Simon Henry, Chief Financial Officer of Royal Dutch Shell plc, presented an update of Shell’s Strategy & Portfolio at the Deutsche Bank 11th Annual Global Oil & Gas Conference in London.

1. ROYAL DUTCH SHELL PLC
DEUTSCHE BANK
GLOBAL OIL & GAS
CONFERENCE
LONDON
SEPTEMBER 22, 2011
1 Copyright of Royal Dutch Shell plc 22 September 2011

2. ROYAL DUTCH SHELL PLC
SIMON HENRY
CHIEF FINANCIAL OFFICER
2 Copyright of Royal Dutch Shell plc 22 September 2011

3. DEFINITIONS AND CAUTIONARY NOTE
Resources: Our use of the term “resources” in this presentation includes quantities of oil and gas not yet classified as SEC proved oil and gas reserves or SEC proven mining
reserves. Resources are consistent with the Society of Petroleum Engineers 2P and 2C definitions.
The companies in which Royal Dutch Shell plc directly and indirectly owns investments are separate entities. In this presentation “Shell”, “Shell group” and “Royal Dutch Shell”
are sometimes used for convenience where references are made to Royal Dutch Shell plc and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used
to refer to subsidiaries in general or to those who work for them. These expressions are also used where no useful purpose is served by identifying the particular company or
companies. „„Subsidiaries‟‟, “Shell subsidiaries” and “Shell companies” as used in this presentation refer to companies in which Royal Dutch Shell either directly or indirectly
has control, by having either a majority of the voting rights or the right to exercise a controlling influence. The companies in which Shell has significant influence but not control
are referred to as “associated companies” or “associates” and companies in which Shell has joint control are referred to as “jointly controlled entities”. In this presentation,
associates and jointly controlled entities are also referred to as “equity-accounted investments”. The term “Shell interest” is used for convenience to indicate the direct and/or
indirect (for example, through our 24% shareholding in Woodside Petroleum Ltd.) ownership interest held by Shell in a venture, partnership or company, after exclusion of all
third-party interest.
This presentation contains forward-looking statements concerning the financial condition, results of operations and businesses of Royal Dutch Shell. All statements other than
statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on
management‟s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ
materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Royal
Dutch Shell to market risks and statements expressing management‟s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements
are identified by their use of terms and phrases such as „„anticipate‟‟, „„believe‟‟, „„could‟‟, “scheduled”, „„estimate‟‟, „„expect‟‟, „„goals‟‟, „„intend‟‟, „„may‟‟, „„objectives‟‟,
„„outlook‟‟, „„plan‟‟, „„probably‟‟, „„project‟‟, „„risks‟‟, „„seek‟‟, „„should‟‟, „„target‟‟, „„will‟‟ and similar terms and phrases. There are a number of factors that could affect the future
operations of Royal Dutch Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this presentation, including
(without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell‟s products; (c) currency fluctuations; (d) drilling and production results;
(e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks; (h) risks associated with the identification of suitable potential
acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to
international sanctions; (j) legislative, fiscal and regulatory developments including regulatory measures addressing climate change; (k) economic and financial market
conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or
advancements in the approval of projects and delays in the reimbursement for shared costs; and (m) changes in trading conditions. All forward-looking statements contained in
this presentation are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on
forward-looking statements. Additional factors that may affect future results are contained in Royal Dutch Shell‟s Annual Presentation / Form 20-F for the year ended December
31, 2010 (available at www.shell.com/investor and www.sec.gov ). These factors also should be considered by the reader. Each forward-looking statement speaks only as of
the date of this presentation, 22 September 2011. Neither Royal Dutch Shell nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-
looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred
from the forward-looking statements contained in this presentation.
We may have used certain terms in this presentation that United States Securities and Exchange Commission (SEC) strictly prohibits us from including in our filings with the SEC.
U.S. Investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575, available on the SEC website www.sec.gov. You can also obtain these forms
from the SEC by calling 1-800-SEC-0330.
3 Copyright of Royal Dutch Shell plc 22 September 2011

