SPECIAL REPORT INVESTMENT ALTERNATIVES T+1 FUNDS IN PESOS MAY 2022

May 2022. BUENO ARIES, Argentina.

Delta Asset Management has two Funds with a long and outstanding track record

in the T+1 fixed income fund segment (liquidity 24 business hours).

In the present report we discuss our market vision and positioning within

investment alternatives T+1 in Pesos, highlighting the main characteristics of

such funds managed by Delta:

▪ Type of Fund: ARS Cash Management.

▪ Launch: July 2005.

▪ Objective: Optimize the management of short-term financial surpluses

(working capital and savings at rate of interest in pesos), trying to obtain

returns above the Badlar rate minus 100 basis points.

▪ Suggested Investment Horizon: 30 days, although it has liquidity in up to 24

working hours. Ideal for those investors who are looking for an alternative of greater

profitability than money funds market, maintaining a conservative profile.

▪ Duration: Target 3 months, normally not exceeds 6 months.

▪ Rating: AAf (arg) by Fix Scr (Affiliate of Fitch Rating).

▪ Performance: Management is focused on maintain adequate levels of liquidity and

very good credit quality on scale national ratings. has consistently outperformed its benchmark (Badlar – 100 basis points).

▪ Current Positioning: Positioned in good quality corporate bonds creditita (mainly Badlar),

financial trusts, fixed terms and a good level of liquidity (allocated in installments

pre-cancelable fixed, money funds market, remunerated bank accounts, etc). The fund has no exposure to letters and Treasury bond.

Delta Asset Management has two Funds with a long and outstanding track record

in the T+1 fixed income fund segment (liquidity 24 business hours). In the present

report we discuss our market vision and positioning within investment alternatives T+1 in Pesos, highlighting the main characteristics of such funds managed by Delta:

DELTA SAVINGS

SPECIAL REPORT

INVESTMENT ALTERNATIVES T+1 FUNDS IN PESOS MAY 2022

Page 1 – See legal on page 5

DELTA SAVINGS PLUS

▪ Type of Fund: Fixed Income ARS Short Term.

▪ Launch: November 2010.

▪ Objective: Capture opportunities for investment and arbitrage on all curves

of fixed income in pesos (CER, Badlar, Fixed Rate, Dollar-Linked, rates implied in futures of

dollar in Rofex, etc) short/medium term.

▪ Suggested Investment Horizon: 120 days, although it has liquidity in 24 hours skillful. Ideal for those investors who seek active curve management short- and medium-term fixed income in pesos.

Duration: Normally around 1 year, currently at 0.8 years.

▪ Rating: A+f (arg) by Fix Scr (Affiliate of Fitch Rating).

▪ Performance: Outstanding performance historical. The Fund seeks to position itself in the

first quartile of profitability with respect to its peer group (T+1 funds in pesos). Likewise, it seeks to surpass its index of Badlar benchmark + 200 basis points.

▪ Current Positioning: Positioned mainly (approximately 55% of the portfolio) in the short sections of the curves CER (bills and sovereign bonds). Saying CER positioning, is located

diversified with Badlar bonds (corporate and provincial) and dollar-linked bonds (both sovereign and corporate) with futures of dollar sold in Rofex (constituting thus synthetically in pesos).

MANAGER'S COMMENT

On May 12, the BCRA made the fifth rate hike of the year, raising the policy rate by 200 points

basic (currently at 49% annual nominal). Likewise, this increase also reached the rest of the

placements in pesos, where the rate of 30-day time deposits for individuals (up to $10 million) is . In the common investment funds (FCI), this is being seen reflecting a greater appetite for T+1 funds such as Delta Ahorro and Delta Ahorro Plus, where certain investors in search for greater profitability, they go from money market funds (funds to compound accrual mainly for fixed terms and remunerated bank accounts that currently have a TNA of around 37%) to T+1 funds (made up of short- and medium-term fixed-income assets that these funds currently have a TNA at 30 days between 44% and 48% depending on the risk profile). In this sense, Delta Ahorro is presented as an attractive alternative to the money market fund due to its conservative profile. At Delta Ahorro we maintain a conservative management, short in duration (around 3 months), focusing on credit quality and liquidity.

