June 28, 2022. JAKARTA, Indonesia. No. 24/164/DKom​​​​​​​ Fitch Ratings (Fitch) has affirmed Indonesia's Sovereign Credit Rating at BBB (investment grade) with a stable outlook, as announced today, June 28, 2022. According to Fitch, key factors that support the affirmation are a favorable medium-term growth outlook and a low government debt/GDP ratio. Fitch underscores several challenges including higher external debt ratios, low government revenue as well as weak structural features, such as governance indicators and GDP-per-capita compared to those from 'BBB' category peers. In response to the statement, Governor of Bank Indonesia, Perry Warjiyo, stated that Fitch's affirmation on Indonesia's rating at BBB/stable outlook shows strong confidence from international stakeholders on the Indonesia's maintained macroeconomic stability and medium-term economic prospects, amidst elevated global economic uncertainty, emerging risk of stagflation due to the increase in global policy rate amid global economic recovery, as well as the expansion of inward-looking policies in some countries. This is supported by the credibility of the policies and the effective policy mix orchestrated by Bank Indonesia and the Government. Going forward, Bank Indonesia will continue to closely monitor global and domestic economic and financial developments, formulate and execute the necessary policy measures to ensure macroeconomic and financial stability, including adjusting policy stances when necessary, as well as continue to strengthen the synergy with the Government to accelerate the national economic recovery. In their reports, Fitch expects that Indonesia's economy continue to recover smoothly. GDP growth will gradually recover to 5.6% in 2022 and 5.8% in 2023. The recovery is being supported by a pick-up in service sector as well as by strong exports supported by elevated commodity prices. Fitch projects that current account balance will record a small deficit of 0.4% of GDP in 2022 and 1.0% of GDP in 2023. With regard to inflation, Fitch views that the pressure on domestic inflation has been increasing, and yet inflation is still projected within target of 3+1%. Over medium-term, the domestic economy will grow by 5.8% in 2024, boosted by the implementation of the Omnibus Law on Job Creation, which aims to alleviate long-standing barriers to investment, and to continue infrastructure spending. Fitch views that the government will meet the budget deficit target of below 3% in 2023 as reflected in the narrowing projected fiscal deficit of 4.3% in 2022 from 4.6% in 2021. As global commodity prices remain high, the budget has served as a shock absorber to support households through subsidies. Nevertheless, this increase in subsidies can be offset by higher revenue partly due to higher commodity prices. Fitch expects that the government debt will gradually decline over the year after reaching the pinnacle this year at 44.2% of GDP. This level is well below the 'BBB' category peers of 55.9%. Meanwhile, the less dependency on foreign financing is indicated by lower non-resident holdings of local-currency government bonds. In Fitch's view, support from Bank Indonesia in financing fiscal deficit has helped reduce the government's interest costs. However, it should be emphasized that this measure will be terminated at the end of 2022, so that it will not pose a risk of lowering investor confidence to monetary policy credibility. Fitch had previously affirmed Indonesia Sovereign Credit Rating at BBB with stable outlook ​on November 22, 2021. Jakarta, 28 June 2022​ Head of Communication Department Erwin Haryono Executive Director Attachments ​fitch-affirms-indonesia-at-bbb-outlook-stable-28-06-2022.pdf Contact ​Contact Center Bank Indonesia Bicara: (62 21) 131 e-mail : bicara@bi.go.id Jam operasional Senin s.d. Jumat Pkl. 08.00 s.d 16.00 WIB

June 28, 2022. SINTA, Portugal. Speech by Christine Lagarde, President of the ECB, at the ECB Forum on Central Banking 2022 on “Challenges for monetary policy in a rapidly changing world” in Sintra, Portugal. Inflation in the euro area is undesirably high and it is projected to stay that way for some time to come. This is a great challenge for our monetary policy. In response to the changing inflation outlook, we have consistently followed the path of policy normalisation since December last year, sequentially adjusting our policy stance. Net asset purchases under our various programmes will come to an end this week. In July we intend to raise our policy rates for the first time in 11 years. And we have provided some guidance for our September policy meeting and the rate path we envisage taking thereafter. Net asset purchases under our various programmes will come to an end this week. In July we intend to raise our policy rates for the first time in 11 years. And we have provided some guidance for our September policy meeting and the rate path we envisage taking thereafter. We will continue along this normalisation path – and we will go as far as necessary to ensure that inflation stabilises at our 2% target over the medium term. As Victor Hugo is said to have remarked, perseverance is the “secret of all triumphs”. At the same time, the euro area differs from some other major economies for two key reasons and the path of normalisation has to be managed accordingly. First, inflation in the euro area today is being driven by a complex mix of factors that reflect, in part, our economic structures and strategic dependencies. This creates uncertainty about how quickly inflation will return to our medium-term target. In this setting, we need to act in a determined and sustained manner, incorporating our principles of gradualism and optionality. This means moving gradually if