Royal Dutch Shell

AR6788_Shell_FAOI_Cover_spine 25/5/06 4:09 pm Page 1 Royal Dutch Shell plc PUBLICATION REQUESTS PUBLICATIONS Royal Dutch Shell plc Annual Report and Form 20-F Financial and Operational Information More information about the Group c/o Bankside for the year ended December 31, 2005 2001 – 2005 is available at www.shell.com Royal Dutch Shell plc Tel: +44 (0)1635 232700 A comprehensive overview of the Group. Five years’ financial and operational e-mail: [email protected] information about the Group, including Available at www.shell.com/annualreport Financial and Operational Information 2001– 2005 maps of exploration and production activities. Annual Review and Summary Financial Available at www.shell.com/faoi Financial and Operational Information 2001– 2005 Financial and Operational Information Statements 2005 A summarised overview of the Group and the operational and financial performance of the business. Available at www.shell.com/annualreport

The above documents are available in both English and Dutch from the address listed on the left. De bovenstaande documenten zijn zowel in het Engels als in het Nederlands verkrijgbaar bij het links vermelde adres.

Shell General Business Principles Fundamental principles that govern how each Shell company conducts its affairs. Available at www.shell.com/sgbp

The Shell Sustainability Report 2005 Report on progress in contributing to sustainable development. Available at www.shell.com/envandsociety 50040 Shell 5 Year_ ifc_03.qxd 25/5/06 1:15 pm Page ifc2

2005 Results: Revenue $306.7 billion Income for the period $26.3 billion Cash flow from operating activities $30.1 billion

Earnings per share – IFRS Total assets less total liabilities – IFRS Dividends paid to shareholders – IFRS $ $ million $ million

05 3.79 05 97,924 05 10,556

04 2.74 04 91,383 04 7,391

Earnings per share – US GAAP Net assets before minority interest – US GAAP Dividends paid to shareholders – US GAAP $ $ million $ million

03 1.81 03 81,666 03 6,352

02 1.41 02 69,763 02 5,522

01 1.45 01 66,288 01 5,188

Throughout this booklet, a billion = 1,000 million.

About this booklet The Financial and Operational Information booklet contains forward-looking statements concerning the risks, project delay or advancement, approvals and cost estimates; and (m) changes in trading financial condition, results of operations and businesses of Royal Dutch Shell. All statements other than conditions. All forward-looking statements contained in this booklet are expressly qualified in their statements of historical fact are, or may be deemed to be, forward-looking statements. Forward- entirety by the cautionary statements contained or referred to in this section. Readers should not place looking statements are statements of future expectations that are based on management’s current undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the expectations and assumptions and involve known and unknown risks and uncertainties that could date of this booklet. Neither Royal Dutch Shell nor any of its subsidiaries undertake any obligation to cause actual results, performance or events to differ materially from those expressed or implied in publicly update or revise any forward-looking statement as a result of new information, future events or these statements. Forward-looking statements include, among other things, statements concerning the other information. In light of these risks, results could differ materially from those stated, implied or potential exposure of Royal Dutch Shell to market risks and statements expressing management’s inferred from the forward-looking statements contained in this booklet. expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking Please refer to the Annual Report on Form 20-F for the year ended December 31, 2005 for a statements are identified by their use of terms and phrases such as ‘‘anticipate’’, ‘‘believe’’, ‘‘could’’, description of certain important factors, risks and uncertainties that may affect the businesses of the ‘‘estimate’’, ‘‘expect’’, ‘‘intend’’, ‘‘may’’, ‘‘plan’’, ‘‘objectives’’, ‘‘outlook’’, ‘‘probably’’, ‘‘project’’, Shell Group. ‘‘will’’, ‘‘seek’’, ‘‘target’’, ‘‘risks’’, ‘‘goals’’, ‘‘should’’ and similar terms and phrases. There are a This booklet has not been subject to audit. 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 booklet, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in Cautionary Note to US Investors demand for the Group’s products; (c) currency fluctuations; (d) drilling and production results; (e) The United States Securities and Exchange Commission (SEC) permits oil and gas companies, in their reserve estimates; (f) loss of market and industry competition; (g) environmental and physical risks; (h) filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual risks associated with the identification of suitable potential acquisition properties and targets, and production or conclusive formation tests to be economically and legally producible under existing successful negotiation and completion of such transactions; (i) the risk of doing business in developing economic and operating conditions. Investors are urged to consider closely the disclosure in our Annual countries and countries subject to international sanctions; (j) legislative, fiscal and regulatory Report on Form 20-F for the year ended December 31, 2005, File No 1-32575 and disclosure in our developments including potential litigation and regulatory effects arising from recategorisation of Forms 6-K file No 1-32575, available on the SEC’s website www.sec.gov. You can also obtain these reserves; (k) economic and financial market conditions in various countries and regions; (l) political forms from the SEC by calling 1-800-SEC-0330. 50040 Shell 5 Year_ ifc_03.qxd 25/5/06 1:16 pm Page i

OUR STRATEGY OF MORE UPSTREAM AND PROFITABLE DOWNSTREAM AIMS TO REINFORCE OUR POSITION AS A LEADER IN THE INDUSTRY, WHICH AIMS TO PROVIDE INVESTORS WITH A COMPETITIVE AND SUSTAINED TOTAL SHAREHOLDER RETURN.

THE OBJECTIVES OF THE SHELL GROUP ARE TO ENGAGE EFFICIENTLY, RESPONSIBLY AND PROFITABLY IN OIL, OIL PRODUCTS, GAS, CHEMICALS AND OTHER SELECTED BUSINESSES. THE COMPANY PARTICIPATES IN THE SEARCH FOR AND DEVELOPMENT OF OTHER SOURCES OF ENERGY TO MEET EVOLVING CUSTOMER NEEDS AND THE WORLD’S GROWING DEMAND FOR ENERGY.

WE BELIEVE THAT OIL AND GAS WILL BE INTEGRAL TO THE GLOBAL ENERGY NEEDS FOR ECONOMIC DEVELOPMENT FOR MANY DECADES TO COME. OUR ROLE IS TO ENSURE THAT WE EXTRACT AND DELIVER THESE PROFITABLY, USING ENVIRONMENTALLY AND SOCIALLY RESPONSIBLE MEANS.

THIS BOOKLET SUPPLEMENTS THE ROYAL DUTCH SHELL PLC ANNUAL REPORT AND FORM 20-F FOR THE YEAR ENDED DECEMBER 31, 2005, WHICH CONTAIN FINANCIAL STATEMENTS AND INFORMATION ON THE SHELL GROUP, INCLUDING DETAILS OF THE ACCOUNTING POLICIES EMPLOYED. REFERENCE TO THIS ANNUAL REPORT WILL ASSIST THE UNDERSTANDING OF THE INFORMATION IN THIS BOOKLET.

01 Nature of Group Financial Statements 15 Depreciation, depletion and operational data and amortisation 02 Royal Dutch Shell shares 16 Capital employed, Taxation 03 Royal Dutch Shell dividends 17 Employee data 04 Financial Statements 18 Exploration & Production 04 Consolidated Statement of Income and 46 Gas & Power earnings per share 49 Oil Products 06 Consolidated Balance Sheet 50 Refining 08 Consolidated Statement of Cash Flows 52 Oil sales 10 Earnings by industry segment, Quarterly 53 Shipping earnings by industry segment 54 Chemicals 12 Financial ratios, dollar exchange rates 57 Other industry segments, Research 13 Capital investment 58 Financial calendar 14 Fixed assets 50040 Shell 5 Year_ ifc_03.qxd 25/5/06 1:16 pm Page 1

NATURE OF GROUP FINANCIAL STATEMENTS AND OPERATIONAL DATA

In 2005, as a result of the Unification Transaction, Royal Dutch Shell The Consolidated Financial Statements have been prepared using the carry- became the single 100% parent company of Royal Dutch Petroleum over basis to account for the Unification and on the basis that the resulting Company (“Royal Dutch”) and of Shell Transport and Trading Company structure was in place throughout the periods presented. Limited (previously known as The “Shell” Transport and Trading Company, The 2005 and 2004 Financial Statements contained in this booklet have p.l.c.) (“Shell Transport”) the two former public parent companies of the been prepared in accordance with applicable laws in England and Wales Group. and with International Financial Reporting Standards (“IFRS”) as adopted by The Unification Transaction did not result in the formation of a new reporting the European Union. As applied to Royal Dutch Shell, there are no material entity. Immediately after the Unification Transaction each former Royal Dutch differences with IFRS as issued by the International Accounting Standards and Shell Transport shareholder who participated in the Unification Board. The 2003, 2002 and 2001 Financial Statements contained in this Transaction held the same economic interest in Royal Dutch Shell as the booklet have been prepared in accordance with US Generally Accepted shareholder held in the Group immediately prior to implementation of the Accounting Principles (US GAAP), applied by the Group prior to its transition Unification Transaction. Accordingly, the Unification Transaction has been date to IFRS. accounted for using the carry-over basis of the historical costs of the assets The key accounting and presentation differences between IFRS and US and liabilities of Royal Dutch, Shell Transport and the other companies GAAP for the Shell Group relate to retirement benefits, discontinued comprising the Group. operations, incorporated joint ventures, Group share of profit of equity In this booklet “Group” is defined as Royal Dutch Shell together with all of its accounted investments, cumulative currency translation differences, share- consolidated subsidiaries. The expression “Shell”, “Group”, “Shell Group” based compensation, major inspection costs, unquoted equity securities, and “Royal Dutch Shell” are sometimes used for convenience where impairments and reversal of impairments. references are made to the Group or Group companies in general. Tables and disclosure that provide data over a five-year period show 2005 Likewise, the words “we”, “us” and “our” are also used to refer to Group and 2004 on an IFRS basis and 2003, 2002 and 2001 on a US GAAP companies in general or to those who work for them. These expressions are basis. also used where no useful purpose is served by identifying the particular company or companies. The expression “Group companies” as used in this Except as otherwise noted, the figures shown in this booklet are in booklet refers to companies in which Royal Dutch Shell either directly or US dollars. As used herein all references to “dollars” or “$” are to the indirectly has control, by having either a majority of the voting rights or the US currency. right to exercise a controlling influence. The companies in which the Group has significant influence but not control are referred to as “associated Segment reporting companies” or “associates” and companies in which the Group has joint Internal segment reporting is on a global basis. For the main segments control are referred to as “jointly controlled entities”. In this booklet, an analysis of certain data is provided in this booklet between the USA associates and jointly controlled entities are also referred to as “equity and the world outside the USA. accounted investments”. Operational data Except as otherwise specified, the figures shown in the tables in this booklet The operational data represent the totals reported by the Group companies, represent those in respect of Group companies only, without deduction reflecting their dealings with third parties and with equity accounted of minority interests. However, where figures are given specifically for oil investments. Certain data also include the Group share of equity accounted production (net of royalties in kind), natural gas production available for investments and this is indicated on the pages concerned. sale, and both the refinery processing intake and total oil product sales volumes, the term “Group share” is used for convenience to indicate not Currency translation only the volumes to which Group companies are entitled (without deduction Assets and liabilities of non-US dollar Group companies are translated to in respect of minority interests in Group companies) but also the portion US dollars at year-end rates of exchange, whilst their statements of income of the volumes of associated companies and jointly controlled entities to and cash flows are translated at quarterly average rates. Translation which Group companies are entitled or which is proportionate to the Group differences arising on consolidation are taken directly to a currency interest in those companies. translation differences account within equity. Upon divestment or liquidation of an entity, cumulative currency translation differences related to that entity Financial Statements are taken to income. The Consolidated Financial Statements include the accounts of Royal Dutch Shell and of those companies in which it, either directly or indirectly, has Maps control either through a majority of the voting rights or the right to exercise a The maps on pages 20 to 30 are intended only to give an impression of controlling influence or to obtain the majority of the benefits and be exposed the magnitude of the Group’s Exploration & Production activities in certain to the majority of the risks. Investments in companies over which Shell Group parts of the world. They must not be considered authoritative, particularly in companies have significant influence but not control are classified as respect of delimitation of national, concession or other boundaries, nor in associated companies and are accounted for on the equity basis. Interests in respect of the representation of pipeline routes and landfalls, field sizes or jointly controlled entities are also recognised on the equity basis. Interests in positions. The maps mainly describe the situation as at December 31, 2005. jointly controlled assets are recognised by including the Shell Group share of assets, liabilities, income and expenses on a line-by-line basis.

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ROYAL DUTCH SHELL SHARES

Royal Dutch Shell listing information RDSB and Shell Transport Ordinary Shares – Londone Class A Shares Class B Shares Pence Ticker Symbol London RDSA RDSB RDSB Shell Transport Ordinary Shares 2005d 2005d 2004 2003 2002 2001 Ticker Symbol Amsterdam RDSA RDSB (Jul 20 to (Jan 1 to Ticker Symbol – New York (ADR*) RDS.A RDS.B Dec 31) Jul 19) ISIN Code GB00B03MLX29 GB00B03MM408 High 1,968 1,991 1,570 1,531 1,888 2,255 Low 1,717 1,528 1,205 1,154 1,256 1,403 CUSIP G7690A100 G7690A118 Year end 1,858 1,838 1,545 1,446 1,423 1,643 SEDOL Number – London B03MLX2 B03MM40 SEDOL Number – Euronext B09CBL4 B09CBN6 Class B ADRs and Shell Transport ADRs – New Yorkf Weighted on FTSE as at 30/9/05 5.453% 3.911% $ Weighted on AEX as at 30/9/05 16.155% not included Class B ADRs Shell Transport ADRs 2005f 2005f 2004 2003 2002 2001 * One ADR is equal to two underlying shares (Jul 20 to (Jan 1 to Dec 31) Jul 19) Share prices High 70.94 69.86 59.98 52.42 54.91 62.24 a RDSA and Royal Dutch ordinary shares – Amsterdam Low 60.69 57.75 45.38 37.45 39.47 44.92 € Year end 64.53 64.56 59.63 52.24 45.15 48.09 RDSA Royal Dutch ordinary shares 2005b 2005b 2004 2003 2002 2001 Shares outstanding (Jul 20 to (Jan 1 to Dec 31) Sep 30) Weighted average At year end number of shares High 27.67 28.38 22.02 22.29 31.60 36.74 excluding shares excluding shares Low 24.12 20.92 18.30 16.68 19.61 21.86 At year end held by the Group held by the Group Year end 25.78 25.80 21.18 20.90 20.98 28.45 A shares 2005 3,935,625,000 3,817,240,213 3,965,748,481 2004 4,148,800,000 4,039,611,920 4,046,424,252 RDSA – London 2003 4,167,000,000 4,066,439,836 4,073,375,510 Pence 2002 4,198,570,000 4,120,339,614 4,115,315,474 2005 2004 2003 2002 2001 2001 4,253,295,600 4,199,947,066 4,191,462,522 (July 20 to December 31) B shares 2005 2,759,360,000 2,707,858,347 2,708,431,286 High 1,894 –––– 2004 2,765,552,027 2,712,563,580 2,724,034,671 Low 1,633 –––– 2003 2,777,792,416 2,735,191,315 2,737,938,665 Year end 1,771 –––– 2002 2,777,792,416 2,745,748,422 2,760,872,739 2001 2,801,102,311 2,777,853,725 2,803,961,113 Class A ADRs and Royal Dutch New York Shares – New Yorkc Total shares $ 2005 6,694,985,000 6,525,098,560 6,674,179,767 Class A ADRs Royal Dutch New York Shares 2004 6,914,352,027 6,752,175,500 6,770,458,923 2005d 2005d 2004 2003 2002 2001 2003 6,944,792,416 6,801,631,151 6,811,314,175 (Jul 20 to (Jan 1 to 2002 6,976,362,416 6,866,088,036 6,876,188,213 Dec 31) Oct 3) 2001 7,054,397,911 6,977,800,791 6,995,423,635 High 68.08 67.45 57.79 52.70 57.30 64.15 Low 57.79 55.37 45.79 36.69 38.60 39.75 a Pursuant to the terms of the Unification Transaction, holders of Royal Dutch ordinary shares received two Royal Dutch Shell plc Class A ordinary shares for each Royal Dutch ordinary share. To assist Year end 61.49 62.80 57.38 52.39 44.02 49.02 comparison, the historical prices of the Royal Dutch ordinary shares have been divided by 2 to reflect such exchange ratio. b Royal Dutch ordinary shares continued to trade on Euronext Amsterdam following the completion RDSB – Amsterdam of the Unification Transaction until such shares were delisted on September 30, 2005. € c Pursuant to the terms of the Unification Transaction, holders of Royal Dutch New York Shares received one Royal Dutch Shell plc Class A ADR for each Royal Dutch New York Shares. Each 2005 2004 2003 2002 2001 Royal Dutch Shell plc Class A ADR represents two Royal Dutch Shell plc Class A ordinary shares. (July 20 to d The New York Stock Exchange halted trading in the Royal Dutch New York Shares on October 3, December 31) 2005, following delisting in Amsterdam, and resumed trading in the Royal Dutch New York Shares High 28.90 ––––on October 31, 2005, following the joint public announcement by Royal Dutch Shell and Royal Low 25.41 ––––Dutch of the definitive terms of the Restructuring, in which all outstanding Royal Dutch shares were € Year end 27.08 ––––exchanged for 52.21 (or the equivalent in loan notes). The above table excludes trading in Royal Dutch New York Shares for the period from October 3 through their delisting on November 21, 2005. e Pursuant to the terms of the Unification Transaction, holders of Shell Transport Ordinary Shares (including Shell Transport Ordinary Shares to which holders of Shell Transport bearer warrants were entitled) received 0.287333066 Royal Dutch Shell plc Class B ordinary shares for each Shell Transport Ordinary Share. To assist comparison, the historical prices of the Shell Transport Ordinary Shares have been divided by 0.287333066 to reflect such exchange ratio. f Pursuant to the terms of the Unification Transaction, holders of Shell Transport ADRs received 0.861999198 Royal Dutch Shell plc Class B ADRs for each Shell Transport ADR. To assist comparison, the historical prices of the Shell Transport ADRs have been divided by 0.861999198 to reflect such exchange ratio. Each Royal Dutch Shell plc Class B ADR represents two Royal Dutch Shell plc Class B ordinary shares.

