering skills development, and promoting a future-ready workforce that is responsive to the region’s dynamic labour markets.

    The Meetings reviewed the progress of implementation of the ASEAN Labour Ministers’ Work Programme 2021-2025 in the areas of occupational safety and health, labour inspection, protection of migrant workers, including migrant fishers, social protection, green jobs promotion, gender mainstreaming in labour and employment policies, and promotion of future-ready workforce, among others.

    Follow-up initiatives to numerous ASEAN Declarations adopted in the past five years were deliberated. The Meeting also discussed the Vientiane Declaration on Skills Mobility, Recognition and Development for Migrant Workers and its Checklist, ASEAN Declaration on The Prevention of Child Labour, Including The Elimination of Worst Forms of Child Labour, ASEAN Guidelines on Portability of Social Security Benefits for Migrant Workers in ASEAN and ASEAN Guidelines on the Placement and Protection of Migrant Fishers. These outcome documents were recently adopted or noted at the 44th and 45th ASEAN Summits on 9 October 2024, in Vientiane, Lao PDR.

    The Meetings supported the development of the ASEAN Labour Ministers’ Work Programme for 2026-2030, guided by the ASEAN Community Vision 2045 and responsive to current labour issues in the region. Labour-related priorities of Malaysia’s Chairmanship of ASEAN in 2025 were shared including a series of activities for the ASEAN Year of Skills 2025 planned by Malaysia.  

    __________________
    The post Press Release of the 28th ALMM and 13th ALMM+3 appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI New Zealand: REMINDER: SH2 Devil’s Elbow closing next week as recovery continues

    Source: New Zealand Transport Agency

    A reminder that a stretch of State Highway 2 at Devil’s Elbow north of Napier, will be closed overnight for 5 nights from this Sunday as the rebuild of the cyclone damaged Devil’s Elbow continues.

    See this previous media release

    The state highway between Tūtira and Aropaoanui Road, north of Napier, will be closed from 9pm to 5am each night between Sunday 3 November and Thursday 7 November. The road will be open as normal from 5am on Friday 8 November.

    Next week’s work is weather dependent. The contingency period is Sunday 10 November to Thursday 14 November, 9pm-5am each night.

    During daytime hours, the road will be under traffic management through the Devil’s Elbow section.

    Transport Rebuild East Coast (TREC) alliance crews, on behalf of NZ Transport Agency Waka Kotahi, will spend the 5 nights undertaking preparation works at Devil’s Corner.

    Devil’s Corner, which has been labelled Project I, will be the largest, and last, of the recovery projects in the SH2 Devil’s Elbow section. Cyclone Gabrielle caused a significant underslip that damaged the southbound lane of SH2 at the corner.

    TREC Hawke’s Bay project spokesperson Chris Mahoney acknowledges these overnight closures will be frustrating.

    “It enables us prepare for work at Project I and ultimately restore two lane access in the area. Thank you to road users for their continued support,” says Mr Mahoney.

    “We’ll be using the whole width of the single lane road to do the preparation works including widening the single lane, putting down new pavements, drainage, new barriers, and clearing the slopes above the road. This will create more space for the crews and machinery to safely access the worksite as the project progresses.

    Two-lane access was temporarily restored over the long Labour weekend to the lower section of the elbow including the elbow itself.

    The lower section of Devil’s Elbow is reduced temporarily to a single lane this week while a final layer of asphalt is laid. It’ll be back to two lanes long-term from mid-November.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Stretch of SH57 at Aokautere to close for resealing

    Source: New Zealand Transport Agency

    A stretch of State Highway 57 (SH57) Fitzherbert East Road at Aokautere, near Palmerston North, will be closing for 2 days next week while resealing takes place.

    The work will take place between 9am and 7pm next Monday 4 November and Tuesday 5 November.

    During this work, SH57 will be closed between the turnoff to Pahiatua Track and intersection of SH57 and SH3, just before Ashhurst Bridge.

    The alternative state highway is SH3.

    Access to all local properties and businesses will be available throughout these works – please talk to the crew onsite about access.

    Access to the Pahiatua Track / Pahiatua Aokautere Road and to Te Apiti – Manawatū Gorge walkway will remain open during these works.

    During the closure, crews will be resealing this stretch of road, to improve the resilience of the road and ultimately the safety and efficiency for all road users.

    For 2 to 3 days after these works, the road will be under a temporary speed limit of 30km/h and will be swept and line marked.

    Please adhere to the temporary speed limit and follow any instructions from crews on site.

    NZ Transport Agency Waka Kotahi thanks all road users for their support during this closure period.

    For more information about the 2024/2025 road maintenance season, please visit:

    NZTA’s Manawatū-Whanganui maintenance and operations webpage.

    MIL OSI New Zealand News –

  • MIL-OSI Economics: Lufthansa celebrates 40th anniversary of flights to Korea

    Source: Lufthansa Group

    Lufthansa German Airlines celebrates its 40th anniversary of flights from South Korea to Germany and is offering four weeks of special fares to major European cities, including Frankfurt, where it has operated for the last 40 years. The offers are also bookable for those who depart from 8 cities in Korea with Lufthansa Rail & Air.

    Lufthansa, as one of the longest-serving European airlines in Korea, has been flying between Seoul and Frankfurt without suspension for four decades. In addition to a Frankfurt service, it also connects Korea with Europe and beyond every day together with a sister Lufthansa Seoul-Munich flight. In addition, this year, as a part of Lufthansa Group, Swiss International Air Lines has added a new service on the Seoul-Zurich route, providing even more convenient connections for Korean travelers.  

    Over the past 40 years, this European airline was the first to introduce and operate the latest and largest aircraft, including the A380, B747-8 and A350, on its Korean routes. Furthermore, Lufthansa also offers a wide range of customized services for Korean customers through localized services such as Korean cabin crew, Korean infights meals and Korean entertainment programs. In addition, Lufthansa has been at the forefront of providing convenience for Korean travelers by introducing various digital services to the Korean market, including the first onboard internet service in Korea and the Lufthansa App, which was recently awarded as the airline’s best app in the world.

    In addition, Lufthansa recently launched Lufthansa Rail & Air, offering travelers the option to connect Seoul with Europe by combining KTX trains and Lufthansa international flights in eight cities in Korea, including Busan. Moreover, as the first and exclusive foreign airlines in Korea, the airline opened a Lufthansa check-in counter at Seoul Station City Airport Terminal earlier this year, to provide convenience for passengers traveling by train as well as those traveling from Seoul to Incheon International Airport.

    According to General Manager Korea of Lufthansa Group Airlines, Leandro Tonidandel:

    “As we celebrate this 40-year milestone in Korea, we are grateful for the trust and loyalty of our Korean customers and partners. From expanding our routes from/to Korea to pioneering sustainable travel solutions, we’ve grown together with Korea’s dynamic spirit. Together, we’re not just shaping the future of travel, but doing so with purpose and a shared vision for global impact. Here’s to the next 40 years of growth, partnership, and innovation and Lufthansa, as a premium airline, keeps striving to provide more global yet localized services for the Korean market.

    About Lufthansa Group

    The Lufthansa Group is an aviation group with operations worldwide. With 100,000+ employees, Lufthansa Group generated revenue of €35.4bn in the financial year 2023. Our largest business segment is Passenger Airlines while other key business segments include Logistics and Maintenance, Repair and Overhaul (MRO). Other companies and Group functions such as IT companies and Lufthansa Aviation Training form complimentary components of the Group. All airlines and business segments play leading roles in their respective markets.

    MIL OSI Economics –

  • MIL-OSI USA: Hirono Welcomes $59 Million in Federal Funding for Honolulu Harbor

    US Senate News:

    Source: United States Senator for Hawaii Mazie K. Hirono

    WASHINGTON, DC – Today, U.S. Senator Mazie K. Hirono released the following statement celebrating the announcement of more than $56 million in federal funding to modernize Honolulu Harbor and reduce greenhouse gas emissions at the port along with $2.5 million to develop strategies to improve air quality at ports around the state, developed in consultation with communities living near the ports. The funding comes from the U.S. Environmental Protection Agency’s (EPA) Clean Ports Program, funded through the Inflation Reduction Act that Senator Hirono helped pass into law.

    “Honolulu Harbor is essential to the delivery of food, medicine, and other goods people rely on not only on Oahu, but across Hawaii,” said Senator Hirono. “The investments in hydrogen-powered cargo tractors and a hydrogen fueling station will help the port operate more efficiently while decreasing carbon emissions and other pollution that affects surrounding communities. The funding will also support the development of plans to improve air quality at ports and surrounding communities throughout our state. I’m proud to have supported the Inflation Reduction Act, which made this investment possible, and I’ll continue working to secure federal funds for projects that strengthen communities across our islands.”

    More information on the projects being funded is available here.

    MIL OSI USA News –

  • MIL-Evening Report: Cats and dogs shaped our world – and art: the NGV gives us the definitive exhibition

    Source: The Conversation (Au and NZ) – By Sasha Grishin, Adjunct Professor of Art History, Australian National University

    Marguerite Mahood, Feline design, 1930s colour linocut, with hand-colouring 36.0 × 22.5 cm (image and block). National Gallery of Victoria, Melbourne Gift of Andrée Fay Harkness through the Australian Government’s Cultural Gifts Program, 2020 © MTH Mahood

    After a new relationship with pets was forged during COVID lockdown and the phenomenon of Bluey, we now have the definitive cats and dogs show presented by the National Gallery of Victoria.

    Can there be an intelligent show about canines and felines that goes beyond a collection of feelgood images of our favourite pets? This exhibition sets out to achieve this and, at least in part, succeeds.

    A central question concerning pets and people is how we position ourselves in relationship to animals. If we adopt a Judeo-Christian position – that of Adam naming and having power over all of the animals on earth – then there is the power relationship of ownership.

    Venkat Raman Singh Shyam, The world of the Gonds, 2017. Synthetic polymer paint on canvas 125.0 × 91.0 cm.
    National Gallery of Victoria, Melbourne Purchased NGV Foundation, 2019 © Venkat Shyam, courtesy of Minhazz Majumdar

    Alternatively, as understood by many First Nations peoples, many Asian civilisations and popularised by such writers as Joseph Campbell, there are common animal powers that mystically unite humankind with nature.

    The dogs and cats that share our lives are also our distant (perhaps not that distant) ancestors. They understand us so intimately because they are part of us and we are part of them.

    Most pet owners already know this. We did not need Rupert Sheldrake to tell us that dogs know when their owners are coming home, but, by him telling us, this confirms in our minds we are not simply crazy.

    Nomenclature also matters – “owners”. As pointed out in the excellent book that accompanies this exhibition, dogs may have masters, while cats have only servants.

    Do we really own our dogs and cats or simply provide for their physical needs while they support us in countless ways?

    Companions over time

    When it comes to dogs and cats represented in art, the weirdness exposed in this exhibition lies in the social and ideological values held in various human societies.

    The Christian tradition saw cats as sinister – Satan’s little helpers and the essential attribute of witches – while dogs are noble and above all else designate fidelity. The dog is a symbol of faith, protection and companionship. The Bible is silent on cats, with a single possible passing reference in the Old Testament, while dogs are mentioned over 40 times.

    Albrecht Dürer, Adam and Eve, 1504. Engraving 25.0 × 19.3 cm (image and sheet)
    National Gallery of Victoria, Melbourne Felton Bequest, 1956

    Albrecht Dürer’s magnificent engraving Adam and Eve (1504) sums up much of the traditional Christian attitude to cats. The cat at Eve’s foot represents the choleric humour – cruelty and pride – and its tail entwines Eve’s feet echoing that of the serpent who gives her the forbidden fruit that leads to their expulsion from Paradise and the advent of death.

    In the etchings of Rembrandt and the aquatints of Goya, the demonic cat joins witches and other powers of darkness.

    Francisco Goya y Lucientes, Where is mother going? (Donde vá mamá?), 1797–98. Etching, aquatint and drypoint printed in sepia ink 18.2 × 11.9 cm (image) 20.6 × 16.2 cm (plate) 23.9 × 16.4 cm (sheet trimmed within platemark at left edge).
    National Gallery of Victoria, Melbourne, Felton Bequest, 1976

    A mysterious kind of folk

    The cat in many cultures is also associated with seduction, debauchery and eroticism. The NGV exhibition is particularly rich in examples of this category.

    This includes Jan Steen’s tavern interior (1661–65), Henri Toulouse-Lautrec’s May Belfort (1895) and the great painting by Balthus, Nude with cat (1949).

    Balthus, French, 1908-2001, worked in Italy 1961–77. Nude with cat, 1949. Oil on canvas 65.1 x 80.5 cm.
    National Gallery of Victoria Felton Bequest 1952 (2949 – 4)

    While the cat may be omnipresent, its actual participation in the events surrounding it frequently remain ambiguous.

    As the great observer of human behaviour, Sir Walter Scott, once commented: “Cats are a mysterious kind of folk”.

    Man’s best friend

    Dogs, in keeping with their reputation as man’s best friend, are superficially more knowable to people because dogs already know what to expect.

    Rembrandt, in Christ at Emmaus: the smaller plate (1634) has the faithful dog standing at Christ’s feet ready to protect the Saviour.

    Rembrandt Harmensz. van Rijn, Christ at Emmaus: the smaller plate, 1634. Etching and touches of drypoint 9.7 × 7.2 cm (image) 10.3 × 7.3 cm (sheet, trimmed to platemark).
    National Gallery of Victoria, Melbourne Felton Bequest, 1958

    In Dürer’s Saint Eustace (ca.1501), the dogs are not only noble witnesses to the conversion of the Roman general to Christianity, but the five dogs are shown from different angles and positions to celebrate the beauty of the canine.

    This is one of the great dog studies of Western civilisation.

    Albrecht Dürer, Saint Eustace, 1501. Engraving 35.9 × 26.1 cm (image) 36.0 × 26.2 cm (sheet; inlaid onto cream wove sheet 39.6 × 29.9 cm).
    Etching: five dogs, a horse and a man.

    The exhibition features Aboriginal dog dreaming barks and wooden sculptures of dingos. In the coastal community of Aurukun in Far North Queensland, the dingo, or ku’, are ancestral beings that carry a special significance for the artists and their community.

    The dogs are unique with their specific characters but also tap into an ancestral history.

    Installation view of Cats & Dogs on display at The Ian Potter Centre: NGV Australia from November 1 2024 to July 20 2025.
    Photo: Tom Ross

    Throughout human history, dogs were also status symbols and an expression of their owner’s personality from William Hogarth’s pug, called Trump, to David Hockney’s dachshunds, Stanley and Boodgie.

    Many a maiden in 19th and 20th century Europe would establish their reputation through their highly groomed and ridiculously attired poodle or lapdog as richly testified to in this exhibition.

    Dogs also carried their owner’s personality. Pierre Bonnard’s dogs and Grace Cossington Smith’s cats tell us as much about their owners as they do about the personality of the animal.

    Grace Cossington Smith, Quaker girl, 1915. Oil on canvas 67.0 × 51.6 cm.
    National Gallery of Victoria, Melbourne Presented by the National Gallery Society of Victoria, 1967 © Estate of Grace Cossington Smith

    Humour and reverence

    About 250 furry creatures from the collection of the NGV have been brought together for this exhibition by curators Laurie Benson and Imogen Mallia-Valjan. You meet farm dogs and Felix the Cat with cats and dogs kept separate on different sides of the rooms.

    Thomas Gainsborough, Richard St George Mansergh – St George, c. 1776–80. Oil on canvas 230.2 × 156.1 cm.
    National Gallery of Victoria, Melbourne Felton Bequest, 1922

    Although this exhibition is raining cats and dogs, they are presented with respect, sometimes with humour and occasionally with reverence.

    In the past we thought about how we shaped the world of our canine and feline companions – now we increasingly are starting to understand how they have shaped and enriched our world.

    This wonderful exhibition explores part of this journey of realisation.

    Disclaimer: Sasha Grishin all of his life has shared his home with dingos and dogs.

    Cats & Dogs is at the Ian Potter Centre: NGV Australia until July 20 2025.

    Sasha Grishin does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Cats and dogs shaped our world – and art: the NGV gives us the definitive exhibition – https://theconversation.com/cats-and-dogs-shaped-our-world-and-art-the-ngv-gives-us-the-definitive-exhibition-241365

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Asia-Pac: Mentorship scheme applications open

    Source: Hong Kong Information Services

    The Strive & Rise Programme began the recruitment of 4,000 mentees for its third cohort today.

    Secondary One to Secondary Four students from underprivileged families, particularly those living in subdivided units, can now submit applications through the programme’s mobile application.

    Formulated and implemented by an interdepartmental task force led by the Chief Secretary, the programme comprises three key elements – mentorship, personal development plans and financial support.

    Delivered over the course of a year, it combines mentorship with a structured programme involving orientation, basic training, diverse group activities, and Mainland study and exchange tours. Overall, it aims to help mentees broaden their horizons, build self-confidence, develop a positive outlook on life, set goals for the future, and strive for upward mobility.

    The programme will provide startup financial support of $5,000 for mentees to implement their personal development plans under their mentors’ guidance. Upon successful completion of the programme, mentees will be awarded a $5,000 scholarship and granted Alumni Club membership.

    Applications will close on November 20.

    Interested students may approach their schools or any of the non-governmental organisations that assist the Government in implementing the programme.

    MIL OSI Asia Pacific News –

  • MIL-OSI Europe: Christine Lagarde: Interview with Le Monde

    Source: European Central Bank

    Interview with Christine Lagarde, President of the ECB, conducted by Eric Albert, Philippe Escande and Béatrice Madeline on 28 October 2024

    31 October 2024

    In September, former ECB President Mario Draghi published an alarming report on how the European economy is falling behind. Do you agree with this assessment?

    Europe is falling behind. It’s true. And so is France. Mario Draghi’s report highlights the productivity gap, which is largely due to the tech sector. Tech players in Europe and the United States believe that the gap first emerged during the digital revolution that began in the mid-1990s.

    The question now is whether the boost that the United States got from the mid-1990s will continue with artificial intelligence, the accumulation of data centres and the exploitation of these data. This is the key issue. In Europe we need to roll up our sleeves and make an effort to keep those companies that start out here and then develop themselves elsewhere. We need to try to make them stay.

    So what is the solution? Do you think the gap will remain?

    We need to look at why Europe is falling behind. The energy component is key, especially as regards data centres. Labour is also important, with mobility being much greater in the United States. And regulation is a crucial issue, too. In overly simple terms, the United States is developing AI very quickly, and already has a number of major players. In the meantime, not only is Europe lacking such big players, but it has also become a pioneer in AI regulation. This causes players in this sector to say “OK, let’s do this elsewhere. It’ll be easier and we’ll have fewer obstacles and fewer restrictions”.

    What about the public funding provided to businesses in the United States?

    The fourth factor that is contributing to Europe falling behind is the “light” industrial policy pursued by the United States. It’s not light in terms of money because the Inflation Reduction Act of August 2022 is very large, but there are relatively few criteria to qualify for funding to start a company on US soil. When I ask manufacturers, they pretty much all agree that in Europe, the process is complicated and unwieldy. And on top of the multi-layered European system, you then have those of the Member States.

    The final factor is private funding. In the United States there are pension fund plans and other financial instruments that make it possible to channel savings and get savers (employees or retirees) interested in the future of the economy or the evolution of the stock market. In many European countries, these plans are still a long way off of those mechanisms, especially share participation and company profit sharing. Hence the need to develop a capital markets union.

    But we have been talking about this project for the past 15 years. And when Mario Draghi’s report was published, Germany immediately opposed common borrowing. Is Europe really capable of reacting?

    You’re right. We have been talking about a capital markets union since the time of Jean-Claude Juncker (President of the European Commission from 2014 to 2019), and little progress has been made. The Letta and Draghi reports are a wake-up call for Europeans, a warning. The assessment is severe but fair and provides specific recommendations. It suggests that all Europeans should gear up and be ready to give up a bit of sovereignty to ‘combine the best,’ to paraphrase what Paul Valéry once said. But what gives me hope is the engagement of all European institutions on the capital markets union. The ECB’s Governing Council is firmly engaged as well. We must use this momentum.

    In 2020, the plan for a collective European loan of €750 billion was a major step forward. Four years later, less than half of the loan has been allocated. Should we see this as another example of European slowness?

