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							ROYAL DUTCH SHELL PLC
BUILDING NEW HEARTLANDS




SECOND QUARTER 2008 RESULTS
31 JULY 2008
ROYAL DUTCH SHELL PLC
BUILDING NEW HEARTLANDS




JEROEN VAN DER VEER
CHIEF EXECUTIVE
     DEFINITIONS AND CAUTIONARY NOTE
Reserves: Our use of the term “reserves” in this presentation means SEC proved oil and gas reserves and SEC proven mining 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 or SEC proven mining
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 and SEC proven mining reserves excluding changes resulting from acquisitions, divestments and
year-end pricing impact.

In this presentation, excluding in the financial statements, we have aggregated our equity position in projects for both direct and indirect interest (for example, we have aggregated
our indirect interest in North West Shelf LNG via our 34% shareholding in Woodside Energy Ltd).

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. Also included as a forward looking statement is our disclosure of reserves, proved oil
and gas reserves, proven mining reserves, organic reserves, net reserves and resources. 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 the Group’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserve estimates; (f) loss of market 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 effects arising from recategorisation of reserves; (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 December 31, 2007 (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 July 31, 2008. 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.

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 may use certain
terms in this announcement that the SEC's guidelines strictly prohibit us from including in filings with the SEC. US Investors are urged to consider closely the disclosure in our Form
20-F, File No 001-32575 and disclosure in our Forms 6-K, File No 001-32575, available on the SEC’s website www.sec.gov. You can also obtain these forms from the SEC by
calling 1-800-SEC-0330.
 2
    Q2 2008 HIGHLIGHTS


    COMPETITIVE RESULTS
    • CCS earnings $7.9 billion; EPS +15%*
    • Strong oil & gas prices; weaker downstream environment
    • Good operating performance

    INVESTING IN NEW ENERGY SUPPLIES
    • Building new capacity: 1mboe/d upstream, 0.3mb/d downstream
    • Increased spending in new growth options; increased disposals

    STRATEGY ON TRACK
    • Maintaining capital discipline; creating long-term shareholder value
    • Competitive cash flow + shareholder returns




3    * EPS excluding Identified Items
    KEY PROJECTS UNDER CONSTRUCTION


    PERDIDO SPAR HULL                                                                         SAKHALIN II LNG TRAIN 1




                                                 GJOA
                                                         HALFDAN PHASE IV
                                          CORRIB
                                                                  KASHAGAN
                         AOSP

                              N AMERICA TIGHT GAS                                     SAKHALIN II
                                 PORT ARTHUR                          PEARL GTL
                                                    QATARGAS 4
                    PERDIDO
                                                                                   GUMUSUT
                          URSA/PRINCESS                           OMAN
                          WATERFLOOD       NIGERIA
                                                                                  SINGAPORE CHEMICALS
                                                     AFAM
                                                                  NORTH RANKIN B
                                            BC-10                     PLUTO

                                                                     NWS T5 / ANGEL



                                                 2008-09 START-UP

    BC-10 FPSO                                                                                      NWS LNG TRAIN 5

4                       OIL & GAS          REFINING & CHEMICALS       INTEGRATED UPSTREAM/DOWNSTREAM
    EXPLORATION & BUSINESS DEVELOPMENT
    H1 2008 UPDATE


                     CCS WEYBURN-MIDALE      IOGEN BIOFUELS
                                                                      SWITZERLAND RETAIL      CHINA REFINERY &
     CHUKCHI
                                                                                              PETROCHEMICALS LOI




                                            VIRENT BIOFUELS
                                             TECHNOLOGY

DUVERNAY OFFER
                                      USA
                                   HAYNESVILLE
                                      USA
       HYDROGEN LA
                                    STONES
                                                                                              BRUNEI
      GULF OF MEXICO
                                                   NIGERIA                                    MLJ2-06
                                                   DEEPWATER
                                                                                 AUSTRALIA
          COLOMBIA LLANOS ESTE                                                    IAGO-2
                                                                                                           ARROW
                                                                                                      COAL BED METHANE
                                                                               EXMOUTH
                   PERU MOU BPZ