2 Royal Dutch Shell plc 50040 Shell 5 Year_ ifc_03.qxd 25/5/06 1:16 pm Page 3

ROYAL DUTCH SHELL DIVIDENDS

Dividends Class A ADRs $ In setting the level of dividends, the Royal Dutch Shell Board intends to pay 2005 2004 2003 2002 2001 quarterly dividends and provide per share increases in dividends at least in Q1 0.59* –––– line with European inflation over time. Q2 0.55 –––– Royal Dutch Shell has two classes of shares – Class A ordinary shares and Q3 0.56 –––– Q4 0.56 –––– Class B ordinary shares. The Class A ordinary shares and Class B ordinary Interim – 0.90* 0.85* 0.70* 0.61* shares have identical rights except in relation to the dividend source. The Final/second interim – 1.33* 1.21* 1.10* 0.88* Company will declare its dividends in euro. Dividends declared on Class A Total 2.26 2.23 2.06 1.80 1.49 ordinary shares will be paid in euro, although holders of Class A ordinary Amount paid during the year 3.03 2.11 1.95 1.58 1.41 shares will be able to elect to receive dividends in sterling. Dividends declared on Class B ordinary shares will be paid in sterling, although holders * Historical data for Royal Dutch New York Shares converted to Royal Dutch Shell equivalents.

of Class B ordinary shares will be able to elect to receive payment in euro. Class B ADRs $ Holders of ADRs will receive payment in dollars. Eligible shareholders must 2005 2004 2003 2002 2001 make currency elections the day before the declaration date. Q1 0.57* –––– Dividends Q2 0.55 –––– Q3 0.56 –––– € Class A shares Q4 0.56 –––– 2005 2004 2003 2002 2001 Interim – 0.78* 0.67* 0.64* 0.59* Q1 0.23* ––––Final/second interim – 1.43* 1.21* 1.04* 0.90* Q2 0.23 ––––Total 2.24 2.21 1.88 1.68 1.49 Q3 0.23 –––– Q4 0.23 ––––Amount paid during the year 3.11 1.99 1.71 1.54 1.47

Interim – 0.38* 0.37* 0.36* 0.35* * Historical data for Shell Transport ADRs converted to Royal Dutch Shell equivalents. Final/second interim – 0.52* 0.51* 0.50* 0.48* Total 0.92 0.90 0.88 0.86 0.83 Amount paid during the year 1.21 0.89 0.87 0.84 0.81

* Historical data for Royal Dutch shares converted to Royal Dutch Shell equivalents.

Class B shares pence 2005 2004 2003 2002 2001 Q1 15.84* – ––– Q2 15.89 – ––– Q3 15.64 – ––– Q4 15.64 – ––– Interim – 21.75* 21.23* 20.71* 20.36* Final/second interim – 37.24* 33.58* 32.37* 31.15* Total 63.01 58.99 54.81 53.08 51.51 Amount paid during the year 84.61 55.33 53.60 51.86 51.33

* Historical data for Shell Transport shares converted to Royal Dutch Shell equivalents.

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FINANCIAL STATEMENTS

Consolidated Statement of Income IFRS $ million 2005 2004 Revenue Exploration & Production 23,970 18,400 Gas & Power 13,766 9,625 Oil Products 237,210 210,424 Chemicals 31,018 26,877 Other industry segments and Corporate 767 1,060 Revenuea 306,731 266,386 Cost of sales 252,622 223,259 Gross profit 54,109 43,127 Selling, distribution and administrative expenses 15,482 15,098 Exploration 1,286 1,809 Share of profit of equity accounted investments 7,123 5,015 Interest and other income 1,171 1,483 Interest expense 1,068 1,059 Income before taxation 44,567 31,659 Taxation 17,999 12,168 Income from continuing operations 26,568 19,491 Income/(loss) from discontinued operations (307) (234) Income for the period 26,261 19,257

Income attributable to minority interest 950 717 Income attributable to shareholders of Royal Dutch Shell plc 25,311 18,540

Research and development expenditure included in cost of sales 588 553

Depreciation, depletion and amortisation are included within the following expense headings as follows: Cost of sales 10,384 10,569 Selling, distribution and administrative expenses 1,472 1,593 Exploration 125 683 11,981 12,845 a Revenue is stated after deducting sales taxes, excise duties and similar levies of $72,277 million in 2005 and $72,370 million in 2004.

Earnings per share IFRS $ million 2005 2004 Basic earnings per €0.07 ordinary sharea b 3.79 2.74 Continuing operations 3.84 2.77 Discontinued operations (0.05) (0.03)

Diluted earnings per €0.07 ordinary sharea b 3.78 2.74 Continuing operations 3.83 2.77 Discontinued operations (0.05) (0.03)

a Earnings per Royal Dutch Shell Class A ordinary and Class B ordinary shares are identical. The historical earnings per share following the Unification have been accounted for on a carry-over basis using the aggregate weighted average outstanding shares of the constituent businesses adjusted to the equivalent shares of Royal Dutch Shell for all periods presented. b The basic earnings per share amounts shown relate to income attributable to shareholders of Royal Dutch Shell. The 2005 calculation uses a weighted-average number of shares of 6,674,179,767 (2004: 6,770,458,950. The basic earnings per share number has been restated to exclude shares held by Share-Ownership Trusts for share-based compensation plans. For the purpose of the calculation, shares repurchased under the buyback programme are deemed to have been cancelled on purchase date. The diluted earnings per share are based on the same income figures. For this calculation, the following weighted-average number of shares are used. 2005: 6,694,427,705; 2004: 6,776,396,429. The difference between the basic and diluted number of shares relates to share-based compensation plans as mentioned above.

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Consolidated Statement of Income US GAAP $ million 2003 2002 2001 Revenue Exploration & Production 12,224 11,640 11,808 Gas & Power 7,377 4,254 5,947 Oil Products 159,075 132,681 90,862 Chemicals 18,843 14,125 13,260 Other industry segments and Corporate 843 753 576 Revenuea 198,362 163,453 122,453 Cost of sales 165,147 135,658 96,091 Gross profit 33,215 27,795 26,362 Selling, distribution and administrative expenses 13,296 11,215 8,846 Exploration 1,475 1,052 843 Research and development 584 472 387 Operating profit of Shell Group companies 17,860 15,056 16,286 Share of operating profit of associated companies 3,446 2,792 2,615 Operating profit 21,306 17,848 18,901 Interest and other income 1,996 782 1,096 Interest expense 1,324 1,291 1,023 Currency exchange gains/(losses) (231) (25) (31) Income before taxation 21,747 17,314 18,943 Taxation 9,352 7,655 8,299 Income after taxation 12,395 9,659 10,644 Income applicable to minority interests 353 175 360 Income from continuing operations 12,042 9,484 10,284 Income from discontinued operations, net of tax 25 187 37 Cumulative effect of a change in accounting principle, net of tax 255–– Income attributable to shareholders of Royal Dutch Shell plc 12,322 9,671 10,321

Depreciation, depletion and amortisation are included within the following expense headings as follows: Cost of sales 9,863 7,469 5,165 Selling, distribution and administrative expenses 1,409 1,157 1,060 Exploration 411 80 42 Research and development 28 33 28 11,711 8,739 6,295

a Revenue is stated after deducting sales taxes, excise duties and similar levies of $65,527 million in 2003, $54,834 million in 2002 and $40,908 million in 2001.

Earnings per share US GAAP $ million 2003 2002 2001 Basic earnings per €0.07 ordinary sharea b 1.81 1.41 1.45 Continuing operations 1.77 1.38 1.45 Discontinued operations – 0.03 – Cumulative effect of a change in accounting principle, net of tax 0.04 – –

Diluted earnings per €0.07 ordinary sharea b 1.81 1.41 1.45 Continuing operations 1.77 1.38 1.45 Discontinued operations – 0.03 – Cumulative effect of a change in accounting principle, net of tax 0.04 – –

a Earnings per Royal Dutch Shell Class A ordinary and Class B ordinary shares are identical. The historical earnings per share following the Unification have been accounted for on a carry-over basis using the aggregate weighted average outstanding shares of the constituent businesses adjusted to the equivalent shares of Royal Dutch Shell for all periods presented. b The basic earnings per share amounts shown relate to income attributable to shareholders of Royal Dutch Shell. The 2003 calculation uses a weighted-average number of shares of 6,811,314,175; (2002: 6,876,188,213; 2001: 7,100,044,876). The basic earnings per share number has been restated to exclude shares held by Share-Ownership Trusts for share-based compensation plans. For the purpose of the calculation, shares repurchased under the buyback programme are deemed to have been cancelled on purchase date. The diluted earnings per share are based on the same income figures. For this calculation, the following weighted-average number of shares are used. 2003: 6,813,444,740; 2002: 6,878,412,716; 2001: 7,105,915,746. The difference between the basic and diluted number of shares relates to share-based compensation plans as mentioned above.

Financial Statements 5 50040 Shell 5 Year_04_16.qxd 25/5/06 1:34 pm Page 6

FINANCIAL STATEMENTS

Consolidated Balance Sheet IFRS $ million 2005 2004 Assets Non-current assets Intangible assets 4,350 4,528 Property, plant and equipment 87,558 87,918 Exploration & Production 51,275 50,889 Gas & Power 7,256 6,251 Oil Products 22,263 23,622 Chemicals 5,945 6,348 Other industry segments and Corporate 819 808 Investments: equity accounted investments 16,905 19,190 financial assets 3,672 2,700 Deferred tax 2,562 2,789 Prepaid pension costs 2,486 2,479 Other 4,091 5,793 121,624 125,397 Current assets Inventories 19,776 15,375 Accounts receivable 66,386 37,473 Cash and cash equivalents 11,730 9,201 97,892 62,049 Total assets 219,516 187,446

Liabilities Non-current liabilities Debt 7,578 8,858 Deferred tax 10,763 12,930 Retirement benefit obligations 5,807 6,795 Other provisions 7,385 6,828 Other 5,095 5,800 36,628 41,211 Current liabilities Debt 5,338 5,734 Accounts payable and accrued liabilities 69,013 37,909 Taxes payable 8,782 9,058 Retirement benefit obligations 282 339 Other provisions 1,549 1,812 84,964 54,852 Total liabilities 121,592 96,063

Equity Ordinary share capital 571 584 Preference share capital – 20 Treasury shares (3,809) (4,187) Other reserves 3,584 8,865 Retained earnings 90,578 80,788 Equity attributable to shareholders of Royal Dutch Shell plc 90,924 86,070 Minority interest 7,000 5,313 Total equity 97,924 91,383 Total liabilities and equity 219,516 187,446 Capital employeda 110,840 105,975

a Capital employed is Group total assets minus total liabilities before deduction of minority interests, plus short-term and long-term debt.

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Consolidated Balance Sheet US GAAP $ million 2003 2002 2001 Fixed assets Intangible assets 4,735 4,696 939 Property, plant and equipment 87,088 78,363 50,721 Exploration & Production 49,273 46,257 29,546 Gas & Power 5,949 2,079 1,596 Oil Products 24,773 23,763 14,129 Chemicals 6,177 5,299 4,718 Other industry segments and Corporate 916 965 732 Investments: equity accounted investments 19,371 17,945 18,331 securities 2,317 1,719 1,914 other 1,086 1,420 1,108 Total fixed assets 114,597 104,143 73,013 Other long-term assets 11,349 7,333 7,716 Current assets Inventories 12,690 11,338 6,580 Accounts receivable 29,013 28,797 17,487 Cash and cash equivalents 2,117 1,709 7,254 Total current assets 43,820 41,844 31,321 Current liabilities: amounts due within one year Short-term debt 10,569 12,265 3,988 Accounts payable and accrued liabilities 32,383 32,221 18,909 Taxes payable 5,927 4,985 4,494 Total current liabilities 48,879 49,471 27,391 Net current assets/(liabilities) (5,059) (7,627) 3,930 Total assets less current liabilities 120,887 103,849 84,659 Long-term liabilities: Long-term debt 9,100 6,817 1,832 Other 6,054 6,174 4,515 15,154 12,991 6,347 Provisions Deferred taxation 15,185 12,551 7,078 Pensions and similar obligations 4,927 5,016 2,331 Decommissioning and restoration costs 3,955 3,528 2,615 24,067 21,095 12,024 Group net assets before minority interest 81,666 69,763 66,288 Minority interest (3,415) (3,568) (3,466) Net assets 78,251 66,195 62,822

Shareholders’ equity Equity share capital 587 590 596 Preference shares 20 20 20 Additional paid in capital 5,372 5,375 5,385 Treasury shares (3,428) (2,797) (1,933) Other comprehensive income (78) (6,971) (8,404) Retained earnings 75,778 69,978 67,178 78,251 66,195 62,822 Capital employeda 101,335 88,845 72,108

Financial Statements 7 50040 Shell 5 Year_04_16.qxd 25/5/06 1:34 pm Page 8

FINANCIAL STATEMENTS

Consolidated Statement of Cash Flowsa IFRS $ million 2005 2004 Cash flow from operating activities: Income for the period 26,261 19,257 Adjustment for: Current taxation 19,435 13,081 Interest (income)/expense 632 803 Depreciation, depletion and amortisation 11,981 12,845 (Profit)/loss on sale of assets (1,313) (3,087) Decrease/(increase) in net working capital (5,664) (4,062) Share of profit of equity accounted investments (7,123) (5,015) Dividends received from equity accounted investments 6,709 4,190 Deferred taxation and other provisions (1,515) (1,007) Other (47) 292 Cash flow from operating activities (pre-tax) 49,356 37,297 Taxation paid (19,243) (10,760) Cash flow from operating activities 30,113 26,537 Cash flow from investing activities: Capital expenditure (15,904) (13,566) Investments in equity accounted investments (705) (1,058) Proceeds from sale of assets 2,310 5,142 Proceeds from sale of equity accounted investments 4,313 1,316 Proceeds from sale of/Additions to financial assets 362 1,739 Interest received 863 463 Cash flow from investing activities (8,761) (5,964) Cash flow from financing activities: Net increase/(decrease) in debt with maturity period within three months (956) 8 Other debt: New borrowings 2,057 2,044 Repayments (2,656) (6,380) Interest paid (1,124) (962) Change in minority interest 1,143 812 Net issue/(repurchase) of shares (4,988) (698) Dividends paid to: Shareholders of Royal Dutch Shell plc (10,556) (7,391) Minority interest (293) (264) Payments to former Royal Dutch shareholders (1,651) – Treasury shares: net sales/(purchases) and dividends received 451 (761) Cash flow from financing activities (18,573) (13,592) Currency translation differences relating to cash and cash equivalents (250) 113 Increase/(decrease) in cash and cash equivalents 2,529 7,094 Cash and cash equivalents at January 1 9,201 2,107 Cash and cash equivalents at December 31 11,730 9,201

a This statement reflects cash flows arising from the activities of Group companies as measured in their own currencies, translated into dollars at quarterly average rates of exchange. Accordingly, cash flows recorded exclude both the currency translation differences which arise as a result of translating the assets and liabilities of non-dollar Group companies to dollars at year-end rates of exchange (except for those arising on cash and cash equivalents) and non-cash investing and financing activities.

8 Royal Dutch Shell plc 50040 Shell 5 Year_04_16.qxd 25/5/06 1:34 pm Page 9

Consolidated Statement of Cash Flows US GAAP $ million 2003 2002 2001 Cash flow provided by operating activities Income attributable to shareholders of Royal Dutch Shell plc 12,322 9,671 10,321 Adjustments to reconcile net income to cash flow provided by operating activities Depreciation, depletion and amortisation 11,711 8,739 6,295 Profit on sale of assets (2,141) (367) (133) Movements in: ––– inventories (236) (2,079) 1,375 accounts receivable 1,834 (5,830) 8,518 accounts payable and accrued liabilities (212) 6,989 (7,785) taxes payable (223) (744) (1,457) Associated companies, dividends more/(less) than net income 511 117 666 Deferred taxation and other provisions (621) 423 (207) Long-term liabilities and other (1,328) (1,326) (983) Income applicable to minority interests 366 175 326 Cash flow provided by operating activities 21,983 15,768 16,936 Cash flow used in investing activities Capital expenditure (including capitalised leases) (12,252) (12,102) (9,598) Acquisitions (Enterprise Oil, Pennzoil-Quaker State and additional shares in Equilon) – (8,925) – Proceeds from sale of assets 2,286 1,099 1,265 New investments in associated companies (983) (1,289) (1,074) Disposals of investments in associated companies 708 501 507 Proceeds from sale and other movements in investments 1,988 84 (180) Cash flow used in investing activities (8,253) (20,632) (9,080) Cash flow used in financing activites Long-term debt (including short-term part) New borrowings 572 5,267 180 Repayments (2,740) (5,610) (1,115) (2,168) (343) (935) Net increase/(decrease) in short-term debt (2,501) 7,075 (794) Change in minority interests (1,363) 421 (206) Repurchase of share capital, including expenses – (1,393) (4,001) Dividends paid to Royal Dutch and Shell Transport shareholders (6,532) (5,522) (5,188) Dividends paid to minority interests (300) (228) (221) Cash flow used in financing activities (12,864) 10 (11,345) Net investment in treasury stock and dividends received (633) (864) (773) Currency translation differences relating to cash and cash equivalents 175 173 (290) Increase/(decrease) in cash and cash equivalents 408 (5,545) (4,552) Cash and cash equivalents at January 1 1,709 7,254 11,806 Cash and cash equivalents at December 31 2,117 1,709 7,254

Financial Statements 9 50040 Shell 5 Year_04_16.qxd 25/5/06 1:34 pm Page 10

FINANCIAL STATEMENTS

Earnings by industry segment IFRS $ million $ million 2005 2004 World World outside outside USA USA Total USA USA Total Exploration & Production 10,541 3,697 14,238 6,511 3,312 9,823 Gas & Power 1,526 47 1,573 2,011 (196) 1,815 Oil Products 7,726 2,256 9,982 5,677 1,920 7,597 Chemicals 1,239 59 1,298 1,222 125 1,347 Other industry segments (202) (145) Total operating segments 26,889 20,437 Corporate (321) (946) Minority interest Income from continuing operations 26,568 19,491 Income from discontinued operations, net of tax (307) (234) Cumulative effect of a change in accounting principle, net of tax – – Income for the period 26,261 19,257 Minority interest 950 717 Income attributable to shareholders of Royal Dutch Shell plc 25,311 18,540

