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Category: China

  • MIL-OSI China: FAW-Volkswagen executives share industry trends

    Source: China State Council Information Office

    Executives from FAW-Volkswagen (FAW-VW) discussed automotive industry trends and engaged with students during a forum at Tsinghua University in Beijing on Oct. 25.

    Participants gather at Tsinghua University in Beijing during FAW-Volkswagen’s industry vision presentation to students, Oct. 25, 2024. [Photo courtesy of FAW-VW]

    A joint venture between FAW Group and Volkswagen Group, FAW-VW plays a crucial role in the Volkswagen Group’s “In China, For China” strategy. Since its establishment in 1991, FAW-VW has created nearly 500,000 jobs and generated more than 700 billion yuan ($98 billion) in tax revenue, contributing greatly to China’s automobile industry.

    Dr. Oliver Gruenberg, vice president of technology at FAW-VW, emphasized the company’s commitment to sustainable development and innovation in his speech.

    “FAW-VW actively responds to the national ‘dual carbon’ call, implementing full lifecycle carbon reduction through practical actions in green research and development, green supply chain, green production, green logistics, and green product use,” said Gruenberg. 

    Gruenberg praised China’s rapidly expanding new energy vehicle industry and emphasized the importance of green transformation in driving sustainable growth.

    FAW-VW Vice President of Technology Oliver Gruenberg addresses students at Tsinghua University in Beijing, Oct. 25, 2024. [Photo courtesy of FAW-VW]

    Gruenberg highlighted research and development (R&D) and innovation as crucial elements of the automotive sector’s future. He detailed FAW-Volkswagen’s achievements in localized R&D, intelligent manufacturing and quality assurance, while forecasting AI-enabled autonomous driving as the industry’s next major advancement.

    During the forum, FAW-VW executives answered questions from Tsinghua University students on topics ranging from career opportunities to industry developments.

    Cheng Wanli, human resources director at FAW-VW, stressed the company’s people-oriented approach and its commitment to attracting and developing top talent.

    Cheng Wanli, human resources director at FAW-VW, addresses students during Times forum at Tsinghua University in Beijing, Oct. 25, 2024. [Photo courtesy of FAW-VW]

    MIL OSI China 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 China: China’s manufacturing sector resumes expansion in October

    Source: China State Council Information Office 3

    An aerial drone photo taken on Aug. 28, 2024 shows an interior view of the digital factory at a manufacturing enterprise in Yinchuan, northwest China’s Ningxia Hui Autonomous Region. [Photo/Xinhua]

    China’s manufacturing sector returned to the expansion zone in October after five consecutive months of contraction, official data showed Thursday.

    The purchasing managers’ index (PMI) for China’s manufacturing sector came in at 50.1 in October, up from 49.8 in September and surpassing the boom-or-bust line of 50 for the first time since May, the National Bureau of Statistics (NBS) said in a statement.

    Commenting on the data, NBS statistician Zhao Qinghe said China’s economic sentiment continued to improve in October as a new package of incremental policies were rolled out and existing policies also gradually took effect.

    MIL OSI China News –

  • MIL-OSI China: Autumn season transforms Mount Wutai into a golden wonderland

    Source: People’s Republic of China – State Council News

    As the temperature drops, Mount Wutai transforms into a golden landscape, adorned with a vibrant tapestry of autumn hues. Yellow leaves glow vividly against the lush green backdrop of the mountains. Renowned as the foremost among China’s four sacred Buddhist mountains, Mount Wutai also ranks as one of the five major sacred Buddhist sites globally.

    MIL OSI China 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 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: Fanhua Announces Change of Name to AIX Inc. and the Results of its Extraordinary General Meeting

    Source: GlobeNewswire (MIL-OSI)

    GUANGZHOU, China, Oct. 31, 2024 (GLOBE NEWSWIRE) — Fanhua Inc. (Nasdaq: AIFU) (the “Company” or “Fanhua”), a leading independent technology-driven financial services provider in China, today announced the results of its extraordinary general meeting of shareholders held in Guangzhou on October 31, 2024 at 9:00am Beijing Time.

    At the extraordinary general meeting, each of the following resolutions submitted for shareholder approval was adopted, and after the adoption of the proposed resolutions, all corporate authorizations and actions contemplated thereunder were approved:

    (i) THAT the Company’s English name be changed from “Fanhua Inc.” to “AIX Inc.” and dual foreign (Chinese) name be changed from “泛华控股集团” to “智能未来有限公司”, respectively,

    (ii) THAT the authorized share capital of the Company, which is currently US$10,000,000 divided into 10,000,000,000 ordinary shares of a nominal or par value of US$0.001 each, and the rights attaching to the issued shares of the Company, be varied and amended as follows (the “Re-Designation and Variation of Rights”):

    (a) by the re-designation of 8,000,000,000 authorized ordinary shares (including all ordinary shares which are currently issued and outstanding) as Class A Ordinary Shares; and
    (b) by the re-designation of 2,000,000,000 authorized ordinary shares (none of which are currently issued and outstanding) as Class B Ordinary Shares,

    and that, in each case, the rights attaching to such shares shall be varied so that they shall have the rights, preferences, privileges and restrictions attaching thereto as set out in the Amended and Restated Memorandum and Articles of Association (as defined below),

    such that, after and as a consequence of the Re-Designation and Variation of Rights, the authorized share capital will be US$10,000,000 divided into (i) 8,000,000,000 Class A Ordinary Shares of a nominal or par value of US$0.001 each and (ii) 2,000,000,000 Class B Ordinary Shares of a nominal or par value of US$0.001 each, having the rights, preferences, privileges and restrictions attaching thereto as set out in the Amended and Restated Memorandum and Articles of Association (as defined below).
     

    (iii) THAT, concurrently with the Re-Designation and Variation of Rights and conditional upon approval of the same, the memorandum and articles of association of the Company currently in effect be amended and restated by their deletion in their entirety and the substitution in their place of the Amended and Restated Memorandum and Articles of Association in the form annexed as Exhibit A to the notice of the extraordinary general meeting (the “Amended and Restated Memorandum and Articles of Association”).

    After the Re-Designation and Variation of Rights, each holder of the Company’s Class A Ordinary Share is entitled to one vote per share, and each holder of the Company’s Class B Ordinary Share is entitled to 100 votes per share on all matters submitted to them for a vote.

    The change of name will take effect on or around November 1, 2024. It better reflects the strategic focus of the Company, which is to become a globally leading technology-driven financial service platform dedicated to empowering financial advisors and fostering sustained value creation for our customers.

    The Company’s ISIN and CUSIP codes will remain unchanged. Shareholders are not required to take any specific action regarding the above changes.

    In connection with changes to the new Company name and the new ticker symbol, the Company will be transitioning to a new domain for its website and corporate email.

    New website addresses:

    Official website (Chinese version): https://www.aifugroup.com

    Official website (English version): https://en.aifugroup.com

    Investor relations website (Chinese version): https://www.aifugroup.com/investor_relations.htm;

    Investor relations website (English version): https://ir.aifugroup.com

    All company email addresses will follow the format of name@aifugroup.com.

    The Company’s new websites will launch on November 1, 2024 concurrently with the transition to the new email domain. In order to ensure a smooth transition, our old domain will be automatically redirected to our new one for a period of time.

    About Fanhua Inc.

    Driven by its digital technologies and professional expertise in the insurance industry, Fanhua Inc. is the leading independent financial service provider in China, focusing on providing insurance-oriented family asset allocation services that covers customers’ full lifecycle and a one-stop service platform for individual sales agents and independent insurance intermediaries.

    With strategic focus on long-term life insurance products, we offer a broad range of insurance products, claims adjusting services and various value-added services to meet customers’ diverse needs, through an extensive network of digitally empowered sales agents and professional claims adjustors. We also operate Baowang (www.baoxian.com), an online insurance platform that provides customers with a one-stop insurance shopping experience.

    For more information about Fanhua Inc., please visit https://ir.fanhgroup.com

    Forward-looking Statements

    This press release contains statements of a forward-looking nature. These statements, including the statements relating to the Company’s future financial and operating results, are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as “will”, “expects”, “believes”, “anticipates”, “intends”, “estimates” and similar statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about Fanhua and the industry. Potential risks and uncertainties include, but are not limited to, those relating to its ability to attract and retain productive agents, especially entrepreneurial agents, its ability to maintain existing and develop new business relationships with insurance companies, its ability to execute its growth strategy, its ability to adapt to the evolving regulatory environment in the Chinese insurance industry, its ability to compete effectively against its competitors, quarterly variations in its operating results caused by factors beyond its control including macroeconomic conditions in China. Except as otherwise indicated, all information provided in this press release speaks as of the date hereof, and Fanhua undertakes no obligation to update any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although Fanhua believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results. Further information regarding risks and uncertainties faced by Fanhua is included in Fanhua’s filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F.

