Shell Reports Third Quarter Results, Reaffirms Investment Case

THIRD QUARTER / RESULTS
Royal Dutch Shell plc
A COMPELLING INVESTMENT CASE
#MakeTheFuture
October 29, 2020

Ben van Beurden
CHIEF EXECUTIVE OFFICER
Royal Dutch Shell | October 29, 2020

Royal Dutch Shell | October 29, 2020 3
Adjusted Earnings is the income attributable to RDS plc shareholders for the period, adjusted for the after-tax effect of oil price changes on inventory and for identified items. In this presentation, “earnings” refers to “Adjusted earnings” unless stated otherwise. Adjusted earnings per share is
calculated by dividing “CCS earnings attributable to RDS plc shareholders” by the average number of shares outstanding over the year. In this presentation, “earnings per share” refers to “basic adjusted earnings per share” unless stated otherwise. In this presentation, ROACE refers to “ROACE on
a CCS basis excluding identified items” unless stated otherwise. This measure is defined as the sum of CCS earnings excluding identified items for the current and previous three quarters, adjusted for after-tax interest expense, expressed as a percentage of the average capital employed for the
same period. Capital employed consists of total equity, current debt and non-current debt. In this presentation, “costs” and “underlying costs” refer to “underlying operating expenses unless stated otherwise. Underlying operating expenses represent operating expenses excluding identified items”.
Operating expenses consist of the following lines in the Consolidated Statement of Income: (i) production and manufacturing expenses; (ii) selling, distribution and administrative expenses; (iii) and research and development expenses. Cash flow from operating activities excluding working capital
movements is defined as “Cash flow from operating activities” less the sum of the following items in the Consolidated Statement of Cash Flows: (i) (increase)/decrease in inventories, (ii) (increase)/decrease in current receivables, and (iii) increase/(decrease) in current payables. In this presentation,
“capex” refers to “Cash capital expenditure” unless stated otherwise. Cash capital expenditure comprises the following lines from the Consolidated Statement of Cash Flows: Capital expenditure, Investments in joint ventures and associates and Investments in equity securities. Free Cash Flow is
defined as the sum of “Cash flow from operating activities” and “Cash flow from investing activities”. Organic free cash flow is defined as free cash flow excluding inorganic cash capital expenditure, divestment proceeds and tax paid on divestments. In this presentation, “divestments” refers to
“divestment proceeds” unless stated otherwise. Divestment proceeds are defined as the sum of (i) proceeds from sale of property, plant and equipment and businesses, (ii) proceeds from sale of joint ventures and associates and (iii) proceeds from sale of equity securities. Gearing is defined as net
debt (current and non-current debt less cash and cash equivalents, adjusted for the fair value of derivative financial instruments used to hedge foreign exchange and interest rate risks relating to debt, and associated collateral balances) as a percentage of total capital (net debt plus total equity).
Reconciliations of the above non-GAAP measures are included in the Royal Dutch Shell plc Unaudited Condensed Interim Financial Report for the nine months ended September 30, 2020.
The financial measures provided by strategic themes represent a notional allocation of ROACE, capital employed, cash capital expenditure, free cash flow, organic free cash flow and underlying operating expenses of Shell’s strategic themes. Shell’s reporting segments under IFRS 8 remains
Integrated Gas, Upstream, Oil Products, Chemicals and Corporate.
Also, in this presentation we may refer to Shell’s “Net Carbon Footprint”, which includes Shell’s carbon emissions from the production of our energy products, our suppliers’ carbon emissions in supplying energy for that production and our customers’ carbon emissions associated with their use of the
energy products we sell. Shell only controls its own emissions. The use of the term Shell’s “Net Carbon Footprint” is for convenience only and not intended to suggest these emissions are those of Shell or its subsidiaries. It is important to note that as of October 29, 2020, Shell’s operating plans and
budgets do not reflect Shell’s Net-Zero Emissions ambition. Shell’s aim is that, in the future, its operating plans and budgets will change to reflect this movement towards its new Net-Zero Emissions ambition. However, these plans and budgets need to be in step with the movement towards a Net
Zero Emissions economy within society and among Shell’s customers.
This presentation contains the following forward-looking non-GAAP measures: Organic Free Cash Flow, Cash Capital Expenditure, Gearing, ROACE, Capital Employed and Divestments. We are unable to provide a reconciliation of the above forward-looking non-GAAP measures to the most
comparable GAAP financial measures because certain information needed to reconcile the above non-GAAP measures to the most comparable GAAP financial measures is dependent on future events some which are outside the control of the company, such as oil and gas prices, interest rates and
exchange rates. Moreover, estimating such GAAP measures consistent with the company accounting policies and the required precision necessary to provide a meaningful reconciliation is extremely difficult and could not be accomplished without unreasonable effort. Non-GAAP measures in
respect of future periods which cannot be reconciled to the most comparable GAAP financial measures are calculated in a manner which is consistent with the accounting policies applied in Royal Dutch Shell plc’s financial statements.
The companies in which Royal Dutch Shell plc directly and indirectly owns investments are separate legal 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 Royal Dutch Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. ‘‘Subsidiaries’’, “Shell
subsidiaries” and “Shell companies” as used in this presentation refer to entities over which Royal Dutch Shell plc either directly or indirectly has control. Entities and unincorporated arrangements over which Shell has joint control are generally referred to as “joint ventures” and “joint operations”,
respectively. Entities over which Shell has significant influence but neither control nor joint control are referred to as “associates”. The term “Shell interest” is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement,
after exclusion of all third-party interest.
This presentation contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) 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 “aim”, “ambition”, “anticipate”, “believe”, “could”, “estimate”, “expect”, “goals”, “intend”, “may”, “objectives”, “outlook”, “plan”, “probably”, “project”, “risks”, “schedule”,
“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 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 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; (m) risks associated with the impact of pandemics, such as the COVID-19 (coronavirus) outbreak; and (n) changes in trading conditions. No assurance is provided that future dividend payments will match or
exceed previous dividend payments. 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 risk
factors that may affect future results are contained in Royal Dutch Shell’s Form 20-F for the year ended December 31, 2019 (available at www.shell.com/investor and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this presentation and should be
considered by the reader. Each forward-looking statement speaks only as of the date of this presentation, October 29, 2020. Neither Royal Dutch Shell plc 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. We may have used certain terms, such as resources, in this presentation that the United States Securities
and Exchange Commission (SEC) strictly prohibits us from including in our filings with the SEC. 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.
DEFINITIONS & CAUTIONARY NOTE