there is uncertainty about the outlook, but with the option to act decisively on any deterioration in medium-term inflation, especially if there are signs of a de-anchoring of inflation expectations. Second, the euro area has a unique institutional set-up, built around 19 not yet fully integrated national financial markets and 19 national fiscal policies, with limited coordination. This presents the risk of our monetary policy stance being unevenly transmitted across the union. And this is why we have emphasised all along that flexibility is integral to the process of normalising our monetary policy. It is essential to allow us to deliver the necessary policy stance and protect price stability in an environment where inflation is too high. Today, I would like to outline how a combination of shocks is currently hitting the euro area economy; how our monetary policy stance should react to the challenges these shocks create; and how we can preserve the transmission of this stance throughout the euro area. The shocks hitting the euro area economy Broadly speaking, inflation in the euro area is being driven by two different types of shock. First, the original source of inflation is an extraordinary series of external shocks. Global supply chain disruptions coupled with surging global demand have pushed up prices sharply for industrial goods along the pricing chain.[1] Mismatches between supply and demand in global energy markets have led to rising energy prices for the euro area. And the Russia-Ukraine war has amplified both of these factors while also driving up global food prices. Given its energy dependence, the euro area is experiencing these shocks acutely.[2] The current levels of food and industrial goods inflation have not been seen since the mid-1980s.[3] And the increase in the relative price of energy in recent months is much higher than the individual spikes that occurred in the 1970s. Together, energy, food and industrial goods account for around 80% of the overall inflation rate seen since the start of this year. The second factor driving up inflation – and one which has intensified in recent months – is the recovery in internal demand as the economy has reopened after the pandemic. Spending is rotating from goods back to services as restrictions are being lifted, while pent-up demand for tourism and leisure activities is proving unexpectedly strong. This rebound in spending has seen services inflation rise to 3.5% in May – the highest rate since the mid-1990s – with the highest price increases in contact-intensive sectors. These shocks, in particular the surge in energy prices, are driving up short-term inflation to very high levels. They are also leading to significant upward revisions to our medium-term inflation forecasts. The June Eurosystem staff projections saw inflation above 2% for the whole projection horizon, converging back to slightly above our medium-term target in 2024. The persistence of inflation But the size and complexity of these shocks are also creating uncertainty about how persistent this inflation is likely to be. We are not facing a straightforward situation of generalised excess demand or economic overheating, in which case the trajectory of medium-term inflation would have been clearer. Despite the bounceback in services, private consumption in the euro area is still more than 2% below its pre-pandemic level. And investment remains subdued. Although there have been some signs of above-target revisions in recent months, longer-term inflation expectations currently stand at around 2% across a range of measures. This supports our baseline projection for inflation to converge back towards our medium-term inflation target. At the same time, inflation pressures are intensifying and broadening through the domestic economy. Almost four-fifths of items in the consumption basket had annual price increases above 2% in April, and this is not only a reflection of high import prices. A new ECB indicator of domestic inflation – which removes items with a high import content – currently stands above 3%.[4] In this environment, it is important to understand how persistent domestic price pressures are likely to become. There are several factors worth considering here. First, inflation is starting to take root in the services sector, which is the “stickiest” component of inflation and has a higher weight than goods.[5] Second, unemployment in the euro area is at a record low[6], labour shortages are broad-based across sectors and indicators of labour demand remain strong. This tightening of the labour market, together with the catch-up effect triggered by the high inflation environment, suggests that wage growth will pick up. Our latest forecasts see wage growth[7] above 4% in 2022 and 2023 and at 3.7% in 2024 – almost double the historical average before the pandemic. Third, these factors combined have led us to project core inflation at 2.3% in 2024 – and, in the euro area, core inflation tends to be an indicator of headline inflation over the medium term. We are also seeing signs that the supply shocks hitting the economy could linger for longer. While it is reasonable to assume that global supply chain disruptions will gradually be resolved, the outlook for energy and commodities remains clouded. There is not yet an end in sight to the Russia-Ukraine war, and we still face the risk of cuts to supply that could keep energy prices high. That could contribute to inflation directly – if it leads to further rises in energy costs – or indirectly, if a higher level of energy prices makes some production uneconomic and leads to a durable loss of economic capacity. The war is also likely to accelerate Europe’s green transition as a way to enhance our energy security. In the long term, this should lead to lower energy costs in Europe. But in the meantime, it could lead to price increases for rare minerals and metals,[8] higher costs for the investment needed in clean technologies, and an expansion of carbon-pricing schemes.