4. SHELL
‘GOAL ZERO’ ON SAFETY
Injuries – TRCF per million working hours Million working hours
Customer and Profitability &
partner focus performance WORKING HOURS (RHS) TRCF
Sustainability & Value added
growth technology
 Focus on personal and process safety
 Industry leader in Sustainable Development
EMPLOYEES AND CONTRACTORS PER MILLION WORKING HOURS; SHELL OPERATED FACILITIES
4 Copyright of Royal Dutch Shell plc 22 September 2011

5. STRATEGY AND PRIORITIES
EARNINGS PRIORITIES
$ Bln
PERFORMANCE FOCUS
UPSTREAM
NEW WAVE OF PRODUCTION
GROWTH
DOWNSTREAM
MATURING NEXT GENERATION OF
PROJECT OPTIONS
UPSTREAM CORPORATE
DOWNSTREAM DIVESTMENTS/OTHER
Growth Investment – Through Cycle Returns
CURRENT COST OF SUPPLY EARNINGS
5 Copyright of Royal Dutch Shell plc 22 September 2011

6. ROYAL DUTCH SHELL
PERFORMANCE FOCUS
6 Copyright of Royal Dutch Shell plc 22 September 2011

7. PERFORMANCE FOCUS
PERFORMANCE FOCUS NEW WAVE OF PRODUCTION
GROWTH
MATURING NEXT GENERATION OF
PROJECT OPTIONS
CONTINUOUS IMPROVEMENT EXAMPLE: CAPITAL EFFICIENCY
Asset sales - $ Bln (cumulative)
CORPORATE
UPSTREAM
DOWNSTREAM
Cost focus
Continuous Operational
Simplification
improvement excellence
EXAMPLE: WELLS MANUFACTURING JV WITH CNPC
Capital
efficiency
7 Copyright of Royal Dutch Shell plc 22 September 2011

8. DOWNSTREAM VALUE CHAINS
Retail
Business-to-
Refining Business
Supply &
Distribution
Chemicals Lubricants
Chemicals
Trading
3 keys to winning
Operational excellence – Concentrating the portfolio – Selective growth
8 Copyright of Royal Dutch Shell plc 22 September 2011

9. PERFORMANCE FOCUS
OIL PRODUCTS PERFORMANCE FOCUS NEW WAVE OF PRODUCTION
GROWTH
MATURING NEXT GENERATION OF
PROJECT OPTIONS
MARKETING REFOCUS
100%
 Refocused portfolio + business model
50%
 Selective growth
• Brazil, Asia Pacific, others
0%
'09 '12 '09 '12 '09 '12 '09 '12  Brand strength + product innovation
Retail Lubricants Aviation Bulk Fuels
sites markets markets markets
DIRECT INDIRECT/PART EXIT EXITS
REFINING PORTFOLIO REDUCTION
Refinery capacity Mln bbl/d (100%)
4.7 -30%
5
4 3.3  Focus on larger integrated sites
3
2  30% net reduction by 2012
1
0  Improve operating performance
2002 2009 2012
EUROPE & AFRICA AMERICAS ASIA PACIFIC
9 Copyright of Royal Dutch Shell plc 22 September 2011

10. PERFORMANCE FOCUS
CHEMICALS PORTFOLIO + PERFORMANCE NEW WAVE OF PRODUCTION
GROWTH
MATURING NEXT GENERATION OF
PROJECT OPTIONS
EARNINGS
CCS Earnings - $ Bln
 Base chemicals and derivatives portfolio
 Plant integration with refineries
 Growth potential through advantaged
feedstock
 Product innovation
INTEGRATED CHEMICALS USGC BASE CHEMICALS SHIFT TO GAS FEEDS
Evolution of USGC industry cash margins + feedstock slate
Scotford Mossmoran
US Moerdijk/ SADAF Nanhai
Pernis Total
US Gulf feedslate
Qatar China
Coast
Singapore
Key site
AL JUBAIL PLANT – SAUDI ARABIA
Options
CCS EARNINGS EXCLUDING IDENTIFIED ITEMS
10 Copyright of Royal Dutch Shell plc 22 September 2011

