Category: United Kingdom

MIL-OSI Australia: Public Health Alert: Blood borne virus risk associated with Fresh Cosmetic Clinic in Sydney

Source: New South Wales Health – State Government

NSW Health is advising some clients of Fresh Cosmetic Clinic, formerly located at 630 George Street Sydney, to get tested for blood borne viruses due to infection control breaches in the Clinic.
Director of South Eastern Sydney Local Health District Public Health Unit, Dr Vicky Sheppeard, said clients of the clinic who had injections or underwent any invasive procedure (such as breast implants, facial or nasal line carving) should see their GP as soon as possible and ask to be tested for blood borne viruses.
Fresh Cosmetic Clinic is no longer operating at 630 George Street.
South Eastern Sydney Local Health District Public Health Unit (SESLHD PHU) acted after being recently notified by the Health Care Complaints Commission of concerns relating to potential risks to public health arising from practices at the Fresh Cosmetic Clinic.
SESLHD PHU inspected Fresh Cosmetic Clinic on 22 October and reviewed evidence provided by the HCCC, identifying that some of the procedures conducted at Fresh Cosmetic Clinic may have posed a risk to clients of exposure to blood borne viruses such as hepatitis B, hepatitis C or HIV.
“Blood borne viruses can be spread between clients where injections or invasive procedures are carried out without stringent infection control,” Dr Sheppeard said.
“People infected with blood borne viruses may not show symptoms for many years, so it is important to be tested to see if there is silent infection. There are effective treatments for hepatitis B, hepatitis C and HIV.”
NSW Health is continuing to work with the HCCC to consider whether any other action needs to be taken in relation to the clinic.
More information is available on the HCCC website .
Clients of Fresh Cosmetic Clinic who have concerns about the care and treatment they received can contact the Health Care Complaints Commission on prohibitionorders@hccc.nsw.gov.au
Clients of Fresh Cosmetic Clinic can also contact their local public health unit on 1300 066 055 for more information on blood borne viruses.
For more information about blood borne viruses see the NSW Health Website:

MIL OSI News –

January 25, 2025
MIL-OSI Australia: Groundbreaking renewable diesel demonstration launched in Spencer and Yamba

Source: New South Wales Department of Primary Industries

31 Oct 2024

Two ocean trawlers in the Northern Rivers and a river trawler on the Hawkesbury River have become the first in Australia to trial a low carbon renewable fuel solution as part of a NSW Government research project on sustainable energy usage in the commercial fishing sector.

The $920,000 Beyond Fossil Diesel Program is a collaboration between the NSW Government and the Decarbonisation Innovation Hub initiative which supports collaboration between researchers and industry to increase the uptake of new technologies in decarbonising NSW.

Renewable diesel is used as a drop in replacement and offers industry a 70% – 90% reduction in their normal fuel related emissions and as part of the project, more than 6,000 litres of renewable diesel will be blended with fossil diesel at 30% of the mix.

Research Officer Michael Cashen said after 18 months of research, the Beyond Fossil Diesel Program has hosted a series of renewable fuel demonstrations in both the Clarence and Hawkesbury regions.

“The aim of the Beyond Fossil Diesel at Sea project is to provide practical examples that will inspire confidence and drive adoption of practical decarbonisation solutions within the marine sector,” Mr Cashen said.

“We appreciate Yamba commercial fisher Steve Everson and Paul Aquilina from Spencer for participating in this landmark demonstration.

“Their involvement will show other fishermen what is possible with these evolving low-carbon liquid fuels and how they work in their vessels.”

Mr Cashen continued by saying renewable diesel can be made from biological feedstocks including tallow, oilseed crops and sugar cane and has been used extensively in both the US and Europe in hard to abate sectors that have limited practical options to decarbonise.

“Currently, the price of renewable diesel is too high for widespread adoption, however, with the development of an Australian Low Carbon Liquid Fuel industry, we expect prices to decrease over time, making it easier for the industry to adopt renewable diesel as stakeholders become more familiar with the product,” Mr Cashen said.

“Raising awareness of low carbon liquid fuels as a replacement for fossil fuels was initially done in the agriculture sector, as part of the Beyond Fossil Diesel project.

“With potential demand for low carbon liquid fuels growing worldwide, NSW has a significant opportunity to help build feedstock supply and potentially production capacity that can create regional employment and reduce reliance on imported fuel.

Low Carbon Liquid Fuels such as renewable diesel is a practical way for industry to reduce carbon emissions without having to make changes to existing machinery or supply chains.

“By using renewable diesel, we can directly cut emissions and contribute to NSW target to net zero emissions by 2050.”

NSW Northern Rivers commercial fisherman Steve Everson said:

“I’m excited to be part of this Australian-first demonstration.

“Using renewable diesel in my trawlers not only supports our local industry but also showcases the potential for reducing emissions without making changes to our equipment.”

NSW Hawkesbury River fishermen Paul Aquilina said:

“By showcasing the effectiveness of renewable diesel, we hope to inspire other fishermen to adopt these innovative fuels when they become more affordable in Australia.

Media contact: pi.media@dpird.nsw.gov.au

Images available here

MIL OSI News –

January 25, 2025
MIL-OSI United Kingdom: UK MOBILIST & PSE strengthen partnership, boost capital markets
Source: United Kingdom – Executive Government & Departments

UK MOBILIST and PSE strengthen ongoing partnership with IPO Forum and Policy Reform Dialogue to boost Philippine capital markets.
28 October 2024, Manila – The UK government’s MOBILIST programme co-hosted a flagship investment forum and a capital reform dialogue with the Philippine Stock Exchange this week.

MOBILIST is supporting the Philippines in fostering a robust and resilient capital market to advance inclusive economic growth and sustainable development.

The Philippine Stock Exchange and MOBILIST hosted events to bolster the Philippines’ capital markets, attract foreign investment, and support sustainable development through public offerings.

The Road to IPO 2024 Forum on 22 October, an annual flagship PSE event, offered businesses invaluable insights from industry leaders and market experts on navigating the path to a successful Initial Public Offering. The event was held in collaboration with the Securities and Exchange Commission and co-hosted by the UK government through MOBILIST.

On 23 October, the Philippine Capital Market Policy Dialogue brought together stakeholders from the Philippine government, regulatory bodies, and the private sector to discuss crucial policy reforms aimed at strengthening the financial sector. The dialogue explored legislative efforts, including the Capital Market Reform Act, which seeks to enhance financial inclusion and attract wider participation in the Philippine stock market.

The events come after MOBILIST made a significant $12.5 million investment in the Initial Public Offering of Citicore Renewable Energy Corporation on the PSE in June this year. MOBILIST established a partnership with the PSE in 2023 to ensure greater investment in sustainable development in the Philippines via products listed on the exchange.

The UK’s continued partnership with the PSE aims to unlock new opportunities for companies and investors, enhance market transparency, and accelerate the Philippines’ journey toward financial inclusion and long-term investment competitiveness. As the Philippines continues to evolve as a key player in the global investment landscape, these collaborative efforts will play a crucial role in shaping a more dynamic and sustainable capital market for the future. The ongoing dialogue and shared vision between the UK and the Philippines set the stage for long-term growth, innovation, and mutual prosperity.

His Majesty’s Ambassador to the Philippines, Laure Beaufils, said:  

I am delighted that the UK is partnering with the Philippine Stock Exchange to deepen the domestic capital market and promote more sustainable and inclusive economic development. Supported by the Philippine government’s policy reform initiative, MOBILIST’s collaboration with the PSE is helping to promote wider domestic stock market participation while attracting more foreign investments to key sectors, including those driving the clean energy transition.

Ross Ferguson, who leads the MOBILIST programme at the UK Foreign Commonwealth and Development Office, said:

MOBILIST is proud to continue our partnership with the PSE to support the Philippines in mobilising greater investment toward the country’s sustainable development and climate transition. This includes our investment in CREC, as well as MOBILIST’s support to bring together capital market participants, policymakers, and regulators to foster dialogue and collaboration to create a conducive environment for investing in the SDGs via public markets.

Ramon S. Monzon, President and Chief Executive Officer at PSE, says:

The prevailing market environment serves as an ideal backdrop for discussions to spur IPO listings and policies aimed at making the Philippine capital market more competitive. We are grateful to MOBILIST for co-hosting these back-to-back events with PSE and we hope to have more collaborative endeavors in the future. We are also looking forward to more MOBILIST-supported companies going public in the near future.

As the Philippines continues to evolve as a key player in the global investment landscape, these collaborative efforts will play a crucial role in shaping a more dynamic and sustainable capital market for the future. The ongoing dialogue and shared vision between the UK and the Philippines set the stage for long-term growth, innovation, and mutual prosperity.

ENDS

About the Foreign Commonwealth & Development Office

The Foreign, Commonwealth & Development Office (FCDO) pursues the UK’s national interests and projects the UK as a force for good in the world. We promote the interests of British citizens, safeguard the UK’s security, defend our values, reduce poverty and tackle global challenges with our international partners.

https://www.gov.uk/government/organisations/foreign-commonwealth-development-office

About MOBILIST

A flagship UK government programme, MOBILIST supports investment solutions that help deliver the climate transition and the United Nation’s Global Goals in developing economies. MOBILIST focuses on mobilising institutional capital to spur new scalable and replicable financial products. MOBILIST invests capital, delivers technical assistance, conducts research and builds partnerships to catalyse investment in new listed products.

www.mobilistglobal.com

Research Note: Philippines renewables IPO demonstrates maturing markets for energy transition in EMDES

For media enquiries, please contact:

Mari Blumenthal, MOBILIST mblumenthal@mobilistglobal.com

Cherrie Nuez, British Embassy Manila Cherrie.Nuez@fcdo.gov.uk

Fristine Chua, Philippine Stock Exchange flchua@pse.com.ph

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Published 31 October 2024
MIL OSI United Kingdom –
January 25, 2025
MIL-OSI USA: PLASKETT PROVIDES CRITICAL UPDATE ON USPS ISSUE OF UNTIMELY PACKAGE DELIVERY

Source: United States House of Representatives – Congresswoman Stacey E. Plaskett (USVI)

For Immediate Release                             Contact: Tionee Scotland
October 30, 2024                                                    202-808-6129

PRESS RELEASE

PLASKETT PROVIDES CRITICAL UPDATE ON USPS ISSUE OF UNTIMELY PACKAGE DELIVERY

Washington, D.C. – The office of Congresswoman Plaskett has held numerous meetings with United States Postal Service (USPS) regional leadership related to the exorbitant package delivery delays that continue to affect Virgin Islanders.

After a number of meetings with the leadership of USPS regarding the delays, we would like to share the following information which outlines the USPS process and proposed changes to rectify the issues we are facing:

Background:

–         The estimated delivery service for Ground Advantage Service, Parcel Select, and Priority Mail that contains hazardous materials or non-standard dimensions to Puerto Rico and the Virgin Islands is 14 – 21 days. USPS indicated this timeframe is not guaranteed based on several factors, including origin and destination zip codes, package volume, and weather. Amazon recently changed their shipping from Ground Advantage to Parcel Select. Prior to this change, Amazon planes would fly into San Juan and the packages would be distributed and delivered from San Juan via air. Due to the Parcel Select change, once the St. Thomas/St. John and St. Croix packages were scanned and banded, FAA regulations prohibit the packages from being sent by air, as this designation requires transport via surface mail. Consequently, several packages were in the process of being re-routed back to Jacksonville since there has not been mail barge service between Puerto Rico and the Virgin Islands.

Intervention:

–         As a direct result of Congresswoman Plaskett’s intervention and persistence, USPS has agreed to not send the packages back to Jacksonville to go through the process again but to retain the parcel select packages from Amazon and other packages that could not be shipped by plane, and those packages are NOW being held in a holding facility in Puerto Rico. Effective Saturday, November 2^nd, 2024, the packages will be barged from Puerto Rico to the Virgin Islands. The barge will leave Puerto Rico early in the morning on Saturday, November 2^nd, 2024. Packages will be off loaded in St. Thomas first and then the barge will continue over to St. Croix. The barge will travel with packages to the Virgin Islands every Saturday.

–         Regular Priority mail and Ground Advantage packages that are not mislabeled due to the robotic labeling issue will continue to be flown or barged from Jacksonville to St. Thomas and St. Croix without delays.

Congresswoman Plaskett shared, “My team and I realize that this USPS issue impacts a myriad of people in our community—businessowners awaiting their products, individuals who need prescriptions, and so many others. I would like to thank the USPS employees for their tireless work to ensure that we are able to get our mail despite the various delays with the system, and I would also like to thank all the individuals that called in and/or sent in their USPS complaints. My team and I will continue to advocate on behalf of our territory to ensure that this issue and others like it with USPS are resolved as quickly as possible.”

To report a USPS complaint for our office’s records, please contact our offices at 340-778-5900 or 340-774-4408.

###

MIL OSI USA News –

January 25, 2025
MIL-OSI: Improving macroeconomic environment and good customer activity drive progress, supported by cost focus and strong credit quality. Net profit of DKK 17.6bn for Q1-Q3 of 2024. 2024 net profit outlook revised upwards to DKK 22.5-23.5 billion
Source: GlobeNewswire (MIL-OSI)

Press release
Bernstorffsgade 40
DK – 1577 København V
Tel. +45 45 14 14 00

31 October 2024

Improving macroeconomic environment and good customer activity drive progress, supported by cost focus and strong credit quality
Net profit of DKK 17.6 billion for the first nine months of 2024
2024 net profit outlook revised upwards. Now expects a net profit of DKK 22.5-23.5 billion, against previously 21-23 billion

Carsten Egeriis, Chief Executive Officer, comments on the financial results:

“During the first nine months of 2024, we consistently delivered satisfactory financial results, while progressing with our strategic priorities. Stable core income, consistent cost management, improved customer activity and continually strong credit quality led to an increase in net profit of 14% for the first nine months of the year relative to the same period last year.