    For more information, please contact:

    Fanhua Inc.

    Investor Relations
    Tel: +86 (20) 8388-3191
    Email: ir@fanhgroup.com

    The MIL Network –

  • 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 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 Russia: Remembering Common History and Listening to Folklore: How to Celebrate National Unity Day in the Capital

    Translation. Region: Russian Federation –

    Source: Moscow Government – Government of Moscow –

    From November 3 to 4, Moscow will celebrate one of the warmest holidays of autumn — National Unity Day. The capital will traditionally be decorated with congratulatory posters. They will be placed on billboards and bus stops. Russian tricolors will appear on the streets and in public transport. Residents and guests of the city will enjoy concerts, plays, reenactors’ performances, exhibitions and master classes. In total, over 200 events will be held. You can join them in parks, libraries, estates, museums and cultural centers. Most of the events will be free, but some will require pre-registration. You can follow the holiday schedule in the section “Poster” on the mos.ru portal.

    Particularly spectacular programs on the occasion of National Unity Day await guests atVDNKh and in the cinema park “Moschino”. At the country’s main exhibition, Muscovites and tourists will see the most famous places, learn about space programs, and will also be able to attend the “Bread Ear – Russia’s Gold” festival. It will include master classes with theatrical performances reflecting different eras in the country’s history. A large tent with four zones will be prepared for guests. They will be transported to the 12th, 17th, 19th and 20th centuries. There they will learn how to bake gingerbread, kalachi and bread according to traditional recipes. Admission is free, with prior registration on the exhibition website. http://vdnkh.ru/specials/day-of-national-unity/

    And on November 3 and 4, the Moskino cinema park will present a large-scale historical reconstruction dedicated to the liberation of Moscow from the Polish-Lithuanian invaders in 1612. It was this event that united the country. Guests of the cinema park will be able to travel back to those times and see how the militia of Kuzma Minin and Dmitry Pozharsky defeats the invaders in a decisive battle. Additional information and conditions of visit are published on the cinema park website “Moschino”.

    In order to visit several sites and not miss the most interesting, it is worth planning your weekend leisure in advance. You can move around the city comfortably on public transport. On Saturday, November 2, the metro, Moscow Central Circle, trams and ground transport will operate according to the working day schedule. On November 3 and 4 – according to the weekend schedule. For those who use a personal car, the Sunday parking payment regime will be in effect on November 3. You will have to pay only on streets with rates of 380, 450 and 600 rubles per hour, as well as in places where a dynamic rate is in effect. On National Unity Day, November 4, parking on all streets will be free. Parking lots with barriers will continue to operate on a paid basis on both weekends.

    Attend concerts and master classes in parks

    On November 4, the Severnoye Tushino Park is planning an entertainment program called “People’s Games.” Children and adults will be able to get in a good mood, find new friends, and just have fun. The events will start at 11:00 on the central square of the park. At 13:00, a master class on painting wooden spoons will be held in the Development and Creativity Club pavilion. Beautiful painted spoons can be used as interior decoration or as a gift for loved ones. From 15:00, the same pavilion is waiting for those interested in ancient Chinese writing. At the Chinese language master class, you can not only learn words and learn to write hieroglyphs, but also learn more about the rich culture of China. The classes are suitable for children aged six and older and adults. Admission is free.

    Thematic classes will be held in Kuzminki Park on November 4. During the classes, everyone will be taught how to make a traditional toy “Bird” using decoupage technique, making a magnet “Heart” using coffee beans, and will also help you select materials and compose a greeting card “I love Russia”. A festive concert will be held on the park stage. The guests will be treated to performances by the pop song theater “Dream”, dance studio “Pearl” and many others. The concert starts at 11:00. Also, as part of the “Kind Letters” project, you can send good wishes to the soldiers taking part in the special military operation, put handmade souvenirs in the envelopes, or write poems for the soldiers.

    At 16:00 on November 4, a free patriotic concert “In Unity Is Our Strength” will begin at the Fili Hall exhibition center in Fili Park. Musical and dance groups will perform for the guests, and songs about love for the native land will be heard.

    And on the central square of Lianozovsky Park from 18:00 to 20:00 guests will be shown the documentary film “Minin and Pozharsky”.

    A master class on creating national costumes of the peoples of Russia will be held in Krasnaya Presnya Park. First, participants will be told about the types of ornaments and their meaning, and then they will be asked to repeat the patterns in their sketches forcostumes.

    A concert featuring performers from the Tagansky District will be held in Tagansky Park on Monday at 1:00 p.m. The audience will be treated to more than just musical numbers. They will also be given a master class on drawing costumes of the peoples of Russia.

    On November 4, in Sokolniki Park, everyone will be able to take part in the games of the chess and checkers club (6th Luchevoy Prosek, Building 3). Checkers tournaments will start at 12:00. You can register on site at 11:30. And chess tournaments are scheduled for 17:00. You can also register on site half an hour before the start. The number of participants is limited.

    In addition, on November 4 at 11:30 in the pagoda in 4th Luchevoy Prosek there will be a lecture by historian and publicist Evgeny Norin on the topic “The origin of the holiday of National Unity Day. Its historical and modern significance.”

    Exhibitions in museums and elsewhere

    National Unity Day is a great opportunity to organize a themed trip to a museum for the whole family. Especially since Moscow hosts many exhibitions and excursions dedicated to the art, architecture, history and nature of Russia, the traditions and customs of its peoples.

    On November 3 at 12:00, the Moscow State Art Gallery of the People’s Artist of the USSR Ilya Glazunov (Volkhonka Street, Building 13) will host a tour entitled “Defenders of the Russian Land in the Works of Ilya Glazunov.” Art lovers will be taken around the gallery and told about paintings dedicated to great victories, military valor, and glorious pages of Russian history. Participation in the tour is free with an entrance ticket.

    In addition, on November 3 from 2:00 pm to 3:30 pm, Gogol’s House (Nikitsky Boulevard, Building 7a) invites you to the world of an old Moscow estate, where you can learn how guests were received in the old days and what a real Moscow tea party is. Admission by prior arrangement registration.

    On November 3 from 15:00 to 16:00 in the Alexander Shilov Gallery (5 Znamenka Street) there will be a thematic excursion “Cultural Heritage of Moscow”. This is a wonderful opportunity to go through the halls of an old mansion accompanied by a guide, look into the gallery’s courtyard and see the back facade of an architectural monument – the creation of one of the most outstanding architects of the 19th century E.D. Tyurin. Guests will visit a cozy park in front of the gallery, admire the view of the historical center and listen to the history of the creation of the chapel of St. Nicholas the Wonderworker. They will have a fascinating acquaintance with the works of Alexander Shilov. You can register by phone: 7 495 697⁠-73⁠-10.

    On the same day from 4:00 PM to 5:00 PM, the Burganov House Museum (Bolshoy Afanasyevsky Lane, Building 15, Building 9) will hold a sightseeing tour called “The Burganov House Surroundings”. Guests will see the sculptor’s works located near the museum building: in the Ecology Park, in the People-Legends Gallery, and on Arbat. Entrance by prior registration: 7 495 695⁠-04⁠-29.

    Not only museums have prepared exhibitions for city residents. On November 4, a joint exhibition with the Russian Geographical Society called “Peoples of Russia” will open at the Dynamo metro station. The public will be presented with photos by participants in the annual photo contest of the Russian Geographical Society “The Most Beautiful Country”.

    Folk art and eternal classics in cultural centers

    The cultural centers on November 3 and 4 are worth visiting for those who are partial to symphonic and instrumental music, as well as folklore.

    On November 3, the Vdokhnovenie cultural center (Litovsky Boulevard, Building 7) will host a concert of the brass band of the Moscow State Institute of Music named after A.G. Schnittke, “On the Day of National Unity.” The musicians, under the direction of conductor Honored Artist of Russia Alexey Karabanov, will perform works by Russian composers. The concert will begin at 19:00.

    And in the cultural center “Zelenograd” (Central Square, Building 1) on November 3 at 12:00 a festival of national cultures of Russia will begin, which will unite the traditions of the peoples living in it.

    On November 4, the Vnukovo Cultural Center (6 Bolshaya Vnukovskaya Street) is hosting a gala concert of the VIII All-Russian Festival of Traditional Folk Art “Narodnoye Siyaniye”. Creative groups and individual performers will take part in it. There will be nominations for amateur folk groups, folk song ensembles and soloists. The event will start at 12:00.