The fund is mainly positioned in short Badlar corporate bonds, financial trusts, fixed terms

and a good level of liquidity (allocated in precancelable fixed terms, money market funds and bank accounts remunerated, etc.) Delta Ahorro does not invest in Treasury Bills and Bonds. At Delta Savings Plus we continue actively managing all short and medium term Peso curves. Currently the fund is positioned mainly (approximately 55% of the portfolio) in the short sections of the CER curves (letters and Sovereign bonds). Said CER positioning is diversified with Badlar bonds (corporate and provincial) and dollar-linked bonds (both sovereign and corporate) with dollar futures sold on Rofex increased to TNA of 48% and the Badlar rate is currently around 46%. In this sense, we believe that to continue this process of raising rates. However, at least in the short term, we do not see it reaching positive real rates even when the agreement with the IMF contemplates a structure of interest rates higher than the

inflation. The rate increase differential between the short and long tranches continued to widen, repos to 1 day it only rose 150 basis points, giving greater incentives to investors in the cash management segment and short-term fixed income to assume longer duration

Performance

Delta Savings

DELTA SAVINGS

Cash Management

• Optimize working capital and

savings at interest rate

Pesos

• Portfolio made up of

short fixed income assets

term in Pesos (Obligations

Business, Fixed Terms,

financial Trusts,

Remunerated Account, etc). The

fund has no exposure to

treasury bills and bonds.

• Look for a similar profitability

for a fixed term of 30 days and

the Badlar Rate minus 100

basic points

• Major Alternative profitability than funds money market, maintaining a conservative profile

• Indicative IRR (as of 05/23/22) of portfolio net of commissions for Class B of 54% with a duration of 0.41 years

• Within the universe of T+1 funds, Delta Savings historically it has characterized by being a conservative background, low relative volatility, with high liquidity levels and good credit quality

• More than 15 years of history • Equity as of 05/17/22: ARS 7,490,810,865

• Rated in AAf (arg) by Fix Scr (Affiliate of Fitch Rating)

• Term of accreditation of redemptions: Up to 1 business day • Currency of Subscriptions and bailouts: Pesos

More information from source link: https://deltaam.com.ar/

Goldman Sachs One Million Black Women Announces 50 Recipients of Black Women Impact Grants

June 15, 2022.

Grants to scale Black women-led nonprofits.

• One Million Black Women invests $10 million through a multi-year grant program, scaling nonprofit organizations’ efforts to address pivotal moments in Black women’s lives.

• 50 Black women-led and Black women-serving nonprofits receive grants ranging from $50,000 to $250,000 over two years.

The Goldman Sachs Group, Inc. (NYSE: GS) today announced 50 recipients of the Black Women Impact grants program, part of its One Million Black Women initiative, to fund Black women-led and Black women-serving nonprofits.

The 50 organizations were selected from over 800 applicants based on their established efforts to deliver innovative and transformative solutions to narrow opportunity gaps faced by Black women. Each grantee will receive two years of general operating funding, ranging from $50,000-$250,000. A total of $10 million will be invested through the multi-year program.

“We know one of the best ways to create a more inclusive economy is to invest in Black women,” said David Solomon, Goldman Sachs Chairman and CEO. “From our listening sessions, we’ve learned just how transformative Black women-led nonprofits have been for communities, and now we’re going to spotlight these organizations and give their leaders the resources they need to increase their impact.”

Goldman Sachs’ research Black Womenomics cites limited access to capital as one of the largest barriers for Black women starting businesses and organizations.

Through a series of 50 listening sessions with over 20,000 Black women, a lack of access to unrestricted, multi-year funding was cited as a persistent challenge facing nonprofit leaders. The Black Women Impact grants program is designed to directly address this need.

“We have listened and learned that Black women-led nonprofits need access to general operating, multi-year funding to scale their nonprofit organizations,” said Asahi Pompey, President of the Goldman Sachs Foundation. “We were inspired by the work of these 50 dynamic leaders and are thrilled to deliver funding as they continue to build sustainable organizations, driving lasting change within their communities.”