11. GROWTH DELIVERY
BIOFUELS GROWTH: BRAZIL
GLOBAL BIOFUELS GROWTH POTENTIAL RAìZEN JOINT VENTURE 2011
Kboe/d production
3,000 SOYBEAN RAPESEED
PALM OIL OTHER Marketing JV
CORN SUGARCANE
2,000  ~19% market share in Brazil
 Rebranding and enhanced customer
1,000
offering
 Synergies + growth potential
0
2005 2010 2015 2020
RAìZEN: LARGEST IOC BIOFUELS PRODUCER
Biofuels JV
Brazilian sugarcane ethanol  Leading Brazil and Top 5 global ethanol
player
lowest CO2
 World-wide trading opportunities
most sustainable of today‟s biofuels
 Potential to double volumes in ~5 years
most cost competitive
2nd generation technology portfolio
11 Copyright of Royal Dutch Shell plc 22 September 2011

12. ROYAL DUTCH SHELL
GROWTH DELIVERY
12 Copyright of Royal Dutch Shell plc 22 September 2011

13. LEADER IN A GLOBAL GROWING GAS MARKET
GAS DEMAND GROWTH SHELL
Mln Boe/d
30 Traditional LNG
+23%
+189% gas
25
20 +29%
15
+89%
2035
10
2008
+86%
5
Gas-to-liquids Tight gas
0
North Europe Asia Middle Other
America Pacific East
SOURCE: INTERNATIONAL ENERGY AGENCY; WORLD ENERGY OUTLOOK 2011 GOLDEN AGE OF GAS
13 Copyright of Royal Dutch Shell plc 22 September 2011

14. PERFORMANCE FOCUS
GROWTH DELIVERY NEW WAVE OF PRODUCTION
CONVERTING RESOURCES TO PRODUCTION
GROWTH
MATURING NEXT GENERATION OF
PROJECT OPTIONS
Bln Boe resources
Longer-term upside
NA tight gas
Australia
Cardamom Deep
Appomattox Prelude 
Prelude Vito AOSP debottleneck 
Pearls (CMOC) Schiehallion 
Malikai
NA tight gas 
Gorgon Mars-B
Clair Ph2
NA tight gas BC-10 Phase2
AOSP-Exp 1 Pearl GTL 
Sakhalin Gjoa QG-4 
BC-10 Perdido Schoonebeek 
Gbaran Ubie Oman EOR
NA tight gas Others
ON-STREAM UNDER CONSTRUCTION STUDY PRODUCTION
 2011 PROGRESS
Maintaining Upstream momentum
14 Copyright of Royal Dutch Shell plc 22 September 2011

15. PERFORMANCE FOCUS
GROWTH DELIVERY NEW WAVE OF PRODUCTION
2011 START-UPS
GROWTH
MATURING NEXT GENERATION OF
PROJECT OPTIONS
INNOVATIVE TECHNOLOGY, FULL VALUE CHAIN, LONG-LIFE RETURNS
Canada - Scotford upgrader
Qatar - Pearl
Qatar – Qatargas 4 LNG shipment
~ $30 bln capital investment
>400,000 boe/d* for Shell
Underpins target for 3.1 - 3.5 mln boe/d 2009-12
* PEAK PRODUCTION; SHELL SHARE: $80 OIL PRICE SCENARIO
15 Copyright of Royal Dutch Shell plc 22 September 2011

