BALANCING GROWTH AND RETURNS 2015 ANNUAL GENERAL MEETING

BALANCING GROWTH AND RETURNS 2015 ANNUAL GENERAL MEETING ROYAL DUTCH SHELL 19 MAY 2015 1

DEFINITIONS & CAUTIONARY NOTE NOT FOR RELEASE, PRESENTATION, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION. The information set out in this presentation is not intended to form the basis of any contract. By attending (whether in person, by telephone or webcast) this presentation or by reading the presentation slides, you agree to the conditions set out below. This presentation (including any oral briefing and any question-and-answer in connection with it) is not intended to, and does not constitute, represent or form part of any offer, invitation or solicitation of any offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities or the solicitation of any vote or approval in any jurisdiction. No shares are being offered to the public by means of this presentation. You should conduct your own independent analysis of Royal Dutch Shell plc ("Shell"), BG Group plc ("BG") and the recommended combination of BG and Shell ("the Combination"), including consulting your own independent advisers in order to make an independent determination of the suitability, merits and consequences of the Combination. The release, presentation, publication or distribution of this presentation in jurisdictions other than the United Kingdom may be restricted by law and therefore any persons who are subject to the laws of any jurisdiction other than the United Kingdom should inform themselves about and observe any applicable requirements. Any failure to comply with applicable requirements may constitute a violation of the laws and/or regulations of any such jurisdiction. This presentation is being made available only to persons who fall within the exemptions contained in Article 19 and Article 49 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 and persons who are otherwise permitted by law to receive it. This presentation is not intended to be available to, and must not be relied upon, by any other person. None of Shell, its shareholders, subsidiaries, affiliates, associates, or their respective directors, officers, partners, employees, representatives and advisers (the Relevant Parties ) makes any representation or warranty, express or implied, as to the accuracy or completeness of the information contained in this presentation, or otherwise made available, nor as to the reasonableness of any assumption contained herein or therein, and any liability therefor (including in respect of direct, indirect, consequential loss or damage) is expressly disclaimed. Nothing contained herein or therein is, or shall be relied upon as, a promise or representation, whether as to the past or the future and no reliance, in whole or in part, should be placed on the fairness, accuracy, completeness or correctness of the information contained herein or therein. Further, nothing in this presentation should be construed as constituting legal, business, tax or financial advice. None of the Relevant Parties has independently verified the material in this presentation. No statement in this presentation (including any statement of estimated synergies) is intended as a profit forecast or estimate for any period and no statement in this presentation should be interpreted to mean that cash flow or earnings per share for the current or future financial years would necessarily match or exceed the historical published cash flow or earnings per share for Shell or BG, as appropriate. Statements of estimated cost savings and synergies relate to future actions and circumstances which, by their nature, involve risks, uncertainties and contingencies. As a result, the cost savings and synergies referred to may not be achieved, may be achieved later or sooner than estimated, or those achieved could be materially different from those estimated. For the purposes of Rule 28 of the City Code on Takeovers and Mergers ( Takeover Code ), quantified financial benefits statements contained in this presentation are the responsibility of Shell and the Shell directors. Neither these statements nor any other statement in this presentation should be construed as a profit forecast or interpreted to mean that the combined group's earnings in the first full year following implementation of the Combination, or in any subsequent period, would necessarily match or be greater than or be less than those of Shell or BG for the relevant preceding financial period or any other period. The bases of belief, principal assumptions and sources of information in respect of any quantified financial benefit statement are set out in the announcement published on 8 April, 2015 in connection with the Combination. This presentation contains forward-looking statements concerning the financial condition, results of operations and businesses of Royal Dutch Shell plc and of the proposed combination. 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 plc to market risks and statements expressing management s expectations, beliefs, estimates, forecasts, projections and assumptions including as to future potential cost savings, synergies, earnings, cash flow, return on average capital employed, production and prospects. These forward-looking statements are identified by their use of terms and phrases such as anticipate, believe, could, estimate, expect, intend, may, plan, objectives, outlook, probably, project, will, seek, target, risks, goals, should and similar terms and phrases. There are a number of factors that could affect the future operations of Royal Dutch Shell plc 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 potential litigation and regulatory measures as a result of climate changes; (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 risk factors that may affect future results are contained in Royal Dutch Shell plc s 20-F for the year ended 31 December, 2014 (available at www.shell.com/investor and www.sec.gov). These risk factors also should be considered by the reader. Each forward-looking statement speaks only as of the date of this presentation, 19 May, 2015. Neither Royal Dutch Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this presentation. There can be no assurance that dividend payments will match or exceed those set out in this presentation in the future, or that they will be made at all. We use certain terms in this presentation, such as discovery potential, that the United States Securities and Exchange Commission (SEC) guidelines strictly prohibit us from including in 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 this form from the SEC by calling 1-800-SEC-0330. Reserves: Our use of the term reserves in this presentation means SEC proved oil and gas reserves. 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. Resources are consistent with the Society of Petroleum Engineers 2P and 2C definitions. Organic: Our use of the term "organic" includes SEC proved oil and gas reserves excluding changes resulting from acquisitions, divestments and year-average pricing impact. Resources plays: Our use of the term "resources plays" refers to tight, shale and coal bed methane oil and gas acreage. 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 plc 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 plc either directly or indirectly has control. Companies over which Shell has joint control are generally referred to as joint ventures and companies over which Shell has significant influence but neither control nor joint control are referred to as associates. The term Shell interest is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in a venture, partnership or company, after exclusion of all third-party interest. 2

