Andre Araujo - Credit Suisse Brazil Oil Trip - April 13, 2011

ROYAL DUTCH SHELL PLCSHELL BRASIL

CreditSuisse Brazil Oil Trip

1 Copyright of Royal Dutch Shell plc 13/4/2011

ANDRE ARAUJOBrazil Country Chair

RIO DE JANEIROAPRIL 13, 2011

DEFINITIONS AND CAUTIONARY NOTE

Reserves: Our use of the term “reserves” in this presentation means SEC proved oil and gas reserves for all 2009 and 2010 data, and includes both SEC proved oil and gas reserves and SEC proven mining reserves for 2008 data. Resources: Our use of the term “resources” in this presentation includes quantities of oil and gas not yet classified as SEC proved oil and gas reserves or SEC proven mining reserves. Resources are consistent with the Society of Petroleum Engineers 2P and 2C definitions.Organic: Our use of the term Organic includes SEC proved oil and gas reserves and SEC proven mining reserves (for 2008) excluding changes resulting from acquisitions, divestments and year-average pricing impact. To facilitate a better understanding of underlying business performance, the financial results are also presented on an estimated current cost of supplies (CCS) basis as applied for the Oil Products and Chemicals segment earnings. Earnings on an estimated current cost of supplies basis provides useful information concerning the effect of changes in the cost of supplies on Royal Dutch Shell’s results of operations and is a measure to manage the performance of the Oil Products and Chemicals segments but is not a measure of financial performance under IFRS.

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 (for example, through our 24% shareholding in Woodside Petroleum Ltd.) 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


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 the Shell’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserve 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, 2010 (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, 13 April 2011. 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.

The United States Securities and Exchange Commission (SEC) permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this presentation, such as resources and oil in place, that SEC's 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 these forms from the SEC by calling 1-800-SEC-0330.

Injuries – TRCF per million working hours

‘GOAL ZERO’ ON SAFETY

SHELL

Customer and partner focus

Profitability & performance

0

1

2

3

4


EMPLOYEES AND CONTRACTORS PER MILLION WORKING HOURS; SHELL OPERATED FACILITIES

Sustainability & growth

Value added technology

'99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10

� Focus on personal and process safety

� Industry leader in Sustainable Development

PRIORITIESEARNINGS

$ Bln

FINANCIAL PERFORMANCE AND PRIORITIES

PERFORMANCE FOCUS

NEW WAVE OF PRODUCTION 15

20

25

30

35


CURRENT COST OF SUPPLY EARNINGS

UPSTREAM

DOWNSTREAM

CORPORATE

DIVESTMENTS/OTHER

NEW WAVE OF PRODUCTION GROWTH

MATURING NEXT GENERATION OF PROJECT OPTIONS

-5

0

5

10

15

2006 2007 2008 2009 2010

0

10

20

2006 2007 2008 2009 2010

CFFO CAPEX

UPSTREAM REGIONAL OUTLOOK - AMERICAS

KEY PROJECTS FINANCIALS

$ Bln


0

500

1000

2009 2010

USA CANADA BRAZIL ARGENTINA OTHER

2006 2007 2008 2009 2010

OIL & GAS PRODUCTION

Tight Gas drilling Groundbirch Canada

Espirito Santo FPSO BC-10 Brazil

Kboe/d

• AOSP Exp 1• Perdido• Onshore gas• Mars B• BC10 Ph2

2011+

SHELL IN SOUTH AMERICA

COLOMBIA• 100% in VMM 27 block – Middle Magdalena Valley (subject to signing)

VENEZUELA• Urdaneta West Field (Lake Maracaibo) 40% Shell, 60% PDVSA

• Lubricants Plant, Global Solutions

GUYANA/ Fr. GUIANA • 25% in Stabroek deepwater offshore concession (38,700 km2) - Operated by

ExxonMobil

• 45% in Guyane Maritime deeepwater concession (35,200 km²) - Operated by Tullow Oil


