Day: May 4, 2023

CYBERJAYA, Malaysia, May 04, 2023 (GLOBE NEWSWIRE) — Deriv, one of the world’s largest online brokers, opened 7 new offices worldwide in 2022 to broaden its reach and leverage talented professionals spread across the globe.

In the fast-moving world of financial trading, changes are inevitable. Trading firms need to adapt to the evolving financial environment and innovate on their feet. Deriv has always been a broker able to adapt to changes. Last year was one of success and expansion for the firm, reflected in its opening of 7 new offices worldwide.

Deriv’s new office locations ranged from Vanuatu in the east to the Cayman Islands in the west and spanned 3 continents. Deriv opened 2 new offices in Asia, 2 in Europe, and one each in South America, Oceania, and the Caribbean.

Singapore and Amman, Jordan, became Deriv’s latest offices in Asia. Reading, UK, and Berlin, Germany, were the European additions to Deriv workplaces. A new office was set up in Ciudad del Este, Paraguay, making it the company’s second workplace in the country, adding to its existing address in Asunción. George Town, Cayman Islands, and Port Vila, Vanuatu, were the other Deriv workplaces in 2022.

The latest additions take the total Deriv office count up to 20 in 16 countries and will help the company reach new clients in more locations as it looks to become the world’s number 1 trading provider.

As it expands globally, Deriv aims to tap into the vast talent pool that exists across the world and provide its employees with the best tools to enhance their knowledge, skills, and experience which will in turn enable them to contribute to the company’s growth and success. Several Deriv locations have been certified with the ‘Best Places to Work’ for 2022 by Great Place to Work® (GPTW).

Jean-Yves Sireau, the CEO of Deriv, said: “At Deriv, we believe that talent isn’t restricted by geography. Our 7 new offices have allowed us to explore new markets — some of them in non-English-speaking countries — and hire quality professionals to help us achieve our goals in 2023. We are expanding our reach by adding new products and services, and customising them to local needs as we integrate our systems with AI language tools, including Amazon Translate.”

He added: “Our hires at the new offices have helped us strengthen our technical infrastructure, add expertise, and create localised educational materials for traders on our platforms.”

Over the course of 2023, Deriv will look to add new employees at its latest offices and to its existing multinational and multicultural workforce — that currently stands at over 1,200 — as it aims to become the world’s number 1 trading provider. If you want to be part of this successful and fast-growing team, check out open positions at Deriv.

About Deriv

Starting its journey in 1999, Deriv’s mission has been to make online trading accessible to anyone, anywhere. Deriv’s product offering includes intuitive trading platforms, over 200 tradable assets (in markets such as forex, stocks, and cryptocurrencies), unique trade types, and more. With more than 1,200 employees in 20 global offices spread across 16 countries, Deriv strives to provide the best work environment, which includes positive work culture, timely addressing of employee concerns, celebrating achievements, and conducting initiatives to boost their morale.

PRESS CONTACT
Aleksandra Zuzic
aleksandra@deriv.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c41b1ae9-345e-4315-a55e-62d7dc21ad3a

GlobeNewswire Distribution ID 1000808216

Zoom aims to empower the India workforce with the rollout of Zoom Phone

SAN JOSE, Calif., May 04, 2023 (GLOBE NEWSWIRE) — Today, Zoom (NASDAQ: ZM) announced that it has received the Unified License with Access – All/PAN India, NLD National Long Distance, and ILD – International Long Distance from the Department of Telecommunications (DoT), Government of India. With these licenses, the company will be able to offer Zoom Phone, its industry leading cloud PBX service, to multinational corporations (MNCs) and businesses operating in India.

Zoom Phone is a global cloud PBX application service, enabling MNCs and businesses in India to have a single communication platform for their global workforce. Zoom partners with international telecommunication providers and offers phone numbers and calling plans in 47 countries and territories bundled with cloud PBX service, making it simple for customers to deploy and manage their phone services.

Zoom Phone offers a robust set of features for the modern workforce, including intelligent call routing, auto attendants, interactive voice response, shared line appearance, call queuing, call analytics, voicemail, recordings and transcriptions, desktop/mobile app experience optimized for business users and integrations with CRM applications.