         DRILLING:                                            NEW POSITIONS:
5              DISCOVERY            APPRAISAL SUCCESS            UPSTREAM      DOWNSTREAM    NEW ACREAGE
    SHELL & TIGHT GAS

    PERFORMANCE: PINEDALE                               OPTIMISED SURFACE FACILITIES

    KBOE/DAY                                     DAYS
     50                                           60



     40                                           50
                                                                                       SHARED




                                                         > 4 KM DEPTH
                                                                                       PRODUCTION
     30                                           40                                   FACILITY ON
                                                                                       SURFACE PAD:
                                                                                       ~1 KM RADIUS


     20                                           30
                                                                                       MULTIPLE WELLS
                                                                                       FROM ONE PAD

     10                                           20
                                                                                       SANDSTONE GAS
                                                                                       RESERVOIRS

      0                                           10
          2002 2003 2004 2005 2006 2007    H1
                                          2008



          PRODUCTION PER DAY (KBOE/D)

          DRILLING TIME PER WELL (DAYS)
6
ROYAL DUTCH SHELL PLC
BUILDING NEW HEARTLANDS




PETER VOSER
CHIEF FINANCIAL OFFICER
    PRICES AND MARGINS

OIL & GAS PRICES                                             REFINING MARGINS                         CHEMICALS MARGINS*

$/BBL                                      $/MMBtu $/BBL                                              $/T

130                                                12      28                                         700


120                                                11      24                                         600


110                                                10      20                                         500


100                                                9       16                                         400


    90                                             8       12                                         300

    80                                             7        8                                         200

    70                                             6        4                                         100

    60                                             5        0                                           0
         Q207 Q307 Q407 Q108 Q208                                Q207     Q307 Q407 Q108     Q208           Q207   Q307   Q407   Q108   Q208



          BRENT           JCC*                                  US WEST COAST             ROTTERDAM           US ETHANE
          WTI             HENRY HUB ($/MMBtu)                   US GULF COAST             SINGAPORE           WESTERN EUROPE NAPHTHA
                                                                                                              NORTH EAST ASIA NAPHTHA
     * Q2 2008 indicative: based on available prices/margins at the end of the quarter.
8
    Q2 2008 FINANCIAL HIGHLIGHTS
        $ BLN


    EARNINGS ($ BLN)                         Q2 08   Q2 07   Q2 2008 VERSUS Q2 2007 ($ BILLION)
    - EXPL. & PRODUCTION                      5.8     2.9
    - GAS & POWER                             0.6     0.5    10

    - OIL SANDS                               0.4     0.2
    - OIL PRODUCTS                            0.9     2.7     9
    - CHEMICALS                               0.1     0.5
    BUSINESS SEGMENTS TOTAL                   7.7     6.9
                                                              8


    NET EARNINGS                              7.8     6.9
                                                              7
    EARNINGS PER SHARE ($)                   1.27    1.10

    DIVIDEND PER SHARE ($)                   0.40    0.36
                                                              6

                                             Q2 08   Q2 07
    CASH FROM OPERATIONS*                    15.9    10.6     5
    SHARE BUY BACKS                           1.4     0.9
    DIVIDENDS                                 2.5     2.3     4
    NET CAPITAL SPENDING                      5.7    (0.5)




                                                                                                                       8
                                                                                                M




                                                                                                              IN
                                                                                 M
                                                                      7




                                                                                                                   20
                                                                  20




                                                                                           EA
                                                                               EA




                                                                                                          M


                                                                                                                   Q
    * Excluding working capital movements.
                                                                  Q




                                                                                            R
                                                                             R




                                                                                                         .&
                                                                                         ST
                                                                          ST




                                                                                                     RP
                                                                                      N
                                                                          UP



                                                                                     W




                                                                                                    CO
9   Earnings CCS basis, Earnings and EPS excl. Identified Items
                                                                                 DO
  UPSTREAM PERFORMANCE

  EARNINGS                                                                           OIL & GAS PRODUCTION

    $ BILLION                                             MLN BOE/D                                 MLN TONNES

     7                                                     4                                                       4


     6

                                                           3                                                       3
     5


     4
                                                           2                                                       2
     3


     2
                                                           1                                                       1