“For over a decade, our approach to driving market based solutions focuses on allocation of capital in all forms and funding to address root causes of income inequality to drive opportunity,” said Dina Powell McCormick, Global Head of Sustainability and Inclusive Growth at Goldman Sachs. “The Black Women Impact grant recipients have demonstrated, through data and direct insights, that they have developed solutions to narrow opportunity gaps and positively impact communities across the country.

The following organizations will receive grants and represent organizations across the country:

• Aurora St. Anthony Neighborhood Development Corporation, led by Dr. Deborah Mitchell (Minnesota)

• Bethesda Center for the Homeless, led by Ashley Martin (North Carolina)

• Black Education for New Orleans, led by Adrinda Kelly (Louisiana)

• Black Girl Health Foundation Inc., led by Porcha Grigsby (Maryland)

• Black Girls Smile Inc., led by Lauren Carson (Georgia)

• Black Mamas ATX, led by Kelenne Blake-Fallon (Texas)

• Black Women Build - Baltimore, Inc., led by Shelley Halstead (Maryland)

• Build in Tulsa, led by Ashli Sims (Oklahoma)

• Butterfly Dreamz, Inc., led by Joy Lindsay (New Jersey)

• Chicago South Side Birth Center, led by Jeanine Valrie Logan (Illinois)

• Cohort Sistas, led by Ijeoma Kola (Indiana)

• Cool Girls, Inc., Tanya Egins (Georgia)

• Cornerstone Corporation, led by Monique Thomas (Missouri)

• Custom Collaborative, led by Ngozi Okaro (New York)

• Drive Change, Inc., led by Kalilah Moon (New York)

• Educating Young Minds, led by Angeles Echols (California)

• Fifth Star Funds, led by Stella Ashaolu (Illinois)

• Finance Savvy CEO Foundation, led by Marguerite Pressley Davis (Georgia)

• Garwyn Oaks Northwest Housing Resource Center, led by Mereida Goodman (Maryland)

• H.O.P.E, Inc. (Helping Other People be Empowered), led by Kenita Smith (Georgia)

• Habitat for Humanity DeKalb, led by Sharon Steele (Georgia)

• Hannibal Square Community Land Trust, Inc., led by Camille Reynolds Lewis (Florida)

• HeartSmiles, led by Joni Holifield (Maryland)

• Hope for Youth, Inc. (HYPE), led by Kristina Newton (Georgia)

• Inspiring Minds Greater Philadelphia, led by Andrea Garner (Pennsylvania)

• Increasing H.O.P.E. Financial Training Center, led by Dorothea Bernique (South Carolina)

• ICE Mentors (Eryn PiNK Girl Empowerment), led by Eryn Hathaway (Ohio)

• LEAD Girls of NC, led by Joy Nelson Thomas (North Carolina)

• Mama Glow Foundation, led by Latham Thomas (New York)

• MOMCares, led by Ana Rodney (Maryland)

• Narrative Nation Inc. led by Kimberly Seals Allers (New York)

• Okionu Birth Foundation, led by Jacquelyn Clemmons (Colorado)

• Paradigm for Parity, led by Sandra Quince (New York)

• Partners In Equity, led by Janice Sherman (Georgia)

• PIVOT Inc., led by Veronica Jackson (Maryland)

• Polished Pebbles Girls Mentoring Program, led by Kelly Fair (Illinois)

• Pursuit of Innovation (Pi515), led by Nancy Mwirotsi (Iowa)

• Seeds of Fortune Inc., led by Nitiya Walker (New York)

• SistasCaring4Sistas, led by Cindy McMillan (North Carolina)

• Soul 2 Soul Sisters (S2SS), led by Rev. Dr. Dawn Riley Duval (Colorado)

• South Dallas Fair Park Innercity Community Development Corporation, led by Diane Ragsdale (Texas)

• The Aux (fiscal agent: The Growing Season), led by Tosha Wilson (Illinois)

• The BRidge Agency, INC, led by Nicole Scott (Louisiana)

• Therapeutic Play Foundation, led by Nakeya T. Fields (California)

• TOPPS - Targeting Our People’s Priorities with Service, led by Annette Dove (Arkansas)