On the back of lower inflation, central banks have started to lower policy rates. In response to this, we lowered selected customer rates on lending and deposits during the first nine months of the year, while ensuring our offerings remain attractive across customer segments. This has resulted in an increase of 4% in deposit volumes for personal customers in Denmark during the period coupled with a substantial shift towards placing excess liquidity in our wide range of investment solutions, which contributed to a 10% increase in net fee income year-on-year. With continued growth in customer business volumes at our Business Customers unit and good traction during the year so far in our capital markets business at our Large Corporates & Institutions unit, there was progress across our business.

We continue to execute on our Forward ’28 strategy, and with a return on equity of 13.4% and a cost/income ratio of 45.5%, we remain on track to meet our financial targets.”

First nine months of 2024 vs first nine months of 2023
Total income of DKK 41.8 billion (up 8.4% against the first nine months of 2023)
Operating expenses of DKK 19.0 billion (up 1.0% against the first nine months of 2023)
Loan impairments of DKK -436 million (against DKK 294 million in the first nine months of 2023)
Net profit of DKK 17.6 billion (up 13.8% against the first nine months of 2023)
Return on shareholders’ equity of 13.4% (against 12.5% in the first nine months of 2023)
Strong capital position, with a total capital ratio of 23% and a CET1 capital ratio of 19.1%

Macroeconomic environment more positive
In the third quarter, the macroeconomic outlook improved, as inflation got under control and interest rates were lowered, which all in all is paving the way for an outlook for stable growth. Among the Nordic countries, the macroeconomic outlook is especially positive in Denmark where the labour market remains strong, inflation is low and economic growth is expected to be solid, even without the significant contribution from the pharmaceutical sector. Despite the more positive macroeconomic outlook, we remain prudently aware of the downside risks stemming from the geopolitical situation and concerns about a potential slowdown in economic activity.

Although geopolitical tension has unfortunately become permanent and continues to be the global backdrop, the macroeconomic picture in the Nordic countries has improved, and we maintain our strong focus on our customers and are delivering according to the plan set out in our Forward ’28 strategy. Our focus on execution and our efforts to improve Danske Bank to the benefit of all stakeholders are moving us forward as expected.

Improved commercial momentum in core banking
We continue to see improved commercial momentum and good interest in our leading advisory solutions for customers with complex needs, and we continue to enhance our products to make everyday banking both simpler and safer.

At our Personal Customers unit, we saw an increase in net fee income, particularly from everyday banking and investment fees, higher net interest income from deposits and a net loan impairment reversal. Good growth in customer business volumes across our Business Customers unit supported an increase in bank lending volumes in local currency across our Nordic markets, except for Denmark. And at our Large Corporates & Institutions unit, the positive momentum continued, among other things with good activity in Loan Capital Markets, where we in the third quarter supported the financing of some of the largest transactions in Europe.

The improved momentum shows that Danske Bank’s underlying business is strong, our treasury asset and liability management is prudent, and our capital and liquidity positions continue to be strong, with significant buffers well above regulatory requirements.

“Supported by the improving macroeconomic environment, our diversified business model and core activities continued to ensure commercial progress. Net interest income increased 6% in the first nine months of the year and net fee income was up 10% for the period as a result of both solid customer activity and our ongoing development of customer offerings across the business. We continued our consistent focus on costs and on creating further efficiency improvements in our processes, allowing us to keep operating expenses on par while still developing according to plan. Our sustained commercial momentum and focus on operational efficiency thus resulted in a cost/income ratio of 45.5% and a return on equity of 13.4%, with credit quality remaining strong, as reflected in a net loan impairment reversal across all countries. The continued cost focus and strong credit quality is furthermore the basis for our second upward revision this year, which is a testament to the robustness of the bank and our customers,” says Stephan Engels, CFO.

Personal Customers
During the first nine months of 2024, we continued to support our customers in managing their finances in a market environment characterised by falling interest rate levels. Our Danske Bolig Fri home finance products were in high demand and were named ‘Best in Test’ by the Danish Consumer Council. The same was the case for our loans targeting first-time home buyers. We also saw an increased flow of customers into our Private Banking unit. Profit before tax amounted to DKK 7.48 billion in the first nine months of 2024, representing an increase of 21% from the year-earlier period. The result was fuelled primarily by an increase in net fee income, particularly from everyday banking and investment fees, and a net loan impairment reversal.

Business Customers
In the first nine months of 2024, the economic landscape in which we operate continued to improve, due primarily to a stabilisation of interest rates in the first part of the period, followed by interest rate cuts by the central banks towards the latter part of the period. We continued to expand the customer base in our focus segments. In addition, we took strategic repricing actions and continued to enhance support for our customers by providing the best possible advice tailored to their needs. Profit before tax for the first nine months of 2024 amounted to DKK 6.69 billion, a decrease of 6% from the same period last year. Net fee income rose as a result of our subscription-based fee service model as well as repricing actions. However, we saw an increase in operating expenses attributable to investments made under our Forward ’28 strategy.

Large Corporates & Institutions
In the first nine months of 2024, we continued to see a positive underlying momentum, particularly in our fee business as higher fees from assets under management, everyday banking products and capital markets activities mitigated the decline in net trading income, thus demonstrating the value of our diversified business model. Furthermore, we continued to leverage our strategic commercial strengths as reflected in growth in our corporate customer portfolio outside Denmark, an increased market share of cash management services and the maintaining of our leading position in sustainable finance. Profit before tax increased to DKK 7.03 billion, an increase of 6% from the same period last year. The increase was driven by higher net fee income and loan impairment reversals, although the increase was partly offset by lower net trading income.

Danica Pension
Through high levels of volatility, the global markets continued their positive trend in the third quarter of 2024. The investment return on our pension customers’ savings in the first nine months of the year profited from the favourable trend in the global financial markets. We have thus had a prolonged period throughout 2023 and 2024 during which we have been able to deliver significant returns for our customers. However, we continued to see challenges in the health and accident business due to a rise in new health and accident claims. This reflects the general trend in society. Net income at Danica Pension increased to DKK 1.41 billion in the first nine months of 2024, up 53% from the level in the first nine months of 2023, due to an increase in the net financial result.

Northern Ireland
The strong underlying financial performance reflects business growth in a higher interest rate environment. Profit before loan impairments was 7% higher than in the first nine months of 2023, while profit before tax of DKK 1.51 billion represented an increase of 3% year-on-year.

Outlook for 2024
The outlook for 2023 is revised upwards to a net profit in the range of DKK 22.5-23.5 billion. At the release of our upward adjustment on 26 June 2024, we guided for a full-year 2024 net profit in the range of DKK 21-23 billion. The change in outlook is based on better cost trajectory as well as lower than expected loan impairments.

The outlook is subject to uncertainty and depends on economic conditions.

Danske Bank

Contact: Stefan Singh Kailay, Head of Media Relations, tel. +45 45 14 14 00

More information about Danske Bank’s financial results is available at danskebank.com/reports.

Attachments
- Danske Bank Interim Report – first nine months 2024
- Danske Bank press release 31 October 2024
The MIL Network –
January 25, 2025

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

Source: GlobeNewswire (MIL-OSI)

SHELL PLC
3rd QUARTER 2024 UNAUDITED RESULTS



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

1.Q3 on Q2 change

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

Quarter Analysis1

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

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

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

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

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

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



SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

Shareholder distributions

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

Nine Months Analysis1

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

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

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

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

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

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

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

2.Adjusted EBITDA is without taxation.

3.Not incorporated by reference.

THIRD QUARTER 2024 PORTFOLIO DEVELOPMENTS

Integrated Gas

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

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

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

Upstream

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

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

Page 2



SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

Marketing

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

Renewables and Energy Solutions

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

Page 2



SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

PERFORMANCE BY SEGMENT



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

1.Q3 on Q2 change

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

Quarter Analysis1

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

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

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

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

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

Nine Months Analysis1

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

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

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

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SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

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

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

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

2.Adjusted EBITDA is without taxation.

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SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS



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

1.Q3 on Q2 change

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

Quarter Analysis1

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

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

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

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

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

Nine Months Analysis1

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

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

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

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

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

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SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

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

2.Adjusted EBITDA is without taxation.

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SHELL PLC 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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SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

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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SHELL PLC 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

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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SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

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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SHELL PLC 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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SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

2.Adjusted EBITDA is without taxation.

Additional Growth Measures


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

1.Q3 on Q2 change

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

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



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

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

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

Quarter Analysis1

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

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

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

Nine Months Analysis1

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

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

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

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

2.Adjusted EBITDA is without taxation.

OUTLOOK FOR THE FOURTH QUARTER 2024

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

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

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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.

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

FORTHCOMING EVENTS



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

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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”.

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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”.

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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.

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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.

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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).

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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”.

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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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SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

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



RECONCILIATION OF INCOME FOR THE PERIOD TO CCS EARNINGS
Quarters			$ million	Nine months
Q3 2024	Q2 2024	Q3 2023		2024	2023
4,291	3,517	7,044	Income/(loss) attributable to Shell plc shareholders	15,166	18,887
100	133	132	Income/(loss) attributable to non-controlling interest	314	215
4,391	3,650	7,176	Income/(loss) for the period	15,480	19,102
			Current cost of supplies adjustment:
668	137	(1,304)	Purchases	473	(275)
(162)	(36)	327	Taxation	(114)	60
(2)	(5)	(47)	Share of profit/(loss) of joint ventures and associates	(35)	14
503	97	(1,024)	Current cost of supplies adjustment	324	(201)
			Of which:
477	89	(969)	Attributable to Shell plc shareholders	302	(162)
26	7	(55)	Attributable to non-controlling interest	22	(39)
4,894	3,747	6,152	CCS earnings	15,804	18,901
			Of which:
4,768	3,606	6,075	CCS earnings attributable to Shell plc shareholders	15,468	18,725
126	140	77	CCS earnings attributable to non-controlling interest	336	176



RECONCILIATION OF OPERATING EXPENSES
Quarters			$ million	Nine months
Q3 2024	Q2 2024	Q3 2023		2024	2023
6,138	5,593	6,384	Production and manufacturing expenses	17,541	18,433
3,139	3,094	3,447	Selling, distribution and administrative expenses	9,208	9,811
294	263	267	Research and development	768	817
9,570	8,950	10,097	Operating expenses	27,517	29,062

RECONCILIATION OF TOTAL DEBT

Quarters

$ million

Nine months

Q3 2024

Q2 2024

Q3 2023

2024

2023

September 30, 2024

June 30, 2024

September 30, 2023

September 30, 2024

September 30, 2023

12,015

10,849

10,119

Current debt

12,015

10,119

64,597

64,619

72,028

Non-current debt

64,597

72,028

76,613

75,468

82,147

Total debt

76,613

82,147

4. Earnings per share



EARNINGS PER SHARE
Quarters				Nine months
Q3 2024	Q2 2024	Q3 2023		2024	2023
4,291	3,517	7,044	Income/(loss) attributable to Shell plc shareholders ($ million)	15,166	18,887

			Weighted average number of shares used as the basis for determining:
6,256.5	6,355.4	6,668.1	Basic earnings per share (million)	6,350.3	6,792.5
6,320.9	6,417.6	6,736.7	Diluted earnings per share (million)	6,414.0	6,856.7

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SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

5. Share capital

ISSUED AND FULLY PAID ORDINARY SHARES OF €0.07 EACH

Number of shares

Nominal value
($ million)

At January 1, 2024

6,524,109,049

544

Repurchases of shares

(299,830,201)

(25)

At September 30, 2024

6,224,278,848

519

At January 1, 2023

7,003,503,393

584

Repurchases of shares

(357,368,014)

(30)

At September 30, 2023

6,646,135,379

555

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

6. Other reserves



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

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

7. Derivative financial instruments and debt excluding lease liabilities

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

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SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

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

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



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

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

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

Consolidated Statement of Income

Interest and other income



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

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

Depreciation, depletion and amortisation



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

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

Page 23



SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

Taxation charge/credit

Quarters

$ million

Nine months

Q3 2024

Q2 2024

Q3 2023

2024

2023

2,879

3,754

4,115

Taxation charge/(credit)

10,237

11,891

Of which:

2,834

3,666

4,115

Income tax excluding Pillar Two income tax

10,026

11,891

—

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)

1,104

(Gain)/loss reclassified to profit or loss

1,127

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

Condensed Consolidated Balance Sheet

Retirement benefits



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

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

Assets classified as held for sale



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

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

Page 24



SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

Consolidated Statement of Cash Flows

Cash flow from operating activities – Other

Quarters

$ million

Nine months

Q3 2024

Q2 2024

Q3 2023

2024

2023

(144)

2,027

(150)

Other

2,392

474

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

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SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

ALTERNATIVE PERFORMANCE (NON-GAAP) MEASURES

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

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

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



Quarters			$ million	Nine months
Q3 2024	Q2 2024	Q3 2023		2024	2023
4,291	3,517	7,044	Income/(loss) attributable to Shell plc shareholders	15,166	18,887
100	133	132	Income/(loss) attributable to non-controlling interest	314	215
477	89	(969)	Add: Current cost of supplies adjustment attributable to Shell plc shareholders	302	(162)
26	7	(55)	Add: Current cost of supplies adjustment attributable to non-controlling interest	22	(39)
4,894	3,747	6,152	CCS earnings	15,804	18,901



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

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SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS



Q2 2024	$ million
	Total	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate
CCS earnings	3,747	2,454	2,179	257	587	(75)	(1,656)
Less: Identified items	(2,669)	(220)	(157)	(825)	(499)	112	(1,080)
Less: CCS earnings attributable to non-controlling interest	140
Add: Identified items attributable to non-controlling interest	18
Adjusted Earnings	6,293
Add: Non-controlling interest	122
Adjusted Earnings plus non-controlling interest	6,415	2,675	2,336	1,082	1,085	(187)	(576)
Add: Taxation charge/(credit) excluding tax impact of identified items	3,947	940	2,312	359	297	(10)	49
Add: Depreciation, depletion and amortisation excluding impairments	5,642	1,375	2,750	548	867	95	6
Add: Exploration well write-offs	269	5	264	—	—	—	—
Add: Interest expense excluding identified items	1,149	44	166	10	23	1	904
Less: Interest income	616	—	(1)	—	30	(9)	595
Adjusted EBITDA	16,806	5,039	7,829	1,999	2,242	(91)	(213)
Less: Current cost of supplies adjustment before taxation	133			74	59
Joint ventures and associates (dividends received less profit)	(135)	96	(288)	(54)	46	64	—
Derivative financial instruments	713	(133)	9	7	304	607	(79)
Taxation paid	(3,448)	(1,039)	(1,955)	(17)	(186)	(138)	(113)
Other	(38)	(104)	(341)	(57)	263	180	20
(Increase)/decrease in working capital	(258)	324	484	153	(361)	225	(1,083)
Cash flow from operating activities	13,508	4,183	5,739	1,958	2,249	847	(1,468)