“We are thrilled and proud to receive the unified licenses from the Department of Telecommunications. With Zoom Phone, India businesses and multinational corporations can support hybrid work environments, foster greater collaboration among employees and elevate the customer experience,” said Abe Smith, Head of International, Zoom. “This important milestone underscores our continued focus in countries like India, a strategic growth market for Zoom, and our commitment to bringing new and innovative collaboration solutions to our customers.”

Zoom Phone grew more than 100% year over year globally in fiscal year 2023, surpassing 5.5 million seats in the fourth quarter of fiscal year 2023. This is a testament to Zoom Phone’s ability to meet customer requirements for simplicity and flexibility and help businesses transition to a modern cloud communications platform.

In the coming months, Zoom will be working with regulators and partners in India to offer a complete telecommunications service bundled with its Zoom Phone PBX service.

“Feeling the pinch to produce more with less, Indian multinationals are increasingly turning to collaboration platforms including video communications to streamline workflows and engage employees, partners as well as their customers. The launch of Zoom Phone will offer a competitive edge to the collaboration solution vendor in targeting the Indian enterprise customers,” said Nikhil Batra, Research Director, Telecom at IDC. “Collaboration solutions have been highlighted by Indian enterprises as their top ICT investment priority through the course of 2023 and Zoom Phone, along with the broader Zoom collaboration portfolio, could help organizations accelerate this move to support and empower an increasingly mobile and connected workforce.”

About Zoom
Zoom is an all-in-one intelligent collaboration platform that makes connecting easier, more immersive, and more dynamic for businesses and individuals. Zoom technology puts people at the center, enabling meaningful connections, facilitating modern collaboration, and driving human innovation through solutions like team chat, phone, meetings, omnichannel cloud contact center, smart recordings, whiteboard, and more, in one offering. Founded in 2011, Zoom is publicly traded (NASDAQ:ZM) and headquartered in San Jose, California. Get more info at zoom.com.

Public Relations
Colleen Rodriguez
Head of Global PR for Zoom
press@zoom.us

GlobeNewswire Distribution ID 8831836

SYDNEY, May 04, 2023 (GLOBE NEWSWIRE) — George Clinical announces that the company has initiated preparations in Australia for two oncology Phase 1b trials that will examine a Hummingbird Bioscience precision therapy program targeting HER3, a potent driver of tumor growth and resistance against cancer drugs, in biomarker-selected patient populations, including lung cancer. George Clinical is providing its full-service clinical research organization (CRO) expertise for the Hummingbird Bioscience-sponsored trials.

Molecular-matched therapies have revolutionized cancer treatment with the capability to inhibit specific molecular targets leading to better therapeutic responses and less system toxicity. Hummingbird Bioscience, a data-driven precision biotherapeutics company discovering and developing biologic medicines for hard-to-treat diseases, is bringing its clinical-stage anti-HER3 drug known as HMBD-001 into molecular-matched patient trials in Australia for the first time.

Early phase clinical trials are primarily designed to evaluate the safety and tolerability of a new therapy as well as to identify a suitable dose for further evaluation. However, historically any preliminary efficacy data generated has been considered only as suggestive and requires further exploration in larger later phase trials. As molecular-based therapies have evolved, it is common to see significant antitumor activity when targeted agents are tested on molecularly selected populations in early drug development. Signaling pathways and molecular networks are known for their critical roles in driving and controlling cellular processes and are therefore linked to the onset of cancer, as well as its potential treatment. The development of agents targeting these pathways and networks is a key piece in the ongoing advancement of molecular-matched therapy and its advancement to provide better patient outcomes.

Developed with Hummingbird Bioscience’s Rational Antibody Discovery platform, HMBD-001 is a unique antibody engineered to bind strongly and specifically to the dimerization interface of HER3. This gives HMBD-001 a novel mechanism of action via preventing HER3 dimerization and activation regardless of NRG1 binding. Preclinical models have shown that HMBD-001 potently inhibits the activation of the MAPK/PI3K signaling pathway and consequently, prevents tumor growth and drug resistance.

“We are thrilled to be able to partner with Hummingbird Bioscience and several well regarded Australian clinical trial sites to avail Australian cancer patients with this precision therapy where hopefully ‘cancer meets its match.’ George Clinical’s expertise enables our clients to move through the regulation process to quick start-up and helps them think through their early phase trial strategies, site selections and operational models,” said George Clinical Early Phase Global Head, Gillian Ryan.

