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Q3 2005 Results

Q3 2005 Results. 27 October 2005. Disclaimer statement.

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Q3 2005 Results

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  1. Q3 2005 Results 27 October 2005

  2. Disclaimer statement The following presentation contains forward-looking statements that are subject to risk factors associated with the oil, gas, power, chemicals and renewables businesses. It is believed that the expectations reflected in these statements are reasonable, but may be affected by a variety of variables which could cause actual results, trends or reserves replacement to differ materially, including, but not limited to: price fluctuations and crude oil, natural gas and refined products, changes in demand for Shell Group’s products, currency fluctuations, drilling and production results, reserve estimates, loss of market, industry competition, environmental risks, physical risks, risks associated with the identification of suitable potential acquisition properties and targets and the successful negotiation and consummation of transactions, the risk of doing business in developing countries and countries subject to international sanctions, legislative, fiscal and regulatory developments including potential litigation and regulatory effects arising from recategorisation of reserves, economic and financial market conditions in various countries and regions, political risks, project delay or advancement, approvals and cost estimates. Please refer to the Annual Report on Form 20-F for the year ended December 31, 2004 (as amended) for a description of certain important factors, risks and uncertainties that may affect the Shell Group's businesses. Neither Royal Dutch Shell plc nor any member of the Shell Group undertakes any obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or other information. Cautionary Note to US Investors: The United States Securities and Exchange Commission (‘SEC’) permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this presentation, such as “expected producible resources” and “amount of reserves we expect to produce”, that the SEC’s guidelines strictly prohibit us from including in filings with the SEC.

  3. Q3 2005: Highlights • EP – Building resource base, strong unit earnings • GP – Projects delivered, growing LNG position • Downstream – Strong refining, trading and chemicals; excellent cash generation • 2004 – 2006 divestment target achieved • $15 bln+ return to shareholders in 2005

  4. Dividend per share €0.23 Strong performance across the business Q3 2005$ billion Q3 2004$ billion Incomeup 68% CCS* earnings up 68% Cash from operations** up 34% Divestment proceeds Capital investment*** 9.0 7.4 10.5 4.3 3.7 5.4 4.4 7.8 0.8 3.2 * CCS for Oil Products segment only ** excluding working capital and taxation accrued/paid *** excluding minority interest in Sakhalin

  5. Hurricane Yellowhammer NEW ORLEANS HOUSTON Fairway Port Arthur Convent MP 252 Norco Tahoe Deer Park Ram-Powell Cognac NaKika WD 143 Mars Hickory WC 565 Cougar Mensa Enchilada BZ A19 Ursa Boxer Popeye Brutus Bullwinkle Katrina Auger Holstein NPI 975 Rita Hubs Satellites Scale 100 miles

  6. Oil prices and industry margins Crude Oil Prices Refining Margins Cracker Margins $/bbl $/bbl $/t 20 600 65 60 500 16 55 400 12 50 300 45 8 200 40 4 100 35 30 0 0 2004 2004 2005 2005 2005 2004 2004 2005 2005 2005 2004 2004 2005 2005 2005 Q3 Q4 Q1 Q2 Q3 Q3 Q4 Q1 Q2 Q3 Q3 Q4 Q1 Q2 Q3 WTI US Ethane ANS USWC coking Brent W Europe Naptha WTS USGC coking Rotterdam Singapore

  7. EP: Increasing unit earnings Good earnings growth Strong unit earnings Exploration success Production in line with previous guidance 12 60% 10 50% 8 40% 30% 6 4 20% 2 10% 0 0% Q3 04 Q4 04 Q1 05 Q2 05 Q3 05 EP Unit earnings adjusted for non operating items Cumulative unit earnings percentage growth Oil realisations percentage growth

  8. GP: Growing the position LNG Capacity (Shell Share*) - mtpa Olokola T2 35 Strong earnings LNG volumes up 2% On target for 14% annual capacity increase to 2009 NLNG 4/5, Qalhat delivered in line with expectation Olokola T1 Nigeria 7/8 30 Persia T2 Persia T1 25 QatarGas 4 Gorgon T2 Gorgon T1 20 Nigeria 15 Oman Sakhalin 10 NWS 5 Malaysia Brunei 0 2010-13 estimate 2009 * Sakhalin at 55% Shell Share

  9. Downstream macro environment Q3/05 vs Q2/05 Europe Ref. Mkt. USGC Asia Pacific USWC Ref. Ref. Ref. Mkt. Mkt. Mkt. Africa US Mid-West Ref. Ref. Latin America Mkt. Mkt. Ref. <  $2.0/bbl Ref.: Industry Marker Margins Mkt. Mkt.: Marketing Margins (Gasoline Margins in US) >  $2.0/bbl

  10. Oil Products: delivery continues Oil Productsglobal adjusted unit CCS earnings per barrel* CCS earnings over $1.7 bln Highly competitive unit earnings Refinery intake volumes down 7% Marketing volumes down 4% Strong refining and trading performance Retail margins under pressure Shell 3.0 Competitor range 2.5 2.0 1.5 1.0 0.5 0.0 2002 2003 2004 Q3 05 *Annual + rolling 4 quarters since 2004

  11. Oil Products: excellent cash generation Q3 2005 Cash In $bln Q3 2005 Cash Out $bln 0.2 $0.6 bln Divestments Capital Investment 0.7 0.6 4.1 DACF 3.1 3.0 0.6 Working capital 1.2 Q3 2004 Q3 2005 Q3 2004 Q3 2005 Cash surplus $0.6 bln

  12. Chemicals: strong cash generation Asset utilisation rates 86% • Earnings of $0.3 bln • Cash from operations $0.5 bln* • Asset utilisation 78% impacted by USGC hurricanes 84% 82% 80% 78% 76% 2003 2004 Q105 Q205 Q305 USGC hurricane impact *Excluding working capital

  13. Focus on cash Q3 2005 Cash In $15.0 bln Q3 2005 Cash Out $11.7 bln $3.3 bln excess cash generated Divestments 4.3 Other 0.4 Working Capital* 3.8 Dividends 1.9 DACF 10.7 Buybacks 1.9 Capital Investment** 3.7 * Net working capital and taxation accrued/paid ** Shell share

  14. Divestment target delivered $ bln 15.0 2004-2006 divestment target 13.7 12.0 Q1 04 Q2 04 Q3 04 Q4 04 Q1 05 Q2 05 Q2 05 Target achieved ahead of schedule

  15. Looking ahead • Production outlook • Including hurricane impact 2005 around 3.5 mln boe/d, 2006 in lower half of 3.5 to 3.8 mln boe/d range • 2009 outlook unchanged 3.8 to 4.0 mln boe/d • Capital investment remains at $15 bln for 2005 • 2006 under review • Reaffirm commitment to return surplus cash to shareholders • $5 bln in 2005 • Purchase of Royal Dutch shares incremental • Over $15 bln cash to shareholders in 2005

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