Royal Dutch Shell plc Investor Day in New York, September 5, 2014

1Copyright of Royal Dutch Shell plc 5 September, 2014
BALANCING GROWTH & RETURNS
NEW YORK INVESTOR DAY
5 SEPTEMBER 2014
ROYAL DUTCH SHELL PLC

DEFINITIONS & CAUTIONARY NOTE
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” 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 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’’, ‘‘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 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 factors that may affect future results are contained in Royal
Dutch Shell’s 20-F for the year ended 31 December, 2013 (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, 5 September, 2014. 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. 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.

BEN VAN BEURDEN
CHIEF EXECUTIVE OFFICER

AGENDA
Ben van Beurden Chief Executive Officer
Marvin Odum Upstream Americas Director
John Abbott Downstream Director
Simon Henry Chief Financial Officer
Question & answer session
Panel break-outs
Downstream
Upstream Americas: deep-water
Upstream Americas: resources plays

EXECUTING A CONSISTENT, LONG-TERM STRATEGY
source: Shell estimates
 Unrelenting focus on HSSE
 Technology, integration and scale
 Disciplined capital investment by strategic theme
 Growth in cash flow through-cycle
 Competitive shareholder returns
Energy demand outlook
million boe per day
Oil
Gas
Biomass
Wind
Coal
Nuclear
Other renewables
Solar
Shell activities

FOCUS ON SAFETY
UPDATE
Injuries – TRCF/million working hours
Goal Zero on safety
Volume in thousand tonnes
Spills - operational
Number of incidents
Energy intensity – refineries
Energy Intensity Index (EEITM)
Process safety trend
million working hours
Working hours (RHS)TRCF
 HSSE priority
 Performance + transparency
Tier 1 incidents Tier 2 incidents
4Q rolling 4Q rolling

2014 PRIORITIES
 Returns and cash flow
 Competitive returns for shareholders
 Take hard choices on new options
 Increase asset sales
 Reduce pace of growth investment
 Major deep-water start-ups in 2014
 Integrate 2013 acquisitions
Deliver new
projects
Enhance our
capital efficiency
Improve our
financial
performance

IMPROVE FINANCIAL PERFORMANCE
H1 2014 OUTCOME
CCS earnings + ROACE excluding identified items
Earnings + ROACE
$ billion
Cash flow
$ billion
Dividend + buy-back
$ billion
Upstream
Downstream
Corporate/Other
Dividend declared Buy-back
CFFO CFFI
 Balancing returns + growth
 Competitive shareholder returns
 Expecting > $30 billion distributions to shareholders
2014-15
ROACE (RHS) Free cash flow (RHS)
$ billion

DRIVING PERFORMANCE IN SHELL
Policy from 1.1.2015
New shareholding requirements Performance units
 Drive bottom line focus
 Credible, competitive and affordable plans
 Drives decisions on spending + divestment
 Individual performance management
 Stronger accountability for outcomes
 New shareholding requirements for senior
executives
7 x base payCEO
4 x base payCFO
Top 200 executives below
Executive Committee:
1.5 x base pay
Senior
Executives

FUTURE
OPPORTUNITIES
RESOURCES
PLAYS
DEEP-WATERINTEGRATED
GAS
UPSTREAM DOWNSTREAM
INVESTMENT PRIORITIES + STRATEGIC INTENT
1 Iraq, Nigeria onshore (SPDC), Kazakhstan, heavy oil, Arctic
Engines
 Free cash flow businesses
 Maintain competitiveness
 Asset integrity + selective growth
Growth Priority
 Global leadership established
 High-grading our rich opportunity set
Longer Term
 Major potential; managing non-technical risks
 Slower pace + capital allocation
 Credible, competitive, affordable
 Investment choices driven on a global thematic basis
1

IMPROVE FINANCIAL PERFORMANCE
PORTFOLIO RESTRUCTURING
 Gas supply for LNG Canada
 LRS exploration: Permian + W.Canada
 Appalachia Utica gas exploration
 Asset sales + cost focus
 Downstream 10-12% ROACE + $10 billion p.a.
CFFO potential
 MLP proposal
 Asset sales + cost focus
North America resources plays Oil Products