Quarterly earnings by industry segment IFRS $ million $ million Quarters 2005 Quarters 2004 1st 2nd 3rd 4th Year 1st 2nd 3rd 4th Year Exploration & Production World outside USA 2,010 1,644 4,051 2,836 10,541 1,955 1,168 1,556 1,832 6,511 USA 945 1,101 926 725 3,697 752 687 787 1,086 3,312 Gas & Power World outside USA 518 74 469 465 1,526 444 375 345 847 2,011 USA (42) (63) 87 65 47 78 (41) 9 (242) (196) Oil Products World outside USA 2,306 2,034 2,377 1,009 7,726 1,192 1,319 1,953 1,213 5,677 USA 745 630 1,063 (182) 2,256 381 475 605 459 1,920 Chemicals World outside USA 494 221 384 140 1,239 210 289 409 349 1,257 USA 169 38 30 (178) 59 (9) 64 140 (70) 125 Other industry segments (8) (8) (76) (110) (202) (16) (8) (39) (82) (145) Total operating segments 7,137 5,671 9,311 4,770 26,889 4,987 4,328 5,765 5,386 20,437 Corporate Interest income/(expense) (70) (74) 71 51 (22) (174) (196) (143) (223) (707) Currency exchange gains/(losses) (40) (6) 126 (145) (65) (7) (2) 35 42 68 Other – including taxation (7) (130) (24) (73) (234) 20 (103) (59) (165) (307) Minority interest Income from continuing operations 7,020 5,461 9,484 4,603 26,568 4,826 4,028 5,597 5,040 19,491 Income from discontinued operations, net of tax (214) – (93) – (307) 20 22 23 (299) (234) Cumulative effect of a change in accounting principle, net of tax ––––– ––––– Income for the period 6,806 5,461 9,391 4,603 26,261 4,846 4,050 5,620 4,741 19,257 Income attributable to minority interest 131 225 359 235 950 145 153 249 170 717 Income attributable to shareholders of Royal Dutch Shell plc 6,675 5,236 9,032 4,368 25,311 4,701 3,897 5,371 4,571 18,540

10 Royal Dutch Shell plc 50040 Shell 5 Year_04_16.qxd 25/5/06 1:34 pm Page 11

US GAAP $ million $ million $ million 2003 2002 2001 World World World outside outside outside USA USA Total USA USA Total USA USA Total 5,814 2,776 8,590 4,763 1,878 6,641 5,691 2,191 7,882 2,149 121 2,270 837 (90) 747 948 251 1,199 2,448 373 2,821 2,198 287 2,485 2,078 (159) 1,919 314 (523) (209) 633 (68) 565 488 (361) 127 (267) (110) (287) 13,205 10,328 10,840 (810) (669) (196) (353) (175) (360) 12,042 9,484 10,284 25 187 37 255––

12,322 9,671 10,321

US GAAP $ million $ million $ million Quarters 2003 Quarters 2002 Quarters 2001 1st 2nd 3rd 4th Year 1st 2nd 3rd 4th Year 1st 2nd 3rd 4th Year

1,979 1,288 1,244 1,303 5,814 1,168 1,221 1,146 1,228 4,763 1,878 1,470 1,341 1,002 5,691 735 649 754 638 2,776 364 502 526 486 1,878 902 633 425 231 2,191

1,472 356 90 231 2,149 256 108 211 262 837 297 304 179 168 948 25 90 (26) 32 121 (8) 14 (23) (73) (90) 53 79 112 7 251

1,056 254 730 408 2,448 577 450 686 485 2,198 770 839 495 (26) 2,078 227 25 (32) 153 373 173 30 88 (4) 287 (1) 219 54 (431) (159)

196 166 75 (123) 314 95 145 189 204 633 276 81 64 67 488 (142) (105) (45) (231) (523) (18) 35 (35) (50) (68) (109) 30 (73) (209) (361) (40) (27) (160) (40) (267) (41) (89) 42 (22) (110) (54) (60) (71) (102) (287) 5,508 2,696 2,630 2,371 13,205 2,566 2,416 2,830 2,516 10,328 4,012 3,595 2,526 707 10,840

(252) (171) (148) (223) (794) (107) (111) (260) (276) (754) (26) (51) (72) (54) (203) (10) (19) (31) (100) (160) (7) 32 (16) 83 92 13 14 (19) 19 27 9 95 53 (13) 144 (41) (48) 81 1 (7) (57) 58 34 (55) (20) (86) (64) (117) (81) (353) (8) (13) (77) (77) (175) (127) (128) (75) (30) (360) 5,169 2,537 2,387 1,949 12,042 2,403 2,276 2,558 2,247 9,484 3,815 3,488 2,394 587 10,284 72 38 34 (119) 25 51 52 51 33 187 (39) 22 28 26 37

255–––255 ––––– –––––

5,496 2,575 2,421 1,830 12,322 2,454 2,328 2,609 2,280 9,671 3,776 3,510 2,422 613 10,321

Financial Statements 11 50040 Shell 5 Year_04_16.qxd 25/5/06 1:34 pm Page 12

FINANCIAL STATEMENTS

Financial ratios

IFRS US GAAP 2005 2004 2003 2002 2001 Return on average capital employed Income attributable to shareholders of Royal Dutch Shell plc plus interest expense, less tax and minority interest (both calculated at the average rate for the Group), as % of the Group share of average capital employed 25.6 20.1 14.4 13.6 15.6 Return on sales Income attributable to shareholders of Royal Dutch Shell plc plus minority interests as % of revenue plus sales taxes, excise duties and similar levies 7.0 5.8 4.8 4.5 6.5 Return on equity Income attributable to shareholders of Royal Dutch Shell plc as % of average net assets (i.e. equity attributable to shareholders of Royal Dutch Shell plc and minority interest) 26.7 22.0 16.3 14.2 15.4 Current ratio Current assets: current liabilities 1.2 1.1 0.9 0.8 1.1 Long-term debt ratio Long-term debt as % of capital employed less short-term debt 7.2 8.8 10.0 8.9 2.7 Total debt ratio Long-term debt plus short-term debt as % of capital employed 11.7 13.8 19.4 21.5 8.1 Gearing Total debt plus off-balance sheet commitments less net cash, as % of capital employed plus off-balance sheet commitments less net cash (net cash represents total cash balances less operational cash requirements) 12.0 15.4 27.5 32.7 6.2

Dollar exchange rates Quarters 2005 Quarters 2004 2003 2002 2001 Average for period 1st 2nd 3rd 4th Year 1st 2nd 3rd 4th Year Year Year Year Pound sterling 0.5289 0.5389 0.5605 0.5719 0.5504 0.5443 0.5537 0.5499 0.5367 0.5462 0.61 0.66 0.69 Euro 0.7625 0.7944 0.8198 0.8409 0.8050 0.8002 0.8301 0.8178 0.7726 0.8052 0.89 1.06 1.12 Swiss franc 1.1809 1.2262 1.2736 1.3010 1.2464 1.2551 1.2758 1.2563 1.1845 1.2429 1.35 1.55 1.69 Canadian dollar 1.2262 1.2441 1.2028 1.1737 1.2114 1.3183 1.3594 1.3088 1.2207 1.3018 1.40 1.57 1.55 Japanese yen 104 108 111 117 110 107 110 110 106 108 116 125 121 End-period Pound sterling 0.5320 0.5543 0.5685 0.5790 0.5448 0.5539 0.5567 0.5186 0.56 0.62 0.69 Euro 0.7716 0.8283 0.8317 0.8437 0.8170 0.8262 0.8115 0.7334 0.79 0.95 1.13 Swiss franc 1.1961 1.2828 1.2934 1.3129 1.2740 1.2619 1.2607 1.1318 1.24 1.38 1.68 Canadian dollar 1.2140 1.2313 1.1715 1.1623 1.3019 1.3463 1.2715 1.2026 1.29 1.57 1.59 Japanese yen 107 110 113 117 104 109 111 103 107 119 131

12 Royal Dutch Shell plc 50040 Shell 5 Year_04_16.qxd 25/5/06 1:34 pm Page 13

Capital investment IFRS US GAAP $ million 2005 2004 2003 2002 2001 Capital expenditurea Exploration & Production Europe 1,820 1,591 1,996 7,342 1,137 Other Eastern Hemisphere 6,654 5,420 4,143 2,634 2,860 USA 1,225 1,061 1,377 1,766 1,720 Other Western Hemisphereb 1,159 627 613 1,322 1,130 10,858 8,699 8,129 13,064 6,847 Gas & Power Europe 101 5 ––– Other Eastern Hemisphere 1,476 1,146 807 229 50 USA 4 32 32 9 34 Other Western Hemisphere (13) 174 182 233 229 1,568 1,357 1,021 471 313 Oil Products Europe 1,107 1,279 838 2,272 655 Other Eastern Hemisphere 717 597 514 480 342 USA 449 498 722 4,408 3 Other Western Hemisphere 537 387 293 493 462 2,810 2,761 2,367 7,653 1,462 Chemicals Europe 102 185 106 167 97 Other Eastern Hemisphere 16 8 7 87 53 USA 217 282 331 416 513 Other Western Hemisphere 52 54 26 10 22 387 529 470 680 685 Other industry segments 293 220 265 494 291 15,916 13,566 12,252 22,362 9,598 Exploration expense (excluding depreciation and release of currency translation differences) Europe 171 96 189 177 98 Other Eastern Hemisphere 194 233 452 363 354 USA 261 221 275 249 289 Other Western Hemisphere 189 101 143 208 144 815 651 1,059 997 885 Total capital expenditure and exploration expense 16,731 14,217 13,311 23,359 10,483 New equity in equity accounted investments Europe 63 36 39 73 162 Other Eastern Hemisphere 288 385 81 163 90 USA 17 251 393 295 236 Other Western Hemisphere 22 9 245 153 216 390 681 758 684 704 New loans to equity accounted investments Europe 28 21 27 70 33 Other Eastern Hemisphere 299 325 154 390 334 USA (22) 20 28 118 – Other Western Hemisphere 10 11 16 27 3 315 377 225 605 370 Other investments – – – – 224 Total capital investment* 17,436 15,275 14,294 24,648 11,781

*comprising Europe 3,620 3,387 3,391 10,384 2,232 Other Eastern Hemisphere 9,657 8,129 6,172 4,373 4,319 USA 2,204 2,396 3,211 7,461 2,976 Other Western Hemisphere 1,955 1,363 1,520 2,430 2,254 17,436 15,275 14,294 24,648 11,781

*comprising Exploration & Production 12,045 9,708 9,337 14,151 8,191 Gas & Power 1,602 1,633 1,511 953 963 Oil Products 2,844 2,823 2,405 7,968 1,527 Chemicals 599 868 599 998 760 Other industry segments 346 243 442 578 340 17,436 15,275 14,294 24,648 11,781

a Includes acquisitions in 2002. 2002 also includes $1.3 billion for acquisition of DEA (paid in July 2003). b Includes capital expenditure on the Athabasca Oil Sands Project. Financial Statements 13 50040 Shell 5 Year_04_16.qxd 25/5/06 1:34 pm Page 14

FINANCIAL STATEMENTS

Fixed assetsa (at December 31) IFRS US GAAP $ million 2005 2004 2003 2002 2001 Exploration & Production Europe 15,984 20,448 20,978 21,003 7,696 Other Eastern Hemisphere 26,136 21,274 18,670 15,328 14,370 USA 7,580 7,745 8,064 8,524 8,189 Other Western Hemisphere 7,249 6,977 6,727 6,057 3,534 56,949 56,444 54,439 50,912 33,789 Gas & Power Europe 368 232 452 513 406 Other Eastern Hemisphere 8,237 6,521 5,290 4,027 3,243 USA 2,568 3,046 4,622 1,894 1,830 Other Western Hemisphere 736 677 951 838 1,241 11,909 10,476 11,315 7,272 6,720 Oil Products Europe 9,752 11,339 11,171 10,263 6,938 Other Eastern Hemisphere 6,448 6,516 7,167 6,567 6,300 USA 12,402 12,242 13,164 12,946 4,581 Other Western Hemisphere 3,801 3,726 3,653 3,401 3,424 32,403 33,823 35,155 33,177 21,243 Chemicals Europe 2,091 4,332 4,253 3,887 3,472 Other Eastern Hemisphere 2,472 2,128 2,276 2,461 2,215 USA 3,496 3,626 3,613 3,139 2,687 Other Western Hemisphere 441 472 423 353 345 8,500 10,558 10,565 9,840 8,719 Other industry segments Europe 125 157 181 378 209 Other Eastern Hemisphere 7 41 32 32 22 USA 130 211 430 344 223 Other Western Hemisphere – 2 5 171 195 262 411 648 925 649 Total operating segments 110,023 111,712 112,122 102,126 71,120 Corporate 2,462 2,624 2,475 2,017 1,893 112,485 114,336 114,597 104,143 73,013

a Comprises intangible assets, property, plant and equipment and investments.

14 Royal Dutch Shell plc 50040 Shell 5 Year_04_16.qxd 25/5/06 1:35 pm Page 15

Depreciation, depletion and amortisation IFRS US GAAP $ million 2005 2004 2003 2002 2001 Exploration & Production Europe 3,777 3,425 3,781 2,292 1,330 Other Eastern Hemisphere 1,915 1,934 1,570 1,787 1,328 USA 1,596 1,595 1,644 1,354 1,072 Other Western Hemispherea 989 744 792 257 281 8,277 7,698 7,787 5,690 4,011 Gas & Power Europe 2 2 266 Other Eastern Hemisphere 172 120 68 55 56 USA 99 663 57 66 43 Other Western Hemisphere 17 118 1 1 1 290 903 128 128 106 Oil Products Europe 1,065 1,588 1,064 961 780 Other Eastern Hemisphere 576 628 556 538 505 USA 625 686 826 558 5 Other Western Hemisphere 356 455 417 349 327 2,622 3,357 2,863 2,406 1,617 Chemicals Europe 220 212 176 140 123 Other Eastern Hemisphere 63 63 59 59 58 USA 278 391 416 179 200 Other Western Hemisphere 39 29 27 23 23 600 695 678 401 404 Other industry segments Europe 54 18 141 33 28 Other Eastern Hemisphere – 3 344 USA 27 18 23 34 57 Other Western Hemisphere – 9 1 21 50 81 48 168 92 139 Total operating segments 11,870 12,701 11,624 8,717 6,277 Corporate 111 144 87 22 18 11,981 12,845 11,711 8,739 6,295

a Includes depreciation, depletion and amortisation on the Athabasca Oil Sands Project.

Financial Statements 15 50040 Shell 5 Year_04_16.qxd 25/5/06 1:35 pm Page 16

FINANCIAL STATEMENTS

Capital employed (at December 31) IFRS US GAAP $ million 2005 2004 2003 2002 2001 Exploration & Production World outside USA 37,272 34,840 33,131 28,615 17,918 USA 5,364 5,438 5,761 6,492 6,293 42,636 40,278 38,892 35,107 24,211 Gas & Power World outside USA 9,848 8,302 7,115 5,482 5,135 USA 4,350 3,639 5,051 2,168 2,275 14,198 11,941 12,166 7,650 7,410 Oil Products World outside USA 23,962 23,174 24,211 20,782 18,108 USA 10,300 10,463 11,084 11,274 3,966 34,262 33,637 35,295 32,056 22,074 Chemicals World outside USA 5,445 7,738 7,484 7,098 6,109 USA 3,077 3,187 2,946 2,408 2,470 8,522 10,925 10,430 9,506 8,579 Other industry segments 171 489 864 1,611 1,815 Total operating segments 99,789 97,270 97,647 85,930 64,089 Corporate 11,051 8,705 3,688 2,915 8,019 110,840 105,975 101,335 88,845 72,108

Taxation IFRS US GAAP $ million 2005 2004 2003 2002 2001 Exploration & Production 14,794 9,649 7,280 5,945 6,905 Other industry segments 3,205 2,519 609 720 307 Charge for equity accounted investments 1,463 990 1,087 Totala 17,999 12,168 9,352 7,655 8,299

% As percentage of income before taxation 40 38 43 44 44

a The charge for Group companies (excluding equity accounted investments) comprises: current taxation 19,435 13,081 8,200 6,658 7,617 deferred taxation (1,436) (913) (311) 7 (405)

17,999 12,168 7,889 6,665 7,212

16 Royal Dutch Shell plc 50040 Shell 5 Year_17.qxd 25/5/06 1:19 pm Page 17

EMPLOYEE DATA

Employees by segment (average numbers) IFRS US GAAP thousands 2005 2004 2003a 2002 2001 Exploration & Production 18 16 17 17 14 Gas & Power 2 2 222 Oil Products 71 78 82 75 58 Chemicals 8 8 999 Other industry segments and Corporate 10 9 987 109 113 119 111 90

Employees by geographical area (average numbers) IFRS US GAAP thousands 2005 2004 2003a 2002 2001 Europe The Netherlands 10 10 11 11 10 UK 7 88910 Others 22 25 27 26 18 39 43 46 46 38 Other Eastern Hemisphere 33 30 28 27 24 USA 24 26 30 23 12 Other Western Hemisphere 13 14 15 15 16 109 113 119 111 90

Employee emoluments IFRS US GAAP $ million 2005 2004 2003a 2002 2001 Remuneration 8,286 8,037 7,477 6,096 4,651 Social law taxes 681 691 660 518 395 Retirement benefits 768 782 538 (201) (580) Share-based compensation 376 285 – – – 10,111 9,795 8,675 6,413 4,466

a In connection with the adoption of IFRS as of January 1, 2004, an entity in Europe that had previously been accounted for as a Group company on a proportionate basis, has instead been accounted for as equity accounted investment. As a result of this change, information as of December 31, 2003 shown for Group companies is, as of January 1, 2004, shown as part of the Group share of equity accounted investments.

