Peter Voser - Credit Suisse 2013 Energy Summit in Vail, Colorado, February 5, 2013

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Peter Voser, Chief Executive Officer of Royal Dutch Shell plc presented at the Credit Suisse 2013 Energy Summit in Vail, Colorado

Peter Voser, Chief Executive Officer of Royal Dutch Shell plc presented at the Credit Suisse 2013 Energy Summit in Vail, Colorado

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  • 1. ROYAL DUTCH SHELL PLCCOMPANY UPDATEDELIVERING COMPETITIVE &INNOVATIVE PERFORMANCECREDIT SUISSE 2013 ENERGY SUMMITVAIL, FEBRUARY 5 2013Copyright of Royal Dutch Shell plc 31 January 2013 1
  • 2. ROYAL DUTCH SHELL PLCCOMPANY UPDATEPETER VOSERCHIEF EXECUTIVE OFFICERCopyright of Royal Dutch Shell plc 31 January 2013 2
  • 3. DEFINITIONS AND CAUTIONARY NOTEReserves: Our use of the term “reserves” in this presentation means SEC proved oil and gas reserves.Resources: Our use of the term “resources” in this presentation includes quantities of oil and gas not yet classified as SEC proved oil and gas reserves. Resources areconsistent with the Society of Petroleum Engineers 2P and 2C definitions.Organic: Our use of the term Organic includes SEC proved oil and gas reserves excluding changes resulting from acquisitions, divestments and year-average pricingimpact.The companies in which Royal Dutch Shell plc directly and indirectly owns investments are separate entities. In this announcement "Shell", "Shell Group" and "RoyalDutch Shell" are sometimes used for convenience where references are made to Royal Dutch Shell plc and its subsidiaries in general. Likewise, the words "we", "us"and "our" are also used to refer to subsidiaries in general or to those who work for them. These expressions are also used where no useful purpose is served byidentifying the particular company or companies. "Subsidiaries", "Shell subsidiaries" and "Shell companies" as used in this announcement refer to companies in whichShell either directly or indirectly has control, by having either a majority of the voting rights or the right to exercise a controlling influence. The companies in whichShell has significant influence but not control are referred to as "associated companies" or "associates" and companies in which Shell has joint control are referred toas "jointly controlled entities". In this announcement, associates and jointly controlled entities are also referred to as "equity-accounted investments". The term "Shellinterest" is used for convenience to indicate the direct and/or indirect (for example, through our 23 per cent shareholding in Woodside Petroleum Ltd.) ownershipinterest held by Shell in a venture, partnership or company, after exclusion of all third-party interest.This announcement contains forward looking statements concerning the financial condition, results of operations and businesses of Shell and the Shell Group. Allstatements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of futureexpectations that are based on managements current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actualresults, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things,statements concerning the potential exposure of Shell and the Shell Group to market risks and statements expressing management‟s expectations, beliefs, estimates,forecasts, projections and assumptions. These forward looking statements are identified by their use of terms and phrases such as "anticipate", "believe", "could","estimate", "expect", "goals", "intend", "may", "objectives", "outlook", "plan", "probably", "project", "risks", "seek", "should", "target", "will" and