Coupled with its experience in conducting more than 300 oncology studies across the globe, as well as its established robust network of practicing medical oncologists with expertise across a range of tumor types and the latest immunotherapies, George Clinical has a deep and well-regarded history in the conduct of early phase studies. The organization’s success with trials of this type has been driven by scientific expertise and operational excellence. Using the combination of scientific leadership and local knowledge, the oncology trials conducted by George Clinical maintain their focus on the trials’ scientific objective while maximizing trial conduct expertise to enable the best result possible.

“By providing access to some of the world’s most experienced medical, scientific, and operational teams in oncology research, George Clinical is uniquely placed to partner with us to meet the complex and specialized demands of these early phase trials in Australia,” said Jerome Boyd-Kirkup, Ph.D., chief scientific officer, Hummingbird Bioscience.

Matthew Reabold
George Clinical
760-645-0496
mreabold@georgeclinical.com

GlobeNewswire Distribution ID 8831407

COPENHAGEN, Denmark and HAMBURG, Germany, May 04, 2023 (GLOBE NEWSWIRE) — Copenhagen Infrastructure Partners, on behalf of its Flagship Funds, today announced that it has launched Baldur Power GmbH as its dedicated platform for the development and realisation of renewable energy projects in Germany.

“As part of CIP’s dedicated strategy of investing in growth platforms, we are excited about the prospects of Baldur Power and the opportunity to create, over time, an established developer and owner of renewable energy projects in Germany,” said Radu Gruescu, Partner at CIP.

Baldur is a recently established company and will primarily focus on the origination, development and implementation of solar PV, onshore wind, and battery storage projects. In addition to project development, Baldur’s capabilities comprise planning, procurement, logistics, engineering, and construction management. Based in Hamburg, the company maintains an in-house fleet of equipment critical for the realisation of solar PV projects.

CIP’s Flagship Funds will initially provide capital for project development and for the growth of Baldur Power and then, subject to investment decisions at the time, CIP intends to provide the capital required for the construction of the projects developed by the company, thus establishing Baldur as an independent power producer that owns both operational projects and a growing pipeline of projects under construction and in development.

“With capabilities to manage the development and construction of its own projects and, where appropriate, in cooperation with partners too, Baldur is well positioned to become an Independent Power Producer with an attractive portfolio of renewable energy projects, and we look forward to supporting this growth trajectory,” said CIP partner Radu Gruescu.

Watson Farley & Williams LLP acted as legal advisor to CIP.

More information is available at baldur-power.de

About Copenhagen Infrastructure Partners
Founded in 2012, Copenhagen Infrastructure Partners P/S (CIP) today is the world’s largest dedicated fund manager within greenfield renewable energy investments and a global leader in offshore wind. The funds managed by CIP focus on investments in offshore and onshore wind, solar PV, biomass and energy-from-waste, transmission and distribution, reserve capacity, storage, advanced bioenergy, and Power-to-X.

CIP manages ten funds and has to date raised approximately EUR 19 billion for investments in energy and associated infrastructure from more than 140 international institutional investors. CIP has approximately 400 employees and 11 offices around the world. For more information, visit www.cip.com.

For further information, please contact:

Copenhagen Infrastructure Partners
Oliver Routhe Skov, Head of Media Relations
Phone: +45 30541227
Email: orsk@cisc.dk

Thomas Kønig, Partner – Investor Relations
Phone: +45 7070 5151
Email: tkon@cip.dk

GlobeNewswire Distribution ID 1000808194

Rancho Santa Margarita, Calif., May 04, 2023 (GLOBE NEWSWIRE) — Global sweetness and flavor innovator, Sweegen has announced that its highly sought-after sweet protein Ultratia brazzein technology received the Generally Recognized As Safe (GRAS) status from the Flavor and Extract Manufacturers Association (FEMA).

“Our customers and the industry have eagerly anticipated our brazzein FEMA GRAS status, and now we are excited to offer it as the star sweet protein in our Sweetensify Flavors Collection,” said Luca Giannone, SVP of Sales. “We’re pleased to demonstrate our Ultratia brazzein in the newly launched Sweetensify Flavors Collection at the IFT First trade show in Chicago July 17-19, 2023.”

Brands are encouraged to visit Sweegen’s food and beverage application team at IFT First, the Sweegen booth, located at the South Building — S1619 — IFT, for a sensory experience and learn how it can easily fit into their food and beverage products.