    The ZIL Cultural Center (4 Vostochnaya Street, Building 1) will help prolong the holiday feeling. There will be a large free concert there on November 5. The program includes performances by members of the Ozherelye folklore ensemble, the Karnaval variety and sports dance ensemble, the Children’s Ballet Theater, the Orpheus opera studio, and other groups. The host is theater and film actor Mikhail Dorozhkin.

    National Unity Day is a national holiday that was established in 2005. It is dedicated to an important historical event – the victory of the people’s militia led by Kuzma Minin and Dmitry Pozharsky over the Polish invaders in 1612. Their feat is considered the embodiment of the courage and unity of the people.

    On National Unity Day, the capital traditionally organizes festive concerts with the participation of popular musicians and folk groups, and holds a variety of cultural and educational events.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

    https://vvv.mos.ru/nevs/item/146002073/

    MIL OSI Russia 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: 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.

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    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.

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    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.

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    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.

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    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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    3rd QUARTER 2024 UNAUDITED RESULTS
                                                         
     
    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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    3rd QUARTER 2024 UNAUDITED RESULTS
                                                         
     
    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.

             Page 12

         
     
    SHELL PLC
    3rd QUARTER 2024 UNAUDITED RESULTS

    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

             Page 13

         
     
    SHELL PLC
    3rd QUARTER 2024 UNAUDITED RESULTS

    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”.

             Page 14

         
     
    SHELL PLC
    3rd QUARTER 2024 UNAUDITED RESULTS
                     
     
    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”.

             Page 15

         
     
    SHELL PLC
    3rd QUARTER 2024 UNAUDITED RESULTS
                                                         
     
    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

         
     
    SHELL PLC
    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

         
     
    SHELL PLC
    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.

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    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   

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    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

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    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.

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    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).

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    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).

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    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

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    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)

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    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.

             Page 33

         
     
    SHELL PLC
    3rd QUARTER 2024 UNAUDITED RESULTS

    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

             Page 34

         
     
    SHELL PLC
    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.

             Page 35

         
     
    SHELL PLC
    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.

             Page 36

         
     
    SHELL PLC
    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.

             Page 37

         
     
    SHELL PLC
    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

             Page 38

         
     
    SHELL PLC
    3rd QUARTER 2024 UNAUDITED RESULTS

    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 –

  • MIL-OSI USA: The First 100 Hours: Historic Action to Kick off America’s Golden Age

    US Senate News:

    Source: The White House
    class=”has-text-align-left”>President Donald Trump’s second term is off to an historic start. The President is wasting no time delivering on the promises he made to the American people. The President signed more executive orders on his first day in office than any other president in history. Within the first 100 hours of his second administration, President Trump taken hundreds of executive actions to secure the border, deport criminal illegal immigrants, unleash American prosperity, lower costs, increase government transparency, and reinstitute merit-based hiring in the federal government. The President has already secured over $1 trillion in historic new investments. 
    We’re witnessing the Trump Effect:
    President Trump is securing historic investments just days after being sworn in.
    President Trump secured $500 billion in private sector investment for the largest AI infrastructure project in history, with Softbank CEO Masayoshi Son, Oracle co-founder Larry Ellison and OpenAI CEO Sam Altman all stating that it would not have been possible if not for President Trump’s election victory and leadership.
    Saudi Arabia “wants to invest $600 billion in the United States over the next four years.”
    Stellantis announced it will restart an assembly plant in Illinois and build the new Dodge Durango in Detroit.
    The Detroit Free Press: “The news, announced in a letter Wednesday to employees from North America Chief Operating Officer Antonio Filosa, also provided some good news to workers in Toledo, Ohio, and Kokomo, Indiana, where investments are planned. The Belvidere plant will start production of a new midsize truck in the next two years. The letter said company Chairman John Elkann had met last week with President Donald Trump before his inauguration on Monday. Elkann shared ‘our enthusiasm for his strong commitment to the United States auto industry and all that this means for American jobs and the broader economy.’”

    President Trump is already securing the border and arresting criminal illegal immigrants.
    The Border Patrol is reporting a significant drop already in attempted illegal crossings.
    Fox News: “The U.S. southern border has seen a sharp drop in illegal immigrant encounters in the first days of the Trump administration, compared to the final few days of the Biden administration.”
    ICE is at work rounding up criminal aliens.
    Fox News: “Information obtained by Fox News Digital, shows that between midnight Jan. 21 and 9 a.m. Jan 22, a 33-hour period, ICE Enforcement and Removal Operations (ERO) arrested more than 460 illegal immigrants that include criminal histories of sexual assault, robbery, burglary, aggravated assault, drugs and weapons offenses, resisting arrest and domestic violence.”
    Breitbart News: “President Donald Trump’s administration arrested 538 illegal aliens on Thursday, ranging from child predators to gang members and a suspected terrorist.”

    The Trump Administration immediately shut down the CBP One app, which “paroled” over 1 million illegal immigrants.
    Deportation flights have already started and the military is assisting with the effort.
    The Department of Homeland Security reinstated official use of the term “illegal alien” over “undocumented noncitizen,” and the DOJ announced it would be taking action against lawless sanctuary city policies.
    President Donald Trump signed an executive order to designate the cartels as terrorist organizations.

    Common sense has been restored to the government.
    President Trump signed a series of executive orders ensuring the elimination of discriminatory DEI practices and ensuring merit-based hiring.
    DEI staff are being placed on leave.
    The Federal Aviation Administration must now return to merit-based hiring.
    President Trump ended an affirmative action mandate in federal government hiring.
    President Trump signed an executive order affirming the reality that there are only two sexes.
    The State Department issued guidance that embassies should only be flying the American flag, and not any activist flags.
    President Donald Trump signed an executive order telling agencies to stop remote work practices and directing workers to return to the office.
    The State Department subsequently ordered workers to return to working in the office.
    President Donald Trump is unleashing American energy.
    President Trump declared a National Energy Emergency to unlock America’s full energy potential and bring down costs for American families.
    President Trump rescinded every one of Joe Biden’s industry-killing, pro-China, and anti-American energy regulations, empowering consumer choice in vehicles, showerheads, toilets, washing machines, lightbulbs, and dishwashers.
    President Trump withdrew the United States from the disastrous Paris Climate Agreement that unfairly ripped off our country.
    President Trump paused all new federal leasing and permitting for massive wind farms that degrade our natural landscapes and fail to serve American energy consumers.
    President Trump reversed the burdensome regulations that impeded Alaska’s ability to develop its vast natural resources.
    President Trump terminated Biden’s harmful electric vehicle mandate.

      These opening few days can be summarized as Promises Made, Promises Kept: 
    President Donald Trump said he would declassify the JFK Files. He did.
    President Donald Trump said he would end the EV mandate. He did.
    President Donald Trump said he would have the backs of the brave men and women in law enforcement. He did just that by pardoning two Washington D.C. Police officers that were unjustly prosecuted. The Metropolitan Police Department thanked President Trump for the pardon.
    President Donald Trump said he would use the military to secure the border. The Pentagon is deploying troops to the border and the Coast Guard is surging assets to the Gulf of America.
    President Trump said we would drill, baby, drill. The President signed executive orders to open up offshore drilling and allow more energy exploration in Alaska.
    President Donald Trump said he would end the weaponization of government. He signed an executive order doing just that.
    President Donald Trump said he would pardon the J6 Hostages. He did.
    President Donald Trump said he would end government censorship. On his first day in office, he signed an executive order restoring freedom of speech and ending government censorship.
    President Trump is being praised for his historic leadership:
    The Steel Manufacturers Association: “President Trump has repeatedly demonstrated his strong support for American steel workers. He reiterated that support on day one by directing his agencies to investigate unfair trade and its impact on domestic manufacturing.”
    American Fuel & Petrochemical Manufacturers President and CEO Chet Thompson: “President Trump promised to end gas car bans and vehicle mandates on Day 1 of his new administration, and we are pleased to see that work already underway. Thank you, President Trump.”
    American Petroleum Institute President and CEO Mike Sommers: “Americans sent a clear message at the ballot box, and President Trump is answering the call on Day 1. U.S. energy dominance will drive our nation’s economic and security agenda. This is a new day for American energy, and we applaud President Trump for moving swiftly to chart a new path where U.S. oil and natural gas are embraced, not restricted.”
    Job Creators Network CEO Alfredo Ortiz: “Trump’s two-fold approach of boosting oil and gas production and repealing the Biden administration’s green energy mandates will make American energy cheaper, reliable and more efficient.”
    Mortgage Bankers Association President and CEO Bob Broeksmit: “President Trump campaigned on lowering costs for Americans, and we appreciate housing supply and affordability being included in an executive order on this issue. We support efforts to cut unnecessary regulatory red tape and to pursue federal housing program enhancements that make renting and homeownership more attainable and sustainable.”
    Professional Trucking Association Group: “President Trump’s decision to freeze regulations and curtail bureaucratic overreach is commendable. This is precisely what America needs: reduced government interference and increased freedom for small trucking businesses and entrepreneurs to flourish.”
    NetChoice CEO Steve DelBianco: “Upon returning to office, President Trump showed that America is ready to lead in tech and innovation again. By repealing Biden’s restrictive rules on energy production and AI development, the president is steering America to remain dominant in creating the best technology in the world.”
    United Against Nuclear Iran Chairman Governor Jeb Bush and CEO Ambassador Mark Wallace: “We applaud President Trump for his decision today to redesignate the Houthis as an FTO. UANI in its recommended action plan for the Trump administration’s first 100 days suggested that the president redesignate the Houthis as an FTO. This will now provide the U.S. government additional authorities to hold the Houthis accountable for their threats to international commerce and U.S. allies and partners.”