similar terms andphrases. There are a number of factors that could affect the future operations of Shell and the Shell Group and could cause those results to differ materially from thoseexpressed in the forward looking statements included in this announcement, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b)changes in demand for Shells products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industrycompetition; (g) environmental and physical risks; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successfulnegotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative,fiscal and regulatory developments including regulatory measures addressing climate change; (k) economic and financial market conditions in various countries andregions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in theapproval of projects and delays in the reimbursement for shared costs; and (m) changes in trading conditions. All forward looking statements contained in thisannouncement are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance onforward looking statements. Additional factors that may affect future results are contained in Shells 20-F for the year ended 31 December 2011 (available atwww.shell.com/investor and www.sec.gov ). These factors also should be considered by the reader. Each forward looking statement speaks only as of the date of thisannouncement, 5 February 2013. Neither Shell nor any of its subsidiaries nor the Shell Group undertake any obligation to publicly update or revise any forwardlooking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied orinferred from the forward looking statements contained in this announcement.Shell may have used certain terms, such as resources, in this announcement that the SEC strictly prohibits Shell from including in its filings with the SEC. U.S. investorsare urged to consider closely the disclosure in Shells Form 20-F, File No 1-32575, available on the SEC website www.sec.gov. You can also obtain these forms fromthe SEC by calling 1-800-SEC-0330.Copyright of Royal Dutch Shell plc 31 January 2013 3
  • 4. RECONFIRMING OUR GROWTH AGENDAON TRACK FOR 2012-15 TARGETS Maintaining our long term focus; managing short-term headwinds 2012 reported CCS earnings $27 billion, total CFFO $46 billion; delivering growth Expected Q1 2013 dividend increase 4.7%, $0.45 per share, reflecting growth momentumGROWTH DELIVERY 12 billion boe resources on stream + 20 billion boe in development funnel Exploration & deals add ~4 billion boe resources potential 2012 Growth priority: integrated gas, deep-water, resources playsCAPITAL DISCIPLINE + TRACK RECORD 2010-12 start-ups reach >10% of 2012 CFFO & ~20% of 2012 production; more to come Robust 2013-17 project flow Strong build in optionality - capital constraints driving hard portfolio choicesCopyright of Royal Dutch Shell plc 31 January 2013 4
  • 5. FOCUS ON SAFETY AND ASSET INTEGRITY2012 UPDATE„GOAL ZERO‟ ON SAFETY SPILLS - OPERATIONALinjuries – TRCF/million working hours million working hours Volume in thousand tonnes5 900 104 800 83 700 62 600 41 500 20 400 0 03 04 05 06 07 08 09 10 11 12 03 04 05 06 07 08 09 10 11 12 Working hours TRCFENERGY INTENSITY - REFINERIESEnergy Intensity Index (EEITM)104102100 98 96  HSSE PRIORITY 94  PERFORMANCE + TRANSPARENCY 92 03 04 05 06 07 08 09 10 11 12Copyright of Royal Dutch Shell plc 31 January 2013 5