    We had exactly the same problem during the Greek crisis. The administrations of the different countries are not always able to quickly manage the incoming funds. The finance ministers of countries receiving a lot of funds tell you that they have of course identified what bridge or railway line should be constructed, but that they need to obtain local authorisations as well as permissions to expropriate property, and that environmental organisations are taking court actions. All of this takes a lot of time.

    In this context, what consequences could the US elections on Tuesday 5 November have for Europe?

    I do not want to give an opinion on any particular candidate. But US international trade policy will of course have an impact on economic activity in the rest of the world, and primarily on China. Whoever wins, if trade fragmentation worsens, the effect on global GDP will be negative, with losses reaching 9% in a severe scenario of full decoupling according to ECB simulations. But remember: when Joe Biden was elected, everyone thought that he would remove the customs barriers erected by his predecessor (Donald Trump). Nothing came of that.

    Between China, which is withdrawing towards Asia, and the United States, which is closing up again, isn’t Europe, as a partner to both powers, the big loser?

    That’s why we need to act and roll up our sleeves. Will Europe need to undergo another crisis for it to bring about reforms? It’s always in times of crisis that we are able to make things happen. That may be why Mario Draghi speaks of “agony”, it’s a way of saying “the crisis is here, now, do something!”.

    There is talk of a European decoupling. But isn’t there a French decoupling within Europe?

    If you compare today’s GDP figures with those of 2019, the United States has grown by 10.7%, the European average by 4.8% and France by 3.7%. France is lagging behind the European average.

    What is your view of the surge in the French deficit?

    The prospect of returning in line with European standards by applying European fiscal rules should serve as a binding guideline.

    And are the French promises to restore public finances credible?

    As I said, applying European fiscal rules should serve as a binding guideline.

    Will we be heading towards a recession in Europe in 2025?

    Based on the information now available and our current assessment, we don’t see a recession in 2024, nor in 2025, nor in 2026.

    What will drive this growth, given the weakness in demand?

    The two levers are exports and domestic demand, which is set to pick up. Today, with wages rising and inflation falling, disposable income is increasing. For the moment, this benefits savings more than consumption. But we are convinced, and economic history shows us, that this additional disposable income will ultimately flow towards consumption.

    How do you explain the fact that it is proving so difficult for consumption to recover?

    We can indeed ask why households are choosing to save their money instead of spending it. It could be that people are reluctant to make major purchases owing to geopolitical uncertainty. A second explanation could be related to the return on their savings, which is still fairly high in the euro area. A third could be that people are deciding it’s better to save rather than spend when they expect their taxes or other contributions to go up.

    Euro area inflation was at 1.7% in September, below your 2% target. Is it now under control?

    The target is in sight but I’m not going to tell you that inflation is defeated yet. Inflation stood at 1.7% in September. Excluding energy and food, it was still at 2.7%. We are pleased about the 1.7% figure, but we also know that inflation is going to rise again in the coming months simply because of base effects. In September energy prices were 6.1% lower than a year earlier, bringing down the cost of the consumption basket. Besides, inflation in the services sector – which is highly dependent on wages – is still at 3.9%. So, prudence is warranted.

    How do you respond to those who say the ECB was too late in reacting to the rise in inflation?

    I tell them we should look at the facts. Don’t forget that inflation was at 10.6% two years ago. It has fallen back to 1.7%. Perhaps we could have started a few months earlier. But we raised rates at the fastest pace ever and we managed to bring down inflation considerably in a short period of time. I now want to see inflation reach the 2% target on a sustained and durable basis. Unless there is a major shock, this will happen during the course of 2025.

    And what do you say to those who now accuse you of cutting rates too late and not quickly enough?

    The pace at which interest rates are cut will be determined by the economic data we receive in the coming weeks and months – based on our updated assessment of the inflation outlook, the dynamics of underlying inflation and the strength of monetary policy transmission. And to revitalise growth, urgent action is needed in the area of structural reforms.

    The spread between France and Germany has increased from 0.5% to 0.8% since the French National Assembly was dissolved. The ECB has an instrument that it can use to intervene and calm the markets. Are you ready to use it?

    We have clearly outlined the conditions under which we will use this instrument. And that is not an issue today.

    A number of emerging countries brought together by the BRICS (Brazil, Russia, India, China and South Africa) are thinking about a payments system to circumvent the dollar. Is dedollarisation happening?

    That would require another country to be able to take on the role of reserve currency. China is preparing for that, but it isn’t ready yet. I won’t see the renminbi take the place of the dollar in my lifetime.

    MIL OSI Europe News –

  • MIL-OSI Asia-Pac: FS explores opportunities in Riyadh

    Source: Hong Kong Information Services

    Financial Secretary Paul Chan, currently leading a delegation on a visit to Riyadh, Saudi Arabia, yesterday attended the listing ceremony for the first Saudi exchange-traded fund (ETF) that tracks Hong Kong stocks on the Saudi stock exchange.

    The fund is the result of collaboration between Albilad Bank of Saudi Arabia and Hong Kong’s CSOP Asset Management.

    Mr Chan said that, as the largest of its kind in the Middle East, the ETF will create a win-win situation by attracting more investors to the Hong Kong market, while also fostering the development of the ETF market in Saudi Arabia.

    He also highlighted that the fund is Saudi Arabia’s first ETF tracking Hong Kong stocks, after the first ETF invested in the Saudi market was listed in Hong Kong last November.

    He added that he believes more products will emerge in the future to give investors from the Middle East convenient access to the Hong Kong and Mainland markets. Such products will enhance the two-way flow of capital between Hong Kong and Saudi Arabia, fostering greater connectivity and stimulating the development of the capital markets in both regions, he said.

    The finance chief also attended a breakfast meeting hosted by Hong Kong Exchanges & Clearing to discuss capital market connectivity between Asia and the Middle East.

    In a keynote speech, he highlighted that Saudi Arabia’s Vision 2030 has brought major reforms and opportunities, promoting capital investment from Asian markets.

    He added that with its unique advantages under “one country, two systems”, Hong Kong has become the premier international financial centre connecting the Middle East and China, particularly in light of its credentials in fund-raising, asset and wealth management, and green and sustainable finance.

    He explained that Hong Kong provides diverse offerings for investors and enterprises in the Middle East, and can provide financial support for regional economic development and green transformation.

    At noon, Mr Chan called on Ambassador Extraordinary & Plenipotentiary of the People’s Republic of China to the Kingdom of Saudi Arabia Chang Hua, to brief him on developments in Hong Kong. They also discussed China-Saudi co-operation and economic relations.

    In the afternoon, Mr Chan co-hosted a roundtable with Saudi Capital Market Authority Chairman Mohammed bin Abdullah Elkuwaiz. Participants discussed developments in the financial markets of Asia and the Middle East and explored further opportunities for co-operation.

    Later on, Mr Chan met Saudi Central Bank Governor Ayman Alsayari to discuss connectivity between the financial markets of Hong Kong, Saudi Arabia and the Middle East more broadly, as well as co-operation in digital finance.

    In the evening, the Hong Kong Science & Technology Parks Corporation held an event at which 20 startups showcased research products spanning green technology, biotechnology, artificial intelligence, robotics, and more, with a view to connecting with investors and business partners.

    MIL OSI Asia Pacific News –

  • MIL-OSI Australia: Public Fertility Care turns two

    Source: Government of Victoria 2

    30/10/24

    Two years on from the launch

    This month Public Fertility Care is celebrating two years of making fertility services more affordable and accessible for Victorians wanting to start or grow their family. Public Fertility Care was established in October 2022 and provides a range of services – including in vitro fertilisation (IVF), intrauterine insemination (IUI) or Intracytoplasmic Sperm Injection (ICSI) for free. Since its launch, Public Fertility Care has been accessed by more than 4,000 Victorians and over 50 babies have been born.

    Caring for those who need it most

    Public Fertility Care is a government-funded fertility service available to all eligible Victorians, but the service has a particular focus on helping people with limited access to the private fertility sector. This includes lower-income earners, rural and regional Victorians, people who need donor services such as LGBTIQA+ and single people, people who need fertility preservation for medical reasons, and people needing testing for specific genetic conditions.

    Delivering fertility care across Victoria

    Public Fertility Care is led by the Royal Women’s Hospital, who work with partner sites across the state, providing a range of services closer to home for more Victorians. Partner sites enable patients to access consultations with a fertility specialist, diagnostics tests, ultrasounds, and medications closer to home, reducing the need for travel. Patients can access Public Fertility Care via a referral from their GP or specialist which is sent to the Royal Women’s Hospital. The Women’s then organise eligible patients to receive fertility treatment at their nearest partner site. In the past two years over 600 patients have accessed the service through partner sites.

    Launch of the egg and sperm bank

    The service is supported by Australia’s first public egg and sperm bank, which opened in July last year and is located at the Royal Women’s Hospital. The bank provides critical access to donated eggs and sperm for Victorians who need support to start or grow their families. Interest from potential donors in the Victorian community has been strong, with more than 650 people expressing interest since the bank’s launch.

    Visit Public Fertility CareExternal Link on Better Health Channel to find out more.

    MIL OSI News –

  • MIL-OSI: Vantage Drilling Expands Managed Services Business, Enhancing Shareholder Value Through Strategic Asset Sale to ADES

    Source: GlobeNewswire (MIL-OSI)

    DUBAI, Oct. 31, 2024 (GLOBE NEWSWIRE) — Vantage Drilling International Ltd. (“Vantage Drilling” or the “Company”) today announced the successful completion of the sale of two contracted premium jackup rigs to ADES Holding Company (“ADES”), further strengthening Vantage’s position as a global leader in managed services while delivering enhanced value to shareholders.

    The sale includes the Topaz Driller jackup rig, operating in the Malaysia-Thailand Joint Development Area, and the Soehanah jackup rig, owned by Rig Finance Ltd. (RFL), which operates in Indonesia. The divestment of these high-quality assets underscores Vantage’s strategic focus on expanding its managed services business and maintaining a flexible, asset-light model that optimizes capital allocation.

    Ihab Toma, CEO of Vantage Drilling, commented: “This transaction is a significant step in Vantage’s ongoing strategy to enhance shareholder value. By strategically selling these contracted rigs, we have shifted to a net cash position, allowing us to focus on expanding our managed services portfolio, which remains an area of focus for the Company. We are confident this approach will further strengthen our financial position while providing ongoing, high-quality services to our clients.”

    “We are pleased to continue our strong partnership with ADES through this transaction. Southeast Asia is a key market, and the transfer of these rigs will enable ADES to further its expansion in the region, while Vantage remains well-positioned to grow its asset-light services business and deliver sustainable value to our shareholders.”

    This sale highlights Vantage Drilling’s commitment to maximizing operational efficiency and reinforcing its leadership in the managed services space, aligning with the Company’s strategic priorities of creating value for its shareholders and maintaining a strong, adaptable business model in a competitive market.

    About the Company:

    Vantage Drilling International Ltd., a Bermuda exempted company, is an offshore drilling contractor, with a current owned fleet of two ultra-deepwater drillships and two premium jackup drilling rigs. Vantage Drilling’s primary business is to contract drilling units, related equipment and work crews primarily on a dayrate basis to drill oil and natural gas wells globally for major, national and independent oil and gas companies. Vantage Drilling also markets, operates and provides management services in respect of drilling units owned by others. For more information about the Company, please refer to the Company’s website, www.vantagedrilling.com.

    Contact Info:

    Rafael Blattner

    Chief Financial Officer

    Vantage Drilling International Ltd.

    +971 4 449 34 28

    Attachment

    The MIL Network –

  • MIL-OSI: Bitget Named Among Top 12 Finalists for Digital Currency Exchange of the Year at Australia’s 2024 Blockies Awards

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, Oct. 31, 2024 (GLOBE NEWSWIRE) — Bitget, the leading crypto exchange and Web3 company has been selected as a finalist in the Digital Currency Exchange (DCE) of the Year category at Australia’s 2024 Blockies Awards. Only 12 finalists were announced for this competitive category among more than 400 registered crypto exchanges in Australia’s $552 million DCE market.

    The Blockies Awards, officially known as the Australian Blockchain Industry Awards, is an annual event celebrating achievements in blockchain and digital technology across Australia. It was established by Blockchain Australia and the Digital Economy Council of Australia (DECA) to recognize individuals, startups, and organizations contributing to blockchain adoption.

    The Digital Currency Exchange of the Year award recognizes platforms that prioritize seamless transactions, security, compliance, and community engagement. Winners and shortlists are selected based on major developments in user experience and security standards. Bitget has achieved several feats over the past year within this criteria to address the expanding needs of Australia’s crypto market.

    The exchange currently offers over 1,000 trading pairs across spot, futures, and margin trading options in Australia. It also provides a $300+ million protection fund to safeguard users in the case of any unforeseen threats and security breaches.

    Bitget further maintains a high proof-of-reserves ratio to ensure that the platform is able to serve the market even during major liquidations. These high-standard security features demonstrate a strong commitment to user safety – a primary reason why the exchange was shortlisted in this category.

    “Australia is an important market for us, and it’s gratifying to see Bitget’s efforts being recognized at The Blockies.” said Gracy Chen, CEO of Bitget. “There’s immense potential to grow the blockchain industry in the region by dialogue and collaboration. The country already has a booming financial infrastructure, and blockchain can only make it better. We at Bitget are happy to be part of Australia’s crypto story.”

    In terms of user experience, Bitget has emphasized its focus on both newcomers and advanced traders in the Australian market, making sure that there are tangible trading options for everyone. The exchange offers a range of advanced trading tools, such as risk management features and round-the-clock customer support in multiple languages. It also has a Pre-Market Trading Platform, where users can gain early access to new popular tokens and projects before public listing.

    The platform is also making crypto trading simple for the continent’s growing userbase through its signature copy trading feature. Bitget currently has over 180,000 elite traders with 800,000+ followers on its copy trading platform.

    Beyond its business operations, Bitget has made key contributions to increasing blockchain literacy across the market. The platform has launched exclusive blockchain educational projects like the Bitget Academy, Blockchain4Her, and Blockchain4Youth, with substantial investments in lectures and scholarships. These programs issued over 2,000 certificates and facilitated on-campus learning at over 50 universities.

    All of these developments have driven Bitget to be one of the key contenders in the Digital Currency Exchange of the Year category. The award is set to take place in Sydney on the 21st of November, where the final winner will be announced.

    The exchange’s operations have excelled globally throughout the year. As of October 2024, the exchange is serving a whopping of 45 million user base from 150+ countries and regions, with an average daily trading volume of $10 billion, and Bitget also ranked globally the 4th largest crypto exchange by Market Share.

    About The Blockies

    The Digital Economy Council of Australia warmly invites crypto and blockchain enthusiasts to the most prestigious night in the Australian Blockchain calendar. Hundreds of industry professionals from the Australian blockchain, digital assets, and Web3 industry will convene on Thursday, November 21st, 2024, at the stunning Watersedge overlooking the Sydney Opera House.

    This illustrious evening recognizes the exceptional achievements in the blockchain industry and creates a grand platform for networking. There will be plenty of collaboration opportunities between community members, entrepreneurs, and industry leaders to celebrate the transformative impact of blockchain technology on shaping Australia’s digital future.

    About Bitget

    Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 45 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features, including wallet functionality, token swap, NFT Marketplace, DApp browser, and more.

    Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World’s Top Football League, LALIGA, in EASTERN, SEA and LATAM market, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.

    For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/22f29c78-2861-4097-af07-62b5148d8f28

    The MIL Network –

  • MIL-OSI Australia: Statement from Professor Duncan Bentley, Vice-Chancellor and President, Federation University

    Source: Federation University

    “I ask the Federal Government to note the Victorian Government’s calls to allow Federation University Australia to continue our plans to recover from COVID-19 and grow our educational offerings to aspiring learners across regional and outer metropolitan Victoria.

    A social media post from the Minister for Skills and TAFE, the Hon Gayle Tierney MP, about her letter with the Treasurer, the Hon Tim Pallas MP, to the Minister for Education, the Hon Jason Clare MP, and, the Minister for Home Affairs, the Hon Tony Burke, on how recent international student visa migration decisions and policies are impacting Federation University and our role in the Victorian economy.

    I thank the Allan Victorian Government’s support for Federation and acknowledgement that its campuses across regional Victoria – which includes Ballarat, Gippsland and Horsham – and their call for the Federal Government to recognise the damage these decisions could cause.

    These decisions create significant risks to the educational opportunities for regional Victoria and the state’s broader economy, and impact how Victoria’s Skills Plan can be achieved to support vital industries in Gippsland and other regions within the state.

    The Victorian Government’s commitment to the important role international education plays in the Victorian economy and community, and especially in the regions, must be applauded.

    I am equally committed to ensuring Federation’s aspiring and current students are able to study in the communities they live in. The majority of these students are female, part-time learners with caring responsibilities, or are young people seeking higher education locally.

    This is why, despite these challenges, our University is committed to continuing to roll out our Australia’s first fully Co-operative Education Model and growing our domestic program offerings to meet the critical skill shortages across regional Victoria.

    Decisions trying to address student migration issues in other parts of Australia should not inadvertently impact regional Victoria. This is especially the case after Federation has invested significantly in developing a more robust and targeted international student program that meets the needs of regional Victoria.

    I am hopeful that our ongoing engagement with the Federal Government to take imminent action to address student visa settings and restore certainty in international student markets into 2026 will be successful.

    Without this, the impacts on regional communities and industries could be profound. There is a real risk that Federation’s proposed international student level could become meaningless in terms of promoting Federation’s recovery or role in Australia’s international education sector.

    I note that these issues have been acknowledged at senior levels of the Federal Government and local Members of Parliament on all sides, in particular the Member for Ballarat, the Hon Catherine King MP, and the Member for Bruce, Mr Julian Hill MP. I thank them for their strong interest in Federation’s situation and to continuing positive engagement on these issues in the coming weeks. 

    Because of these decisions, the proposed international education legislation must provide certainty for regional universities, who hold just 10,000 of the 240,000 places under the National Planning Level, so universities like Federation can grow their programs and support their local communities’ workforce and skills needs.

    These proposed laws should not risk pushing regional universities further into deficit, create uncertainty for regional students, or make regional investment less attractive.

    Federation has seen strong demand for its domestic programs and our University should not have to choose which courses to prioritise while regional leaders are calling for more growth in skills and course offerings for local domestic students.”

    MIL OSI News –

  • MIL-OSI Australia: Australia–Vietnam tourism surge

    Source: Minister for Trade

    Tourist numbers from Vietnam have grown significantly following the pandemic, with nearly 178,000 visitors from Vietnam visiting Australia in the 12 months to August 2024.

    The Albanese Government has been working to boost two-way tourism with Southeast Asia, creating jobs, and contributing to our economy.

    Since launching Invested: Australia’s Southeast Asia Economic Strategy to 2040, a year ago, we’ve been stepping up our efforts across Southeast Asia, and tourism with Vietnam is shaping up to be a huge success story.

    Cooperation between the Australian and Vietnamese governments have delivered benefits for both countries, with Vietnam becoming Australia’s fastest-growing inbound market and more Australians travelling to Vietnam than prior to the pandemic.  

    The Albanese Government has provided funding for a number of initiatives designed to attract more visitors from Vietnam, including the Vietnam Host Program, a new addition to the suite of online training courses delivered by the Australian Tourism Export Council (ATEC). 

    ATEC’s programs, which are designed by leading industry professionals, help Australian businesses understand the needs of Vietnamese travellers and how to attract them.

    ATEC’s Meeting Place conference on the Gold Coast, which took place earlier this week, will continue to build momentum with Southeast Asia, with expert panels and Austrade briefings to highlight the growing opportunities for the region.

    These opportunities are highlighted in new reports released by Asialink Business and the Griffith Institute of Tourism which identify the potential for continued strong growth in two-way travel between Australia and Vietnam, and provide business with insights and data to help inform their investments.

    The government is supporting Australian businesses to embrace the enormous opportunities right on our doorstep.

    More information about the Government’s efforts to diversify Australia’s visitor markets, including links to the Asialink and Griffith Vietnam reports and the ATEC Vietnam Host program can be viewed at the Austrade website.

    Australian tourism businesses can register for the Vietnam Host Program via the Australian Tourism Export Council’s Tourism Training Hub.

    Quotes attributable to Trade and Tourism Minister Don Farrell:

    “Boosting tourism between our nations was a key topic of discussions when I visited Vietnam last year for our annual Economic Partnership Meeting, and again earlier this month when Vietnam’s Deputy Prime Minister His Excellency Bui Thanh Son and Minister of Planning and Investment, His Excellency Dr Nguyen Chi Dung visited Australia.