/ Focus Upstream - 9 core positions
/ Transform Refining into ~6 energy and
chemicals parks
/ Grow leading Integrated Gas business
/ Accelerate customer-facing and future
energy businesses
/ Enhance value through trading and
optimisation
/ $19 to 22 billion Cash capex in the
near-term
/ Continuous portfolio high-grading –
divestments of $4 billion per annum
on average
/ Pursue sector-leading returns in each
business
/ Targeting AA credit metrics through the
cycle
/ Net debt reduction to $65 billion leads
to incremental shareholder distributions
and measured, disciplined capex
growth
/ Affordable and sustainable progressive
dividend. ~4% dividend per share
growth for Q3 2020 and annually
thereafter, subject to Board approval
/ Target total shareholder distributions of
20-30% of CFFO (on reaching net debt
of $65 billion)
MAKING THE FUTURE OF ENERGY
Strong cash generation to grow businesses of the future and increase shareholder distributions
4
/ Integrated Gas / Chemicals & Products / Marketing / Power / Hydrogen / Biofuels
UPSTREAM BUSINESS:
FUNDING OUR STRATEGY
TRANSITION BUSINESSES:
ENABLING OUR STRATEGY
GROWTH BUSINESSES:
THE FUTURE OF ENERGY
Disciplined capital allocation
and competitive portfolio
Strong balance sheet and
resilient portfolio
Highly attractive shareholder
distributions
Leading and resilient cash
generation