  • 6. STRATEGY AND CAPITAL ALLOCATION TOTAL CAPITAL INVESTMENT $ billionUPSTREAM 40 Growth strategy; price upside Priority: deep-water, integrated gas, resources plays 30DOWNSTREAM Optimize re-shaped portfolio Selective growth 20CLIMATE CHANGE Grow gas and biofuels 10 CCS and energy efficiencyFINANCIAL OUTLOOK 0 Investing for growth and competitive payout Through-cycle returns and risk management -10 2012 2013 2012 2013 Upstream Europe Asia Pacific SUSTAINED INVESTMENT: Downstream + Corporate Africa, Americas Middle East, ~80% UPSTREAM Acquisitions CIS DS + Corp. DivestmentsCopyright of Royal Dutch Shell plc 31 January 2013 6
  • 7. RECONFIRMING OUR OUTLOOK 2012 OUTLOOK Cash flow from operations $46 billion 2012-15: $175-200 billion ($43 billion ex W/C) Net capex $30 billion 2012-15: $120-130 billion Dividends distributed $10.8 billion 2013 >$11 billion Oil and gas production outcome 3.3 million boe/d 2017/18: ~4.0 million boe/d Gearing 9% 0-30%  NO CHANGE TO SHELL’S AMBITIOUS TARGETS  DIVIDEND INCREASE REFLECTS DELIVERY  EXPECTED STRONG PROJECT PIPELINE AND OPTIONS  CAPITAL CEILING DRIVES HARD CHOICESCFFO & capex outlook @$80-$100/bbl Brent and assumes improved US gas and Downstream environment from 2012; CFFO excludes working capital movementsCopyright of Royal Dutch Shell plc 31 January 2013 7
  • 8. IMPROVING OUR PERFORMANCEEARNINGS TOTAL SHAREHOLDER RETURN$ billion CCS +45% 80% 30 60% 40% 10 20% 0% 2010 2011 2012 2010-2012-10 -20% Shell Other majors -40%CASH FLOW FROM OPERATIONS VOLUMES$ billion million boe per day million tonnes per annum + ~70% 3.5 204020 3 17 0 2.5 14 2010 2011 2012 2010 2011 2012 Upstream Corporate Oil + Gas production volumes LNG sales volumes Downstream Divestments/other 2010-2012 asset sales TSR is averaged across year-end. Source: DatastreamCopyright of Royal Dutch Shell plc 31 January 2013 8
  • 9. 2010-12 TRACK RECORD START-UPS 2010-12 FINANCIAL PERFORMANCE: ~20 START-UPS 2010-12 2010 $ billion million boe per day USA: Perdido 10 Singapore: Chemicals 0.6 North America: tight gas Nigeria: Gbaran Ubie Ph1 0.4 5 Norway: Gjoa Canada: AOSP-1 Raízen Qatar + AOSP-1 0.2 CFFO impact 2011 0 0.0 Iraq:West Qurna Netherlands: Schoonebeek Brasil: Raízen 2012 Qatar: Pearl GTL ramp-up -5 NA: tight gas Oman: Harweel Qatar: Qatargas 4 LNG USA: Caesar Tonga Ph 1 Qatar: Pearl GTL Malaysia: Gumusut-Kakap Cash flow Production (RHS) Oman: Qarn Alam (early production) -10 Organic capex Australia Pluto LNG T1 2010 2011 2012 2013 2014 2015 NA: tight gas/shales Eagle Ford  2012 IMPACT FROM 10-12 PROJECTS  >10% OF GROUP CFFO Qatar: Pearl GTL Malaysia: Gumusut-Kakap  ~20% OF PRODUCTION  FURTHER GROWTH POTENTIALCFFO and capex outlook at $100 BrentCopyright of Royal Dutch Shell plc 31 January 2013 9
  • 10. CASH FLOW AND PAYOUTCASH GENERATION DIVIDEND TRACK RECORD$ billion $ billion $ billion $ billion 2010-12 2012 65140 60 10120 DOWN100 STREAM 8 40 DOWN 80 STREAM 6 55 60 20 4 40 UP UP STREAM STREAM 20 2 0 0 0 45 Sources Uses Sources Uses 2006 2007 2008 2009 2010 2011 2012 13Q1 Cash flow from operations Dividend and buyback rolling Dividends declared Asset sales Capex + equity acc. investments FTSE 100 total dividends Acquisitions paid (RHS)STRONG BALANCE SHEET$ billion 30%30 Gearing  STRONG BALANCE SHEET range 20%20  GENERATING SURPLUS CASH10 10%  SUSTAINED DIVIDEND PERFORMANCE 0 0% 2009 2010 2011 2012 Net Debt Gearing (RHS)CFFO excluding working capital movementsCopyright of Royal Dutch Shell plc 31 January 2013 10