Employee data 17 50040 Shell 5 Year_18-33.qxd 26/5/06 11:05 am Page 18

EXPLORATION & PRODUCTION

> Exploration & Production explores for IFRS and extracts oil and gas and builds $ million 2005 2004 and operates the infrastructure Revenue (including inter-segment sales) 45,674 37,295 necessary to deliver these Purchases (including change in inventories) (1,673) (2,669) hydrocarbons to market. Exploration (1,286) (1,809) > Oil and gas production in 2005 Depreciation (8,152) (7,015) averaged 3.5 million boe per day. Operating expenses (9,295) (8,467) Share of profit of equity accounted investments 4,112 2,463 > We expect production to grow and Other income/(expense) (272) (95) reach between 3.8 and 4.0 million Taxation (14,870) (9,880) boe per day by 2009. Segment earnings 14,238 9,823 > The Group’s longer-term production aspiration is some 4.5-5.0 million Capital investment 12,046 9,708 Capital employed 42,636 40,278 boe per day by 2014. thousand barrels of oil equivalent/day Hydrocarbon production 3,518 3,772

$/barrel of oil equivalent Average production cost 5.54 4.02

average numbers in thousands Employees 18 16

US GAAP $ million 2003 2002 2001

Revenue (including inter-segment sales) 32,468 26,320 25,601 Purchases (including change in inventories) (1,535) (1,050) (1,265) Exploration (1,475) (1,052) (910) Depreciation (7,316) (5,556) (3,969) Operating expenses (7,174) (6,686) (5,474) Share of profit of equity accounted investments 1,857 1,316 1,548 Other income/(expense) 72 73 48 Taxation (8,307) (6,724) (7,697) Segment earnings from continuing operations 8,590 6,641 7,882 Income from discontinued operations, net of tax 78 85 29 Cumulative effect of a change in accounting principle 255 – – Segment earnings 8,923 6,726 7,911

Capital investment 9,337 14,151 8,191 Capital employed 38,892 35,107 24,211

thousand barrels of oil equivalent/day Hydrocarbon production 3,905 3,960 3,746

$/barrel of oil equivalent Average production cost 3.19 2.83 2.41

average numbers in thousands Employees 17 17 14 18 Royal Dutch Shell plc 50040 Shell 5 Year_18-33.qxd 26/5/06 11:05 am Page 19

Canada Africa Asia Pacific Algeria Australia USA Angola Brunei Latin America Cameroon China Argentina Egypt Malaysia Brazil Gabon New Zealand Venezuela Libya Pakistan Morocco Philippines Europe Nigeria Austria Denmark Middle East Germany Iran Italy Oman The Netherlands Qatar Norway Saudi Arabia Republic of Ireland Syria UK United Arab Emirates Commonwealth of Independent States Azerbaijan Kazakhstan Russia Ukraine

Countries in which Exploration & Production operate

Location of activitiesabc (at December 31, 2005) Development Development and/or Shell and/or Shell Exploration production Operatord Exploration production Operatord Europe Middle East, Russia, CIS Austria •• UAE (Abu Dhabi) •• Denmark •• Azerbaijan • Germany •• Egypt ••• Ireland •••Iran •• Italy ••Kazakhstan ••• The Netherlands •••Oman ••• Norway •••Qatar •• UK •••Russia ••• Africa Saudi Arabia •• Algeria ••Syria •• Angola • USA Cameroon •••USA ••• Gabon •••Other Western Hemisphere Libya ••Argentina • Morocco ••Brazil ••• Nigeria •••Canada ••• Asia Pacific Venezuela •• Australia •• a Including equity accounted investments. Brunei •••b Where an equity accounted investment has properties outside China ••its base country, those properties are not shown in this table. c This table shows different geographical categories compared Malaysia •••to the map above reflecting organisational structure. New Zealand ••d In several countries where “Shell Operator” is indicated, a Group company is operator of some but not all exploration Pakistan •••and/or production ventures. Philippines •••

The maps on pages 20 to 30 are to provide an impression only of the spread of our operations as at the end of 2005. They should not be taken as an accurate representation of activity.

Exploration & Production 19 50040 Shell 5 Year_18-33.qxd 26/5/06 11:05 am Page 20

1 USA (CALIFORNIA, WYOMING AND GULF OF MEXICO) AND CANADA (ALBERTA, MACKENZIE BAY AND NOVA SCOTIA)

Shell oil projects Wells – 2005 discoveries E Shell gas projects Terminal Shell oil & gas projects Shell interest (land) B C F Shell oil pipeline Shell interest (sea)

A Shell gas pipeline 0 All scales measured in km

D Industry pipeline

A B C Athabasca Oil Sands Coalinga Ft. St. John Peace River San Ardo MONTANA Grande Prairie Belridge

ALBERTA Cymric & Mckittrick Cody Gillette Midway Sunset Edmonton

ighorn B CALIFORNIA Ram/Clearwater WYOMING Pinedale Limestone Caroline

Ventura Burnt Timber Panther River Offshore Santa Maria Basin Rock Springs Los Angeles Calgary Jumping Pound

Moose Mountain/Whiskey Creek Huntington Beach Waterton PACIFIC OCEAN Beta COLORADO

050100 150 0 100 200 300 0 100 200 300

D E

ALABAMA LOUISIANA MISSISSIPPI KUGMALLIT MACKENZIE BAY BAY TEXAS FLORIDA

New Orleans Ram Powell Houston Morgan City Inuvik Kepler – (Nakika) Ariel – (Nakika) Mars E Anstey – (Nakika) Princess Brutus Coulomb (Nakika) Deimos 0 100 200 300 Habanero Glider Mensa Auger Europa Holstein Crosby Boomvang Oregano Tahiti F Serrano

Stones (Walker Ridge 508) NOVA SCOTIA Great White

Halifax MEXICO GULF OF MEXICO SABLE ISLAND

050100 150 200 250 02550 75 50

20 Royal Dutch Shell plc 50040 Shell 5 Year_18-33.qxd 26/5/06 11:05 am Page 21

2 BRAZIL, ARGENTINA AND VENEZUELA

Shell oil projects Wells – 2005 discoveries B Shell gas projects Terminal Shell oil & gas projects Shell interest (land) Shell oil pipeline Shell interest (sea)

Shell gas pipeline 0 All scales measured in km A Industry pipeline

COLOMBIA

Maceio

BRAZIL

PERU

Brasilia BOLIVIA

Macueta Chimarrao Cerro Tuyunti BC-10 A-West San Pedrito Rio de Janeiro Bijupira Salema CHILE São Paulo PARAGUAY

Merluza Condensate ARGENTINA

0 250 500 750 1,000 B

B ARUBA NETHERLANDS ANTILLES COLOMBIA

MARACAIBO CARACAS UrdanetaWest

VENEZUELA

0 50 100 150 200

Exploration & Production 21 50040 Shell 5 Year_18-33.qxd 26/5/06 11:05 am Page 22

3 NORTH SEA AND IRELAND

Shell oil projects Wells – 2005 discoveries Shell gas projects Terminal A Shell oil & gas projects Shell interest (land) Shell oil pipeline Shell interest (sea)

Shell gas pipeline 0 All scales measured in km

B Industry pipeline

A B 6405_07 Ellida Penguin Cluster (A-E) Osprey Dunlin Ormen Lange Merlin Statfjord Idun Statfjord Nord Eider Skarv & Skarv Tilje Sygna Cormorant South Statfjord Øst Draugen Pelican Valemon Kestrel Kvitebjorn SEA OF THE HEBRIDES Otter Tern Nor 6406/9- Dooish Onyx SW Hudson Trondheim Corrib Bressay Nyhamna Tjeidbergodden Beryl Bellanaboy Ness Gjoea Bridge Troll IRELAND Buckland Galway Nevis NORWAY 23/16b-1(Phyllis) Limerick Kingfisher Mongstad Pierce Waterford Clair Sture 30/3a-1 (Blane) Miller Barnacle Bergen Freja Cork Sullom Voe Brent Kollsnes Trym Madoes Strathspey Jotun Harald East & West 22/13a-1 (Bardolino) Karstø Skene Svend Howe Maclure Elly Flotta 22/19a-1 (Fiddich) Nelson Valdemar Skua CELTIC SEA 13/21a – 6 (West Wick) Marnock Roar Nigg Goldeneye Gannet Tyra & South East St. Fergus Egret Cook Mirren Gom Shandwick Cruden Bay Skjold 0 125 250 Teal South Aberdeen Halfdan & North East Guillemot A Shearwater Alma Mossmoran Bittern Scoter DENMARK Starling 30/2A-E Kraka Hound Point Curlew B – D (Victorious) Dan Esbjerg Grangemouth Merganser K01A Nybro Dagmar Refinery J03C Puffin K07A-E Rolf Nes 30/6-3 (Stella) Skiff Grijpskerk Teesside K08A&C F03-FB Galleon Warffum Barrow-in-Furness Auk L05A G14A&B Ensign Hod Groningen Fulmar Barque L02B Point of Ayr Dimlington Valhall Norg Clipper L09D&F L12 Coevorden Theddlethorpe South Schoonebeek Hamburg L13 Cutter Bacton Den Helder UNITED Leman NETHERLANDS K15 Carrack Lowestoft K17A Amsterdam KINGDOM Q16A Brigantine A-C K14B The hague Corvette K18-7 (Golf) Rotterdam Fawley Zeebrugge Refinery Lucy Sean Hamble Dunkirk BELGIUM Middelie Rotterdam GERMANY Botlek Hemmelte/Kneheim/Vahren Hengstlage T Goldenstedt-Oythe K & Visbek Z Kloster-/Kirchseelte/Ortholz Boetersen Pool Idsingen/Walsrode Soehlingen Soltau/Friedrichseck Wisselshorst 0 100 200 300 400 500

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4 ITALY, GABON, ANGOLA, NIGERIA AND CAMEROON

Shell oil projects Wells – 2005 discoveries A Shell gas projects Terminal Shell oil & gas projects Shell interest (land) Shell oil pipeline Shell interest (sea) C B Shell gas pipeline 0 All scales measured in km Industry pipeline

Igoumou Marin EQUATORIAL GUINEA A BOSNIA– B CROATIA HERZEGOVINA SAO TOME AND SAN Libreville MONACO MARINO PRINCIPE Ighengue Marin Port Gentil Koula ITALY ADRIATIC Lambarene CORSICA SEA Damier Awoun GABON (FRANCE) Rome Avocette Ozigo M’Boukou Napels Gamba Terminal (SBM) Toucan Tempa Rossa Mayumba Cerro Falcone Coucal CONGO SARDINIA Monte Alpi Rabi TYRRHENIAN SEA Atora Pointe Noire Bende-M’Bassou ZAIRE Totou Palermo BAIA DO BENGO Gamba-Ivinga SICILY IONIAN SEA ANGOLA ATLANTIC OCEAN

Block 34

0 200 400 0 250 500 BAIA DO BENGO

Lagos Oben

NIGERIA Abo North Odidi 125 Abo Main Utorogu BIGHT OF BENIN Escravos (SBM 3) Warri Erha North Ubie Bosi Erha Main 318 209 Forcados-Yokri Forcados (SBM 2) CAMEROON Soku 79 Calabar Gbaran 211 Oberan EA Port Harcourt Nun River Bobo 212 Bonga Bonny Export 322 Nembe Creek 211 Bonga SW Kalaekule Rio del Rey Lokele 286 72 Brass (SBM) Douala 284 250 238 Malabo

219 EQUATORIAL GUINEA Doro Bolia

245 Etan BIGHT OF BIAFRA

0 100 200

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5 ALGERIA AND LIBYA

Shell oil projects Wells – 2005 discoveries

A B Shell gas projects Terminal Shell oil & gas projects Shell interest (land) Shell oil pipeline Shell interest (sea)

Shell gas pipeline 0 All scales measured in km Industry pipeline

A PORTUGAL SPAIN Salemi ITALY Algiers Skikda (Philippeville) GIBRALTAR Araew MALTA

TUNISIA

MOROCCO

Zerafa

Reggane Djebel Hirane ALGERIA WESTERN LIBYA SAHARA

0 100 200 300 400 500

TUNISIA Mellitah Tripoli

Zueitina (SPM & CBM) Es Sider (SBM) NC215 NC212 NC213 EGYPT ALGERIA NC211A NC214

LIBYA NC211C

0 100 200 300 400 500

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6 CHINA AND PAKISTAN

Shell oil projects Wells – 2005 discoveries Shell gas projects Terminal Shell oil & gas projects Shell interest (land) Shell oil pipeline Shell interest (sea) B A Shell gas pipeline 0 All scales measured in km Industry pipeline

A MONGOLIA

Beijing

Tientsin

Yinchuan Changbei

Xi’an

CHINA

Shanghai

Islamabad AFGHANISTAN

Quetta Multan TAIWAN PAKISTAN

Hong Kong MACAU IRAN INDIA Xijiang 24-1&3 Xijiang 30-2

Bhit Badhra Hyderabad Karachi

Offshore Indus E 2365-1 EL

0 100 200 300 400 500 0 250 500 750 1,000

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7 BRUNEI, PHILIPPINES AND MALAYSIA

Shell oil projects Wells – 2005 discoveries Shell gas projects Terminal

B Shell oil & gas projects Shell interest (land) Shell oil pipeline Shell interest (sea)

C A Shell gas pipeline 0 All scales measured in km Industry pipeline

A Selangkir

Bugan

Maharaja Lela

Cili Padi Kinabalu South Furious

F13E Champion West Barton E1 Fairley Ubah Saint Joseph Selasih Gannet Baram F14 Kota belud West Lutong F23 B12 Pisagan Bakau Malikai Bijan B11 Gumusut Saderi Baronia Bongawan North F29 M1 Tukau Nosong Betty Jintan Bokor Labuan MALAYSIA PHILIPPINES M4 Laila Bandar Seri Begawan Serai Seria Iron Duke G7 Magpie Mampak F28 Enggang Miri BRUNEI F6

E6 Seria NF ND 6 D12 ND 7 Rasau E8 South West Ampa Bintulu Bintulu

INDONESIA

0 50 100 150 200 250

B C VIETNAM

Bunga Kamelia Bunga Zetung SC 38 Bumi South PM-302 THAILAND Bunga Kesumba Malampaya Gas PM-301 Tumpat

Bunga Anggerik PHILIPPINES Kuala terengganu MALAYSIA Dungun Ipoh Kertih

0 125 250 375 500 0 50 100 150 200 250

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8 NEW ZEALAND AND AUSTRALIA (NORTH WEST SHELF)

Shell oil projects Wells – 2005 discoveries Shell gas projects Terminal

B Shell oil & gas projects Shell interest (land) Shell oil pipeline Shell interest (sea)

Shell gas pipeline 0 All scales measured in km A Industry pipeline

A B

Pohokura INDONESIA PEP PEP 38459 Evans Shoal 38482 New Plymouth PEP Greater Sunrise 38481 NEW ZEALAND PML PML 38839 381012

Maui Kapuni

Scott Reef 1 Brecknock Brecknock South 0 125

Keast Hermes Echo/Yodel Wanaea Dockrell Cossack Broome Dixon Lambert Wilcox Iago Angel Geryon North Rankin

Searipple AUSTRALIA Jansz Dampier Gaea Maenad Orthrus Goodwyn South Chrysaor/Dionysus Tidepole Gorgon West Tryal Rocks

0 100 200 300 400 500

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9 IRAN, UNITED ARAB EMIRATES, OMAN AND SAUDI ARABIA

Shell oil projects Wells – 2005 discoveries Shell gas projects Terminal Shell oil & gas projects Shell interest (land) Shell oil pipeline Shell interest (sea) B

A Shell gas pipeline 0 All scales measured in km Industry pipeline

A BAHRAIN IRAN

QATAR UNITED ARAB EMIRATES Al Dabb’iya Bab Abu dhabi Umm Al Nar Suhar Ruwais Rumaitha Ufuq-A Bu Hasa Mina Al Fahal Sahil Lekhwair Huwaila Asab Dafiq-A Muscat Shah Natih Kidan North – Arab Fahud Sur Kidan South – Arab Yibal OMAN Qalhat SAUDI ARABIA Al Huwaisah Burhaan Musallim Ghaba North Saih Rawl Qarn Alam Barik Wafra Zauliyah Mukhalzna Nafoorah Nimr Block 6 Block 5 Al Noor Block 7 Amin Block 9 Block 8 Birba Rima Budour NE-A Runib Sakhiya Simsim Zalzala Sakhiya-6 Warad Mamour-1ST Karim West Irad YEMEN Thuleilat Qaharir Amal Al Burj Marmul B Qata KUWAIT Nowrooz IRAN Soroosh 0 100 200 300 400

South Pars

SAUDI ARABIA QatarGas 3/4 BAHRAIN Pearl QATAR Das Island UNITED ARAB Daina Island EMIRATES Bu Tini Island Al Dabbiya OMAN Adco South Rumaitha 0 100 200 300 400

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10 EGYPT AND SYRIA

Shell oil projects Wells – 2005 discoveries Shell gas projects Terminal

D Shell oil & gas projects Shell interest (land) C Shell oil pipeline Shell interest (sea)

Shell gas pipeline 0 All scales measured in km Industry pipeline

NE Med. Sea Deep Water-W MEDITERRANEAN SEA

NE Med. Sea Deep Water-E

NW Damietta

Matruh GAZA STRIP Obaiyed Alexandria Port said ISRAEL Tanta NE Abu El LIBYA Gharadiq N

BED 17-2 NE Abu El NEAG Cairo Suez BED 16-3 Gharadiq S-A Sitra West Sitra Badr El Din El faiyum

EGYPT Ras Shukheir Terminal (SBM 1)

D Al Kharrata Ghawari Ash Shola Yimken Asyut El Isbah Shahel Jazieh Sijan Rasein Saban 0 250 500 SYRIA Thayyem Jarnof An Nishan Azraq Omar North Maleh Omar Galban Omar North East Abou Hardan Al Ishara East Mqaat Tayyani East Tanak Tanak North Sarhit Jido Al Ward North Shdeha Al Ahmar IRAQ

0 50 100

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11 COMMONWEALTH OF INDEPENDENT STATES PROJECTS

Shell oil projects Wells – 2005 discoveries

A Shell gas projects Terminal Shell oil & gas projects Shell interest (land) Shell oil pipeline Shell interest (sea) B Shell gas pipeline 0 All scales measured in km Industry pipeline

A B

Okha

Piltun

Piltun-Astokhskoye – Sakhalin II Urengoy Lunskoye

Lunskiy – Sakhalin II Arkhanglsk Pechora RUSSIA Ukhta Khanty Mansiysk Nefteugansk SAKHALIN

Upper & West Salym Vadelyp

Moscow

Prigorodnoye (Oil & LNG) SPM Kashagan Kairan Kashagan SW Aktote KAZAKHSTAN Pearls Mertviy Kalamkas More Kultuk 0 125 Arman Almaty UZBEKISTAN GEORGIA KYRGYZSTAN AZERBAIJAN ARMENIA Baku CHINA TURKMENISTAN Inam TURKEY TAJIKISTAN

IRAN

0 250 500 750 1,000

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Exploration & Production 31 50040 Shell 5 Year_18-33.qxd 25/5/06 1:53 pm Page 32

OIL AND GAS – EXPLORATION & PRODUCTION OPERATIONS

Oil and gas acreageabcd (at December 31) thousand acres thousand acres 2005 2004 Developed Undeveloped Developed Undeveloped Gross Net Gross Net Gross Net Gross Net Europe 9,852 3,110 14,507 4,415 8,449 3,200 14,024 4,904 Africae 7,175 2,382 27,206 14,806 6,597 2,058 15,584 8,398 Asia Pacificf 7,777 3,589 129,149 36,279 7,094 3,283 106,326 29,388 Middle East, Russia, CISg 32,064 10,284 64,956 29,995 34,753 11,152 63,469 29,882 USA 1,250 563 4,359 3,069 961 531 3,998 2,864 Americas, Other 872 551 30,097 20,314 855 529 27,236 20,421 58,990 20,479 270,274 108,878 58,709 20,753 230,637 95,857

Number of productive wellsab (at December 31)

2005 2004 Oil Gas Oil Gas Gross Net Gross Net Gross Net Gross Net Europe 1,762 491 1,355 448 1,786 478 1,445 491 Africae 1,234 413 36 12 1,215 396 36 12 Asia Pacificf 1,080 483 304 121 1,191 551 237 90 Middle East, Russia, CISg 4,128 1,279 38 38 3,795 1,198 40 38 USA 16,159 8,270 873 636 16,131 8,163 719 520 Americas, Other 122 117 351 284 117 112 329 270 24,485 11,053 2,957 1,539 24,235 10,898 2,806 1,421

Number of net productive wells and dry holes drilleda

2005 2004 2003 2002 2001 Productive Dry Productive Dry Productive Dry Productive Dry Productive Dry Exploratory Europe 53 62639464 Africae 91 315–6471 Asia Pacificf 63 555733812 Middle East, Russia, CISg 53 72745464 USA 93 2310–10424 Americas, Other 34 12252233 37 17 24 15 35 19 35 21 32 28

Development Europe 25 – 27 – 19 1 47 – 38 – Africae 13 – 11 – 20 1 39 – 14 – Asia Pacificf 21 1 22 1 41 2 42 1 56 2 Middle East, Russia, CISg 173 4 150 6 149 4 83 12 90 8 USA 446 – 504 1 465 – 559 1 549 2 Americas, Other 26 – 10 1 8 – 31 – 25 – 704 5 724 9 702 8 801 14 772 12

a Including equity accounted investments. b The term “gross” relates to the total activity in which Group and equity accounted investments have an interest and the term “net” relates to the fractional interests owned by Group companies plus the Group share of equity accounted investments’ fractional interests. c One thousand acres equals approximately four square kilometres. d Excludes oil sands. e Excludes Egypt. f Excludes Sakhalin. g Middle East and former Soviet Union (Commonwealth of Independent States), which includes Caspian region, Egypt and Sakhalin.

