(RDSB) Royal Dutch Shell B

NOTIFICATION OF TRANSACTIONS OF DIRECTORS / PERSONS DISCHARGING MANAGERIAL
RESPONSIBILTIES ("PDMRs") AND CONNECTED PERSONS

Notification relating to a transaction notified in accordance with: DR 3.1.4 R
(1)(a)

Date of Notification: 06 February 2012

Today's date: 06 February 2012

Name of Issuer: Royal Dutch Shell plc

Date of transaction ("DATE"): 03 February 2012

Name of Directors / PDMRs:

Directors and PDMRs who have interests in employee share plans (names listed
below)

Nature of the transaction:

1. Confirmation of the number of RDS shares deferred under the Deferred Bonus
Plan (DBP) representing a percentage of their annual bonus that will be
deferred for performance year 2011.

2. The award of conditional shares of Royal Dutch Shell plc (RDS) under the
Long-Term Incentive Plan (LTIP).

Consideration for the transaction:

1. Percentage of cash value of the annual bonus awards for performance year
2011 that is to be converted into shares (DBP)

Peter Voser 50% of bonus € 1,750,000

Malcolm Brinded 50% of bonus € 1,000,000

Simon Henry 50% of bonus € 750,000

Matthias Bichsel 50% of bonus SFr. 858,000

Hugh Mitchell 50% of bonus £ 372,000

Marvin Odum 35% of bonus $ 550,550

Mark Williams 50% of bonus $ 682,500

Peter Rees 35% of bonus £ 227,500

2. No consideration (LTIP).

Classes of security:

Royal Dutch Shell Class A Ordinary shares ("RDSA")

Royal Dutch Shell Class B Ordinary shares ("RDSB")

Royal Dutch Shell plc Class A ADS ("RDS.A")

Directors

1) DBP

Peter Voser 64,161 RDSA

Malcolm Brinded 36,214 RDSB

Simon Henry 27,160 RDSB

2) LTIP

Peter Voser 175,985 RDSA

Malcolm Brinded 104,296 RDSB

Simon Henry 81,699 RDSB

PDMRs

1. DBP

Matthias Bichsel 26,106 RDSA

Hugh Mitchell 16,212 RDSB

Marvin Odum 7,595 RDS.A

Mark Williams 9,416 RDS.A

Peter Rees 9,915 RDSB

2. LTIP

Matthias Bichsel 40,000 RDSA

Hugh Mitchell 33,000 RDSB

Marvin Odum 30,000 RDS.A

Mark Williams 28,000 RDS.A

Peter Rees 38,000 RDSB

Notes

Deferred Bonus Plan ("DBP")

The DBP requires that Executive Directors and Persons Discharging Managerial
Responsibility invest no less than 25% of their annual bonus in deferred bonus
shares. They may choose to invest up to 50% in such shares and the Plan
provides for dividends in the form of shares ("dividend shares") to be accrued
on the deferred bonus shares. For the purposes of disclosure and maintenance of
certain statutory records, the number of shares does not include any
performance-related matching shares that may be earned in accordance with the
plan rules applicable to each award, the number of such performance related
matching shares being unknown until the performance criteria are assessed at
the end of the performance period. Further details of the DBP can be found in
the Royal Dutch Shell Annual Report and Form 20-F for the year ended December
31, 2010.

Long Term Incentive Plan ("LTIP")

The LTIP is a performance based share plan under which Directors receive a
conditional award of shares ("performance shares"). The actual number of
performance shares which Directors could finally receive under the plan ranges
from nil to two times the conditional award, subject to the performance of the
Company over a period of at least three years. For the purposes of disclosure
and maintenance of certain statutory records, the number of performance shares
is taken to be one times the number of performance shares conditionally
awarded. Performance shares attract dividends in the form of shares ("dividend
shares") and, whilst Directors could finally receive dividend shares based on
two times the conditional award, such dividend shares are disclosed and
recorded on the basis of the number of shares conditionally awarded. Further
details of the LTIP can be found in the Royal Dutch Shell Annual Report and
Form 20-F for the year ended December 31, 2010.

Mark Edwards

Deputy Company Secretary

Royal Dutch Shell plc

Enquiries

Shell Media Relations

International, UK, European Press: +31 70 377 3600

Shell Investor Relations

Europe: + 31 70 377 3996

United States: +1 713 241 2069



END

ROYAL DUTCH SHELL PLC FOURTH QUARTER 2011 INTERIM DIVIDEND

The Board of Royal Dutch Shell plc ("RDS") today announced an interim dividend
in respect of the fourth quarter of 2011 of US$0.42 per A ordinary share ("A
Share") and B ordinary share ("B Share"), equal to the US dollar dividend for
the same quarter last year.

The Board expects that the first quarter 2012 interim dividend will be US$0.43,
an increase of 2% over the US dollar dividend for the same quarter in the
previous year. The first quarter 2012 interim dividend is scheduled to be
announced on April 26, 2012.

RDS provides eligible shareholders with a choice to receive dividends in cash
or in shares via a Scrip Dividend Programme ("the Programme"). For further
details please see below.

Details relating to the fourth quarter 2011 interim dividend

It is expected that cash dividends on the B Shares will be paid via the
Dividend Access Mechanism from UK-sourced income of the Shell Group.

Per ordinary share Q4 2011

RDS A Shares (US$) 0.42

RDS B Shares (US$) 0.42

Dividends declared on A Shares will be paid, by default, in euro, although
holders of A Shares will be able to elect to receive dividends in pounds
sterling.

Dividends declared on B Shares will be paid, by default, in pounds sterling,
although holders of B Shares will be able to elect to receive dividends in
euro.

The pounds sterling and euro equivalent dividend payments will be announced on
March 9, 2012.

Per ADS Q4 2011

RDS A ADSs (US$) 0.84

RDS B ADSs (US$) 0.84

Dividends declared on American Depository Shares ("ADSs") will be paid, by
default, in US dollars.

ADS stands for an American Depositary Share. ADR stands for an American
Depositary Receipt. An ADR is a certificate that evidences ADSs. ADSs are
listed on the NYSE under the symbols RDS.A and RDS.B. Each ADS represents two
ordinary shares, two A Shares in the case of RDS.A or two B Shares in the case
of RDS.B. In many cases the terms ADR and ADS are used interchangeably.

Scrip Dividend Programme

RDS provides shareholders with a choice to receive dividends in cash or in
shares via a Scrip Dividend Programme.

Under the Programme shareholders can increase their shareholding in RDS by
choosing to receive new shares instead of cash dividends if declared by RDS.
Only new A Shares will be issued under the Programme, including to shareholders
who currently hold B Shares.

Joining the Programme may offer a tax advantage in some countries compared with
receiving cash dividends. In particular, dividends paid out as shares will not
be subject to Dutch dividend withholding tax (currently 15 per cent) and will
not generally be taxed on receipt by a UK shareholder or a Dutch corporate
shareholder.