JORMA OLLILA CHAIRMAN ROYAL DUTCH SHELL PLC 3

THE WORLD IN 2050 Rising energy demand, supply pressure, climate change Population 9 billion people, 75% living in cities (2 billion more than today) Vehicles 2 billion vehicles (currently 800 million) Rising standards Many millions of people will rise out of energy poverty; with higher living standards energy use rises Demand Energy demand could double from its level in 2000 but CO 2 emissions must be half today s to avoid serious climate change 1 Efficiency Twice as efficient, using half the energy to produce each dollar of wealth Renewables 3 times more energy from renewable sources 1 Shell new lens scenarios published in 2013 4

SHELL IN 2014 OIL AND GAS PROVIDE 50% 1 OF WORLDS ENERGY Shell produces 2% of world s oil Shell produces 3% of world s gas 43,000 retail sites CCS earnings 2 : $22.6 billion Total capital investment: $37 billion Social investment: $0.2 billion Salaries: $16 billion 94,000 employees Dividends declared and buybacks: $15 billion R&D: $1.2 billion Collected $72.7 billion in sales tax for government Taxes & royalties paid: $18.2 billion, a 48% tax rate Recruited ~1,200 graduates 1 Source: IEA World Energy Outlook 2014, world primary energy demand by fuel 2 Earnings excluding identified items 5

OIL MARKET + SHELL RESPONSE Oil supply Million barrels of oil per day Shell response Long-term $70 - $90 - $110 Brent oil price screens unchanged Planning for low prices 2015+; uncertain recovery timing Hard choices on our growth pipeline + options Opportunity to reduce costs Source: IEA estimates 6

SUSTAINABILITY Helping to shape a more sustainable energy future Sharing wider benefits where we operate Running a safe, efficient, responsible and profitable business www.shell.com/sustainability 7

UNRELENTING FOCUS ON HSSE Goal Zero on safety Injuries TRCF/million working hours Million working hours Working hours TRCF 8

TRANSPARENCY Sustainability reporting Revenue transparency 1997 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Nigeria spills website Oil sands performance report Nigeria briefing notes CDP Climate change 1 Sustainability report 1 Previously called Carbon Disclosure Project 9

SHAREHOLDER RESOLUTION: CLIMATE CHANGE DISCLOSURE RESOLUTION INFORMATION REQUEST 2013 2014 2015 Ongoing emissions management Asset portfolio resilience to post-2035 scenarios Low-carbon R&D and investment strategies Strategic KPIs and executive incentives Public policy position Information disclosed by Shell Board decision to support shareholder resolution at the 2015 AGM 10

SHELL GREENHOUSE GAS WEBSITE Information on climate change Information on emissions Additional information on resolution on climate change during the year www.shell.com/ghg 11