    MIL OSI USA News –

  • MIL-OSI Russia: Dmitry Chernyshenko: Siberia, the South and the Caucasus Lead in Growth of Tourist Trips Over Nine Months

    Translation. Region: Russian Federation –

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    Tourists made 5.5 million trips in nine months across Siberian regions from January to September 2024. This is 15.3% more than in the same period last year. The federal district took first place in terms of the number of tourists received. The Republic of Tyva, Tomsk and Omsk regions demonstrated the highest results.

    The second place in the ranking of federal districts was taken by the traditionally touristy south of Russia. Here, the increase in the number of trips was 14.8%. In total, the southern regions received 12.3 million tourists.

    The North Caucasus rounds out the top three, demonstrating significant growth rates in this area in recent years. The indicator increased by 14.8% and reached 2.3 million trips.

    “Over the past nine months, Rosstat recorded 65.5 million tourist trips across Russia, which is 11.1% more than in the same period in 2023. The growing interest in our country from foreign tourists is encouraging: more than 3 million people have become guests of Russian hotels, which is 42% more than last year. This success confirms that Russia is becoming increasingly popular with travelers from all over the world,” said Deputy Prime Minister Dmitry Chernyshenko.

    The Deputy Prime Minister emphasized that President Vladimir Putin had instructed to make the visa regime more flexible and accessible for tourists from other countries. Thus, visa-free group trips are available for citizens of Iran and China, and representatives of 52 countries can obtain electronic visas.

    The regions of the Far East have become leaders in the growth of interest from foreign tourists. The most significant results are shown by the Republic of Sakha (Yakutia), Amur Region and Khabarovsk Krai.

    The top three leaders in terms of growth in tourist trips from abroad also include the Northwest and Siberia, with an increase of 69 and 63.8%, respectively. Here, significant results are demonstrated by the Republic of Karelia, Murmansk Region, St. Petersburg, as well as Irkutsk, Tomsk Region and the Republic of Tyva.

    “This year we are seeing rapid growth and the establishment of new tourist centers. First of all, we are talking about Siberia and the Far East. They are actively being developed by both Russian and foreign travelers. I believe that these are the most promising geographic areas for investors. For our part, we are ready to support these growth points with government support measures within the framework of the national project “Tourism and Hospitality Industry”, – said Minister of Economic Development Maxim Reshetnikov.

    The Minister added that this year the Discover Russia brand was also developed, which already today helps promote Russian tourism products in foreign markets through the cultural component, creative and gastronomic industries.

     

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI China: DPRK test-fires ballistic missile

    Source: China State Council Information Office

    The Democratic People’s Republic of Korea (DPRK) test-fired an intercontinental ballistic missile Thursday morning, with the country’s top leader overseeing the event and stressing the DPRK will not change its policy of developing nuclear forces, the Korean Central News Agency reported.

    Kim Jong Un, general secretary of the Workers’ Party of Korea and president of the State Affairs of the DPRK, said at the scene that the test-fire was an appropriate military action “to inform the rivals … of our counteraction will,” the news agency reported.

    Kim said “the rivals’ dangerous tightening of their nuclear alliance” and military maneuvers highlight the need to strengthen nuclear forces. “We should never allow any threat to approach the security sphere under our state’s influence,” Kim said.

    “The DPRK will never change its line of bolstering up its nuclear forces,” the DPRK leader added.

    A spokesperson for the Ministry of National Defense confirmed the test.

    The country’s news agency described the test as a demonstration of North Korea’s strategic missile capability, noting it “updated recent records” and underscored the reliability of what it called “the world’s most powerful strategic deterrent.”

    MIL OSI China News –

  • MIL-OSI China: China’s incremental policies boost foreign investor confidence

    Source: People’s Republic of China – State Council News

    BEIJING, Oct. 31 — Foreign investors are becoming increasingly bullish on the Chinese market, bolstered by the country’s recent incremental policies aimed at vitalizing growth momentum.

    UBS Investment Bank has raised its China 2024 growth forecast to 4.8 percent from 4.6 percent, while Goldman Sachs has lifted China’s GDP prediction this year from 4.7 percent to 4.9 percent.

    The uplift is mostly due to China’s third-quarter year-on-year GDP growth of 4.6 percent, slightly above market expectation of 4.4 percent, and the series of support policies the government recently launched, said UBS economist Wang Tao.

    Economists with Goldman Sachs noted that the latest round of China’s incremental policies clearly indicates that policymakers have made a turn on cyclical policy management and increased their focus on the economy.

    So far this year, multiple international institutions, including the World Bank and the International Monetary Fund, have raised their forecast for China’s economic growth for 2024.

    In the face of mounting challenges at home and abroad, China’s GDP grew 4.8 percent year on year in the first three quarters of this year. The country set a target of economic growth at around 5 percent for this year.

    To beef up the economy in response to looming challenges, Chinese authorities have unveiled a broader-than-expected policy package since late September, which focused on enhancing counter-cyclical adjustments, expanding effective domestic demand, supporting business operations, promoting the recovery of the property market, and invigorating capital markets.

    Aside from these pro-growth policies, Chinese policymakers continued to improve investment facilitation, create a favorable investment environment, promote high-level financial opening up to the outside world, and actively support foreign investors in participating in the Chinese capital market.

    Alan Ho, co-senior country officer for China at J.P. Morgan, said that the pace of China’s financial market opening up had accelerated in recent years.

    For example, foreign ownership restrictions in local securities, funds and futures companies have been lifted and financial markets’ connectivity mechanisms have been maturing more quickly than expected, which has brought broader development opportunities to foreign financial institutions, Ho said.

    Data from the State Administration of Foreign Exchange showed that foreign holdings of domestic renminbi bonds have so far exceeded 640 billion U.S. dollars, reaching a historic high.

    Net foreign investment in domestic bonds surpassed 80 billion U.S. dollars in the first three quarters of this year, while foreign investment in Chinese equities saw notable improvement.

    Foreign central banks and commercial banks are the biggest investors in domestic renminbi bonds, as they allocate a higher proportion of investment in medium and long-term bonds such as treasury bonds and policy bank bonds, according to the foreign exchange regulator.

    The growing foreign holdings have reflected the global investors’ confidence in the Chinese market. Currently, 24 global systemically important banks have a presence in China.

    Industry insiders believed that foreign investors’ active buy-in of Chinese assets has shown their optimism in China’s continuous opening-up measures and policy support in the capital market.

    During the World Bank’s 110th meeting of the Development Committee last week in Washington DC, Vice Minister of Finance Liao Min pledged that China will intensify countercyclical adjustments of fiscal policy.

    A series of strong measures will be implemented to resolve local government debt risks, stabilize the real estate market, increase the income of key groups, enhance people’s livelihoods, and drive equipment upgrades and trade-in deals for consumer goods, Liao said.

    By leveraging government spending to stimulate social investment and consumption, effective demand will be increased, he said, noting that China is confident in achieving the annual economic growth target, and will continue to inject impetus into world economic growth.