[9] Uncertainty about growth That said, these shocks also have implications for growth and, as such, they can weigh on the medium-term inflation outlook. So what are we seeing in this regard? The external supply shocks hitting the euro area are affecting spending. Rising import prices represent a terms of trade “tax” which reduces the total income of the economy. Households are seeing their real income being squeezed. Real wage growth has been negative for two consecutive quarters. And consumer surveys suggest that households are expecting their real income and consumption to decline further over the next year. Firms are trying to protect their margins by raising prices, but this uncertain environment is also leading them to delay investment decisions. And sales growth now appears to be decelerating. The latest Purchasing Managers’ Indices point to no further growth in new business, and business expectations in a year’s time have reached their lowest level since October 2020. At the same time, spending is being supported by the boost to demand from the full reopening of the services sector. And consumption is being buffered by the large stock of household savings built up during the pandemic, fiscal support measures and the continued strength of the labour market, which is helping to sustain labour income overall. But if supply shocks drag on and inflation continues to exceed wage growth by a wide margin, losses in real income could intensify and the excess savings buffer could be eroded. The resulting hit to demand could test the resilience of the labour market and possibly temper the expected rise in labour income. In this setting, we have markedly revised down our forecasts for growth in the next two years. But we are still expecting positive growth rates due to the domestic buffers against the loss of growth momentum. The path ahead for rate normalisation Based on the overall outlook, the process of normalising our monetary policy will continue in a determined and sustained manner. But given the uncertainty we still face, the pace of interest rate normalisation cannot be defined ex ante. As I laid out in a recent blog post[10], the appropriate monetary policy stance has to incorporate our principles of gradualism and optionality. Gradualism allows policymakers to assess the impact of their moves on the inflation outlook as they go, which can be a prudent strategy in times of uncertainty. Optionality ensures that policy can react nimbly to the incoming data on the economy and inflation expectations and, if uncertainty decreases, re-optimise the policy path as necessary. Indeed, there are clearly conditions in which gradualism would not be appropriate. If, for example, we were to see higher inflation threatening to de-anchor inflation expectations, or signs of a more permanent loss of economic potential that limits resource availability, we would need to withdraw accommodation more promptly to stamp out the risk of a self-fulfilling spiral. These two elements of the monetary policy stance underlie the Governing Council’s decisions at our meeting on 9 June. Consistent with moving gradually, we announced that we will end net asset purchases under our asset purchase programme on 1 July and intend to raise our three key interest rates by 25 basis points at our next meeting on 21 July. But we also announced that we expect to raise the key interest rates again in September, and “if the medium-term inflation outlook persists or deteriorates, a larger increment will be appropriate at the September meeting.” This reflects the optionality principle. If the inflation outlook does not improve, we will have sufficient information to move faster. This commitment is, however, data dependent. This conditional approach to the pace of interest rate adjustment should not be confused with delaying normalisation. As our policy stance rests on a clear reaction function, interest-rate expectations and risk-free rates can adjust in advance. Our policy adjustment is already working its way through the euro area economy. The €STR forward rate ten years out is around 240 basis points above its pre-pandemic level, without policy rates having yet moved. One-year forward real rates, one-year ahead and five-year forward real rates, five-years ahead are around 100 and 140 basis points higher, respectively. Beyond September, the Governing Council has agreed that a “gradual but sustained” path of further rate increases will be appropriate. The starting point at each meeting will be an assessment of the evolution of the shocks, their implications for the outlook and the degree of confidence we have in inflation converging to our medium-term target. Transmitting the policy stance For these changes in our monetary policy stance to be effective, we need to preserve the orderly transmission of our stance throughout the euro area. The ECB is conducting monetary policy in an incomplete monetary union, in which its policy has to be transmitted through 19 different financial and sovereign bond markets. The yields on those sovereign bonds provide the benchmark for pricing all other private sector assets in the 19 Member States – and ultimately also for ensuring that our monetary policy impulse reaches individual firms and households. If spreads in some countries respond in a rapid and disorderly way to an underlying change in risk-free rates, over and above what would be justified by economic fundamentals, our capacity to deliver a single monetary policy is