Q3 2023	$ million
	Total	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate
CCS earnings	6,152	2,156	1,999	629	1,250	616	(497)
Less: Identified items	(149)	(375)	(238)	(12)	(213)	667	22
Less: CCS earnings attributable to non-controlling interest	77
Add: Identified items attributable to non-controlling interest	—
Adjusted Earnings	6,224
Add: Non-controlling interest	77
Adjusted Earnings plus non-controlling interest	6,302	2,531	2,237	641	1,463	(51)	(519)
Add: Taxation charge/(credit) excluding tax impact of identified items	3,621	845	2,160	269	253	70	24
Add: Depreciation, depletion and amortisation excluding impairments	5,716	1,413	2,771	528	918	82	4
Add: Exploration well write-offs	186	35	151	—	—	—	—
Add: Interest expense excluding identified items	1,130	51	119	23	41	1	895
Less: Interest income	618	1	5	8	13	1	590
Adjusted EBITDA	16,336	4,874	7,433	1,453	2,661	101	(186)
Less: Current cost of supplies adjustment before taxation	(1,351)			(624)	(727)
Joint ventures and associates (dividends received less profit)	(13)	(40)	43	(19)	(19)	21	—
Derivative financial instruments	(2,549)	(454)	(20)	10	(375)	(1,407)	(304)
Taxation paid	(3,191)	(679)	(2,090)	(226)	54	(258)	8
Other	177	(44)	(57)	(485)	167	327	269
(Increase)/decrease in working capital	221	352	28	(960)	(354)	1,182	(27)
Cash flow from operating activities	12,332	4,009	5,336	397	2,862	(34)	(238)

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SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS



Nine months 2024	$ million
	Total	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate
CCS earnings	15,804	7,846	6,741	1,791	2,085	(3)	(2,656)
Less: Identified items	(4,569)	(1,379)	28	(1,255)	(1,078)	183	(1,069)
Less: CCS earnings attributable to non-controlling interest	336
Add: Identified items attributable to non-controlling interest	18
Adjusted Earnings	20,055
Add: Non-controlling interest	318
Adjusted Earnings plus non-controlling interest	20,373	9,225	6,712	3,046	3,163	(186)	(1,588)
Add: Taxation charge/(credit) excluding tax impact of identified items	11,642	2,885	7,247	1,039	562	(10)	(81)
Add: Depreciation, depletion and amortisation excluding impairments	16,874	4,154	8,169	1,647	2,599	287	18
Add: Exploration well write-offs	973	14	959
Add: Interest expense excluding identified items	3,485	136	518	35	54	4	2,737
Less: Interest income	1,824	5	17	1	69	(5)	1,736
Adjusted EBITDA	51,523	16,410	23,588	5,767	6,308	101	(650)
Less: Current cost of supplies adjustment before taxation	438			256	182
Joint ventures and associates (dividends received less profit)	(779)	(247)	(924)	89	165	138	—
Derivative financial instruments	1,153	(1,586)	53	66	(10)	2,479	152
Taxation paid	(9,092)	(2,320)	(5,832)	(432)	(182)	(415)	89
Other	(500)	(90)	(978)	612	(8)	75	(111)
(Increase)/decrease in working capital	(344)	352	827	153	(869)	570	(1,377)
Cash flow from operating activities	41,522	12,518	16,734	5,999	5,221	2,948	(1,898)



Nine months 2023	$ million
	Total	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate
CCS earnings	18,901	5,325	6,388	2,832	3,310	3,361	(2,315)
Less: Identified items	(2,219)	(4,625)	(357)	314	(278)	2,778	(50)
Less: CCS earnings attributable to non-controlling interest	176
Add: Identified items attributable to non-controlling interest	—
Adjusted Earnings	20,944
Add: Non-controlling interest	176
Adjusted Earnings plus non-controlling interest	21,120	9,951	6,746	2,518	3,588	583	(2,266)
Add: Taxation charge/(credit) excluding tax impact of identified items	11,553	2,773	6,720	808	558	345	349
Add: Depreciation, depletion and amortisation excluding impairments	17,120	4,300	8,358	1,479	2,667	303	13
Add: Exploration well write-offs	625	59	566	—	—	—	—
Add: Interest expense excluding identified items	3,504	110	372	40	39	3	2,941
Less: Interest income	1,718	2	13	8	33	5	1,657
Adjusted EBITDA	52,204	17,189	22,750	4,837	6,819	1,229	(619)
Less: Current cost of supplies adjustment before taxation	(261)			(94)	(167)
Joint ventures and associates (dividends received less profit)	(167)	32	(443)	85	85	72	2
Derivative financial instruments	(5,112)	(3,071)	—	(18)	225	(1,719)	(528)
Taxation paid	(10,108)	(2,843)	(6,455)	(478)	(197)	(350)	214
Other	82	(84)	(530)	23	284	304	85
(Increase)/decrease in working capital	4,462	2,700	342	(748)	(1,019)	4,713	(1,526)
Cash flow from operating activities	41,622	13,923	15,663	3,794	6,364	4,249	(2,372)

Identified Items

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

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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)

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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.

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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

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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)

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SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS



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

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

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

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

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

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

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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

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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.

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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.

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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.

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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 –

January 25, 2025

MIL-OSI: Shell plc publishes third quarter 2024 press release

Source: GlobeNewswire (MIL-OSI)

London, October 31, 2024

“Shell delivered another set of strong results. We continue to deliver more value with less emissions, whilst enhancing the resilience of our balance sheet. Today, we announce another $3.5 billion buyback programme for the next three months, making this the 12^th consecutive quarter in which we have announced $3 billion or more in buybacks.”

Shell plc Chief Executive Officer, Wael Sawan

STRONG RESULTS, CONSISTENT DISTRIBUTIONS

Q3 2024 Adjusted Earnings¹ of $6.0 billion, despite the lower crude prices and weaker refining margins, reflect strong operational performance in Integrated Gas, Upstream and Marketing.
CFFO of $14.7 billion for the quarter includes a working capital inflow of $2.7 billion; net debt reduced to $35.2 billion ($9.6 billion excluding lease liabilities).
Cash capex for 2024 is expected to be below the lower end of the $22 – 25 billion range.
Commencing a $3.5 billion share buyback programme, expected to be completed by Q4 2024 results announcement. Over the last 4 quarters, total shareholder distributions paid were 43% of CFFO. Dividend stable at $0.344 per ordinary share.

$ million¹		Adj. Earnings	Adj. EBITDA	CFFO	Cash capex
Integrated Gas		2,871	5,234	3,623	1,236
Upstream		2,443	7,871	5,268	1,974
Marketing		1,182	2,081	2,722	525
Chemicals & Products²		463	1,240	3,321	761
Renewables & Energy Solutions		(162)	(75)	(364)	409
Corporate		(643)	(346)	115	45
Less: Non-controlling interest (NCI)		126
Shell	Q3 2024	6,028	16,005	14,684	4,950
Shell	Q2 2024	6,293	16,806	13,508	4,719

¹Income/(loss) attributable to shareholders for Q3 2024 is $4.3 billion. Reconciliation of non-GAAP measures can be found in the unaudited results, available at www.shell.com/investors.

²Chemicals & Products Adjusted Earnings at a subsegment level are as follows – Chemicals $(0.1) billion and Products $0.6 billion.

CFFO of $14.7 billion for Q3 2024 includes a working capital inflow of $2.7 billion mainly due to lower prices. CFFO reflects tax payments of $3.0 billion. Net debt reduced by $3.1 billion over the quarter to $35.2 billion ($9.6 billion excluding lease liabilities).

$ billion¹	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024
Divestment proceeds	0.3	0.6	1.0	0.8	0.2
Free cash flow	7.5	6.9	9.8	10.2	10.8
Net debt	40.5	43.5	40.5	38.3	35.2

¹ Reconciliation of non-GAAP measures can be found in the unaudited results, available at www.shell.com/investors.

Q3 2024 FINANCIAL PERFORMANCE DRIVERS

INTEGRATED GAS

Key data	Q2 2024	Q3 2024	Q4 2024 outlook
Realised liquids price ($/bbl)	68	63	—
Realised gas price ($/thousand scf)	7.6	7.9	—
Production (kboe/d)	980	941	900 – 960
LNG liquefaction volumes (MT)	6.9	7.5	6.9 – 7.5
LNG sales volumes (MT)	16.4	17.0	—

Adjusted Earnings were higher than in Q2 2024, due to higher LNG liquefaction volumes. Trading and optimisation results
were in line with a strong Q2 2024.
Q4 2024 production outlook reflects scheduled maintenance at Pearl GTL in Qatar.

UPSTREAM

Key data	Q2 2024	Q3 2024	Q4 2024 outlook
Realised liquids price ($/bbl)	78	75	—
Realised gas price ($/thousand scf)	6.2	6.6	—
Liquids production (kboe/d)	1,297	1,321	—
Gas production (million scf/d)	2,818	2,844	—
Total production (kboe/d)	1,783	1,811	1,750 – 1,950

Adjusted Earnings were higher than in Q2 2024, as lower prices were offset by lower well write-offs than in the previous quarter.

MARKETING

Key data	Q2 2024	Q3 2024	Q4 2024 outlook
Marketing sales volumes (kb/d)	2,868	2,945	2,550 – 3,050
Mobility (kb/d)	2,078	2,119	—
Lubricants (kb/d)	84	81	—
Sectors & Decarbonisation (kb/d)	706	745	—

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

Adjusted Earnings were higher than in Q2 2024 due to improved Mobility unit margins and impact of seasonally higher volumes.

CHEMICALS & PRODUCTS

Key data	Q2 2024	Q3 2024	Q4 2024 outlook
Refinery processing intake (kb/d)	1,429	1,305	—
Chemicals sales volumes (kT)	3,052	3,015	—
Refinery utilisation (%)	92	81	75 – 83
Chemicals manufacturing plant utilisation (%)	80	76	72 – 80
Global indicative refining margin ($/bbl)	7.7	5.5	—
Global indicative chemical margin ($/t)	155	164	—

Wholesale commercial fuels, previously reported in the Chemicals & Products segment, is reported in the Marketing segment (Mobility) with effect from Q1 2024.

Comparative information for the Marketing segment and the Chemicals & Products segment has been revised.

Lower refining margins in Q3 2024 were driven by a stabilising market with increased supply. Chemicals Adjusted Earnings
were lower than in Q2 2024 due to lower utilisation and lower realised prices.
Trading and optimisation results were in line with Q2 2024.

RENEWABLES & ENERGY SOLUTIONS

Key data	Q2 2024	Q3 2024
External power sales (TWh)	74	79
Sales of pipeline gas to end-use customers (TWh)	148	148
Renewables power generation capacity (GW)*	7.1	7.3
in operation (GW)	3.3	3.4
under construction and/or committed for sale (GW)	3.8	3.9

*Excludes Shell’s equity share of associates where information cannot be obtained.

Adjusted Earnings were in line with Q2 2024.

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.

CORPORATE

Key data	Q2 2024	Q3 2024	Q4 2024 outlook
Adjusted Earnings ($ billion)	(0.6)	(0.6)	(0.8) – (0.6)

The Adjusted Earnings outlook is a net expense of $2.2 – 2.4 billion for the full year 2024.

UPCOMING ANNOUNCED INVESTOR EVENTS

January 30, 2025	Fourth quarter 2024 results and dividends
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

USEFUL LINKS

Results materials Q 3 2024

Quarterly Databook Q 3 2024

Webcast registration Q3 2024

Dividend announcement Q 3 2024

ALTERNATIVE PERFORMANCE (NON-GAAP) MEASURES

This announcement includes certain measures that are calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles (GAAP) such as IFRS, including Adjusted Earnings, Adjusted EBITDA, CFFO excluding working capital movements, Cash capital expenditure, free cash flow, Divestment proceeds and Net debt. This information, along with comparable GAAP measures, is useful to investors because it provides a basis for measuring Shell plc’s operating performance and ability to retire debt and invest in new business opportunities. Shell plc’s management uses these financial measures, along with the most directly comparable GAAP financial measures, in evaluating the business performance.

This announcement may contain certain forward-looking non-GAAP measures for 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 the non-GAAP measures to the most comparable GAAP financial measures is dependent on future events some of which are outside the control of the company, 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 estimated in a manner which is consistent with the accounting policies applied in Shell plc’s consolidated financial statements.

CAUTIONARY STATEMENT

The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this announcement “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 announcement refer to entities over which Shell plc either directly or indirectly has control. The terms “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.

This announcement 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 [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 cyber security 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 announcement 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 [report] and should be considered by the reader. Each forward-looking statement speaks only as of the date of this announcement, 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 announcement.

All amounts shown throughout this announcement are unaudited. The numbers presented throughout this announcement may not sum precisely to the totals provided and percentages may not precisely reflect the absolute figures, due to rounding.

Shell’s Net Carbon Intensity

Also, in this announcement 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 is for convenience only and not intended to suggest these emissions are those of Shell plc or its subsidiaries.

Shell’s Net-Zero Emissions Target

The content of websites referred to in this announcement does not form part of this announcement.

We may have used certain terms, such as resources, in this announcement 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.

The financial information presented in this announcement 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.

The information in this announcement does not constitute the unaudited condensed consolidated financial statements which are contained in Shell’s third quarter 2024 unaudited results available on www.shell.com/investors.