    MIL OSI China News –

  • MIL-OSI China: Xi calls for pooling wisdom, strength to advance reform in steady and sustained manner

    Source: People’s Republic of China – State Council News

    Xi calls for pooling wisdom, strength to advance reform in steady and sustained manner

    BEIJING, Oct. 31 — On the morning of Oct. 29, a study session for senior provincial and ministerial-level officials to study and implement the guiding principles of the Third Plenary Session of the 20th Central Committee of the Communist Party of China (CPC) was inaugurated at the Party School of the CPC Central Committee (National Academy of Governance). Xi Jinping, general secretary of the CPC Central Committee, Chinese president, and chairman of the Central Military Commission, delivered an important speech at the opening ceremony. He emphasized the need to further study and implement the guiding principles of the third plenum, calling for guiding the entire Party and the nation to have more confidence in reform, and pool collective wisdom and strength to advance reform in a steady and sustained manner.

    Li Qiang presided over the opening ceremony. Zhao Leji, Wang Huning, Cai Qi, Ding Xuexiang, and Li Xi attended the event. They are all members of the Standing Committee of the Political Bureau of the CPC Central Committee. Han Zheng, Chinese vice president, also attended the event.

    Xi noted that the Third Plenary Session of the 18th CPC Central Committee heralded a new journey to comprehensively deepen reform and to advance reform through systematic and comprehensive design in the new era. This session has broken new ground for reform and opening up, and is of epoch-making significance. Comprehensively deepening reform in the new era has yielded significant outcomes in practice, system, and theory, representing one of the most remarkable chapters in China’s history of reform and opening up. It has provided strong momentum and institutional support for building China into a moderately prosperous society in all respects, and for carrying on the “two great miracles” (sustained rapid economic growth and lasting social stability). It has also laid a solid foundation and offered valuable experience for further comprehensively deepening reform on the new journey.

    Xi emphasized that maintaining the right political orientation and breaking new ground is a major principle that must be firmly upheld in further comprehensively deepening reform. China’s reform has direction and principles to follow. We must uphold the Party’s overall leadership, Marxism, socialism with Chinese characteristics, and the people’s democratic dictatorship, with promoting social fairness and justice as well as enhancing people’s well-being as our starting point and ultimate goal. These principles are fundamental, directional, and long-term, reflecting the nature and mission of the Party, conforming to China’s realities, and tallying with the fundamental interests of the people. They must be firmly upheld on any occasion and at any time. We should continue to improve and develop the socialist system with Chinese characteristics, work hard to realize the reform’s overall goal of modernizing the national governance system and governing capabilities, and consistently march forward in the direction guided by this overall goal, decisively reforming what should be reformed and never reforming what should not be reformed. In response to the new trends of the times, the new requirements for development, and the new expectations of the people, efforts should be made to advance reform in all aspects in a comprehensive and coordinated manner with an emphasis on economic structural reform, Xi said, urging vigorous work to promote innovations in theories, practice, institutions, culture, and other areas, so as to provide strong impetus and institutional support for Chinese modernization.

    Noting that reform is a systematic undertaking, Xi said relevant work should be done through proper means and by carefully balancing concerns in various aspects. He underlined the need to adhere to the coordination between reform and the rule of law, advance the rule of law with reform measures, further deepen reform in the realm of law-based governance, and continuously better the system of socialist rule of law with Chinese characteristics. The role of the rule of law should be given better play in removing the obstacles in reform and consolidating the achievements of reform, and it is important to think in terms of the rule of law and adopt a law-based approach in advancing reform to ensure that major reforms are carried out in accordance with the law and the legitimate rights and interests of all citizens and legal entities are under equal protection, Xi said. He added that it is necessary to adhere to the dialectical unity of breaking the old and establishing the new, focusing on both parts with efforts for the latter coming first. What needs to be established should be put in place proactively; what is no longer needed should be repudiated in due course after what is needed is established; and reform should be promoted in a steady and rapid manner in the balanced development of both, Xi said. It is a must to maintain a unified approach to reform and opening up, steadily expand institutional opening up, actively align with international high-standard economic and trade rules, and deepen the reform of the management systems for foreign trade, foreign investment, and outbound investment, so as to create a first-class business environment that is market-oriented, law-based, and internationalized. It is essential to effectively manage the relationship between how work plans are made and how the arrangements are implemented. The design of reform plans must be made on the basis of how things should be done reasonably, and various measures for reform must be compatible with and support each other, so as to keep the orientation of the reform consistent. It is imperative to establish a working mechanism, under which responsibilities are clearly defined, and work in various aspects is well connected. Follow-up evaluation of work results must be strengthened to make sure that reform measures are implemented thoroughly and effectively.

    Xi emphasized that officials, particularly senior officials, bear the crucial responsibility of advancing reform. They must cultivate a strong sense of political responsibility and historical mission, confront problems and challenges head-on with political courage to tackle difficulties, decisively address entrenched issues, face up to risks without hesitation, and strive to break new ground for reform and development. The right approach should be adopted to promote reform, arrangements must be made systematically, and actions should never be taken before decisions are made.

    Xi noted that extensively building consensus and fully mobilizing all positive factors are quite important for smooth reform. It is imperative to do a good job in guiding public opinion, intensify efforts to conduct positive public communication, champion the overarching theme, and project positive energy. It is essential to conduct further research and interpretation on the major theoretical propositions put forward in the resolution adopted at the Third Plenary Session of the 20th CPC Central Committee, with a focus on strengthening public communication and interpretation of the propositions to the people. It is imperative to timely address confusions, respond to the concerns of society, and extensively build consensus, so as to consolidate the intellectual foundation and public support for the whole Party and entire society to jointly promote reform. Officials and the general public should be guided to think with a broad perspective and have a correct understanding of the adjustment of interests and personal gains and losses in the reform.

    Xi finally stressed that all regions and departments must conscientiously implement a slew of major measures decided by the Political Bureau of the CPC Central Committee, implement the existing and new policies to the letter, and employ a combination of policies to ensure that good results are delivered from the work in the next two months, and the economic and social development goals and tasks set for this year are fulfilled.

    Li Qiang, when presiding over the ceremony, said General Secretary Xi’s important speech is visionary, thought-provoking, incisive, and substantive. He said that the speech is of political, theoretical, targeted and guiding significance, and is of great importance for the Party, especially for senior officials, to comprehensively and faithfully understand the spirit of the Third Plenary Session of the 20th CPC Central Committee, and to grasp the guiding principles, overall targets, key rules and scientific methodology of the ongoing drive to further deepen reform. Studying the speech is also important for them to boost confidence in reform, follow the right direction, have a stronger sense of responsibility for reform, leverage synergies, and push for the desired delivery of reform measures.

    It is imperative to study Xi’s speech with a sense of mission and responsibility, and a focus on solving problems to have a thorough understanding of the connotations, essence and practical requirements of the speech. It is imperative to profoundly understand the decisive significance of “Two Affirmations”, resolutely act on “Two Upholds”, effectively align our thoughts and actions with the spirit of Xi’s speech and the decisions and arrangements of the CPC Central Committee, and creatively implement the reform tasks, Li said.

    Those who attended the ceremony included members of the Political Bureau of the CPC Central Committee, members of the Secretariat of the CPC Central Committee, vice-chairpersons of the Standing Committee of the National People’s Congress who are Party members, State Councilors, the president of the Supreme People’s Court, the vice-chairpersons of the National Committee of the Chinese People’s Political Consultative Conference who are Party members, and members of the Central Military Commission.

    Those who participated in the study session included leading officials of all provinces, autonomous regions, municipalities, the Xinjiang Production and Construction Corps, the relevant central and state departments, relevant people’s organizations, centrally-administered financial institutions, enterprises, universities, as well as leading officials from various units of the People’s Liberation Army and the Armed Police Force. Leaders of the central committees of the other political parties, the All-China Federation of Industry and Commerce, and relevant sectors sat in on the opening ceremony.

    Notes:

    “Two Affirmations”:

    The affirmation of Comrade Xi Jinping’s core position on the Party Central Committee and in the Party as a whole and the affirmation of the guiding role of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era.

    “Two Upholds”:

    “Two Upholds” refers to upholding General Secretary Xi Jinping’s core position on the CPC Central Committee and in the Party as a whole, and upholding the Central Committee’s authority and its centralized, unified leadership.

    MIL OSI China News –

  • MIL-OSI China: China, New Zealand launch fast patent grant program

    Source: People’s Republic of China – State Council News

    BEIJING, Oct. 31 — China and New Zealand have launched a two-year fast-track patent grant program to simplify the intellectual property application process for innovators from both countries.

    The Patent Prosecution Highway (PPH) pilot program between the China National Intellectual Property Administration (CNIPA) and the Intellectual Property Office of New Zealand will be effective from Nov. 1, 2024 until Oct. 31, 2026.