• TOUCH, The Black Breast Cancer Alliance, led by Ricki Fairley (Maryland)

• Upton Planning Committee, led by Wanda G. Best (Maryland)

• Village of Healing, led by Tenisha Gaines (Ohio)

• We2gether Creating Change, led by Gloria Dickerson (Mississippi)

• YesSheCanCampaign, led by Zaniya Lewis (New Jersey)

The organizations selected vary in both geography and mission. Cohort Sistas, based in South Bend, Indiana, aims to use this investment to increase the number of women completing doctoral degrees nationwide. Build in Tulsa will work to further Black women-led start-ups in Tulsa, Oklahoma through its accelerator. Georgia-based Black Girls Smile Inc. will use this investment to further its mission to ensure young Black women have access to education, resources, and support for their mental wellness.

“Black women have always been core to driving social change to support and elevate their communities; and they have done so with limited financial resources,” said Melanie Campbell, President and CEO of The National Coalition on Black Civic Participation and Convener of the Black Women’s Roundtable. “This grant program not only supports these 50 dynamic Black women leaders, it sends a signal to the broader business and philanthropic community that it is long overdue for Black women’s leadership to be invested in and have more seats at the tables of power and influence, which is a smart business decision to grow and strengthen the economy for our nation.”

Of the selected organizations, all are led by a Black woman and have multiple Black women in significant positions of leadership. Grantee organizations are directly focused on advancing One Million Black Women pillar areas including: healthcare, job creation and workforce development, education, affordable housing, digital connectivity, financial health, and access to capital. About One Million Black Women

In partnership with Black-women-led organizations, financial institutions and other partners, Goldman Sachs has committed $10 billion in direct investment capital and $100 million in philanthropic capital over the next decade to address the dual disproportionate gender and racial biases that Black women have faced for generations, which have only been exacerbated by the pandemic. The initiative, One Million Black Women, is named for and guided by the goal of impacting the lives of at least one million Black women by 2030. Goldman Sachs’ research Black Womenomics has shown that sustained investments in Black women will catalyze economic growth, making for not only a fairer, but also a richer society.

About Goldman Sachs The Goldman Sachs Group, Inc. is a leading global financial institution that delivers a broad range of financial services across investment banking, securities, investment management and consumer banking to a large and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.

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Learn more about the Black Women Impact grants program and the 50 recipients.

Media Contact

Goldman Sachs

Abbey Collins

Tel: +1 212 902 5400

Shenzhen Investment Announces 2021 Annual Results

March 31, 2022. HONG KONG.

Satisfactory Results in Core Real Estate Business, Innovative Businesses Accumulating Transformation Momentum.

2021 Annual Result Highlights

• The Group realized annual contracted sales of approximately RMB19.1 billion, representing an increase of 32% over last year and exceeding the contract sales target of 2021.

• The Group realized revenue of HK$32,050 million, representing an increase of 70% over last year.

• The profitability continued to outperform the market, and consolidated gross profit margin was 39%.

• The expansion of land resources was fruitful, with a newly acquired building areas of land reserve of 3.22 million square meters, and the total land reserve increased by 55% year-on-year.

• The core profit was HK$3.89 billion. • Finance cost was 3.0%; all indicators of the “Three Red Lines” fell into the green level.

• The Board recommends the payment of a final dividend of HK8.00 cents per share. Together with the interim dividend of HK7.00 cents per share already paid, the total dividend for the whole year amounts to HK15.00 cents per share.

- Shenzhen Investment Limited (“Shenzhen Investment” or the “Group”, SEHK stock code: 604.HK) is pleased to announce the audited annual results of the Group for the year ended 31 December 2021 (“2021” or the “Year”.)

In 2021, due to the tightened regulation of the real estate industry and liquidity concerns in some real estate enterprises, the differentiation of real estate enterprises intensified and the concentration of the industry further increased. Affected by fluctuations of the industry, the fair value of financial assets held by the Group incurred a significant non-cash loss. In face of external challenges, the Group forged ahead with courage and fortitude by adhering to the development concept of prudent growth. It reached recent-year new highs in both resource expansion and property sales. With the accelerated development of its strategically innovative businesses and the satisfactory performance of all its principal business sectors, the Group has taken a solid new step in the opening year of the “14th Five-year Plan”

Satisfactory Results in Core Real Estate Business

In 2021, the Group seized the market opportunities to strengthen marketing innovation and promotion of key projects. It realized annual contracted sales of approximately RMB19.1 billion, representing an increase of 32% over last year and exceeding the contract sales target of 2021.