Shareholders who elect to join the Programme will increase the number of shares
held in RDS without having to buy existing shares in the market, thereby
avoiding associated dealing costs.

Shareholders who do not join the Programme will continue to receive in cash any
dividends declared by RDS.

Shareholders who held only B Shares and joined the Scrip Dividend Programme are
reminded they will need to make a Scrip Dividend Election in respect of their
new A Shares if they wish to join the Programme in respect of such new shares.
However, this is only necessary if the shareholder has not previously made a
Scrip Dividend Election in respect of any new A Shares issued.

For further information on the Programme, including how to join if you are
eligible, please refer to the appropriate publication available on
www.shell.com/scrip.

Dividend timetable for the fourth quarter 2011 interim dividend

Announcement date Feb 2, 2012

Ex-dividend date Feb 15, 2012

Record date Feb 17, 2012

Scrip reference share price announcement date Feb 22, 2012

Closing of scrip election and currency election * Mar 2, 2012

Pounds sterling and euro equivalents announcement date Mar 9, 2012

Payment date Mar 22, 2012

* A different scrip election date may apply to registered and non registered
ADS holders.

Registered ADS holders can contact The Bank of New York Mellon for the election
deadline that applies. Non registered ADS holders can contact their broker,
financial intermediary, bank or financial institution for the election deadline
that applies.

Both a different scrip and currency election date may apply to shareholders
holding shares in a securities account with a bank or financial institution
ultimately holding through Euroclear Nederland. Please contact your broker,
financial intermediary, bank or financial institution where you hold your
securities account for the election deadline that applies.

Taxation cash dividends

Cash dividends on A Shares will be subject to the deduction of Netherlands
dividend withholding tax at the rate of 15%, which may be reduced in certain
circumstances. Provided certain conditions are met, shareholders in receipt of
A Share cash dividends may also be entitled to a non-payable dividend tax
credit in the United Kingdom.

Shareholders resident in the United Kingdom, receiving cash dividends on B
Shares through the Dividend Access Mechanism, are entitled to a tax credit.
This tax credit is not repayable. Non-residents may also be entitled to a tax
credit, if double tax arrangements between the United Kingdom and their country
of residence so provide, or if they are eligible for relief given to
non-residents with certain special connections with the United Kingdom or to
nationals of states in the European Economic Area.

The amount of tax credit is 10/90ths of the cash dividend, the tax credit
referable to the fourth quarter 2011 interim dividend of US$0.42 is US$0.05 per
ordinary share and the dividend and tax credit together amount to US$0.47. The
pounds sterling and euro equivalents will be announced on March 9, 2012.

Royal Dutch Shell plc

The Hague, February 2nd, 2012

Contacts:

Investor Relations: Europe: + 31 (0)70 377 4540; USA: +1 713 241 1042

Media: Europe: + 31 (0)70 377 3600

CAUTIONARY NOTE:

The companies in which Royal Dutch Shell plc directly and indirectly owns
investments are separate entities. In this release "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
release 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 release, 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 release 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 release, 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 release
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 release, 2 February 2012. 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 release. There can be no assurance
that dividend payments will match or exceed those set out in this release in
the future, or that they will be made at all.



END

4TH QUARTER AND FULL YEAR 2011 UNAUDITED RESULTS

* Royal Dutch Shell's fourth quarter 2011 earnings, on a current cost of
supplies (CCS) basis (see Note 1), were $6.5 billion compared with $5.7
billion in the same quarter a year ago. Full year 2011 CCS earnings were
$28.6 billion compared with $18.6 billion in 2010.

* Fourth quarter 2011 CCS earnings excluding identified items (see page 5)
were $4.8 billion compared with $4.1 billion in the fourth quarter 2010, an
increase of 18%. Full year 2011 CCS earnings excluding identified items
were $24.7 billion compared with $18.1 billion in 2010.

* Basic CCS earnings per share excluding identified items for the fourth
quarter 2011 increased by 16% versus the same quarter a year ago. Basic CCS
earnings per share excluding identified items for the full year 2011
increased by 35% versus a year ago.

* Cash flow from operating activities was $6.5 billion for the fourth quarter
2011 and $36.8 billion for the full year. Excluding net working capital
movements, cash flow from operating activities was $7.2 billion for the
fourth quarter 2011 and $43.2 billion for the full year.

* Gearing was 13.1% at the end of 2011 versus 17.1% at the end of 2010.

* A fourth quarter 2011 dividend has been announced of $0.42 per ordinary
share and $0.84 per American Depositary Share (ADS), unchanged from the US
dollar dividend per share and per ADS for the same period in 2010.

* A first quarter 2012 dividend is expected to be declared at $0.43 per share
and $0.86 per ADS, an increase of 2% compared with the first quarter 2011
US dollar dividend.

SUMMARY OF UNAUDITED RESULTS

Quarters $ million Full year

Q4 Q3
2011 2011 Q4 2010 %1 2011 2010 %

Income attributable to
6,500 6,976 6,790 -4 shareholders 30,918 20,127 +54

Current cost of supplies (CCS)
(41) 270 (1,094) adjustment for Downstream (2,293) (1,484)

6,459 7,246 5,696 +13 CCS earnings 28,625 18,643 +54

1,613 245 1,586 Less: Identified items2 3,938 570

CCS earnings excluding identified
4,846 7,001 4,110 +18 items 24,687 18,073 +37

Of which:

5,107 5,435 3,440 Upstream 20,600 14,442

(278) 1,818 482 Downstream 4,274 3,873

Corporate and Non-controlling
17 (252) 188 interest (187) (242)

Cash flow from operating
6,465 11,645 5,456 +18 activities 36,771 27,350 +34

1.04 1.16 0.93 +12 Basic CCS earnings per share ($) 4.61 3.04 +52

2.08 2.32 1.86 Basic CCS earnings per ADS ($) 9.22 6.08

Basic CCS earnings per share excl.
0.78 1.12 0.67 +16 identified items ($) 3.97 2.95 +35

Basic CCS earnings per ADS excl.
1.56 2.24 1.34 identified items ($) 7.94 5.90

0.42 0.42 0.42 - Dividend per share ($) 1.68 1.68 -

0.84 0.84 0.84 Dividend per ADS ($) 3.36 3.36

1 Q4 on Q4 change.

2 See page 5.


Royal Dutch Shell Chief Executive Officer Peter Voser commented:

"Our fourth quarter results were impacted by a sharp downturn in industry
refining margins and North American natural gas prices. The global economy and
energy markets are likely to see continued high volatility. Despite the
near-term uncertainties, Shell's focus remains on through-cycle investment for
sustainable growth.

I am pleased with our delivery in 2011, focusing on improving our operating
performance and ramping up our growth projects. We have made good progress with
portfolio development during 2011, with new opportunities in global gas,
liquids-rich shales and exploration, alongside some $7.5 billion of divestments
as part of Shell's drive for on-going capital efficiency and portfolio
improvement."