    PPH is a fast-track process that links the patent examination duties of different countries or regions, allowing patent examination authorities to share their work to speed up patent examination.

    Once China has issued a favorable decision on a patent claim, applicants can use the PPH program to request an expedited review of related claims by New Zealand’s IP office. This streamlines the approval process, according to the CNIPA.

    Such rapid authorization means that innovators can protect their intellectual property and prevent imitation or infringement by competitors.

    By the end of 2023, China became the first country in the world with more than 4 million valid invention patents. It has been the leading global source of international patent applications since 2019.

    Since initiating the first PPH pilot program in November 2011, the CNIPA has built PPH ties with the patent examination authorities of 33 countries and regions.

    MIL OSI China News –

  • MIL-OSI New Zealand: Surveys – New Zealand outranks Australia as the country that Americans want to relocate to the most, according to new research

    Source: Journo Research

    New Zealand ranks in eighth place with 11,866 average monthly searches, beating Australia with 10,919 searches.
    Canada is the country that Americans want to relocate to the most, with 28,722 average monthly relocation-related searches.
    The study analysed Google search data for keywords related to relocation inquiries to rank the countries Americans are most interested in moving to.

    New research reveals that Canada is the country Americans want to relocate to the most.
     
    Experts at QR Code Generator ranked countries by the average number of monthly Google searches for relocation-related terms, such as “move to Canada” and “Brazil visa.” The findings identified which countries Americans would like to relocate to the most.
     
    Canada ranks in first place with 28,722 average monthly searches. The country is the most searched in every state except California and Hawaii, where Japan holds the top spot.
     
    Vermont has the highest average monthly searches for Canada-related relocation terms per 100,000 of its population, at 20.34 searches.
     
    With 21,584 average monthly searches, Japan places second. Hawaii searches for Japan the most, with 26.36 average monthly searches per 100,000 locals. This search volume is also the highest out of any state’s interest in any country.
     
    Third place goes to Costa Rica with 15,511 average monthly searches. Montana has the highest average monthly searches for Costa Rica, with 8.90 searches per 100,000 residents.
     
    Brazil ranks in fourth place with 14,613 average monthly searches. With 7.64 average monthly searches per 100,000 locals, Massachusetts is the most interested in moving to Brazil.
     
    Earning fifth place, Mexico has 13,221 average monthly searches. South Dakota is the most interested in moving to Mexico, with 8.52 average monthly searches per 100,000 residents.

    Countries that Americans want to relocate to the most

     

    Ranking 

    Country 

    Average Monthly Google Searches  

    1 

    Canada 

    28,722 

    2 

    Japan 

    21,584 

    3 

    Costa Rica 

    15,511 

    4 

    Brazil 

    14,613 

    5 

    Mexico 

    13,221 

    6 

    Switzerland 

    12,963 

    7 

    Spain 

    12,592 

    8 

    New Zealand 

    11,866 

    9 

    Ireland 

    11,732 

    10 

    Italy 

    11,711 

     
    Switzerland ranks sixth, with 12,963 average monthly searches. With 5.08 average monthly searches per 100,000 locals, Massachusetts is the state that is the most interested in moving to the Central European country.
     
    With 12,592 average monthly searches, Spain takes seventh place. Even though Spain reaches its highest rank of fourth-most searched in New York, the state that has the highest volume of Spain-related searches is Rhode Island, with 7.98 searches per 100,000 residents.
     
    In eighth place, New Zealand has 11,866 average monthly searches. The country in Oceania was the second-most popular in Wyoming, Montana, and Hawaii, with 13.27, 9.42, and 11.85 average monthly searches per 100,000 locals, respectively.
     
    Ireland ranks in ninth place with 11,732 average monthly searches. Ireland was the second-most popular country with Vermont, Maine and West Virginia, receiving 13.77, 8.42, and 5.08 average monthly searches per 100,000 residents, respectively.
     
    Italy just makes the list in tenth place, with 11,711 searches. Alaska, Delaware, and Rhode Island had Italy as their second-most searched destination, with 12.84, 8.80, and 9.88 average monthly searches per 100,000 locals, respectively.  
     
    Marc Porcar, CEO of QR Code Generator PRO S.L, commented on the findings:
     
    “With its proximity and cultural similarities, Canada has emerged as the clear favorite for Americans considering a move abroad.

    “Yet some of the other top choices, like Japan, Costa Rica, and Brazil, are surprising, given the language barriers, unique cuisines, and distinct cultural landscapes they offer.

    “These findings reveal that many Americans aren’t just looking for an easy transition, but are drawn to the adventure of a richer, more diverse experience overseas.”

    If you publish these insights, please credit and link to QR Code Generator, as they conducted this research.
     
    Methodology
     
    To determine which countries have the highest interest for Americans looking to relocate, data from Google Keyword Planner was examined.  
     
    Terms like “move to [country]” and “visa [country]” were searched, and the average monthly search volume over the past 12 months was analysed to rank countries by the frequency of relocation searches.
     
    State data was compared to its respective populations.

    The 193 countries were taken from this United Nations source:

    https://www.un.org/en/about-us/member-states

    The combined search volume for each country’s 22 terms was calculated and used to rank the countries from highest to lowest average monthly searches.

    Full ranking: The countries Americans want to relocate to the most

     

    Ranking 

    Country 

    Average Monthly Google Searches  

    1 

    Canada 

    28,722 

    2 

    Japan 

    21,584 

    3 

    Costa Rica 

    15,511 

    4 

    Brazil 

    14,613 

    5 

    Mexico 

    13,221 

    6 

    Switzerland 

    12,963 

    7 

    Spain 

    12,592 

    8 

    New Zealand 

    11,866 

    9 

    Ireland 

    11,732 

    10 

    Italy 

    11,711 

    11 

    Portugal 

    11,057 

    12 

    Australia 

    10,919 

    13 

    Thailand 

    9,228 

    14 

    Germany 

    9,193 

    15 

    Turkey 

    9,089 

    16 

    Iceland 

    8,557 

    17 

    Norway 

    8,274 

    18 

    Sweden 

    7,696 

    19 

    France 

    7,685 

    20 

    United Kingdom 

    7,523 

    21 

    Greece 

    6,957 

    22 

    Netherlands 

    6,705 

    23 

    Kenya 

    6,632 

    24 

    Philippines 

    6,309 

    25 

    Finland 

    6,079 

    26 

    Denmark 

    6,013 

    27 

    Vietnam 

    6,005 

    28 

    Belize 

    5,838 

    29 

    Ghana 

    5,756 

    30 

    Panama 

    5,647 

    31 

    North Korea 

    5,441 

    32 

    South Korea 

    5,133 

    33 

    Dominican Republic 

    5,098 

    34 

    Russia 

    4,947 

    35 

    The Bahamas 

    4,851 

    36 

    South Africa 

    4,813 

    37 

    Argentina 

    4,769 

    38 

    Singapore 

    4,753 

    39 

    China 

    4,482 

    40 

    Taiwan 

    4,283 

    41 

    Poland 

    4,168 

    42 

    Israel 

    3,913 

    43 

    Colombia 

    3,910 

    44 

    India 

    3,906 

    45 

    Ecuador 

    3,885 

    46 

    Austria 

    3,648 

    47 

    Malaysia 

    3,633 

    48 

    Uruguay 

    3,510 

    49 

    Jamaica 

    3,386 

    50 

    Chile 

    3,356 

    MIL OSI New Zealand News –

  • MIL-OSI: YXT.com Group Holding Limited Announces Change of Auditor

    Source: GlobeNewswire (MIL-OSI)

    SUZHOU, China, Oct. 31, 2024 (GLOBE NEWSWIRE) — YXT.com Group Holding Limited (“YXT.com” or the “Company”), a leader and disruptor of the digital corporate learning industry in China, today announced the appointment of Marcum Asia CPAs LLP (“Marcum Asia”) as the Company’s independent registered public accounting firm, effective on October 31, 2024.

    Marcum Asia succeeds PricewaterhouseCoopers Zhong Tian LLP (“PwC”), which was previously the independent auditor providing audit services to the Company. The change of the Company’s independent auditor was made after careful consideration and an evaluation process by the Company and has been recommended by the audit committee of the board of directors of the Company and approved by the board of directors of the Company. The decision to change auditor was not as a result of any disagreement between the Company and PwC on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures.

    Marcum Asia is engaged to audit and report on the consolidated financial statements of the Company for the fiscal year ending December 31, 2024. The audit reports issued by PwC on the Company’s consolidated financial statements for the fiscal years ended December 31, 2022 and 2023 did not contain any adverse opinion or disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope, or accounting principles.