impeded. In this situation, a change in the policy stance can be followed by an asymmetric response of financing conditions, regardless of the credit risk of individual borrowers. In such conditions – when we have what we describe as unwarranted fragmentation – preserving policy transmission is a precondition for returning inflation to our target. The normalisation of our monetary policy will naturally lead to rising risk-free rates and sovereign yields. And, as euro area sovereigns are starting from different fiscal positions, it can also lead to a rise in spreads. But in order to preserve the orderly transmission of our policy stance throughout the euro area, we need to ensure that this repricing is not exacerbated and distorted by destabilising market dynamics, leading to a fragmentation of our original policy impulse. That risk of fragmentation is also affected by the pandemic, which has left lasting vulnerabilities in the euro area economy. These vulnerabilities are now contributing to the uneven transmission of the normalisation of our policy across jurisdictions. The Governing Council is therefore acting in two ways. First, we will use flexibility in reinvesting redemptions coming due under the pandemic emergency purchase programme (PEPP) to preserve the functioning of the monetary policy transmission mechanism. In other words, those redemptions can, as appropriate, be invested within the Eurosystem in bond markets of jurisdictions where orderly transmission is at risk. We have decided to apply this flexibility in reinvesting redemptions coming due in the PEPP portfolio as of 1 July. Second, we have decided to mandate the relevant Eurosystem committees, together with the ECB services, to accelerate the completion of the design of a new instrument for consideration by the Governing Council. The new instrument will have to be effective, while being proportionate and containing sufficient safeguards to preserve the impetus of Member States towards a sound fiscal policy. This decision lies squarely within the ECB’s tradition. In the past, the ECB has made use of separate instruments to target inflation and to preserve the functioning of the monetary policy transmission mechanism. Measures to preserve transmission could be used at any level of interest rates – so long as they were designed not to interfere with the monetary policy stance. At times when inflation fell too low, it made sense to shift from “separation” to “combination” so that all tools reinforced the required policy easing. That is why, for example, we linked asset purchases tightly to forward guidance on rates. But with high inflation now being the main challenge, there are merits in separating policy tools again. Preserving policy transmission throughout the euro area will allow rates to rise as far as necessary. In this sense, there is no trade-off between launching this new tool and adopting the necessary policy stance to stabilise inflation at our target. In fact, one enables the other. Conclusion Let me conclude. The euro area is facing a complex mix of shocks which are reducing growth and pushing up inflation. In this environment, it is imperative for policymakers, within their respective mandates, to address the risks to the economic outlook. Fiscal policymakers have to play their part in reducing these risks by providing targeted and temporary support while, over the medium term, following a rules-based framework that underpins both debt sustainability and macroeconomic stabilisation. We are unwavering in our commitment to ensure that inflation returns to 2% over the medium term. We have designed a strategy to normalise our policy that allows us to respond nimbly to the high inflation environment. And we will ensure that the orderly transmission of our policy stance throughout the euro area is preserved. As Leonardo da Vinci said, “every obstacle yields to stern resolve”. We will address every obstacle that may pose a threat to our price stability mandate. Kalemli-Özcan, S., di Giovanni, J., Silva, A., Yıldırım, M. (2022), “Global supply chain pressures, international trade and inflation”, paper presented at the ECB Forum on Central Banking, Sintra, 27-29 June 2022. Bjørnland, H. (2022), “The effect of rising energy prices amid geopolitical developments and supply disruptions”, paper presented at the ECB Forum on Central Banking, Sintra, 27-29 June 2022. Based on historical Consumer Price Index data series for euro area countries. Fröhling, A., O’Brien, D. and Schaefer, S. (2022), “A new indicator of domestic inflation for the euro area”, Economic Bulletin, Issue 4, ECB. For the increasing importance of services in the Harmonised Index of Consumer Prices, see Baldwin, R. (2022), “Globotics and macroeconomics: Globalisation and automation of the service sector”, paper presented at the ECB Forum on Central Banking, Sintra, 27-29 June 2022. However, 1.1% of workers are still enrolled in job retention schemes. Compensation per employee. International Energy Agency (2022), “The Role of Critical Minerals in Clean Energy Transitions”, revised versin, March. Kuik, F., Morris, R. and Sun, Y. (2022), “The impact of climate change on activity and prices – insights from a survey of leading firms”, Economic Bulletin, Issue 4, ECB; Bua, G., Kapp, D., Kuik, F. and Lis, E. (2021), “EU emissions allowance prices in the context of the ECB’s climate change action plan”, Economic Bulletin, Issue 6, ECB. Lagarde, C. (2022), “Monetary policy normalisation in the euro area”, The ECB Blog, 23 May. Source Link: https://www.ecb.europa.eu/press/key/date/2022/html/ecb.sp220628~754ac25107.en.html