FINANCIAL PERFORMANCE COMPETITIVE POSITION Earnings per share growth 3 years Shell Competitors Cash flow per share growth 3 years % growth 2011-2014 % growth 2011-2014 240 Total shareholder return 3 years 2014 ROACE % growth 2011-2014 EPS on reported CCS basis ROACE: earnings on reported local GAAP basis 12

SHELL + BG: A COMPELLING COMBINATION Accelerates deep water + LNG strategy Accretive to earnings and cash flow per share 1 Complementary portfolios: synergy opportunity Enhanced portfolio: springboard to high-grade Shell + BG Improved cash flow enhances future dividends + buyback potential Growth: deep water Brazil Growth: global LNG Synergies + high-grading 1 For assumptions see 2.7 announcement on 8th of April, 2015 13

BEN VAN BEURDEN CHIEF EXECUTIVE OFFICER ROYAL DUTCH SHELL PLC 19 MAY 2015 14

STRATEGY AND INVESTMENT PRIORITIES Grow cash flow + deliver competitive returns Competitive financial performance Capital efficiency Project delivery Capital allocation by global themes ENGINES GROWTH PRIORITIES LONGER TERM UPSTREAM DOWNSTREAM INTEGRATED GAS DEEP WATER RESOURCES PLAYS FUTURE OPPORTUNITIES 1 Iraq, Nigeria onshore (SPDC), Kazakhstan, Arctic, heavy oil 15

2014 DELIVERY BALANCING GROWTH AND RETURNS Improve our financial performance CCS earnings $22.6 billion; CFFO $45.0 billion Dividend $12 billion + share buyback $3 billion Restructuring in Oil Products + North America resources plays Enhance our capital efficiency Moderated spending + growth Improved free cash flow; reduced gearing Early completion of 2014-2015 divestment plan of $15 billion Deliver new projects 4 operated deep-water start-ups Repsol LNG integration: >$1 billion CFFO impact New options in FEED; improved exploration Earnings excluding identified items 16

INVESTMENT PRIORITIES Capital investment $ billion 2015 organic capital investment Longer term Growth priorities Engines Organic Acquisitions Moderating our capital spending Safe and reliable operations remain our priority 2014 acquisitions: Repsol LNG 17

COMPETITIVE FINANCIAL PERFORMANCE PORTFOLIO RESTRUCTURING Resources plays Oil Products Upstream engine Restructuring $77 billion capital employed 18

DELIVER NEW PROJECTS TOP 4 START-UPS 2014 Repsol, Atlantic LNG in Trinidad & Tobago Mars-B, capacity >100 kboe/d, Shell 72% Cardamom, 50 kboe/d, Shell 100% Gumusut-Kakap FPS, 135 kboe/d, Shell 33% 19

BG: A STRONG STRATEGIC FIT WITH SHELL PORTFOLIO Production million boe/d BG impact Longer term: Kazakhstan: Karachaganak adds to growth potential North America shales bolt-on FUTURE OPP. 1 RESOURCES PLAYS DEEP WATER INTEGRATED GAS Growth priorities: LNG: combination of two world class portfolios Brazil deep water: step change in prolific new oil basin Upstream engine: UPSTREAM ENGINE Enhances our North Sea position Ongoing portfolio management + selective growth Combination (2014 pro-forma) 1 Future opportunities: Iraq, Nigeria onshore (SPDC), Kazakhstan, Arctic, heavy oil 20

REDUCING ONSHORE NIGERIA FOOTPRINT Restructuring onshore footprint Nigeria onshore portfolio 2010 2015 divested 11 OMLs OML 4 Targeted investments: gas and pipelines OML 40 OML 43 OML 41 OML 42 OML 34 OML 38 OML 30 OML 26 OML20 Legend Concessions SPDC Legal Divested Concessions FIDs Forcados Yokri Integrated Project FID OML 45 Forcados Yokri Integrated project OML 35 OML 27 OML 21 Southern Swamp Associated Gas FID Gbaran Ubie phase 2 FID Trans Niger Pipeline Loopline (TNPL) FID OML 79 OML 46 Southern Swamp Associated Gas OML 36 OML 31 OML 32 OML 33 OML 28 OML 29 OML 22 OML 17 OML 23 OML 24 OML 25 Gbaran Ubie Phase 2 OML 18 TNPL OML 11 OML 77 OML 74 OML 72 OML 71 21