ENHANCE CAPITAL EFFICIENCY
Take hard choices on new options
 More selectivity: FIDs >$500 million
require CEO approval at FEED
 Maturing new projects: LNG, deep-water
Increase asset sales
 ~$10 billion completed year-to-date
 US midstream MLP proposal
Reduce pace of growth investment
 2014 organic spending ~$35 billion
 Scrip cancellation reflects improving FCF
 completed
2014+ Asset sales / license expiry
Wheatstone LNG 
BC-10 dilution 
North America non-core LRS 
Italy Downstream 
ADCO license expiry 
Woodside
market sell down 
Australia  / Denmark /
Norway Downstream
Nigeria onshore
Mature UKCS + GOM assets
Pinedale + Haynesville dry gas
others
 340,000 boed upstream
 180,000 b/d refining
 300,000 b/d marketing

Gumusut-Kakap
 Perdido
 North America: tight gas
 Gbaran-Ubie
 Gjoa
 AOSP-1
 West Qurna
 Schoonebeek
 Qatargas 4 LNG
 Pearl GTL
 Qarn Alam
 Harweel
 Caesar Tonga ph1
 Gumusut-Kakap (early
production)
 Pluto LNG
 Eagle Ford
 Majnoon FCP
 BC-10 ph2
 Basrah gas company
 North Rankin
 Amal steam
 AOSP debottlenecking
 others
 Repsol LNG acquisition
 Mars B 
 Petai 
 Bonga North West 
 Cardamom
 Gumusut-Kakap
 others
DELIVER NEW PROJECTS
UPSTREAM TRACK RECORD 2010-14
Mars-B
Repsol LNG
2010 2011 2012 2013 2014
Key project start-ups:
 Consistent delivery of
new projects
 Last 12 months CFFO from
2010+ start-ups $11 billion
Growth from key start-ups
kboe per day $ billion
Production Cash flow from operations (RHS)
 completed

CONVENTIONAL EXPLORATION PORTFOLIO + THEMES
Prospect size: potential
Conventional exploration spend 2014
~ $ 4 billion
Heartland
Near field explorationArctic/Frontier
 Balancing exploration risk
Prospect
size
(million boe)
Time to
development
(years)
15+
10+
3+
<3 5-50
50-250
>250
>500 Arctic
Frontier
Under explored basins
Heartlands
New plays in Shell
producing basins
Near field
High value

EXPLORATION SUCCESS
ADDING RESOURCES IN HEARTLANDS
Gulf of Mexico Malaysia
cumulative resources added in million boecumulative resources added in million boe
Tukau Timur West
NFE Success
Limbayong-2
Tukau Timur Deep
NFE success
Rosmari
Marjoram
Pegaga Appraisal
Appomattox
Vito
Cardamom
South Deimos
Vicksburg
Vito Appraisal
Appomattox
appraisal
Rydberg
20 km
Shell leasehold
discovery
drilling
Appomattox Vicksburg
Gettysburg
Rydberg
Planned
Appomattox
host
Shell licence 2011
Shell licence 2014
discovery
Limbayong-2
Rosmari
Gorek
Teja
Pegaga
Sintok
Sirih
50 km
Stones
West Boreas
Appomattox area Deep-water Malaysia
Marjoram
Kaikias
Bakong
Larak
Legundi

SHELL IN NORTH AMERICA
Production and refining capacity as at end 2013
Refinery/ chemical plant
Upstream positions
Midstream positions/capacity
Refinery with LTO capability
Gas monetization options
LNG
Canada Carmon Creek
LRS
AOSP
Scotford
Western
Canada
gas
Proposed Energy
East Pipeline
Sarnia Appalachia
Gas to
chemicals
Elba LNG
Ho-Ho
Motiva
refineries
Deer Park
Permian
Permian
Express
Martinez
Puget Sound
Proposed midstream positions/capacity
Mobile
 Leading industry positions
 Growth potential Upstream + Downstream
 Integration + opportunities
Production Refining capacity
Rest of the world
North America
Gulf of Mexico
AERA heavy oil

MARVIN ODUM
UPSTREAM AMERICAS DIRECTOR

UPSTREAM AMERICAS
Deep-water
Industry leadership
Heavy oil
Mining and in-situ
Resources plays
Portfolio repositioning
Integrated Gas
Monetizing gas
Arctic
Long-term potential
Profitable +
competitive today
Potential
 Deliver our deep-water and heavy oil growth projects
 Establish resources plays and integrated gas profitability
 Drive sharper cost focus and capital efficiency across our operations
Mars B start-up
Appomattox FEED
Cardamom commissioning
Carmon Creek under
construction
On-going restructuring LNG Canada FEED Evaluating options