May 31, 2022. DUBAI, UAE. What does the announcements on UAE Corporation Tax mean for tax on income there? On 31 January 2022, the UAE Ministry of Finance (MoF) announced that the UAE would introduce a Federal Corporate Tax on business profits. According to the implementation plan, Corporation Tax will be levied for financial years starting on or after 1 June 2023. UAE Corporation Tax will apply to all UAE businesses and commercial activities except those involving the extraction of natural resources, including oil and gas. The MoF announcement on the subject, stated all activities undertaken by a legal entity would be deemed to be ‘business activities’ and therefore would be covered under Corporation Tax. Although, it is relevant to note that dividends and capital gains earned by UAE businesses from their specified ‘qualifying shareholdings’ will be exempt from it. Foreign entities and individuals will also only be subject to UAE Corporation Tax if they conduct trade or business in the UAE in an ongoing or regular manner. INDIVIDUAL'S INCOME UAE Corporation Tax will not apply to an individual’s salary and other employment income (in both the public and private sector). In addition, interest and other income which has been earned from bank deposits or saving schemes will not be subject to the Corporation Tax regime. Similarly, dividends, capital gains and other income earned by individuals from owning shares or other securities in their personal capacity would also be treated as being outside the scope of UAE Corporation Tax. Nevertheless, it is understood that an individual’s activities could be considered and therefore be subjected to UAE Corporation Tax if an individual has (or is required to have) a business licence or a permit, including a freelance licence or permit, in order to be able to conduct such activities in the UAE. In such cases a freelancer will not be taxed on the income they generate as a salary, but the company or licence which hosts their visa will be taxed on their net profit. There is also an outstanding question as to whether an individual, say a tax adviser operating under a profession rather than business licence would be liable. However, the MoF has already stated that an individual’s investments in real estate (in their personal capacity), which does not require a commercial licence or permit to be carried out, would not fall under the scope of the Corporation Tax. THRESHOLDS AND RATES As a result of the introduction of the Corporation Tax in the UAE, an individual’s business income up to 375,000 AED will be taxed at 0%. The Corporation Tax rate will then increase to 9% for taxable income above 375,000 AED. This rate of 9% which is currently been cited would position the UAE as the lowest rate of Corporation Tax in all Middle East countries. There will also be a special rate which will be applied to so called ‘large multinationals’. These ‘large multinationals’ will be defined as having consolidated global revenue exceeding Euro 750 million equivalent to 3.15 billion AED). However, the UAE MoF has yet to announce the tax rate which will be applied to these so-called ‘large multinationals’. Although at present the rate for large multinationals is expected by some commentators to be 15%, as per Pillar Two of the OECD Base Erosion and Profit Shifting (BEPS) project. WHAT'S NEXT Perhaps not surprisingly, following this groundbreaking announcement by the UAE Government that Corporation Tax is definitely coming to the UAE, there has been a lot of speculation in many quarters that the UAE Federal Government could also be about to introduce individual income tax in the UAE. However, in an interview on 21 February 2022, His Excellency Dr Thani Bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade clarified that the UAE will not introduce an individual income tax for the time being. In addition, in relation to the potential introduction of an individual’s income tax, the Minister stated that , ‘It is not at the table at all now’. Therefore, starting from 1 June 2023, only income which is derived from activities undertaken by legal entities or by individuals in possession of a licence will be subjected to the UAE Corporation Tax. In addition, those foreign entities and individuals which conduct trade or business in the UAE in an ongoing or regular manner will also fall under the new UAE Corporation Tax regime. Contact Us Markus Susilo Partner, Tax Advisory 009714 220 0198

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/

July 2, 2022. HELSINKI, Finland. SAS welcomes the mediators’ decision as it continues to be the company’s firm ambition to reach an agreement and avoid a strike. After weeks of mediation, the mediators have, together with SAS and the SAS Scandinavia pilots’ unions, decided to further postpone the strike announced by the pilots’ unions until 4 July 2022 12.01 PM CET. SAS welcomes the mediators’ decision as it continues to be the company’s firm ambition to reach an agreement and avoid a strike. For further information, please contact: SAS press office, +46 8 797 29 44 SAS, Scandinavia’s leading airline, with main hubs in Copenhagen, Oslo and Stockholm, is flying to destinations in Europe, USA and Asia. Spurred by a Scandinavian heritage and sustainable values, SAS aims to be the global leader in sustainable aviation. We will reduce total carbon emissions by 25 percent by 2025, by using more sustainable aviation fuel and our modern fleet with fuel-efficient aircraft. In addition to flight operations, SAS offers ground handling services, technical maintenance and air cargo services. SAS is a founder member of the Star Alliance™, and together with its partner airlines offers a wide network worldwide. Learn more athttps://www.sasgroup.net This is information that SAS AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication by Louise Bergström at 11.45 AM CET on 2 July 2022. Attachments: 07021946.pdf Source Link: https://view.news.eu.nasdaq.com/view?id=bfe93267832a4e5ce7644d96677fe5cab&lang=en