     1


     0                                                     0                                                       0
            Q207         Q307   Q407     Q108      Q208              Q207   Q307   Q407     Q108      Q208



         EXPLORATION & PRODUCTION      OIL SANDS               OIL                 EQUITY LNG SALES (MLN TONNES)
         GAS & POWER                                           GAS

10 Excluding Identified Items
  DOWNSTREAM PERFORMANCE

  CCS EARNINGS                                                               AVAILABILITY AND SALES VOLUMES

  $ BILLION                                                 % AVAILABILITY                                    VOLUME

   4                                                         100                                                       7




   3                                                          95                                                       6




   2                                                          90                                                       5




   1                                                          85                                                       4




   0                                                          80                                                       3
          Q207        Q307        Q407     Q108      Q208            Q207      Q307    Q407      Q108      Q208



                   OIL PRODUCTS          CHEMICALS           REFINERY AVAILABILITY    OIL PRODUCT SALES (MLN BBLS/D)
                                                             CHEMICALS                CHEMICALS SALES (MLN TONNES)
                                                             AVAILABILITY
11 Excluding Identified Items
 DISPOSALS STRATEGY ON TRACK
 H1 2008 UPDATE
 CUMULATIVE DIVESTMENT PROCEEDS                                                         H1 2008 PERFORMANCE

 $ BILLION
     30
                                                 RAINBOW             EUROPE UPSTREAM
                                                  PIPELINE

     25                                                                             BEB




     20

                                                                   FRENCH
     15                                                           REFINERIES
                                                             BOOMVANG


     10
                                                                        NIGERIA
                                                                        OFFSHORE                NWS
                                                                                           OIL ASSETS
     5


     0
           2004      2005   2006   2007   H108


          UPSTREAM      DOWNSTREAM    OTHER                             ANNOUNCED      COMPLETED
                                                             UPSTREAM

                                                       DOWNSTREAM
12
 CASH PERFORMANCE

     BUSINESS CASH                                                                    GROUP CASH

 $ BILLION                                                                            $ BILLION
               UPSTREAM                         DOWNSTREAM
     40                                                                               60
                                                                                                  SOURCES             USES
            SOURCES

     35                                                                                                 ASSET SALES
                                                                                      50
                                                                                                        CORPORATE
     30
                                                                                                        DOWNSTREAM           ACQUISITIONS
                          USES                                                        40
     25
                                                                                                                             PAYOUT
     20                                                                               30
                                                 SOURCES

     15
                                                                                      20
                                                                                                        UPSTREAM             ORGANIC
     10                                                                                                                      CAPITAL
                                                                                                                             SPENDING
                                                                USES                  10
      5


      0                                                                                0


          EXPLORATION & :PRODUCTION            OIL PRODUCTS            ASSET SALES
          GAS & POWER                          CHEMICALS               ACQUISITIONS
          OIL SANDS                                                    ORGANIC CAPITAL SPENDING
13
      Rolling 12 months, excluding working capital movements.
 CAPITAL SPENDING UPDATE

 NET CAPITAL SPENDING ($ BLN)                        DEBT RATIOS (%)

                            2007 H1 2008    2008E
                                                     20%

     ORGANIC                25.5    13.4    ~30-31

     ACQUISITIONS           8.2     2.7      ~10     15%
     DISPOSALS              (9.9)   (2.7)    ~ (5)

     NET CAPITAL SPENDING   23.8    13.4    ~35-36
                                                     10%




       •INCREASED A&D                                 5%



       •2008 DRILLING OPPORTUNITIES
                                                      0%
                                                             2005       2006         2007        H108
       •INDUSTRY INFLATION + FX

                                                        NET DEBT    INCLUDING OFF-BALANCE SHEET ITEMS



14
 DELIVERING STRONG RETURNS

 COMPETITIVE PAY-OUT (CUMULATIVE)                 COMPETITIVE GROWTH & RETURNS

 $ BILLION                                        $ BLN                                              RETURN %
  70                                              35                                                       35%


     60                                           30                                                       30%


     50                                           25                                                       25%


     40                                           20                                                       20%


     30                                           15                                                       15%


     20                                           10                                                       10%


     10                                            5                                                       5%