Sweegen is the first to attain FEMA GRAS status and to produce brazzein commercially globally. The designation is important because it allows manufacturers to use Sweegen’s Sweetensify Flavors confidently, including the novel sweet protein brazzein in their product formulations.

Brazzein’s unique characteristics make it special, and its commercialization and scaling have been challenging until now. Brazzein is a rare sweet protein that originates from the fruit of the West African climbing plant, oubli. To produce brazzein sustainably, Sweegen uses a proprietary precision fermentation process, which creates clean high-purity ingredients.

“This important milestone in food and beverage creation symbolizes Sweegen delivering on its promise to brands for opening doors to scalable state-of-the-art technology for creating better-for-everyone food and beverages,” said Hadi Omrani, VP of technical and regulatory affairs. “The FEMA GRAS status is a testament to the safety of brazzein as a flavor modifier that our customers can trust to explore new and exciting taste-modulating solutions.”

Sweetensify Flavors for taste modulation improves and modulates a variety of taste attributes, which can help brands push the boundaries of healthier product innovation. Brazzein’s exceptional formulation qualities inspired Sweegen to launch Sweentisify Flavors in April 2023. It is the newest flavor tool starring its novel sweet protein Ultratia brazzein, which also features thaumatin II and other unique proteins.

“Sweegen’s product development teams have discovered remarkable synergies between Sweetensify Flavors and our Signature Stevia systems,” said Casey McCormick, VP of global innovation.

Sweet proteins like brazzein have an affinity for different taste receptors on the tongue, especially the receptor known as T1R3, which is associated with both umami and sweetness perception. Leveraging this unique attribute, Sweetensify Flavors will enable product developers to maintain the quality of characteristic flavors and sweetness while reducing the amount of sugar they use in products.

“Sweegen’s Ultratia brazzein has received great feedback from our customers during the initial formulations phase and tastings,” said Casey McCormick, VP of global innovation. “Now, the timing of the FEMA GRAS status perfectly coincides with the launch of Sweegen’s Sweetensify Flavors, which offers the best sensory experience in better-for-everyone products.”

Sweegen recently attained FEMA GRAS status for thaumatin II, a sweet protein complementary to brazzein. With the addition of brazzein, Sweegen continues to expand its portfolio of safe and effective taste modulating flavors that can help food and beverage manufacturers meet the demand for healthier and delicious products to align with consumers’ holistic approaches to wellness.

About Sweegen

Sweegen provides sweet-taste solutions for food and beverage manufacturers around the world.
We are on a mission to reduce sugar and artificial sweeteners in the global diet. Partnering with customers, we create delicious zero-sugar products that consumers love. With the best modern sweeteners in our portfolio, such as Bestevia® Rebs B, D, E, I, M, and N, and sweet proteins brazzein and thaumatin, along with our deep knowledge of flavor modulators and texturants, Sweegen delivers market-leading solutions that customers want, and consumers prefer. Well. Into the Future.

Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1996. Sweegen’s actual results may differ from the estimates, assumptions, and other illustrative material contained herein, and consequently, a reader should not rely on these forward-looking statements as predictions of future events. These forward-looking statements include, without limitation, illustrative information regarding Sweegen’s bottom-up assumed market potential, assumed hit rate, and the resulting revenue based on these model inputs. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results.

Industry, Market, and Other Data
In this press release, we rely on and refer to information and statistics regarding market participants in the sectors in which Sweegen competes and other data. We obtained this information and statistics from our own internal estimates and third-party sources, including reports by market research firms and company filings. We do not expressly refer to these sources. All of this information involves a number of assumptions and limitations, and the sources of such information cannot guarantee the accuracy or completeness of such information. The industry in which Sweegen operates is subject to a high degree of uncertainty and risk due to a variety of important factors, any of which could cause results to differ materially from those expressed in the estimates made by Sweegen or third parties.

Cautionary Statement Concerning Forward-Looking Statements
This press release contains forward-looking statements, including, among other statements, statements regarding the future prospects for Reb M stevia leaf sweetener, brazzein, and thaumatin. These statements are based on current expectations, but are subject to certain risks and uncertainties, many of which are difficult to predict and beyond Sweegen’s control.