CONTACTS

Media: International +44 207 934 5550; USA +1 832 337 4355

The MIL Network –

January 25, 2025

MIL-OSI: Scheme of Arrangement for Acquisition of i3 Energy plc Becomes Effective

Source: GlobeNewswire (MIL-OSI)

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION

FOR IMMEDIATE RELEASE

CALGARY, Alberta, Oct. 31, 2024 (GLOBE NEWSWIRE) —

31 October 2024

RECOMMENDED AND FINAL CASH AND SHARE ACQUISITION

for

i3 Energy plc (“i3 Energy”)

Gran Tierra Energy Inc. (“Gran Tierra”)

to be implemented by way of a scheme of arrangement under Part 26 of the Companies Act 2006

SCHEME OF ARRANGEMENT BECOMES EFFECTIVE

On 19 August 2024, the boards of directors of i3 Energy and Gran Tierra announced that they had reached agreement on the terms of a recommended and final cash and share acquisition of the entire issued, and to be issued, share capital of i3 Energy (the “Acquisition”). The Acquisition is being implemented by means of a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006.

i3 Energy published a circular in relation to the Scheme dated 29 August 2024 (the “Scheme Document“).

On 29 October 2024, i3 Energy announced that the Court had sanctioned the Scheme at the Sanction Hearing held on 29 October 2024.

i3 Energy and Gran Tierra are pleased to announce that, following delivery of the Court Order to the Registrar of Companies and satisfaction or waiver of all of the conditions set out in the Scheme Document, the Scheme has now become Effective in accordance with its terms and, pursuant to the Scheme, the entire issued and to be issued share capital of i3 Energy is now owned by Gran Tierra.

Consideration

A Scheme Shareholder on the register of members of i3 Energy at the Scheme Record Time, being 6.00 p.m. on 30 October 2024, will be entitled to receive one New Gran Tierra Share per every 207 i3 Energy Shares held and 10.43 pence cash per i3 Energy Share subject to any adjustments to such consideration resulting from valid Elections made under the Mix and Match Facility. For Scheme Shareholders holding Scheme Shares in certificated form, settlement of the consideration will be effected by electronic payment or (for those Scheme Shareholders who have not set up an electronic payment mandate) by the despatch of cheques. For Scheme Shareholders holding Scheme Shares in uncertificated form, settlement of consideration will be effected by the crediting of CREST or CDS accounts, as applicable. In each case settlement of consideration will occur as soon as practicable and in any event not later than 14 days after the date of this announcement, being 14 November 2024.

Further to the announcement on 7 October 2024, i3 Energy confirms that, the Scheme having become Effective, the Acquisition Dividend totalling £3,084,278 will be paid as follows:

	Dividend:	0.2565 pence / i3 Energy Share

	Record Date:	6.00 p.m. on 30 October 2024

	Payment date:	by 13 November 2024

i3 Energy admission to listing on AIM

An application was made for the suspension of admission to trading in i3 Energy Shares on the London Stock Exchange’s AIM Market (“AIM“) and such suspension has taken effect from 7.30 a.m. today. The cancellation of the admission to trading of the i3 Energy Shares on AIM has been applied for and is expected to take place by 8.00 a.m. on 1 November 2024. The delisting of the i3 Energy Shares on the Toronto Stock Exchange has been applied for and is expected to take place at the close of markets on 1 November 2024.

Gran Tierra admission of shares to listing

An application has been made for the admission of 5,808,925 new shares (the “Consideration Shares“) of common stock of par value USD0.001 per share in Gran Tierra. Gran Tierra has applied for the Consideration Shares to be admitted to the Equity Shares (International Commercial Companies Secondary Listing) Category of the Official List of the Financial Conduct Authority and to trading on the main market of the London Stock Exchange PLC (together, “Admission“).

Gran Tierra expects Admission of the Consideration Shares to occur at 8.00 a.m. on 1 November 2024. The Consideration Shares will rank pari passu in all respects with Gran Tierra’s existing shares of common stock of par value USD0.001 per share.

Total Voting Rights

Following Admission, Gran Tierra will have total issued share capital of 36,460,141 common shares, and holds no common shares in treasury. Gran Tierra Shareholders may use the figure of 36,460,141 as the denominator in calculations to determine if they are required to notify Gran Tierra of their interest in, or a change to their interest in Gran Tierra under the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules.

Cancellation of the Trafigura Loan Facility

Gran Tierra also announces that the Loan Facility entered into on 19 August 2024 with Trafigura has today been cancelled. As announced on 18 September 2024, Gran Tierra completed an offering of an additional US$ 150 million aggregate principal amount of its 9.500% Senior Secured Amortizing Notes due 2029, the net proceeds of which are being applied to satisfy the cash consideration payable to i3 Energy Shareholders in place of the term loan facility available to Gran Tierra pursuant to the terms of the Loan Facility.

Board and constitutional changes

Each of the i3 Energy Directors has resigned as a director of i3 Energy with effect from the Scheme becoming Effective.

Pedro Zutara, Adam Hewitson and Amy Lister have been appointed as directors of i3 Energy with effect from the Scheme becoming Effective.

i3 Energy will in due course submit an application to cease to be a reporting issuer in each of the provinces of Canada under National Policy 11-206 – Process for Cease to be a Reporting Issuer Applications. i3 Energy is expected to be converted to a private limited company and its name changed to Gran Tierra UK Limited. As disclosed in the Scheme Document, i3 Energy Shares are expected to be transferred to a wholly-owned subsidiary of Gran Tierra following completion of the re-registration.

Full details of the Acquisition are set out in the Scheme Document. Defined terms used but not defined in this announcement have the meanings set out in the Scheme Document. All references to times in this announcement are to London time.

Enquiries:

Gran Tierra Gary Guidry Ryan Ellson	Tel: +1 (403) 265 3221

i3 Energy Majid Shafiq (CEO)	c/o Camarco Tel: +44 (0) 203 757 4980

Stifel Nicolaus Europe Limited (Joint Financial Adviser to Gran Tierra) Callum Stewart Simon Mensley	Tel: +44 (0) 20 7710 7600

Eight Capital (Joint Financial Adviser to Gran Tierra) Tony P. Loria Matthew Halasz	Tel: +1 (587) 893 6835

Zeus Capital Limited (Rule 3 Financial Adviser, Nomad and Joint Broker to i3 Energy) James Joyce, Darshan Patel, Isaac Hooper	Tel: +44 (0) 203 829 5000

Tudor, Pickering, Holt & Co. Securities – Canada, ULC (Financial Adviser to i3 Energy) Brendan Lines	Tel: +1 (403) 705 7830

National Bank Financial Inc. (Financial Adviser to i3 Energy) Tarek Brahim Arun Chandrasekaran	Tel: +1 (403) 410 7749

Camarco Georgia Edmonds, Violet Wilson, Sam Morris	Tel: +44 (0) 203 757 4980

No increase statement

The financial terms of the Acquisition will not be increased save that Gran Tierra reserves the right to revise the financial terms of the Acquisition in the event: (i) a third party, other than Gran Tierra, announces a firm intention to make an offer for i3 Energy on more favourable terms than Gran Tierra’s Acquisition; or (ii) the Panel otherwise provides its consent.

Notices relating to financial advisers

Stifel Nicolaus Europe Limited (“Stifel“), which is authorised and regulated by the FCA in the UK, is acting as financial adviser exclusively for Gran Tierra and no one else in connection with the matters referred to in this announcement and will not be responsible to anyone other than Gran Tierra for providing the protections afforded to its clients or for providing advice in relation to matters referred to in this announcement. Neither Stifel, nor any of its affiliates, owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Stifel in connection with this announcement, any statement contained herein or otherwise.

Eight Capital (“Eight Capital“), which is authorised and regulated by the Canadian Investment Regulatory Organization in Canada, is acting exclusively for Gran Tierra and for no one else in connection with the subject matter of this announcement and will not be responsible to anyone other than Gran Tierra for providing the protections afforded to its clients or for providing advice in connection with the subject matter of this announcement.

Zeus Capital Limited (“Zeus“), which is authorised and regulated by the FCA in the United Kingdom, is acting exclusively for i3 Energy as financial adviser, nominated adviser and joint broker and no one else in connection with the matters referred to in this announcement and will not be responsible to anyone other than i3 Energy for providing the protections afforded to clients of Zeus, or for providing advice in relation to matters referred to in this announcement. Neither Zeus nor any of its affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Zeus in connection with the matters referred to in this announcement, any statement contained herein or otherwise.

Tudor, Pickering, Holt & Co. Securities – Canada, ULC (“TPH&Co.”), which is regulated by the Canadian Investment Regulatory Organization and a member of the Canadian Investor Protection Fund, is acting exclusively for i3 Energy by way of its engagement with i3 Energy Canada Ltd., a wholly owned subsidiary of i3 Energy, in connection with the matters referred to in this announcement and for no one else, and will not be responsible to anyone other than i3 Energy for providing the protections afforded to its clients nor for providing advice in relation to the matters set out in this announcement. Neither TPH&Co. nor any of its subsidiaries, branches or affiliates and their respective directors, officers, employees or agents, owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of TPH&Co. in connection with this announcement, any statement contained herein or otherwise.

National Bank Financial Inc. (“NBF”), which is regulated by the Canadian Investment Regulatory Organization and a member of the Canadian Investor Protection Fund, is acting as financial adviser to i3 Energy Canada Ltd., a wholly-owned subsidiary of i3 Energy plc, in connection with the subject matter of this announcement. Neither NBF, nor any of its subsidiaries, branches or affiliates and their respective directors, officers, employees or agents, owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of NBF in connection with this announcement, any statement contained herein or otherwise.

Additional Information

This announcement is for information purposes only. It is not intended to, and does not, constitute or form part of any offer, offer to acquire, invitation or the solicitation of an offer to purchase, or an offer to acquire, subscribe for, sell or otherwise dispose of, any securities or the solicitation of any vote or approval in any jurisdiction, pursuant to this announcement or otherwise nor shall there be any sale, issuance or transfer of securities of Gran Tierra or i3 Energy pursuant to the Acquisition in any jurisdiction in contravention of applicable laws.

This announcement is not an offer of securities for sale in the United States or in any other jurisdiction. No offer of securities shall be made in the United States absent registration under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or pursuant to an exemption from, or in a transaction not subject to, such registration requirements. Any securities issued as part of the Acquisition are anticipated to be issued in reliance upon available exemption from such registration requirements pursuant to Section 3(a)(10) of the U.S. Securities Act. Any New Gran Tierra Shares to be issued in connection with the Acquisition are expected to be issued in reliance upon the prospectus exemption provided by Section 2.11 or Section 2.16, as applicable, of National Instrument 45-106 – Prospectus Exemptions of the Canadian Securities Administrators and in compliance with the provincial securities laws of Canada.

This announcement has been prepared in accordance with the laws of England and Wales, the Code, the AIM Rules for Companies and the Disclosure Guidance and Transparency Rules and the information disclosed may not be the same as that which would have been prepared in accordance with the laws of jurisdictions outside England and Wales.

This announcement does not constitute a prospectus or circular or prospectus exempted document.

Overseas Shareholders

The availability of the Acquisition to i3 Energy Shareholders who are not resident in the United Kingdom may be affected by the laws of the relevant jurisdictions in which they are resident. Any person outside the United Kingdom or who are subject to the laws and/regulations of another jurisdiction should inform themselves of, and should observe, any applicable legal and/or regulatory requirements. Any failure to comply with the restrictions may constitute a violation of the securities laws of any such jurisdiction.

The release, publication or distribution of this announcement in or into or from jurisdictions other than the United Kingdom may be restricted by law and therefore any persons who are subject to the laws of any jurisdiction other than the United Kingdom should inform themselves about, and observe, such restrictions. Any failure to comply with the applicable restrictions may constitute a violation of the securities laws of such jurisdiction. To the fullest extent permitted by applicable law, the companies and persons involved in the Acquisition disclaim any responsibility or liability for the violation of such restrictions by any person.

Unless otherwise determined by Gran Tierra or required by the Code and permitted by applicable law and regulation, the Acquisition will not be made available, directly or indirectly, in, into or from a Restricted Jurisdiction where to do so would violate the laws in that jurisdiction and no person may vote in favour of the Acquisition by any such use, means, instrumentality or form (including, without limitation, facsimile, email or other electronic transmission, telex or telephone) within any Restricted Jurisdiction or any other jurisdiction if to do so would constitute a violation of the laws of that jurisdiction. Accordingly, copies of this announcement and all documents relating to the Acquisition are not being, and must not be, directly or indirectly, mailed or otherwise forwarded, distributed or sent in, into or from a Restricted Jurisdiction where to do so would violate the laws in that jurisdiction, and persons receiving this document and all documents relating to the Acquisition (including custodians, nominees and trustees) must observe these restrictions and must not mail or otherwise distribute or send them in, into or from such jurisdictions where to do so would violate the laws in that jurisdiction. Doing so may render invalid any purported vote in respect of the Acquisition.

Dealing and Opening Position Disclosure Requirements

Under Rule 8.3(a) of the Takeover Code, any person who is interested in one per cent. or more of any class of relevant securities of an offeree company or of any securities exchange offeror (being any offeror other than an offeror in respect of which it has been announced that its offer is, or is likely to be, solely in cash) must make an Opening Position Disclosure following the commencement of the Offer Period and, if later, following the announcement in which any securities exchange offeror is first identified.

An Opening Position Disclosure must contain details of the person’s interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s). An Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be made by no later than 3.30 p.m. (London time) on the 10th Business Day following the commencement of the Offer Period and, if appropriate, by no later than 3.30 p.m. (London time) on the 10th Business Day following the announcement in which any securities exchange offeror is first identified. Relevant persons who deal in the relevant securities of the offeree company or of a securities exchange offeror prior to the deadline for making an Opening Position Disclosure must instead make a Dealing Disclosure.

Under Rule 8.3(b) of the Takeover Code, any person who is, or becomes, interested in one per cent. or more of any class of relevant securities of the offeree company or of any securities exchange offeror must make a Dealing Disclosure if the person deals in any relevant securities of the offeree company or of any securities exchange offeror. A Dealing Disclosure must contain details of the dealing concerned and of the person’s interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s), save to the extent that these details have previously been disclosed under Rule 8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies must be made by no later than 3.30 p.m. (London time) on the Business Day following the date of the relevant dealing. If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire or control an interest in relevant securities of an offeree company or a securities exchange offeror, they will be deemed to be a single person for the purpose of Rule 8.3.