RESHAPING SHELL
FOR THE FUTURE OF ENERGY
5
1Subject to engagement with employee representatives, where appropriate. Annual cost savings partially contributing to the announced underlying operating cost reduction of
$3.0 to $4.0 billion by the first quarter 2021.
Announcement of senior leadership
in December 20201
Detailed global organisational design
by January 2021
Enabling strategy delivery Simpler, streamlined organisation Competitive, affordable costs
/ Customer-focused organisation
/ Sectoral decarbonisation teams in Integrated
Gas, Marketing and New Energies
/ Integrated technical, digital and innovation teams
/ Value-driven asset management
/ Reduced layers, simplified ways of working
/ Reduced interfaces, leaner processes
/ E.g. Chemicals & Products combined
/ Sharper leadership accountability
/ Enabled by our growing Shell Business Operations
/ Competitive unit cost for resource-driven businesses
/ Competitive yields for demand-driven businesses
/ Job reductions − 7,000 to 9,000
/ Sustainable annual cost savings from organisation
change along with other measures − $2.0 to $2.5
billion by 2022
Go-live
in July/August 2021

Jessica Uhl
CHIEF FINANCIAL OFFICER

Royal Dutch Shell | October 29, 2020 7First cash priority also includes interest paid (CFFF).
TARGET SHAREHOLDER DISTRIBUTIONS
OF 20-30% OF CFFO
1st
P R I O R I T Y
Clear cash allocation framework Operationalising the framework
/ Reapportion near-term $19-22 billion Cash capex:
/ 35-40% Upstream business, 35-40% Transition businesses, ~25% Growth businesses
/ Inorganic capex included in range
/ ~4% dividend per share growth for Q3 2020 and annually thereafter, subject to Board
approval
Near-term Cash capex
Ordinary progressive dividend
/ Reducing net debt to $65 billion
/ Milestone for AA credit metrics threshold in the near-term
2nd
P R I O R I T Y
3rd
P R I O R I T Y
4th
P R I O R I T Y
AA credit metrics through the cycle
/ Total shareholder distributions of 20-30% of CFFO (on reaching net debt of $65 billion)
/ Distributions include dividends and share buybacks
Additional shareholder distributions
/ Measured, disciplined capex growth to enable strategy
/ Further reduce net debt to achieve firm long-term AA credit metrics
Capex growth
Continued balance sheet strengthening

Q3 2020 / STRONG CASH FLOW GENERATION
PROVING FINANCIAL RESILIENCE
Cash
generation
Adjusted Earnings
ROACE
/ Upside from higher prices and Marketing margins
/ Impacted by lower earnings
$1.0 billion
3.9%
Disciplined
cash
allocation
Returns
Net debt
Cash capex
/ Gearing of 31.4%
/ 2020 Cash capex of $20 billion or below
$73.5 billion
$3.7 billion
Cash flow from operations
excluding working capital
Free cash flow
/ Positive working capital movements of $1.4 billion, CFFO of $10.4 billion
/ Of which $6.7 billion organic free cash flow
/ $0.9 billion of divestment proceeds
$9.0 billion
$7.6 billion
Q3 2020 average Brent price: $43/bbl

Q3 2020 / FINANCIAL HIGHLIGHTS: ADJUSTED EARNINGS
9
$ billion Q3 2019 Q3 2020
Integrated Gas 2.7 0.8
Upstream 0.8 (0.9)
Oil Products 2.0 1.7
Chemicals 0.2 0.2
Corporate (0.8) (0.8)
Non-controlling interest (0.1) (0.0)
Adjusted Earnings 4.8 1.0
Earnings, $ per share 0.59 0.12
ROACE (%) 8.1 3.9
$ billion
Adjusted Earnings Q3 2019 to Q3 2020

Q3 2020 / FINANCIAL HIGHLIGHTS: CASH FLOW
10Dividend paid to RDS shareholders includes impact of foreign exchange movements and withholding taxes.
$ billion Q3 2019 Q3 2020
Integrated Gas 4.2 2.3
Upstream 4.3 2.1
Oil Products 3.1 5.1
Chemicals 0.2 0.3
Corporate 0.4 0.5
Cash flow from operations 12.3 10.4
CFFO excl. working capital 12.1 9.0
Cash flow from investing activities (2.1) (2.8)
Free cash flow 10.1 7.6
Dividend paid (3.8) (1.2)
Interest paid (1.1) (0.8)
$ billion
CFFO excluding working capital Q3 2019 to Q3 2020