UPSTREAM AMERICAS PORTFOLIO
Production
million boe per day
Deep-water
Resources plays Heavy oil
Capital investment
$ billion
Deep-water
Resources plays Heavy oil Pre-FID/other
+5%
-20%
Resources plays
Deep-water
Gas monetization options
Heavy oil
Western Canada
dry gas + LRS
Appalachia
dry gas
AOSP + in-situ
Gulf of Mexico
Brazil
LNG
Canada
Gas-to-chemicals
Elba LNG
Integration potential
Completed divestments
AERA heavy oil
Permian LRS
Argentina
Eastern
Canada
Colombia
Resources
Deep-water
Resources plays
Heavy oil
10.9 billion boe
Resources 1/1/2014 updated for 2014 announced divestments
and acquisitions
Major undeveloped resources

IMPROVE FINANCIAL PERFORMANCE:
UPSTREAM AMERICAS - FINANCIAL DRIVERS
Earnings and CFFO excluding identified items
Balance sheet Q214
$ billion
Earnings 2013 H1 – 2014 H1
$ billion
On stream
Under construction
Resources plays
Deep-water
Non productive leases Heavy oil/Arctic
LRS
$3.2 billion
clean DD+A
2014 H1 4Q
rolling
GAS
 Strong recovery in results 2014 H1
 ~$6 billion CFFO 12 months rolling
 Continued drive to improve profitability
2014 H12013 H1
- 0.3
0.1
0.5
0.1
0.2
0.5
- 0.1
0.1
1.3
Long term
growth
0.2

NORTH AMERICA RESOURCES PLAYS
RESTRUCTURING SHELL PORTFOLIO
Portfolio
North Americas capital investment
$ billion
Resilience
Attractiveness
Exit:
Eagle Ford 
Mississippi Lime 
Rockies LRS 
Deep Basin (North) 
Foothills (Burnt Timber) 
Appalachia (Slippery Rock)
Pinedale
Haynesville
Hold or Divest
Maintain/Grow:
Western Canada gas +
integration plays
Appalachia
Western Canada LRS
Permian LRS
completed
LRS plays
Dry gas AcquisitionsLRS Divestments
-20%
Resources + potential = discovered + prospective resources as at 1/1/2014 updated for
2014 announced divestments and acquisitions
 ~10 billion boe resources + potential
 Dry gas:
 Canada LNG supply
 Appalachia appraisal
 Liquids rich: Permian + W. Canada appraisal
 Profitability focus
-50%

PROGRESS ON COSTS
 Portfolio: learning curve
 Top quartile in 60% of wells
 ~$155 million year over year
reduction
 Right-sizing the organization  ~$130 million in savings from
overhead reductions
 ~$40 million year over year
reduction in direct lease and
field costs
Drilling time reduction
-40%
program years
% improvement
Pinedale
Groundbirch
Appalachia
Eagle Ford
Permian
Kaybob
Haynesville
Staff reduction Unit operating expense
$/mcfe
-10%
 2014 >$500 million in capital and operating cost reductions

APPRAISING NEW POTENTIAL
 New Utica sweetspot in Tioga County
 11-26 mmscf/day IP rates
 ~275k net acres + ~1500 well
locations
 Additional ~155k net acres once
Pinedale swap complete
 Multiple stacked pays
 ~70% liquids
 Wolfcamp exploration potential
locations
 50/50 JV with Anadarko
 Premier position in Duvernay play
 Oil + gas condensate window
locations
 Integration potential with heavy oil
Appalachia Utica Permian Western Canada
18km
0 25km
54km
Pembina area
Fox Creek
Rocky Mountain House
Pecos
Tioga
Tioga County
18km
Loving Co
Winkler Co
Ward Co
Kaybob area