    “It is very encouraging to see strong growth in visitors from Vietnam to Australia, which is supporting Australian tourism businesses to succeed and grow.

    “Tourism is a key component of our strong relationship with the fast-growing economies of Southeast Asia. For too long we have flown over our friends and neighbours, overlooking the opportunity that is on our doorstep.

    “The Albanese Labor Government is proud to support efforts to increase links with our friends in the region.”

    Quotes attributable to Managing Director of ATEC Peter Shelley:

    “The Vietnam Host program gives Australian tourism businesses the tools they need to better understand and cater to Vietnamese visitors, helping them attract and engage with this growing market.

    “By taking part in the Vietnam Host program, businesses gain valuable insights into the preferences and expectations of Vietnamese travellers, equipping them to offer tailored, high-quality, culturally relevant experiences that will drive future growth from this market.”

    MIL OSI News –

  • MIL-OSI Australia: Mayor’s Christmas Appeal 2024

    Source: Government of Western Australia

    Published Thursday, 31st October 2024

    The Mayor’s Christmas Appeal is back for 2024! Help locals doing it tough this Christmas by donating toys, non-perishable food and living essentials to those currently facing hardship.

    Until Sunday 24 November, you can drop donations in one of the Appeal bins at the Civic Centre, the City’s libraries and community centres or at one of 60 participating locations within the City.

    Please donate if you can and help us make this Christmas a special time for all City of Wanneroo residents.

    To find out more about this year’s charities; their desired donations and donation collection points, please click here.

    More articles in the news archive.

    MIL OSI News –

  • MIL-OSI: Flow Traders 3Q 2024 Trading Update

    Source: GlobeNewswire (MIL-OSI)

    Flow Traders 3Q 2024 Trading Update

    Amsterdam, the Netherlands – Flow Traders Ltd. (Euronext: FLOW) announces its unaudited 3Q 2024 trading update.

    Highlights

    • Flow Traders recorded Net Trading Income of €107.3m and Total Income of €114.6m in 3Q24, compared to €67.6m and €67.7m, respectively, in 3Q23.
    • Flow Traders’ ETP Value Traded increased 9% in 3Q24 when compared to the same period last year.
    • Total Operating Expenses were €64.0m in 3Q24, compared to €55.3m in 3Q23, with Fixed Operating Expenses of €45.3m in the quarter, compared to €47.6m in 3Q23 (including one-off expenses).
    • EBITDA was €50.5m in 3Q24, generating an EBITDA margin of 44%, compared to €12.4m and 18%, respectively, in 3Q23.
    • Net Profit was €37.5m in 3Q24, yielding a basic EPS of €0.87, compared to a Net Profit of €6.3m and EPS of €0.15 in 3Q23.
    • Trading capital stood at €668m at the end of 3Q24 and generated a 58% return on trading capital1, compared to €624m and 56% in 2Q24.
    • Shareholders’ equity was €666m at the end of 3Q24, compared to €638m at the end of 2Q24.
    • Flow Traders employed 646 FTEs at the end of 3Q24, compared to 635 at the end of 2Q24.

    Financial Overview

    €million 3Q24 3Q23 Change YTD24 YTD23 Change
    Net trading income 107.3 67.6 59% 313.9 227.6 38%
    Other income 7.2 0.1   6.4 2.0  
    Total income 114.6 67.7 69% 320.4 229.6 40%
    Revenue by region2            
    Europe 70.2 33.6 109% 187.2 125.2 50%
    Americas 20.8 22.0 (5%) 75.5 64.1 18%
    Asia 23.6 12.1 96% 57.7 40.3 43%
    Employee expenses            
    Fixed employee expenses 20.4 19.3 6% 61.5 58.5 5%
    Variable employee expenses 18.8 7.7 143% 53.7 35.8 50%
    Technology expenses 17.2 15.8 8% 49.7 49.1 1%
    Other expenses 7.7 11.5 (33%) 22.4 26.0 (14%)
    One-off expenses3 0.0 1.0 (100%) 0.0 4.3 (100%)
    Total operating expenses 64.0 55.3 16% 187.4 173.8 8%
    EBITDA 50.5 12.4 309% 133.0 55.8 138%
    Interest Expense 0.5 0.0   0.6 0.0  
    Depreciation & amortisation 4.1 4.5 (8%) 12.8 14.1 (9%)
    Profit/(loss) on equity-accounted investments (1.3) 0.2 (614%) (1.9) (4.4) (57%)
    Profit before tax 44.7 8.1 450% 117.7 37.2 216%
    Tax expense 7.1 1.8 294% 21.2 7.9 170%
    Net profit 37.5 6.3 495% 96.4 29.3 228%
    Basic EPS4 (€) 0.87 0.15 498% 2.23 0.68 228%
    Fully diluted EPS5 (€) 0.85 0.14 507% 2.18 0.65 236%
    EBITDA margin 44% 18%   42% 24%  

    Revenue by Region

    €million 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24
    Europe 58.5 33.1 33.6 42.6 68.4 48.6 70.2
    Americas 32.8 9.3 22.0 18.1 41.3 13.4 20.8
    Asia 19.2 9.0 12.1 13.6 19.9 14.2 23.6

    Value Traded Overview

    €billion 3Q24 3Q23 Change YTD24 YTD23 Change
    Flow Traders ETP Value Traded 365 334 9% 1,121 1,089 3%
    Europe 161 127 26% 460 467 (1%)
    Americas 177 181 (2%) 583 551 6%
    Asia 28 26 8% 78 71 9%
    Flow Traders non-ETP Value Traded 1,192 994 20% 3,470 3,041 14%
    Flow Traders Value Traded 1,557 1,328 17% 4,591 4,130 11%
    Equity 835 723 15% 2,408 2,248 7%
    Fixed income 225 253 (11%) 706 865 (18%)
    Currency, Crypto, Commodity 440 303 45% 1,327 890 49%
    Other 57 49 18% 150 127 18%
    Market ETP Value Traded6 11,748 10,146 16% 34,741 31,367 11%
    Europe 612 446 37% 1,790 1,482 21%
    Americas 9,536 8,301 15% 28,590 25,997 10%
    Asia 1,600 1,399 14% 4,361 3,888 12%
    Asia ex China 555 457 22% 1,438 1,195 20%

    Trading Capital

      4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24
    Trading Capital (€m) 651 647 574 585 584 609 624 668
    Return on Trading Capital1 71% 65% 67% 59% 51% 52% 56% 58%
    Average VIX7 25.4 21.0 16.7 15.1 15.4 13.9 14.2 17.1

    Market Environment

    Europe

    Equity trading volumes in the quarter increased when compared to the same period a year ago but declined when compared to last quarter. Market volatility, on average, was roughly flat compared to the same period a year ago and increased compared to last quarter.

    Fixed Income trading volumes increased compared to the same period a year ago but declined compared to last quarter.

    Americas

    Equity trading volumes in the U.S. increased when compared to the same period a year ago but declined when compared to last quarter. Market volatility in the U.S. increased when compared to the same period a year ago as well as last quarter.

    Fixed Income trading volumes in the U.S. increased both when compared to the same period a year ago as well as last quarter. Volatility declined when compared to the same period a year ago but increased when compared to last quarter.

    Asia

    Equity trading volumes in Asia increased across the region (Japan, Hong Kong, and China) both when compared to the same period a year ago as well as last quarter. Market volatility was mixed across the region as volatility increased both year-on-year and quarter-on-quarter in Japan but declined both year-on-year and quarter-on-quarter in Hong Kong and China.

    Digital Assets

    Within Digital Assets, which trades across regions on a 24/7 basis, trading volumes in Bitcoin (the barometer of the industry) declined when compared to the same period a year ago but increased compared to last quarter. Volatility, as indicated by the BitVol index, remains higher than the same period a year ago but declined when compared to last quarter.

    Trading Capital Expansion Plan

    In recent years, Flow Traders has successfully diversified its core trading model across different asset classes and geographies, which resulted in increased optionality for the business. The Board sees a range of emerging opportunities to accelerate growth for the firm by systematically expanding its trading capital base.

    At the last results update, the Board declared a suspension of the dividend and announced a €25 million bank term loan as the first steps in boosting the firm’s trading capital. The additional capital immediately helped increase the capacity of the firm to capture the opportunities that arose during early August given the significant spike in volatility and dislocation across financial markets around the world. Looking ahead, the Board will look for the most economical debt financing options to further expand the firm’s trading capital to accelerate the firm’s growth.

    Completion of Share Buyback Program

    €2.2m worth of shares were repurchased during the quarter. This completes the €15m share buyback extension program originally announced on 27 October 2022, of which the period of execution was announced on 28 July 2023 to be extended by 12 months to 26 October 2024. The total number of shares purchased under the program was 850,882 shares, with an average price of €17.63, and represents 1.9% of total outstanding shares.

    Outlook

    Fixed operating expenses guidance for the year remains unchanged and is expected to be in the same range as FY23 as headcount is expected to be roughly flat for the year, offset by continued technology investments and inflationary pressures.

    CEO Statement

    Mike Kuehnel, CEO
    “Following the strategic decision to accelerate the expansion of our trading capital base last quarter, we successfully demonstrated the validity of our growth and diversification strategy and capital expansion plan by delivering another triple-digit NTI quarter. This is the second time this year and the best third quarter result in the company’s 20-year history. The additional capital, following the suspension of the firm’s dividend payments and the addition of a bank term loan, coupled with the increase in volatility, enabled us to deliver a 58% return on trading capital in the quarter. The ability to effectively capture the opportunities that arose during the sudden, but short-lived, spike in volatility in early August across financial markets globally demonstrated the continued robustness of our trading strategies and further validates our growth and diversification strategy.

    During the third quarter, market trading volumes increased when compared to the same period a year ago but were flat-to-down when compared to the second quarter. However, volatility levels increased given the macroeconomic uncertainties, the geopolitical turmoil around the world and the unexpected changes in central bank interest rate policies, which resulted in sudden and unexpected asset rotations. The quick but widespread nature of these asset movements resulted in temporary price dislocations that we were able to capture, while continuing to provide stability and liquidity to the financial markets we operate in. With pockets of opportunities coming from different segments of the market throughout the year so far (e.g. Digital Assets in 1Q, EMEA Equities in 2Q, and EMEA and APAC Equities in 3Q), the strategic investments we made over the years to diversify our business across different regions and asset classes continue to yield strong results.

    As we continue to invest in new trading capabilities, we will also look to leverage these capabilities by enhancing our proprietary technology stack. With Owain, our new CTO, on board, we are excited about advancements in our technological capabilities, particularly around the quantitative insights to be gained from the treasure trove of data available to us. These new technological initiatives can help us with further improving our pricing and hedging competence to capture more opportunities across the markets we trade in. They are on top of the firm-wide streamlining and automation work that continues in the background to systematically improve efficiency and strengthen our core operations as the firm continues to grow and scale.

    We believe this is a pivotal time for Flow Traders. With a unique combination of our trading talent and technology infrastructure, the opportunity set we see across all financial markets globally, and our recently announced trading capital expansion plan, we are excited about driving the company into the next phase of its growth.”

    Preliminary Financial Calendar

    13 February 2025                Release of 4Q24 and FY24 financial results

    Analyst Conference Call and Webcast

    The 3Q24 results analyst conference call will be held at 10:00 am CET on Thursday 31 October 2024. The presentation can be downloaded at https://www.flowtraders.com/investors/results-centre and the conference call can be followed via a listen-only audio webcast. A replay of the conference call will be available on the company website for at least 90 days.

    Contact Details

    Flow Traders Ltd.

    Investors
    Eric Pan
    Phone:         +31 20 7996799
    Email:        investor.relations@flowtraders.com

    Media
    Laura Peijs
    Phone:         +31 20 7996799
    Email:        press@flowtraders.com

    About Flow Traders

    Flow Traders is a leading trading firm providing liquidity in multiple asset classes, covering all major exchanges. Founded in 2004, Flow Traders is a leading global ETP market marker and has leveraged its expertise in trading ETPs to expand into fixed income, commodities, digital assets and FX. Flow Traders’ role in financial markets is to ensure the availability of liquidity and enabling investors to continue to buy or sell financial instruments under all market circumstances, thereby ensuring markets remain resilient and continue to function in an orderly manner. In addition to its trading activities, Flow Traders has established a strategic investment unit focused on fostering market innovation and aligned with our mission to bring greater transparency and efficiency to the financial ecosystem. With nearly two decades of experience, we have built a team of over 600 talented professionals, located globally, contributing to the firm’s entrepreneurial culture and delivering the company’s mission.

    Notes

    1. Return on trading capital defined as LTM NTI divided by end of period trading capital.
    2. Revenue by region includes NTI, Other Income, and inter-company revenue.
    3. One-off expenses related to the completed corporate holding structure update and capital structure review work.
    4. Weighted average shares outstanding: 3Q24 – 43,095,744; 2Q24 – 43,270,311; 3Q23 – 43,293,467.
    5. Determined by adjusting the basic EPS for the effects of all dilutive share-based payments to employees.
    6. Source – Flow Traders analysis.
    7. Starting in 3Q24, average VIX is calculated as the average of VIX daily closing prices.

    Important Legal Information

    This press release is prepared by Flow Traders Ltd. and is for information purposes only. It is not a recommendation to engage in investment activities and you must not rely on the content of this document when making any investment decisions. The information in this document does not constitute legal, tax, or investment advice and is not to be regarded as investor marketing or marketing of any security or financial instrument, or as an offer to buy or sell, or as a solicitation of any offer to buy or sell, securities or financial instruments.

    The information and materials contained in this press release are provided ‘as is’ and Flow Traders Ltd. or any of its affiliates (“Flow Traders”) do not warrant the accuracy, adequacy or completeness of the information and materials and expressly disclaim liability for any errors or omissions. This press release is not intended to be, and shall not constitute in any way a binding or legal agreement, or impose any legal obligation on Flow Traders. All intellectual property rights, including trademarks, are those of their respective owners. All rights reserved. All proprietary rights and interest in or connected with this publication shall vest in Flow Traders. No part of it may be redistributed or reproduced without the prior written permission of Flow Traders.

    This press release may include forward-looking statements, which are based on Flow Traders’ current expectations and projections about future events, and are not guarantees of future performance. Forward looking statements are statements that are not historical facts, including statements about our beliefs and expectations. Words such as “may”, “will”, “would”, “should”, “expect”, “intend”, “estimate”, “anticipate”, “project”, “believe”, “could”, “hope”, “seek”, “plan”, “foresee”, “aim”, “objective”, “potential”, “goal” “strategy”, “target”, “continue” and similar expressions or their negatives are used to identify these forward-looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors because they relate to events and depend on circumstances that will occur in the future whether or not outside the control of Flow Traders. Such factors may cause actual results, performance or developments to differ materially from those expressed or implied by such forward-looking statements. Accordingly, no undue reliance should be placed on any forward-looking statements. Forward-looking statements speak only as at the date at which they are made. Flow Traders expressly disclaims any obligation or undertaking to update, review or revise any forward-looking statements contained in this press release to reflect any change in its expectations or any change in events, conditions or circumstances on which such statements are based unless required to do so by applicable law.

    Financial objectives are internal objectives of Flow Traders to measure its operational performance and should not be read as indicating that Flow Traders is targeting such metrics for any particular fiscal year. Flow Traders’ ability to achieve these financial objectives is inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond Flow Traders’ control, and upon assumptions with respect to future business decisions that are subject to change. As a result, Flow Traders’ actual results may vary from these financial objectives, and those variations may be material.

    Efficiencies are net, before tax and on a run-rate basis, i.e. taking into account the full-year impact of any measure to be undertaken before the end of the period mentioned. The expected operating efficiencies and cost savings were prepared on the basis of a number of assumptions, projections and estimates, many of which depend on factors that are beyond Flow Traders’ control. These assumptions, projections and estimates are inherently subject to significant uncertainties and actual results may differ, perhaps materially, from those projected. Flow Traders cannot provide any assurance that these assumptions are correct and that these projections and estimates will reflect Flow Traders’ actual results of operations.

    By accepting this document you agree to the terms set out above. If you do not agree with the terms set out above please notify legal.amsterdam@nl.flowtraders.com immediately and delete or destroy this document.

    All results published in this release are unaudited.

    Market Abuse Regulation

    This press release contains information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

    Attachment

    The MIL Network –

  • MIL-OSI Australia: 243-2024: Services Restored: Thursday 31 October 2024 – Telephony services (WA regional office)

    Source: Australia Government Statements – Agriculture

    31 October 2024

    Who does this notice affect?

    Clients attempting to contact the Department of Agriculture, Fisheries and Forestry, Western Australia regional office via phone.

    Information

    Restored time:

    As of: 16:50 Thursday 31 October 2024 (AEDT).

    Detail:

    The unplanned outage to the telephony services at the department’s Western Australia (WA) regional office has been resolved.

    Clients are now able to contact the department’s WA…

    MIL OSI News –

  • MIL-OSI: SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

    Source: GlobeNewswire (MIL-OSI)

                                 
    SHELL PLC
    3rd QUARTER 2024 UNAUDITED RESULTS    		        
                                                         
     
    SUMMARY OF UNAUDITED RESULTS
    Quarters $ million   Nine months
    Q3 2024 Q2 2024 Q3 2023 %¹   Reference 2024 2023 %
    4,291    3,517    7,044    +22 Income/(loss) attributable to Shell plc shareholders   15,166    18,887    -20
    6,028    6,293    6,224    -4 Adjusted Earnings A 20,055    20,944    -4
    16,005    16,806    16,336    -5 Adjusted EBITDA A 51,523    52,204    -1
    14,684    13,508    12,332    +9 Cash flow from operating activities   41,522    41,622    —
    (3,857)   (3,338)   (4,827)     Cash flow from investing activities   (10,723)   (12,080)    
    10,827    10,170    7,505      Free cash flow G 30,799    29,542     
    4,950    4,719    5,649      Cash capital expenditure C 14,161    17,280     
    9,570    8,950    10,097    +7 Operating expenses F 27,517    29,062    -5
    8,864    8,651    9,735    +2 Underlying operating expenses F 26,569    28,635    -7
    12.8% 12.8% 13.9%   ROACE2 D 12.8% 13.9%  
    76,613    75,468    82,147      Total debt E 76,613    82,147     
    35,234    38,314    40,470      Net debt E 35,234    40,470     
    15.7% 17.0% 17.3%   Gearing E 15.7% 17.3%  
    2,801    2,817    2,706    -1 Oil and gas production available for sale (thousand boe/d)   2,843    2,779    +2
    0.69    0.55    1.06 +25 Basic earnings per share ($)   2.39    2.78    -14
    0.96    0.99    0.93    -3 Adjusted Earnings per share ($) B 3.16    3.08    +3
    0.3440    0.3440    0.3310    — Dividend per share ($)   1.0320    0.9495    +9

    1.Q3 on Q2 change

    2.Effective first quarter 2024, the definition has been amended and comparative information has been revised. See Reference D.

    Quarter Analysis1

    Income attributable to Shell plc shareholders, compared with the second quarter 2024, reflected lower refining margins, lower realised oil prices and higher operating expenses partly offset by favourable tax movements, and higher Integrated Gas volumes.

    Third quarter 2024 income attributable to Shell plc shareholders also included unfavourable movements relating to an accounting mismatch due to fair value accounting of commodity derivatives, charges related to redundancy and restructuring, and net impairment charges and reversals. These items are included in identified items amounting to a net loss of $1.3 billion in the quarter. This compares with identified items in the second quarter 2024 which amounted to a net loss of $2.7 billion.

    Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as income attributable to Shell plc shareholders and adjusted for the above identified items and the cost of supplies adjustment of positive $0.5 billion.

    Cash flow from operating activities for the third quarter 2024 was $14.7 billion, and primarily driven by Adjusted EBITDA, and working capital inflows of $2.7 billion partly offset by tax payments of $3.0 billion. The working capital inflow mainly reflected inventory movements due to lower oil prices and lower volumes.

    Cash flow from investing activities for the quarter was an outflow of $3.9 billion, and included cash capital expenditure of $4.9 billion.

    Net debt and Gearing: At the end of the third quarter 2024, net debt was $35.2 billion, compared with $38.3 billion at the end of the second quarter 2024, mainly reflecting free cash flow, partly offset by share buybacks, cash dividends paid to Shell plc shareholders, lease additions and interest payments. Gearing was 15.7% at the end of the third quarter 2024, compared with 17.0% at the end of the second quarter 2024, mainly driven by lower net debt.