• 100% in VMM 27 block – Middle Magdalena Valley (subject to signing)

• 100% in Gua 3 deepwater block Technical Evaluation Agreement (TEA) (subject to signing)

• 50% in CPE2 and CPE4 Technical Evaluation blocks, operated by Ecopetrol

ARGENTINA• 22.5% stake in Acambuco Concession

• Downstream: Refining, Retail, Commercial, Lubricants, Chemicals, Marine and Aviation

PRODUCTION

EXPLORATION

REFINERY

BRAZIL• Leading Upstream and Downstream presence

SHELL IN BRAZIL

� In Brazil since 1913

� ~2,200 staff

� Largest private exploration & production company producing in the country

� Upstream offshore and onshore

� Downstream fuels and lubricants


UPSTREAM GROWTH: BC-10 ON STREAM 2009 DOWNSTREAM: FUELS & LUBRICANTS

� >$3 bln invested in Upstream

� Acreage in core offshore basins

� 1st IOC to produce oil & gas in Brazil

� Downstream JV with Cosan - Raízen

� Comgas Local Distribution (São Paulo)

0

100

200

300

2005 2010 ~20150

50

100

BRAZIL GROWTH POTENTIAL

OVERVIEW SHELL POSITIONS

Raizen (Cosan) JV Marketing & Biofuels (50%)

Parque das Conchas BC-10 • Start-up phase -1 2009• Phase 2 FID 2010

Gato de Mato BMS-54

Massa discovery –potential for

BC-10 phase 3

Campos

Sao Francisco exploration

Kboe/d Kbbl/dOIL & GASETHANOLOIL PRODUCTS(RHS)

EspiritoSanto Basin

Bijupira-Salema

SHELL BRAZIL PRODUCTION

Raizen (Cosan) JV


2005 2010 ~2015

2010 PROGRESS

Gato de Mato BMS-54 discovery• Drilling 2011 to assess commerciality

Raízen – Sugarcane harvesting

Santos Basin

Campos Basin

UPSTREAM PRODUCTION

UPSTREAM POTENTIAL

Salema

Shell Portfolio – March/2011

BIJUPIRA &

BM-C-31- R6 (C-M-103/C-M-151)

*PBR (60%)Shell (20%)Inpex (20%)

NAUTILUS - R0*Shell (50%)PBR (35%)

ONGC (15%)

ARGONAUTA - R0*Shell (50%)PBR (35%)

ONGC (15%)

OSTRA - R0*Shell (50%)PBR (35%)

ONGC (15%)

ABALONE - R0*Shell (50%)PBR (35%)

ONGC (15%)

BM-ES-27 - R7(ES-M-411/ES-M-437/ES-M-

436)*PBR (65%)Shell (17,5%)Vale (17,5%)

BM-ES-23 - R6(ES-M-525)*PBR (65%)Shell (20%)Inpex (15%)

14 Concessions: 9 offshore and 5 onshore- 9 Exploration Concessions operated by Shell;- Production from Bijupirá/Salema and BC-10 Assets


BM-S-45(S-M-320/S-M-322) -

R6*PBR (60%)Shell (40%)

BM-S-54(S-M-518) - R7*Shell (80%)Total (20%)

OLIVA - R0*Shell (40%)PBR (40%)

Chevron (20%)

ATLANTA - R0*Shell (40%)PBR (40%)

Chevron (20%)

BIJUPIRA & SALEMA

*Shell (80%)PBR (20%)

BM-S-8 - R2*PBR (66%)Shell (20%)

Petrogal (14%)

TECHNOLOGY IN ACTION

25

50

75

100 Actual Plan

BC-10 OPERATING PERFORMANCE

BC-10 (PARQUE DAS CONCHAS) PHASE 1

Kboe/d (100%)


0

25

Jan Apr Jul Oct

� Nine wells on-stream in Q1 2010

� FID on second phase taken in 2010

� Deepwater low API oil

� Shell 50%

� Unlocking heavy oil in deepwater

� Ultra Deepwater development with advanced technology firsts applied

� Project delivery as planned

� Production from Phase 1 exceeded Plan in 2010

� Outstanding operational safety performance

2010

BC-10 Phase 2 (PARQUE DAS CONCHAS)