NORTH AMERICA LNG
PROGRESSING TO FID
 2 x ~6 mtpa first phase
 25-year export license for 24 mtpa in place
 Joint venture agreement signed
 FEED contract awarded
 Joint venture: Shell (50%), Kogas, Mitsubishi,
PetroChina
 Two phased liquefaction project with up to 2.5
mtpa capacity
 Joint venture 49% Shell + 51% Kinder Morgan
 Shell will be single LNG off-taker (100%)
 FERC application filed in March 2014
 FEED nearing completion
LNG Canada Elba LNG

DEEP-WATER GULF OF MEXICO
PROJECT FLOW
Execute (under construction)
On stream
Select/Define
Auger
Mars
Ursa
Nakika
Brutus
Vito
 ~100 kboe/d potential
 >300 million boe resources
 Shell 51.33% (operator)
Appomattox
 >150 kboe/d potential
 Shell ~80% (operator)
Caesar Tonga
Cardamom Deep
Mars B
100 km
Cardamom Deep
~50 kboe/d
Shell 100% (operator)
Tie back to Auger
2014 start-up
Growth outlook1:
 ~230 kboe/d on stream in Q2 2014 + Mars B continued ramp-up 2014
 50 kboe/d to start-up in 2H 2014 and 50 kboe/d under construction
 >170 kboe/d new options
FIDDiscovery
Cardamom
Stones
Appomattox/Vicksburg
Vito
Rydberg
Start-up
1 Shell share
Rydberg
 ~100mmboe discovery
 Shell ~57% (operator)
2014 exploration success
Ram Powell
Stones FPSO
Kaikias
 Oil discovery; further
appraisal required
 Shell 100% (operator)
Perdido
Stones
 ~50 kboe/d FPSO
 Shell 100% (operator)
 FPSO under construction
 2016 start-up

DRIVING PROFITABLE GROWTH
Unit cost range source: Rystad
Unit operating cost
$/bbl
Unit cost range Shell unit cost
Drilling
moratorium
Mars B
start-up
 Sustained exploration delivery
 Emerging from decline post-Macondo
 2014 project start-ups drive new growth
 Mars B, Cardamom, Nakika Phase 3
 Maintaining cost leadership
Production
thousand boe/d
Cumulative resources added
million boe
Appomattox
Vito
Cardamom
South Deimos
Vicksburg
Vito Appraisal
Appomattox
appraisal
Rydberg
Stones
West Boreas
Cardamom
start-up
Perdido
start-up
Kaikias

MARS B DEVELOPMENT
Mars B production ramp-up progress
‘000 boe/d
 First oil February 2014
 6 months ahead of schedule
 Averaged ~38 kboe/d Q2 14
 Capacity > 100 kboe/d
 Shell 72% (operator)
Olympus on-site – February 2014
Olympus platform
FID September 2010
First Oil February 2014
competitors
FID 2010
Olympus in Kiewit shipyard Ingleside, Texas – Summer 2013
3rd well to
start in Q4

DEEP-WATER BRAZIL
PROJECT DELIVERY AND NEW POTENTIAL
 Phase 2 water injection complete
 Injection above target plan
 Phase 3 wells completed
 Q2/14 ~60 kboe/d
 Redevelopment complete
 First oil February 2014
 Production up 20% from Q1
due to well management efforts
 Q2/14 ~26 kboe/d
 First well spudded in August 2014
 Joint project team established
 Extended well test planned to
begin December 2016
 Shell 20%
BC-10 Bijupira Salema Libra
Update picture

UPSTREAM AMERICAS
Deep-water
Industry leadership
Heavy oil
Mining and in-situ
Resources plays
Portfolio repositioning
Integrated Gas
Monetizing gas
Arctic
Long-term potential
Profitable +
competitive today
Potential
 Deliver our deep-water and heavy oil growth projects
 Establish resources plays and integrated gas profitability
 Drive sharper cost focus and capital efficiency across our operations
Mars B start-up
Appomattox FEED
Cardamom commissioning
Carmon Creek under
construction
On-going restructuring LNG Canada FEED Evaluating options

JOHN ABBOTT
DOWNSTREAM DIRECTOR

DOWNSTREAM STRATEGY
Developing and sustaining
competitive advantage through…
Advantaged
feedstock +
supply
Improving our
footprint
Differentiated
Products +
Customer Offer
Leveraging the
Brand
 Priority to improve our financial performance
 Renewed focus on upgrading our portfolio
 Returns + free cash flow improvement