FOURTH QUARTER 2011 PORTFOLIO DEVELOPMENTS

Upstream

In Australia, a final investment decision was taken on the Greater Western
Flank Phase 1 project (Shell share 20.6%). The project is expected to produce
some 110 thousand barrels of oil equivalent per day ("boe/d") at peak
production and represents the next major development for the North West Shelf
Project.

Also in Australia, shareholders of Bow Energy Ltd. approved its acquisition by
Arrow Energy Holdings Pty Ltd. ("Arrow"), a joint venture (Shell share 50%)
between Shell and PetroChina. Shell's share of the funding for this acquisition
by Arrow is some $0.3 billion. The acquisition was completed in January 2012.

In Brazil, Shell completed the sale of its 20% interest in the offshore oil and
gas exploration block BM-S-8 in the Santos Basin for a consideration of some
$0.4 billion.

In Cameroon, Shell sold its 80% interest in Pecten Cameroon Company LLC (Shell
share of production of 10 thousand boe/d) for a consideration of some $0.5
billion.

In Indonesia, Shell entered into the Masela production-sharing contract ("PSC")
with a 30% stake for a consideration of some $0.9 billion. The Masela PSC
contains the Abadi gas discovery, which is planned to commence front-end
engineering and design for a Floating LNG project in 2012, initially for 2.5
million tonnes per annum ("mtpa") capacity, with the potential for significant
project expansions at a later stage.

In Iraq, final government approvals were received to form the Basrah Gas
Company, a joint venture between Iraq's South Gas Company (51%), Shell (44%)
and Mitsubishi Corporation (5%). The Basrah Gas Company will ultimately gather
and process some 2 billion cubic feet per day ("bcf/d") of raw gas from the
Rumaila, Zubair and West Qurna 1 fields, initially supplying domestic markets
with a longer-term option to develop LNG export capacity.

In Korea, Shell signed a binding Heads of Agreement for the long-term supply of
3.64 mtpa of LNG to Kogas for twenty years from 2016 and 1 mtpa of LNG from
2013 to 2016.

This supply agreement brings the total LNG sales contracts in Shell's global
LNG portfolio signed during 2011 to some 6 mtpa. These long-term contracts are
linked to oil prices and at today's oil prices these would be valued at around
$100 billion.

In Malaysia, Shell extended two PSCs by 30 years for enhanced oil recovery
projects offshore Sarawak and Sabah. The improvement in recovery efficiency of
the Baram Delta (Shell share 40%) and North Sabah (Shell share 50%) oil fields
is expected to result in additional oil production and extend field life to
beyond 2040.

In Nigeria, Shell sold its 30% interest in Oil Mining Leases 26 and 42 and
related facilities in the Niger Delta (Shell share of production of 6 thousand
boe/d) for a consideration of some $0.5 billion.

In Norway, Shell completed the sale of its interests in the natural gas
transport infrastructure joint venture Gassled for a consideration of some $0.7
billion, with proceeds received in January 2012.

During the fourth quarter 2011, Shell participated in the Vos-1 (Shell share
50%) and the Satyr-3 (Shell share 25%) gas discoveries, both in the Carnarvon
Basin offshore Australia, and had a substantial new oil discovery near the
Clair field in the UK. Shell also continued with appraisal successes in our
global tight gas portfolio in Australia, China and in North America in the
Groundbirch, Marcellus, and liquids-rich Eagle Ford plays.

As part of our global exploration programme, Shell spent some $0.7 billion on
new acreage positions during the quarter. New positions include offshore
Australia, the Russian Arctic onshore, offshore and onshore Turkey and
additions to existing liquids-rich shale positions in Canada, Colombia and the
USA.

Also, Shell's application for its working interest in the French Guiana
deepwater block was approved by the French government and Shell assumed
operatorship on February 1, 2012. Shell increased its working interest in this
acreage from 33% to 45%.

Downstream

In Germany, Shell agreed to transfer the operations of the base oil production
at Harburg refinery to a third party. The remaining facilities of the 108
thousand barrels per day ("b/d") refinery (Shell share 100%) will be converted
into an oil products terminal by 2013.

In the United Kingdom, Shell completed the acquisition of 253 retail stations
from the Snax 24 Consortium Partnership for a consideration of some $0.4
billion.

Shell completed the sale of the majority of its shareholding of its downstream
businesses in Cape Verde, Madagascar, Mali, Mauritius, Morocco, Senegal and
Tunisia. This represents the first stage of the divestment of the majority of
Shell's shareholding in most of its downstream businesses in Africa as
announced in February 2011, with the remainder expected to be completed in
2012.

In Qatar, Shell and Qatar Petroleum signed a Heads of Agreement for the
development of a world-scale petrochemicals complex (Shell share 20%). The
scope under consideration includes a plant of up to 1.5 mtpa mono-ethylene
glycol and 0.3 mtpa of linear alpha olefins.

KEY FEATURES OF THE FOURTH QUARTER AND FULL YEAR 2011

* Fourth quarter 2011 CCS earnings (see Note 1) were $6,459 million, 13%
higher than in the same quarter a year ago. Full year 2011 CCS earnings
were $28,625 million, 54% higher than in 2010.

* Fourth quarter 2011 CCS earnings excluding identified items (see page 5)
were $4,846 million, compared with $4,110 million in the fourth quarter
2010. Full year 2011 CCS earnings excluding identified items were $24,687
million, compared with $18,073 million in 2010.

* Basic CCS earnings per share increased by 12% versus the same quarter a
year ago. Full year 2011 basic CCS earnings per share increased by 52%
compared with 2010.

* Basic CCS earnings per share excluding identified items increased by 16%
versus the same quarter a year ago. Full year 2011 basic CCS earnings per
share excluding identified items increased by 35% compared with 2010.

* Cash flow from operating activities for the fourth quarter 2011 was $6.5
billion, compared with $5.5 billion in the same quarter last year.
Excluding net working capital movements, cash flow from operating
activities in the fourth quarter 2011 was $7.2 billion, compared with $6.2
billion in the same quarter last year.

Full year 2011 cash flow from operating activities was $36.8 billion, compared
with $27.4 billion in 2010. Excluding net working capital movements, cash flow
from operating activities in 2011 was $43.2 billion, compared with $33.3
billion in 2010.

* Total dividends distributed in the fourth quarter 2011 were $2.6 billion of
which some $0.9 billion were settled by issuing some 27.3 million Class A
shares under the scrip dividend programme for the third quarter 2011. Some
9.1 million Class B shares, equivalent to $0.3 billion, were bought back
for cancellation during the quarter under our share buyback programme.

Total dividends distributed in the full year 2011 were $10.5 billion of which
$3.6 billion were settled by issuing some 104.6 million Class A shares under
the scrip dividend programme. Some 34.4 million Class B shares, equivalent to
$1.1 billion, were bought back for cancellation.

* Net capital investment (see Note 1) for the fourth quarter 2011 was $9.7
billion, bringing the full year 2011 total to $23.5 billion. Capital
investment was $11.0 billion for the fourth quarter 2011 and $31.1 billion
for the full year 2011.