32 Royal Dutch Shell plc 50040 Shell 5 Year_18-33.qxd 25/5/06 1:53 pm Page 33

OIL AND GAS – EXPLORATION & PRODUCTION OPERATIONS

thousand acres thousand acres thousand acres 2003 2002 2001 Developed Undeveloped Developed Undeveloped Developed Undeveloped Gross Net Gross Net Gross Net Gross Net Gross Net Gross Net 10,172 3,204 15,977 5,307 10,417 3,259 19,752 6,930 9,570 3,031 12,616 4,581 6,956 2,193 18,595 10,253 6,289 1,886 25,394 15,516 6,489 1,984 20,804 11,658 3,793 1,638 113,978 33,357 3,963 1,864 118,471 40,446 3,762 1,816 115,294 41,691 34,729 11,062 65,106 30,079 35,448 11,435 18,544 12,771 34,509 11,021 22,921 15,379 1,512 694 4,040 2,802 1,557 754 4,670 3,183 1,599 702 3,931 2,609 853 529 28,094 19,835 832 509 33,338 22,840 767 492 35,709 22,001 58,015 19,320 245,790 101,633 58,506 19,707 220,169 101,686 56,696 19,046 211,275 97,919

2003 2002 2001 Oil Gas Oil Gas Oil Gas Gross Net Gross Net Gross Net Gross Net Gross Net Gross Net 1,799 468 1,432 485 2,002 533 1,454 458 1,618 429 1,299 427 1,380 414 43 14 1,399 446 42 13 1,614 550 45 15 1,313 726 247 99 1,317 726 205 95 1,242 588 199 91 3,673 1,145 203 129 3,456 1,085 179 115 3,210 1,031 131 91 15,891 7,998 697 486 15,686 8,294 945 686 16,717 8,511 956 658 116 111 322 265 112 110 314 259 86 86 298 251 24,172 10,862 2,944 1,478 23,972 11,194 3,139 1,626 24,487 11,195 2,928 1,533

Exploration & Production 33 50040 Shell 5 Year_34_45.qxd 30/5/06 11:45 am Page 34

OIL AND GAS RESERVES

Crude oil and natural gas liquids Group companies’ estimated net proved reserves of crude oil and natural gas liquids at the end of the year, their share of the net proved reserves of equity accounted investments at the end of the year, and the changes in such reserves during the year are set out below.

Proved developed and undeveloped reserves IFRS million barrels 2005 Eastern Hemisphere Western Hemisphere Asia Middle East Europe Africab Pacificc Russia,CISd USA Other Total Group companies At January 1 953 1,145 245 798 458 146 3,745 Revisions and reclassifications 82 (206) (27) 37 23 28 (63) Improved recovery 21–3––6 Extensions and discoveries 22 78 – 256 20 – 376 Purchases of minerals in place 3 – –10 1 –14 Sales of minerals in place (10) – (3) – – – (13) Production (195) (136) (42) (111) (86) (29) (599) Transfers to equity accounted investments ––––––– At December 31 857 882 173 993 416 145 3,466 Group share of equity accounted investments At January 1 18 – 276 457 392 – 1,143 Revisions and reclassifications (2) – 8 84 65 – 155 Improved recovery ––––––– Extensions and discoveries ––––4–4 Purchases of minerals in place ––––––– Sales of minerals in place – – (2) – – – (2) Production (2) – (41) (51) (36) – (130) Transfers to equity accounted investments ––––––– At December 31 14 – 241 490 425 – 1,170 Minority interests’ share of Group companies At December 31 – 18 – 121 – 18 157

Proved developed reserves IFRS million barrels 2005 Eastern Hemisphere Western Hemisphere Asia Middle East Europe Africab Pacificc Russia,CISd USA Other Total Group companies At January 1 740 617 134 475 242 115 2,323 e At December 31 639 532 93 437 230 86 2,017 Group share of equity accounted investments At January 1 15 – 187 360 349 – 911 e At December 31 12 – 163 360 346 – 881

a Oil sands IFRS million barrels 2005 Eastern Hemisphere Western Hemisphere Asia Middle East Europe Africab Pacificc Russia,CISd USA Other Total Group companies At January 1 – – – – – 615 615 Revisions and reclassifications – – – – – 166 166 Extensions and discoveries – – ––––– Production – – – – – (35) (35) At December 31 – – – – – 746 746 Minority interests’ share of oil sands At December 31 – – – – – 164 164

a Petroleum reserves from operations that do not qualify as oil and gas producing activities, such as our Athabasca Oil Sands Project, are not included in oil and gas reserves. The petroleum reserves for the Athabasca Oil Sands Project are presented in this booklet net of royalty volumes. b Excludes Egypt. c Excludes Sakhalin. d Middle East and former Soviet Union (Commonwealth of Independent States), which includes Caspian region, Egypt and Sakhalin. e After accounting for a transfer of developed reserves from Group to equity accounted investments of 360 million barrels at the end of 2004.

34 Royal Dutch Shell plc 50040 Shell 5 Year_34_45.qxd 30/5/06 11:45 am Page 35

IFRS million barrels 2004 Eastern Hemisphere Western Hemisphere Asia Middle East Europe Africab Pacificc Russia,CISd USA Other Total

1,179 1,379 303 1,202 547 379 4,989 (26) (46) 13 80 (2) (197) (178) 62 – 4 – – 12 5 13 10 68 12 2 110 ––––––– (2) (57) (35) – – – (94) (209) (146) (46) (172) (99) (38) (710) – – – (384) – – (384) 953 1,145 245 798 458 146 3,745

21 – 304 86 413 – 824 – – (22) (13) 18 – (17) – – 38 – – – 38 ––––––– ––––––– – – (1) – – – (1) (3) – (43) – (39) – (85) – – – 384 – – 384 18 – 276 457 392 – 1,143

– 23 1 109 – 14 147

IFRS million barrels 2004 Eastern Hemisphere Western Hemisphere Asia Middle East Europe Africab Pacificc Russia,CISd USA Other Total

945 777 184 864 291 191 3,252 740 617 134 475 242 115 2,323

17 – 224 1 364 – 606 15 – 187 360 349 – 911

IFRS million barrels 2004 Eastern Hemisphere Western Hemisphere Asia Middle East Europe Africab Pacificc Russia,CISd USA Other Total

– – – – – 572 572 –– –– –7272 –– ––––– – – – – – (29) (29) – – – – – 615 615

– – – – – 135 135

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OIL AND GAS RESERVES

Crude oil and natural gas liquids continued Proved developed and undeveloped reserves US GAAP million barrels 2003e Eastern Hemisphere Western Hemisphere Asia Middle East Europee Africab Pacificc Russia,CISd USA Other Total Group companies At January 1 1,377 1,449 323 1,446 717 470 5,782 Revisions and reclassifications 88 (102) 21 (204) (54) (57) (308) Improved recovery 5 (6) 16 10 8 1 34 Extensions and discoveries 12 171 – 128 9 2 322 Purchases of minerals in place 1 – – 3 – – 4 Sales of minerals in place (39) – – – (23) – (62) Production (245) (133) (57) (181) (110) (37) (763) Transfers to equity accounted investments ––––––– At December 31 1,199 1,379 303 1,202 547 379 5,009 Group share of equity accounted investments At January 1 2 – 325 118 413 – 858 Revisions and reclassifications – – 1 – 41 – 42 Improved recovery ––13–––13 Extensions and discoveries – – 11 86 – – 97 Purchases of minerals in place ––––––– Sales of minerals in place – – – (117) – – (117) Production – – (46) (1) (41) – (88) Transfers from Group companies ––––––– At December 31 2 – 304 86 413 – 805 Minority interests’ share of proved reserves of Group companies At December 31 – 24 1 137 – 54 216

Proved developed reserves US GAAP million barrels 2003e Eastern Hemisphere Western Hemisphere Asia Middle East Europee Africab Pacificc Russia,CISd USA Other Total Group companies At January 1 1,063 674 194 1,023 371 191 3,516 At December 31 962 777 184 864 291 191 3,269 Group share of equity accounted investments At January 1 1 – 206 15 365 – 587 At December 31 1 – 224 1 364 – 590

Oil sandsa US GAAP million barrels 2003e Eastern Hemisphere Western Hemisphere Asia Middle East Europee Africab Pacificc Russia,CISd USA Other Total Group companies At January 1 –––––517517 Revisions and reclassifications –––––1010 Extensions and discoveries –––––6060 Production –––––(15) (15) At December 31 –––––572572 Minority interests’ share of oil sands At December 31 –––––126126

a Petroleum reserves from operations that do not qualify as oil and gas producing activities, such as our Athabasca Oil Sands Project, are not included in oil and gas reserves and are not considered in the standardised measure of discounted future cash flows for oil and gas reserves. The petroleum reserves for the Athabasca Oil Sands Project are presented in this booklet net of royalty volumes. b Excludes Egypt. c Excludes Sakhalin. d Middle East and former Soviet Union (Commonwealth of Independent States), which includes Caspian region, Egypt and Sakhalin. e In connection with the adoption of IFRS as of January 1, 2004, an entity in Europe that had previously been accounted for as a Group company on a proportionate basis, has been instead accounted for as an equity accounted investment. As a result of this change, some 20 million barrels of proved reserves that as of December 31, 2003 are shown for Group companies are, as of January 1, 2004, shown as part of the Group share of equity accounted investments.

36 Royal Dutch Shell plc 50040 Shell 5 Year_34_45.qxd 30/5/06 11:45 am Page 37

US GAAP million barrels 2002 million barrels 2001 Eastern Hemisphere Western Hemisphere Eastern Hemisphere Western Hemisphere Asia Middle East Asia Middle East Europe Africab Pacificc Russia,CISd USA Other Total Europe Africab Pacificc Russia,CISd USA Other Total

1,013 1,308 426 1,677 672 504 5,600 1,122 1,321 433 1,569 609 509 5,563 99 89 (27) (26) 77 (42) 170 34 16 (23) 288 30 43 388 13 – 6 47 51 – 117 39 2 11 (4) – – 48 – 173 6 – 33 – 212 17 89 6 – 139 1 252 507 – – – 7 41 555 – – 69 – 3 – 72 (1) (19) (19) (62) (3) – (104) – – – – (1) (14) (15) (254) (102) (69) (190) (120) (33) (768) (199) (120) (70) (176) (108) (35) (708) ––––––– –– ––––– 1,377 1,449 323 1,446 717 470 5,782 1,013 1,308 426 1,677 672 504 5,600

1 – 307 – 356 – 664 1 – 300 100 441 – 842 1 – 55 – 65 – 121 – – 40 (92) (35) – (87) ––4–––4 ––12–1–13 ––9–33–42 –– 4–––4 –––121––121 –– ––––– – – – (1) – – (1) – – – – (9) – (9) – – (50) (2) (41) – (93) – – (49) (8) (42) – (99) – – – – –– – –– ––––– 2 – 325 118 413 – 858 1 – 307 – 356 – 664

– 23 1 126 – 61 211 – 22 1 116 – 66 205

750 662 245 1,089 429 212 3,387 845 703 217 1,148 351 214 3,478 1,063 674 194 1,023 371 191 3,516 750 662 245 1,089 429 212 3,387

1 – 208 – 330 – 539 1 – 197 37 364 – 599 1 – 206 15 365 – 587 1 – 208 – 330 – 539

– – – – – 594 594 – – – – – 594 594 – – – – – (77) (77) – – – –––– ––––––– –– ––––– ––––––– –– ––––– – – – – – 517 517 – – – – – 594 594

– – – – – 115 115 – – – – – 132 132

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OIL AND GAS RESERVES

Natural gas Group companies’ estimated net proved reserves of crude oil and natural gas liquids at the end of the year, their share of the net proved reserves of equity accounted investments at the end of the year, and the changes in such reserves during the year are set out below. The volumes in the table below have not been adjusted to standard heat content, which means that volumes of gas are reported on an “as-sold” basis and are treated as equivalent without regard to the quality of the gas (e.g. with respect to the inert gas content thereof or the various hydrocarbon components). The price used to calculate future revenues and cash flows from proved gas reserves is that realised at year-end based on “as-sold” volumes. As such, the realised price reflects the quality of the gas, both in terms of inert components that reduce gas quality and hydrocarbon components with high molecular weights that enrich the quality of the gas.

Proved developed and undeveloped reservesa IFRS

thousand million standard cubic feet 2005 Eastern Hemisphere Western Hemisphere Asia Middle East Europe Africab Pacificc Russia,CISd USA Other Total Group companies At January 1 5,964 2,532 6,803 5,383 2,823 1,545 25,050 Revisions and reclassifications 289 (221) (706) (54) 116 (47) (623) Improved recovery ––––––– Extensions and discoveries 234 – 213 1,842 148 135 2,572 Purchases of minerals in place 57 – 61 – 11 6 135 Sales of minerals in place (18) –––––(18) Production (778) (138) (596) (92) (418) (182) (2,204) At December 31 5,748 2,173 5,775 7,079 2,680 1,457 24,912 Group share of equity accounted investments At January 1 12,513 – 2,987 – 17 – 15,517 Revisions and reclassifications 31 – (23) – 3 – 11 Improved recovery 2–––––2 Extensions and discoveries 5–––––5 Purchases of minerals in place ––––––– Sales of minerals in place (3)–––––(3) Production (574) – (252) – (2) – (828) At December 31 11,974 – 2,712 – 18 – 14,704 Minority interests’ share of proved reserves of Group companies At December 31 – – 36 3,059 – 261 3,356

Proved developed reservesa IFRS thousand million standard cubic feet 2005 Eastern Hemisphere Western Hemisphere Asia Middle East Europe Africab Pacificc Russia,CISd USA Other Total Group companies At January 1 3,258 919 2,702 166 1,875 1,080 10,000 At December 31 3,662 782 2,336 138 1,608 906 9,432 Group share of equity accounted investments At January 1 9,731 – 1,606 – 15 – 11,352 At December 31 10,109 – 1,443 – 15 – 11,567

Crude oil and natural gas liquids and oil equivalent of natural gas at December 31e IFRS million barrels of oil equivalent 2005 Eastern Hemisphere Western Hemisphere Asia Middle East Europe Africab Pacificc Russia,CISd USA Other Total Proved developed and undeveloped reserves Group companies 1,848 1,257 1,169 2,213 878 396 7,761 Group share of equity accounted investments 2,078 – 709 490 428 – 3,705 Total 3,926 1,257 1,878 2,703 1,306 396 11,466

38 Royal Dutch Shell plc 50040 Shell 5 Year_34_45.qxd 30/5/06 11:45 am Page 39

IFRS

thousand million standard cubic feet 2004 Eastern Hemisphere Western Hemisphere Asia Middle East Europe Africab Pacificc Russia,CISd USA Other Total

6,697 2,743 7,352 3,628 3,143 1,628 25,191 (172) (74) 125 138 (100) (45) (128) 9– – – – 4 13 213 – 171 2,128 257 192 2,961 –– – – 9 – 9 (48) – (310) (258) – (37) (653) (735) (137) (535) (253) (486) (197) (2,343) 5,964 2,532 6,803 5,383 2,823 1,545 25,050

13,219 – 3,122 – 27 – 16,368 (97) – 120 – (8) – 15 – – 45 – – – 45 8–1–––9 ––––––– – – (55) – – – (55) (617) – (246) – (2) – (865) 12,513 – 2,987 – 17 – 15,517

– – 56 2,231 – 274 2,561

IFRS thousand million standard cubic feet 2004 Eastern Hemisphere Western Hemisphere Asia Middle East Europe Africab Pacificc Russia,CISd USA Other Total

3,792 886 3,128 446 1,754 1,297 11,303 3,258 919 2,702 166 1,875 1,080 10,000

7,719 – 1,825 – 22 – 9,566 9,731 – 1,606 – 15 – 11,352

IFRS million barrels of oil equivalent 2004 Eastern Hemisphere Western Hemisphere Asia Middle East Europe Africab Pacificc Russia,CISd USA Other Total