DOWNSTREAM OPERATIONAL EXCELLENCE
CONTINUOUS IMPROVEMENT
Port Arthur expansion included from 2013
Focus on HSSE continues
Injuries – TRCF/million working hours
Operating performance
% unplanned downtime
million working hours
Refining
Working hours TRCF
Chemicals
 Positive overall safety trends
 Controlling unplanned downtime
Pernis refinery, The Netherlands
4Q rolling

DOWNSTREAM COMPETITIVE LANDSCAPE
Earnings excluding identified items; peer group: XOM, LBI, DOW, BP, RDS
Cash flow performanceDownstream ROACE
$ billion
Chemicals ROACE
%
2010 2011 2012 2013 2014
Q2 rollingShell Chemicals Peer group range
Earnings on local GAAP basis adjusted for inventory valuation differences and excluding
identified items; Peer group: Chevron, Total, BP, XOM, RDS
Peer group rangeShell Downstream
CFFO excl. WC movements
Working capital movements
Cash flow from investments
Free cash flow (RHS)
 Priority to improve financial performance
 Targeting:
 10 - 12% ROACE
 >$10 billion p.a. CFFO
$ billion
2013 14Q2
4Q rolling
201220112010
$ billion

UPGRADING OUR PORTFOLIO
Downstream asset sales
$ billion
Portfolio change
2014 YTD is end August 2014
Announced divestments 2014 ytd:
 180,000 b/d refining
 300,000 b/d marketing
Asset sales proceeds
Resilience
Attractiveness
Selective Growth:
 Chemicals
 China
 LNG for transport
 Premium fuels + lubes
 Refinery crude flexibility
 others
Fix:
 Motiva
 Singapore fuels
 Pernis + Rheinland
 others
Exit:
Italy 
Norway
Australia 
Denmark
others
 Optimise footprint
 Integrated value capture
 Selective investment in growth markets
 Capital discipline and project delivery
 completed

IMPROVE FINANCIAL PERFORMANCE:
NORTH AMERICA DOWNSTREAM
1 Shell share crude distillation capacity
Share of Shell portfolio
 ~35% of Shell worldwide refining capacity
 No. 1 North America fuels retail + lubes
market share
 Drive to improve financial performance Shell Chemical facility
Scotford
Sarnia
Martinez
Puget Sound
 1.2 million b/d refinery capacity
 15,400 retail stations
 6,000 kilometers pipelines
Refinery 50,000 boed capacity1
Global refining capacity
3.2 million boed total
Global branded retail stations
43,000 stations total
Motiva
North
America
Rest
of world
Rest
of world
North
America
Motiva refineries1
Deer Park
Mobile
Geismar
Norco
Rest of North America

MLP PROPOSAL – SHELL MIDSTREAM ASSETS
 SEC S-1 filing 18th June, 2014
 Targeting $750 million initial fund raising
 Drop-down potential
Colonial system
Initial MLP drop-down %:
Zydeco (Ho-Ho) 43%
Mars 28.6%
Bengal 49%
Colonial 1.612%

Mobile refinery, Alabama
ACCESSING ADVANTAGED FEEDSTOCK
NORTH AMERICA LIGHT TIGHT OIL + CANADIAN HEAVY
North America - Advantaged crude processing
Crude runs kbbl/day
 Moved from 50% advantaged crude processing in
2011 to ~90% 2014 ytd
 Achieved with minor capex and logistics changes
Scotford, Edmonton Canada
 High margin refinery
 Processes 100% advantaged feedstock
 Integrated upstream + downstream
 Integration value: $4/bbl upstream + $3/bbl
chemicals
 New debottlenecking potential
 Incremental additional capex
 Logistics and blending improvements
 Pipeline reversal (Ho-Ho) completed
 Further options continuing to develop
% of equity capacity
% of equity capacity (RHS)Advantaged N.A. crude

MOTIVA JOINT VENTURE
Supply and distribution
 50-50 JV Shell-Saudi Aramco
 Manufacturing: ~1.1 million b/d refining + lubes
 Fuels marketing: 35 terminals, ~8,300 retail sites
 Supply, trading, logistics – recent advantaged crude logistics success
Port Arthur refinery
 Largest refinery in US
 Port Arthur refinery expanded
to 600,000 b/d
 Ramp up in 2013
EXPORTS
ADVANTAGED CRUDE LOGISTICS CANADIAN
HEAVY + BAKKEN SHALE