         
     
    SHELL PLC
    3rd QUARTER 2024 UNAUDITED RESULTS

    Shareholder distributions

    Total shareholder distributions in the quarter amounted to $5.7 billion comprising repurchases of shares of $3.5 billion and cash dividends paid to Shell plc shareholders of $2.2 billion. Dividends declared to Shell plc shareholders for the third quarter 2024 amount to $0.3440 per share. Shell has now completed $3.5 billion of share buybacks announced in the second quarter 2024 results announcement. Today, Shell announces a share buyback programme of $3.5 billion which is expected to be completed by the fourth quarter 2024 results announcement.

    Nine Months Analysis1

    Income attributable to Shell plc shareholders, compared with the first nine months 2023, reflected lower refining margins, lower LNG trading and optimisation margins, lower realised LNG and gas prices as well as lower trading and optimisation margins of power and pipeline gas in Renewables and Energy Solutions, partly offset by lower operating expenses, higher Marketing margins and volumes, higher realised Chemicals margins, and higher Integrated Gas and Upstream volumes.

    First nine months 2024 income attributable to Shell plc shareholders also included net impairment charges and reversals, reclassifications from equity to profit and loss of cumulative currency translation differences related to funding structures, unfavourable movements relating to an accounting mismatch due to fair value accounting of commodity derivatives, and charges related to redundancy and restructuring, partly offset by favourable differences in exchange rates and inflationary adjustments on deferred tax. These charges, reclassifications and movements are included in identified items amounting to a net loss of $4.6 billion. This compares with identified items in the first nine months 2023 which amounted to a net loss of $2.2 billion.

    Adjusted Earnings and Adjusted EBITDA2 for the first nine months 2024 were driven by the same factors as income attributable to Shell plc shareholders and adjusted for identified items and the cost of supplies adjustment of positive $0.3 billion.

    Cash flow from operating activities for the first nine months 2024 was $41.5 billion, and primarily driven by Adjusted EBITDA, the timing impact of payments relating to emission certificates and biofuel programmes of $1.2 billion and cash inflows relating to commodity derivatives of $1.2 billion, partly offset by tax payments of $9.1 billion, and working capital outflow of $0.3 billion.

    Cash flow from investing activities for the first nine months 2024 was an outflow of $10.7 billion and included cash capital expenditure of $14.2 billion, partly offset by divestment proceeds of $2.0 billion, and interest received of $1.8 billion.

    This Unaudited Condensed Interim Financial Report, together with supplementary financial and operational disclosure for this quarter, is available at www.shell.com/investors 3 .

    1.All earnings amounts are shown post-tax, unless stated otherwise.

    2.Adjusted EBITDA is without taxation.

    3.Not incorporated by reference.

    THIRD QUARTER 2024 PORTFOLIO DEVELOPMENTS

    Integrated Gas

    In July 2024, we announced the final investment decision (FID) on the Manatee project, an undeveloped gas field in the East Coast Marine Area (ECMA) in Trinidad and Tobago.

    In July 2024, we signed an agreement to invest in the Abu Dhabi National Oil Company’s (ADNOC) Ruwais LNG project in Abu Dhabi through a 10% participating interest. The Ruwais LNG project will consist of two 4.8 mtpa LNG liquefaction trains with a total capacity of 9.6 mtpa.

    In August 2024, Arrow Energy, an incorporated joint venture between Shell (50%) and PetroChina (50%), announced plans to develop Phase 2 of Arrow Energy’s Surat Gas Project in Queensland, Australia. The gas from the project will flow to the Shell-operated QCLNG LNG (joint venture between Shell (73.75%), CNOOC (25%) and MidOcean Energy (1.25%)) facility on Curtis Island, near Gladstone.

    Upstream

    In July 2024, the operator of the Jerun field in Malaysia, SapuraOMV Upstream Sdn Bhd, announced that first gas has been achieved. Jerun is operated by SapuraOMV Upstream (40%) in partnership with Sarawak Shell Berhad (30%) and PETRONAS Carigali Sdn Bhd (30%).

    In August 2024, we announced the FID on a ‘waterflood’ project at our Vito asset in the US Gulf of Mexico. Water will be injected into the reservoir formation to displace additional oil.

             Page 2

         
     
    SHELL PLC
    3rd QUARTER 2024 UNAUDITED RESULTS

    Marketing

    In July 2024, we announced that we are temporarily pausing on-site construction work at our 820,000 tonnes a year biofuels facility at the Shell Energy and Chemicals Park Rotterdam in the Netherlands to address project delivery and ensure future competitiveness given current market conditions.

    Renewables and Energy Solutions

    In October 2024, we signed an agreement to acquire a 100% equity stake in RISEC Holdings, LLC (RISEC), which owns a 609-megawatt (MW) two-unit combined-cycle gas turbine power plant in Rhode Island, USA. The transaction is subject to regulatory approvals and is expected to close in the first quarter 2025.

             Page 2

         
     
    SHELL PLC
    3rd QUARTER 2024 UNAUDITED RESULTS

    PERFORMANCE BY SEGMENT

                                                         
     
    INTEGRATED GAS        
    Quarters $ million   Nine months
    Q3 2024 Q2 2024 Q3 2023 %¹   Reference 2024 2023 %
    2,631    2,454    2,156    +7 Segment earnings   7,846    5,325    +47
    (240)   (220)   (375)     Of which: Identified items A (1,379)   (4,625)    
    2,871    2,675    2,531    +7 Adjusted Earnings A 9,225    9,951    -7
    5,234    5,039    4,874    +4 Adjusted EBITDA A 16,410    17,189    -5
    3,623    4,183    4,009    -13 Cash flow from operating activities A 12,518    13,923    -10
    1,236    1,151    1,099      Cash capital expenditure C 3,429    3,000     
    136    137    122    -1 Liquids production available for sale (thousand b/d)   137    134    +2
    4,669    4,885    4,517    -4 Natural gas production available for sale (million scf/d)   4,835    4,744    +2
    941    980    900    -4 Total production available for sale (thousand boe/d)   971    952    +2
    7.50    6.95    6.88    +8 LNG liquefaction volumes (million tonnes)   22.03    21.23    +4
    17.04    16.41    16.01    +4 LNG sales volumes (million tonnes)   50.32    49.01    +3

    1.Q3 on Q2 change

    Integrated Gas includes liquefied natural gas (LNG), conversion of natural gas into gas-to-liquids (GTL) fuels and other products. It includes natural gas and liquids exploration and extraction, and the operation of the upstream and midstream infrastructure necessary to deliver these to market. Integrated Gas also includes the marketing, trading and optimisation of LNG.

    Quarter Analysis1

    Segment earnings, compared with the second quarter 2024, reflected higher LNG liquefaction volumes (increase of $237 million).

    Third quarter 2024 segment earnings also included unfavourable movements of $213 million relating to an accounting mismatch due to fair value accounting of commodity derivatives. These unfavourable movements are part of identified items and compare with the second quarter 2024 which included a charge of $122 million due to unrecoverable indirect tax receivables, and unfavourable movements of $98 million due to the fair value accounting of commodity derivatives. As part of Shell’s normal business, commodity derivative hedge contracts are entered into for mitigation of economic exposures on future purchases, sales and inventory.

    Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items.

    Cash flow from operating activities for the quarter was primarily driven by Adjusted EBITDA, partly offset by tax payments of $814 million, net cash outflows related to derivatives of $373 million and working capital outflows of $247 million.

    Total oil and gas production, compared with the second quarter 2024, decreased by 4% mainly due to production-sharing contract effects, and higher maintenance in Trinidad and Tobago. LNG liquefaction volumes increased by 8% mainly due to higher feedgas supply in Nigeria, and Trinidad and Tobago.

    Nine Months Analysis1

    Segment earnings, compared with the first nine months 2023, reflected the combined effect of lower contributions from trading and optimisation and lower realised prices (decrease of $1,787 million), partly offset by higher volumes (increase of $513 million), lower operating expenses (decrease of $171 million), and favourable deferred tax movements ($168 million).

    First nine months 2024 segment earnings also included unfavourable movements of $1,198 million relating to an accounting mismatch due to fair value accounting of commodity derivatives. These unfavourable movements are part of identified items and compare with the first nine months 2023 which included unfavourable movements of $2,821 million due to the fair value accounting of commodity derivatives, and net impairment charges and reversals of $1,700 million. As part of Shell’s normal business, commodity derivative hedge contracts are entered into for mitigation of economic exposures on future purchases, sales and inventory.

    Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items.

             Page 3

         
     
    SHELL PLC
    3rd QUARTER 2024 UNAUDITED RESULTS

    Cash flow from operating activities for the first nine months 2024 was primarily driven by Adjusted EBITDA, partly offset by tax payments of $2,320 million and net cash outflows related to derivatives of $1,586 million.

    Total oil and gas production, compared with the first nine months 2023, increased by 2% mainly due to ramp-up of fields in Oman and Australia, and lower maintenance in Australia. LNG liquefaction volumes increased by 4% mainly due to lower unplanned maintenance in Australia.

    1.All earnings amounts are shown post-tax, unless stated otherwise.

    2.Adjusted EBITDA is without taxation.

             Page 4

         
     
    SHELL PLC
    3rd QUARTER 2024 UNAUDITED RESULTS
                                                         
     
    UPSTREAM          
    Quarters $ million   Nine months
    Q3 2024 Q2 2024 Q3 2023 %¹   Reference 2024 2023 %
    2,289    2,179    1,999    +5 Segment earnings   6,741    6,388    +6
    (153)   (157)   (238)     Of which: Identified items A 28    (357)    
    2,443    2,336    2,237    +5 Adjusted Earnings A 6,712    6,746    —
    7,871    7,829    7,433    +1 Adjusted EBITDA A 23,588    22,750    +4
    5,268    5,739    5,336    -8 Cash flow from operating activities A 16,734    15,663    +7
    1,974    1,829    2,007      Cash capital expenditure C 5,813    5,906     
    1,321    1,297    1,311    +2 Liquids production available for sale (thousand b/d)   1,316    1,313    —
    2,844    2,818    2,564    +1 Natural gas production available for sale (million scf/d)   2,933    2,687    +9
    1,811    1,783    1,753    +2 Total production available for sale (thousand boe/d)   1,822    1,776    +3

    1.Q3 on Q2 change

    The Upstream segment includes exploration and extraction of crude oil, natural gas and natural gas liquids. It also markets and transports oil and gas, and operates the infrastructure necessary to deliver them to the market.

    Quarter Analysis1

    Segment earnings, compared with the second quarter 2024, reflected lower well write-offs (decrease of $139 million), favourable tax movements ($96 million), lower operating expenses (decrease of $63 million), and lower depreciation charges (decrease of $57 million), partly offset by lower realised liquids prices (decrease of $304 million).

    Third quarter 2024 segment earnings also included charges of $138 million related to redundancy and restructuring and charges of $104 million related to decommissioning provisions. These charges are part of identified items, and compare with the second quarter 2024 which included a loss of $143 million related to the impact of the weakening Brazilian real on a deferred tax position, and a loss of $122 million related to a tax settlement in Brazil, partly offset by a gain of $139 million related to the impact of inflationary adjustments in Argentina on a deferred tax position.

    Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items.

    Cash flow from operating activities for the quarter was primarily driven by Adjusted EBITDA, partly offset by tax payments of $2,074 million.

    Total production, compared with the second quarter 2024, increased mainly due to new oil production.

    Nine Months Analysis1

    Segment earnings, compared with the first nine months 2023, reflected unfavourable tax movements ($351 million), higher well write-offs (increase of $327 million) and the net impact of lower realised gas and higher realised liquids prices (decrease of $278 million), partly offset by the comparative favourable impact of $910 million mainly relating to gas storage effects.

    First nine months 2024 segment earnings also included gains of $676 million related to the impact of inflationary adjustments in Argentina on a deferred tax position, partly offset by charges of $179 million related to redundancy and restructuring, net impairment charges and reversals of $171 million and a loss of $164 million related to the impact of the weakening Brazilian real on a deferred tax position. These gains and charges are part of identified items, and compare with the first nine months 2023 which included charges of $188 million from impairments, legal provisions of $169 million and deferred tax charges of $132 million due to amendments to IAS 12, partly offset by favourable movements of $106 million relating to an accounting mismatch due to fair value accounting of commodity derivatives. As part of Shell’s normal business, commodity derivative hedge contracts are entered into for mitigation of economic exposures on future purchases, sales and inventory.

    Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items.

    Cash flow from operating activities for the first nine months 2024 was primarily driven by Adjusted EBITDA, partly offset by tax payments of $5,832 million.

    Total production, compared with the first nine months 2023, increased mainly due to new oil production, partly offset by field decline.

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    1.All earnings amounts are shown post-tax, unless stated otherwise.

    2.Adjusted EBITDA is without taxation.

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    MARKETING        
    Quarters $ million   Nine months
    Q3 2024 Q2 2024 Q3 2023 %¹   Reference 2024 2023 %
    760    257    629    +196 Segment earnings2   1,791    2,832    -37
    (422)   (825)   (12)     Of which: Identified items2 A (1,255)   314     
    1,182    1,082    641    +9 Adjusted Earnings2 A 3,046    2,518    +21
    2,081    1,999    1,453    +4 Adjusted EBITDA2 A 5,767    4,837    +19
    2,722    1,958    397    +39 Cash flow from operating activities2 A 5,999    3,794    +58
    525    644    959      Cash capital expenditure2 C 1,634    4,406     
    2,945    2,868    3,138    +3 Marketing sales volumes (thousand b/d)2   2,859    3,062    -7

    1.Q3 on Q2 change

    2.Wholesale commercial fuels, previously reported in the Chemicals and Products segment, is reported in the Marketing segment (Mobility) with effect from Q1 2024. Comparative information for the Marketing segment and the Chemicals and Products segment has been revised.

    The Marketing segment comprises the Mobility, Lubricants, and Sectors and Decarbonisation businesses. The Mobility business operates Shell’s retail network including electric vehicle charging services and the Wholesale commercial fuels business which provides fuels for transport, industry and heating. The Lubricants business produces, markets and sells lubricants for road transport, and machinery used in manufacturing, mining, power generation, agriculture and construction. The Sectors and Decarbonisation business sells fuels, speciality products and services including low-carbon energy solutions to a broad range of commercial customers including the aviation, marine, and agricultural sectors.

    Quarter Analysis1

    Segment earnings, compared with the second quarter 2024, reflected higher Marketing margins (increase of $139 million) mainly driven by improved Mobility unit margins and impact of seasonally higher volumes partly offset by lower lubricants and Sectors and Decarbonisation margins. Segment earnings also reflected favourable tax movements ($55 million). These were partly offset by higher operating expenses (increase of $63 million).

    Third quarter 2024 segment earnings also included impairment charges of $179 million, charges of $98 million related to redundancy and restructuring, and net losses of $84 million related to sale of assets. These charges and unfavourable movements are part of identified items, and compare with the second quarter 2024 impairment charges of $783 million mainly relating to an asset in the Netherlands, and charges of $50 million related to redundancy and restructuring.

    Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items.

    Cash flow from operating activities for the quarter was primarily driven by Adjusted EBITDA, working capital inflows of $792 million, and the timing impact of payments relating to emission certificates and biofuel programmes of $427 million. These inflows were partly offset by non-cash cost of supplies adjustment of $334 million and tax payments of $241 million.

    Marketing sales volumes (comprising hydrocarbon sales), compared with the second quarter 2024, increased mainly due to seasonality.

    Nine Months Analysis1

    Segment earnings, compared with the first nine months 2023, reflected higher Marketing margins (increase of $582 million) including higher unit margins in Mobility, Lubricants and higher Sectors and Decarbonisation margins. Segment earnings also reflected lower operating expenses (decrease of $170 million). These were partly offset by higher depreciation charges (increase of $128 million) mainly due to asset acquisitions, and unfavourable tax movements ($94 million).

    First nine months 2024 segment earnings also included impairment charges of $965 million mainly relating to an asset in the Netherlands, charges of $163 million related to redundancy and restructuring, and net losses of $140 million related to the sale of assets. These charges are part of identified items and compare with the first nine months 2023 which included gains of $298 million related to indirect tax credits, and favourable movements of $60 million relating to an accounting mismatch due to fair value accounting of commodity derivatives. As part of Shell’s normal business, commodity derivative hedge contracts are entered into for mitigation of economic exposures on future purchases, sales and inventory.

    Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items.

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    Cash flow from operating activities for the first nine months 2024 was primarily driven by Adjusted EBITDA, the timing impact of payments relating to emission certificates and biofuel programmes of $966 million, and working capital inflows of $153 million. These inflows were partly offset by tax payments of $432 million, and non-cash cost of supplies adjustment of $256 million.

    Marketing sales volumes (comprising hydrocarbon sales), compared with the first nine months 2023, decreased mainly in Mobility including increased focus on value over volume.

    1.All earnings amounts are shown post-tax, unless stated otherwise.

    2.Adjusted EBITDA is without taxation.

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    3rd QUARTER 2024 UNAUDITED RESULTS
                                                         
     
    CHEMICALS AND PRODUCTS        
    Quarters $ million   Nine months
    Q3 2024 Q2 2024 Q3 2023 %¹   Reference 2024 2023 %
    341    587    1,250    -42 Segment earnings2   2,085    3,310    -37
    (122)   (499)   (213)     Of which: Identified items2 A (1,078)   (278)    
    463    1,085    1,463    -57 Adjusted Earnings2 A 3,163    3,588    -12
    1,240    2,242    2,661    -45 Adjusted EBITDA2 A 6,308    6,819    -7
    3,321    2,249    2,862    +48 Cash flow from operating activities2 A 5,221    6,364    -18
    761    638    837      Cash capital expenditure2 C 1,898    2,027     
    1,305    1,429    1,334    -9 Refinery processing intake (thousand b/d)   1,388    1,360    +2
    3,015    3,052    2,998    -1 Chemicals sales volumes (thousand tonnes)   8,950    8,656    +3

    1.Q3 on Q2 change

    2.Wholesale commercial fuels, previously reported in the Chemicals and Products segment, is reported in the Marketing segment (Mobility) with effect from Q1 2024. Comparative information for the Marketing segment and the Chemicals and Products segment has been revised.

    The Chemicals and Products segment includes chemicals manufacturing plants with their own marketing network, and refineries which turn crude oil and other feedstocks into a range of oil products which are moved and marketed around the world for domestic, industrial and transport use. The segment also includes the pipeline business, trading and optimisation of crude oil, oil products and petrochemicals, and Oil Sands activities (the extraction of bitumen from mined oil sands and its conversion into synthetic crude oil).

    Quarter Analysis1

    Segment earnings, compared with the second quarter 2024, reflected lower Products margins (decrease of $492 million) mainly driven by lower refining margins and lower margins from trading and optimisation. Segment earnings also reflected lower Chemicals margins (decrease of $189 million) mainly due to lower utilisation and lower realised prices. In addition, the third quarter 2024 reflected higher operating expenses (increase of $88 million). These were partly offset by favourable tax movements ($133 million).

    Third quarter 2024 segment earnings also included charges of $101 million related to redundancy and restructuring, and net impairment charges and reversals of $92 million, partly offset by favourable movements of $95 million relating to an accounting mismatch due to fair value accounting of commodity derivatives. These charges and favourable movements are part of identified items, and compare with the second quarter 2024 which included net impairment charges and reversals of $708 million mainly relating to assets in Singapore, partly offset by favourable movements of $156 million due to the fair value accounting of commodity derivatives. As part of Shell’s normal business, commodity derivative hedge contracts are entered into for mitigation of economic exposures on future purchases, sales and inventory.

    Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items. In the third quarter 2024, Chemicals had negative Adjusted Earnings of $111 million and Products had positive Adjusted Earnings of $573 million.

    Cash flow from operating activities for the quarter was primarily driven by working capital inflows of $2,131 million, Adjusted EBITDA, cash inflows relating to commodity derivatives of $88 million and dividends (net of profits) from joint ventures and associates of $63 million. These inflows were partly offset by non-cash cost of supplies adjustment of $331 million.

    Chemicals manufacturing plant utilisation was 76% compared with 80% in the second quarter 2024, due to higher planned and unplanned maintenance.

    Refinery utilisation was 81% compared with 92% in the second quarter 2024, due to higher planned and unplanned maintenance.