1,981 1,582 1,418 1,726 945 412 8,064 2,175 – 791 457 395 – 3,818 4,156 1,582 2,209 2,183 1,340 412 11,882

Oil and gas reserves 39 50040 Shell 5 Year_34_45.qxd 30/5/06 11:45 am Page 40

OIL AND GAS RESERVES

Natural gas continued Proved developed and undeveloped reservesa

US GAAP thousand million standard cubic feet 2003e Eastern Hemisphere Western Hemisphere Asia Middle East Europee Africab Pacificc Russia,CISd USA Other Total Group companies At January 1 21,284 1,692 7,862 1,118 3,842 1,959 37,757 Revisions and reclassifications (435) (688) 8 (22) (70) (181) (1,388) Improved recovery 4 506 17 – 10 30 567 Extensions and discoveries 459 1,361 6 2,790 305 34 4,955 Purchases of minerals in place 6 –––––6 Sales of minerals in place (139) – – – (389) (17) (545) Production (1,303) (128) (541) (258) (555) (197) (2,982) At December 31 19,876 2,743 7,352 3,628 3,143 1,628 38,370 Group share of equity accounted investments At January 1 44 – 3,243 – 21 – 3,308 Revisions and reclassifications – – 106 – 9 – 115 Improved recovery 1–11–––12 Extensions and discoveries 1 –––––1 Purchases of minerals in place ––––––– Sales of minerals in place ––––––– Production (7) – (238) – (3) – (248) At December 31 39 – 3,122 – 27 – 3,188 Minority interests’ share of proved reserves of Group companies At December 31 – – 63 1,285 – 300 1,648

Proved developed reservesa US GAAP thousand million standard cubic feet 2003e Eastern Hemisphere Western Hemisphere Asia Middle East Europee Africab Pacificc Russia,CISd USA Other Total Group companies At January 1 11,472 735 3,405 574 2,311 1,464 19,961 At December 31 11,477 886 3,128 446 1,754 1,297 18,988 Group share of equity accounted investments At January 1 38 – 1,776 – 17 – 1,831 At December 31 34 – 1,825 – 22 – 1,881

Crude oil and natural gas liquids and oil equivalent of natural gas at December 31f US GAAP million barrels of oil equivalent 2003 Eastern Hemisphere Western Hemisphere Asia Middle East Europee Africab Pacificc Russia,CISd USA Other Total Proved developed and undeveloped reserves Group companies 4,626 1,852 1,570 1,828 1,089 660 11,625 Group share of equity accounted investments 9 – 842 86 418 – 1,355 Total 4,635 1,852 2,412 1,914 1,507 660 12,980

a These quantities have not been adjusted to standard heat content. b Excludes Egypt. c Excludes Sakhalin. d Middle East and former Soviet Union (Commonwealth of Independent States), which includes Caspian region, Egypt and Sakhalin. e In connection with the adoption of IFRS as of January 1, 2004, an entity in Europe that had previously been accounted for as a Group company on a proportionate basis, has been instead accounted for as an equity accounted investment. As a result of this change, some 13.2 trillion standard cubic feet of proved reserves that as of December 31, 2003 are shown for Group companies are, as of January 1, 2004, shown as part of the Group share of equity accounted investments. f 5,800 million cubic feet of natural gas = one million barrels of oil equivalent.

40 Royal Dutch Shell plc 50040 Shell 5 Year_34_45.qxd 30/5/06 11:45 am Page 41

US GAAP thousand million standard cubic feet 2002 thousand million standard cubic feet 2001 Eastern Hemisphere Western Hemisphere Eastern Hemisphere Western Hemisphere Asia Middle East Asia Middle East Europe Africab Pacificc Russia,CISd USA Other Total Europe Africab Pacificc Russia,CISd USA Other Total

22,022 1,780 9,031 1,777 3,663 2,257 40,530 22,339 1,786 7,999 2,054 3,399 2,313 39,890 (110) 1 (680) (282) 162 (123) (1,032) 815 (47) 175 (73) 114 13 997 6 – 150 – 20 – 176 (9) – 266 – – – 257 29 – 126 – 410 9 574 214 121 8 95 385 132 955 673 – – – 208 12 893 – – 1,095 – 355 9 1,459 (5) – (212) – (10) – (227) – – – – (9) (8) (17) (1,331) (89) (553) (377) (611) (196) (3,157) (1,337) (80) (512) (299) (581) (202) (3,011) 21,284 1,692 7,862 1,118 3,842 1,959 37,757 22,022 1,780 9,031 1,777 3,663 2,257 40,530

48 – 2,943 – 15 – 3,006 56 – 3,272 – 86 – 3,414 1 – 434 – 7 – 442 (5) – 62 – (29) – 28 ––8–––8 ––17–––17 3–80–1–84 4– 2–––6 ––––––– –– ––––– ––––––– ––(181) – (40) – (221) (8) – (222) – (2) – (232) (7) – (229) – (2) – (238) 44 – 3,243 – 21 – 3,308 48 – 2,943 – 15 – 3,006

– – 61 59 – 342 462 – – 77 153 – 401 631

11,880 668 3,635 1,097 2,363 1,754 21,397 12,613 713 2,795 1,382 2,347 1,673 21,523 11,472 735 3,405 574 2,311 1,464 19,961 11,880 668 3,635 1,097 2,363 1,754 21,397

41 – 1,759 – 11 – 1,811 53 – 1,809 – 66 – 1,928 38 – 1,776 – 17 – 1,831 41 – 1,759 – 11 – 1,811

US GAAP million barrels of oil equivalent 2002 million barrels of oil equivalent 2001 Eastern Hemisphere Western Hemisphere Eastern Hemisphere Western Hemisphere Asia Middle East Asia Middle East Europe Africab Pacificc Russia,CISd USA Other Total Europe Africab Pacificc Russia,CISd USA Other Total

5,047 1,741 1,678 1,639 1,379 808 12,292 4,810 1,615 1,983 1,983 1,304 893 12,588 10 – 884 118 417 – 1,429 9 – 814 – 359 – 1,182 5,057 1,741 2,562 1,757 1,796 808 13,721 4,819 1,615 2,797 1,983 1,663 893 13,770

Oil and gas reserves 41 50040 Shell 5 Year_34_45.qxd 30/5/06 11:45 am Page 42

OIL AND GAS

Earnings from oil and gas exploration and production activitiesa IFRS $ million 2005 Eastern Hemisphere Western Hemisphere Middle East Asia Russia, Oil Europe Africa Pacific CIS USA Other Total sands Total Group companies Revenueb third parties 3,399 (314) 1,367 2,176 2,850 1,458 10,936 614 11,550 intra-Group 9,869 7,503 1,608 6,193 5,050 1,356 31,579 1,357 32,936 13,268 7,189 2,975 8,369 7,900 2,814 42,515 1,971 44,486 Production costsc,d 2,245 1,971 674 857 1,040 562 7,349 470 7,819 Exploration expense 213 193 56 72 378 246 1,158 – 1,158 Depreciation, depletion and amortisation 3,888 844 692 508 1,629 820 8,381 181 8,562 Other income/(costs) (413) 84 254 (762) (346) (456) (1,639) (315) (1,954) Earnings before tax 6,509 4,265 1,807 6,170 4,507 730 23,988 1,005 24,993 Taxation 3,767 3,526 473 4,988 1,533 236 14,523 344 14,867 Earnings from continuing operations 2,742 739 1,334 1,182 2,974 494 9,465 661 10,126 Earnings from discontinued operations –––– ––––– Earnings after taxation 2,742 739 1,334 1,182 2,974 494 9,465 661 10,126 e $ per barrel Revenueb 40.68 44.93 20.60 65.72 49.94 46.64 43.54 56.84 44.00 Production costsc,d 6.88 12.32 4.67 6.73 6.57 9.32 7.53 13.55 7.73 Exploration expense 0.65 1.21 0.39 0.57 2.39 4.08 1.19 – 1.15 Depreciation, depletion and amortisation 11.92 5.27 4.79 3.99 10.30 13.59 8.58 5.22 8.47 Other income/(costs) (1.27) 0.52 1.76 (5.98) (2.19) (7.56) (1.68) (9.08) (1.93) Earnings before tax 19.96 26.65 12.51 48.45 28.49 12.09 24.56 28.99 24.72 Taxation 11.55 22.04 3.28 39.17 9.69 3.91 14.87 9.92 14.70 Earnings after taxation 8.41 4.61 9.23 9.28 18.80 8.18 9.69 19.07 10.02 Earnings from oil and gas exploration and production activitiesa US GAAP $ million 2003 Eastern Hemisphere Western Hemisphere Middle East Asia Russia, Oil Europe Africa Pacific CIS USA Other Total sands Total Group companies Revenueb third parties 5,386 129 808 1,640 1,903 1,115 10,981 288 11,269 intra-Group 5,873 3,888 1,179 3,713 4,480 713 19,846 398 20,244 11,259 4,017 1,987 5,353 6,383 1,828 30,827 686 31,513 Production costsc,d 1,886 1,087 419 1,408 603 366 5,769 262 6,031 Exploration expense 229 235 112 121 275 144 1,116 – 1,116 Depreciation, depletion and amortisation 3,723 462 539 585 1,667 681 7,657 120 7,777 Other income/(costs) (512) (187) 238 (443) 30 (240) (1,114) (434) (1,548) Earnings before tax 4,909 2,046 1,155 2,796 3,868 397 15,171 (130) 15,041 Taxation 1,686 1,437 217 2,239 1,497 204 7,280 (29) 7,251 Earnings from continuing operations 3,223 609 938 557 2,371 193 7,891 (101) 7,790 Earnings from discontinued operations – (16) 68 26 – – 78 – 78 Earnings from operations 3,223 593 1,006 583 2,371 193 7,969 (101) 7,868 $ per barrele Revenueb 23.96 25.92 13.25 23.79 30.99 25.75 24.14 45.73 24.39 Production costsc,d 4.01 7.01 2.79 6.26 2.93 5.15 4.52 17.47 4.67 Exploration expense 0.49 1.52 0.75 0.54 1.33 2.03 0.87 – 0.86 Depreciation, depletion and amortisation 7.92 2.98 3.59 2.60 8.09 9.59 6.00 8.00 6.02 Other income/(costs) (1.09) (1.21) 1.59 (1.97) 0.15 (3.38) (0.87) (28.93) (1.20) Earnings before tax 10.45 13.20 7.71 12.42 18.79 5.60 11.88 (8.67) 11.64 Taxation 3.59 9.27 1.46 9.94 7.28 2.88 5.70 (1.94) 5.61 Earnings from operations 6.86 3.93 6.25 2.48 11.51 2.72 6.18 (6.73) 6.03 a Excludes certain financing costs and related tax effects. b Certain purchases of traded product are netted into sales. c Production costs exclude additional taxes levied on oil and gas production, which are included under taxation. d No adjustments are made for government share of volumes in production sharing contracts. Including such adjustments the sum of unit production costs and unit depreciation, depletion and amortisation for 2004 would be reduced by approximately $1.02/boe. e Based on related oil and gas quantities produced, including natural gas liquids, with gas converted to crude oil equivalent.

42 Royal Dutch Shell plc 50040 Shell 5 Year_34_45.qxd 30/5/06 11:45 am Page 43

IFRS $ million 2004 Eastern Hemisphere Western Hemisphere Middle East Asia Russia, Oil Europe Africa Pacific CIS USA Other Total sands Total

3,440 (187) 958 1,849 2,063 1,277 9,400 479 9,879 7,117 5,616 1,517 4,616 4,754 1,187 24,807 843 25,650 10,557 5,429 2,475 6,465 6,817 2,464 34,207 1,322 35,529 1,799 1,548 541 1,332 767 510 6,497 313 6,810 145 157 134 103 352 211 1,102 – 1,102 3,501 699 570 802 1,625 600 7,797 155 7,952 (1,201) 196 479 (805) (319) (333) (1,983) (442) (2,425) 3,911 3,221 1,709 3,423 3,754 810 16,828 412 17,240 2,686 2,448 351 2,795 1,302 187 9,769 111 9,880 1,225 773 1,358 628 2,452 623 7,059 301 7,360 –––– ––––– 1,225 773 1,358 628 2,452 623 7,059 301 7,360 $ per barrele 31.14 31.94 17.93 29.93 37.25 34.70 30.62 45.15 31.00 5.31 9.11 3.92 6.17 4.19 7.18 5.82 10.69 5.94 0.43 0.92 0.97 0.48 1.92 2.97 0.99 – 0.96 10.33 4.11 4.13 3.71 8.88 8.45 6.98 5.29 6.94 (3.54) 1.15 3.47 (3.73) (1.74) (4.69) (1.78) (15.10) (2.12) 11.53 18.95 12.38 15.84 20.52 11.41 15.05 14.07 15.04 7.92 14.40 2.54 12.94 7.11 2.63 8.75 3.79 8.62 3.61 4.55 9.84 2.90 13.41 8.78 6.30 10.28 6.42

US GAAP $ million $ million 2002 2001 Eastern Hemisphere Western Hemisphere Eastern Hemisphere Western Hemisphere Middle Middle East East Asia Russia, Oil Asia Russia, Oil Europe Africa Pacific CIS USA Other Total sands Total Europe Africa Pacific CIS USA Other Total sands Total

5,472 73 763 1,772 1,997 892 10,969 2 10,971 4,971 98 803 1,359 2,771 836 10,838 – 10,838 4,572 2,538 1,186 3,087 2,863 433 14,679 – 14,679 3,723 2,759 1,171 3,201 2,306 630 13,790 – 13,790 10,044 2,611 1,949 4,859 4,860 1,325 25,648 2 25,650 8,694 2,857 1,974 4,560 5,077 1,466 24,628 – 24,628 1,826 754 420 1,275 589 298 5,162 2 5,164 1,275 820 350 1,115 496 268 4,324 – 4,324 177 204 58 81 249 208 977 – 977 98 95 73 121 289 143 819 – 819 2,469 458 572 777 1,461 265 6,002 1 6,003 1,452 398 455 503 1,116 287 4,211 – 4,211 (428) (97) 160 (654) (221) (219) (1,459) – (1,459) (274) (30) (44) (390) (261) (242) (1,241) – (1,241) 5,144 1,098 1,059 2,072 2,340 335 12,048 (1) 12,047 5,595 1,514 1,052 2,431 2,915 526 14,033 – 14,033 2,340 789 294 1,638 791 93 5,945 2 5,947 2,454 1,026 403 1,849 1,028 185 6,945 – 6,945 2,804 309 765 434 1,549 242 6,103 (3) 6,100 3,141 488 649 582 1,887 341 7,088 – 7,088 – (15) 70 30 – – 85 – 85 – (15) 69 13 – – 67 – 67 2,804 294 835 464 1,549 242 6,188 (3) 6,185 3,141 473 718 595 1,887 341 7,155 – 7,155 $ per barrele $ per barrele 20.77 22.24 11.86 19.05 21.57 20.08 19.55 – 19.55 20.22 21.32 12.49 20.09 24.41 20.94 20.07 – 20.07 3.78 6.42 2.56 5.00 2.61 4.52 3.94 – 3.94 2.97 6.12 2.22 4.91 2.38 3.83 3.52 – 3.52 0.37 1.74 0.35 0.32 1.10 3.15 0.74 – 0.74 0.23 0.71 0.46 0.53 1.39 2.04 0.67 – 0.67 5.11 3.90 3.48 3.05 6.48 4.02 4.58 – 4.58 3.38 2.97 2.88 2.22 5.37 4.10 3.43 – 3.43 (0.89) (0.83) 0.97 (2.56) (0.98) (3.32) (1.11) – (1.11) (0.64) (0.22) (0.28) (1.72) (1.25) (3.46) (1.01) – (1.01) 10.62 9.35 6.44 8.12 10.40 5.07 9.18 – 9.18 13.00 11.30 6.65 10.71 14.02 7.51 11.44 – 11.44 4.82 6.72 1.78 6.42 3.53 1.40 4.53 – 4.53 5.70 7.66 2.54 8.15 4.95 2.64 5.66 – 5.66 5.80 2.63 4.66 1.70 6.87 3.67 4.65 – 4.65 7.30 3.64 4.11 2.56 9.07 4.87 5.78 – 5.78

Exploration & Production 43 50040 Shell 5 Year_34_45.qxd 30/5/06 11:45 am Page 44

Crude oil and natural gas liquids productiona Natural gas production available for salef IFRS US GAAP IFRS US GAAP thousand barrels/day million standard cubic feet/day 2005 2004 2003 2002b 2001 2005 2004 2003 2002b 2001 Europe Europe UK 250 275 354 402 311 UK 925 984 1,002 1,148 1,196 The Netherlands 7 88910The Netherlands 1,562 1,667 1,527 1,527 1,555 Denmark 143 142 141 140 130 Denmark 410 383 302 313 309 Norway 107 129 143 131 89 Norway 298 260 287 242 176 Germany 4 555 6Germany 428 411 437 408 428 Italy 30 21 19 – – Italy 25 16 14 7 – Others –c –c 19 1Others 11 18 18 22 20 541 580 671 696 547 3,659 3,739 3,587 3,667 3,684 Other Eastern Hemisphere Other Eastern Hemisphere Africa Africa Nigeria 324 349 314 215 250 Nigeria 377 375 352 244 219 Gabon 36 35 35 46 56 Gabong – ––– – Cameroon 13 15 16 17 19 Cameroong – ––– – Others – ––2 3Othersg – ––– – 373 399 365 280 328 377 375 352 244 219 Asia Pacific Asia Pacific Malaysia 41 47 51 59 60 Malaysia 858 739 706 664 580 Brunei 95 98 103 101 97 Brunei 544 554 549 508 491 Australia 53 60 73 92 99 Australia 525 436 403 373 379 New Zealand 15 15 19 29 30 New Zealand 234 258 288 461 470 Others 4 335 –Others 164 145 151 78 66 China 20 20 22 24 23 Chinag – ––– – Thailand – –1415 16Thailand – –3941 42 228 243 285 325 325 2,325 2,132 2,136 2,125 2,028 Middle East Middle East Oman 214 246 269 319 327 Oman – 471 468 786 553 Abu Dhabi 134 133 126 100 94 Abu Dhabig – ––– – Egypt 14 10 11 11 14 Egypt 238 211 228 232 248 Syria 36 35 44 49 48 Syria 15 91116 18 Russia 35 32 30 33 23 Russiag – ––– – Others 10 15 17 13 – Othersg – ––– – 443 471 497 525 506 253 691 707 1,034 819 Total Other Eastern Total Other Eastern Hemisphere 1,044 1,113 1,147 1,130 1,159 Hemisphere 2,955 3,198 3,195 3,403 3,066 USA 333 375 414 442 411 USA 1,150 1,332 1,527 1,679 1,598 Other Western Hemisphere Other Western Hemisphere Canada 39 40 44 43 47 Canada 413 449 466 473 507 Brazil 26 43 11 2 2 Brazil 43 48 39 39 33 Venezuela 14 22 46 46 44 Venezuelag – ––– – Others 1 –c –c –1Others 43 42 35 25 14 80 105 101 91 94 499 539 540 537 554 Total crude oil production Total natural gas excluding oil sands 1,998 2,173 2,333 2,359 2,211 production 8,263 8,808 8,849 9,286 8,902 Oil sands 95 80 46 – – Oil sandsg – ––– – Total 2,093 2,253 2,379 2,359 2,211 Total 8,263 8,808 8,849 9,286 8,902 million tonnes a year Metric equivalent 105 113 119 118 111 a Of Group companies, plus Group share of equity accounted investments, and including natural gas liquids (Group share of equity accounted investments is assumed to be equivalent to Group interest). Royalty purchases are excluded. In those countries where production-sharing contracts operate, the figures shown represent the entitlements of the Group companies concerned under those contracts. b The acquisition of Enterprise Oil contributed some 180,000 boe per day to 2002 total hydrocarbon production (nine months of production averaged over the full year). Production came mainly from assets in the UK and Norway. c Less than 1,000 barrels daily. d Exceptionally, the minority interest is deducted in respect of production volumes given for Petroleum Development Oman. e Egypt was previously included in Africa. f By country of origin from gas produced by Group and associated companies (Group share). In those countries where production-sharing contacts operate, the figures shown represent the entitlements of the Group companies concerned under those contracts. g No natural gas production.