MOTIVA JV – IMPROVEMENT PLAN
Earnings and cash flow IFRS basis
Earnings
$ billion
Cash flow
$ billion
 Aligned with partner Saudi Aramco on
improvement plan, covering:
 Refocused delivery strategy
 Reliability, crude advantage, unit yields,
E2E optimization
 Management structure + leadership team
changes effective 2014
CFFO excl. working capital movements Capital expenditure
Free
cash
flow
H2’12 H1’13 H2’13 H1’14
$/bbl
Net income before tax USGC Coking Margin (RHS)
H2’12 H1’13 H2’13 H1’14
2012 2013 2014

NORTH AMERICA FUELS MARKETING + LUBRICANTS
Fuels volumes and penetration on 100% venture basis; 2014H1 is 12 months rolling
 North American sales leader in fuels & lubricants
 Strategy focused on premium brands & services,
through quality and innovation
 Recent launch of PurePlus Technology leveraging
our upstream GTL base oils
 Retail network well positioned in major demand
centres and around our refinery & supply assets
Synthetic Lubricants volume growth – North America
Indexed Premium volume mix (2011 = 100)
Premium fuels penetration (V-Power) - USA
% penetration
Differentiated fuels volume USA Differentiated fuels penetration

DOWNSTREAM STRATEGY
Developing and sustaining
competitive advantage through…
Advantaged
feedstock +
supply
Improving our
footprint
Differentiated
Products +
Customer Offer
Leveraging the
Brand
 Priority to improve our financial performance
 Renewed focus on upgrading our portfolio
 Returns + free cash flow improvement

SIMON HENRY
CHIEF FINANCIAL OFFICER

FINANCIAL FRAMEWORK AND PRIORITIES
CASH PERFORMANCE
INVESTMENT
BALANCE SHEET
CFFO
PAY OUT
Cash dividend Buy-back
Gearing
CFFI
$ billion
%
$ billion
$ billion
Priorities for cash
1. Debt service
2. Dividends: growth policy
3. Capital investment: disciplined
through cycle growth
4. Return surplus cash: buy-backs
$ billion
Net debt
4Q rolling
4Q rolling
4Q rolling

Q214
4Q rolling
Cash generation
Dividend and buy back
UP
STREAM
DOWN
STREAM
CASH FLOW AND PAY-OUT
CFFO Downstream includes Corporate
$ billion
Dividend track record
$ billion
Gearing + balance sheet
$ billion
Cash flow from operations Cash flow from investments
Gearing
range
Net debt
Dividends declared
Gearing (RHS)
4Q rolling
 Maintaining long-term financial framework
 > $30 billion distributions (dividends + buy-
backs) to shareholders 2014-15
 2014-15 buy-back $7-8 billion
Last 3 years
UP
STREAM
DOWN
STREAM
$ billion

INVESTMENT PRIORITIES
* includes Corporate
Organic capital investment 2014
$ billion
 Credible, competitive, affordable
 Investment choices driven on a global thematic basis
Future opportunities
Resources plays
Deep-water
Integrated gas
Upstream engine
Downstream*
Longer term
Growth priorities
Engines
25%
Preparing new options
30%
Driving new Upstream growth
45%
Maintaining competitive
cash generation
Exploration
+ pre-FID
Key growth
projects
Smaller
growth
projects
Care +
maintain

FINANCIAL FRAMEWORK – KEY DRIVERS
Organic free cash flow: cash flow from operations less cash used in investing activities adjusted for major acquisitions and divestments
Dividend declared: shares outstanding at end of period x dividend/share ($)
A+D supports portfolio growth
$ billion
Organic free cash flow drives dividend
$ billion (cash basis)
Divestments
Acquisitions
Cumulative cash surplus (deficit) of
divestments over acquisitions
Organic free cash flow
Dividend declared
Cumulative organic FCF surplus (deficit)
over dividend declared

FINANCIAL FRAMEWORK – TRACK RECORD
Free cash flow: cash flow from operations less cash used in investing activities
Balancing financial framework over time
$ billion
Free cash flow
Cash dividend and buybacks
Cumulative surplus (deficit) of free
cash flow over dividend and buybacks