* Return on average capital employed (ROACE) (see Note 3) for 2011 on a
reported income basis was 15.9%.

* Gearing was 13.1% at the end of 2011 versus 17.1% at the end of 2010.

* When final volumes are reported in the 2011 Annual Report / Form 20-F,
Shell expects that proved oil and gas reserves additions before taking into
account production on an SEC basis will be around 1.2 billion boe.

With 2011 production of some 1.2 billion boe, our headline proved Reserves
Replacement Ratio for the year on an SEC basis is expected to be around 100%.
Our Organic Reserves Replacement Ratio, which excludes the impact of oil price
movements in the year, acquisitions and divestments, is expected to be around
120%.

At the end of 2011, total proved reserves on an SEC basis are expected to be
around 14.2 billion to 14.3 billion boe, in line with the end of 2010, after
taking into account 2011 production. As a consequence, Shell's reserves to
production ratio is expected to remain around 12 years at the end of 2011, in
line with the end of 2010.

The 3 year average headline proved Reserves Replacement Ratio on an SEC basis
is expected to be around 160%.

Further information will be provided in our Annual Report / Form 20-F, which is
expected to be filed in March 2012.

* Supplementary financial and operational disclosure for the fourth quarter
and full year 2011 is available at www.shell.com/investor .

SUMMARY OF IDENTIFIED ITEMS

CCS earnings in the fourth quarter 2011 reflected the following items, which in
aggregate amounted to a net gain of $1,613 million (compared with a net gain of
$1,586 million in the fourth quarter 2010), as summarised in the table below:

* Upstream earnings included a net gain of $1,458 million, mainly reflecting
divestment gains, the estimated fair value accounting for commodity
derivatives (see Note 2) and the mark-to-market valuation of certain gas
contracts. Earnings for the fourth quarter 2010 included a net gain of
$1,657 million.

* Downstream earnings included a net gain of $34 million, mainly reflecting a
tax credit and a net divestment gain, partly offset by a provision.
Earnings for the fourth quarter 2010 included a net charge of $71 million.

* Corporate and Non-controlling interest earnings included a net gain of $121
million, mainly reflecting a divestment gain.

SUMMARY OF IDENTIFIED ITEMS

Quarters $ million Full year

Q4 2011 Q3 2011 Q4 2010 2011 2010

Identified items:

1,458 636 1,657 Upstream 3,855 1,493

34 (338) (71) Downstream 15 (923)

Corporate and Non-controlling
121 (53) - interest 68 -

1,613 245 1,586 CCS earnings impact 3,938 570


These identified items generally relate to events with an impact of more than
$50 million on Royal Dutch Shell's CCS earnings and are shown to provide
additional insight into segment earnings and income attributable to
shareholders. Further comments on the business segments are provided in the
section 'Earnings by Business Segment' on pages 6 to 8.

EARNINGS BY BUSINESS SEGMENT

UPSTREAM

Quarters $ million Full year

Q4 Q3 Q4
2011 2011 2010 %1 2011 2010 %

Upstream earnings excluding
5,107 5,435 3,440 +48 identified items 20,600 14,442 +43

6,565 6,071 5,097 +29 Upstream earnings 24,455 15,935 +53

Upstream cash flow from operating
6,485 8,520 5,596 +16 activities 30,579 24,872 +23

7,363 5,944 522 - Upstream net capital investment 19,083 21,222 -10

Liquids production available for
1,644 1,676 1,741 -6 sale (thousand b/d) 1,666 1,709 -3

Natural gas production available
9,633 7,749 10,184 -5 for sale (million scf/d) 8,986 9,305 -3

Barrels of oil equivalent
3,305 3,012 3,496 -5 (thousand boe/d) 3,215 3,314 -3

LNG sales volumes (million
4.84 4.76 4.39 +10 tonnes) 18.83 16.76 +12

1 Q4 on Q4 change


Fourth quarter Upstream earnings excluding identified items were $5,107 million
compared with $3,440 million a year ago. Identified items were a net gain of
$1,458 million, compared with a net gain of $1,657 million in the fourth
quarter 2010 (see page 5).

Upstream earnings excluding identified items increased compared with the fourth
quarter 2010. Earnings reflected higher liquids and natural gas realisations.
Earnings also reflected higher LNG realisations, increased LNG sales volumes
and higher dividends from an LNG venture. These items were partly offset by
lower liquids and natural gas production volumes, higher depreciation and
increased exploration expense.

Global liquids realisations were 30% higher than in the fourth quarter 2010.
Global natural gas realisations were 12% higher than in the same quarter a year
ago. While natural gas realisations in the Americas decreased by 10%, natural
gas realisations outside the Americas increased by 22%.

Fourth quarter 2011 production was 3,305 thousand boe/d compared with 3,496
thousand boe/d a year ago. Excluding the impact of divestments of some 90
thousand boe/d, fourth quarter 2011 production was 3% lower than in the same
period last year.

New field start-ups and the continuing ramp-up of fields contributed some 290
thousand boe/d to production in the fourth quarter 2011, in particular from
Pearl GTL and Qatargas 4 LNG in Qatar, which more than offset the impact of
field declines.

LNG sales volumes of 4.84 million tonnes were 10% higher than in the same
quarter a year ago, reflecting the contribution of Qatargas 4 LNG.

Full year Upstream earnings excluding identified items were $20,600 million
compared with $14,442 million in 2010. Identified items were a net gain of
$3,855 million, mainly reflecting divestment gains, compared with a net gain of
$1,493 million in 2010.

Upstream earnings excluding identified items increased compared with 2010,
reflecting higher liquids and natural gas realisations and increased trading
contributions. Earnings also reflected higher LNG sales volumes and higher
realised LNG prices as well as increased dividends from an LNG venture. These
items were offset by higher operating expenses, mainly reflecting the start-up
of new projects, lower liquids and natural gas production volumes and increased
taxes.

Global liquids realisations were 39% higher than in 2010. Global natural gas
realisations were 18% higher than in 2010. Natural gas realisations in the
Americas decreased by 8%, whereas natural gas realisations outside the Americas
increased by 26%.

Full year 2011 production was 3,215 thousand boe/d compared with 3,314 thousand
boe/d for 2010. Excluding the impact of divestments of some 100 thousand boe/d,
full year 2011 production was in line with 2010.

New field start-ups and the continuing ramp-up of fields contributed some 270
thousand boe/d to production in the full year 2011, in particular from Pearl
GTL and Qatargas 4 LNG in Qatar as well as Gbaran Ubie in Nigeria and AOSP
Expansion 1 in Canada, which more than offset the impact of field declines.

LNG sales volumes of 18.83 million tonnes were 12% higher than in 2010,
reflecting the successful ramp-up of Qatargas 4 LNG during the year as well as
higher volumes from Nigeria LNG and the Sakhalin II project.