FIELD LAY-OUT BC-10 PHASE 2 (CAMPOS, BRAZIL)

� Peak production ~30 kboe/d

� Argonauta O-North field

� Tie-back to Phase 1 FPSO

� Water depth 1,600 meters

� Shell 50% (operator)

� Sustaining plateau production

� Exploration upside (Massa 2 - well drilling)Phase 2


2005 2009 201020062000

2000 2005 2006 2009 2010

BC-10 DiscoveredShell 35%

BC-10 Declared

Commercial

Shell stake increased to 50%

1st Oil Phase 2 FID

2012-3

Phase 2 Start-Up

Part of Shell’s new deepwater world-wide potential of ~200 kboe/d 2015

BIJUPIRÁ & SALEMA

BijupiráBijupirá & & SalemaSalema

Rio de JaneiroRio de Janeiro

• Shell (80% - Operator) Petrobras (20%)

• Aver. daily production of 22K boe/d

• 1st oil in 2003

• Water depth of 800 meters for Bijupirá and 600

meters for Salema

• Excellent Safety Performance Record since 2003


FPSO FLUMINENSE

Bijupira

Salema

ONSHORE OPPORTUNITIES: SÃO FRANCISCO

� 5 onshore blocks / ANP Bid Round 10

� Contracts signed June 2009

� Partnership with Vale (40% WI) under ANP approval

� Potential for Tight Gas : Shell holds international experience

� 503km 2D seismic survey in 2011

� 1-3 wells drilling opportunities to be evaluated


� 1-3 wells drilling opportunities to be evaluated

� Seismic permitting processes initiated

2011 2012 1st half 2013 2013-5

Exploration Plan

Shell

ANP

RAÍZEN

ManagementCompany

50% 50%

� JV’s face to the market

� Facilitate the building of a unified corporate culture

JV STRUCTURE


Sugar, Ethanol, Cogeneration &

Biotechnology CoDownstream Co

� Supply, distribution and sale of fuels in Brazil. � Production of sugar and ethanol

� Co-generation activities

� Technology activities: Iogen & Codexis

0

10

20

30

40

Petrobras Ultra Raízen AleSat Others

RAÍZEN: BRAZIL MARKETING AND BIOFUELS

SHARE OF BRAZILIAN RETAIL FUELS DISTRIBUTION

� Leading Brazil marketing player

� 4,470 retail sites, 53 depots

� Fuel sales volume ~18 billion litres per year

� Retail, commercial fuels

� JV synergies + growth potential

%


Petrobras Ultra Raízen AleSat Others

0

20

40

60

BRAZILIAN SUGARCANE PRODUCERS

� Leading Brazil ethanol player

� Sugar cane capacity~60 mtpa from 23 mills

� ~ 2 bln litres ethanol production capacity per year, growth aspiration to more than double volumes

� Top 5 global ethanol player

� Shell world-wide trading synergies

Mln tonnes (estimate 2010/2011)

SOURCE: SINDICOM 2009 AND ANP

SHELL STRATEGY PRIORITIES SHELL BRAZIL

SUMMARY

PERFORMANCE FOCUS

• BC-10 Phase 2 FIDNEW WAVE OF PRODUCTION

• Safe operations• Production performance


• Exploration success: 2 new 2010 discoveries• Further exploration potential (pre-salt)• Onshore opportunities

• BC-10 Phase 2 FID• Downstream: Raízen• Shell Global strategy for Biofuel

NEW WAVE OF PRODUCTION GROWTH

MATURING NEXT GENERATION OF PROJECT OPTIONS

Competitive performance – Profitable growth – Sharper delivery

ROYAL DUTCH SHELL PLCSHELL BRASIL


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Andre Araujo - Credit Suisse Brazil Oil Trip - April 13, 2011

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