Relevant risks and uncertainties could cause actual results to differ materially from those expressed in or implied by the forward-looking statements and therefore should be carefully considered. Sweegen assumes no obligation to update any forward-looking statements as a result of new information or future events or developments.

Attachments

• FEMA GRAS status for Sweegen’s sweet protein brazzein
• Sweegen is the first to attain FEMA GRAS status and to produce brazzein commercially globally.

Ana Arakelian, Head of Public Relations and Communications
Sweegen
+1.949.709.0583
ana.arakelian@sweegen.com

GlobeNewswire Distribution ID 8831913

London, May 4, 2023

“In Q1 Shell delivered strong results and robust operational performance, against a backdrop of ongoing volatility, while continuing to provide vital supplies of secure energy. We will commence a $4 billion share buyback programme for the next three months as part of our commitment to deliver attractive shareholder returns.”

Shell plc Chief Executive Officer, Wael Sawan

STRONG RESULTS UNDERPINNED BY ROBUST PERFORMANCE 

• Q1 2023 Adjusted Earnings of $9.6 billion, with Adjusted EBITDA of $21.4 billion, with improved operational performance, lower underlying opex and better results in Chemicals & Products driven by trading & optimisation offsetting the impact of lower oil and gas prices, and higher tax compared with Q4 2022.
• $4 billion share buybacks announced, expected to be completed by Q2 2023 results announcement, which would bring total shareholder distributions to ~$12 billion for the first half of 2023. The 2023 cash capex outlook is unchanged: $23-27 billion.
• Strengthened the portfolio with the completion of the acquisition of Nature Energy (a renewable natural gas producer, Denmark), the investment decision for the Dover tie-back to the Appomattox production platform (USA) and the commencement of production at Vito (USA) and restart of Pierce (UK) facilities. Further simplified the portfolio through the divestment of non-core Upstream positions in onshore California and offshore Malaysia.

$ million		Adj. Earnings1	Adj. EBITDA1	CFFO	Cash capex
Integrated Gas		4,917	7,482	6,286	813
Upstream		2,801	8,837	5,808	1,870
Marketing		874	1,578	1,086	2,685
Mobility		340	809		607
Lubricants		345	521		67
Sectors & Decarbonisation		189	247		2,011
Chemicals & Products		1,777	3,050	2,290	613
Chemicals		(332)	(3)		184
Products		2,109	3,053		428
Renewables & Energy Solutions		389	668	1,091	440
Corporate		(1,039)	(183)	(2,403)	81
Less: Non-controlling interest (NCI)		72
Shell	Q1 2023	9,646	21,432	14,159	6,501
	Q4 2022	9,814	20,600	22,404	7,319

¹Income/(loss) attributable to shareholders for Q1 2023 is $8.7 billion. Reconciliation of non-GAAP measures can be found in the unaudited results, available on www.shell.com/investors.

• CFFO of $14.2 billion for Q1 2023, with tax paid of $3.1 billion, and a working capital outflow of $0.8 billion. Working capital outflows due to the reversal of temporary deposits from joint ventures received in Q4 2022 and other accounts receivable / payable movements were offset by inflows resulting from initial margins, lower prices and inventories.

$ billion	Q1 2022	Q2 2022	Q3 2022	Q4 2022	Q1 2023
Divestment proceeds	0.7	0.8	0.3	0.2	1.7
Free cash flow	10.5	12.4	7.5	15.5	9.9
Net debt	48.5	46.4	48.3	44.8	44.2

Q1 2023 FINANCIAL PERFORMANCE DRIVERS

INTEGRATED GAS

Key data	Q4 2022	Q1 2023	Q2 2023 outlook
Realised liquids price ($/bbl)	70	70	—
Realised gas price ($/mscf)	12	10	—
Production (kboe/d)	917	970	920 – 980
LNG liquefaction volumes (MT)	6.8	7.2	6.8 – 7.4
LNG sales volumes (MT)	16.8	17.0	—

• Production and liquefaction volumes were higher than in Q4 2022 mainly due to higher uptime at Prelude in Australia.
• Adjusted Earnings were lower than in Q4 2022 mainly due to lower prices and a tax help in Q4 2022, which were partly offset by higher volumes.
• Trading and optimisation results were at a similar level to Q4 2022.