May 19, 2022. SINGAPORE. The Contract is not expected to have any significant impact on the earnings per share and net asset value per share of the Group for the financial year ending 31 December 2022. The board of directors (“Directors” or “Board”) of Secura Group Limited (the “Company”, together with its subsidiaries, the “Group”) is pleased to announce that in connection with the letter of award dated 10 May 2022, Soverus Pte. Ltd., a wholly-owned subsidiary of the Company, had on 19 May 2022 entered into a twenty-four (24) month contract (“Contract”) with Sembcorp Industries Ltd to provide unarmed security services for an amount of approximately S$3 million. The Contract is effective from 1 August 2022 to 31 July 2024. The Contract is not expected to have any significant impact on the earnings per share and net asset value per share of the Group for the financial year ending 31 December 2022. As at the date of this announcement, including the Contract, the Group has an order book of approximately S$56.8 million for contracts from security guarding, of which approximately S$21.8 million is expected to be fulfilled by 31 December 2022 and the remainder by August 2026. None of the Directors or controlling shareholders of the Company, or their respective associates, has any interest, direct or indirect, in the Contract, other than through their respective shareholdings in the Company. BY ORDER OF THE BOARD Kan Kheong Ng Executive Director and Chief Executive Officer 19 May 2022 This announcement has been prepared by the Company and has been reviewed by the Company’s sponsor, United Overseas Bank Limited (the “Sponsor”), for compliance with Rules 226(2)(b) and 753(2) of the Singapore Exchange Securities Trading Limited (the “SGX-ST”) Listing Manual Section B: Rules of Catalist. This announcement has not been examined or approved by the SGX-ST. The SGX-ST assumes no responsibility for the contents of this announcement, including the correctness of any of the statements or opinions made or reports contained in this announcement. The contact persons for the Sponsor are Mr David Tham, Senior Director, Equity Capital Markets and Ms Priscilla Ong, Vice President, Equity Capital Markets, who can be contacted at 80 Raffles Place, #03-03 UOB Plaza 1, Singapore 048624, telephone: +65 6533 9898. Source Link: https://www.securagroup.com.sg/wp-content/uploads/2022/05/Secura-Awarded-3m-security-services-contract.pdf

June 24, 2022. JAKARTA. The rating result from PT Pemeringkat Efek Indonesia for this Bond is idAAA (Triple A) and acting as Trustee in this issue is PT Bank Mandiri (Persero) Tbk. This week there was one bond listing, namely PT Bank Negara Indonesia (Persero) Tbk's Green Bond I 2022 issued by PT Bank Negara Indonesia (Persero) Tbk and started to be listed on the Indonesia Stock Exchange (IDX) on Wednesday (22/6) with a nominal value of IDR 5,000,000,000,000.00. The rating result from PT Pemeringkat Efek Indonesia for this Bond is idAAA (Triple A) and acting as Trustee in this issue is PT Bank Mandiri (Persero) Tbk. The total issuance of bonds and sukuk that have been recorded throughout 2022 is 53 issuances from 41 issuers with a value of Rp69.20 trillion. With this recording, the total issuance of Bonds and Sukuk listed on the IDX amounted to 498 issuances with an outstanding nominal value of Rp.456.00 trillion and USD47.5 million, issued by 122 Issuers. There are 150 series of Government Securities (SBN) listed on the IDX with a nominal value of Rp4,816.65 trillion and USD205.99 million. EBA as many as 10 emissions worth Rp4.31 trillion. The IDX trading data for the period from June 20 to June 24, 2022, was mostly closed in the positive zone. The highest increase occurred in the Composite Stock Price Index (JCI) of 1.53 percent at the level of 7,042,937 from 6,936,967 at the close of the previous week. Then an increase also occurred in the stock market capitalization of 0.93 percent to Rp9,171.842 trillion from Rp9,087.685 trillion at the close of last week. The average daily transaction value of the Exchange during the week also increased by 0.55 percent to Rp. 17.332 trillion from Rp. 17.237 trillion in the previous week. The average transaction volume of the Exchange experienced a change of 11.92 percent to 24.753 billion shares from 28.103 billion shares at the close of last week. Then, the average daily transaction frequency of the Exchange changed 9.01 percent to 1,257,107 transactions from 1,381,605 transactions at the close of last week. Foreign investors today recorded a net selling value of Rp. 1.084 trillion and throughout 2022, foreign investors recorded a net purchase of Rp. 65.028 trillion. This is for the public to know. Company Secretary Indonesia Stock Exchange Ltd YULIANTO AJI SADONO CALL CENTER: 1505151 (NATIONAL) WHATSAPP: +62-811-81-150515 EMAIL: contactcenter@idx.co.id WEBSITE: www.idx.co.id Source: Google translation from Language of Indonesian