Opening Position Disclosures must also be made by the offeree company and by any offeror and Dealing Disclosures must also be made by the offeree company, by any offeror and by any persons acting in concert with any of them (see Rules 8.1, 8.2 and 8.4). Details of the offeree and offeror companies in respect of whose relevant securities Opening Position Disclosures and Dealing Disclosures must be made can be found in the Disclosure Table on the Panel’s website at www.thetakeoverpanel.org.uk, including details of the number of relevant securities in issue, when the Offer Period commenced and when any offeror was first identified. You should contact the Panel’s Market Surveillance Unit on +44 20 7638 0129 if you are in any doubt as to whether you are required to make an Opening Position Disclosure or a Dealing Disclosure.

Publication on website and availability of hard copies

In accordance with Rule 26.1 of the Code, a copy of this announcement is and will be available free of charge, subject to certain restrictions relating to persons resident in Restricted Jurisdictions, for inspection on i3 Energy ‘s website https://i3.energy/grantierra-offer-terms/ and on Gran Tierra’s website https://www.grantierra.com/investor-relations/recommended-acquisition/ by no later than 12 noon (London time) on the Business Day following this announcement. For the avoidance of doubt, the contents of the website referred to in this announcement are not incorporated into and do not form part of this announcement.

Forward Looking Statements

This announcement (including information incorporated by reference into this announcement), oral statements regarding the Acquisition and other information published by Gran Tierra and i3 Energy contain certain forward-looking statements with respect to the financial condition, strategies, objectives, results of operations and businesses of Gran Tierra and i3 Energy and their respective groups and certain plans and objectives with respect to the Combined Group. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward looking statements are prospective in nature and are not based on historical facts, but rather on current expectations and projections of the management of Gran Tierra and i3 Energy about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. The forward looking statements contained in this announcement include, without limitation, statements relating to the expected effects of the Acquisition on Gran Tierra and i3 Energy, the expected timing and method of completion, and scope of the Acquisition, the expected actions of i3 Energy and Gran Tierra upon completion of the Acquisition and other statements other than historical facts. Forward looking statements often use words such as “anticipate”, “target”, “expect”, “estimate”, “intend”, “plan”, “strategy”, “focus”, “envision”, “goal”, “believe”, “hope”, “aims”, “continue”, “will”, “may”, “should”, “would”, “could”, or other words of similar meaning. These statements are based on assumptions and assessments made by Gran Tierra, and/or i3 Energy in light of their experience and their perception of historical trends, current conditions, future developments and other factors they believe appropriate. By their nature, forward looking statements involve risk and uncertainty, because they relate to events and depend on circumstances that will occur in the future and the factors described in the context of such forward looking statements in this announcement could cause actual results and developments to differ materially from those expressed in or implied by such forward looking statements. Although it is believed that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct and readers are therefore cautioned not to place undue reliance on these forward-looking statements. Actual results may vary from the forward-looking statements.

There are several factors which could cause actual results to differ materially from those expressed or implied in forward looking statements. Among the factors that could cause actual results to differ materially from those described in the forward-looking statements are changes in the global, political, economic, business, competitive, market and regulatory forces, future exchange and interest rates, changes in tax rates and future business acquisitions or dispositions.

Each forward-looking statement speaks only as at the date of this announcement. Neither Gran Tierra nor i3 Energy, nor their respective groups assume any obligation to update or correct the information contained in this announcement (whether as a result of new information, future events or otherwise), except as required by applicable law or by the rules of any competent regulatory authority.

Early Warning Reporting Provisions of Canadian Securities Laws

Certain of the information in this announcement is being issued under the early warning reporting provisions of Canadian securities laws. An early warning report with additional information in respect of the foregoing matters will be filed and made available under the SEDAR profile of i3 Energy at www.sedarplus.ca. The purpose of the Scheme was to enable Gran Tierra to acquire 100% of the share capital of i3 Energy. Immediately prior to the completion of the Scheme, Gran Tierra did not own, directly or indirectly, any securities of i3 Energy. To obtain a copy of the early warning report, you may also contact Phillip Abraham, Vice President, Legal & Business Development at 403-698-7918. Gran Tierra is an oil and gas company subsisting under the laws of Delaware, United States and its head office is located at 500 Centre Street SE, Calgary, Alberta T2P 1A6 and i3 Energy’s head office is located at 500, 207 – 9 Ave SW, Calgary, Alberta T2P 1K3.

The MIL Network –

January 25, 2025

MIL-OSI United Kingdom: SNP must not backtrack on tenants rights or rent controls

Source: Scottish Greens

31 Oct 2024 Housing

Everyone has a right to a secure and affordable place to call home.

More in Housing

The Scottish Government must not dilute the commitments it made to private tenants to deliver enhanced protections and rent controls.

Speaking ahead of a Ministerial Statement on the forthcoming Housing Bill, the party’s equality spokesperson, Maggie Chapman, called for more protective measures to support renters across the country.

The bill, which would introduce rent controls and new rights for tenants, was a key pledge in the Bute House Agreement between the Scottish Greens and the Scottish Government, with polling showing support from the overwhelming majority of Scotland.

There have been concerns that the bill may be watered down, with one national newspaper quoting senior government sources pledging a “light touch approach” to regulations

Ms Chapman said:

“We all agree that Scotland faces a housing crisis, but words alone won’t do anything to tackle it. Everyone deserves a safe, warm home that gives them peace of mind and security, and we have so much more to do if we are to give tenants the rights and protections they deserve.

“Rent controls are normal in many countries – they exist across Europe and beyond. It is time for them to be introduced in Scotland. The SNP must not betray tenants or backtrack on the commitments they made three years ago.

“By tackling sky high rents, ensuring protection from eviction, providing the rights to decorate and to keep pets, and providing greater support for victims and survivors of domestic abuse rebuilding their lives, we can build a fairer and better housing system.

“This bill is a huge opportunity to deliver positive change for renters across Scotland. Everyone deserves to feel happy and safe in their homes and to be able to live comfortably without having to choose between eating or paying their rent.

“MSPs across the Chamber must stand together and send a loud and clear message in support of tenants rights, giving the protections every tenant deserves. Homes should be for living in, not for profiteering.”

MIL OSI United Kingdom –

January 25, 2025
MIL-OSI United Kingdom: Consultation open on Littlemore neighbourhood plan

Source: City of Oxford

Published: Thursday, 31 October 2024

Oxford City Council has opened consultation on proposals for a neighbourhood plan submitted by Littlemore Neighbourhood Forum.

The proposed plan sets out policies to shape development and use of land in the Littlemore parish area for the benefit of residents. When made and approved by a local referendum, a neighbourhood plan must be considered in reaching planning decisions.

Consultation is a legal requirement under the Neighbourhood Planning Regulations 2012.

Take part

A six-week consultation is now open on the Council’s website and will close at 23:59 on Monday 9 December.

Next steps

An independent examiner will inspect the plan, supporting documents and consultation responses to ensure it meets legal requirements and local and national planning policies.

The examiner will then recommend whether to hold a referendum on the plan. If approved, this could take place in late spring or early summer next year.

Comment

Councillor Louise Upton, Cabinet Member for Planning, said: “Neighbourhood plans give people a say in the future development of their area. This consultation is the next step on the road to the adoption of a neighbourhood plan for Littlemore and local residents have put a lot of time and effort into making this happen. I’d encourage anyone with an interest in Littlemore to take part in the consultation.”

Development of the neighbourhood plan

Littlemore Parish Council ran an initial issues and options survey in the summer of 2023, receiving 515 responses. Five policy groups then drew up policies to inform the development of the draft plan, which was approved for public consultation in February.

The presubmission consultation ran from 7 May to 18 June, leading to minor changes. Littlemore Parish Council approved the revised draft plan on 10 September before sending it to the Council to publicise.

The city council has a duty to support the neighbourhood plan and provided advice during the development process, including making detailed comments for consideration on the presubmission consultation.

MIL OSI United Kingdom –

January 25, 2025
MIL-OSI United Kingdom: Strathmartine Community Clean-Up

Source: Scotland – City of Dundee

A Strathmartine Community Clean-Up has taken place this week as part of the Take Pride in Your City campaign.

The initiative is part of the Dundee-wide environmental effort to make a positive difference to all city neighbourhoods, parks and open areas.

The Community Clean-Up took place in the areas around Balgowan Avenue and Beauly Square where additional works were carried out by Council staff including the removal of litter and debris, strimming, general tidying of communal areas where required as well as sweeping to path & street areas.

Climate, Environment & Biodiversity Convener Cllr Heather Anderson said: “There is a wide variety of great work taking place in the city through the Take Pride umbrella.

“The Community Clean-Ups have proven to be a successful addition where additional environmental work is carried out and residents can also make use of skips to dispose of their waste appropriately.

“Council employees have listened to direct feedback from local residents in areas throughout the city to improve the condition and appearance of neighbourhoods.”

The Community Clean-Up initiative has taken place in several areas throughout the city with further Clean-Ups planned to take place in the future as well.

Information about upcoming Community Clean-Ups is communicated directly with residents in the areas prior to taking place.

MIL OSI United Kingdom –

January 25, 2025
MIL-OSI United Kingdom: UK approves use of export finance to secure critical minerals
Source: United Kingdom – Executive Government & Departments 4

UK Export Finance can now provide financial support for overseas projects that source critical minerals for use in major UK industries.
Lithium, an example of a critical mineral

Chancellor announces availability of export credit financing to help British industries access a stable, long-term supply of critical minerals.

There is high global demand for critical minerals which are increasingly vital to long-term industrial growth, emerging technology and the net zero transition.

The Chancellor has announced that UK Export Finance (UKEF), the government’s export credit agency, will offer financial support for overseas projects that supply critical minerals fuelling UK industrial growth and the net zero transition.

By securing contracts which increase and diversify UK access to critical minerals, this will help the UK to build economic resilience and lower the risk of supply-chain disruption in major industries like automotive, defence and aerospace.

‘Critical minerals’ are raw materials like lithium, graphite and cobalt which are essential to the UK’s largest exporting sectors. They are used in range of emerging and sustainable technologies like electric vehicles, solar panels and wind turbines.

Financing will be offered in the form of credit guarantees to overseas companies, helping them access debt financing for projects which supply UK exporters with critical mineral products – including both raw and processed materials.

It is expected that UKEF will work with other ECAs and public financial institutions to finance eligible projects and support investment into new supply routes.  

This would make it easier for UK manufacturers to secure contracts with critical mineral suppliers in countries with vast mineral deposits, including Australia, which holds large deposits of lithium.

Jonathan Reynolds, Secretary of State for Business and Trade, said:

There is intense global competition for critical minerals like lithium, tin and cobalt which are essential for industrial growth, British industries and our journey towards net zero.

As the energy transition pushes demand to new highs, this financing offer will help UK companies to get a seat at the table, build international partnerships and secure their critical mineral needs.

Helping exporters to access these vital resources will support UK industrial growth and our leadership in emerging technology.

Kirsty Benham, Chief Executive Officer, Critical Minerals Association (UK), said:

We welcome the new export finance offering for critical minerals, which supports UK manufacturers and supply chain security. The offer demonstrates the importance of critical minerals to UK Government, and showcases the UK’s strengths as a serious buyer of these strategically important materials.

We look forward to working closely with UKEF and supporting the development of this offer into secure, resilient, responsible critical mineral supply chains for the UK and MSP partners.

Sean Sargent, Chief Executive Officer, Green Lithium, added:

Green Lithium’s refinery in Teesside will be a future importer of critical raw materials and, following processing, a UK exporter of battery chemicals. This new export finance offering from UKEF is precisely the sort of initiative that will help UK businesses strengthen relationships with international partners and contribute to the development of stronger international supply chains, while also supporting critical minerals industrial development in the UK.

It is a welcome development from the UK Government, and a facility that will be of interest to several of our international supply chain partners.

The UK government is a founding member of the US-initiated Minerals Security Partnership (MSP), which aims to help member economies secure a stable access to critical minerals.

Today’s announcement follows the recent launch of an MSP finance network, in which UKEF is working with other export credit agencies and financial bodies to help de-risk and increase financing for critical minerals projects.

UKEF has also used its existing products to support UK capability in critical minerals production. It recently announced a guarantee supporting machinery exports to one of Central Asia’s largest copper-production facilities.

Contact

Media enquiries:

Email newsdesk@ukexportfinance.gov.uk

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Published 31 October 2024
MIL OSI United Kingdom –
January 25, 2025
MIL-OSI United Kingdom: More than 400,000 customers use SLC’s digital refund service in first six months
Source: United Kingdom – Executive Government & Departments

Student Loans Company improves online customer experience with introduction of new digital refund service.
A new digital refund service has been used by 418,000 customers in the first six months. As it continues to improve its customer experience, and in response to customer feedback, in May 2024, SLC introduced a new service into the online account for repayment customers.

The simple, digital service is an easy way for customers to self-serve, requesting a below threshold refund, which is then paid directly into their bank account.

The figure has been announced today (31 October 2024) as SLC’s issues a new statistical publication – Student loan repayments via PAYE eligible for refund – Tax Year 2023/24. The ad hoc statistical release provides more information on the total number of customers who have made repayments under the four refund scenarios, the total amount repaid, as well as the total refunds provided to customers in 23/24 tax year.

Under the Education (Student Loans) (Repayment) Regulations, there are four refund scenarios, which the publication covers. These are:

· Below Threshold Refunds – a correct repayment may be taken if a customer’s earnings are above the pay period threshold (e.g. due to overtime or bonus) but their total income for the year is below the annual threshold. SLC must wait until HMRC provides the customer’s annual earnings information at the end of the tax year, before a refund can be provided to eligible customers.

· Over-repayment refunds – when a customer had paid off their loan, but an additional repayment is taken, due to the timing of pay dates and the request to stop deductions being processed at the employer side. If SLC has up-to-date bank details, a refund will be paid automatically to the customer.