    Nine Months Analysis1

    Segment earnings, compared with the first nine months 2023, reflected lower Products margins (decrease of $1,458 million) mainly driven by lower refining margins and lower margins from trading and optimisation. Segment earnings also included unfavourable tax movements ($106 million). These were partly offset by higher Chemicals margins (increase of $516 million) due to higher realised prices and higher utilisation. In addition, the first nine months 2024 reflected lower operating expenses (decrease of $658 million).

    First nine months 2024 segment earnings also included net impairment charges and reversals of $952 million mainly relating to assets in Singapore, charges of $139 million related to redundancy and restructuring, and unfavourable

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    movements of $69 million relating to an accounting mismatch due to fair value accounting of commodity derivatives. These charges and unfavourable movements are part of identified items, and compare with the first nine months 2023 which included losses of $227 million from net impairments and reversals, legal provisions of $74 million and favourable movements of $75 million related to the fair value accounting of commodity derivatives. As part of Shell’s normal business, commodity derivative hedge contracts are entered into for mitigation of economic exposures on future purchases, sales and inventory.

    Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items. In the first nine months 2024, Chemicals had negative Adjusted Earnings of $174 million and Products had positive Adjusted Earnings of $3,337 million.

    Cash flow from operating activities for the first nine months 2024 was primarily driven by Adjusted EBITDA, the timing impact of payments relating to emission certificates and biofuel programmes of $257 million, and dividends (net of profits) from joint ventures and associates of $165 million. These inflows were partly offset by working capital outflows of $869 million, cash outflows relating to legal provisions of $203 million, tax payments of $182 million, and non-cash cost of supplies adjustment of $182 million.

    Chemicals manufacturing plant utilisation was 77% compared with 70% in the first nine months 2023, mainly due to economic optimisation in the first nine months 2023. The increase was also driven by ramp-up of Shell Polymers Monaca and lower unplanned maintenance in the first nine months 2024.

    Refinery utilisation was 88% compared with 87% in the first nine months 2023.

    1.All earnings amounts are shown post-tax, unless stated otherwise.

    2.Adjusted EBITDA is without taxation.

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    RENEWABLES AND ENERGY SOLUTIONS        
    Quarters $ million   Nine months
    Q3 2024 Q2 2024 Q3 2023 %¹   Reference 2024 2023 %
    (481)   (75)   616    -538 Segment earnings   (3)   3,361    -100
    (319)   112    667      Of which: Identified items A 183    2,778     
    (162)   (187)   (51)   +13 Adjusted Earnings A (186)   583    -132
    (75)   (91)   101    +18 Adjusted EBITDA A 101    1,229    -92
    (364)   847    (34)   -143 Cash flow from operating activities A 2,948    4,249    -31
    409    425    659      Cash capital expenditure C 1,272    1,655     
    79    74    76    +7 External power sales (terawatt hours)2   230    211    +9
    148    148    170    0 Sales of pipeline gas to end-use customers (terawatt hours)3   487    563    -14

    1.Q3 on Q2 change

    2.Physical power sales to third parties; excluding financial trades and physical trade with brokers, investors, financial institutions, trading platforms, and wholesale traders.

    3.Physical natural gas sales to third parties; excluding financial trades and physical trade with brokers, investors, financial institutions, trading platforms, and wholesale traders. Excluding sales of natural gas by other segments and LNG sales.

    Renewables and Energy Solutions includes activities such as renewable power generation, the marketing and trading and optimisation of power and pipeline gas, as well as carbon credits, and digitally enabled customer solutions. It also includes the production and marketing of hydrogen, development of commercial carbon capture and storage hubs, investment in nature-based projects that avoid or reduce carbon emissions, and Shell Ventures, which invests in companies that work to accelerate the energy and mobility transformation.

    Quarter Analysis1

    Segment earnings, compared with the second quarter 2024, reflected lower margins (decrease of $86 million) mainly due to lower trading and optimisation in the Americas, partly offset by slightly higher trading and optimisation in Europe.

    Third quarter 2024 segment earnings also included unfavourable movements of $279 million relating to an accounting mismatch due to fair value accounting of commodity derivatives. These unfavourable movements are part of identified items and compare with the second quarter 2024 which included favourable movements of $223 million due to the fair value accounting of commodity derivatives and impairment charges of $155 million. As part of Shell’s normal business, commodity derivative hedge contracts are entered into for mitigation of economic exposures on future purchases, sales and inventory.

    Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items.

    Cash flow from operating activities for the quarter was primarily driven by working capital outflows of $136 million, net cash outflows related to derivatives of $107 million, and Adjusted EBITDA.

    Nine Months Analysis1

    Segment earnings, compared with the first nine months 2023, reflected lower margins (decrease of $1,236 million) mainly from trading and optimisation primarily in Europe due to lower volatility and lower prices, partly offset by lower operating expenses (decrease of $427 million).

    First nine months 2024 segment earnings also included favourable movements of $250 million relating to an accounting mismatch due to fair value accounting of commodity derivatives, partly offset by net impairment charges and reversals of $89 million. These favourable movements and charges are part of identified items and compare with the first nine months 2023 which included favourable movements of $2,632 million due to the fair value accounting of commodity derivatives. As part of Shell’s normal business, commodity derivative hedge contracts are entered into for mitigation of economic exposures on future purchases, sales and inventory.

    Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items. Most Renewables and Energy Solutions activities were loss-making for the first nine months 2024, which was partly offset by positive Adjusted Earnings from trading and optimisation.

    Cash flow from operating activities for the first nine months 2024 was primarily driven by net cash inflows related to derivatives of $2,479 million, working capital inflows of $570 million, and Adjusted EBITDA, partly offset by tax payments of $415 million.

    1.All earnings amounts are shown post-tax, unless stated otherwise.

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    2.Adjusted EBITDA is without taxation.

    Additional Growth Measures

                                                         
    Quarters     Nine months
    Q3 2024 Q2 2024 Q3 2023 %¹     2024 2023 %
            Renewable power generation capacity (gigawatt):        
    3.4    3.3    2.5    +2 – In operation2   3.4    2.5    +37
    3.9    3.8    4.9    +3 – Under construction and/or committed for sale3   3.9    4.9    -20

    1.Q3 on Q2 change

    2.Shell’s equity share of renewable generation capacity post commercial operation date. It excludes Shell’s equity share of associates where information cannot be obtained.

    3.Shell’s equity share of renewable generation capacity under construction and/or committed for sale under long-term offtake agreements (PPA). It excludes Shell’s equity share of associates where information cannot be obtained.

                                             
     
    CORPORATE      
    Quarters $ million   Nine months
    Q3 2024 Q2 2024 Q3 2023   Reference 2024 2023
    (647)   (1,656)   (497)   Segment earnings1   (2,656)   (2,315)  
    (3)   (1,080)   22    Of which: Identified items A (1,069)   (50)  
    (643)   (576)   (519)   Adjusted Earnings1 A (1,588)   (2,266)  
    (346)   (213)   (186)   Adjusted EBITDA1 A (650)   (619)  
    115    (1,468)   (238)   Cash flow from operating activities A (1,898)   (2,372)  

    1.From the first quarter 2024, Shell’s longer-term innovation portfolio is managed centrally and hence reported as part of the Corporate segment (previously all other segments). Prior period comparatives have been revised to conform with current year presentation with an offsetting impact on all the other segments.

    The Corporate segment covers the non-operating activities supporting Shell. It comprises Shell’s holdings and treasury organisation, headquarters and central functions, self-insurance activities and centrally managed longer-term innovation portfolio. All finance expense, income and related taxes are included in Corporate segment earnings rather than in the earnings of business segments.

    Quarter Analysis1

    Segment earnings, compared with the second quarter 2024, reflected unfavourable movements in currency exchange rate effects, partly offset by favourable tax movements.

    Second quarter 2024 segment earnings also included reclassifications from equity to profit and loss of cumulative currency translation differences related to funding structures resulting in unfavourable movements of $1,122 million. These currency translation differences were previously recognised in other comprehensive income and accumulated in equity as part of accumulated other comprehensive income. This non-cash reclassification is part of identified items.

    Adjusted EBITDA2 was mainly driven by unfavourable currency exchange rate effects and higher operating expenses.

    Nine Months Analysis1

    Segment earnings, compared with the first nine months 2023, were primarily driven by favourable tax movements and favourable net interest movements.

    First nine months 2024 segment earnings also included reclassifications from equity to profit and loss of cumulative currency translation differences related to funding structures resulting in unfavourable movements of $1,122 million. These reclassifications are included in identified items.

    Adjusted EBITDA2 was mainly driven by unfavourable currency exchange rate effects.

    1.All earnings amounts are shown post-tax, unless stated otherwise.

    2.Adjusted EBITDA is without taxation.

    OUTLOOK FOR THE FOURTH QUARTER 2024

    For Full year 2023 cash capital expenditure was $24 billion. Cash capital expenditure for full year 2024 is expected to be below $22 billion.

    Integrated Gas production is expected to be approximately 900 – 960 thousand boe/d. Fourth quarter 2024 outlook reflects scheduled maintenance at Pearl GTL in Qatar. LNG liquefaction volumes are expected to be approximately 6.9 – 7.5 million tonnes.

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    Upstream production is expected to be approximately 1,750 – 1,950 thousand boe/d.

    Marketing sales volumes are expected to be approximately 2,550 – 3,050 thousand b/d.

    Refinery utilisation is expected to be approximately 75% – 83%. Chemicals manufacturing plant utilisation is expected to be approximately 72% – 80%.

    In the fourth quarter 2023, Corporate Adjusted Earnings were a net expense of $609 million1. Corporate Adjusted Earnings2 are expected to be a net expense of approximately $600 – $800 million in the fourth quarter 2024.

    1.From the first quarter 2024, Shell’s longer-term innovation portfolio is managed centrally and hence reported as part of the Corporate segment (previously all other segments). Prior period comparatives have been revised to conform with current year presentation with an offsetting impact on all the other segments.

    2.For the definition of Adjusted Earnings and the most comparable GAAP measure please see reference A.

    FORTHCOMING EVENTS

               
     
    Date Event
    January 30, 2025 Fourth quarter 2024 results and dividends
    March 13, 2025 Publication of Annual Report and Accounts and filing of Form 20-F for the year ended December 31, 2024
    May 2, 2025 First quarter 2025 results and dividends
    July 31, 2025 Second quarter 2025 results and dividends
    October 30, 2025 Third quarter 2025 results and dividends

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    UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

                                       
     
    CONSOLIDATED STATEMENT OF INCOME    
    Quarters $ million Nine months
    Q3 2024 Q2 2024 Q3 2023   2024 2023
    71,089    74,463    76,350    Revenue1 218,031    237,888   
    933    898    747    Share of profit/(loss) of joint ventures and associates 3,150    2,957   
    440    (305)   913    Interest and other income/(expenses)2 1,042    2,207   
    72,462    75,057    78,011    Total revenue and other income/(expenses) 222,222    243,052   
    48,225    49,417    49,144    Purchases 144,509    158,138   
    6,138    5,593    6,384    Production and manufacturing expenses 17,541    18,433   
    3,139    3,094    3,447    Selling, distribution and administrative expenses 9,208    9,811   
    294    263    267    Research and development 768    817   
    305    496    436    Exploration 1,551    1,283   
    5,916    7,555    5,911    Depreciation, depletion and amortisation2 19,352    20,069   
    1,174    1,235    1,131    Interest expense 3,573    3,507   
    65,190    67,653    66,720    Total expenditure 196,502    212,058   
    7,270    7,404    11,291    Income/(loss) before taxation 25,717    30,993   
    2,879    3,754    4,115    Taxation charge/(credit)2 10,237    11,891   
    4,391    3,650    7,176    Income/(loss) for the period 15,480    19,102   
    100    133    132    Income/(loss) attributable to non-controlling interest 314    215   
    4,291    3,517    7,044    Income/(loss) attributable to Shell plc shareholders 15,166    18,887   
    0.69    0.55    1.06    Basic earnings per share ($)3 2.39    2.78   
    0.68    0.55    1.05    Diluted earnings per share ($)3 2.36    2.75   

    1.See Note 2 “Segment information”.

    2.See Note 8 “Other notes to the unaudited Condensed Consolidated Interim Financial Statements”.

    3.See Note 4 “Earnings per share”.

                                       
     
    CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME    
    Quarters $ million Nine months
    Q3 2024 Q2 2024 Q3 2023   2024 2023
    4,391    3,650    7,176    Income/(loss) for the period 15,480    19,102   
          Other comprehensive income/(loss) net of tax:    
          Items that may be reclassified to income in later periods:    
    2,947    698    (1,460)   – Currency translation differences1 1,651    (1,174)  
    35    (12)   1    – Debt instruments remeasurements 16    13   
    (75)   14    141    – Cash flow hedging gains/(losses) (7)   61   
    —    —    —    – Net investment hedging gains/(losses) —    (44)  
    (2)   (6)   (39)   – Deferred cost of hedging (22)   (94)  
    35    (50)   (72)   – Share of other comprehensive income/(loss) of joint ventures and associates (27)   (118)  
    2,940    644    (1,429)   Total 1,610    (1,357)  
          Items that are not reclassified to income in later periods:    
    419    310    180    – Retirement benefits remeasurements 1,169    125   
    80    (81)   (38)   – Equity instruments remeasurements 77    (15)  
    (53)   44    17    – Share of other comprehensive income/(loss) of joint ventures and associates 1    (15)  
    446    273    159    Total 1,247    95   
    3,386    917    (1,270)   Other comprehensive income/(loss) for the period 2,857    (1,262)  
    7,777    4,567    5,906    Comprehensive income/(loss) for the period 18,337    17,840   
    177    123    149    Comprehensive income/(loss) attributable to non-controlling interest 357    217   
    7,600    4,443    5,757    Comprehensive income/(loss) attributable to Shell plc shareholders 17,981    17,622   

    1.See Note 8 “Other notes to the unaudited Condensed Consolidated Interim Financial Statements”.

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    CONDENSED CONSOLIDATED BALANCE SHEET
    $ million    
      September 30, 2024 December 31, 2023
    Assets    
    Non-current assets    
    Goodwill 16,600    16,660   
    Other intangible assets 8,188    10,253   
    Property, plant and equipment 191,721    194,835   
    Joint ventures and associates 25,764    24,457   
    Investments in securities 3,062    3,246   
    Deferred tax 6,114    6,454   
    Retirement benefits1 10,564    9,151   
    Trade and other receivables 6,883    6,298   
    Derivative financial instruments² 498    801   
      269,394    272,155   
    Current assets    
    Inventories 24,143    26,019   
    Trade and other receivables 46,782    53,273   
    Derivative financial instruments² 10,233    15,098   
    Cash and cash equivalents 42,252    38,774   
      123,411    133,164   
    Assets classified as held for sale1 2,144    951   
      125,555    134,115   
    Total assets 394,949    406,270   
    Liabilities    
    Non-current liabilities    
    Debt 64,597    71,610   
    Trade and other payables 3,864    3,103   
    Derivative financial instruments² 1,749    2,301   
    Deferred tax 15,487    15,347   
    Retirement benefits1 7,110    7,549   
    Decommissioning and other provisions 22,979    22,531   
      115,786    122,441   
    Current liabilities    
    Debt 12,015    9,931   
    Trade and other payables 61,076    68,237   
    Derivative financial instruments² 6,775    9,529   
    Income taxes payable 4,289    3,422   
    Decommissioning and other provisions 4,171    4,041   
      88,327    95,160   
    Liabilities directly associated with assets classified as held for sale1 1,298    307   
      89,625    95,467   
    Total liabilities 205,411    217,908   
    Equity attributable to Shell plc shareholders 187,673    186,607   
    Non-controlling interest 1,865    1,755   
    Total equity 189,538    188,362   
    Total liabilities and equity 394,949    406,270   

    1.    See Note 8 “Other notes to the unaudited Condensed Consolidated Interim Financial Statements”.

    2.    See Note 7 “Derivative financial instruments and debt excluding lease liabilities”.

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    CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
      Equity attributable to Shell plc shareholders      
    $ million Share capital1 Shares held in trust Other reserves² Retained earnings Total Non-controlling interest   Total equity
    At January 1, 2024 544    (997)   21,145    165,915    186,607    1,755      188,362   
    Comprehensive income/(loss) for the period —    —    2,815    15,166    17,981    357      18,337   
    Transfer from other comprehensive income —    —    166    (166)   —    —      —   
    Dividends³ —    —    —    (6,556)   (6,556)   (242)     (6,798)  
    Repurchases of shares4 (25)   —    25    (10,536)   (10,536)   —      (10,536)  
    Share-based compensation —    542    (24)   (400)   119    —      119   
    Other changes —    —    —    60    60    (5)     55   
    At September 30, 2024 519    (456)   24,127    163,482    187,673    1,865      189,538   
    At January 1, 2023 584    (726)   21,132    169,482    190,472    2,125      192,597   
    Comprehensive income/(loss) for the period —    —    (1,263)   18,886    17,622    217      17,840   
    Transfer from other comprehensive income —    —    (111)   111    —    —      —   
    Dividends3 —    —    —    (6,193)   (6,193)   (636)     (6,829)  
    Repurchases of shares4 (30)   —    30    (11,058)   (11,058)   —      (11,058)  
    Share-based compensation —    466    (18)   (100)   349    —      349   
    Other changes —    —    —    8    8    37      45   
    At September 30, 2023 555    (261)   19,769    171,136    191,199    1,745      192,943   

    1.    See Note 5 “Share capital”.

    2.    See Note 6 “Other reserves”.

    3.    The amount charged to retained earnings is based on prevailing exchange rates on payment date.

    4.     Includes shares committed to repurchase under an irrevocable contract and repurchases subject to settlement at the end of the quarter.

             Page 16

         
     
    SHELL PLC
    3rd QUARTER 2024 UNAUDITED RESULTS
                                             
     
    CONSOLIDATED STATEMENT OF CASH FLOWS    
    Quarters $ million Nine months
    Q3 2024   Q2 2024 Q3 2023   2024 2023
    7,270      7,404    11,291    Income before taxation for the period 25,717    30,993   
            Adjustment for:    
    554      619    513    – Interest expense (net) 1,749    1,789   
    5,916      7,555    5,911    – Depreciation, depletion and amortisation1 19,352    20,069   
    150      269    186    – Exploration well write-offs 973    626   
    154      (143)   74    – Net (gains)/losses on sale and revaluation of non-current assets and businesses —    (24)  
    (933)     (898)   (747)   – Share of (profit)/loss of joint ventures and associates (3,150)   (2,957)  
    860      792    749    – Dividends received from joint ventures and associates 2,390    2,529   
    2,705      (954)   (3,151)   – (Increase)/decrease in inventories 1,143    2,237   
    4,057      1,965    (1,126)   – (Increase)/decrease in current receivables 5,827    13,105   
    (4,096)     (1,269)   4,498    – Increase/(decrease) in current payables2 (7,314)   (10,881)  
    735      253    (2,807)   – Derivative financial instruments 2,373    (6,050)  
    125      (332)   1    – Retirement benefits (267)   31   
    359      (332)   282    – Decommissioning and other provisions2 (572)   (210)  
    (144)     2,027    (150)   – Other1 2,392    474   
    (3,028)     (3,448)   (3,191)   Tax paid (9,092)   (10,108)  
    14,684      13,508    12,332    Cash flow from operating activities 41,522    41,622   
    (4,690)     (4,445)   (5,259)      Capital expenditure (13,114)   (16,033)  
    (222)     (261)   (350)      Investments in joint ventures and associates (983)   (1,093)  
    (38)     (13)   (40)      Investments in equity securities (63)   (154)  
    (4,950)     (4,719)   (5,649)   Cash capital expenditure (14,161)   (17,280)  
    94      710    184    Proceeds from sale of property, plant and equipment and businesses 1,128    2,024   
    94      57    68    Proceeds from joint ventures and associates from sale, capital reduction and repayment of long-term loans 284    425   
    6      2    7    Proceeds from sale of equity securities 576    28   
    593      648    586    Interest received 1,818    1,555   
    1,074      883    701    Other investing cash inflows 2,814    3,308   
    (769)     (920)   (724)   Other investing cash outflows (3,183)   (2,141)  
    (3,857)     (3,338)   (4,827)   Cash flow from investing activities (10,723)   (12,080)  
    (89)     (179)   88    Net increase/(decrease) in debt with maturity period within three months (375)   (185)  
            Other debt:    
    78      132    187    – New borrowings 377    964   
    (1,322)     (4,154)   (3,368)   – Repayments (7,008)   (6,596)  
    (979)     (1,287)   (1,049)   Interest paid (3,177)   (3,076)  
    652      (115)   (26)   Derivative financial instruments 239    22   
    —      (1)   6    Change in non-controlling interest (5)   (22)  
            Cash dividends paid to:    
    (2,167)     (2,177)   (2,179)   – Shell plc shareholders (6,554)   (6,192)  
    (92)     (82)   (51)   – Non-controlling interest (242)   (636)  
    (3,537)     (3,958)   (2,725)   Repurchases of shares (10,319)   (10,640)  
    6      (24)   (30)   Shares held in trust: net sales/(purchases) and dividends received (480)   (176)  
    (7,452)     (11,846)   (9,147)   Cash flow from financing activities (27,545)   (26,535)  
    729      (126)   (421)   Effects of exchange rate changes on cash and cash equivalents 224    (222)  
    4,105      (1,801)   (2,063)   Increase/(decrease) in cash and cash equivalents 3,478    2,785   
    38,148      39,949    45,094    Cash and cash equivalents at beginning of period 38,774    40,246   
    42,252      38,148    43,031    Cash and cash equivalents at end of period 42,252    43,031   

    1.See Note 8 “Other notes to the unaudited Condensed Consolidated Interim Financial Statements”.

