Marvin Odum, Upstream Americas Director of Royal Dutch Shell plc presented at the Credit Suisse 20th Annual Energy Summit in Vail, Colorado.

1. 1Copyright of Royal Dutch Shell plc 24 February, 2015
CS VAIL ENERGY CONFERENCE
BALANCING GROWTH & RETURNS
24 FEBRUARY 2015
ROYAL DUTCH SHELL PLC

2. 2Copyright of Royal Dutch Shell plc 24 February, 2015
MARVIN ODUM
UPSTREAM AMERICAS
DIRECTOR
ROYAL DUTCH SHELL PLC

3. 3Copyright of Royal Dutch Shell plc 24 February, 2015
DEFINITIONS & CAUTIONARY NOTE
Reserves: Our use of the term “reserves” in this presentation means SEC proved oil and gas reserves.
Resources: Our use of the term “resources” in this presentation includes quantities of oil and gas not yet classified as SEC proved oil and gas reserves. Resources are consistent with the Society of
Petroleum Engineers 2P and 2C definitions.
Organic: Our use of the term Organic includes SEC proved oil and gas reserves excluding changes resulting from acquisitions, divestments and year-average pricing impact.
Resources plays: our use of the term ‘resources plays’ refers to tight, shale and coal bed methane oil and gas acreage.
The companies in which Royal Dutch Shell plc directly and indirectly owns investments are separate entities. In this presentation “Shell”, “Shell group” and “Royal Dutch Shell” are sometimes used for
convenience where references are made to Royal Dutch Shell plc and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to subsidiaries in general or to those
who work for them. These expressions are also used where no useful purpose is served by identifying the particular company or companies. ‘‘Subsidiaries’’, “Shell subsidiaries” and “Shell
companies” as used in this presentation refer to companies in which Royal Dutch Shell either directly or indirectly has control, by having either a majority of the voting rights or the right to exercise a
controlling influence. The companies in which Shell has significant influence but not control are referred to as “associated companies” or “associates” and companies in which Shell has joint control
are referred to as “jointly controlled entities”. In this presentation, associates and jointly controlled entities are also referred to as “equity-accounted investments”. The term “Shell interest” is used for
convenience to indicate the direct and/or indirect ownership interest held by Shell in a venture, partnership or company, after exclusion of all third-party interest.
This presentation contains forward-looking statements concerning the financial condition, results of operations and businesses of Royal Dutch Shell. All statements other than statements of historical
fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and
assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements.
Forward-looking statements include, among other things, statements concerning the potential exposure of Royal Dutch Shell to market risks and statements expressing management’s expectations,
beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as ‘‘anticipate’’, ‘‘believe’’, ‘‘could’’, ‘‘estimate’’,
‘‘expect’’, ‘‘intend’’, ‘‘may’’, ‘‘plan’’, ‘‘objectives’’, ‘‘outlook’’, ‘‘probably’’, ‘‘project’’, ‘‘will’’, ‘‘seek’’, ‘‘target’’, ‘‘risks’’, ‘‘goals’’, ‘‘should’’ and similar terms and phrases. There are a number of
factors that could affect the future operations of Royal Dutch Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this
presentation, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell’s products; (c) currency fluctuations; (d) drilling and production results;
(e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks; (h) risks associated with the identification of suitable potential acquisition properties and
targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, fiscal and
regulatory developments including potential litigation and regulatory measures as a result of climate changes; (k) economic and financial market conditions in various countries and regions; (l)
political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the
reimbursement for shared costs; and (m) changes in trading conditions. All forward-looking statements contained in this presentation are expressly qualified in their entirety by the cautionary
statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional factors that may affect future results are contained in Royal
Dutch Shell’s 20-F for the year ended 31 December, 2013 (available at www.shell.com/investor and www.sec.gov ). These factors also should be considered by the reader. Each forward-looking
statement speaks only as of the date of this presentation, 24 February, 2015. Neither Royal Dutch Shell nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-
looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-
looking statements contained in this presentation. There can be no assurance that dividend payments will match or exceed those set out in this presentation in the future, or that they will be made at
all.
We use certain terms in this presentation, such as discovery potential, that the United States Securities and Exchange Commission (SEC) guidelines strictly prohibit us from including in filings with the
SEC. U.S. Investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575, available on the SEC website www.sec.gov. You can also obtain this form from the SEC by
calling 1-800-SEC-0330.