· Early repayment refunds – a customer has a repayment taken before they are required to begin repaying (a statutory date that generally occurs in April after they finish or leave their course and commence employment).

· Wrong plan type refunds – the employer places the customer on the wrong plan type for their loan.

Since May, £61.6m has been successfully refunded to 248,000 customers, in the below threshold refund scenario, as a result of the new refund service. To support the introduction of the new service, SLC has proactively contacted customers who are eligible for a below threshold refund* in the 23/24 tax year. From the almost 700,000 customers that have been contacted (by the end of October 2024), 75% of customers have opened the email and a third have requested a refund, after considering their own personal and financial circumstances.

Annual earnings information is received from HMRC throughout the year, and SLC will continue to proactively communicate with customers as eligible refunds are identified.

SLC cannot provide financial advice, and customers are urged to consider their own personal circumstances before requesting a refund. Any refund provided will be added back onto the customer’s student loan balance.

Steven Darling, Customer Experience Director, at SLC, said: “At SLC, we want to provide the best possible customer experience, and from the feedback we receive from customers, they want to be able to self-serve in their online account.

“With a below threshold refund being the most common reason why a customer might be eligible for a refund, we’ve made it quick and easy to request a refund through the online account. The figures in our latest report demonstrate the value of these improvements, with £61.6m being paid to 248,000 customers since May 2024.

“I would encourage customers to keep their contact and bank details up to date in their online account to ensure they don’t miss any key communication regarding refunds.”

Customers can read all of SLC’s guidance and refund information here, which also includes a step by step video guide of how to request a refund through their online account.

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Published 31 October 2024
MIL OSI United Kingdom –
January 25, 2025
MIL-OSI United Kingdom: Overspeed near Manor Park
Source: United Kingdom – Executive Government & Departments

Overspeeding of a passenger train near to Manor Park station, east London, 24 September 2024.
FFCCTV image showing the points where the overspeeding occurred (courtesy of MTREL).

At around 08:11 on 24 September 2024, a passenger train passed over a set of points east of Manor Park station at a speed of 45 mph (72 km/h). This was above the permitted maximum speed for these points of 25 mph (40 km/h). Passing over the points at this speed caused the train to jolt sideways.

Although there were no reported injuries, the sudden movement of the train resulted in some passengers losing their footing and at least one passenger falling to the floor. The train did not derail during the incident and no damage was caused to the infrastructure or to the vehicles involved.

We have undertaken a preliminary examination into the circumstances surrounding this incident. Having assessed the evidence which has been gathered to date, we have decided to publish a safety digest.

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Published 31 October 2024
MIL OSI United Kingdom –
January 25, 2025
MIL-OSI United Kingdom: Anniversary Statement: ATR 72-212 A, G-CMJM
Source: United Kingdom – Executive Government & Departments

Right nosewheel detached on takeoff, Edinburgh Airport, 31 October 2023
This statement provides an update on the AAIB investigation into an accident to ATR 72-212 A, G-CMJM, at Edinburgh Airport, on 31 October 2023.

While taking off from Edinburgh Airport, the right nose landing gear wheel detached from the aircraft. The flight continued to its destination without any abnormal indications or adverse aircraft performance, and the missing wheel was only noticed as the aircraft taxied onto stand after landing.

The investigation into this event is nearing completion and a final report will be issued in due course.

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Published 31 October 2024
MIL OSI United Kingdom –
January 25, 2025
MIL-OSI United Kingdom: Don’t burn a hole in your pocket with a fine this Bonfire Night
Source: United Kingdom – Executive Government & Departments

Burning household waste can cause pollution, harm people, wildlife and the environment and could lead to a fine of up to £50,000.
Go to a properly organised bonfire instead of holding your own and risk breaking the rules

With Bonfire Night fast approaching, the Environment Agency is urging those planning to celebrate to go to an organised event or risk a hefty fine if holding their own.

As well as the safety risks caused by bonfires, they have an impact on the climate and, if the wrong materials are burned, can harm wildlife, the environment and human health.

The only materials that should be used in bonfires are dry, untreated and unpainted wood, along with small amounts of paper or cardboard. Using wet wood creates smoke which can spread and cause a nuisance to neighbours, and bonfires can quickly get out of control if not properly managed.

Those still planning to have a bonfire at home are advised:

not to use it to dispose of household waste such as plastic, rubber, glass, oils or metal – these materials carry a pollution risk and should be disposed of through waste collections or at council recycling centres.

always check for hedgehogs and other wildlife which may have crawled inside before setting light to a bonfire

don’t allow anyone else to add materials to your bonfire, other than clean, dry, untreated wood.

Wet wood creates smoke and bonfires can quickly escape control

It’s not just householders that may use Bonfire Night as a way of getting rid of rubbish, businesses may use it to burn waste too, but the Environment Agency also urges them to be aware of what they are burning.

As well as the harm and nuisance burning the wrong kind of waste can cause, burning of most types of waste is illegal and can carry a fine of up to £50,000.

Ben Shayler of the Environment Agency said:

We want people to have fun on Bonfire Night – but to do so safely and in a way that won’t create a risk to the environment, wildlife, you and your neighbours.

The best way of doing that is to stop burning waste altogether and go to a properly organised community event where organisers have followed our guidelines and won’t be causing a hazard.

Whether you are a business owner or householder, if you are paying someone to take waste away, always check they are licensed waste carriers who will dispose of waste correctly. Criminals working in illegal waste operations may also use the celebration to dispose of hazardous and inappropriate waste.

Dave Waters, area manager of Dorset & Wiltshire Fire and Rescue Service, said:

We would always urge people to attend organised bonfire and fireworks events as it’s much safer. In addition, it reduces the potential pressure on the fire and rescue service at a time of year when we can be extremely busy.

If you see a bonfire being built, which you think may contain hazardous materials, you can contact the Environment Agency on our 24-hour helpline at 0800 807060 or report it anonymously to Crimestoppers on 0800 555111.

You can check if a waste carrier is licensed on our public register.

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Published 31 October 2024
MIL OSI United Kingdom –
January 25, 2025
MIL-OSI Asia-Pac: HKMA and BIS co-host international financial conference (with photos)

Source: Hong Kong Government special administrative region

HKMA and BIS co-host international financial conference (with photos)
HKMA and BIS co-host international financial conference (with photos)
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The following is issued on behalf of the Hong Kong Monetary Authority: An international financial conference (Conference), jointly organised by the Hong Kong Monetary Authority (HKMA) and the Bank for International Settlements (BIS) and supported by the Global Association of Risk Professionals (GARP), was successfully concluded today (October 31) in Hong Kong. This Conference followed the 15th Global Risk Forum co-hosted by the HKMA and GARP on October 30, and brought together over 100 representatives from international bodies, central banks, regulatory authorities, financial institutions, technology firms, consultancy firms and academia around the world. Building on the success of the inaugural Conference last year, the HKMA co-organised this significant event with the BIS for the second time. The Conference this year focused on the theme of “Opportunities and Challenges of Emerging Technologies in the Financial Ecosystem”, and featured a keynote address by the Deputy Governor of the Bank of England for Financial Stability, Ms Sarah Breeden. Other distinguished speakers of the Conference also shared their valuable insights on how artificial intelligence, tokenisation, and other technologies are transforming the financial landscape and how the industry can better prepare for these changes. The Chief Executive of the HKMA, Mr Eddie Yue, said, “Technology is a game changer in the financial industry. While we embrace the immense opportunities it offers, we must also strengthen collaboration among all parties to effectively address the challenges it presents. This Conference provides an excellent opportunity to leverage the collective insights of relevant stakeholders on the opportunities and challenges brought about by technological advancements. The HKMA will work hand in hand with the banking industry to foster a safe and smooth digital transformation journey.” Chief Representative of the BIS Office for Asia and the Pacific, Mr Tao Zhang, said, “Working closely with central banks and other stakeholders, the BIS can play a crucial role in support of their efforts to reap the benefits of tokenisation and artificial intelligence while addressing associated challenges.”About the Bank for International Settlements The Bank for International Settlements (BIS) is an international organisation established in 1930 and owned by central banks. Its headquarters is located in Basel, Switzerland. The mission of the BIS is to support co-operation among central banks around the world in their pursuit of global monetary and financial stability. The BIS Representative Office for Asia and the Pacific is located in Hong Kong. The BIS also has an innovation hub centre in Hong Kong and is undertaking projects to develop public goods in the technology space to support central banks and improve the functioning of the financial system. This year marks the 5th anniversary of the Hong Kong Centre of the BIS Innovation Hub. About the Global Association of Risk Professionals The Global Association of Risk Professionals (GARP) is a non-partisan, not-for-profit membership organisation focused on elevating the practice of risk management. GARP offers the leading global certification for risk managers in the Financial Risk Manager (FRM®), as well as the Sustainability and Climate Risk (SCR®) Certificate, Risk and AI (RAI™) Certificate, and ongoing educational opportunities through Continuing Professional Development. Through the GARP Benchmarking Initiative (GBI®) and GARP Risk Institute, GARP sponsors research in risk management and promotes collaboration among practitioners, academics, and regulators. Founded in 1996 and governed by a Board of Trustees, GARP is headquartered in Jersey City, New Jersey, the United States, with offices in London and Hong Kong.

Ends/Thursday, October 31, 2024Issued at HKT 18:17

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MIL OSI Asia Pacific News –

January 25, 2025
MIL-OSI Asia-Pac: CHP investigates case of severe enterovirus 71 infection and epidemiologically linked outbreak of hand, foot and mouth disease

Source: Hong Kong Government special administrative region

CHP investigates case of severe enterovirus 71 infection and epidemiologically linked outbreak of hand, foot and mouth disease
CHP investigates case of severe enterovirus 71 infection and epidemiologically linked outbreak of hand, foot and mouth disease
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The Centre for Health Protection (CHP) of the Department of Health (DH) is today (October 31) investigating a case of severe enterovirus (EV) 71 infection and an epidemiologically linked outbreak of hand, foot and mouth disease (HFMD), and again urged the public and institutions to maintain strict hand, personal and environmental hygiene. The severe case involved a 12-day-old baby girl. She has presented with fever since October 25, and was brought to the Accident and Emergency Department of Prince of Wales Hospital and admitted for treatment on the same day. Her clinical sample tested positive for EV71 upon laboratory testing. The clinical diagnoses were EV71 infection complicated with meningitis. The patient is now in stable condition. Initial enquiries revealed that the patient had no travel history during the incubation period. Her 18-month-old brother and her father had developed HFMD infection symptoms since October 18 and 22 respectively, and both of them had recovered. Her other home contacts have remained asymptomatic. The CHP has arranged laboratory testing for the two symptomatic home contacts. The CHP’s epidemiological investigations also revealed that Tsung Tsin Mission of Hong Kong Joyful Place, where the patient’s brother is receiving childcare services, recorded a recent outbreak of HFMD. According to preliminary information, the outbreak involves six children, including the patient’s brother, three boys and two girls, aged between 15 months and 18 months. They have developed HFMD symptoms between October 18 and 26, and all of them sought medical attention and no hospitalisation was required. They are now in a stable condition. All children in the child care centre have been put under medical surveillance by the CHP. According to the information collected from the epidemiological investigations so far, the CHP suspected that the outbreak of HFMD in the child care centre was caused by EV71. The CHP will arrange laboratory testing for all children with relevant symptoms in order to ascertain the causative agent of infection. Officers of the CHP have conducted a site visit to the child care centre to understand the disinfection, infection control and child care steps, and advised necessary measures. The CHP has advised the child care centre to suspend classes starting from tomorrow for 14 days to prevent further spread of HFMD. The child care centre has been requested to conduct thorough cleaning and disinfection under the supervision of the CHP. The CHP’s investigations are ongoing. “EV71 is one of the causative agents for HFMD. The infection is transmitted by direct contact with an infected person’s nose or throat discharges, saliva, fluid from blisters or stool. Good personal and environmental hygiene are the most important measures to prevent EV71 infection,” a spokesman for the CHP said. “HFMD is common in children, while adult cases may also appear. It is usually caused by enteroviruses such as Coxsackie virus and EV71. It is clinically characterised by maculopapular rashes or vesicular lesions occurring on the palms, soles and other parts of the body such as the buttocks and thighs. Vesicular lesions and ulcers may also be found in the oral cavity. Sometimes patients present mainly with painful ulcers at the back of the mouth, namely herpangina, without rash on the hands or feet,” the spokesman said. “The local HFMD activity is currently at high level. In Hong Kong, the usual peak season for HFMD and EV71 infection is from May to July. A smaller peak may also occur from October to December. As young children are more susceptible, parents should stay alert to their health condition. Institutional outbreaks may occur where HFMD can easily spread among young children with close contact,” the spokesman added. The spokesman reminded that alcohol-based handrub should not substitute hand hygiene with liquid soap and water, as alcohol does not effectively kill some viruses causing HFMD, for example, EV71. To prevent HFMD, members of the public (especially the management of institutions) should take heed of the following preventive measures:

Maintain good air circulation;
Wash hands before meals and after going to the toilet or handling diapers or other stool-soiled materials;
Keep hands clean and wash hands properly, especially when they are dirtied by respiratory secretions, such as after sneezing;
Cover the nose and mouth while sneezing or coughing and dispose of nasal and oral discharges properly;
Regularly clean and disinfect frequently touched surfaces such as furniture, toys and commonly shared items with 1:99 diluted household bleach (mixing one part of household bleach containing 5.25 per cent sodium hypochlorite with 99 parts of water), leave for 15 to 30 minutes, and then rinse with water and keep dry;
Use absorbent disposable towels to wipe away obvious contaminants such as respiratory secretions, vomitus or excreta, and then disinfect the surface and neighbouring areas with 1:49 diluted household bleach (mixing one part of bleach containing 5.25 per cent sodium hypochlorite with 49 parts of water), leave for 15 to 30 minutes and then rinse with water and keep dry;
Children who are ill should be kept out of school until their fever and rash have subsided and all vesicles have dried and crusted;
Avoid going to overcrowded places; and
Parents should maintain close communication with schools to let them know the latest situation of sick children.