DOWNSTREAM

Quarters $ million Full year

Q4 Q3 Q4
2011 2011 2010 %1 2011 2010 %

Downstream CCS earnings excluding
(278) 1,818 482 - identified items 4,274 3,873 +10

(244) 1,480 411 - Downstream CCS earnings 4,289 2,950 +45

Downstream cash flow from
324 2,069 (348) - operating activities 4,921 1,961 +151

2,362 149 991 +138 Downstream net capital investment 4,342 2,358 +84

Refinery processing intake
2,666 2,854 3,201 -17 (thousand boe/d) 2,845 3,197 -11

Oil products sales volumes
6,155 6,374 6,670 -8 (thousand b/d) 6,196 6,460 -4

Chemicals sales volumes (thousand
4,440 4,832 5,297 -16 tonnes) 18,831 20,653 -9

1 Q4 on Q4 change


Fourth quarter Downstream earnings excluding identified items were a loss of
$278 million compared with a profit of $482 million in the fourth quarter 2010.
Identified items were a net gain of $34 million, compared with a net charge of
$71 million in the fourth quarter 2010 (see page 5).

Downstream results excluding identified items decreased compared with the
fourth quarter 2010. Earnings reflected lower operating expenses and improved
oil products unit marketing margins. These items were more than offset by lower
realised refining margins, reflecting the deterioration in the global refining
environment. Compared to the same quarter last year, Downstream results were
also impacted by lower oil products and chemicals sales volumes as well as
reduced trading contributions.

Oil products sales volumes decreased by 8% compared with the same period a year
ago as a result of portfolio divestments and weakening global demand. Excluding
the impact of divestments and the effects of the formation of the Raízen joint
venture, a total of some 260 thousand b/d, sales volumes were 4% lower than in
the same period last year.

Chemicals sales volumes decreased by 16% compared with the same quarter last
year, due to lower plant availability and the impact of weakening global
demand. Chemicals manufacturing plant availability decreased to 86% compared
with 94% in the fourth quarter 2010, as a result of increased maintenance
activities.

Refinery intake volumes decreased by 17% compared with the fourth quarter of
2010, mainly as a result of portfolio divestments. Excluding portfolio impacts,
refinery intake volumes were 9% lower than in the same period a year ago.
Refinery availability of 92% was in line with the fourth quarter 2010.

Full year Downstream earnings excluding identified items were $4,274 million
compared with $3,873 million in 2010. Identified items were a net gain of $15
million, compared with a net charge of $923 million in 2010.

Downstream earnings excluding identified items increased compared with 2010.
Earnings reflected higher contributions from trading, lower operating expenses
and higher chemicals unit margins, due to favourable market conditions during
most of the year. These items were partly offset by lower realised refining
margins, as a result of the weaker global refining environment. Compared to the
previous year, Downstream earnings were also impacted by lower oil products and
chemicals sales volumes.

Oil products sales volumes decreased by 4% compared with 2010, as a result of
portfolio divestments and weakening demand. Excluding both the impact of
divestments and the effects of the formation of the Raízen joint venture, a
total of some 210 thousand b/d, sales volumes decreased by 1% compared with
2010.

Chemicals sales volumes decreased by 9% compared with 2010, mainly due to lower
plant availability. Chemicals manufacturing plant availability decreased to 89%
compared with 92% in 2010, as a result of increased maintenance activities.

Refinery intake volumes decreased by 11% compared with 2010, mainly as a result
of portfolio divestments and refinery closures. Excluding portfolio impacts,
refinery intake volumes were 2% lower compared with 2010. Refinery availability
of 92% was in line with 2010.

CORPORATE AND NON-CONTROLLING INTEREST

Quarters $ million Full year

Q4 2011 Q3 2011 Q4 2010 2011 2010

Corporate and Non-controlling interest
17 (252) 188 excl. identified items (187) (242)

Of which:

24 (201) 231 Corporate 63 91

(7) (51) (43) Non-controlling interest (250) (333)

138 (305) 188 Corporate and Non-controlling interest (119) (242)


Fourth quarter Corporate results and Non-controlling interest excluding
identified items were a gain of $17 million compared with a gain of $188
million in the same period last year. Identified items in the fourth quarter
2011 were a net gain of $121 million (see page 5).

Corporate earnings excluding identified items were lower compared with the
fourth quarter 2010, mainly reflecting unfavourable currency exchange rate
effects of $25 million compared with favourable currency exchange rate effects
of $215 million in the fourth quarter 2010. Results also reflected higher net
interest expense and higher costs. These items were partly offset by increased
tax credits.

Full year Corporate results and Non-controlling interest excluding identified
items were a loss of $187 million compared with a loss of $242 million in 2010.
Identified items in the full year 2011 were a net gain of $68 million.

Corporate earnings excluding identified items were lower compared with 2010,
reflecting higher net interest expense and unfavourable currency exchange rate
effects, largely offset by increased tax credits and lower costs.

FORTHCOMING EVENTS

First quarter 2012 results and first quarter 2012 dividend are scheduled to be
announced on April 26, 2012. Second quarter 2012 results and second quarter
2012 dividend are scheduled to be announced on July 26, 2012. Third quarter
2012 results and third quarter 2012 dividend are scheduled to be announced on
November 1, 2012.

UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED STATEMENT OF INCOME

Quarters $ million Full year

Q4 2011 Q3 2011 Q4 2010 %1 2011 2010 %

115,575 123,412 100,714 Revenue 470,171 368,056

Share of profit of
2,233 2,041 1,979 equity-accounted investments 8,737 5,953

1,320 504 2,832 Interest and other income 5,581 4,143

119,128 125,957 105,525 Total revenue and other income 484,489 378,152

91,865 98,094 78,138 Purchases 370,044 283,176

Production and manufacturing
6,993 6,761 7,294 expenses 26,458 24,458

Selling, distribution and
3,706 3,516 4,301 administrative expenses 14,335 15,528

404 253 422 Research and development 1,125 1,019

825 661 646 Exploration 2,266 2,036

Depreciation, depletion and
3,243 3,803 3,236 amortisation 13,228 15,595

287 331 227 Interest expense 1,373 996

11,805 12,538 11,261 +5 Income before taxation 55,660 35,344 +57

5,337 5,505 4,405 Taxation 24,475 14,870

6,468 7,033 6,856 -6 Income for the period 31,185 20,474 +52

Income attributable to
(32) 57 66 non-controlling interest 267 347

Income attributable to Royal
6,500 6,976 6,790 -4 Dutch Shell plc shareholders 30,918 20,127 +54

Current cost of supplies (CCS)
(41) 270 (1,094) adjustment for Downstream (2,293) (1,484)