    2.To further enhance consistency between working capital and the Balance Sheet and the Statement of Cash Flows, from January 1, 2024, onwards movements in current other provisions are recognised in ‘Decommissioning and other provisions’ instead of ‘Increase/(decrease) in current payables’. Comparatives for the third quarter 2023 and the nine months 2023 have been reclassified accordingly by $212 million and $40 million respectively to conform with current period presentation.

             Page 17

         
     
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    3rd QUARTER 2024 UNAUDITED RESULTS

    NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

    1. Basis of preparation

    These unaudited Condensed Consolidated Interim Financial Statements of Shell plc (“the Company”) and its subsidiaries (collectively referred to as “Shell”) have been prepared in accordance with IAS 34 Interim Financial Reporting as issued by the International Accounting Standards Board (“IASB”) and adopted by the UK, and on the basis of the same accounting principles as those used in the Company’s Annual Report and Accounts (pages 244 to 316) for the year ended December 31, 2023, as filed with the Registrar of Companies for England and Wales and as filed with the Autoriteit Financiële Markten (the Netherlands) and Form 20-F (pages 217 to 290) for the year ended December 31, 2023 as filed with the US Securities and Exchange Commission, and should be read in conjunction with these filings.

    The financial information presented in the unaudited Condensed Consolidated Interim Financial Statements does not constitute statutory accounts within the meaning of section 434(3) of the Companies Act 2006 (“the Act”). Statutory accounts for the year ended December 31, 2023, were published in Shell’s Annual Report and Accounts, a copy of which was delivered to the Registrar of Companies for England and Wales, and in Shell’s Form 20-F. The auditor’s report on those accounts was unqualified, did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying the report and did not contain a statement under sections 498(2) or 498(3) of the Act.

    2. Segment information

    Segment earnings are presented on a current cost of supplies basis (CCS earnings), which is the earnings measure used by the Chief Executive Officer for the purposes of making decisions about allocating resources and assessing performance. On this basis, the purchase price of volumes sold during the period is based on the current cost of supplies during the same period after making allowance for the tax effect. CCS earnings therefore exclude the effect of changes in the oil price on inventory carrying amounts. Sales between segments are based on prices generally equivalent to commercially available prices.

    From the first quarter 2024, Wholesale commercial fuels forms part of Mobility with inclusion in the Marketing segment (previously Chemicals and Products segment). The change in segmentation reflects the increasing alignment between the economic characteristics of wholesale commercial fuels and other Mobility businesses, and is consistent with changes in the information provided to the Chief Operating Decision Maker. Prior period comparatives have been revised to conform with current year presentation with an offsetting impact between the Marketing and the Chemicals and Products segment (see below). Also, from the first quarter 2024, Shell’s longer-term innovation portfolio is managed centrally and hence reported as part of the Corporate segment (previously all other segments). Prior period comparatives have been revised to conform with current year presentation with an offsetting impact on all the other segments (see below).

             Page 18

         
     
    SHELL PLC
    3rd QUARTER 2024 UNAUDITED RESULTS
                                       
     
    REVENUE AND CCS EARNINGS BY SEGMENT    
    Quarters $ million Nine months
    Q3 2024 Q2 2024 Q3 2023   2024 2023
          Third-party revenue    
    9,748    9,052    8,338    Integrated Gas 27,996    27,208   
    1,605    1,590    1,617    Upstream 4,954    5,212   
    30,519    32,005    35,236    Marketing2 92,564    98,799   
    22,608    24,583    22,119    Chemicals and Products2 70,926    72,121   
    6,599    7,222    9,032    Renewables and Energy Solutions 21,558    34,517   
    10    11    7    Corporate 33    31   
    71,089    74,463    76,350    Total third-party revenue1 218,031    237,888   
          Inter-segment revenue    
    2,131    2,157    2,472    Integrated Gas 6,691    8,946   
    9,618    10,102    10,277    Upstream 30,008    30,282   
    1,235    1,363    1,456    Marketing2 3,953    4,056   
    9,564    9,849    11,942    Chemicals and Products2 29,725    32,653   
    1,131    957    894    Renewables and Energy Solutions 3,093    3,140   
    —    —    —    Corporate —    —   
          CCS earnings    
    2,631    2,454    2,156    Integrated Gas 7,846    5,325   
    2,289    2,179    1,999    Upstream 6,741    6,388   
    760    257    629    Marketing2 1,791    2,832   
    341    587    1,250    Chemicals and Products2 2,085    3,310   
    (481)   (75)   616    Renewables and Energy Solutions (3)   3,361   
    (647)   (1,656)   (497)   Corporate3 (2,656)   (2,315)  
    4,894    3,747    6,152    Total CCS earnings4 15,804    18,901   

    1.Includes revenue from sources other than from contracts with customers, which mainly comprises the impact of fair value accounting of commodity derivatives.

    2.From January 1, 2024, onwards Wholesale commercial fuels has been reallocated from the Chemicals and Products segment to the Marketing segment. Comparatives for the third quarter 2023 and the nine months 2023 have been reclassified accordingly, by $5,659 million and $16,369 million respectively for Third-party revenue and by $(73) million and $22 million respectively for CCS earnings to conform with current period presentation. For Inter-segment revenue the reallocation and revision of comparative figures for the third quarter 2023 and the nine months 2023 led to an increase in inter-segment revenue in the Marketing segment of $1,302 million and $3,616 million respectively and an increase in the Chemicals and Products segment of $11,373 million and $31,011 million respectively.

    3.From January 1, 2024, onwards costs for Shell’s centrally managed longer-term innovation portfolio are reported as part of the Corporate segment. Prior period comparatives for Corporate for the third quarter 2023 and the nine months 2023 have been revised by $37 million and $91 million respectively, with a net offsetting impact in all other segments to conform with current period presentation.

    4.See Note 3 “Reconciliation of income for the period to CCS Earnings, Operating expenses and Total Debt”.

             Page 19

         
     
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    3rd QUARTER 2024 UNAUDITED RESULTS

    Cash capital expenditure is a measure used by the Chief Executive Officer for the purposes of making decisions about allocating resources and assessing performance.

                                       
     
    CASH CAPITAL EXPENDITURE BY SEGMENT
    Quarters $ million Nine months
    Q3 2024 Q2 2024 Q3 2023   2024 2023
          Capital expenditure    
    1,090    1,024    958    Integrated Gas 2,971    2,458   
    1,998    1,769    2,013    Upstream 5,533    5,701   
    488    644    935    Marketing1 1,559    4,358   
    748    601    761    Chemicals and Products1 1,822    1,944   
    327    377    523    Renewables and Energy Solutions 1,124    1,382   
    39    30    68    Corporate 104    190   
    4,690    4,445    5,259    Total capital expenditure 13,114    16,033   
          Add: Investments in joint ventures and associates    
    147    127    141    Integrated Gas 457    543   
    (37)   60    (6)   Upstream 268    205   
    37    —    25    Marketing 75    48   
    13    37    76    Chemicals and Products 76    81   
    59    35    114    Renewables and Energy Solutions 103    205   
    3    1    1    Corporate 5    11   
    222    261    350    Total investments in joint ventures and associates 983    1,093   
          Add: Investments in equity securities    
    —    —    —    Integrated Gas —    —   
    12    —    —    Upstream 12    —   
    —    —    —    Marketing —    —   
    —    —    —    Chemicals and Products —    2   
    23    13    21    Renewables and Energy Solutions 45    68   
    3    —    19    Corporate 6    84   
    38    13    40    Total investments in equity securities 63    154   
          Cash capital expenditure    
    1,236    1,151    1,099    Integrated Gas 3,429    3,000   
    1,974    1,829    2,007    Upstream 5,813    5,906   
    525    644    959    Marketing1 1,634    4,406   
    761    638    837    Chemicals and Products1 1,898    2,027   
    409    425    659    Renewables and Energy Solutions 1,272    1,655   
    45    32    87    Corporate 114    285   
    4,950    4,719    5,649    Total Cash capital expenditure 14,161    17,280   

    1.From January 1, 2024, onwards Wholesale commercial fuels has been reallocated from the Chemicals and Products segment to the Marketing segment. Comparatives for the third quarter 2023 and the nine months 2023 have been reclassified accordingly by $42 million and $133 million respectively for capital expenditure and cash capital expenditure to conform with current period presentation.

             Page 20

         
     
    SHELL PLC
    3rd QUARTER 2024 UNAUDITED RESULTS

    3. Reconciliation of income for the period to CCS Earnings, Operating expenses and Total Debt

                                       
     
    RECONCILIATION OF INCOME FOR THE PERIOD TO CCS EARNINGS    
    Quarters $ million Nine months
    Q3 2024 Q2 2024 Q3 2023   2024 2023
    4,291    3,517    7,044    Income/(loss) attributable to Shell plc shareholders 15,166    18,887   
    100    133    132    Income/(loss) attributable to non-controlling interest 314    215   
    4,391    3,650    7,176    Income/(loss) for the period 15,480    19,102   
          Current cost of supplies adjustment:    
    668    137    (1,304)   Purchases 473    (275)  
    (162)   (36)   327    Taxation (114)   60   
    (2)   (5)   (47)   Share of profit/(loss) of joint ventures and associates (35)   14   
    503    97    (1,024)   Current cost of supplies adjustment 324    (201)  
          Of which:    
    477    89    (969)   Attributable to Shell plc shareholders 302    (162)
    26    7    (55)   Attributable to non-controlling interest 22    (39)
    4,894    3,747    6,152    CCS earnings 15,804    18,901   
          Of which:    
    4,768    3,606    6,075    CCS earnings attributable to Shell plc shareholders 15,468    18,725   
    126    140    77    CCS earnings attributable to non-controlling interest 336    176   
                                       
     
    RECONCILIATION OF OPERATING EXPENSES    
    Quarters $ million Nine months
    Q3 2024 Q2 2024 Q3 2023   2024 2023
    6,138    5,593    6,384    Production and manufacturing expenses 17,541    18,433   
    3,139    3,094    3,447    Selling, distribution and administrative expenses 9,208    9,811   
    294    263    267    Research and development 768    817   
    9,570    8,950    10,097    Operating expenses 27,517    29,062   
                                       
     
    RECONCILIATION OF TOTAL DEBT    
    Quarters $ million Nine months
    Q3 2024 Q2 2024 Q3 2023   2024 2023
    September 30, 2024 June 30, 2024 September 30, 2023   September 30, 2024 September 30, 2023
    12,015    10,849    10,119    Current debt 12,015    10,119   
    64,597    64,619    72,028    Non-current debt 64,597    72,028   
    76,613    75,468    82,147    Total debt 76,613    82,147   

    4. Earnings per share

                                       
     
    EARNINGS PER SHARE
    Quarters   Nine months
    Q3 2024 Q2 2024 Q3 2023   2024 2023
    4,291    3,517    7,044    Income/(loss) attributable to Shell plc shareholders ($ million) 15,166    18,887   
               
          Weighted average number of shares used as the basis for determining:    
    6,256.5    6,355.4    6,668.1    Basic earnings per share (million) 6,350.3    6,792.5   
    6,320.9    6,417.6    6,736.7    Diluted earnings per share (million) 6,414.0    6,856.7   

             Page 21

         
     
    SHELL PLC
    3rd QUARTER 2024 UNAUDITED RESULTS

    5. Share capital

                             
     
    ISSUED AND FULLY PAID ORDINARY SHARES OF €0.07 EACH
      Number of shares   Nominal value
    ($ million)
    At January 1, 2024 6,524,109,049      544     
    Repurchases of shares (299,830,201)     (25)    
    At September 30, 2024 6,224,278,848      519     
    At January 1, 2023 7,003,503,393      584     
    Repurchases of shares (357,368,014)     (30)    
    At September 30, 2023 6,646,135,379      555     

    At Shell plc’s Annual General Meeting on May 21, 2024, the Board was authorised to allot ordinary shares in Shell plc, and to grant rights to subscribe for, or to convert, any security into ordinary shares in Shell plc, up to an aggregate nominal amount of approximately €150 million (representing approximately 2,147 million ordinary shares of €0.07 each), and to list such shares or rights on any stock exchange. This authority expires at the earlier of the close of business on August 20, 2025, or the end of the Annual General Meeting to be held in 2025, unless previously renewed, revoked or varied by Shell plc in a general meeting.

    6. Other reserves

                                             
     
    OTHER RESERVES
    $ million Merger reserve Share premium reserve Capital redemption reserve Share plan reserve Accumulated other comprehensive income Total
    At January 1, 2024 37,298    154    236    1,308    (17,851)   21,145   
    Other comprehensive income/(loss) attributable to Shell plc shareholders —    —    —    —    2,815    2,815   
    Transfer from other comprehensive income —    —    —    —    166    166   
    Repurchases of shares —    —    25    —    —    25   
    Share-based compensation —    —    —    (24)   —    (24)  
    At September 30, 2024 37,298    154    261    1,284    (14,870)   24,127   
    At January 1, 2023 37,298    154    196    1,140    (17,656)   21,132   
    Other comprehensive income/(loss) attributable to Shell plc shareholders —    —    —    —    (1,263)   (1,263)  
    Transfer from other comprehensive income —    —    —    —    (111)   (111)  
    Repurchases of shares —    —    30    —    —    30   
    Share-based compensation —    —    —    (18)   —    (18)  
    At September 30, 2023 37,298    154    227    1,121    (19,029)   19,769   

    The merger reserve and share premium reserve were established as a consequence of Shell plc (formerly Royal Dutch Shell plc) becoming the single parent company of Royal Dutch Petroleum Company and The “Shell” Transport and Trading Company, p.l.c., now The Shell Transport and Trading Company Limited, in 2005. The merger reserve increased in 2016 following the issuance of shares for the acquisition of BG Group plc. The capital redemption reserve was established in connection with repurchases of shares of Shell plc. The share plan reserve is in respect of equity-settled share-based compensation plans.

    7. Derivative financial instruments and debt excluding lease liabilities

    As disclosed in the Consolidated Financial Statements for the year ended December 31, 2023, presented in the Annual Report and Accounts and Form 20-F for that year, Shell is exposed to the risks of changes in fair value of its financial assets and liabilities. The fair values of the financial assets and liabilities are defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Methods and assumptions used to estimate the fair values at September 30, 2024, are consistent with those used in the year ended December 31, 2023, though the carrying amounts of derivative financial instruments have changed since that

             Page 22

         
     
    SHELL PLC
    3rd QUARTER 2024 UNAUDITED RESULTS

    date. The movement of the derivative financial instruments between December 31, 2023 and September 30, 2024 is a decrease of $4,865 million for the current assets and a decrease of $2,754 million for the current liabilities.

    The table below provides the comparison of the fair value with the carrying amount of debt excluding lease liabilities, disclosed in accordance with IFRS 7 Financial Instruments: Disclosures.

                     
     
    DEBT EXCLUDING LEASE LIABILITIES
    $ million September 30, 2024 December 31, 2023
    Carrying amount 51,022    53,832   
    Fair value¹ 48,489    50,866   

    1.    Mainly determined from the prices quoted for these securities.

    8. Other notes to the unaudited Condensed Consolidated Interim Financial Statements

    Consolidated Statement of Income

    Interest and other income

                                       
     
    Quarters $ million Nine months
    Q3 2024 Q2 2024 Q3 2023   2024 2023
    440    (305)   913    Interest and other income/(expenses) 1,042    2,207   
          Of which:    
    619    616    618    Interest income 1,824    1,718   
    4    30    7    Dividend income (from investments in equity securities) 58    36   
    (154)   143    (75)   Net gains/(losses) on sales and revaluation of non-current assets and businesses 0    35   
    (189)   (1,169)   168    Net foreign exchange gains/(losses) on financing activities (1,292)   (60)  
    159    74    195    Other 452    478   

    Net foreign exchange gains/(losses) on financing activities in the second quarter 2024 includes a loss of $1,104 million related to cumulative currency translation differences that were reclassified to profit and loss. The reclassification of these cumulative currency translation differences was principally triggered by changes in the funding structure of some of Shell’s businesses in the United Kingdom. These currency translation differences were previously directly recognised in equity as part of accumulated other comprehensive income.

    Depreciation, depletion and amortisation

                                       
     
    Quarters $ million Nine months
    Q3 2024 Q2 2024 Q3 2023   2024 2023
    5,916    7,555    5,911    Depreciation, depletion and amortisation 19,352    20,069   
          Of which:    
    5,578 5,642 5,716 Depreciation 16,874    17,120   
    340 1,984 359 Impairments 2,706    3,438   
    (2) (71) (163) Impairment reversals (228)   (489)  

    Impairments recognised in the third quarter 2024 of $340 million pre-tax ($290 million post-tax) mainly relate to various assets in Marketing and Chemicals and Products. Impairments recognised in the second quarter 2024 of $1,984 million pre-tax ($1,778 million post-tax) mainly relate to Marketing ($1,055 million), Chemicals and Products ($690 million) and Renewables and Energy Solutions ($141 million). The impairment in Marketing principally relates to a biofuels facility located in the Netherlands, triggered by a temporary pause of on-site construction work. The impairment in Chemicals and Products relates to an Energy and Chemicals Park located in Singapore, due to remeasurement of the fair value less costs of disposal triggered by a sales agreement reached. Impairments recognised in the third quarter 2023 of $359 million pre-tax ($299 million post-tax) mainly relate to various assets in Renewables and Energy Solutions and Chemicals and Products.

             Page 23

         
     
    SHELL PLC
    3rd QUARTER 2024 UNAUDITED RESULTS

    Taxation charge/credit

                                       
     
    Quarters $ million Nine months
    Q3 2024 Q2 2024 Q3 2023   2024 2023
    2,879    3,754    4,115    Taxation charge/(credit) 10,237    11,891   
          Of which:    
    2,834 3,666 4,115 Income tax excluding Pillar Two income tax 10,026    11,891   
    45 88 — Income tax related to Pillar Two income tax 212    —

    On June 20, 2023, the UK substantively enacted Pillar Two Model Rules, effective as from January 1, 2024.

    As required by IAS 12 Income Taxes, Shell has applied the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.

    Consolidated Statement of Comprehensive Income

    Currency translation differences

                                       
     
    Quarters $ million Nine months
    Q3 2024 Q2 2024 Q3 2023   2024 2023
    2,947    698    (1,460)   Currency translation differences 1,651    (1,174)  
          Of which:    
    2,912 (406) (1,469) Recognised in Other comprehensive income 524    (1,181)  
    35 1,104 9 (Gain)/loss reclassified to profit or loss 1,127    7

    Amounts reclassified to profit and loss in the second quarter 2024 relate to cumulative currency translation differences that were reclassified to income (refer to Interest and other income above).

    Condensed Consolidated Balance Sheet

    Retirement benefits

                     
     
    $ million    
      September 30, 2024 December 31, 2023
    Non-current assets    
    Retirement benefits 10,564    9,151   
    Non-current liabilities    
    Retirement benefits 7,110    7,549   
    Surplus/(deficit) 3,454    1,602   

    Amounts recognised in the Balance Sheet in relation to defined benefit plans include both plan assets and obligations that are presented on a net basis on a plan-by-plan basis. The change in the net retirement benefit asset as at September 30, 2024, is mainly driven by an increase of the market yield on high-quality corporate bonds in the USA, the UK and Eurozone since December 31, 2023, partly offset by losses on plan assets.