    The Company would like to take this opportunity to express its sincere gratitude to the PwC team for their professionalism and quality of services rendered to the Company over the past years.

    About YXT.com
    As a technology company, YXT.com provides corporations with digital corporate learning solutions, including SaaS platforms, learning content, and other services. YXT.com is a leader and disruptor of the digital corporate learning industry in China. Established in 2011, YXT.com has supported Fortune 500 companies and other leading companies with their transformation and digitalization of learning and development, and has received recognition, respect and recurring business.

    Safe Harbor Statement
    This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to”, or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.

    Contact
    Robin Yang
    ICR, LLC
    YXT.IR@icrinc.com
    +1 (646) 405-4883

    The MIL Network –

  • MIL-OSI: HPH Announces Results of its Extraordinary General Meeting and Separate Class Meeting

    Source: GlobeNewswire (MIL-OSI)

    GUANGZHOU, China, Oct. 31, 2024 (GLOBE NEWSWIRE) — Highest Performances Holdings Inc. (NASDAQ: HPH) (“HPH” or the “Company”) today announced the results of its extraordinary general meeting of shareholders and separate class meeting of the holders of ordinary shares of the Company (the “Combined Meeting”) held in Guangzhou on October 31, 2024.

    At the Combined Meeting, the shareholders passed the following resolutions to:

    (i) change the authorized share capital of the Company FROM US$2,000,000 divided into 2,000,000,000 shares consisting of (i) 1,950,000,000 Ordinary Shares of a nominal or par value of US$0.001 each (the “Ordinary Shares”); and (ii) 50,000,000 Preference Shares of a nominal or par value of US$0.001 each (the “Preference Shares”) TO US$5,000,000 divided into 5,000,000,000 shares consisting of (i) 4,000,000,000 Class A Ordinary Shares of a nominal or par value of US$0.001 each (the “Class A Ordinary Shares”); and (ii) 1,000,000,000 Class B Ordinary Shares of a nominal or par value of US$0.001 each (the “Class B Ordinary Shares”). All of the previously issued and outstanding Ordinary Shares will be re-designated as Class A Ordinary Shares. Each Class A Ordinary Share shall have one vote per Class A Ordinary Share while each Class B Ordinary Share shall have 100 votes per Class B Ordinary Share, among other rights, preferences, privileges and restrictions as set out in the AR M&A (as defined below).

    (ii) replace the existing third amended and restated memorandum and articles of association of the Company in their entirety with a new fourth amended and restated memorandum and articles of association of the Company (the “AR M&A”) to reflect, among others, the aforementioned changes; and

    (iii) authorize any director of the Company (the “Director”) to take any and all action that might be necessary to effect the foregoing resolutions as such Director, in his or her absolute discretion, thinks fit.

    About HPH
    Founded in 2010 and formerly known as Puyi Inc., we have evolved with a vision to become a leading provider of artificial intelligent technology-driven family and enterprise services. Our mission is to enhance the quality of life for families worldwide by leveraging two primary driving forces: technological intelligence and capital investments. We are dedicated to investing in high-quality enterprises with global potential, focusing on areas such as asset allocation, education and study tours, healthcare and elderly care, and family governance.

    We currently hold controlling interests in two leading financial service providers in China. The first is Fanhua Inc., a technology-driven independent financial service platform traded on the Nasdaq. The second is Fanhua Puyi Fund Distribution Co., Ltd., an independent wealth management service provider.

    Highest Performances Holdings Inc., formerly known as Puyi Inc., was renamed on March 13, 2024 to reflect its strategic transformation.

    Forward-looking Statements
    This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When HPH uses words such as “may”, “will”, “intend”, “should”, “believe”, “expect”, “anticipate”, “project”, “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from HPH’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: HPH’s ability to obtain proceeds from the Agreement; HPH’s goals and strategies; HPH’s future business development; product and service demand and acceptance; changes in technology; economic conditions; the growth of the third-party wealth management industry in China; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in China and the international markets HPH serves and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by HPH with the Securities and Exchange Commission. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in HPH’s filings with the U.S. Securities and Exchange Commission, which are available for review at www.sec.gov. HPH undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

    Highest Performances Holdings Inc.

    The MIL Network –

  • MIL-OSI Asia-Pac: Granting of banking licences

    Source: Hong Kong Government special administrative region

    The following is issued on behalf of the Hong Kong Monetary Authority:
     
         The Hong Kong Monetary Authority announced today (October 31) that the Monetary Authority has granted banking licences to Guanyin International Limited (GIL) and KGI Bank Co., Ltd. (KGIB) under the Banking Ordinance. The granting of these banking licences take effect today (October 31, 2024).

         GIL is incorporated in Hong Kong and is a wholly-owned subsidiary of Bank of Dongguan Co., Ltd. KGIB is incorporated in Taiwan, China. 

         After the grant of the above banking licences, the number of licensed banks in Hong Kong is 151.

    MIL OSI Asia Pacific News –

  • MIL-OSI China: Chinese coastal province raises emergency response as Typhoon Kong-rey nears

    Source: People’s Republic of China – State Council News

    FUZHOU, Oct. 31 — East China’s Fujian Province on Thursday issued the second highest-level emergency response to Typhoon Kong-rey, the 21st typhoon of this year.

    In anticipation of the storm’s impact, railway and maritime authorities have suspended several train services and halted 71 coastal passenger ferry routes affecting 190 vessels. Meanwhile, 115 coastal construction projects have been stopped until further notice.

    Specialized rescue forces, including rescue ships, helicopters, and patrol boats, have been deployed on standby to respond to potential emergencies, according to the Fujian maritime authorities.

    There remains a possibility that Kong-rey could make landfall along the coasts of Fujian or Zhejiang provinces on its northeastward path, according to the National Meteorological Center.

    The center issued an orange alert for Kong-rey on Thursday morning, warning that the storm will bring torrential rains to eastern areas, including Fujian, Zhejiang, Jiangsu provinces, and Shanghai, from Thursday afternoon to Friday afternoon.

    China has a four-tier emergency response system, with Level I being the most severe response, and a four-tier color-coded weather warning system, with red representing the most severe, followed by orange, yellow and blue.

    MIL OSI China News –

  • MIL-OSI China: The MND: US Willful Deployment of Typhon Mid-range Missile System only Stirs up Troubles 2024-10-31 The Philippine government needs to listen to the voices of its people, fully recognize the high sensitivity and grave consequences of this issue, and stop such dangerous behavior which will hurt others as well as herself. It should not tie herself to the US war chariot and end up being cannon fodders.

    Source: People’s Republic of China – Ministry of National Defense 2

      Question: It is reported that the Chairman of the Philippine Senate Foreign Relations Committee openly opposed US deployment of Typhon mid-range missile system in the Philippines during her attendance at a recent media forum. May I have your comment?

      Zhang Xiaogang: China has repeatedly expressed our firm opposition to US deployment of mid-range missile system in the Philippines. The US has withdrawn from the Intermediate-Range Nuclear Forces Treaty, developed Typhon mid-range missile system, and used it as a tool to maintain its hegemony. It has made willful deployment and stirred up troubles, which increased the risk of war in the region. It has been proven time and again that the US is a real saboteur to peace and a troublemaker.

      In fact, many people in the Philippines oppose US deployment of Typhon mid-range missile system. The Philippine government needs to listen to the voices of its people, fully recognize the high sensitivity and grave consequences of this issue, and stop such dangerous behavior which will hurt others as well as herself. It should not tie herself to the US war chariot and end up being cannon fodders.

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    MIL OSI China News –

  • MIL-OSI China: Ministry of National Defense Sternly Warns the DPP Authorities: Soliciting Foreign Support is a Dead End 2024-10-31 We sternly warn the DPP authorities not to stick to the wrong path and come back to the right course as soon as possible. Soliciting foreign support is a dead end.

    Source: People’s Republic of China – Ministry of National Defense 2

      Question: Taiwan’s “defense minister” claims that Taiwan serves as a pivot of the first island chain in the Indo-Pacific, and her neighboring waters are an important international trade route. If the PLA were to block Taiwan, all aircraft and vessles would be prohibted from entering. Doing so is not different from an act of war. The international community will not turn a blind eye toward it. May I have your comment?

      Zhang Xiaogang: Taiwan is a province of China and there is no such a thing as Taiwan’s “defense minister”. Resolving the Taiwan question is a matter for the Chinese people which brooks no foreign interference. The PLA’s relevant military exercises are targeted at the “Taiwan independence” separatist forces. The purpose is to safeguard the fundemental interests of the Chinese nation and the well-bing of the Taiwan compatriots. We sternly warn the DPP authorities not to stick to the wrong path and come back to the right course as soon as possible. Soliciting foreign support is a dead end.