6,459 7,246 5,696 +13 CCS earnings 28,625 18,643 +54

1,613 245 1,586 Less: Identified items 3,938 570

CCS earnings excluding
4,846 7,001 4,110 +18 identified items 24,687 18,073 +37


BASIC EARNINGS PER SHARE

Quarters Full year

Q4 2011 Q3 2011 Q4 2010 $ 2011 2010

1.04 1.12 1.11 Earnings per share 4.98 3.28

1.04 1.16 0.93 CCS earnings per share 4.61 3.04

CCS earnings per share excl.
0.78 1.12 0.67 identified items 3.97 2.95

DILUTED EARNINGS PER SHARE

Quarters Full year

Q4 2011 Q3 2011 Q4 2010 $ 2011 2010

1.04 1.12 1.10 Earnings per share 4.97 3.28

1.03 1.16 0.93 CCS earnings per share 4.60 3.04

CCS earnings per share excl.
0.78 1.12 0.67 identified items 3.97 2.94

SHARES2

Quarters Millions Full year

Q4 2011 Q3 2011 Q4 2010 2011 2010

Weighted average number of
shares as the basis for:

6,231.3 6,238.1 6,137.3 Basic earnings per share 6,212.5 6,132.6

6,241.0 6,247.1 6,147.4 Diluted earnings per share 6,221.7 6,139.3

Shares outstanding at the end of
6,220.1 6,236.5 6,154.2 the period 6,220.1 6,154.2

1 Q4 on Q4 change.

2 Royal Dutch Shell plc ordinary shares of euro 0.07 each.


CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

Quarters $ million Full year

Q4 2011 Q3 2011 Q4 2010 2011 2010

6,468 7,033 6,856 Income for the period 31,185 20,474

Other comprehensive income, net of
tax:

(1,310) (4,642) (24) Currency translation differences (3,328) (142)

Unrealised gains/(losses) on
1,671 23 (182) securities 1,684 (298)

(133) (130) (16) Cash flow hedging gains/(losses) (222) (2)

Share of other comprehensive
income/(loss) of equity-accounted
(39) 29 482 investments 60 488

Other comprehensive income/(loss)
189 (4,720) 260 for the period (1,806) 46

6,657 2,313 7,116 Comprehensive income for the period 29,379 20,520

Comprehensive income/(loss)
attributable to non-controlling
(603) (46) 51 interest (348) 389

Comprehensive income attributable to
7,260 2,359 7,065 Royal Dutch Shell plc shareholders 29,727 20,131


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Equity attributable to Royal Dutch Shell plc
shareholders

Ordinary
share
capital Shares
held in Other Retained Non-controlling Total
$ million trust reserves earnings Total interest equity

At January 1, 2011 529 (2,789) 10,094 140,179 148,013 1,767 149,780

Comprehensive
income for the
period - - (1,191) 30,918 29,727 (348) 29,379

Capital
contributions from
and other changes
in non-controlling
interest - - - 41 41 505 546

Dividends paid - - - (10,457) (10,457) (438) (10,895)

Scrip dividends1 10 - (10) 3,580 3,580 - 3,580

Repurchases of
shares (3) - 3 (1,106) (1,106) - (1,106)

Shares held in
trust: net sales/
(purchases) and
dividends received - (201) - 142 (59) - (59)

Share-based
compensation - - 88 (310) (222) - (222)

At December 31,
2011 536 (2,990) 8,984 162,987 169,517 1,486 171,003

1 During 2011 some 104.6 million Class A shares, equivalent to $3.6 billion,
were issued under the Scrip Dividend Programme.


Equity attributable to Royal Dutch Shell plc
shareholders

Ordinary
share
capital Shares
held in Other Retained Non-controlling Total
$ million trust reserves earnings Total interest equity

At January 1, 2010 527 (1,711) 9,982 127,633 136,431 1,704 138,135

Comprehensive
income for the
period - - 4 20,127 20,131 389 20,520

Capital
contributions from
and other changes
in non-controlling
interest - - - 283 283 69 352

Dividends paid - - - (10,196) (10,196) (395) (10,591)

Scrip dividends2 2 - (2) 612 612 - 612

Shares held in
trust: net sales/
(purchases) and
dividends received - (1,078) - 1,521 443 - 443

Share-based
compensation - - 110 199 309 - 309

At December 31,
2010 529 (2,789) 10,094 140,179 148,013 1,767 149,780

2 During 2010 some 18.3 million Class A shares, equivalent to $0.6 billion,
were issued under the Scrip Dividend Programme.


CONDENSED CONSOLIDATED BALANCE SHEET

$ million

Sept 30,
Dec 31, 2011 2011 Dec 31, 2010

Assets

Non-current assets:

Intangible assets 4,521 4,500 5,039

Property, plant and equipment 152,081 147,027 142,705

Equity-accounted investments 37,990 38,321 33,414

Investments in securities 5,492 3,915 3,809

Deferred tax 4,732 5,512 5,361

Prepaid pension costs 11,408 11,132 10,368

Trade and other receivables 9,256 9,040 8,970

225,480 219,447 209,666

Current assets:

Inventories 28,976 30,250 29,348

Trade and other receivables 79,509 78,529 70,102

Cash and cash equivalents 11,292 19,256 13,444

119,777 128,035 112,894

Total assets 345,257 347,482 322,560

Liabilities

Non-current liabilities:

Debt 30,463 31,092 34,381

Trade and other payables 4,921 5,415 4,250

Deferred tax 14,649 15,814 13,388

Retirement benefit obligations 5,931 5,988 5,924

Decommissioning and other provisions 15,631 15,442 14,285

71,595 73,751 72,228

Current liabilities:

Debt 6,712 8,268 9,951

Trade and other payables 81,846 80,357 76,550

Taxes payable 10,606 15,305 10,306

Retirement benefit obligations 387 374 377

Decommissioning and other provisions 3,108 3,224 3,368

102,659 107,528 100,552

Total liabilities 174,254 181,279 172,780

Equity attributable to Royal Dutch Shell
plc shareholders 169,517 164,601 148,013

Non-controlling interest 1,486 1,602 1,767

Total equity 171,003 166,203 149,780

Total liabilities and equity 345,257 347,482 322,560


CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

Quarters $ million Full year

Q4 2011 Q3 2011 Q4 2010 2011 2010

Cash flow from operating
activities:

6,468 7,033 6,856 Income for the period 31,185 20,474

Adjustment for:

5,816 5,746 4,515 - Current taxation 23,009 16,384

275 249 186 - Interest expense (net) 1,164 842

- Depreciation, depletion and
3,243 3,803 3,236 amortisation 13,228 15,595

- Net (gains)/losses on sale of
(1,150) (347) (2,344) assets (4,485) (3,276)

- Decrease/(increase) in net
(688) 1,011 (754) working capital (6,471) (5,929)

- Share of profit of
(2,233) (2,041) (1,979) equity-accounted investments (8,737) (5,953)

- Dividends received from
3,196 2,402 2,064 equity-accounted investments 9,681 6,519

- Deferred taxation and other
(159) (204) (468) provisions 1,768 (1,934)

(550) (540) (696) - Other (949) (10)

Net cash from operating
14,218 17,112 10,616 activities (pre-tax) 59,393 42,712

(7,753) (5,467) (5,160) Taxation paid (22,622) (15,362)