    Assets classified as held for sale

                       
       
    $ million      
      September 30, 2024 December 31, 2023  
    Assets classified as held for sale 2,144    951     
    Liabilities directly associated with assets classified as held for sale 1,298    307     

    Assets classified as held for sale and associated liabilities at September 30, 2024 relate to an energy and chemicals park asset in Chemicals and Products in Singapore and various smaller assets. The major classes of assets and liabilities classified as held for sale at September 30, 2024, are Inventories ($1,273 million; December 31, 2023: $463 million), Property, plant and equipment ($544 million; December 31, 2023: $250 million), Decommissioning and other provisions ($634 million; December 31, 2023: $75 million) and Debt ($425 million; December 31, 2023: $84 million).

             Page 24

         
     
    SHELL PLC
    3rd QUARTER 2024 UNAUDITED RESULTS

    Consolidated Statement of Cash Flows

    Cash flow from operating activities – Other

                                       
     
    Quarters $ million Nine months
    Q3 2024 Q2 2024 Q3 2023   2024 2023
    (144)   2,027    (150)   Other 2,392    474   

    ‘Cash flow from operating activities – Other’ for the third quarter 2024 includes $432 million of net inflows (second quarter 2024: $620 million net inflows; third quarter 2023: $630 million net outflows) due to the timing of payments relating to emission certificates and biofuel programmes in Europe and North America and $539 million in relation to reversal of currency exchange gains on Cash and cash equivalents (second quarter 2024: $96 million losses; third quarter 2023: $336 million losses). For the second quarter 2024 ‘Cash flow from operating activities – Other’ also includes $1,104 million inflow representing reversal of the non-cash recycling of currency translation losses from other comprehensive income (refer to Interest and other income above).

             Page 25

         
     
    SHELL PLC
    3rd QUARTER 2024 UNAUDITED RESULTS

    ALTERNATIVE PERFORMANCE (NON-GAAP) MEASURES

    A.Adjusted Earnings, Adjusted earnings before interest, taxes, depreciation and amortisation (“Adjusted EBITDA”) and Cash flow from operating activities

    The “Adjusted Earnings” measure aims to facilitate a comparative understanding of Shell’s financial performance from period to period by removing the effects of oil price changes on inventory carrying amounts and removing the effects of identified items. These items are in some cases driven by external factors and may, either individually or collectively, hinder the comparative understanding of Shell’s financial results from period to period. This measure excludes earnings attributable to non-controlling interest.

    We define “Adjusted EBITDA” as “Income/(loss) for the period” adjusted for current cost of supplies; identified items; tax charge/(credit); depreciation, amortisation and depletion; exploration well write-offs and net interest expense. All items include the non-controlling interest component. Management uses this measure to evaluate Shell’s performance in the period and over time.

                                       
         
    Quarters $ million Nine months
    Q3 2024 Q2 2024 Q3 2023   2024 2023
    4,291    3,517    7,044    Income/(loss) attributable to Shell plc shareholders 15,166    18,887   
    100    133    132    Income/(loss) attributable to non-controlling interest 314    215   
    477    89    (969)   Add: Current cost of supplies adjustment attributable to Shell plc shareholders 302    (162)  
    26    7    (55)   Add: Current cost of supplies adjustment attributable to non-controlling interest 22    (39)  
    4,894    3,747    6,152    CCS earnings 15,804    18,901   
                                                   
     
    Q3 2024 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    CCS earnings 4,894 2,631 2,289 760 341 (481) (647)
    Less: Identified items (1,259) (240) (153) (422) (122) (319) (3)
    Less: CCS earnings attributable to non-controlling interest 126            
    Add: Identified items attributable to non-controlling interest —            
    Adjusted Earnings 6,028            
    Add: Non-controlling interest 126            
    Adjusted Earnings plus non-controlling interest 6,153 2,871 2,443 1,182 463 (162) (643)
    Add: Taxation charge/(credit) excluding tax impact of identified items 3,571 949 2,413 322 (73) (1) (39)
    Add: Depreciation, depletion and amortisation excluding impairments 5,578 1,369 2,691 564 862 86 6
    Add: Exploration well write-offs 150 2 148        
    Add: Interest expense excluding identified items 1,173 49 183 13 14 2 912
    Less: Interest income 619 5 8 — 25 — 581
    Adjusted EBITDA 16,005 5,234 7,871 2,081 1,240 (75) (346)
    Less: Current cost of supplies adjustment before taxation 665     334 331    
    Joint ventures and associates (dividends received less profit) (62) (146) (90) 51 63 61 —
    Derivative financial instruments 133 (373) 47 98 88 (106) 380
    Taxation paid (3,028) (814) (2,074) (241) 23 (33) 112
    Other (365) (32) (406) 275 107 (75) (234)
    (Increase)/decrease in working capital 2,665 (247) (78) 792 2,131 (136) 204
    Cash flow from operating activities 14,684 3,623 5,268 2,722 3,321 (364) 115

             Page 26

         
     
    SHELL PLC
    3rd QUARTER 2024 UNAUDITED RESULTS
                                                   
     
    Q2 2024 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    CCS earnings 3,747 2,454 2,179 257 587 (75) (1,656)
    Less: Identified items (2,669) (220) (157) (825) (499) 112 (1,080)
    Less: CCS earnings attributable to non-controlling interest 140            
    Add: Identified items attributable to non-controlling interest 18            
    Adjusted Earnings 6,293            
    Add: Non-controlling interest 122            
    Adjusted Earnings plus non-controlling interest 6,415 2,675 2,336 1,082 1,085 (187) (576)
    Add: Taxation charge/(credit) excluding tax impact of identified items 3,947 940 2,312 359 297 (10) 49
    Add: Depreciation, depletion and amortisation excluding impairments 5,642 1,375 2,750 548 867 95 6
    Add: Exploration well write-offs 269 5 264 — — — —
    Add: Interest expense excluding identified items 1,149 44 166 10 23 1 904
    Less: Interest income 616 — (1) — 30 (9) 595
    Adjusted EBITDA 16,806 5,039 7,829 1,999 2,242 (91) (213)
    Less: Current cost of supplies adjustment before taxation 133     74 59    
    Joint ventures and associates (dividends received less profit) (135) 96 (288) (54) 46 64 —
    Derivative financial instruments 713 (133) 9 7 304 607 (79)
    Taxation paid (3,448) (1,039) (1,955) (17) (186) (138) (113)
    Other (38) (104) (341) (57) 263 180 20
    (Increase)/decrease in working capital (258) 324 484 153 (361) 225 (1,083)
    Cash flow from operating activities 13,508 4,183 5,739 1,958 2,249 847 (1,468)
                                                   
     
    Q3 2023 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    CCS earnings 6,152 2,156 1,999 629 1,250 616 (497)
    Less: Identified items (149) (375) (238) (12) (213) 667 22
    Less: CCS earnings attributable to non-controlling interest 77            
    Add: Identified items attributable to non-controlling interest —            
    Adjusted Earnings 6,224            
    Add: Non-controlling interest 77            
    Adjusted Earnings plus non-controlling interest 6,302 2,531 2,237 641 1,463 (51) (519)
    Add: Taxation charge/(credit) excluding tax impact of identified items 3,621 845 2,160 269 253 70 24
    Add: Depreciation, depletion and amortisation excluding impairments 5,716 1,413 2,771 528 918 82 4
    Add: Exploration well write-offs 186 35 151 — — — —
    Add: Interest expense excluding identified items 1,130 51 119 23 41 1 895
    Less: Interest income 618 1 5 8 13 1 590
    Adjusted EBITDA 16,336 4,874 7,433 1,453 2,661 101 (186)
    Less: Current cost of supplies adjustment before taxation (1,351)     (624) (727)    
    Joint ventures and associates (dividends received less profit) (13) (40) 43 (19) (19) 21 —
    Derivative financial instruments (2,549) (454) (20) 10 (375) (1,407) (304)
    Taxation paid (3,191) (679) (2,090) (226) 54 (258) 8
    Other 177 (44) (57) (485) 167 327 269
    (Increase)/decrease in working capital 221 352 28 (960) (354) 1,182 (27)
    Cash flow from operating activities 12,332 4,009 5,336 397 2,862 (34) (238)

             Page 27

         
     
    SHELL PLC
    3rd QUARTER 2024 UNAUDITED RESULTS
                                                   
     
    Nine months 2024 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    CCS earnings 15,804 7,846 6,741 1,791 2,085 (3) (2,656)
    Less: Identified items (4,569) (1,379) 28 (1,255) (1,078) 183 (1,069)
    Less: CCS earnings attributable to non-controlling interest 336            
    Add: Identified items attributable to non-controlling interest 18            
    Adjusted Earnings 20,055            
    Add: Non-controlling interest 318            
    Adjusted Earnings plus non-controlling interest 20,373 9,225 6,712 3,046 3,163 (186) (1,588)
    Add: Taxation charge/(credit) excluding tax impact of identified items 11,642 2,885 7,247 1,039 562 (10) (81)
    Add: Depreciation, depletion and amortisation excluding impairments 16,874 4,154 8,169 1,647 2,599 287 18
    Add: Exploration well write-offs 973 14 959        
    Add: Interest expense excluding identified items 3,485 136 518 35 54 4 2,737
    Less: Interest income 1,824 5 17 1 69 (5) 1,736
    Adjusted EBITDA 51,523 16,410 23,588 5,767 6,308 101 (650)
    Less: Current cost of supplies adjustment before taxation 438     256 182    
    Joint ventures and associates (dividends received less profit) (779) (247) (924) 89 165 138 —
    Derivative financial instruments 1,153 (1,586) 53 66 (10) 2,479 152
    Taxation paid (9,092) (2,320) (5,832) (432) (182) (415) 89
    Other (500) (90) (978) 612 (8) 75 (111)
    (Increase)/decrease in working capital (344) 352 827 153 (869) 570 (1,377)
    Cash flow from operating activities 41,522 12,518 16,734 5,999 5,221 2,948 (1,898)
                                                   
     
    Nine months 2023 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    CCS earnings 18,901 5,325 6,388 2,832 3,310 3,361 (2,315)
    Less: Identified items (2,219) (4,625) (357) 314 (278) 2,778 (50)
    Less: CCS earnings attributable to non-controlling interest 176            
    Add: Identified items attributable to non-controlling interest —            
    Adjusted Earnings 20,944            
    Add: Non-controlling interest 176            
    Adjusted Earnings plus non-controlling interest 21,120 9,951 6,746 2,518 3,588 583 (2,266)
    Add: Taxation charge/(credit) excluding tax impact of identified items 11,553 2,773 6,720 808 558 345 349
    Add: Depreciation, depletion and amortisation excluding impairments 17,120 4,300 8,358 1,479 2,667 303 13
    Add: Exploration well write-offs 625 59 566 — — — —
    Add: Interest expense excluding identified items 3,504 110 372 40 39 3 2,941
    Less: Interest income 1,718 2 13 8 33 5 1,657
    Adjusted EBITDA 52,204 17,189 22,750 4,837 6,819 1,229 (619)
    Less: Current cost of supplies adjustment before taxation (261)     (94) (167)    
    Joint ventures and associates (dividends received less profit) (167) 32 (443) 85 85 72 2
    Derivative financial instruments (5,112) (3,071) — (18) 225 (1,719) (528)
    Taxation paid (10,108) (2,843) (6,455) (478) (197) (350) 214
    Other 82 (84) (530) 23 284 304 85
    (Increase)/decrease in working capital 4,462 2,700 342 (748) (1,019) 4,713 (1,526)
    Cash flow from operating activities 41,622 13,923 15,663 3,794 6,364 4,249 (2,372)

    Identified Items

    Identified items comprise: divestment gains and losses, impairments, redundancy and restructuring, provisions for onerous contracts, fair value accounting of commodity derivatives and certain gas contracts and the impact of exchange rate movements and inflationary adjustments on certain deferred tax balances, and other items. Identified items in the tables below are presented on a net basis.

             Page 28

         
     
    SHELL PLC
    3rd QUARTER 2024 UNAUDITED RESULTS
                                                   
     
    Q3 2024 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Identified items included in Income/(loss) before taxation              
    Divestment gains/(losses) (154) 1 (2) (110) (19) (20) (3)
    Impairment reversals/(impairments) (338) (6) (3) (195) (120) (14) —
    Redundancy and restructuring (552) (69) (189) (136) (141) (26) 10
    Provisions for onerous contracts (7) — — (7) — — —
    Fair value accounting of commodity derivatives and certain gas contracts (602) (252) (13) (78) 126 (385) —
    Other (136) — (141) (1) (11) 16 —
    Total identified items included in Income/(loss) before taxation (1,789) (327) (348) (526) (165) (430) 7
    Less: total identified items included in Taxation charge/(credit) (530) (87) (195) (104) (43) (111) 10
    Identified items included in Income/(loss) for the period              
    Divestment gains/(losses) (129) 1 (6) (84) (15) (23) (2)
    Impairment reversals/(impairments) (288) (4) (2) (179) (92) (10) —
    Redundancy and restructuring (397) (48) (138) (98) (101) (19) 7
    Provisions for onerous contracts (5) — — (5) — — —
    Fair value accounting of commodity derivatives and certain gas contracts (456) (213) (3) (56) 95 (279) —
    Impact of exchange rate movements and inflationary adjustments on tax balances 120 24 104 — — — (8)
    Other (105) — (108) — (8) 12 —
    Impact on CCS earnings (1,259) (240) (153) (422) (122) (319) (3)
    Impact on CCS earnings attributable to non-controlling interest — — — — — — —
    Impact on CCS earnings attributable to Shell plc shareholders (1,259) (240) (153) (422) (122) (319) (3)

             Page 29

         
     
    SHELL PLC
    3rd QUARTER 2024 UNAUDITED RESULTS
                                                   
     
    Q2 2024 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Identified items included in Income/(loss) before taxation              
    Divestment gains/(losses) 143 2 131 (60) (8) 79 —
    Impairment reversals/(impairments) (1,932) (18) (80) (1,055) (619) (161) —
    Redundancy and restructuring (211) (9) (56) (69) (30) (45) (2)
    Provisions for onerous contracts (17) (3) (14) — — — —
    Fair value accounting of commodity derivatives and certain gas contracts 461 (102) (29) 63 211 318 —
    Other1 (1,271) (130) (168) 10 113 7 (1,103)
    Total identified items included in Income/(loss) before taxation (2,826) (260) (215) (1,111) (333) 198 (1,105)
    Less: total identified items included in Taxation charge/(credit) (157) (40) (58) (286) 165 87 (25)
    Identified items included in Income/(loss) for the period              
    Divestment gains/(losses) 135 1 114 (45) (6) 71 —
    Impairment reversals/(impairments) (1,728) (15) (67) (783) (708) (155) —
    Redundancy and restructuring (147) (6) (33) (50) (23) (33) (1)
    Provisions for onerous contracts (14) (3) (11) — — — —
    Fair value accounting of commodity derivatives and certain gas contracts 319 (98) (7) 45 156 223 —
    Impact of exchange rate movements and inflationary adjustments on tax balances 49 10 (4) — — — 43
    Other1 (1,284) (111) (148) 7 83 5 (1,122)
    Impact on CCS earnings (2,669) (220) (157) (825) (499) 112 (1,080)
    Impact on CCS earnings attributable to non-controlling interest 18 — — — 18 — —
    Impact on CCS earnings attributable to Shell plc shareholders (2,687) (220) (157) (825) (517) 112 (1,080)

    1.Corporate includes reclassifications from equity to profit and loss of cumulative currency translation differences related to funding structures resulting in unfavourable movements of $1,122 million. These currency translation differences were previously recognised in other comprehensive income and accumulated in equity as part of accumulated other comprehensive income.

             Page 30

         
     
    SHELL PLC
    3rd QUARTER 2024 UNAUDITED RESULTS
                                                   
     
    Q3 2023 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Identified items included in Income/(loss) before taxation              
    Divestment gains/(losses) (75) 6 23 (10) 3 (98) —
    Impairment reversals/(impairments) (196) — (15) (2) (103) (76) —
    Redundancy and restructuring (20) (3) (4) (5) (4) (2) (3)
    Provisions for onerous contracts — — — — — — —
    Fair value accounting of commodity derivatives and certain gas contracts 258 (350) 38 (2) (88) 659 —
    Other 50 (25) (236) — (97) 408 —
    Total identified items included in Income/(loss) before taxation 17 (371) (194) (18) (288) 891 (3)
    Less: total identified items included in Taxation charge/(credit) 166 4 44 (6) (75) 225 (25)
    Identified items included in Income/(loss) for the period              
    Divestment gains/(losses) (68) 4 8 (7) 2 (76) —
    Impairment reversals/(impairments) (167) — (12) (1) (79) (75) —
    Redundancy and restructuring (14) (2) (2) (4) (3) (1) (2)
    Provisions for onerous contracts — — — — — — —
    Fair value accounting of commodity derivatives and certain gas contracts 121 (340) 13 — (59) 506 —
    Impact of exchange rate movements and inflationary adjustments on tax balances (51) (13) (62) — — — 24
    Other 29 (25) (184) — (74) 312 —
    Impact on CCS earnings (149) (375) (238) (12) (213) 667 22
    Impact on CCS earnings attributable to non-controlling interest — — — — — — —
    Impact on CCS earnings attributable to Shell plc shareholders (149) (375) (238) (12) (213) 667 22

             Page 31

         
     
    SHELL PLC
    3rd QUARTER 2024 UNAUDITED RESULTS
                                                   
     
    Nine months 2024 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Identified items included in Income/(loss) before taxation              
    Divestment gains/(losses) — — 155 (185) (35) 68 (3)
    Impairment reversals/(impairments) (2,498) (32) (179) (1,254) (917) (116) —
    Redundancy and restructuring (837) (79) (258) (226) (190) (86) 3
    Provisions for onerous contracts (24) (3) (14) (7) — — —
    Fair value accounting of commodity derivatives and certain gas contracts (1,221) (1,421) (44) (9) (79) 332 —
    Other1 (1,281) (126) (271) 32 148 39 (1,103)
    Total identified items included in Income/(loss) before taxation (5,859) (1,663) (609) (1,649) (1,073) 238 (1,104)
    Less: total identified items included in Taxation charge/(credit) (1,290) (284) (638) (394) 5 55 (35)
    Identified items included in Income/(loss) for the period              
    Divestment gains/(losses) 2 — 118 (140) (28) 54 (2)
    Impairment reversals/(impairments) (2,201) (24) (171) (965) (952) (89) —
    Redundancy and restructuring (597) (55) (179) (163) (139) (63) 2
    Provisions for onerous contracts (19) (3) (11) (5) — — —
    Fair value accounting of commodity derivatives and certain gas contracts (1,032) (1,198) (11) (6) (69) 250 —
    Impact of exchange rate movements and inflationary adjustments on tax balances 573 8 512 — — — 53
    Other1 (1,293) (107) (228) 24 110 30 (1,122)
    Impact on CCS earnings (4,569) (1,379) 28 (1,255) (1,078) 183 (1,069)
    Impact on CCS earnings attributable to non-controlling interest 18 — — — 18 — —
    Impact on CCS earnings attributable to Shell plc shareholders (4,587) (1,379) 28 (1,255) (1,096) 183 (1,069)

    1.Corporate includes reclassifications from equity to profit and loss of cumulative currency translation differences related to funding structures resulting in unfavourable movements of $1,122 million. These currency translation differences were previously recognised in other comprehensive income and accumulated in equity as part of accumulated other comprehensive income.