UPSTREAM

Key data	Q4 2022	Q1 2023	Q2 2023 outlook
Realised liquids price ($/bbl)	82	74	—
Realised gas price ($/mscf)	13	13	—
Liquids production (kboe/d)	1,331	1,346	—
Gas production (mscf/d)	3,067	3,078	—
Total production (kboe/d)	1,859	1,877	1,600 – 1,800

• Production was higher than in Q4 2022, mainly driven by lower scheduled maintenance and unscheduled deferment.
• Adjusted Earnings were lower compared with Q4 2022 due to lower prices, timing of liftings, and tax help in Q4 2022, which were partly offset by lower opex.
• Q2 2023 production outlook reflects higher scheduled maintenance and completed divestments.

MARKETING

Key data	Q4 2022	Q1 2023	Q2 2023 outlook
Marketing sales volumes (kb/d)	2,543	2,446	2,350 – 2,850
Mobility (kb/d)	1,692	1,609	—
Lubricants (kb/d)	74	85	—
Sectors & Decarbonisation (kb/d)	777	752	—

• Marketing Adjusted Earnings were higher than in Q4 2022 mainly due to higher margins in Lubricants which were partly offset by the seasonal impact of lower volumes, as well as lower opex in Q1 2023.

CHEMICALS & PRODUCTS

Key data	Q4 2022	Q1 2023	Q2 2023 outlook
Refining & Trading sales volumes (kb/d)	1,800	1,706	—
Chemicals sales volumes (kT)	3,017	2,831	—
Refinery utilisation (%)	90	91	85 – 93
Chemicals manufacturing plant utilisation (%)	75	71	62 – 70
Global indicative refining margin ($/bbl)	19	15	—
Global indicative chemical margin ($/t)	37	138	—

• Higher trading and optimisation results than in Q4 2022 were partly offset by lower indicative refining margins.
• Chemicals margins improved due to lower feedstock and utility costs compared with Q4 2022.
• Lower opex in Q1 2023 mainly reflects Q4 2022 year-end phasing effects.
• Q2 2023 Chemicals outlook reflects ongoing economic optimisation due to the continuing low-margin environment and a slower than expected ramp-up of Shell Polymers Monaca.

RENEWABLES & ENERGY SOLUTIONS

Key data	Q4 2022	Q1 2023
Adj. Earnings ($ billion)*	0.3	0.4
Adj. EBITDA ($ billion)*	0.4	0.7
External power sales (TWh)	66	68
Sales of natural gas to end-use customers (TWh)	241	221
Renewables power generation capacity**	6.4	6.4
in operation (GW)	2.2	2.3
under construction and/or committed for sale (GW)	4.2	4.0

*Segment earnings for Q1 2023 are $2.2 billion. Reconciliation of non-GAAP measures can be found in the unaudited results, available on www.shell.com/investors.
**Excluding Shell’s equity share of associates where information cannot be obtained

• Q1 2023 Adjusted Earnings, on a stand-alone basis, were driven by strong trading and optimisation margins for gas and power due to continued price volatility primarily in European and American markets. Compared with Q4 2022, Adjusted Earnings reflect lower operating expenses, partly offset by lower trading and optimisation results.
• Shell Energy Australia has entered into a partnership to deliver a utility-scale battery energy storage system in Cranbourne, Victoria. Shell has access to 100% of the battery’s offtake over a 20-year period.

Renewables and Energy Solutions includes 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	Q4 2022	Q1 2023	Q2 2023 outlook
Adjusted Earnings ($ million)	(626)	(1,039)	(600) – (400)

• Q1 2023 Adjusted Earnings were impacted by one-off tax charges.
• The Adjusted Earnings outlook is a net expense of $2,200 – 2,600 million for the full year 2023.
  This excludes the impact of hedge effectiveness and currency exchange effects.