Net cash from operating
6,465 11,645 5,456 activities 36,771 27,350

Cash flow from investing
activities:

(9,914) (7,261) (5,571) Capital expenditure (26,301) (26,940)

Investments in equity-accounted
(315) (199) (110) investments (1,886) (2,050)

1,175 1,594 1,286 Proceeds from sale of assets 6,990 3,325

Proceeds from sale of
43 200 3,380 equity-accounted investments 468 3,591

(Additions to)/proceeds from sale
83 6 (16) of securities 90 (34)

11 75 34 Interest received 196 136

Net cash used in investing
(8,917) (5,585) (997) activities (20,443) (21,972)

Cash flow from financing
activities:

Net (decrease)/increase in debt
with maturity period

(841) (365) 248 within three months (3,724) 4,647

5 477 120 Other debt: New borrowings 1,249 7,849

(585) (2,529) (388) Repayments (4,649) (3,240)

(470) (173) (108) Interest paid (1,665) (1,312)

Change in non-controlling
11 (3) 66 interest 8 381

Dividends paid to:

- Royal Dutch Shell plc
(1,688) (1,865) (1,998) shareholders (6,877) (9,584)

(64) (175) (38) - Non-controlling interest (438) (395)

(289) (817) - Repurchases of shares (1,106) -

Shares held in trust: net sales/
(purchases) and dividends
(1,342) 10 17 received (929) 187

Net cash from/(used in) financing
(5,263) (5,440) (2,081) activities (18,131) (1,467)

Currency translation differences
relating to cash and

(249) (829) (216) cash equivalents (349) (186)

(Decrease)/increase in cash and
(7,964) (209) 2,162 cash equivalents (2,152) 3,725

Cash and cash equivalents at
19,256 19,465 11,282 beginning of period 13,444 9,719

Cash and cash equivalents at end
11,292 19,256 13,444 of period 11,292 13,444


EXPLANATORY NOTES

1. Basis of preparation

The unaudited quarterly and full year financial report and tables of Royal
Dutch Shell plc and its subsidiaries (collectively known as "Shell") are
prepared on the basis of the same accounting principles as, and should be read
in conjunction with, the Annual Report / Form 20-F for the year ended December
31, 2010 (pages 102 to 107) as filed with the US Securities and Exchange
Commission.

The information for the periods ended December 31, 2011 does not comprise
statutory accounts for the purposes of section 435 of the Companies Act 2006.
Statutory accounts for the year ended December 31, 2010 were approved by the
Board of Directors and delivered to the Registrar of Companies. The report of
the auditors on those accounts was unqualified, did not include a reference to
any matters to which the auditors drew attention by way of emphasis without
qualifying the report, and did not contain any statement under sections 498(2)
or (3) of the Companies Act 2006.

Segment information

Segment earnings are presented on a current cost of supplies basis (CCS
earnings). On this basis, the purchase price of volumes sold during the period
is based on the estimated current cost of supplies during the same period after
making allowance for the estimated tax effect. CCS earnings thus exclude the
effect of changes in the oil price on inventory carrying amounts. Net capital
investment information is presented as measured based on capital expenditure as
reported in the Condensed Consolidated Statement of Cash Flows, adjusted for:
proceeds from divestments; exploration expenses excluding exploration wells
written off; investments in equity-accounted investments; leases and other
items.

CCS earnings and net capital investment information are the dominant measures
used by the Chief Executive Officer for the purposes of making decisions about
allocating resources and assessing performance.

2. Impacts of accounting for derivatives

In the ordinary course of business Shell enters into contracts to supply or
purchase oil and gas products, and also enters into derivative contracts to
mitigate resulting economic exposures (generally price exposure). Derivative
contracts are carried at period-end market price (fair value), with movements
in fair value recognised in income for the period. Supply and purchase
contracts entered into for operational purposes are, by contrast, recognised
when the transaction occurs (see also below); furthermore, inventory is carried
at historical cost or net realisable value, whichever is lower.

As a consequence, accounting mismatches occur because: (a) the supply or
purchase transaction is recognised in a different period; or (b) the inventory
is measured on a different basis.

In addition, certain UK gas contracts held by the Upstream business are, due to
pricing or delivery conditions, deemed to contain embedded derivatives or
written options and are also required to be carried at fair value even though
they are entered into for operational purposes.

The accounting impacts of the aforementioned are reported as identified items
in the quarterly results.

3. Return on average capital employed (ROACE)

ROACE measures the efficiency of Shell's utilisation of the capital that it
employs. In this calculation, ROACE is defined as the sum of income for the
year adjusted for after-tax interest expense as a percentage of the average
capital employed for the same period. Capital employed consists of total
equity, current debt and non-current debt.

CAUTIONARY STATEMENT

All amounts shown throughout this report are unaudited.

The companies in which Royal Dutch Shell plc directly and indirectly owns
investments are separate entities. In this report "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
report 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 report, 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. (For example, Shell interest in
Woodside Petroleum Ltd is 24%.)

This report 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'',
''goals'', ''intend'', ''may'', ''objectives'', ''outlook'', ''plan'',
''probably'', ''project'', ''risks'', "scheduled", ''seek'', ''should'',
''target'', ''will'' 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 report, 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 regulatory measures addressing climate change; (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 report 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 Annual Report / Form 20-F for the year
ended December 31, 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 report, February 2, 2012. 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 report.

The information in these quarterly and full year results reflects the consolidated
financial position and results of Royal Dutch Shell plc (“Royal Dutch Shell”).
All amounts shown throughout this report are unaudited. Company No. 4366849,
Registered Office: Shell Centre, London, SE1 7NA, England, UK.

February 2, 2012

Contacts:

* Investor Relations: Europe: + 31 (0)70 377 4540; USA: +1 713 241 1042

* Media: Europe: + 31 (0)70 377 3600; USA +1 713 241 4544





END

Royal Dutch Shell sets out new growth agenda

London: 2 February 2012 - Shell today updated shareholders on progress against
its strategic plan to generate profitable growth. In today's volatile economic
environment, the company's strategic aim remains to drive forward with its
investment programme, to deliver sustainable growth and provide competitive
returns to shareholders.

Key highlights:

* Global economy and energy markets likely to see continued high volatility.
Shell remains focused on through-cycle investment for sustainable growth.

* Delivery of underlying strategic drivers for 2012 targets established,
underpinned by 14 project start-ups 2009-11, and Shell's continuous
improvement programmes.

* Shell declared ~$10.5 billion of dividends in 2011 and expects to grow the
dividend in 2012, reflecting an improving financial position.

* Net capital investment in 2012 of $30 billion - 80% in Upstream - as Shell
invests for a new tranche of growth.

* Measured increase in spending and payout underpinned by a new outlook for
cashflow from operations for the period 2012-15 some 30-50% higher than the
2008-11 total.

* Growth outlook driven by over 60 new projects and options, maturing ~20
billion boe of new resources potential, including major projects in
liquefied natural gas (LNG), deep water, tight gas, liquids-rich shales and
traditional plays.