NIGERIA: SPDC JOINT VENTURE PERFORMANCE 2014 overview Widespread oil theft remains a challenge Ongoing security challenges for people and assets Illegal fitting on NCTL at Opomakri, January 2015 SPDC JV spills Production Thousand tonnes kboe/day (SPDC) operational spills vol. operational spills nr.>100kg (RHS) Theft related deferment on export lines Shell share SPDC JV production sabotage spills vol. sabotage spills nr.>100kg (RHS) SPDC JV oil theft allocated SPDC JV: 30% Shell, 55% NNPC, 10% Total, 5% Agip; all data on 100% basis Total 2013 crude oil theft and associated deferred production: > 300,000 barrels per day (Nigerian government estimate) 22

ALASKA EXPLORATION 2015 Chukchi Sea 2 rig programme 28 support vessels Chukchi Sea Exploration Plan approved Final permits pending Transocean Polar Pioneer 2012 learnings + actions Upgraded contractor management Certified Arctic Containment System (ACS) Improved incident command system and oil spill response Noble Discoverer 23

OIL SANDS Quest Carbon Capture and Storage Footprint - mining Targets oil sands emissions from Scotford upgrader north-east of Edmonton Expected start up 2015 1 mtpa CO 2 24

NAM JOINT VENTURE / GRONINGEN NETHERLANDS GAS Key focus areas Study work and hazard risk assessments Intensive stakeholder management and dialogues Innovative collaboration Government decisions taken Production restriction 1.2 billion mitigation programme www.namplatform.nl 2012-2014 earthquakes: force: 0.1 1.0 3.5 and higher Gas field Gas storage 25

CLIMATE CHANGE Natural gas Carbon capture & storage Biofuels Energy efficiency 26

OIL SUPPLY & DEMAND Supply & demand million barrels of oil per day Transport underpins oil demand, despite electric vehicle growth Oceans 1 IEA current policies Mountains 1 IEA new policies IEA 450 Substantial supply gap 70 million barrels per day 80% replacement of today s production Equivalent to ~6 x Saudi Arabia or ~80 x UKCS Natural decline ~$15 trillion investment Stranded assets hypothesis ignores supply & demand realities 1 Shell new lens scenarios published in 2013 27

ONGOING EMISSIONS MANAGEMENT Energy intensity Emissions Flaring performance Gj/tonne (energy required to produce a tonne of oil equivalent) Index Million tonnes CO 2 equivalent Million tonnes hydrocarbon flared Upstream excl. Oil Sands Refining Chemicals Direct Indirect 1 Rest of the World Nigeria 2015 endorsed the World Bank s Initiative to Reduce Global Gas Flaring "Zero Routine Flaring by 2030 www.shell.com/ghg 1 Indirect emissions were not recorded before 2009 28

LOW CARBON R+D AND INVESTMENT STRATEGIES Gas CCS Biofuels Solar Alternative energy carriers Exploration Future energy technologies R&D LNG 7.7mtpa Westhollow research centre ( cellulosic biofuels ) Solar PV Shell Technology Ventures 2 B Energy FEED LNG 6.5mtpa Peterhead (1 mtpa) Glasspoint Solar EOR FID LNG 7.4mtpa Gorgon Quest (3-4 mtpa) (>1 mtpa) Raizen 2G (Iogen cellulose ethanol) H2 network (Germany) A B C On stream Commercial operation 1 Technology demonstration/research Used in Shell operations LNG 24mtpa GTL Mongstad Cansolv Otway Raizen 1G (sugar cane ethanol) Showa shell PV manufacture Offshore (50 MW net) LNG for Transport Onshore (450 MW net) Wind Technology Efforts Define Execute Operate 1 Volumes in Shell share 29

DIVIDEND + SHARE PRICE RECORD Competitive payout Dividend $ billion Share price 2014 RDSB 2010 2011 2012 2013 2014 2015E RDSB FTSE 30

BALANCING GROWTH AND RETURNS 2015 ANNUAL GENERAL MEETING ROYAL DUTCH SHELL 19 MAY 2015 31