             Page 32

         
     
    SHELL PLC
    3rd QUARTER 2024 UNAUDITED RESULTS
                                                   
     
    Nine months 2023 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Identified items included in Income/(loss) before taxation              
    Divestment gains/(losses) 35 (1) 76 32 (12) (59) —
    Impairment reversals/(impairments) (2,952) (2,274) (199) (49) (300) (130) —
    Redundancy and restructuring (54) — (10) (22) (4) (1) (16)
    Provisions for onerous contracts (24) — — — (24) — —
    Fair value accounting of commodity derivatives and certain gas contracts 939 (3,047) 387 66 77 3,455 —
    Other 116 (25) (445) 298 (119) 408 —
    Total identified items included in Income/(loss) before taxation (1,941) (5,347) (192) 324 (382) 3,672 (16)
    Less: total identified items included in Taxation charge/(credit) 278 (722) 165 11 (104) 894 34
    Identified items included in Income/(loss) for the period              
    Divestment gains/(losses) 50 — 80 24 (9) (45) —
    Impairment reversals/(impairments) (2,284) (1,700) (188) (50) (227) (119) —
    Redundancy and restructuring (35) — (3) (17) (3) (1) (11)
    Provisions for onerous contracts (18) — — — (18) — —
    Fair value accounting of commodity derivatives and certain gas contracts 52 (2,821) 106 60 75 2,632 —
    Impact of exchange rate movements and inflationary adjustments on tax balances 8 (31) 78 — — — (39)
    Other 7 (74) (431) 297 (96) 312 —
    Impact on CCS earnings (2,219) (4,625) (357) 314 (278) 2,778 (50)
    Impact on CCS earnings attributable to non-controlling interest — — — — — — —
    Impact on CCS earnings attributable to Shell plc shareholders (2,219) (4,625) (357) 314 (278) 2,778 (50)

    The identified items categories above may include after-tax impacts of identified items of joint ventures and associates which are fully reported within “Share of profit/(loss) of joint ventures and associates” in the Consolidated Statement of Income, and fully reported as identified items included in Income/(loss) before taxation in the table above. Identified items related to subsidiaries are consolidated and reported across appropriate lines of the Consolidated Statement of Income. Only pre-tax identified items reported by subsidiaries are taken into account in the calculation of underlying operating expenses (Reference F).

    Provisions for onerous contracts: Provisions for onerous contracts that relate to businesses that Shell has exited or to redundant assets or assets that cannot be used.

    Fair value accounting of commodity derivatives and certain gas contracts: In the ordinary course of business, Shell enters into contracts to supply or purchase oil and gas products, as well as power and environmental products. Shell also enters into contracts for tolling, pipeline and storage capacity. Derivative contracts are entered into for mitigation of resulting economic exposures (generally price exposure) and these derivative contracts are carried at period-end market price (fair value), with movements in fair value recognised in income for the period. Supply and purchase contracts entered into for operational purposes, as well as contracts for tolling, pipeline and storage capacity, are, by contrast, recognised when the transaction occurs; furthermore, inventory is carried at historical cost or net realisable value, whichever is lower. As a consequence, accounting mismatches occur because: (a) the supply or purchase transaction is recognised in a different period, or (b) the inventory is measured on a different basis. In addition, certain contracts are, due to pricing or delivery conditions, deemed to contain embedded derivatives or written options and are also required to be carried at fair value even though they are entered into for operational purposes. The accounting impacts are reported as identified items.

    Impact of exchange rate movements and inflationary adjustments on tax balances represents the impact on tax balances of exchange rate movements and inflationary adjustments arising on (a) the conversion to dollars of the local currency tax base of non-monetary assets and liabilities, as well as losses (this primarily impacts the Upstream and Integrated Gas segments) and (b) the conversion of dollar-denominated inter-segment loans to local currency, leading to taxable exchange rate gains or losses (this primarily impacts the Corporate segment).

    Other identified items represent other credits or charges that based on Shell management’s assessment hinder the comparative understanding of Shell’s financial results from period to period.

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    B.    Adjusted Earnings per share

    Adjusted Earnings per share is calculated as Adjusted Earnings (see Reference A), divided by the weighted average number of shares used as the basis for basic earnings per share (see Note 4).

    C.    Cash capital expenditure

    Cash capital expenditure represents cash spent on maintaining and developing assets as well as on investments in the period. Management regularly monitors this measure as a key lever to delivering sustainable cash flows. Cash capital expenditure is the sum of the following lines from the Consolidated Statement of Cash Flows: Capital expenditure, Investments in joint ventures and associates and Investments in equity securities.

    See Note 2 “Segment information” for the reconciliation of cash capital expenditure.

    D.    Capital employed and Return on average capital employed

    Return on average capital employed (“ROACE”) measures the efficiency of Shell’s utilisation of the capital that it employs. Effective first quarter 2024, the definition of capital employed has been amended to reflect the deduction of cash and cash equivalents. In addition, the numerator applied to ROACE on an Adjusted Earnings plus non-controlling interest basis has been amended to remove interest on cash and cash equivalents for consistency with the revised capital employed definition. Comparative information has been revised to reflect the updated definition. Also, the presentation of ROACE on a net income basis has been discontinued, as this measure is not routinely used by management in assessing the efficiency of capital employed.

    The measure refers to Capital employed which consists of total equity, current debt, and non-current debt reduced by cash and cash equivalents.

    Management believes that the updated methodology better reflects Shell’s approach to managing capital employed, including the management of cash and cash equivalents alongside total debt and equity as part of the financial framework.

    In this calculation, the sum of Adjusted Earnings (see Reference A) plus non-controlling interest (NCI) excluding identified items for the current and previous three quarters, adjusted for after-tax interest expense and after-tax interest income, is expressed as a percentage of the average capital employed excluding cash and cash equivalents for the same period.

                           
     
    $ million Quarters
      Q3 2024 Q2 2024 Q3 2023
    Current debt 10,119 12,114 8,046
    Non-current debt 72,028 72,252 73,944
    Total equity 192,943 192,094 190,237
    Less: Cash and cash equivalents (43,031) (45,094) (35,978)
    Capital employed – opening 232,059 231,366 236,250
    Current debt 12,015 10,849 10,119
    Non-current debt 64,597 64,619 72,028
    Total equity 189,538 187,190 192,943
    Less: Cash and cash equivalents (42,252) (38,148) (43,031)
    Capital employed – closing 223,898 224,511 232,059
    Capital employed – average 227,979 227,939 234,154

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    3rd QUARTER 2024 UNAUDITED RESULTS
                           
     
    $ million Quarters
      Q3 2024 Q2 2024 Q3 2023
    Adjusted Earnings – current and previous three quarters (Reference A) 27,361 27,558 30,758
    Add: Income/(loss) attributable to NCI – current and previous three quarters 376 409 275
    Add: Current cost of supplies adjustment attributable to NCI – current and previous three quarters 56 (25) (12)
    Less: Identified items attributable to NCI (Reference A) – current and previous three quarters 7 7 13
    Adjusted Earnings plus NCI excluding identified items – current and previous three quarters 27,787 27,935 31,008
    Add: Interest expense after tax – current and previous three quarters 2,698 2,650 2,685
    Less: Interest income after tax on cash and cash equivalents – current and previous three quarters 1,392 1,395 1,179
    Adjusted Earnings plus NCI excluding identified items before interest expense and interest income – current and previous three quarters 29,093 29,190 32,514
    Capital employed – average 227,979 227,939 234,154
    ROACE on an Adjusted Earnings plus NCI basis 12.8% 12.8% 13.9%

    E.    Net debt and gearing

    Net debt is defined as the sum of current and non-current debt, less cash and cash equivalents, adjusted for the fair value of derivative financial instruments used to hedge foreign exchange and interest rate risk relating to debt, and associated collateral balances. Management considers this adjustment useful because it reduces the volatility of net debt caused by fluctuations in foreign exchange and interest rates, and eliminates the potential impact of related collateral payments or receipts. Debt-related derivative financial instruments are a subset of the derivative financial instrument assets and liabilities presented on the balance sheet. Collateral balances are reported under “Trade and other receivables” or “Trade and other payables” as appropriate.

    Gearing is a measure of Shell’s capital structure and is defined as net debt (total debt less cash and cash equivalents) as a percentage of total capital (net debt plus total equity).

                           
     
    $ million  
      September 30, 2024 June 30, 2024 September 30, 2023
    Current debt 12,015    10,849    10,119   
    Non-current debt 64,597    64,619    72,028   
    Total debt 76,613    75,468    82,147   
    Of which lease liabilities 25,590    25,600    27,854   
    Add: Debt-related derivative financial instruments: net liability/(asset) 1,694    2,460    3,116   
    Add: Collateral on debt-related derivatives: net liability/(asset) (821)   (1,466)   (1,762)  
    Less: Cash and cash equivalents (42,252)   (38,148)   (43,031)  
    Net debt 35,234    38,314    40,470   
    Total equity 189,538    187,190    192,943   
    Total capital 224,772    225,505    233,414   
    Gearing 15.7  % 17.0  % 17.3  %

    F.    Operating expenses and Underlying operating expenses

    Operating expenses

    Operating expenses is a measure of Shell’s cost management performance, comprising the following items from the Consolidated Statement of Income: production and manufacturing expenses; selling, distribution and administrative expenses; and research and development expenses.

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    3rd QUARTER 2024 UNAUDITED RESULTS
                                                   
     
    Q3 2024 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Production and manufacturing expenses 6,138 1,164 2,394 367 1,766 453 (6)
    Selling, distribution and administrative expenses 3,139 (1) (39) 2,408 453 209 110
    Research and development 294 27 75 55 34 22 81
    Operating expenses 9,570 1,190 2,430 2,830 2,253 684 185
                                                   
     
    Q2 2024 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Production and manufacturing expenses 5,593 1,050 2,219 320 1,573 422 10
    Selling, distribution and administrative expenses 3,094 64 62 2,295 293 279 101
    Research and development 263 32 61 47 37 24 62
    Operating expenses 8,950 1,146 2,341 2,662 1,902 725 173
                                                   
     
    Q3 2023 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Production and manufacturing expenses 6,384 1,125 2,266 335 1,900 760 (1)
    Selling, distribution and administrative expenses1 3,447 50 42 2,448 501 286 121
    Research and development1 267 30 77 60 44 (26) 81
    Operating expenses 10,097 1,204 2,384 2,843 2,444 1,021 201
                                                   
     
    Nine months 2024 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Production and manufacturing expenses 17,541 3,170 6,881 1,052 4,973 1,454 10
    Selling, distribution and administrative expenses 9,208 125 80 6,891 1,166 646 300
    Research and development 768 85 194 136 104 58 192
    Operating expenses 27,517 3,380 7,156 8,079 6,243 2,158 501
                                                   
     
    Nine months 2023 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Production and manufacturing expenses 18,433 3,341 6,591 1,030 5,579 1,878 14
    Selling, distribution and administrative expenses1 9,811 114 217 6,906 1,494 787 293
    Research and development1 817 84 216 184 129 2 202
    Operating expenses 29,062 3,540 7,024 8,120 7,201 2,667 509

    1.From the first quarter 2024, Wholesale commercial fuels forms part of Mobility with inclusion in the Marketing segment (previously Chemicals and Products segment). Prior period comparatives have been revised to conform with current year presentation with an offsetting impact between Marketing and Chemicals and Products segments (see Note 2). Also, from the first quarter 2024, Shell’s longer-term innovation portfolio is managed centrally and hence reported as part of the Corporate segment (previously all other segments). Prior period comparatives have been revised to conform with current year presentation with an offsetting impact on all the other segments (see Note 2).

    Underlying operating expenses

    Underlying operating expenses is a measure aimed at facilitating a comparative understanding of performance from period to period by removing the effects of identified items, which, either individually or collectively, can cause volatility, in some cases driven by external factors.

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    3rd QUARTER 2024 UNAUDITED RESULTS
                                       
         
    Quarters $ million Nine months
    Q3 2024 Q2 2024 Q3 2023   2024 2023
    9,570    8,950    10,097    Operating expenses 27,517    29,062   
    (552)   (210)   (19)   Redundancy and restructuring (charges)/reversal (834)   (51)  
    (154)   (212)   (343)   (Provisions)/reversal (366)   (376)  
    —    123    —    Other 252    —   
    (706)   (299)   (362)   Total identified items (948)   (426)  
    8,864    8,651    9,735    Underlying operating expenses 26,569    28,635   

    G.    Free cash flow and Organic free cash flow

    Free cash flow is used to evaluate cash available for financing activities, including dividend payments and debt servicing, after investment in maintaining and growing the business. It is defined as the sum of “Cash flow from operating activities” and “Cash flow from investing activities”.

    Cash flows from acquisition and divestment activities are removed from Free cash flow to arrive at the Organic free cash flow, a measure used by management to evaluate the generation of free cash flow without these activities.

                                       
     
    Quarters $ million Nine months
    Q3 2024 Q2 2024 Q3 2023   2024 2023
    14,684    13,508    12,332    Cash flow from operating activities 41,522    41,622   
    (3,857)   (3,338)   (4,827)   Cash flow from investing activities (10,723)   (12,080)  
    10,827    10,170    7,505    Free cash flow 30,799    29,542   
    194    769    259    Less: Divestment proceeds (Reference I) 1,988    2,477   
    —    —    (3)   Add: Tax paid on divestments (reported under “Other investing cash outflows”) —    —   
    —    189    3    Add: Cash outflows related to inorganic capital expenditure1 251    2,316   
    10,633    9,590    7,246    Organic free cash flow2 29,062    29,381   

    1.Cash outflows related to inorganic capital expenditure includes portfolio actions which expand Shell’s activities through acquisitions and restructuring activities as reported in capital expenditure lines in the Consolidated Statement of Cash Flows.

    2.Free cash flow less divestment proceeds, adding back outflows related to inorganic expenditure.

    H.    Cash flow from operating activities and cash flow from operating activities excluding working capital movements

    Working capital movements are defined as the sum of the following items in the Consolidated Statement of Cash Flows: (i) (increase)/decrease in inventories, (ii) (increase)/decrease in current receivables, and (iii) increase/(decrease) in current payables.

    Cash flow from operating activities excluding working capital movements is a measure used by Shell to analyse its operating cash generation over time excluding the timing effects of changes in inventories and operating receivables and payables from period to period.

                                       
     
    Quarters $ million Nine months
    Q3 2024 Q2 2024 Q3 2023   2024 2023
    14,684    13,508    12,332    Cash flow from operating activities 41,522    41,622   
    2,705    (954)   (3,151)   (Increase)/decrease in inventories 1,143    2,237   
    4,057    1,965    (1,126)   (Increase)/decrease in current receivables 5,827    13,105   
    (4,096)   (1,269)   4,498    Increase/(decrease) in current payables1 (7,314)   (10,881)  
    2,665    (258)   221    (Increase)/decrease in working capital (344)   4,462   
    12,019    13,766    12,111    Cash flow from operating activities excluding working capital movements 41,867    37,160   

    1.To further enhance consistency between working capital and the Balance Sheet and the Statement of Cash Flows, from January 1, 2024, onwards movements in current other provisions are recognised in ‘Decommissioning and other provisions’ instead of ‘Increase/(decrease) in current payables’. Comparatives for the third quarter 2023 and the nine months 2023 have been reclassified accordingly by $212 million and $40 million respectively to conform with current period presentation.

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    3rd QUARTER 2024 UNAUDITED RESULTS

    I.    Divestment proceeds

    Divestment proceeds represent cash received from divestment activities in the period. Management regularly monitors this measure as a key lever to deliver free cash flow.

                                       
     
    Quarters $ million Nine months
    Q3 2024 Q2 2024 Q3 2023   2024 2023
    94    710 184 Proceeds from sale of property, plant and equipment and businesses 1,128 2,024
    94    57 68 Proceeds from joint ventures and associates from sale, capital reduction and repayment of long-term loans 284 425
    6    2 7 Proceeds from sale of equity securities 576 28
    194    769 259 Divestment proceeds 1,988 2,477

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    CAUTIONARY STATEMENT

    All amounts shown throughout this Unaudited Condensed Interim Financial Report are unaudited. All peak production figures in Portfolio Developments are quoted at 100% expected production. The numbers presented throughout this Unaudited Condensed Interim Financial Report may not sum precisely to the totals provided and percentages may not precisely reflect the absolute figures, due to rounding.

    The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this Unaudited Condensed Interim Financial Report, “Shell”, “Shell Group” and “Group” are sometimes used for convenience where references are made to Shell plc and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. ‘‘Subsidiaries’’, “Shell subsidiaries” and “Shell companies” as used in this Unaudited Condensed Interim Financial Report, refer to entities over which Shell plc either directly or indirectly has control. The term “joint venture”, “joint operations”, “joint arrangements”, and “associates” may also be used to refer to a commercial arrangement in which Shell has a direct or indirect ownership interest with one or more parties. The term “Shell interest” is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest.

    Forward-Looking Statements

    This Unaudited Condensed Interim Financial Report contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Shell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as “aim”; “ambition”; ‘‘anticipate’’; ‘‘believe’’; “commit”; “commitment”; ‘‘could’’; ‘‘estimate’’; ‘‘expect’’; ‘‘goals’’; ‘‘intend’’; ‘‘may’’; “milestones”; ‘‘objectives’’; ‘‘outlook’’; ‘‘plan’’; ‘‘probably’’; ‘‘project’’; ‘‘risks’’; “schedule”; ‘‘seek’’; ‘‘should’’; ‘‘target’’; ‘‘will’’; “would” and similar terms and phrases. There are a number of factors that could affect the future operations of Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this Unaudited Condensed Interim Financial Report, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, judicial, fiscal and regulatory developments including regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, such as the COVID-19 (coronavirus) outbreak, regional conflicts, such as the Russia-Ukraine war, and a significant cybersecurity breach; and (n) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this Unaudited Condensed Interim Financial Report are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Shell plc’s Form 20-F for the year ended December 31, 2023 (available at www.shell.com/investors/news-and-filings/sec-filings.html and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this Unaudited Condensed Interim Financial Report and should be considered by the reader. Each forward-looking statement speaks only as of the date of this Unaudited Condensed Interim Financial Report, October 31, 2024. Neither Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this Unaudited Condensed Interim Financial Report.

    Shell’s Net Carbon Intensity

    Also, in this Unaudited Condensed Interim Financial Report we may refer to Shell’s “Net Carbon Intensity” (NCI), which includes Shell’s carbon emissions from the production of our energy products, our suppliers’ carbon emissions in supplying energy for that production and our customers’ carbon emissions associated with their use of the energy products we sell. Shell’s NCI also includes the emissions associated with the production and use of energy products produced by others which Shell purchases for resale. Shell only controls its own emissions. The use of the terms Shell’s “Net Carbon Intensity” or NCI are for convenience only and not intended to suggest these emissions are those of Shell plc or its subsidiaries.

    Shell’s Net-Zero Emissions Target

    Shell’s operating plan, outlook and budgets are forecasted for a ten-year period and are updated every year. They reflect the current economic environment and what we can reasonably expect to see over the next ten years. Accordingly, they reflect our Scope 1, Scope 2 and NCI targets over the next ten years. However, Shell’s operating plans cannot reflect our 2050 net-zero emissions target, as this target is currently outside our planning period. In the future, as society moves towards net-zero emissions, we expect Shell’s operating plans to reflect this movement. However, if society is not net zero in 2050, as of today, there would be significant risk that Shell may not meet this target.

    Forward-Looking Non-GAAP measures

    This Unaudited Condensed Interim Financial Report may contain certain forward-looking non-GAAP measures such as cash capital expenditure and divestments. We are unable to provide a reconciliation of these forward-looking non-GAAP measures to the most comparable GAAP financial measures because certain information needed to reconcile those non-GAAP measures to the most comparable GAAP financial measures is dependent on future events some of which are outside the control of Shell, such as oil and gas prices, interest rates and exchange rates. Moreover, estimating such GAAP measures with the required precision necessary to provide a meaningful reconciliation is extremely difficult and could not be accomplished without unreasonable effort. Non-GAAP measures in respect of future periods which cannot be reconciled to the most comparable GAAP financial measure are calculated in a manner which is consistent with the accounting policies applied in Shell plc’s consolidated financial statements.

    The contents of websites referred to in this Unaudited Condensed Interim Financial Report do not form part of this Unaudited Condensed Interim Financial Report.

    We may have used certain terms, such as resources, in this Unaudited Condensed Interim Financial Report that the United States Securities and Exchange Commission (SEC) strictly prohibits us from including in our filings with the SEC. Investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575, available on the SEC website www.sec.gov.

    This Unaudited Condensed Interim Financial Report contains inside information.

             Page 39

         
     
    SHELL PLC
    3rd QUARTER 2024 UNAUDITED RESULTS

    October 31, 2024

         
    The information in this Unaudited Condensed Interim Financial Report reflects the unaudited consolidated interim financial position and results of Shell plc. Company No. 4366849, Registered Office: Shell Centre, London, SE1 7NA, England, UK.

    Contacts:

    – Sean Ashley, Company Secretary

    – Media: International +44 (0) 207 934 5550; USA +1 832 337 4355

    LEI number of Shell plc: 21380068P1DRHMJ8KU70

    Classification: Inside Information

             Page 40

    The MIL Network –