June 22, 2022. SCHLOSS ELMAU, Germany. The G7 Summit at Schloss Elmau, the highlight of the German Presidency, begins on Sunday. According to Federal Chancellor Olaf Scholz, the aim is to send out a “powerful signal” demonstrating that “our strong democracies are aware of their joint global responsibility” – something that is more important than ever in these turbulent times. G7 Summit with a view of the Alps: the heads of state and government will be meeting at Schloss Elmau Photo: Bundesregierung/Denzel Even before the meeting of the Heads of State and Government, one thing is certain: the G7 remains an association of strong partners who stand together and are prepared to draw on their unity to solve global problems – through concrete initiatives and partnerships dedicated to climate, sustainable investment, global food security, global health and resilient democracies. “The G7 will send out a clear signal for increased climate protection, enhanced international cooperation and greater global solidarity.” Federal Chancellor Scholz on 22 June 2022 G7 agenda more urgent than ever There can be no question: the German G7 Presidency has certainly had to take on a heightened responsibility this year, not least in view of the Russian war of aggression against Ukraine, which has moved to the top of the agenda. Solidarity and close cooperation are needed to mitigate its far-reaching impact. But as Federal Chancellor Scholz put it, the war must not lead “us as the G7 to neglect our responsibility for global challenges such as the climate crisis and the pandemic. On the contrary: many of the goals we set ourselves at the beginning of the year have become even more pressing as a result of the change in the global situation.” “Progress towards an equitable world” “Progress towards an equitable world” – this is the goal Germany set itself on taking over the G7 Presidency at the beginning of the year, laying out five areas of action to guide the work of the G7. “Progress towards an equitable world” – this is the goal of the German G7 Presidency Photo: Bundesregierung And of course, the G7 summit will also address the global consequences of the war in Ukraine – namely rising energy prices, scarce raw materials and the threat of worldwide famine. Nonetheless, many countries in the southern hemisphere are still struggling with the consequences of the pandemic. “If we do not succeed in standing by these countries in solidarity, powers like Russia and China will take advantage,” warns Federal Chancellor Scholz. The Federal Government has therefore made a point of inviting influential representatives of the Global South to Elmau. The message that is to go out from the G7 summit is “that the democracies of the world are standing together in the fight against Putin’s imperialism. But they are no less committed to the fight against hunger and poverty, and to combating health crises and climate change”. Federal Chancellor Scholz on 22 June 2022 Signal for peace and democracy A strong, rules-based international order cannot be achieved without solidarity and cooperation among the world’s democracies – both within the G7 and beyond. Global partnerships and initiatives are needed to make real progress on the important challenges facing the world of the future. This is why the G7 members are not just keeping to themselves in Elmau: Germany has invited five partner countries to attend the Summit, each of which embraces freedom and the rule of law: Argentina, India, Indonesia, Senegal and South Africa. The heads of state and government of these countries will travel to the Summit, while the Ukrainian President, Volodymyr Zelensky, will participate virtually. In addition to the partner countries, the following international organisations are participating this year: the United Nations, the World Health Organization (WHO), the World Trade Organization (WTO), the International Monetary Fund (IMF), the World Bank, the International Labour Organization (ILO), the Organisation for Economic Co-operation and Development (OECD) and the International Energy Agency (IEA). The G7 Gender Equality Advisory Council (GEAC) is also represented. An ambitious summit programme Germany has already launched a number of initiatives under its Presidency and is seeking to achieve the following outcomes at the G7 Summit: a global alliance for food security, a pact to combat future pandemics, a common position among democracies on the defence of open societies, an open, cooperative Climate Club that promotes climate-friendly business and reduces competitive disadvantages At their Summit in Elmau, the G7 Heads of State and Government will meet in various working sessions to discuss the extensive agenda. The Ukrainian President, Volodymyr Zelensky, the heads of state and government of the partner countries and the chairpersons of the international organisations will also be involved. Source Link: https://www.g7germany.de/g7-en/current-information/united-for-ukraine-2022946

9 January, 2021. JOHANNESBURG. The transfer of the staff will expand JIS’s portfolio of services it offers to its clients and helps diversify the JSE’s revenue streams and create new annuity income. The Johannesburg Stock Exchange (JSE) today welcomes new employees in the JSE Investor Service (JIS) business, who join the group following the acquisition by JIS of a portion of its share plan services business from Investec Share Plan Services Proprietary Limited (ISPS) in June this year. Following the conclusion of the transaction, the ISPS staff transfer to JIS, effective from 1 September 2021. The transfer of the staff will expand JIS’s portfolio of services it offers to its clients and helps diversify the JSE’s revenue streams and create new annuity income. “I am pleased to welcome these highly skilled members to the JSE family. The new members will work with the broader JIS team to provide solutions that meet our clients’ evolving needs. This will enable us to deliver on our strategy to improve and streamline services to issuers and corporate entities in South Africa,” said Valdene Reddy, JSE’s Director of Capital Markets. JIS is a leading share registry, custody and investor service provider. It is a critical function of operating a financial market as it maintains the registers of listed and unlisted companies including JSE Top 40 companies with more than 2.5 million shareholder records under management. The transaction has given JIS a strong