BALANCING GROWTH + RETURNS
ROACE CCS earnings excluding identified items
* 2015/16 outlook as per March 2014 Management day
CFFO in billion $
 Strong + diverse portfolio
 Priority to restructure NA
resources plays + Oil Products
ROACE (%)
Downstream engine
Upstream engine
Integrated gas
Deep-water
Resources plays
Future opportunities
Bubble size represents Q214 capital employed
Q214 4Q rolling ROACE
2014 Q2 4Q rolling
2015/16 potential*

COMPETITIVE PERFORMANCE: BALANCING GROWTH AND RETURNS
4Q ROLLING
Free cash flow: cash flow from operations less cash used in investing activities;
ROACE underlying: European companies: CCS basis excluding identified items. US companies: reported earnings excluding special non-operating items.
Cash flow from operations
$ billion
Free cash flow
$ billion
ROACE – underlying
%
Shell Peer group
 Driving competitive performance

BEN VAN BEURDEN
CHIEF EXECUTIVE OFFICER

2014 PRIORITIES
 Returns and cash flow
 Competitive returns for shareholders
 Take hard choices on new options
 Increase asset sales
 Reduce pace of growth investment
 Major deep-water start-ups in 2014
 Integrate 2013 acquisitions
Deliver new
projects
Enhance our
capital efficiency
Improve our
financial
performance

QUESTIONS & ANSWERS

 Frontier exploration program since 2010
 Exit from non-material acreage following early well
results ($1 billion 2013-14)
 Positive results in Western Canada (Duvernay + Wet
Montney) and Permian (Wolfcamp)
 ~60% of wells >1000 boe/d potential
 Appraisal continues
 Assessing development options
NORTH AMERICA LIQUIDS RICH SHALES EXPLORATION
FOCUSSING ON WESTERN CANADA + PERMIAN BASIN
LRS production Drilling focus in sweet spots
thousand boe/day Cumulative # of exploration wells >1000 boe/d potential
Groundbirch
Kaybob
Pembina
Permian
Acreage
Groundbirch drilling
Liquids Associated gas Permian W. Canada
Completed divestmentsCompleted divestments
H1
W. Canada Permian

 Addressing underperforming assets
 Acquisition cost overhang
 Scale & cost reduction
 Exit non-material acreage ($2.5 billion ‘13-’14)
 Growth opportunity
 Canada LNG integration options
 New exploration success in Appalachia Utica
NORTH AMERICA ONSHORE DRY GAS
FOCUSSING ON WESTERN CANADA + APPALACHIA
Gas production Rig count
Pinedale
Appalachia
Gas
Haynesville
Announced divestments
Groundbirch
Deep Basin
Foothills
LNG
Canada
Partial divestment
thousand boe/day # of rigs
Gas Associated liquids Haynesville
Appalachia
W. Canada
H1 H1 H1
Acreage
Completed divestments Pinedale

APPALACHIA UTICA
LARGE DRY GAS OPPORTUNITY
Tioga
SHELL UTICA FOCUS AREA
Gee
Neal
430 k acres (Shell Net)
Including new acreage from Ultra deal
 ~430,000 net acres in Tioga County – focus area
 250-500’ pay thickness
 >1500 potential wells
Production update:
Gee peak rate: ~11 mmscf/d
 Discovery well in the Utica
play in N.E. Pennsylvania
 3,100’ lateral with 13 frac
stages
Neal peak rate: ~26 mmscf/d
 Follow up to Gee well
 4,200’ lateral with 16 frac
stages
Expect 4-8 wells flowing by
year end

PERMIAN
LIQUIDS GROWTH BASIN
Low cost, early Wolfcamp entry Production growth and profitability
Thousand boe per day
Loving Co
Ward Co
Winkler Co
Jeff Davis Co
TEXAS
NEW MEXICO
Volatile OilGas Condensate
Horizontal
Wolfcamp
play outline
Shell acreage
Avalon appraisal and
development
Wolfcamp prospective
throughout leasehold
 ~300,000 net acres – focus area
 >3500’ stacked pay thickness with large resource potential in Wolfcamp
 >5700 potential wells – mostly Wolfcamp
 70% liquids
Oil/ Liquids Associated gas