  • 11. WORKING OUR PORTFOLIO FOR GROWTH & CAPITAL EFFICIENCYDIVESTMENTS 2010-2012 ACQUISITIONS 2010-2012 $21 $17 Onshore assets, Nigeria Permian, USA billion billion Upstream Upstream Downstream Holstein, Gulf of Mexico Downstream Beryl, UKREFOCUSED DOWNSTREAM: GROWTH OIL + GAS: Europe; Africa; Latin-America  Resources plays  Increased stakes in Shell fieldsLATE LIFE/NON-STRATEGIC UPSTREAM:  New exploration acreage Upstream ~130 kboe/d Strategic partnering SELECTIVE GROWTH DOWNSTREAM:  Brazil biofuels, retail, Gasnor gas to transportCopyright of Royal Dutch Shell plc 31 January 2013 11
  • 12. HYDROCARBON MATURATION + RETURNSCONVERTING RESOURCES TO PRODUCTION… …AND RETURNSbillion boe $ billion % Longer-term upside 250 4035 Abadi FLNG Phase 1 Tukau Timur Zaedyus Gbaran Ubie Ph2 Zabazaba 200 Rab Harweel Erha North ph3 3025 Tempa Rossa ML South Fram BC-10 ph3 Malikai Eagle Ford 150 Forcados Yokri Permian Southern Swamp 20 AOSP debottl.15 NA tight gas/shales 100 Majnoon FCP Petai Pluto (Woodside) Amal Steam Harweel Kashagan Ph1 10 NA tight gas/shales BC10 Ph2 50 Eagle Ford NWS North Rankin 2 5 Caesar Tonga AOSP debottlenecking Gumusut-Kakap (early oil) 0 0 2007 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2013 E -5 Capital in service Capital other On-stream Study Return on capital in service (RHS) Under Construction Production Return on capital employed (RHS) SUSTAINED PROJECT FLOW  12 BILLION BOE ON STREAM  20 BILLION BOE IN ~60 PROJECTS IN FUNNELCopyright of Royal Dutch Shell plc 31 January 2013 12
  • 13. INVESTMENT PRIORITIESORGANIC CAPEX 2013$ billion  Reserves-rich plays with long-term drivers FUTURE LONGER TERM  Iraq, Nigeria, Kazakhstan, Heavy Oil & Arctic30 OPPORTUNITIES  Slower pace + capital allocation RESOURCES PLAYS  Integrated infrastructure + global capabilities GROWTH  Standardized developments + technology20 DEEP-WATER PRIORITY  Leveraging Shell‟s scale + market growth INTEGRATED GAS10  Extending cash flows through technology UPSTREAM  Focused exploration + licence renewals ENGINES  Long-term engine; taking steps to enhance profitability DOWNSTREAM  Selective growth in chemicals, biofuels, growth markets 0  INVESTMENT CHOICES DRIVEN ON A GLOBAL THEMATIC BASIS  MORE EFFICIENT DEPLOYMENT OF CAPITAL, PEOPLE, TECHNOLOGYCopyright of Royal Dutch Shell plc 31 January 2013 13
  • 14. DOWNSTREAM ENGINE  Long-term engine Gasnor acquisition Lubes Russia  Cost + portfolio steps to Rhineland Connect enhance profitability LNG to US gas-to- transport chemicals China Retail + Lubes Qatar chemicals China refining  Selective growth in chemicals, SADAF expansion and chemicals biofuels, growth markets Singapore Chemicals Cracker debottleneck Key country Under development Clyde refinery conversion to Options terminal 2012+ deals2006 2010 2011 2013 FUTURE Qatar chemicals Gas-to-chemicals US ChinaNanhai chemicals Singapore chemicals Raízen Port ArthurCopyright of Royal Dutch Shell plc 31 January 2013 14
  • 15. UPSTREAM GROWTH PORTFOLIO UNDER CONSTRUCTION AOSP  Kashagan Forcados debottlenecking Phase1 Yokri Bonga FUTURE North OPPORTUNITIES West  Majnoon Southern  Swamp AG FCP  North American North American tight gas  tight gas RESOURCES Eagle North American  liquids rich shales PLAYS Ford  BC-10  Gumusut Malikai  Caesar Tonga Ph 1 phase 2 - Kakap  Sabah Gas Petai Cardamom  Kebabangan (KBB) DEEP-WATER Mars B, W.Boreas, S. Deimos  Gorgon LNG T1-3 Prelude  Pluto North (Woodside) Rankin 2 INTEGRATED NWS Gas – GWF – Phase A Wheatstone GAS Amal Clair Ph2 Corrib  ~30 PROJECTS Steam Harweel Fram   7 BILLION BOE UPSTREAM Bab THG &HB-2 Tempa RESOURCES ENGINE Schiehallion SAS Redevelopment Rossa  0.9 MBOE/DStart-up/ 2012 start-ups 2013-2014 2015-2016 2017+Peak Production 0.2 mboe/d 0.5 mboe/d 0.3 mboe/d 0.1 mboe/d Shell operated 2012 FID Production @ $80 Brent scenarioCopyright of Royal Dutch Shell plc 31 January 2013 15