During the year, the construction of the Group’s key projects were promoted steadily and income recognized from real estate development of approximately HK$26.66 billion, representing a significant increase of 89% over last year. Gross profit margin of real estate development maintained at a high level at approximately 40% and brought considerable returns to shareholders.

The Group made efforts to promote the transformation and upgrading of vacant leasehold properties, and business optimization and iteration, which boosted occupancy and average rental income. The Group’s annual rental income amounted to HK$1.5 billion, representing an increase of 22% over last year.

A Record High in Land Resources Expansion

In 2021, the Group relied on its capital advantages to take opportunities from the land market for land resources expansion. By means of open market auction, industrial land application, urban renewal and asset injection, the Group acquired 16 pieces of land during the year, newly acquired capacity building areas of land reserve of approximately 3.22 million square 3 meters. 90% of newly acquired land located in first-tier and second-tier cities and 67% of which in the Greater Bay Area, which are expected to bring high returns.

The Group made a breakthrough in industrial land application and has successfully expanded into Jiading District, Shanghai, thus establishing its presence in Shanghai for the first time. Furthermore, by acquiring property projects in Ma’anshan and Jiangyin successively, the Group started the establishment of an industrial park in the Yangtze River Delta. During the year, the Group has expanded resources to a new record high, laying a solid foundation for its sustainable and high-quality development in the “14th Five-Year Plan” period.

Comprehensive Urban Operations Integration Showing Effect

During the year, Upon completion of the integration of its property management service, intelligent park operation, commercial operation, hotel management and property management city business as well as optimization and enhancement of the management, the Group has been fully upgraded to an urban comprehensive operation service company with “a diversified business mix, an extensive customer base and a wide range of services”, significantly improving its business scale, brand influence and comprehensive competitive edge. The Company has 37 years of rich experience in property services, with its businesses covering various property types such as residences, office buildings, public facilities, etc. The Company has strong external expansion strength, and its comprehensive strength ranks among the top 50 in the country in terms of property services.

In terms of brilliant commercial operation, the first Galeries Lafayette in South China settled in UpperHills, the Shenzhen Design Week was held, the City Cloud Meeting Hall was put into use, and the first Mandarin Oriental Hotel in Shenzhen opened, which were extensively recognized by the governments and merchants, and enhanced the brand image of “Shum Yip”. In terms of leading city services, since the successful landing of Shenzhen’s first “property city” pilot project in 2019, the Company has successively provided all-round property city services relating to 6 streets in Shenzhen, Currently, the Company is operating most of the property city projects in Shenzhen. As a setter of the first standard for property management city of China , the Company, as the pilot, has been persistently promoting the development of the industry.

Innovative Businesses Accumulating Transformation Momentum

The Group’s innovative businesses such as industry and city, well-being and technology have been accelerated, accumulating momentum for further transformation and optimization. 4 In terms of industry-city integration, the Group has built core industrial capabilities, formed an attractive, replicable and exportable industrial brand. A number of industrial park projects have been implemented in Shanghai, Chengdu, Ma’anshan, etc., demonstrating the further improvement of the Group’s capacity of industry and city innovation.

In terms of people’s well-being, the Group’s subsidiary Agricultural Science Company actively developed high-tech agriculture to promote rural revitalization. Its Breeding Ecological Industrial Park was rated as a vegetable basket base in Shenzhen. Being concerned about food security, the company built Shenzhen Seed Group. Focusing on urban agriculture, the sales of high-end agricultural products increased sharply.

In terms of technology, its subsidiary Shenzhen Jinghua Displays Electronics Co., Ltd., a scarce high-end manufacturing enterprise under State-owned Assets Supervision and Administration Commission of People’s Government of Shenzhen Municipality, which is dedicated to the field of human-machine interface display, has developed after accumulation and precipitation to a national high-tech enterprise.