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    MIL OSI China News –

  • MIL-OSI China: Ministry of National Defense will host the Fourth Conference on Military Medicine of the China-Africa Peace and Security Forum 2024-10-31 China’s Ministry of National Defense will host the Fourth Conference on Military Medicine of the China-Africa Peace and Security Forum from November 5 to 10 in Guangzhou.

    Source: People’s Republic of China – Ministry of National Defense 2

      China’s Ministry of National Defense will host the Fourth Conference on Military Medicine of the China-Africa Peace and Security Forum from November 5 to 10 in Guangzhou. Leaders of health departments and medical experts from over 20 African militaries will attend the event. Under the theme of “Enhance China-Africa Military Medical Exchanges and Cooperation in the New Era”, this year’s conference covers topics including medical service management and innovation, war wounds and trauma treatment and regional infectious diseases prevention and control. Chinese and African delegates will exchange views on strenthening practical cooperation on military medicine and jointly addressing challenges in medical health, share experience and practices on Chinese military health system, and contribute to jointly building an all-weather China-Africa community with a shared future for the new era.

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    MIL OSI China News –

  • MIL-OSI Asia-Pac: Participatory theatre production “Post Capitalistic Auction” allows audiences to bid for artworks in creative ways other than money (with photos)

    Source: Hong Kong Government special administrative region

    Participatory theatre production “Post Capitalistic Auction” allows audiences to bid for artworks in creative ways other than money (with photos)
    Participatory theatre production “Post Capitalistic Auction” allows audiences to bid for artworks in creative ways other than money (with photos)
    ******************************************************************************************

         The Asia+ Festival, presented by the Culture, Sports and Tourism Bureau and organised by the Leisure and Cultural Services Department, will stage a participatory theatre production “Post Capitalistic Auction” on November 16 and 17. In this unconventional yet authentic auction created by Mainland artist Jingyi Wang and local curator Kyle Chung, audiences can bid for their favourite artworks in new ways other than money, before taking the art pieces home. The auction comes with a pre-auction showcase and fringe activities, offering audiences multiple perspectives to contemplate the value of art.      This auction is unique in that it gives endless room for imagination: Audiences can place bids not only with money but alternative “currencies” they can think of, such as barter (in either tangible or intangible terms), a career opportunity for the artist, a deep understanding of the artwork, and more. A total of eight artworks (see Annex) will be put up for bidding in two rounds of auction. Audiences will place bids online and the process will be projected onto a big screen in real time. Eight groups of artists from France, Indonesia, Thailand and Hong Kong, China will attend in person to choose the winning bid, guided by professional advice from an expert panel.      In “Post Capitalistic Auction”, creator Wang questions if money is the only means to determine something’s value. This experiment is an attempt to explore whether changing the rules of the game can change the way people think. Curator Chung, who describes his project as an experimental performance, advises potential bidders to attend the pre-auction showcase and guided tour to learn more about the eight groups of artists and their works in advance, which may raise their chances of winning the auction.      Ever since its 2018 premiere in Bergen, “Post Capitalistic Auction” has toured Toronto and Yokohama. Previous editions have attracted many interesting bids and inspired reflections on the ecology of the art market. The upcoming Hong Kong debut is set to make waves in this city widely known as Asia’s art trading hub. Audience members who have no intention of bidding are welcome to buy tickets and join the event nonetheless.      Two rounds of auction will each feature four groups of artists, namely (November 16): Carla Chan (Hong Kong, China), Maurice Benayoun (France), Navin Rawanchaikul and daughter Mari Rawanchaikul (Thailand), and Wu Jiaru (Hong Kong, China); (November 17): Chan Wai-lap (Hong Kong, China), Leung Mee-ping (Hong Kong, China), Maryanto (Indonesia) and William Lim (Hong Kong, China).      The auction will be conducted in Cantonese, Putonghua and English, with Cantonese and English simultaneous interpretation. Each auction will be followed by a discussion session. Bidders, who must be over 18 years of age, will be asked to place bids using a smartphone or a tablet with Internet connection. During the process, bidders’ interaction with performers may be photographed, recorded or live-streamed. A vernissage will be held at 6pm on November 13 at the Hong Kong City Hall Exhibition Hall, while guided tours and an auction showcase will be held from November 14 to 18. Other fringe activities include art student roundtables and a panel discussion. For details, please refer to asiaplus.gov.hk/2024/en/post-capitalistic-auction.      Participatory theatre production “Post Capitalistic Auction” will be held at 8pm on November 16 and 3pm on November 17 at the Hong Kong City Hall Theatre. Free seating tickets priced at $420 and guided tour tickets at $60 are now available at URBTIX (www.urbtix.hk). Admission to other activities is free. For telephone bookings, please call 3166 1288, or use the mobile ticketing app “URBTIX”.      The second Asia+ Festival is running from September to November, highlighting the arts and cultures of nearly 30 Asian and Belt and Road countries or regions. Apart from stage programmes, there are also thematic exhibitions, an outdoor carnival, film screenings, outreach activities and more, numbering over 100 in total. For programme enquiries and concessionary schemes, please call 2370 1044 or visit asiaplus.gov.hk/2024/en/.

     
    Ends/Thursday, October 31, 2024Issued at HKT 17:15

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI: Aurora Mobile to Report Third Quarter 2024 Financial Results on November 14, 2024

    Source: GlobeNewswire (MIL-OSI)

    SHENZHEN, China, Oct. 31, 2024 (GLOBE NEWSWIRE) — Aurora Mobile Limited (NASDAQ: JG) (“Aurora Mobile” or the “Company”), a leading provider of customer engagement and marketing technology services in China, today announced that it will release its unaudited financial results for the third quarter ended September 30, 2024 before the open of U.S. markets on Thursday, November 14, 2024.

    Aurora Mobile’s management will host an earnings conference call on Thursday, November 14, 2024 at 7:30 a.m. U.S. Eastern Time (8:30 p.m. Beijing time on the same day).

    All participants must register in advance to join the conference using the link provided below. Please dial in 15 minutes before the call is scheduled to begin. Conference access information will be provided upon registration.

    Participant Online Registration: https://register.vevent.com/register/BIbffdeba3d6fd4cb59da31309ca6efd3f

    A live and archived webcast of the conference call will be available on the Investor Relations section of Aurora Mobile’s website at https://ir.jiguang.cn/.

    About Aurora Mobile Limited

    Founded in 2011, Aurora Mobile (NASDAQ: JG) is a leading provider of customer engagement and marketing technology services in China. Since its inception, Aurora Mobile has focused on providing stable and efficient messaging services to enterprises and has grown to be a leading mobile messaging service provider with its first-mover advantage. With the increasing demand for customer reach and marketing growth, Aurora Mobile has developed forward-looking solutions such as Cloud Messaging and Cloud Marketing to help enterprises achieve omnichannel customer reach and interaction, as well as artificial intelligence and big data-driven marketing technology solutions to help enterprises’ digital transformation.

    For more information, please visit https://ir.jiguang.cn/

    For more information, please contact:

    Aurora Mobile Limited
    E-mail: ir@jiguang.cn

    Christensen

    In China
    Ms. Xiaoyan Su
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    The MIL Network –

  • MIL-OSI China: Fujian raises emergency response as Typhoon Kong-rey nears

    Source: China State Council Information Office 2

    East China’s Fujian Province on Thursday issued the second highest-level emergency response to Typhoon Kong-rey, the 21st typhoon of this year.
    In anticipation of the storm’s impact, railway and maritime authorities have suspended several train services and halted 71 coastal passenger ferry routes affecting 190 vessels. Meanwhile, 115 coastal construction projects have been stopped until further notice.
    Specialized rescue forces, including rescue ships, helicopters, and patrol boats, have been deployed on standby to respond to potential emergencies, according to the Fujian maritime authorities.
    There remains a possibility that Kong-rey could make landfall along the coasts of Fujian or Zhejiang provinces on its northeastward path, according to the National Meteorological Center.
    The center issued an orange alert for Kong-rey on Thursday morning, warning that the storm will bring torrential rains to eastern areas, including Fujian, Zhejiang, Jiangsu provinces, and Shanghai, from Thursday afternoon to Friday afternoon.
    China has a four-tier emergency response system, with Level I being the most severe response, and a four-tier color-coded weather warning system, with red representing the most severe, followed by orange, yellow and blue.

    MIL OSI China News –