44 Royal Dutch Shell plc 50040 Shell 5 Year_34_45.qxd 30/5/06 11:45 am Page 45

Total productiona Processingb IFRS US GAAP Natural gas processing plants thousand barrels oil equivalent/day Location, Group interest in plantsc and capacity (at December 31, 2005) 2005 2004 2003 2002 2001 Group interest 100% capacity million % cubic feet daily d Europe UK 410 445 527 600 517 Europe The Netherlands 276 295 272 273 278 Norway Kårstøe 4 3,108 Denmark 214 208 193 194 183 Kollsnes 8 4,414 Norway 158 174 193 173 120 UK Bacton, Norfolk 50 3,016 Germany 78 75 80 75 80 Mossmorran, Fifef 50 g Italy 34 24 22 9 – St Fergus, Aberdeenshire 50 1,162 Others 2 3344Asia Pacific e 1,172 1,224 1,290 1,328 1,182 Australia Karratha 22 2,200 New Zealand Oaonuie 83 465 Other Eastern Hemisphere Africa Middle East Nigeria 389 414 375 257 288 Abu Dhabi Asab 15 306 Gabon 36 35 35 46 56 Bab 15 150 Cameroon 13 15 16 17 19 Bu Hasa 15 512 Others – ––23 Ruwaisf 15 g 438 464 426 322 366 USA Alabama Yellowhammer 64 200 Asia Pacific Malaysia 189 175 173 174 160 Canada Brunei 189 193 198 189 182 Alberta Burnt Timber 64 95 Australia 144 135 142 157 164 Caroline 56 129 New Zealand 55 60 68 108 111 Jumping Poundf 78 151 Others 32 28 29 18 12 Watertonf 78 165 China 20 20 22 24 23 Wildcat Hills 27 113 Thailand – –212223Nova Scotia Goldboro 24 565

629 611 653 692 675 b Plants with capacities of at least 100 million cubic feet daily of natural gas, and excluding basic Middle East separation units. c Percentage rounded to nearest whole percentage point where appropriate. Oman 214 327 350 454 422 d One million cubic feet is approximately equivalent to 26,700 cubic metres. Abu Dhabi 134 133 126 100 94 e Landed gas capacity for LNG, domestic gas and LPG processing. Egypt 55 46 51 51 57 f Plants with fractionation facilities. Syria 39 37 46 52 51 g Fractionation plants processing NGL feedstocks only. Russia 35 32 30 33 23 Others 10 15 16 13 – Group share of equity accounted investments exploration and production 487 590 619 703 647 earnings Total Other Eastern IFRSi US GAAPh Hemisphere 1,554 1,665 1,698 1,717 1,688 $ million USA 531 605 677 731 686 2005 2004 2003 2002 2001 Other Western Hemisphere Earnings before taxation 7,890 4,695 1,857 1,316 1,551 Canada 110 117 124 125 134 Taxation 3,778 2,232 1,057 775 793 Brazil 34 51 18 8 7 Earnings from operations 4,112 2,463 800 541 758 Venezuela 14 22 46 46 44 Others 8 8655h Excludes certain financing costs and related tax effects. 166 198 194 184 190 i In connection with the adoption of IFRS as of January 1, 2004, an entity that had previously been accounted for as a Group company on a proportionate basis, has been instead accounted for as Total production an equity accounted investment. excluding oil sands 3,423 3,692 3,859 3,960 3,746 Oil sands 95 80 46 – – Total 3,518 3,772 3,905 3,960 3,746 million tonnes a year Metric equivalent 176 189 195 198 187

a 5,800 million cubic feet of natural gas = one million barrels of oil equivalent.

Exploration & Production 45 50040 Shell 5 Year_46_47.qxd 25/5/06 1:37 pm Page 46

GAS & POWER

> Gas & Power liquefies and transports IFRS natural gas, and develops natural gas $ million 2005 2004 markets and related infrastructure. Revenue (including inter-segment sales) 15,624 10,835 The business also markets and trades Purchases (including change in inventories) (12,855) (8,680) natural gas and electricity, and Depreciation (290) (903) converts natural gas to liquids to Operating expenses (2,087) (1,452) provide clean fuels. Share of profit of equity accounted investments 999 1,142 Other income/(expense) 223 733 > We expect our LNG capacity to grow Taxation (41) 140 an annual average of 14% across Segment earnings 1,573 1,815 2004-2009. > A number of new opportunities are Capital investment 1,602 1,633 also emerging for application of Shell Capital employed 14,198 11,941 proprietary coal gasification process. average numbers in thousands > Gas & Power operates in some 30 Employees 2 2 countries and territories around the world. US GAAP $ million 2003 2002 2001 Revenue (including inter-segment sales) 8,227 4,874 6,652 Purchases (including change in inventories) (6,460) (3,754) (5,207) Depreciation (116) (116) (106) Operating expenses (1,141) (915) (821) Share of operating profit of associated companies 871 729 919 Other income/(expense) 1,343 124 130 Taxation (454)(195)(368) Segment earnings from continuing operations 2,270 747 1,199 Income from discontinued operations, net of tax 19 27 27 Segment earnings 2,289 774 1,226

Capital investment 1,511 953 963 Capital employed 12,166 7,650 7,410

average numbers in thousands Employees 222

46 Royal Dutch Shell plc 50040 Shell 5 Year_46_47.qxd 25/5/06 1:38 pm Page 47

Canada Europe Middle East Denmark Oman USA Germany Qatar Latin America Greece Commonwealth of Bolivia Italy Independent States Brazil The Netherlands Russia Mexico Norway Spain Asia Pacific Turkey Australia UK Brunei China Africa India Algeria Japan Egypt Korea Ghana Malaysia Libya Nigeria

Countries in which Gas & Power operate

Liquefied natural gas (LNG) sales volumes million tonnes 2005 2004 2003 2002 2001 Australia 2.6 2.0 1.8 1.7 1.7 Nigeria 2.3 2.4 2.1 1.5 1.5 Oman 2.1 2.1 2.1 1.9 1.7 Malaysia 2.0 1.9 1.5 2.3 2.3 Brunei 1.7 1.8 1.8 1.7 1.7 Total 10.7 10.2 9.3 9.1 8.9

Processing (at December 31, 2005) LNG plants Group 100% capacity a interest million tonnes b Location % per year Australia NWS Karratha 22 11.7 Nigeria Bonny 26 13.6 Oman Sur 30 6.6 Oman (Qalhat) Sur 11 3.7 Malaysia (Dua and Tiga) Bintulu 15 14.6 Brunei Lumut 25 7.2

GTL plant (at December 31, 2005)

a b Group interest % 100% capacity bbl/day Malaysia Bintulu 72 14,700

a Percentage rounded to nearest whole percentage point where appropriate. b As reported by the joint ventures (excluding the impact of Train 4 debottlenecking in Australia).

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48 Royal Dutch Shell plc 50040 Shell 5 Year_48_53.qxd 25/5/06 1:44 pm Page 49

OIL PRODUCTS

> Oil Products businesses engage in IFRS refining crude oil into a range of $ million 2005 2004 products including fuels, lubricants Revenue (including inter-segment sales) 253,853 222,348 and petrochemicals, and marketing of Purchases (including change in inventories) (223,482) (195,270) the refined products. Depreciation (2,622) (3,357) > The Oil Products business operates the Operating expenses (16,141) (15,022) world’s largest fuel retail network with Share of profit of equity accounted investments 1,713 1,277 Other income/(expense) 69 61 some 45,000 service stations. Taxation (3,408) (2,440) > Oil Products operates in more than Segment earnings 9,982 7,597 140 countries and territories around the world. Capital investment 2,844 2,823 Capital employed 34,262 33,637

thousand barrels/day Product volumes 7,057 7,600

average numbers in thousands Employees 71 78

US GAAP $ million 2003 2002 2001 Revenue (including inter-segment sales) 162,491 135,761 92,970 Purchases (including change in inventories) (142,432) (118,446) (80,447) Depreciation (2,717) (2,262) (1,617) Operating expenses (14,167) (12,044) (8,490) Share of operating profit of associated companies 910 554 234 Other income/(expense) (62) (57) (61) Taxation (1,202) (1,021) (670) Segment earnings from continuing operations 2,821 2,485 1,919 Income from discontinued operations, net of tax 39 142 51 Segment earnings 2,860 2,627 1,970

Capital investment 2,405 7,968 1,527 Capital employed 35,295 32,056 22,074

thousand barrels/day Product volumes 7,445 7,399 6,143

average numbers in thousands Employees 82 75 58

Oil Products 49 50040 Shell 5 Year_48_53.qxd 25/5/06 1:44 pm Page 50

Canada The Caribbean France Bahamas Germany USA Barbados Gibraltar Latin America Bermuda Greece Argentina British Antilles Hungary Belize Dominican Republic Iceland Bolivia French Antilles & Republic of Ireland Brazil Guiana Italy Chile Grenada Latvia Colombia Haiti Lithuania Costa Rica Jamaica Luxembourg Ecuador Netherlands Antilles The Netherlands El Salvador Puerto Rico Norway Guatemala St. Kitts & Nevis Poland Guyana St. Lucia Portugal Honduras St. Vincent Romania Mexico Trinidad & Tobago Serbia and Nicaragua Montenegro Europe Panama Slovakia Austria Paraguay Slovenia Belgium Peru Spain Bulgaria Surinam Sweden Croatia Uruguay Switzerland Czech Republic Venezuela Turkey Denmark Ukraine Estonia UK Finland Countries in which Oil Products operate

REFININGa Cost of crude oil processed or consumed Refinery processing intakeg (including upstream margin on crude supplied by Group and equity accounted investments in exploration & production) IFRS US GAAP c,d IFRS US GAAP thousand barrels/calendar day $ per barrel 2005 2004 2003 2002 2001 2005 2004 2003 2002 2001 Crude oil 3,722 3,946 3,949 3,881 3,227 48.24 37.22 26.75 24.35 23.56 Feedstocks 259 216 218 203 173 3,981 4,162 4,167 4,084 3,400 b Operable crude oil distillation capacity Europe 1,804 1,770 1,776 1,761 1,358 IFRS US GAAP Other Eastern thousand barrels/calendar dayc,d Hemisphere 849 962 956 941 1,018 2005 2004 2003 2002 2001 USA 953 1,055 1,079 1,064 663 Europe 1,822 1,835 1,808 1,809 1,400 Other Western Other Eastern Hemisphere 375 375 356 318 361 Hemisphere 899 1,050 1,072 1,108 1,155 3,981 4,162 4,167 4,084 3,400 USA 955 1,032 1,073 1,075 689 million tonnes a year Other Western Metric equivalent 195 204 204 201 166 Hemisphere 350 350 361 395 398 4,026 4,267 4,314 4,387 3,642 Refinery processing outturnh IFRS US GAAP e Crude oil processed thousand barrels/calendar dayd IFRS US GAAP 2005 2004 2003 2002 2001 thousand barrels/calendar dayc,d Gasolines 1,492 1,542 1,575 1,537 1,242 2005 2004 2003 2002 2001 Kerosines 382 424 418 400 369 Europe 1,701 1,687 1,712 1,701 1,309 Gas/Diesel oils 1,256 1,297 1,312 1,287 1,068 Other Eastern Fuel oil 391 414 378 355 339 Hemisphere 802 942 916 870 933 Other products 567 557 550 546 417 USA 855 950 974 996 624 4,088 4,234 4,233 4,125 3,435 Other Western Hemisphere 364 364 347 314 361 a The basis for reporting from 2002 has been changed to reflect only those activities relating to the 3,722 3,943 3,949 3,881 3,227 Oil Products business; previously the volumes of the Mobil refinery in Alabama, a refinery owned by Chemicals, was included within the US volumes. The 2001 figures have been restated on a Group share of similar basis. Furthermore, from 2002 the US reported volumes include 100% of Shell Oil Products equity accounted US and 50% of Motiva; the 2001 figures have been restated in accordance with the ownership invetments 455 451 515 473 480 interests prevailing at that time. b Group average operating capacity for the year and excluding mothballed capacity. Crude oil distillation unit intake as percentage of operable capacityf c One barrel per day is equivalent to approximately 50 tonnes a year, depending on the specific gravity of the crude oil. IFRS US GAAP d The calendar day capacity is the actual barrels processed during the year (maximum sustainable % rate x utilisation) divided by the number of days in the year. e Including natural gas liquids; includes processing for others and excludes processing by others. 2005 2004 2003 2002 2001 f Including crude oil and feedstocks processed in crude oil distillation units, and based on calendar-- Europe 97 94 96 94 95 day capacities. Other Eastern g Including crude oil and natural gas liquids plus feedstocks processed in crude oil distillation units Hemisphere 92 91 89 84 90 and in secondary conversion units. h Excluding “own use” and products acquired for blending purposes. USA 88 91 89 91 91 Other Western Hemisphere 91 93 90 86 91 Worldwide 93 92 92 90 92

50 Royal Dutch Shell plc 50040 Shell 5 Year_48_53.qxd 25/5/06 1:44 pm Page 51

Africa Rwanda Cambodia Algeria Senegal China (including Benin South Africa Hong Kong) Botswana Sudan Cook Islands Burkina Faso Swaziland Fiji Cameroon Tanzania Guam Cape Verde Islands Togo India Congo Tunisia Indonesia Cote d’Ivoire Uganda Japan Democratic Republic Zimbabwe Laos of Congo Malaysia thousand barrels/calendar day Middle East Djibouti Mauritius Iran Group Capacity 100%* Egypt New Caledonia Jordan Refinery interest Eritrea New Zealand location % A B C D Oman Ethiopia Pakistan Saudi Arabia Gabon Palau Other Eastern Hemisphere Syria The Gambia Papua New Guinea Africa United Arab Emirates Ghana Philippines Cameroon Cape Limboh 8 41––– Yemen Guinea Saipan Côte d’lvoire Abidjan 7 67 – – 14 Guinea-Bissau Commonwealth of Singapore Gabon Port Gentil 12 19 9 – – Kenya Independent States South Korea Kenya Mombasa 17 90––– La Réunion Azerbaijan Sri Lanka Lesotho Kazakhstan Tahiti Senegal Dakar 24 24––– Madagascar Russia Taiwan South Africa Durban 50 169 25 34 – Mali Turkmenistan Thailand Morocco Tonga Asia Pacific Middle East Mozambique Vanuatu Australia Saudi Arabia Al-Jubail 50 290 91 – 44 Namibia Vietnam Brunei Nigeria Asia Pacific Australia Clyde 100 78 – 35 – Geelong 100 92 – 36 – Japan Obgimachi a b,c,d Location, percentage of Group financial interest and capacity of refineries (Showa (at December 31, 2005) Kawasaki) 35 110––– thousand barrels/calendar day Mizue Group Capacity 100%* (Toa Kawasaki) 18 65 24 38 – Refinery interest Yamaguchi 13 110 – 25 – location % A B C D Yokkaichi 26 193 – 53 – Europe Malaysia Port Dickson 51 109 – 39 – Czech Republic Kralupy 16 62 – 24 – New Zealand Whangarei 17 98 – – 28 Litvinov 16 101 14 – 25 Pakistan Karachi 30 44––– Denmark Fredericia 100 68 40 – – Philippines Tabangao 67 102 29 – – France Berre-l’Etang 100 80 – 19 – Singapore Pulau Bukom 100 464 64 34 30 Petit- Couronne 100 141 11 22 – thousand barrels/calendar day Reichstett- Group Capacity 100%* Vendenheim 83 78 18 14 – Refinery interest Germany Harburg 100 93 14 16 – location % A B C D Heide 100 83 14 – 16 USA Miro 32 310 65 89 – California Martinez 100 158 48 71 40 Schwedt 38 220 47 50 – Wilmington 100 100 40 36 32 Rheinlande 100 327 50 – 79 Louisiana Convent 50 235 – 85 45 The Netherlands Pernis 90 403 45 49 80 Norco 50 220 21 105 32 Norway Mongstad 21 199 24 55 – Texas Deer Park 50 334 88 70 56 Sweden Gothenburg 100 80 31 – – Port Arthur 50 285 50 86 – UK Eastham 50 20–––Washington Puget Sound 100 149 26 58 – Stanlow 100 270 – 68 – Other Western Hemisphere Argentina Buenos Aires 100 100 19 20 – Canada Alberta Scotford 78 56 – – 58 Ontario Sarnia 78 71 5 18 8 Quebec Montreal East 78 121 15 27 13 Dominican Republic Haina 50 31––– El Salvador Acajutla 35 20–––

* Key A=Atmospheric distillation B=Thermal cracking/visbreaking/coking C=Catalytic cracking D=Hydrocracking a Percentage rounded to nearest whole percentage point where appropriate. b Regional totals of Group company refineries calculated from above list may differ from those reported on page 50 due to difference in capacity definitions. Daily signifies per calendar day. c Excludes the base lube oil manufacturing facility in Taiwan. d Excludes mothballed capacity. e Godorf and Wesseling have been combined to form Rheinland in 2005.