4. 4Copyright of Royal Dutch Shell plc 24 February, 2015
400
600
800
0
2
4
'04 '06 '08 '10 '12 '14
0
5
10
'04 '06 '08 '10 '12 '14E
92
96
100
104
'04 '06 '08 '10 '12 '14
0
200
400
2012 2013 2014
FOCUS ON HSSE
2014 UPDATE
Injuries – TRCF/million working hours
Goal Zero on safety
Injuries – TRCF/million working hours
Spills - operational
Volume in thousand tonnes
Energy intensity – refineries
Energy Intensity Index (EEITM)
Process safety
Number of incidents
million working hours
Working hours (RHS)TRCF
 HSSE priority
 Performance + transparency
Tier 1 incidents Tier 2 incidents

5. 5Copyright of Royal Dutch Shell plc 24 February, 2015
50
100
150
200
1/1/05 2006 2008 2010 2012 2014
EXECUTING A CONSISTENT, LONG-TERM STRATEGY
 Unrelenting focus on HSSE
 Technology, integration and scale
 Disciplined capital investment by strategic theme
 Growth in cash flow through cycle
 Competitive shareholder returns
Total shareholder returns growth – 10 years
Index 1/1/2005 =100
 2014+ drive to rebalance growth and returns
Shell S&P500 FTSE100

6. 6Copyright of Royal Dutch Shell plc 24 February, 2015
0
100
200
300
400
1990 2010 2030 2050
2050 outlook
 Population increases from 7 to 9 billion
 Enabled by cheap and reliable energy
Realities
 Requirement to mitigate climate change
 Oil supply -70% by 2030 without new investment
 Key role of gas & CCS
ENERGY TRANSITIONS
Long-term energy supply mix
Million boe per day
Gas
Biomass
Wind
Coal
Nuclear
Other renewables
Solar
Shell activities
Oil
 Energy transitions underway
+50%
+50%

7. 7Copyright of Royal Dutch Shell plc 24 February, 2015
Oil market downturn
 Entering 2015 with low oil prices
 Requirement for $500 billion industry investment
in upstream oil during 2014-20
 Under-spending amplifies price spike risks
Shell response
 Long-term $70 - $90 - $110 Brent oil price
screens unchanged
 Planning for low prices 2015+; uncertain
recovery timing
 Hard choices on our growth pipeline + options
 Opportunity to reduce costs
0
20
40
60
80
100
2014 decline growth 2020
OIL MARKET + SHELL RESPONSE
Source: IEA estimates
Oil supply
Million barrels of oil per day

8. 8Copyright of Royal Dutch Shell plc 24 February, 2015
-5
0
5
10
15
-10
0
10
20
30
2010 2011 2012 2013 2014
0
5
10
15
20
25
0
10
20
30
40
50
2010 2011 2012 2013 2014
0
10
20
30
0
10
20
2010 2011 2012 2013 2014
FINANCIAL PERFORMANCE
2014 DELIVERY
CCS earnings + ROACE excluding identified items
Earnings + ROACE
$ billion
Cash flow
$ billion
Dividend, buyback + gearing
$ billion
%
%
Upstream
Downstream
Corporate/Other
Dividend announced Buyback
CFFO CFFI
ROACE (RHS)
Free cash flow (RHS)
Gearing (RHS)
$ billion
Gearing
range
 Well-positioned into oil market downturn
 Asset sales delivered ahead of oil price
decline
 Enhanced free cash flow + lower gearing

9. 9Copyright of Royal Dutch Shell plc 24 February, 2015
2014 DELIVERY
BALANCING GROWTH AND RETURNS
CCS earnings excluding identified items
 CCS earnings $22.6 billion; CFFO $45.0 billion
 Dividend growth + buyback
 Restructuring in Oil Products + North America
resources plays
 Moderated spending + growth
 Improved free cash flow; reduced gearing
 Early completion of 14-15 divestment plan
 4 operated deep-water start-ups
 Repsol LNG integration: >$1 billion CFFO impact
 New options in FEED; improved exploration
Improve our financial performance
Enhance our capital efficiency
Deliver new projects