     0                                             0                                                       0%
          2004   2005    2006     2007   H1 '08           2004      2005      2006       2007     H1'08


                                                                                      CAPITAL UNDER CONSTRUCTION
             DIVIDEND   SHARE BUY-BACK                 ROACE                              UPSTREAM
                                                       RETURN ON CAPITAL IN SERVICE       DOWNSTREAM
15
 Q2 2008 HIGHLIGHTS


 COMPETITIVE RESULTS
 • CCS earnings $7.9 billion; EPS +15%*
 • Strong oil & gas prices; weaker downstream environment
 • Good operating performance

 INVESTING IN NEW ENERGY SUPPLIES
 • Building new capacity: 1mboe/d upstream, 0.3mb/d downstream
     2008-09 capacity increase >250kboe/d + 3.6mtpa LNG
     •
 • Increased spending in new growth options; increased disposals
     •   2008 net spending +$10 billion to $35-$36 billion; ~50% increase from 2007


 STRATEGY ON TRACK
 • Maintaining capital discipline; creating long-term shareholder value
 • Competitive cash flow + shareholder returns
     •   $3.8 billion returned to shareholders H1 2008

16
     * EPS excluding Identified Items
ROYAL DUTCH SHELL PLC
BUILDING NEW HEARTLANDS




Q&A
ROYAL DUTCH SHELL PLC
BUILDING NEW HEARTLANDS




SECOND QUARTER 2008 RESULTS
31 JULY 2008
  APPENDIX: KEY PROJECTS

START UP     PROJECT                              COUNTRY      SHELL   PEAK       LNG 100% PRODUCTS                 CATEGORY      SHELL
                                                               SHARE   PRODUCTION CAPACITY                                        OPERATED
                                                               %       kboe/d     mtpa
2008- 2009   AFAM GAS SUPPLY                      NIGERIA        30       46
             BC 10                                BRAZIL         50       100
             NW SHELF LNG T5 /ANGEL               AUSTRALIA     22.3      145            4.4
             PERDIDO                              USA           35.4      130
             SAKHALIN II /LNG T1-2                RUSSIA        27.5      395            9.6
             URSA PRINCESS WATERFLOOD             USA           45.4      30
2010-2011    AOSP EXP 1                           CANADA         60       100
             BONGA NW                             NIGERIA        55       59
             CORRIB                               IRELAND        45       58
             FORCADOS YOKRI IP                    NIGERIA        30       82
             GBARAN UBIE PH 1                     NIGERIA        30       160
             GJOA                                 NORWAY         12       107
             HALFDAN PH4                          DENMARK        46       23
             HARWEEL                              OMAN           34       44
             PEARL                                QATAR         100       320                   140 kbbls/d GTL+
             PLUTO LNG                            AUSTRALIA      31       124            4.3
             QARN ALAM EOR                        OMAN           34       44
             QATARGAS 4 LNG                       QATAR          30       280            7.8
             SHELL EASTERN PETROCHEMICALS         SINGAPORE     100                             800 kta ethylene+       DS
             PORT ARTHUR REFINERY EXPANS.         USA            50       325                                           DS
2012+        GUMUSUT-KAKAP                        MALAYSIA       33       135
             KASHAGAN PHASE 1                     KAZAKHSTAN    16.8      300
             NORTH RANKIN B                       AUSTRALIA     22.3      465


CHOICES      AMAL STEAM                                          OMAN           NIGERIA LNG T7                                 NIGERIA
             AOSP                                                CANADA         OLOKOLA LNG                                    NIGERIA
             BONGA SW                                            NIGERIA        PEACE RIVER / CARMON CREEK                     CANADA
             BISENI SAMABRI FOD                                  NIGERIA        TEMPA ROSSA                                    ITALY
             CAESAR/TONGA                                        USA            VAL D’AGRI                                     ITALY
             GBARAN UBIE PH 2                                    NIGERIA
             GORGON LNG                                          AUSTRALIA
             KASHAGAN PH 2&3                                     KAZAKHSTAN


             PSC volumes shown on a gross basis                                   TRADITIONAL        TIGHT/SOUR
                                                                                  LNG                GTL
               ONSTREAM                                                           DEEPWATER          HEAVY OIL & EOR
19

						
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