foothold in the share plans business via an arrangement that includes a licensing and support services agreement with ISPS for the share plan services administration platform. ISPS retains the brokerage business within its existing operation. “The JSE has a robust inorganic growth strategy with a focus on acquisitions that will deliver new revenue streams for the future. JIS is a critical component of this long-term strategy and will help us to deliver on the trust and experience invested in the JSE,” adds Reddy. With the acquisition having given JIS access to the state-of-the-art, market-leading system, the group is now the largest share plans business in the South African market. Through this transaction, JIS has added 90 clients to its client base, helping it to expand its Broad-Based Black Economic Empowerment (B-BBEE) and employee share administration services product offering. On 9 June 2021, the JSE announced the incorporation of JIS as a wholly owned subsidiary of the JSE after acquiring the minority shareholding of 25.15% from LMS Partner Holdings. ENDS ABOUT THE JSE The Johannesburg Stock Exchange (JSE) has a well-established history operating as a market place for trading financial products. It is a pioneering, globally connected exchange group that enables inclusive economic growth through trusted, world class, socially responsible products, and services for the investor of the future. It offers secure and efficient primary and secondary capital markets across a diverse range of securities, spanning equities, derivatives, and debt markets. It prides itself as being the market of choice for local and international investors looking to gain exposure to leading capital markets on the African continent. The JSE is currently ranked in the Top 20 largest stock exchanges in the world by market capitalisation, and is the largest stock exchange in Africa, having been in operation for over 130 years. As a leading global exchange, the JSE co-creates, unlocks value & makes real connections happen. JSE general enquiries: Email: info@jse.co.za Tel: 011 520 7000 JSE media contact: Paballo Makhetha Communication Specialist Tel: 011 520 7331 Mobile: 072 419 4610 Email: paballom@jse.co.za

June 16, 2022. BEIJING. The 12th Meeting of BRICS National Security Advisers and High Representatives on National Security in Beijing. On June 15, 2022, Member of the Political Bureau of the CPC Central Committee and Director of the Office of the Central Commission for Foreign Affairs Yang Jiechi chaired the 12th Meeting of BRICS National Security Advisers and High Representatives on National Security in Beijing via video link. He stressed, the BRICS countries have always upheld the BRICS spirit of openness, inclusiveness and win-win cooperation, firmly safeguarded the common interests of the vast developing countries, and will make well preparations for the upcoming 14th BRICS Summit under the political guidance of the leaders of the five countries. Yang Jiechi said, changes of the world, of our times and of history are unfolding in ways like never before, with major changes and a pandemic both unseen in a century being combined. Faced with mounting risks and challenges, President Xi Jinping put forward the Global Security Initiative with the security and well-being of humanity in mind, contributing Chinese wisdom to solving the current global security dilemma and providing important guidance for building a world with lasting peace and universal security. Yang Jiechi stressed, BRICS, born in the historical tide of the rise of emerging markets and developing countries as a group, represents the way forward in the evolution and adjustment of the global landscape and international order. We should follow the trend of the times, act according to the changes of the times, and inject more stability and positive energy into the turbulent international situation. We should act on true multilateralism and strive to achieve common security. We should address traditional and non-traditional threats in a well-coordinated manner and strive to achieve comprehensive security. We should advocate sticking together in times of difficulty and strive to achieve cooperative security. We should pursue security and development in a well-coordinated way and strive to achieve sustainable security. The meeting reviewed the work of the working groups on counter-terrorism and cybersecurity, unanimously agreed to jointly advance the relevant plans and road maps of international counter-terrorism cooperation and cybersecurity cooperation, safeguard the United Nations' central role in coordinating the global counter-terrorism efforts, and call for building a global Internet governance system featuring greater inclusiveness, representation and democracy. South African Minister in the Presidency Mondli Gungubele, Head of Brazil's Institutional Security Office Augusto Heleno, Secretary of the National Security Council Nikolai Patrushev of the Russian Federation and Indian National Security Adviser Ajit Doval attended the meeting. The parties exchanged in-depth views on important issues such as strengthening multilateralism and global governance, coping with new threats and challenges to national security, and strengthening and improving governance in new territories, and reached a series of consensus. All parties unanimously expressed readiness to push for fruitful outcomes of the 14th BRICS summit. Source Link: http://brics2022.mfa.gov.cn/eng/dtxw/202206/t20220616_10704504.html

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. ### Learn more about the Black Women Impact grants program and the 50 recipients. Media Contact Goldman Sachs Abbey Collins Tel: +1 212 902 5400

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