???The CHP’s weekly publication, EV SCAN (www.chp.gov.hk/en/view_content/21639.html), is issued every Friday to report the latest local situation of HFMD. Members of the public may also visit the CHP’s page on HFMD and EV71 infection for more information.

Ends/Thursday, October 31, 2024Issued at HKT 18:30

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MIL OSI Asia Pacific News –

January 25, 2025
MIL-OSI United Kingdom: Greens lodge proposals to ban Lords from serving in Scottish Parliament

Source: Scottish Greens

31 Oct 2024 Scottish Independence

The House of Lords is an archaic and antidemocratic institution.

More in Scottish Independence

Members of the House of Lords would be disqualified from serving in the Scottish Parliament under proposals lodged today by Scottish Green MSP Ross Greer.

Peers have been barred from voting in general elections and are not allowed to stand for election to the House of Commons. Mr Greer’s proposal, lodged as an amendment to the Elections Bill, would also disqualify them from taking office as MSPs.

Ross Greer MSP said:

“The House of Lords is an antidemocratic and archaic institution. It should be a source of embarrassment to the UK that more than half of Westminster’s lawmakers are completely unelected and unaccountable, including some who quite clearly paid for their peerages with dodgy donations to one party or another.

“The only way you should get to decide on the laws of this country is via a fair election. Every MSP is democratically elected, but there is a clear conflict between this and sitting in the unelected Lords. If a peer wants to serve in Holyrood, they should resign their membership of the Lords first.

“A handful of peers have been elected as MSPs since the Scottish Parliament was re-established. Most have done a fantastic job of advocating for their constituents and representing their communities.

“This amendment is not about individuals, it is about democracy and accountability. I hope that MSPs across all parties will put those principles first by supporting my amendment.”

MIL OSI United Kingdom –

January 25, 2025
MIL-OSI United Kingdom: Miniature tag offers unique insight into the movement of hummingbirds Scientists from the University of Aberdeen have attached tiny ‘backpack’ type trackers to hummingbirds in the Andes in a bid to learn more about their movements.

Source: University of Aberdeen

Scientists from the University of Aberdeen have attached tiny ‘backpack’ type trackers to hummingbirds in the Andes in a bid to learn more about their movements.

We are very excited to have successfully implemented a system that is giving us a unique insight into the movements of hummingbirds and other small animals endemic to high mountain ecosystems of the Andes.” Cristina Rueda Uribe

Researchers have teamed up with the Chingaza National Park in Colombia, in addition to the Pontificia Universidad Javeriana in Colombia, Queen’s University Belfast and the University of Washington in the United States, for the project to help inform the park’s plans of expanding the park and connecting to other nearby protected areas.

Previously, it has been impossible to collect movement data for hummingbirds and other small animals in the area, however the team were able to set up an automated radio telemetry grid at 3,300m above sea level in the Andes of Colombia. This technology generates fine resolution and continuous location estimates for individual animals, resulting in millions of datapoints that provides information on species’ habitat requirements, movement patterns and seasonal occurrence, all of which are important to inform landscape-level management practices that avoid local extinctions.

Cristina Rueda Uribe, a PhD candidate from the University’s School of Biological Sciences, said: “We are very excited to have successfully implemented a system that is giving us a unique insight into the movements of hummingbirds and other small animals endemic to high mountain ecosystems of the Andes.

“The transmitters we attached to the hummingbirds are tiny! They weigh only 0.35g because the largest birds are only around 12-14g. We use a harness that goes around their wings and chest, so the tag sits on their back like a backpack. The tag has a solar panel and will transmit signals for the rest of their lifetime, whenever the sun is shining the panel is activated.

“Through this, we have been able to obtain information on foraging routines, home ranges and seasonality. This information increases our understanding about biodiversity in tropical mountains and is also useful to protect these species, as well as their key ecosystem roles as pollinators, in the face of ongoing climate and land use change.

“Our system is the first to use automated radio signals to track movement in high mountain ecosystems of the Andes, and it is one of only a few that has been attempted in wild landscapes where terrain and vegetation are challenging. Its success is due to an huge international collaborative effort between scientists, designers, drone pilots, park rangers, and field ornithologists. This is such an important step forward as the system is mainly focussed on tracking hummingbirds and revealing movement patterns that are key for their role as plant pollinators, in ecosystems that are especially vulnerable to changes in climate and land use.

“I am also excited that this project has motivated local management to use technology for conservation, and it has also inspired researchers to adapt this technology in other locations. We are now helping our collaborators to establish a similar grid in lowland forests in the Amazon region.”

MIL OSI United Kingdom –

January 25, 2025
MIL-OSI United Kingdom: Cooking Up More Potential with the Multiply Programme

Source: Northern Ireland City of Armagh

Participants who completed the latest Multiply programme received their certificates and a free airfryer or slow cooker at the final class of their course on Wednesday 23^rd October at Lurgan’s Jethro Centre.

Multiply is an innovative training programme designed to empower individuals who have not yet achieved a GCSE Maths Grade C or above. This course particularly focuses on those for whom English is not a first language, providing tailored support to enhance their mathematical skills and confidence.

Organised by Armagh City, Banbridge and Craigavon Borough Council, and delivered by People 1^st, the course saw 16 participants complete the course which aimed to break down barriers to learning by offering accessible and engaging maths training in a supportive environment. This course also focused on cookery, teaching budgeting skills as well as some healthy recipes.

Lord Mayor of Armagh City, Banbridge and Craigavon, Councillor Sarah Duffy said:

“Maths is a critical skill that opens doors to further education and better job opportunities. Through the various Multiply programmes, the council aims to create a supportive pathway for those who may have faced challenges in the past, ensuring that everyone has the opportunity to succeed.”

One participant, commented: “I’m happy to be here together and have something like this in my life. It was just what we needed, speaking English, and learning, all to have a better life.”

This project was funded by the UK government through the UK Shared Prosperity Fund. This is part of a £5.9m Multiply fund being managed by the Department for the Economy in the north of Ireland.

As only one part of the Council’s Multiply programme, there has been several successful family fun days so far as well as ongoing courses on business finances, preparing for retirement and another budget friendly cookery course. To find out more about the programme, visit: www.armaghbanbridgecraigavon.gov.uk/multiply

MIL OSI United Kingdom –

January 25, 2025
MIL-OSI United Kingdom: Mansion House to undergo restoration works in the new year

Source: City of York

To help protect and maintain an important cultural asset for the city, York Mansion House will undergo £1.2m maintenance, accessibility and safety improvements.

It will reopen in in 2025, 300 years after its original construction began.

To help protect and maintain an important cultural asset for the city, York Mansion House will undergo £1.2m maintenance, accessibility and safety improvements and will reopen in 2025, 300 years after its original construction began.

One of the earliest civic buildings to be built in the classical style in England, the Mansion House is the official seat of The Rt Hon The Lord Mayor of York, and holds an important collection of items connected to the history of the city over the past 800 years.

Work to build the house began in 1725 and was completed in 1732. The last major restoration was done in 2015-17, and the upcoming works will be a significant investment in the House.

This refurbishment aims to address essential maintenance tasks which include repairing wear and tear to the building and to prevent any further deterioration in the historic roof, walls and windows. It will also include important upgrades to the lift to improve the accessibility and environmental performance of the historic building, and decoration works will also refresh the interior where structural work is required.

The Mansion House will close temporarily on 10 November, when the contents will be safely stored. This will be done with the help of students who will gain valuable practical experience of working in a historical building. Staff will oversee the work, continue with outreach education work and carry out research on the House and its contents.

Starting in early 2025, the works will be overseen by Buttress Architects which will provide specialist heritage consultancy and conservation architecture. During the project they will lead a team of experts including conservation architects and mechanical, electrical and structural engineers.

The Rt Hon, The Lord Mayor of York, Councillor Margaret Wells, said:

Investing in this beautiful historic building ensures it will continue to serve the city and its residents.

“It’s temporary closure will allow other historic venues to take part in the civic life of the city, such as holding citizenship ceremonies in the elegant Register Office on Bootham, and using Medieval Barley Hall to host the Sheriff’s Ridings.”

Pauline Stuchfield, Director of Housing and Communities, said:

The Mansion House has been an essential part of the York landscape for almost 300 years, and it’s important it continues to be available for future generations of residents and visitors.

“We’re able to carry out these essential works to weather another 300 years of being key to the civic life of the city, a base for our civic party and ready to welcome royalty as it has for centuries.

“For hundreds of years the Mansion House has hosted some of the most important and significant events in the city and, once these improvements are made, the House will continue to play that role for decades to come.”

The last major works were carried out in 2015 when £1.2m from the Heritage Lottery Fund (HLF) helped deliver the most significant upgrades since the building first opened. The works included restoring the original kitchens, improving displays, developing an integrated environmental and conservation plan and preparing a detailed oral history project.

Hannah Bellerby, the project architect from Buttress Architects, said:

As we approach the Mansion House’s 300th anniversary, it is a privilege for Buttress to lead the efforts in safeguarding this vital piece of York’s civic heritage.

“Our work focuses on not only preserving the building’s historical integrity but also working to ensure it remains accessible, sustainable, and fit for future generations. Through these planned restorations, we are ensuring that this significant landmark continues to enrich York’s cultural landscape for years to come.”

The project is due to be completed part way through next year, when it will reopen in time for Yorkshire Day on 1 August and a season of great events including the popular Georgian Festival. Meanwhile more of the city’s treasures can be admired at the Castle Museum, Yorkshire Museum and York Art Gallery.

MIL OSI United Kingdom –

January 25, 2025
MIL-OSI United Kingdom: Seized for suspected fly-tipping

Source: City of Sunderland

A vehicle suspected of being involved in fly-tipping has been seized.

The white Ford Transit flatbed pick-up was seized in Eskdale Street, Hetton, on Sunday 27 October at 3.47pm in a coordinated operation between the City Council and Northumbria Police.

This seizure was part of Project Shield, a focused initiative addressing community concerns in and around the Easington Lane area. The project brings together the council, police, and other partners to tackle criminal and anti-social behaviour, including fly-tipping, burglary, and youth disorder.

The vehicle is suspected of being used to dispose of waste unlawfully at the former Frosterley Close site (known as the Cosy) in Easington Lane.

This seizure marks the 29^th vehicle the City Council has confiscated on suspicion of involvement in fly-tipping since August 2019. Of these, subsequent investigations have led to 17 vehicles being destroyed or sold and 12 returned to their owners.

Vehicle owners may request the return of their vehicle, but the council will decide on a case-by-case basis. If a decision is made not to return a vehicle, it may be crushed or sold.

Enhanced enforcement against fly-tipping and anti-social behaviour was one of the main public concerns identified in the City Council’s 2020 “Let’s Talk” consultation.

The City Council’s Cabinet Member for the Environment, Transport and Net Zero, Councillor Lindsey Leonard said: “Fly-tipping and anti-social behaviour continue to be two of our residents’ biggest concerns and what many people contact the council about.

“Fly-tipping is not only illegal but seriously anti-social. It blights communities, creates eye-sores and pollution, and as we have the powers to seize vehicles that may have been used from fly-tipping, we will use these powers and that’s exactly what we have done.

“As householders, we all have a legal ‘Duty of Care’ to make sure that our waste is disposed of lawfully so if you are arranging a private collection you need to check where the waste is going and whether they have a valid waste carrier’s licence. If you don’t and it’s found dumped, you could be the one left to pick up the bill.”

Anyone planning to use a private waste collector should check with the Environment Agency that the person, or company concerned has a valid waste carriers licence by visiting the website https://www.gov.uk/guidance/access-the-public-register-for-environmental-information

If you witness fly-tipping you can report it anonymously to https://www.sunderland.gov.uk/report-flytipping or by calling 0191 520 5550.

MIL OSI United Kingdom –

January 25, 2025
MIL-OSI United Kingdom: There’s snow place like home
Source: City of Birmingham

Join the Lord Mayor of Birmingham, the Mayor of Frankfurt and German Ambassador to the UK at this year’s official opening of the Frankfurt Christmas Market in Victoria Square on Friday 1 November at 5:30pm, as they switch on the city’s festive lights.

This year the market returns to the city for seven weeks and celebrates its 24th year, featuring 60 festive stalls selling traditional hot gluhwein, schnitzel, spicy sausage, gifts, handcrafted decorations, toys and jewellery.

The big wheel and popular ice rink will also be returning to Centenary Square, and will open from 1 November 2024 until 5 January 2025, between 10:00am and 10:00pm (except on Christmas Day). For more information and to book tickets visit www.iceskatebirmingham.co.uk.

There will also be live performances on the bandstand in Victoria Square with Monday ‘open mic’ sessions giving young, up and coming performers and musicians a chance to showcase their talents. The best two acts will perform in a primetime December slot.

Choirs from local schools, charities and community groups will also feature on the market’s community music programme.

German musicians will perform weekday lunchtimes and evenings daily, with local performers performing between 12pm and 6pm on Saturdays and Sundays.

The market will opens Friday 1 November to Tuesday 24 December 2024.
- Mondays to Thursdays: 11:00am to 9:00pm
- Fridays: 11:00am to 9:30pm
- Saturdays: 10:00am to 9:30pm
- Sundays: 10:00am to 9:00pm
The market will be closed until 1:00pm on 10 November for Remembrance Sunday.

Councillor Saima Suleman, Cabinet Member for Digital, Culture, Heritage and Tourism, said: “This year we welcome the 24th Frankfurt Christmas Market to the city, which brings with it a selection of traditional food, drink and gifts.

“The market is an event many look forward to this time year and makes a wonderful festive day out for families.

“We are proud the Christmas market was crowned the best Christmas market in the UK for the second year running which provides a huge economic boost for the city. The market is also ranked eighth in Europe, which usually attracts up to 5 million visitors to the city.”