  • 16. INDUSTRY-LEADING INTEGRATED GAS PORTFOLIO  Leveraging Shell‟s scale + marketNorth America: developing growthnew gas value chain options Green Corridor GTT Pearl GTL  Technology and project delivery Ramp up 2012 capabilities Hazira  Potential doubling of capacity On Under stream constructionLiquefaction  2012: ~0.8* mboe/d; 20 mtpaRegas LNGGas-to-transport Australia: major growthGTL projects under construction2012 progressCAPEX RESOURCES SHELL GLOBAL LNG GROWTH$ billion 8.2 billion boe million tonnes per annum6 404 2020 0 2007 2012 ~2020+ 2012 2013 On stream Under construction Study On stream Under construction Options * includes feedgas from non-integrated venturesCopyright of Royal Dutch Shell plc 31 January 2013 16
  • 17. NORTH AMERICA & AUSTRALIAINTEGRATED GAS CLOSE-UPNORTH AMERICA AUSTRALIA/INDONESIA Sunrise FLNG Abadi FLNG Browse BCT Prelude FLNG LNG Canada LNG Green Corridor GTT Pluto LNG 1(Woodside) North West Shelf North Rankin 2 Great Lakes GTT NWS GWF Ph1 Pennsylvania Gorgon LNG Gas-to-Chemicals Wheatstone LNG Arrow Gorgon T4 On stream Gulf Coast GTT Under construction Elba LNG GTL Gulf Coast Options LNG Options 0.3 mtpa gas to transport under construction  7 mtpa under construction LNG options, GTL, Gas-to-Chemicals under study  New LNG + FLNG options under study for 2014+ FID  Increased Browse equity; Prelude dilution Green Corridor GTT LNG Canada Great Lakes GTT NWS GWF US Gas-to-Chemicals Gulf Coast GTT Wheatstone LNG Elba LNG Arrow LNG Gorgon LNG T1-3 US GTL Sunrise LNG Abadi LNG Prelude FLNG Northwest Shelf Gulf Coast LNG Options Gorgon LNG T4 Browse LNG North Rankin 2 Pluto (Woodside) Start Assess Select Define FID Execute up Operate Feasibility Concept Project Ramp-up to Selection Specifications Construction full capacity StudyCopyright of Royal Dutch Shell plc 31 January 2013 17
  • 18. GLOBAL DEEP-WATERLEADING IOC DEEP-WATER PORTFOLIO  Established production leadership  Standardized developments + production technology  Mars-B  Cardamom Malaysia / Gulf of Mexico Brunei Nigeria  Frontier exploration potential On stream  Bonga North West Under construction Brazil  Gumusut-Kakap New exploration  BC-10 ph2  Malikai  2012: 0.3 mboe/d  Sabah Gas Kebabangan KBB  PetaiCAPEX RESOURCES$ billion 3.3 billion boe 8 6 4 2 0 2012 2013 On stream Under construction Study Perdido SparCopyright of Royal Dutch Shell plc 31 January 2013 18
  • 19. BUILDING UP GLOBAL LEADERSHIP IN RESOURCES PLAYS TIGHT/SHALE OIL AND GAS BUILDING NEW TIGHT/SHALE ACREAGE „000 km2 cumulative cumulative spend gross acreage $ billion 60 20 Entry cost 15 Tight gas Germany 40Liquids rich shale Ukraine Acreage 10 Changbei Turkey 20 Sichuan  5 Egypt Oman  0 0 Gas Liquids Rich Colombia 2008 2009 2010 2011 2012 On stream E&A Sao Francisco Arrow RESOURCES ADDED billion boe Positive initial Karoo  exploration Neuquen 3 Marcellus Eagle Ford LRS Permian 2012 Portfolio Build Arrow 2 CAPEX RESOURCES $ bln 1 10.6 billion boe 10 0 8 2010 2011 2012 6 Liquids Gas Resources-Based Deals 4 2 2010-2012 DELIVERY: 0 ~7 BILLION BOE 2012* 2013 LRS Dry gas On stream Under construction Study ~$3/BOE (E&A+DEALS) Future potential (prospective resources) *2012 includes $3.5 billion acreage deals Copyright of Royal Dutch Shell plc 31 January 2013 19