Excellent Enterprise management

To meet the strategic development needs of the “14th Five-Year Plan”, in 2021, the Group promoted the reform of organizational management and digitalized planning and construction to secure its sustainable high-quality development from the perspectives of organization, mechanism and system.

Financial management remained stable and efficient, all indicators of the “Three Red Lines” remained green; the cost advantage is significant, and the average borrowing cost is 3.0%. In addition, the group further broadened its financing channels and completed the issuance of two CMBS, with a total issuance scale of RMB 3.8 billion and a cost at the lowest interest rate of responding category of the asset type at the time of issuance.

The Group adheres to a high standard in advancing its commitment to corporate social responsibilities and sustainable development, in 2021, during the ESG ratings assessment by MSCI, the Group again received a rating of “A”, the highest among domestic real estate enterprises for two consecutive years.

Financial Assets

During the year, fair value of financial assets held by the Group decreased significantly due to the impact of the liquidity crisis of Hengda Real Estate, resulting in a fair value impairment of approximately HK$6.37billion. Although the fair value loss was a non-cash impairment and did not affect the Company’s cash flow and daily operations, it had a significant adverse impact on the Group’s profitability, resulting in an impairment in the current year’s results. After this fair value change adjustment, the fair value of Hengda Real Estate’s equity interest was HK$461 million at the end of 2021 and its uncertainty will essentially no longer have a significant adverse impact on the Group.

Target and Outlook for 2022

The Group defines 2022 as the “year of management improvement” and will comprehensively improve its management efficiency. It will remain committed to “prudent growth” and further leverage its fundraising and cost advantages to actively promote operation.

From the perspective of resource expansion, the Group will give full play to its advantages to select the best from the best, and steadily expand high-quality resources in the Greater Bay Area and regional high-energy cities. In the aspect of real estate development, the annual saleable value exceed RMB40 billion, and the contracted sales target is RMB20 billion. In terms of property investment, the Group will continue to improve the unit efficiency of existing properties and businesses and maintain stable growth in rental income.

In respect of comprehensive urban operation, the Group will rely on its advantage in third-party expansion to step up effort in the expansion of non-housing properties, and accelerate the establishment of its presence in the city service segment, aiming to release value in the capital market as appropriate. In terms of innovative business, Jinghua Displays will accelerate capacity expansion and efficiency improvement, and seek capital market opportunities to accelerate development. Nongke Company will explore M&A and cooperation opportunities to build an agricultural industry chain ecosystem.

The Group will promote its business transformation and development, with focus on the strategic vision of “innovation-builder of the city and industry, and operator of people’s well-being”, and comprehensively improve management for continuous transformation, optimization and improvement. Shenzhen Investment will make persistent efforts to seize development opportunities to improve its sustainable development and value creation 6 capability, and realize enterprise transformation thus making greater contributions to social, economic and urban development, and creating more satisfactory returns for shareholders.

-End-

About Shenzhen Investment

Listed on the Hong Kong Stock Exchange in 1997, Shenzhen Investment Limited ("Shenzhen Investment", SEHK stock code: 604.HK) is the largest listed property developer under the Shenzhen SASAC (State-owned Assets Supervision and Administration Commission). Shenzhen Investment primarily engages in the development of residential property, commercial property (including industrial property), and property complexes, as well as property investment and management. By intensifying its development in Shenzhen, focusing on the Greater Bay Area and planning for its development in other core cities in China, the Company will position itself as an “Innovative Constructor of Industrial Cities, Wealthy Livelihood Operator” and work towards to becoming a technology-based industry company focusing on the development of urban complexes and investments in the technology industry.

For latest news about Shenzhen Investment, please go to the official website www.shenzheninvestment.com

For enquiry, please contact:

Shenzhen Investment Limited

Nicole Zhou zhouq@shumyip.com.hk

Mabel Xiao xiaozheng@shumyip.com.hk

Tel: (852) 2312 8746

Wonderful Sky Financial Group Company Ltd.

Erica Wu/ Mia He

Tel: (852) 3970 2296 /(852) 3970 2309

Email: szi@wsfg.hk