10. 10Copyright of Royal Dutch Shell plc 24 February, 2015
PRIORITIES 2015+
 Choices on new options
 Supply chain management
 Managing affordability +
financial flexibility
 Preserving our competitive
growth pipeline in downturn
 Continued ramp-up of 2014
start-ups
 2015 transition year into
2016/17+ growth
 Returns and cash flow
 Competitive returns for
shareholders
 Restructuring underperforming
businesses
 Cost reduction programmes
Competitive financial
performance
Capital efficiency Project delivery

11. 11Copyright of Royal Dutch Shell plc 24 February, 2015
INVESTMENT PRIORITIES + PERFORMANCE
1 Iraq, Nigeria onshore (SPDC), Kazakhstan, Arctic, heavy oil
Engines (Downstream, Upstream engine)
 Free cash flow businesses
 Maintain competitiveness
 Asset integrity + selective growth
Growth priority (Integrated Gas, deep water)
 Global leadership established
 High-grading our rich opportunity set
Longer term (resources plays, future opportunities1)
 Major potential; managing non-technical risks
 Slower pace + capital allocation
 Investment choices driven on a global thematic basis
 Assets tested for attractiveness + resilience
-5
0
5
10
15
-20% 0% 20% 40%
ROACE (%)
CFFO in billion $
Downstream
engine
Upstream engine
Integrated gas
Deep water
Resources plays
Future opportunities
2014
(Brent $99/bbl)
2013
(Brent $109/bbl)
Bubble size represents
year-end capital employed

12. 12Copyright of Royal Dutch Shell plc 24 February, 2015
-5
0
5
10
15
2011 2012 2013 2014
0.0
0.2
0.4
0.6
0.8
2011 2012 2013 2014
UPSTREAM AMERICAS PORTFOLIO
Production
million boe per day
Deep-water
Resources plays Heavy oil
Capital investment
$ billion
Deep-water
Resources plays Heavy oil Pre-FID/other
+30%
-20%
Resources plays
Deep-water
Gas monetization options
Heavy oil
Western Canada
dry gas + LRS
Appalachia
dry gas
AOSP + in-situ
Gulf of Mexico
Brazil
LNG
Canada
Gas-to-chemicals
Elba LNG
Integration potential
Completed divestments
AERA heavy oil
Permian LRS
Argentina
Eastern
Canada
Colombia
Resources
Deep-water
Resources plays
Heavy oil
8.8 billion boe
Major undeveloped resources
Completed divestments

13. 13Copyright of Royal Dutch Shell plc 24 February, 2015
COMPETITIVE FINANCIAL PERFORMANCE
RESTRUCTURING RESOURCES PLAYS PORTFOLIO
Production excludes volumes from divestments
Production
kboe per day
Capital investment
$ billion
E&A
On-stream
Gas Liquids Rich
Colombia
Argentina
Neuquen
Ukraine
Oman Sichuan
Changbei
Arrow CBM
Changbei 2
Russia
Americas International
0
50
100
150
200
2011 2012 2013 2014
0
2
4
6
2013 2014 2015E
Liquids Gas
Permian
Appalachia
W. Canada LRS
W. Canada gas
 2014: North America portfolio
restructured ($3.3 billion asset
sales / 110 kboe/d)
 2015+:
 International portfolio reduction
+ possible write-downs
 Potential to further reduce
spending
Tunisia
-30%
`
Germany
Algeria Turkey