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OIL SALESa

e Product volumes Total oil sales volumese thousand barrels/day Oil products by geographical area 2005 2004 2003 2002 2001 thousand barrels/day Europe 2005 2004 2003 2002 2001 Gasolines 569 576 616 647 531 Europe Kerosines 223 220 194 190 164 Germany 771 772 785 789 454 Gas/Diesel oils 920 934 936 950 776 France 268 275 283 299 306 Fuel oil 196 179 184 177 174 UK and Republic Other products 185 203 207 209 207 of Ireland 323 311 313 317 319 2,093 2,112 2,137 2,173 1,852 The Netherlands 199 191 180 191 204 Other Eastern Hemisphereb,c Others 532 563 576 577 569 Gasolines 318 337 315 332 328 2,093 2,112 2,137 2,173 1,852 Kerosines 174 168 166 142 132 Other Eastern Hemisphere Gas/Diesel oils 470 511 489 476 460 Australia 222 215 190 194 203 Fuel oil 151 168 180 188 200 Others 1,010 1,105 1,098 1,093 1,055 Other products 119 136 138 149 138 1,232 1,320 1,288 1,287 1,258 1,232 1,320 1,288 1,287 1,258 USA 2,013 2,516 2,392 2,139 1,317 USA Gasolines 1,068 1,372 1,343 1,239 737 Other Western Hemisphere Kerosines 236 258 212 221 138 Canada 300 287 276 263 267 Gas/Diesel oils 368 430 430 401 266 Brazil 179 170 168 191 203 Fuel oil 107 209 189 105 65 Others 229 287 305 324 331 Other products 234 247 218 173 111 708 744 749 778 801 2,013 2,516 2,392 2,139 1,317 Export salesf 1,011 908 879 1,022 915 Other Western Hemisphere Total oil products 7,057 7,600 7,445 7,399 6,143 Gasolines 263 293 296 317 315 Crude oil 3,695 5,160 4,769 5,025 4,461 Kerosines 74 73 72 74 80 Total oil sales 10,752 12,760 12,214 12,424 10,604 Gas/Diesel oils 251 249 243 246 252 million tonnes a year Fuel oil 77 85 86 92 100 Other products 43 44 52 49 54 Metric equivalent 527 627 611 621 530 708 744 749 778 801 a Sales figures exclude deliveries to other companies under reciprocal purchase and sale arrangements which are in the nature of exchanges. Sales of condensate and natural gas Export salesd liquids are included. Gasolines 186 182 193 251 202 b In Iran, a Group entity has a 61.57% interest in a joint venture that operates a lubricant oil Kerosines 104 114 154 155 154 blending plant and sells lubricants in Iran. Gas/Diesel oils 287 274 213 222 194 c The Group operates in Sudan through The Shell Company of the Sudan (Shell Sudan), which is an Fuel oil 313 208 181 196 168 indirect wholly-owned subsidary of Royal Dutch Shell. Shell Sudan’s activities consists of the sale of Other products 121 130 138 198 197 fules and lubricants to retail and commercial customers. Shell Sudan also sold aviation fuels prior to the disposition of this activity in 2005. The Shell Group does not hold any oil or gas reserves 1,011 908 879 1,022 915 in Sudan. d Export sales as percentage of total oil products sales amount to 14.3% in 2005, 11.9% in 2004, Total product sales 11.8% in 2003, 13.8% in 2002 and 14.9% in 2001. Gasolines 2,404 2,760 2,763 2,786 2,113 e By country of destination, except where the ultimate destination is not known at the time of sale, Kerosines 811 833 798 782 668 in which case the sales are shown as export sales. Gas/Diesel oils 2,296 2,398 2,311 2,295 1,948 f Export sales as a percentage of total oil sales volumes amount to 9.4% in 2005, 7.1% in 2004, Fuel oil 844 849 820 758 707 7.2% in 2003, 8.2% in 2002 and 8.6% in 2001. Other products 702 760 753 778 707 7,057 7,600 7,445 7,399 6,143

Sales by product as percentage of total product sales % 2005 2004 2003 2002 2001 Gasolines 34.1 36.3 37.1 37.7 34.4 Kerosines 11.5 10.9 10.7 10.6 10.9 Gas/Diesel oils 32.5 31.6 31.1 31.0 31.7 Fuel oil 12.0 11.2 11.0 10.2 11.5 Other products 9.9 10.0 10.1 10.5 11.5 100.0 100.0 100.0 100.0 100.0

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OIL SALESa

Revenue Average product revenue IFRS US GAAP IFRS US GAAP $ million $ per barrel 2005 2004 2003 2002 2001 2005 2004 2003 2002 2001 by product by product Gasolines 62,189 55,594 44,830 38,861 30,455 Gasolines 70.88 55.03 44.46 38.22 39.50 Kerosines 21,775 16,308 10,826 9,170 8,710 Kerosines 73.52 53.52 37.18 32.12 35.70 Gas/Diesel oils 63,357 48,304 35,344 28,077 25,735 Gas/Diesel oils 75.61 55.04 41.90 33.52 36.19 Fuel oil 13,218 9,688 8,424 6,591 5,900 Fuel oil 42.91 31.17 28.14 23.82 22.85 Other products 17,505 15,279 13,834 11,420 9,845 Other products 68.29 54.95 50.30 40.21 38.14 Total oil products 178,044 145,173 113,258 94,119 80,645 Total oil products 69.12 52.19 41.68 34.85 35.96

by geographical area by geographical area Europe 55,968 44,010 35,618 30,228 25,077 Europe 73.21 56.93 45.67 38.11 37.09 Other Eastern Other Eastern Hemisphere 31,705 25,725 19,957 16,801 17,371 Hemisphere 70.52 53.30 42.45 35.77 37.83 USA 49,574 46,500 34,533 26,200 17,199 USA 67.48 50.48 39.56 33.55 35.78 Other Western Other Western Hemisphere 19,957 15,116 12,751 10,836 12,118 Hemisphere 77.28 55.51 46.64 38.18 41.47 Export sales 20,840 13,822 10,399 10,054 8,880 Export sales 56.48 41.57 32.41 26.95 26.59 Total oil products 178,044 145,173 113,258 94,119 80,645 Total oil products 69.12 52.19 41.68 34.85 35.96

SHIPPING Oil tankersa (at December 31) number of ships million deadweight tonnes 2005 2004 2003 2002 2001 2005 2004 2003 2002 2001 Owned/demise-hired VLCCs (very large crude carriers over 160,000 dwt) 4 57771.2 1.5 2.1 2.1 2.1 Large range (45,000 to 160,000 dwt) 13 11 13 16 16 0.8 0.7 0.9 1.3 1.3 Medium range (25,000 to 45,000 dwt) 5 55560.2 0.2 0.2 0.2 0.2 General purpose (10,000 to 25,000 dwt) /Specialist) 5 23220.1 0.1 0.1 0.1 0.1 27 23 28 30 31 2.3 2.5 3.3 3.7 3.7 Time-charteredbc VLCCs (very large crude carriers over 160,000 dwt) 1 111–0.3 0.3 0.3 0.3 – Large range (45,000 to 160,000 dwt) 18 19 15 18 17 1.6 1.7 1.3 1.5 1.5 Medium range (25,000 to 45,000 dwt) 14 81315 70.5 0.3 0.5 0.6 0.3 General purpose (10,000 to 25,000 dwt) /Specialist) 13 12 10 6 7 0.3 0.2 0.2 0.1 0.1 46 40 39 40 31 2.7 2.5 2.3 2.5 1.9 Total oil tankers 73 63 67 70 62 5.0 5.0 5.6 6.2 5.6 Owned/demise-hired under construction or on order (oil)d 1 3–––0.1 0.3–––

Gas carriersa (at December 31) number of ships thousand cubic metres 2005 2004 2003 2002 2001 2005 2004 2003 2002 2001 Owned/demise-hired (LNG)e 6 6542797 797 662 522 253 Time-chartered (LNG)e 1 1–––145 145––– Owned/demise-hired (LPG) 0 11110 60 59 59 59 Time-chartered (LPG) 2 2232136 136 136 145 113 Total gas carriers 9 10 8 8 5 1,078 1,138 857 726 425 Owned/demise-hired under construction or on order (LNG)d – –124– – 135 277 556

a Oil tankers, ocean going articulated tug barges and gas carriers of 10 kdwt and above which are owned/chartered by Group companies where the Group equity shareholding is at least 50%. b Time-chartered oil tankers include Consecutive Voyage Charters. c Contracts of affreightment are not included. d Owned/demise hired newbuilding contracts not in service but due for delivery post December 31, 2005. e LNG carriers reported in Gas & Power sector.

Oil Products 53 50040 Shell 5 Year_54-56.qxd 26/5/06 7:16 am Page 54

CHEMICALS

> Chemicals produce and sell IFRS petrochemicals to industrial customers $ million 2005 2004 globally. The products are widely Revenue (including inter-segment sales) 34,996 29,497 used in plastics, coating and Purchases (including change in inventories) (29,565) (24,362) detergents, which in turn are used in Depreciation (599) (695) items such as textiles, medical Operating expenses (3,613) (3,205) supplies and computers. Share of profit of equity accounted investments 423 437 > Chemicals operate in some 36 Other income/(expense) (9) (25) Taxation (335) (300) countries and territories around the Segment earnings from continuing operations 1,298 1,347 world. Income/(loss) from discontinued operations (307) (199) Segment earnings 991 1,148

Capital investment 599 868 Capital employed 8,522 10,925

thousand tonnes Sales volumes 22,826 24,160

average numbers in thousands Employees 8 8

US GAAP $ million 2003 2002 2001

Revenue (including inter-segment sales) 20,817 15,207 14,250 Purchases (including change in inventories) (16,952) (12,035) (11,041) Depreciation (678) (401) (404) Other cost of sales (2,234) (1,518) (1,866) Operating expenses (1,065) (815) (973) Share of operating profit of equity accounted investments (165) 213 (27) Other income/(expense) (43) (13) (4) Taxation 111 (73) 192 Segment earnings (209) 565 127

Capital investment 599 998 760 Capital employed 10,430 9,506 8,579

thousand tonnes Sales volumes 23,108 21,393 18,878

average numbers in thousands Employees 999

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Canada Europe Asia Pacific Denmark Australia USA France China Latin America Germany Japan Argentina Greece Malaysia Brazil Italy New Zealand Chile The Netherlands Philippines Colombia Poland Singapore Mexico Spain South Korea Venezuela Switzerland Taiwan Turkey Thailand The Caribbean UK Vietnam Jamaica Puerto Rico Africa Kenya South Africa

Middle East Saudi Arabia United Arab Emirates

Countries in which Chemicals operate

Revenue by geographical areaa IFRS US GAAP $ million 2005 2004 2003 2002 2001 Europe 8,981 7,873 5,617 3,994 3,734 Other Eastern Hemisphere 4,640 4,530 3,092 2,324 1,642 USA 6,564 6,159 4,369 3,548 3,419 Other Western Hemisphere 735 616 486 379 283 Total chemical products net proceeds 20,920 19,178 13,564 10,245 9,078 Non-chemical products 2,998 2,311 1,622 1,245 1,538 23,918 21,489 15,186 11,490 10,616

Sales volumes by main product categoryb IFRS US GAAP thousand tonnes 2005 2004 2003 2002 2001 Base chemicals 13,710 14,184 13,165 10,031 8,760 First-line derivatives 8,891 9,499 9,779 9,595 8,849 Other 225 477 164 1,767 1,269 22,826 24,160 23,108 21,393 18,878

Sale volumes by regiona IFRS US GAAP thousand tonnes 2005 2004 2003 2002 2001 Europe 10,018 10,159 9,902 9,077 8,408 Other Eastern Hemisphere 5,252 5,526 5,397 4,672 3,732 USA 6,893 7,819 7,108 6,970 6,239 Other Western Hemisphere 663 656 701 674 499 22,826 24,160 23,108 21,393 18,878

Ethylene capacityc Group and equity accounted investments IFRS US GAAP 2005 2004 2003 2002 2001 Nominal capacity (thousand tonnes/year) 6,414 6,701 6,203 6,023 5,586 Capacity utilisation (%) 86 87 90 92 87

Chemicals 55 50040 Shell 5 Year_54-56.qxd 26/5/06 7:16 am Page 56

CHEMICALS

Manufacturing: location of principal plants and products (at December 31, 2005) Group Combined Group Combined interest capacity interest capacity Products* %d categorye Products* %d categorye Europe USA France Berre 1,2 100 Medium Alabama Mobile 1 100 Major Germany Godorf 1 100 Medium Louisiana Geismar 2 100 Major Heide 1 100 Medium Norco 1,3 100 Major Wesseling 1 100 Major Texas Deer Park 1,2,3 100 Major The Netherlands Moerdijk 2 100 Major Port Arthur 1 62 Medium Pernis 1,2 100 Major Other Western Hemisphere UK Carrington 2 100 Medium Canada FEP 1 50 Medium Alberta Scotford 2 100 Medium Stanlow 1,2,3 100 Major Ontario Sarnia 2,3 50–100 Medium Wilton 2 45–100 Medium Puerto Rico Yabucoa 1 100 Major Other Eastern Hemisphere * Key e Australia Geelonge 1,2 100 Medium Products Combined capacity categories 1 Base Major: exceeds one million tonnes per annum. Saudi Arabia Al-Jubail 1,2 50 Major 2 First-line derivatives Medium: between approximately one hundred thousand and Singapore Jurong Island 3 Other (including one million tonnes per annum. (Ayer Merbau) 1,2,3 30–70 Major divested businesses Plants with a combined capacity of less than approximately one Jurong Island (Seraya) 2 50–100 Major and polyolefins) hundred thousand tonnes per annum are not included in this table. Pulau Bukom 1 100 Medium

a Excluding proceeds from equity accounted investments and chemical feedstock trading. b Excluding volumes sold by equity accounted investments, chemical feedstock trading and by-products. c Data includes Group share of capacity entitlement (offtake rights) that may be different from nominal Group equity interest. d Percentage rounded to the nearest percentage point where appropriate. In locations where the Group’s financial interest varies between plants, the range of these interests is indicated. e Based on the sum of the 100% capacities of processes yielding base, first-line derivatives and other and Group ownership as at December 31, 2005.

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USA Latin America Brazil

Europe France OTHER Germany The Netherlands UK INDUSTRY Africa South Africa

Asia Pacific SEGMENTS India Indonesia Japan Philippines Singapore > Other Industry Segments include Sri Lanka Renewables and Hydrogen. > Renewables develop business based on renewable sources of energy,

including wind and solar power. Countries in which other industry segments operate > Hydrogen develop business opportunities in hydrogen and fuel cell Other industry segments IFRS technology. $ million > Other industry segments operate in 2005 2004 some 13 countries around the world. Segment earnings (202) (145) Capital investment 345 243 Capital employed 171 489

US GAAP $ million 2003 2002 2001

Segment earnings (267) (110) (287) Capital investment 442 578 340 Capital employed 864 1,611 1,815

Research and development expenditure IFRS US GAAP $ million 2005 2004 2003 2002 2001 Total (including depreciation) 588 553 584 472 387

57 50040 Shell 5 Year_58.qxd 25/5/06 1:30 pm Page 58

FINANCIAL CALENDAR

Financial year ends December 31, 2005 Dividends – Ordinary shares Class A and Class B including ADRs 2005 Fourth quarter interim* Announcements Announced February 2, 2006 Full year results 2005 February 2, 2006 Ex-dividend date February 8, 2006 First quarter results 2006 May 4, 2006 Record date February 10, 2006 Second quarter results 2006 July 27, 2006 Payment date March 15, 2006 Third quarter results 2006 October 26, 2006 2006 First quarter interim Announced May 4, 2006 Ex-dividend date May 10, 2006 Record date May 12, 2006 Payment date June 14, 2006

2006 Second quarter interim Announced July 27, 2006 Ex-dividend date August 2, 2006 Record date August 4, 2006 Payment date September 13, 2006

2006 Third quarter interim Announced October 26, 2006 Ex-dividend date November 1, 2006 Record date November 3, 2006 Payment date December 13, 2006

Annual General Meeting May 16, 2006 CONTACT DETAILS *The Directors do not propose to recommend any further distribution in respect of 2005.

Registered Office Corporate ISA/PEP Royal Dutch Shell plc BNP Paribas Securities Services Shell Centre, London SE1 7NA Block C, Western House UK Lynchwood Business Park Peterborough PE2 6BP Registered in England UK Number 4366849 Tel: +44 (0)845 358 1102 Headquarters Investor Relations Carel van Bylandtlaan 30 Enquiries from institutional shareholders may be addressed to: 2596 HR, The Hague The Netherlands London Royal Dutch Shell plc Share Registrar Investor Relations Lloyds TSB Registrars Shell Centre, London SE1 7NA The Causeway, Worthing UK West Sussex BN99 6DA Tel: +44 (0)20 7934 3856 UK Fax: +44 (0)20 7934 3702 Freephone: 0800 169 1679 (UK only) e-mail: [email protected] Tel: +44 (0)121 415 7073 Fax: +44 (0)870 600 3980 The Hague website: www.shareview.co.uk Royal Dutch Shell plc for online information about your holding. (Shareholder reference number Investor Relations will be required – shown on your share certificates, tax vouchers or your PO Box 162 Shell Nominee Statement.) 2501 AN, The Hague The Netherlands American Depositary Receipts (ADRs) Tel: +31 (0)70 377 4540 The Bank of New York Fax: +31 (0)70 377 3115 Shareholder Services e-mail: [email protected] PO Box 11258 Church Street Station, New York New York NY 10286–1258 Shell Oil Company USA Investor Relations Tel: 888 737 2377 (USA only) 630 Fifth Avenue Tel: +1 212 815 3700 (international) Suite 3166 e-mail: [email protected] New York, NY 10011 website: www.stockbny.com USA Tel: +1 212 218 3113 Fax: +1 212 218 3114 e-mail: [email protected] For access to investor relations information, visit the website at www.shell.com/investor

58 Royal Dutch Shell plc