16. PERFORMANCE FOCUS
GROWTH DELIVERY NEW WAVE OF PRODUCTION
LAUNCHING NEW UPSTREAM PROJECTS GROWTH
MATURING NEXT GENERATION OF
PROJECT OPTIONS
2010 + 2011 YEAR-TO-DATE INVESTMENT DECISIONS
Cardamom – USA Sabah Gas Kebabangan (KBB) - Malaysia
50 kboe/d; 100% Shell 130 kboe/d; 30% Shell; PSC
AOSP Debottlenecking Schiehallion
1st FID
NA tight gas (various)
Cardamom Mars-B
Mars-B – USA Sabah Gas KBB Prelude FLNG – Australia
100 kboe/d; 72% Shell 110 kboe/d; 100% Shell
BC-10 Phase 2 Prelude FLNG
14 FIDs taken ~400,000 boe/d* potential
Driving 3.7 mln boe/d target 2014 and longer term growth
* PEAK PRODUCTION; SHELL SHARE
ENTITLEMENT AT $80/BBL; 2014 OUTLOOK ASSUMES LICENCE EXTENSIONS + 2010 ANNOUNCED ASSET SALES
16 Copyright of Royal Dutch Shell plc 22 September 2011

17. ROYAL DUTCH SHELL
MATURING NEXT GENERATION
PROJECT OPTIONS
17 Copyright of Royal Dutch Shell plc 22 September 2011

18. PERFORMANCE FOCUS
MATURING NEXT GENERATION OF PROJECT OPTIONS NEW WAVE OF PRODUCTION
ADDING NEW RESOURCES
GROWTH
MATURING NEXT GENERATION OF
PROJECT OPTIONS
EXPLORATION & BUSINESS DEVELOPMENT
2008
Canada - Duvernay Kazahkstan - Auezov
Long-term growth and investment
2009 Australia – Iago 2 Nigeria - Offshore
GoM – Cardamom Australia – Libra 1  Options to flex annual spending with macro
GoM - Vito GoM – West Boreas Brunei – ML-J206T1  Capex and growth outcomes
Norway – Fram US - Haynesville
Canada – Groundbirch
Australia - Concerto ACQUISITION
Investment decisions driven by
Australia - Arrow
DISCOVERY  Portfolio fit
US - East Resources
EXPLORATION  Affordability
PROSPECT
GoM – South Deimos  Profitability
US - Eagle Ford Brazil – Massa
GoM – Appomattox Australia - NWS French Guyana
Brazil – Gato do Matto China – Tight gas Brunei
2010 Brunei - Geronggong USA - GoM Alaska
2011/12 Brazil - DW
Portfolio can support profitable growth to ~2020
18 Copyright of Royal Dutch Shell plc 22 September 2011

19. DRILLING TECHNOLOGY UNLOCKS NEW GROWTH
NORTH AMERICA CHINA + AUSTRALIA JVs WITH PETROCHINA
Groundbirch
Changbei tight gas
Deep Basin
Foothills North
Shilou CBM
Pinedale
Marcellus Daning CBM
Jinqiu tight gas
Eagle Ford Haynesville JV
Fushun tight gas
ACREAGE
TIGHT GAS
COAL BED METHANE
Arrow Energy
LNG
China: Changbei drilling rig
19 Copyright of Royal Dutch Shell plc 22 September 2011

20. PERFORMANCE FOCUS
MATURING NEXT GENERATION OF PROJECT OPTIONS NEW WAVE OF PRODUCTION
MATURING NEW PROJECTS
GROWTH
MATURING NEXT GENERATION OF
PROJECT OPTIONS
INVESTMENT OPTIONS
Appomattox - USA
Arrow - Australia
Long-term growth and investment
 Options to flex annual spending with macro
 Capex and growth outcomes
Tight Gas – N. America Qatar Chemicals
Investment decisions driven by
 Portfolio fit
 Affordability
 Profitability
Vito - USA Gbaran Ubie Ph2 - Nigeria
Portfolio can support profitable growth to ~2020
20 Copyright of Royal Dutch Shell plc 22 September 2011