14. 14Copyright of Royal Dutch Shell plc 24 February, 2015
DEEP-WATER GULF OF MEXICO
PROJECT FLOW
Execute (under construction)
On stream
Select/Define
Auger
Mars
Ursa
Nakika
Brutus
Vito
 ~100 kboe/d potential
 >300 million boe resources
 Shell 51.33% (operator)
Appomattox
 >150 kboe/d potential
 >700 million boe resources
 Shell ~80% (operator)
Caesar Tonga
Cardamom
Mars B
100 km
Growth outlook1:
 228 kboe/d on stream in 2014
 50 kboe/d under construction
 >170 kboe/d new options
1 Shell share
Rydberg
 ~100mmboe
discovery
 Shell ~57%
(operator)
2014/15 exploration success
Ram Powell
Stones FPSO
Kaikias
 Oil discovery; appraisal
well spudded
 Shell 100% (operator)
Perdido
Stones
 ~50 kboe/d FPSO
 >250 million boe resources
 Shell 100% (operator)
 FPSO under construction
 2016 start-up
Gettysburg
 Oil discovery,
evaluating results
 Shell 80%
(operator)
Powernap
 Oil discovery plus
down-dip sidetrack
oil discovery ,
evaluating results
 Shell 50%
(operator)

15. 15Copyright of Royal Dutch Shell plc 24 February, 2015
NORTH AMERICA LNG
PROGRESSING TO FID
 2 x 6.5 mtpa first phase
 25-year export license for 24 mtpa in place
 Joint venture agreement signed
 FEED contract awarded
 Joint venture: Shell (50%), Kogas, Mitsubishi,
PetroChina
 Two phased liquefaction project with up to 2.5
mtpa capacity
 Joint venture 49% Shell + 51% Kinder Morgan
 Shell will be single LNG off-taker (100%)
 FERC application filed in March 2014
 FEED completed
LNG Canada Elba LNG

16. 16Copyright of Royal Dutch Shell plc 24 February, 2015
SHELL ARCTIC & NEAR ARCTIC
CANADA
RUSSIA
KAZAKHSTAN
NORWAY
GREENLAND
UNITED STATES
SALYM
KASHAGAN
SAKHALIN
NORTH POLE
ORMEN LANGE
BAFFIN BAY
NIGLINTGAK
CHUKCHI
BEAUFORT
KANUMAS
NORWAY BARENTS
Alaska, Chukchi
Greenland, Baffin Bay
Norway, Ormen Lange
Russia, Sakhalin
Russia, Salym
Kazakhstan, Kashagan

17. 17Copyright of Royal Dutch Shell plc 24 February, 2015
0%
50%
100%
 Growth priorities unchanged
 Driving competitive cash flow
CAPITAL EFFICIENCY
INVESTMENT PRIORITIES
1 Resources plays, Majnoon, infill drilling
Organic capital investmentInvestment themes
0%
50%
100%
Growth priorities: 40%
Longer term: 25%
Engines: 35%
2015
organic capital
investment
50%
10%
40%
Pre-FID large
project options
Base
Short-cycle
projects1
Post-FID large
projects
Conventional
exploration
2015
organic capital
investment
CFFO impact
of 2015 investment
’15-’16
’17-’18
‘19+

18. 18Copyright of Royal Dutch Shell plc 24 February, 2015
0
70
140
0
25
50
0
4
8
12
2006 2007 2008 2009 2010 2011 2012 2013 2014
CASH PERFORMANCE + PAY-OUT
Cash flow
$ billion
Cash flow from operations Cash flow from investments1
 2014 dividend and buyback $15 billion
 2015 dividend ~$12 billion
 Buybacks in 2015 subject to oil prices
 Gearing likely to increase in 2015
$ billion
Gearing and pay-out
Dividend track record
$ billion
Dividends announced
2012-2014 2014
Dividend Free cash flow
%
-10%
0%
10%
20%
30%
-10
0
10
20
30
2009 2010 2011 2012 2013 2014
Gearing (RHS)Buybacks
Pay-out
Dividend is dividend announced
1 Includes MLP proceeds

19. 19Copyright of Royal Dutch Shell plc 24 February, 2015
PRIORITIES 2015+
 Choices on new options
 Supply chain management
 Managing affordability +
financial flexibility
 Preserving our competitive
growth pipeline in downturn
 Continued ramp-up of 2014
start-ups
 2015 transition year into
2016/17+ growth
 Returns and cash flow
 Competitive returns for
shareholders
 Restructuring underperforming
businesses
 Cost reduction programmes
Competitive financial
performance
Capital efficiency Project delivery

20. 20Copyright of Royal Dutch Shell plc 24 February, 2015
QUESTIONS & ANSWERS