WESTERN CANADA KAYBOB + PEMBINA
INDUSTRY LEADING POSITION IN DUVERNAY PLAY
Duvernay play thermal maturity map
Pembina
Kaybob
 ~ 365,000 net acres in 2 core areas
 100’ thick TOC-rich shale
 ~ 2400 potential wells
 ~ 60 wells online by year end (1/3 of all wells in play)
 >1000 boe/d IP for most wells on-line to date
Drilling focus in sweet spots
Cumulative # of exploration wells >1000 boe/d potential
 34 wells online through Q2 2014

 ~155,000 net acres in 5 blocks
 ~300-600’ thick shale
 Early E&A stage
 6 wells drilled
ARGENTINA VACA MUERTA
LIQUIDS RICH POTENTIAL
Vaca Muerta
Águila Mora
Karnes Trough
Eagle Ford
Haynesville
Utica
Ohio
Vaca
Muerta
Sierras
Blancas
~200 m
Vaca Muerta thermal maturity map Comparative shale thickness section
La Escalonada
Aguila Mora
Rincon de la Ceniza
Cruz de Lorena
Sierras Blancas
Non-operated
Shell operated

APPOMATTOX HUB
 Leadership in Norphlet play
 Hub strategy delivering value
 >700 million boe discovered in 3 fields
 Presently drilling at Gettysburg
 >150 kboe/d peak production potential
 Semi-submersible development concept
 Moved into FEED in February 2014
 Includes Vicksburg tie-back (75% Shell)
Norphlet play Development concept
Appomattox
80% Shell
20% Nexen
Vicksburg
75% Shell
25% Nexen
Planned
Appomattox
Host
Rydberg
57.2% Shell
28.5% Ecopetrol
14.3% Nexen
Shell Leasehold
Discovery
Prospect/Lead
Infrastructure
3 mi
Gettysburg
80% Shell
20% Nexen

LNG PRICING CONSIDERATIONS
Regional gas prices
$/mmbtu
LNG price dynamics – US exports
$/mmbtu
HH
outlook
Liquefaction
+ transport
costs
Landed cost
Tokyo Bay UK
2010-14
2010-14

LNG SUPPLY AND DEMAND DYNAMICS
* Risked view of all LNG supply projects
LNG demand
million tonnes per annum
LNG supply*
N.A. LNG export development
Japan/Korea/Taiwan
Europe
India
SE Asia
China
Other
Asia
Qatar
Australia
Africa
Middle East
S. & Latin America
North America
Others
Total NA applications
Sanctioned projects
million boe/d million boe/d

SHELL ARCTIC & NEAR ARCTIC
CANADA
RUSSIA
KAZAKHSTAN
NORWAY
GREENLAND
UNITED STATES
SALYM
KASHAGAN
SAKHALIN
NORTH POLE
ORMEN LANGE
BAFFIN BAY
NIGLINTGAK
CHUKCHI
BEAUFORT
KANUMAS
NORWAY BARENTS
Alaska, Chukchi
Greenland, Baffin Bay
Norway, Ormen Lange
Russia, Sakhalin
Russia, Salym
Kazakhstan, Kashagan

DOWNSTREAM PORTFOLIO SEGMENTATION + PERFORMANCE
Downstream businesses
2013 CFFO ($ billion)
2013 ROACE (%)
 Segmentation into performance units
 Action plans to improve returns + CFFO or exit
 Focus on cost efficiency
 Targeted investment
Bubble size = capital employed
-5% 10%
-20% >40%Chemicals
Merchant
refining
Integrated
refining
+ marketing
value chain
Fuels
marketing
Biofuels
Lubricants
ROACE based on CCS earnings excluding identified earnings

IMPROVING PERFORMANCE OF KEY ASSETS
 Over-supplied fuels market
 Improving efficiency; advantaged liquids
feedstock; energy costs
 Cogeneration + cracker debottlenecking
projects 2015
 High margin refinery
 Integrated upstream + downstream
 Integration value: $4/bbl upstream + $3/bbl
chemicals
 New debottlenecking potential
Bukom – performance turnaround Scotford – building on sustained performance
Refinery unplanned downtime in %
Unplanned downtime

BALANCING GROWTH & RETURNS
5 SEPTEMBER 2014

Royal Dutch Shell plc Investor Day in New York, September 5, 2014

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Royal Dutch Shell plc Investor Day in New York, September 5, 2014