For more information about the city’s Frankfurt Christmas Market, visit www.thebfcm.co.uk.
MIL OSI United Kingdom –
January 25, 2025
MIL-OSI United Kingdom: Witnesses testify to the abuse Ukrainian civilians suffer in Russian detention: UK statement to the OSCE
Source: United Kingdom – Government Statements

Ambassador Holland shares harrowing details from witness testimony event in London and urges Russia to release all Ukrainian citizens it has arbitrarily detained.
Location:

Vienna

Delivered on:

31 October 2024 (Transcript of the speech, exactly as it was delivered)

Thank you, Madam Chair. Since Russia’s illegal annexation of Crimea in 2014, its actions in Ukraine have featured widespread reports of arbitrary detention, enforced disappearances, extrajudicial executions of Prisoners of War and civilian detainees, and other serious violations of human rights.

Activists, journalists, community leaders, and those perceived as supportive of Ukrainian sovereignty have faced persecution and illegal detention by Russian forces in the temporarily occupied territories of Ukraine. Many are sent to far-flung regions within the Russian Federation. They are held in prisons, pre-detention centres, and unofficial places of detention. Their families are often denied information about their whereabouts or access to them, causing great distress and an inability to organise effective legal counsel.

Since Russia’s full-scale invasion in 2022, these practices have increased in both frequency and severity, with thousands of Ukrainian civilians held incommunicado and denied their fundamental rights. Independent reports, including the latest Moscow Mechanism, detail inhumane conditions, from physical abuse to psychological coercion.

Madam Chair, these actions constitute violations of international law but behind them lie personal stories of human suffering. This week two Ukrainian civilians, Hryhorii Holovko and Oleksandra Stoliar, shared theirs at an event held in the UK Foreign Commonwealth and Development Office, supported by the Ukrainian NGO, Media Initiative for Human Rights.

Hryhorii Holovko was detained by Russian forces in Kherson in October 2022. Russian forces tortured and intimidated him, including beatings and electric shocks and by carving Russian symbols into his body. Russian guards made threats against his wife and child and forced him to sing the Russian national anthem. Hryhorii was released in May 2023, having been forced to sign papers to align with the Russian state. His story is familiar to many others who have survived Russian occupation.

Oleksandra Stoliar is mother to 26-year-old Iryna Navalnaya who is still being unlawfully detained. Russian forces took Iryna from her home in Mariupol in September 2022. Two months passed before Iryna’s family discovered she was being held in a prison in Donetsk. Women who have been released from this prison have shared accounts of the beatings and other barbaric treatment Iryna has experienced during interrogations, leaving her covered in bruises. They report that detainees are regularly denied access to medical assistance. Iryna’s mother worries continually that she might die in captivity.

These testimonies are just two out of thousands. We recall that three Special Monitoring Mission (SMM) members, our colleagues, are also subjected to this systematic arbitrary detention.

The UK stands in solidarity with them and Ukraine – and reaffirms the urgent need for accountability. We call on Russia to fully cooperate with international mechanisms investigating these abuses, grant immediate access to humanitarian organisations to all facilities where Ukrainian civilians are being held, and uphold its obligations to protect civilians and respect human rights. Russia must release all arbitrarily detained Ukrainian citizens, including Iryna Navalnaya and the SMM members. We call on Russia to end its illegal war and respect the sovereignty and territorial integrity of Ukraine. Thank you.

Updates to this page

Published 31 October 2024

Invasion of Ukraine

UK visa support for Ukrainian nationals

Move to the UK if you’re coming from Ukraine

Homes for Ukraine: record your interest

Find out about the UK’s response
MIL OSI United Kingdom –
January 25, 2025
MIL-OSI United Kingdom: New light trail to illuminate Derby this Christmas

Source: City of Derby

A magical light trail will illuminate the streets of Derby city centre for the festive season. Derby City Council and the Cathedral Quarter and St Peter’s Quarter Business Improvement Districts (BIDs) have teamed up to create the new attraction.

The Festive Derby Light Trail will see several stunning light installations lead from The Spot all the way to Cathedral Square, taking in the Market Place, where the Cathedral Quarter Ice Rink and Nordic Bar will be situated.

Starting with the beautifully wrapped rings at The Spot, with festive foliage and twinkling lights, the trail will wind its way through the heart of the city. Grab a bite to eat and let the kids enjoy the festive rides before heading down to St Peter’s Cross to see the jolly Rudolph arch, complete with his red nose, and then onto a tunnel of light which will run through Cornmarket.

As you enter the Market Place, the colourfully lit Christmas presents will sit with the Christmas tree as a backdrop and you’ll also find the highlight of the trail – the UK’s largest light-up Santa installation, powered by Tomato Energy. It’ll be the perfect spot for a festive family shot!

A curtain of light will illuminate Irongate up to Cathedral Square, where a giant gold star will sit below the Cathedral.

After all that walking why not enjoy a festive drink in the cosy tipis of our Nordic Bar and then, when you have had time to rest, take a whizz around the ice rink with family and friends. Afterwards you can enjoy food from a variety of food stalls on the Market Place, including loaded fries, grilled sausages, donuts and crepes.

You will be able to find a map of the trail at festivederby.co.uk soon, or download the LoyalFree app to follow the trail – and check in at each location to enter our free prize draw. You can also pick up an activity sheet from the ice rink or Nordic bar for little ones to fill in along the way. You could win a Nintendo Switch, with other prizes including tickets for next year’s Darley Park Weekender, or tickets to enjoy the ice rink or panto in 2025!

Councillor Nadine Peatfield, Leader of Derby City Council, said:

We’re already getting excited about this Christmas in Derby. The new light trail promises to be a magical addition to our packed festive programme. It’ll light the way through the city centre to the Cathedral, providing plenty of fantastic photo opportunities along the way!

Brad Worley, Manager for Cathedral Quarter and St Peter’s Quarter Derby BIDs, added:

The BIDs are thrilled to bring this amazing light installation trail to the city.

There are some truly impressive installations and we hope people will take some memorable photos and share with friends and family, as well as entering the fantastic prize draw. We want people to explore the city and experience what our wonderful businesses have to offer this festive period.

Dominika Walker, Regional Community Engagement Lead for Tomato Energy, said:

At Tomato Energy, we’re lighting up the holiday season in more ways than one! We’re absolutely delighted to support this year’s Festive Derby and proud to sponsor the UK’s largest illuminated Santa.

We hope it will not only bring joy to the community but also spark conversations about efficient energy use during the festive season. It’s our way of spreading holiday cheer while showcasing how cutting-edge technology and sustainability can go hand in hand.

The Cathedral Quarter Ice Rink and Nordic Bar will open on Saturday 30 November, as Festive Derby is officially launched with our Christmas Lights Switch-On event, with our media partner Smooth Radio.

Tickets for the ice rink are on sale now and, of course, the festive season wouldn’t be complete without Derby’s annual panto spectacular at Derby Arena. Morgan Brind and the multi award-winning Little Wolf Entertainment are back with Cinderella from Fri 6 – Tue 31 Dec.

Derby has a great selection of festive events this year and more information can be found at festivederby.co.uk or pick up a guide from November.

Tickets can be purchased on the Derby LIVE website, at the Sales and Information Centre Sales & Information Centre, Guildhall Theatre, Market Place, Derby, DE1 3AE or call 01332 255800.

MIL OSI United Kingdom –

January 25, 2025
MIL-OSI United Kingdom: Appointment of Cambridge Growth Company Chair

Source: United Kingdom – Executive Government & Departments

The Housing Minister, Matthew Pennycook, has appointed Peter Freeman as the Chair of the Cambridge Growth Company to drive forward the government’s growth ambitions in Greater Cambridge.

Applies to England

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Appointment of Cambridge Growth Company Chair: Letter from Matthew Pennycook MP

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The Housing and Planning Minister has appointed Peter Freeman as Chair of the Cambridge Growth Company. The Growth Company will work with local partners to develop and start to deliver an ambitious plan for delivering high-quality sustainable growth in Cambridge and its environs.

Peter is an accomplished development and regeneration professional with a track record of delivery and working in collaboration with local communities as well as private and public partners. He brings a wealth of experience in delivering complex mixed-use projects, including in his current role as Chair of Homes England and through the renowned redevelopment of King’s Cross.

The Growth Company will focus on enabling and accelerating key developments in and around Cambridge, developing the evidence base to support an infrastructure-first growth plan and identifying solutions to complex constraints that are holding back sustainable growth.

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Published 31 October 2024

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MIL OSI United Kingdom –

January 25, 2025
MIL-OSI United Kingdom: New support now available to help managers recruit
Source: United Kingdom – Executive Government & Departments

Government Skills has launched training package to support recruitment managers’ and panel members.
Government Campus has launched a new recruitment training suite to help managers get the knowledge and tools they need to recruit the right person to the right role.

The training uses evidence-based recruitment practices and ensures managers are sighted on legislation which sets out how they should approach recruiting staff.

The new Success Profiles Recruitment using Success Profiles suite aims to provide flexible, practical training that improves recruitment outcomes and supports a positive candidate experience across government departments.

It can be accessed through the Recruitment with Success Profiles page of Prospectus Online.

The new suite comprises online resources, workshops, e-learning, animations, and podcasts. Courses cover best practices at each stage of recruitment, such as writing job descriptions, designing assessments, and assessing candidates. Much of the content is free with optional workshops that allow learners to practise skills in a structured setting.

To remain current, Government Campus are working closely with the Recruitment transformation team and will refresh the courses over the next two years based on learner feedback and shifts in recruitment practices, including advances in AI.

The older online courses: Success Profiles: Sifting and Interviewing and Designing Your Assessment Process will remain available on the website until the new year to allow departments to choose when to move to the new Recruitment with Success profiles courses. Departmental learning and development leads will be consulted before removal.

Bookings for the new workshops are now available, with dates for open bookings being offered from January 2025.

This new, free suite of learning can be accessed through the Recruitment with Success Profiles page on Prospectus Online.

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MIL OSI United Kingdom –
January 25, 2025
MIL-OSI United Kingdom: Ten-year ban for director who promoted tax avoidance scheme costing HMRC more than £2.5m
Source: United Kingdom – Executive Government & Departments

Director disqualified for operating tax avoidance scheme without notifying authorities
Alastair Lunt was the director of Peak PAYE Ltd which operated a tax avoidance scheme which resulted in more than £2.5 million of unpaid tax

The scheme, which had around 250 users, promised to help its customers avoid paying income tax and National Insurance

Lunt has been disqualified as a company director until September 2034

A director who promoted a tax avoidance scheme which deprived HM Revenue and Customs (HMRC) of more than £2.5 million in unpaid tax has been disqualified.

Alastair Lunt was the director of Peak PAYE Ltd when it caused losses of at least £2.64 million to HMRC between October 2020 and February 2022.

Lunt had failed to notify HMRC of the scheme, which had around 250 users, as he was required to by law.

The 36-year-old, who now lives in southern California, was banned as a company director for 10 years.

Claire Entwistle, Assistant Director of Operations at the Insolvency Service, said:

Tax avoidance schemes are marketed as ways for people to pay less tax but do not always work as advertised, landing customers instead with a big tax bill.

Our public services also rely on everyone paying their taxes and schemes such as this deprive the UK of the revenue it needs to invest in our hospitals, schools and roads.

Peak PAYE’s director, Alastair Lunt, was required to notify HMRC of the scheme. He failed to do so, causing substantial losses to the public purse.

We will continue to work closely with our partners at HMRC to disrupt and clamp down on scheme promoters such as Peak PAYE.

Peak PAYE operated its tax avoidance scheme by paying contractors the National Minimum Wage, and then paying the remainder of their wages disguised as a financial option or as a salary advance.

The company, which had a registered office in Manchester, promised users they could avoid paying National Insurance and income tax as a result.

Promoters of tax avoidance schemes are required to inform HMRC. Peak PAYE did not do this between October 2020 and February 2022.

The company was ordered by HMRC to stop running the scheme in November 2022 and entered liquidation the following month.

Lunt moved to his current address of 16th Place, Costa Mesa, Orange County after his involvement with Peak PAYE.

The Secretary of State for Business and Trade accepted a disqualification undertaking from Lunt, and his ban started on Monday 30 September.

It prevents him from being involved in the promotion, formation or management of a company, without the permission of the court.

Further information

Alastair Lunt is of 16th Place, Costa Mesa, Orange County, California. His date of birth is 23 March 1988

Peak PAYE Ltd (company number 11762908)

Individuals subject to a disqualification order or undertaking are bound by a range of restrictions

Further information about the work of the Insolvency Service, and how to complain about financial misconduct

Information about the published tax avoidance schemes and promoters

Information about HMRC’s ‘Don’t Get Caught Out’ campaign and the support available for customers who believe they are involved in a tax avoidance scheme

Visit GOV.UK to report tax avoidance schemes and those offering you the schemes

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MIL OSI United Kingdom –
January 25, 2025
MIL-OSI United Kingdom: Healthcare awareness campaign launched

Source: Scottish Government

Where to seek help over winter.

An awareness campaign is underway to ensure people know the best place to access healthcare this winter.

Right Care Right Place helps the public decide the most appropriate service for their healthcare needs – whether they should contact their GP or pharmacy, call NHS 24 on 111 or use self-help guides on the NHS Inform website. Hospital emergency departments should only be visited for critical emergencies.

The campaign features targeted advertising on television, radio and online and aims to help alleviate pressures on the NHS and social care ahead of an expected seasonal increase in demand.

Health Secretary Neil Gray visited East Lothian Community Hospital to hear about work being undertaken to address delayed discharges. The hospital supports patients leaving acute hospitals who require intermediate care before returning home.

Mr Gray said:

“We have been working closely with colleagues across the NHS and social care to make sure we are as prepared as possible ahead of winter.

“Public information and awareness of the treatment options and how to access them when needed is key to ensuring services are directed where they are most needed.

“This will help everyone to get the right care, in the right place as quickly as possible while helping alleviate pressures on the rest of the NHS. People can also help by making sure they receive their Respiratory Syncytial Virus (RSV), Covid-19 and flu vaccinations if eligible.”

Background

Self-help guides can be found on NHS inform and include advice on the most common winter illnesses.

Health and social care: winter preparedness plan 2024 to 2025 – gov.scot (www.gov.scot)

MIL OSI United Kingdom –

January 25, 2025

Category: United Kingdom

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