21. ROYAL DUTCH SHELL PLC
FINANCIAL FRAMEWORK
21 Copyright of Royal Dutch Shell plc 22 September 2011

22. INVESTMENT PROGRAMME
UPSTREAM DOWNSTREAM
% Capital investment % Capital investment
EXPLORATION
HEAVY OIL & EOR
TIGHT GAS
SOUR
DEEPWATER
INTEGRATED GAS
TRADITIONAL
OTHERS AMERICAS
CHEMICALS MARKETING REFINING
EUROPE ASIA PACIFIC
Sustained growth investment
$25 - $27 bln net capex 2011-2014
Capital discipline
2012-14 CAPITAL INVESTMENT EXCLUDES IRAQ FULL FIELD DEVELOPMENTS
22 Copyright of Royal Dutch Shell plc 22 September 2011

23. CONVERTING INVESTMENT TO CASHFLOW
INVESTING FOR NEW GROWTH DELIVERING CASHFLOW GROWTH
$ Bln
$/bbl BRENT
$80/bbl
$96/bbl
$60/bbl
$62/bbl
2009 H1‟11 2012
(12 months rolling) target
CAPITAL UNDER CONSTRUCTION EXPLORATION & EVALUATION CASH FLOW FROM OPERATIONS EXCL. NET CAPITAL
NET MOVEMENTS IN WORKING CAPITAL INVESTMENT
(2009-12 average)
Rebalancing financial framework into surplus cash flow
Maintaining growth investment and competitive payout
CASH FLOW TARGETS ASSUME IMPROVED DOWNSTREAM AND NATURAL GAS ENVIRONMENT 2009-
2012
23 Copyright of Royal Dutch Shell plc 22 September 2011

24. CASH FLOW AND BALANCE SHEET
CASH PERFORMANCE 12 MONTHS TO H1 2011 GEARING
$ Bln %
SOURCES USES
Gearing range
CASH FLOW FROM OPERATIONS EXCL. NET
MOVEMENTS IN WORKING CAPITAL
ASSET SALES
ACQUISITIONS
CAPEX + EQUITY ACC. INVESTMENTS
PAY-OUT
24 Copyright of Royal Dutch Shell plc 22 September 2011

25. COMPETITIVE PAYOUT
MAJORS DIVIDEND PAYOUT RATIOS SHELL PAYOUT
% $ Bln
COMPETITORS
DIVIDENDS DECLARED, of which: SCRIP
CLEAN EPS, 4 QUARTERS ROLLING TO H1 2011
BUYBACKS
25 Copyright of Royal Dutch Shell plc 22 September 2011

26. FINANCIAL FRAMEWORK
CASH PERFORMANCE
 ~50-80% CFFO increase 2009-12
($60-$80 oil price scenarios)
 Surplus cash flow 2012 at $60/bbl
INVESTMENT
PAY-OUT
 $25-27 bln net capex /year
 Dividend linked to results  Up to $3 bln asset sales/year
 Scrip dividend option 2012+
 ~$10 billion expected 2011  Affordability, profitability,
portfolio
BALANCE SHEET
 0 – 30% gearing through cycle
 Balance sheet underpins
investment
 Capital employed grows
steadily
Competitive returns – cash generation – growth investment
CFFO TARGETS ASSUME IMPROVED DOWNSTREAM AND NATURAL GAS ENVIRONMENT 2009-2012
26 Copyright of Royal Dutch Shell plc 22 September 2011

27. OUTLOOK
PRIORITIES 2011-12 OUTLOOK
 Continuous improvement embedded in Shell
PERFORMANCE FOCUS
 Up to $8 billion asset sales; capital efficiency
 2011 start-ups: >400kboe/d*; $30bn
investment
NEW WAVE OF PRODUCTION
GROWTH  Selective Downstream growth
 On track for 2012 cashflow and production
targets
MATURING NEXT GENERATION OF  >400kboe/d* new projects launched 2010-11
PROJECT OPTIONS  Upstream growth potential to ~2020
Competitive performance – Profitable growth – Sharper delivery
* PEAK PRODUCTION; SHELL SHARE: $80 OIL PRICE SCENARIO
27 Copyright of Royal Dutch Shell plc 22 September 2011

28. ROYAL DUTCH SHELL
DEUTSCHE BANK
GLOBAL OIL & GAS CONFERENCE
Q&A
28 Copyright of Royal Dutch Shell plc 22 September 2011