Economic development in non-OECD countries is driving sustained and long term
demand growth for all forms of energy. Regulatory and political uncertainties,
combined with challenges in debt markets, are adding to price and cost
volatility in this long term trend. Shell is investing for sustainable growth
through what is likely to remain a highly volatile period in the economy and
energy markets. The company's activities provide affordable, safe and reliable
energy supplies for our customers, world-wide.

Delivering on targets to 2012

Shell's three-year strategic plan, first outlined in early 2010, was designed
to build the foundations for profitable growth for shareholders, by improving
near-term competitive performance, and delivering growth to 2012. The main
strategic drivers of this plan have now been achieved:

* Performance focus. A substantial corporate reorganization, launched in
2009, simplified the company, reduced costs, and created a platform for
faster delivery of our strategy. In addition, we are driving the Downstream
portfolio to improve returns and growth potential.

* Cashflow from operations excluding working capital movements was $43
billion in 2011 - reaching the headline target we had set for 2012 -
rebalancing the company to surplus cashflow.

* Continuous improvement and capital efficiency are embedded in Shell.
Disposals of $17 billion from 2009-11, and $15 billion of acquisitions are
repositioning the company for new growth.

* Growth delivery. Shell has started up 14 new projects in 2009-11 -
including the world class Pearl gas-to-liquids project in Qatar.

* Shell's oil and gas resources base on stream has increased by 33%, or 3
billion boe, to 12 billion boe between 2009 and 2011. Maintaining a strong
project flow, the company is maturing a further 20 billion boe of new
resources for future growth.

Our headline proved Reserves Replacement Ratio for the year on an SEC basis is
expected to be around 100%. Our Organic Reserves Replacement Ratio, which
excludes the impact of oil price movements in the year, acquisitions and
divestments, is expected to be around 120%.

Shell's CEO Peter Voser commented: "Shell's strategy is innovative and
competitive. Our improving financial position creates an opportunity to
increase both our dividends and investment levels. With ramp up now well in
hand for near-term growth, I want to move our agenda forward today, with new
targets for the company."

"We are delivering our growth plans. Today's update sets a new and sustainable
growth agenda for the company. We declared over $10 billion of dividends in
2011 and we are expecting to return to dividend growth for 2012. This reflects
our confidence that there is more to come from Shell. "

Setting out new priorities

Voser commented: "We have worked hard to generate a strong pipeline of
investment opportunities for Shell, and we put the emphasis firmly on a
competitive financial performance. Shell's investment programmes create
cashflow growth, which in turn funds our dividends. All of this is supported by
efficiency gains from our continuous improvement programmes, where the
opportunity set runs to billions of dollars for Shell."

* Net capital investment will be some $30 billion in 2012, with over ~80%
Upstream, of which 60% will be in North America and Australia. We continue
to mature further development opportunities, with Final Investment Decision
on 17 new projects in 2010-11. In 2011, the company has built new positions
including Iraq gas, Asia Pacific LNG, liquids-rich shales, and new
exploration acreage in 10 countries. This portfolio growth supports our
increased investment program and updated growth outlook.

* Our cashflow from operations for 2008-11 was $136 billion, excluding
working capital movements. Cashflow from operations should be some 30-50%
higher for 2012-15 (1).

* Capital efficiency is a key part of Shell's strategy. Divestments are
expected to be $2-3 billion in 2012, with $17 billion of asset sales
completed in 2009-11.

* In Upstream, the company expects some 250,000 boe/d of asset sales and
licence expiries over the 2012-17 timeframe. Assuming these impacts play
out, oil & gas production should average some 4 million boe/d in 2017-18,
an increase of some 25% from 2011 levels of 3.2 million boe/d.

Growth investment

The key investment themes that underpin this profitable growth include over 60
new projects and options, which should unlock oil & gas resources potential of
over 20 billion boe.

* Exploration. We continue to balance exploration drilling in established
basins, with selective expansion into frontier acreage, and new plays such
as liquids-rich shales. Our exploration spending increased by some 30% to
$3.6 billion in 2011, excluding acreage purchases, and should increase a
further 35% in 2012 to some $5 billion.

* Traditional developments in Shell's heartlands will see $6 billion of 2012
investment. This includes extending the life of Shell's mature heartland
positions such as the UK North Sea and South East Asia. Around $3 billion
of investment in this category will be in countries with large undeveloped
resources positions - Nigeria, Kazakhstan and Iraq.

* Integrated gas. Shell has ~8 mtpa of LNG capacity under construction - all
in Australia - an increase of ~40% over today's position, with at least $5
billion of capital investment planned for 2012. In addition, Shell has some
15 mtpa of new LNG capacity under study.

* Deep water oil and gas spending in 2012 of some $4 billion, with 250,000
boe/d under construction, in 7 projects spanning the Gulf of Mexico, Brazil
and Malaysia.

* Tight gas and liquids-rich shales. Shell continues to build a world-wide
portfolio in these new plays, with 50,000 square kilometers in total,
including an increase of 12,000 square kilometers in 2011 in liquids-rich
plays. We allocate capital to these plays on a short term basis with a high
degree of flexibility, driven by economics and affordability. Some $4
billion of world-wide development investment is planned for 2012, focusing
on production from the lowest cost gas positions, and growing our liquids
production. Production from liquids-rich shales has the potential to reach
some 250,000 boe/d in 2017.

* In heavy oil world-wide, we are planning for $2 billion of 2012 spending,
covering EOR, mining and upgrading activities. In Canada, Shell is
investing in a series of debottlenecking projects in oil sands mining,
which will add ~50,000 b/d by 2020. We expect to take final investment
decision on a 1.1 mtpa carbon capture and storage project - Quest - in
2012.

* We continue to focus on operational excellence and selective growth in
Downstream, with $6 billion investment planned for 2012. Commissioning is
underway at the 325,000 b/d Port Arthur refinery expansion project,
creating one of the largest refineries in the United States, at some
600,000 b/d. Shell is also looking at new manufacturing capacity options in
North America, in Qatar and in China, as well as selective growth in
marketing activities, and continued momentum in Brazil biofuels.

1: Outlook assumes $80-100 Brent, improved North America gas and Downstream
environment from 2011, and excludes working capital movments.

Enquiries:

Shell Media Relations
International, UK, European Press: +31 70 377 3600

Shell Investor Relations
Europe: + 31 70 377 3996
United States: +1 713 241 2069

Definitions and cautionary statement

Resources: Our use of the term "resources" in this press release 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.

The companies in which Royal Dutch Shell plc directly and indirectly owns
investments are separate entities. In this press release "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
press release 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 press release, 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 press release 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 press release, 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 press
release 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 press release, 2 February 2012. 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 press release. There can be no
assurance that dividend payments will match or exceed those set out in this
press release in the future, or that they will be made at all.



We use certain terms in this press release, such as resources, 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 these forms from the SEC by calling
1-800-SEC-0330



END