UPCOMING INVESTOR EVENTS

23 May 2023	Annual General Meeting
14 June 2023	Capital Markets Day 2023
27 July 2023	Second quarter 2023 results and dividends
2 November 2023	Third quarter 2023 results and dividends

USEFUL LINKS

Results materials Q1 2023

Quarterly Databook Q1 2023

Dividend announcement Q1 2023

Webcast registration Q1 2023

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 contains a forward-looking non-GAAP measure for cash capital expenditure and divestments. We are unable to provide a reconciliation of this forward-looking non-GAAP measure to the most comparable GAAP financial measure because certain information needed to reconcile the non-GAAP measure to the most comparable GAAP financial measure 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 measure 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. Entities and unincorporated arrangements over which Shell has joint control are generally referred to as “joint ventures” and “joint operations”, respectively. “Joint ventures” and “joint operations” are collectively referred to as “joint arrangements”.  Entities over which Shell has significant influence but neither control nor joint control are referred to as “associates”. 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”, “could”, “estimate”, “expect’’, “goals”, “intend”, “may”, “milestones”, “objectives”, “outlook”, “plan”, “probably”, “project”, “risks”, “schedule”, “seek”, “should”, “target”, “will” 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 announcement, 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; 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, 2022 (available at www.shell.com/investor and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this announcement and should be considered by the reader. Each forward-looking statement speaks only as of the date of this announcement, May 4, 2023. 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”, 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 only controls its own emissions. The use of the term Shell’s “Net Carbon Intensity” 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

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 Net Carbon Intensity (NCI) targets over the next ten years. However, Shell’s operating plans cannot reflect our 2050 net-zero emissions target and 2035 NCI target, as these targets are 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.

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, 2022 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 first quarter 2023 unaudited results available on www.shell.com/investors.

CONTACTS

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

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Amsterdam, 3 May 2023 – Azerion Group N.V. has today published the Notice of Annual General Meeting 2023 (AGM), which will be held on 15 June 2023. The notice, agenda and accompanying explanatory notes, as well as the 2022 Annual Report and other relevant documentations have been published on our website www.azerion.com/agm/

The agenda of the AGM includes, amongst other proposals, to adopt the 2022 financial statements, to cancel a proportion of the treasury shares and amend the company’s articles of association. Additional information on resolutions and board recommendations for voting, are available in the Notice of AGM.

Further information regarding the registration and attendance of the AGM, as well as instructions and deadlines on how to vote and submit questions, can be found on our website http://www.azerion.com/agm/.

About Azerion

Azerion is a high-growth digital entertainment and media platform. As a content-driven, technology and data company, Azerion serves consumers, digital publishers, advertisers, and game creators globally. Azerion’s integrated platform provides technology solutions to automate the purchase and sale of digital advertising for media buyers and sellers, supported by in-market sales and campaign management teams. Through our technology, content creators, digital publishers and advertisers work with Azerion to reach the millions of people across the globe that play Azerion’s games and view its distributed entertainment content to increase engagement, loyalty, and drive e-commerce.

Founded in 2014 by two Dutch entrepreneurs, Azerion has experienced rapid expansion driven by organic growth and strategic acquisitions. Azerion is headquartered in Amsterdam, the Netherlands and is a publicly traded company listed on Euronext Amsterdam.

For more information visit: www.azerion.com

Contact:

Investor Relations
ir@azerion.com

DISCLAIMER
The companies in which Azerion Group N.V. directly and indirectly owns investments are separate legal entities. In this announcement “Azerion”, “Azerion Group”, “Company” and “Group” are sometimes used for convenience where references are made to Azerion Group N.V. and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to Azerion Group N.V. and its subsidiaries in general or to those who work for them.

This press release is for information purposes only. The information contained in this press release does not purport to be full or complete and, in particular, is not intended to form the basis of any investment decision. No reliance may be placed by any person for any purpose on the information contained in this press release or its accuracy, fairness or completeness. Azerion will not be held liable for any loss or damages of any nature ensuing from using, trusting or acting on information provided.

This press release may include forward-looking statements. All statements other than statements of historical facts may be forward-looking statements. Words and expressions such as believes, estimates, plans, projects, anticipates, expects, intends, may, will, should or other similar words or expressions are typically used to identify forward-looking statements. Forward-looking statements are subject to risks, uncertainties and other factors that are difficult to predict and that may cause the actual results of Azerion to differ materially from future results expressed or implied by such forward-looking statements. Any forward-looking statements reflect Azerion’s current views and assumptions based on information currently available to Azerion’s management. Forward-looking statements speak only as of the date they are made, and Azerion does not assume any obligation to update such statements, except as required by law. No assurances can be given that the forward-looking statements will be realised. No representation or warranty is made that any of these forward-looking statements will come to pass or that any estimated result will be achieved. Accordingly, no undue reliance should be placed on any forward-looking statements.

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