  • 20. NORTH AMERICA RESOURCES PLAYS PROGRESSTIGHT/SHALE OIL AND GAS  ~30,000 km2 portfolio, 60% liquids-rich Canol  Eagle Ford LRS development underway Montney Groundbirch  Deep Basin Foothills Duvernay   Drilling focus shifted to LRS Exshaw from dry gas Pinedale  ~10,000 km2 new acreage 2012 Niobrara Utica Marcellus Gas  Permian acquisition $1.9 Monterey Mississippi Lime billion Liquids Rich Shales Permian Haynesville  Additions to existing positions Eagle Ford Positive initial exploration / appraisal Onstream  Integrated gas optionsCAPEX PRODUCTION$ billion mboe/day bcfe/day10 0.4 8 2 6 0.2 4 1 2 0 0.0 0 -2 2010 2011 2012 2013E Piloncillo, Eagle Ford 2010 2011 2012 2013E LRS Dry gas Liquids Gas Divestments AcquisitionsCopyright of Royal Dutch Shell plc 31 January 2013 20
  • 21. TURNING NEW INVESTMENT INTO CASH FLOW2013 CAPEX & OUTCOME IMPACT OF KEY UPSTREAM START-UPS$ billion $ billion 20 Exploration & 30 Appraisal 15 2017+ 10 2013+ Key Projects Start-up CFFO 2015-16 5 20 2010-12 0 2013-14 2010-12 -5 10 2013+ -10 Upstream Base, Downstream + Corporate -15 ORGANIC CAPEX 0 -20 2010 2011 2012 2013 2014 2015 Longer 2012-15 CFFO Term SPENDING PROGRAMME + ~50% of capex on stream by NEAR-TERM CASH FLOW 2015 CFFO outlook @$100 Brent and assumes improved US gas environment from 2012; CFFO excludes working capital movementsCopyright of Royal Dutch Shell plc 31 January 2013 21
  • 22. PRIORITY ON FINANCIAL PERFORMANCEON TRACK FOR AMBITIOUS CFFO GROWTH + INVESTMENT PLAN($100 scenario)$ billion $100/bbl 50 macro Portfolio/ Free Growth outlook: Choice1 $112/bbl cashflow  New projects 40 $91/bbl  Enhanced unit cash flow  Macro uplift 30 2012 trend 20 Investment for sustained growth 2012-15: 10  ~$120-130 billion net spend  >$16 billion asset sales 0 2009 – 2012 2012 2012 – 2015 average average potential 2 Cash flow from operations/ex working capital Dividends + buybacks Net Capital Investment Macro sensitivity31 Portfolio/Choice negative impact on 2012 cash flow target: reduced NA gas drilling, divestments, project slippage2 CFFO & capex outlook at $100, assumes improved US gas, WTI and Downstream environment from 2012; CFFO excludes working capital movements3 Potentialimpact in $100 scenario from continuation of 2012 Downstream environment, Henry Hub, WCS and WTI discountsCopyright of Royal Dutch Shell plc 31 January 2013 22
  • 23. PRODUCTION & POTENTIALOIL & GAS PRODUCTION + OUTCOMES UPSTREAM CAPEX + CFFO SCENARIOmillion boe/day4 Longer Term2 Growth Priority0 2011 2012 17-18 avg Production + potential 2012+ asset sales Upstream Engine2012 PERFORMANCE $ billionmillion boe/day 0 5 10 15 20 25 30 2012 2012 Capex: CFFO: 2013 2015 potential3.4 PRODUCTION IS AN OUTCOME OF3.2 INVESTMENT DECISIONS Controllable CASHFLOW GROWTH >3.0 PRODUCTION GROWTH MULTIPLE PATHWAYS TO DELIVERY OF TARGETSCopyright of Royal Dutch Shell plc 31 January 2013 23
  • 24. MAINTAINING OUR FINANCIAL FRAMEWORK CASH PERFORMANCE  $175-$200 billion CFFO 2012-15  Grow free cash flow  CFFO drives investment + payout PAY-OUT INVESTMENT  Dividend linked to business results  $120-$130 billion net capex 2012-15  Scrip dividend with buy back offset  ~$33 billion net capex 2013  Expected dividend growth 2013  Affordability, profitability, portfolio BALANCE SHEET  0 – 30% gearing through cycle  Balance sheet underpins investment  Capital employed grows steadilyCFFO & capex outlook @$80-$100/BBL Brent and assumes improved US gas and Downstream environment from 2012Copyright of Royal Dutch Shell plc 31 January 2013 24
  • 25. SHELL FUTURE LONGER TERM OPPORTUNITIES RESOURCES PLAYS GROWTH ON TRACK FOR 2012-15 TARGETS DEEP-WATER PRIORITY GROWTH DELIVERY INTEGRATED GAS CAPITAL DISCIPLINE + TRACK RECORD UPSTREAM ENGINES DOWNSTREAMCopyright of Royal Dutch Shell plc 31 January 2013 25
  • 26. ROYAL DUTCH SHELL PLCQ&ACopyright of Royal Dutch Shell plc 31 January 2013 26