Royal Dutch Shell | October 29, 2020 11Right graph: Peer range comprises ExxonMobil, Chevron, BP and Total. CFFO corrected for interest received (in CFFI) and interest paid (CFFF) for Shell.
COMPETITIVE CASH GENERATION / INTEGRATED
BUSINESS MODEL DELIVERING VALUE
Balanced CFFO excluding working capital
UpstreamIntegrated Gas CorporateDownstream ShellPeer range
$ billion
Leading CFFO in the sector
$ billion

1Refers to the Scope 1 and 2 emissions in absolute terms associated with operations under direct Shell control. 2The Net Carbon Footprint (NCF) is a weighted average of the
lifecycle CO2 intensities of different energy products sold by Shell normalising them to the same point relative to their final end-use. The calculation includes all emissions associated
with bringing these energy products to the market as well as our customers' emissions from using them. 3Refers to the Scope 3 emissions in absolute terms associated with the use
by customers of the energy products Shell sells.
SHELL’S
CLIMATE
AMBITION
A N E T - Z E R O E M I S S I ONS E N E R GY B U S I N E S S B Y 2 0 5 0 O R S O ON ER
Changing our products and
operations in step with
society and our customers
Reduce the emissions from the
manufacture of all our products1 to
net-zero by 2050 or sooner
Work with customers to reduce the
emissions from their use of our energy
products3 to net-zero by 2050 or
sooner
Reduce the Net Carbon Footprint2 of
the energy products we sell by 30%
by 2035 and by 65% by 2050.
This is consistent with society’s
ambition to achieve a 1.5°C future
Remaining customer
emissions: fully mitigated
Own operations:
net-zero emissions
Energy products: carbon
intensity in line with 1.5°C

14
RESOURCES MARKETSASSETS
E N H AN C ED V A L U E D E L I V E R Y T H R OUGH T R A D I N G & O P T I MI S ATI ON
UPSTREAM BUSINESS:
GROWTH BUSINESSES:

Focus on advantaged core positions to
maximise cash delivery and returns
Accelerate our customers’ transition to net-zero
through our energy businesses of the future
Strengthen the role of Integrated Gas and
Chemicals & Products in the energy transition
UPSTREAM BUSINESS:
GROWTH BUSINESSES:
Winning with value over volume
/ High-graded, differentiated portfolio building on
strengths
/ Capital and exploration spend concentrated on
core positions
/ Attractive funnel of low break-even price projects
/ More competitive and agile organisation
Extend LNG leadership
/ LNG enabling decarbonisation of key markets
and sectors
/ Extend value chains behind import terminals and
into Power, Hydrogen, Shipping
Integrate value from Chemicals and
Refining
/ High-grade refining portfolio to ~6 energy and
chemicals parks – transition to future energy mix
/ Chemicals growth pivoting to more performance
and sustainable chemicals
Growth from the customer back
/ Extend leading Marketing business
/ Unlock decarbonisation pathways for key
sectors
/ Further develop integrated Power business and
value chains
/ Commercialise Hydrogen and Biofuels
/ Nature-based solutions and carbon
sequestration as a service
15
E N H AN C ED V A L U E D E L I V E R Y T H R OUGH T R A D I N G & O P T I MI S ATI ON

UK
Oman
BruneiMalaysia
Nigeria
Brazil
Gulf of Mexico
Permian
Kazakhstan
Core positions
16
/ Focused around 9 core positions: significant, advantaged and resilient assets
with growth potential and strong integrated value
/ Core positions generate more than 80% of Upstream CFFO and will attract
~80% of Upstream capex
/ Remaining positions in Lean Venture Model: develop, harvest cash or divest
/ Exciting deep-water growth options in, e.g. US/Mexico GoM, Brazil, Suriname
UPSTREAM BUSINESS / A MORE FOCUSED,
COMPETITIVE AND RESILIENT PORTFOLIO
TO DELIVER CASH $ per boe
Unit operating cost Unit development costs
$71$54$44$52 $64 $46
+95%
-48%
-30%
Cost and capital efficiency
$ per boe
CFFO excluding working capital per barrel
$
Average Brent
price per barrel

Pulau Bukom
Rheinland
Pernis
Deer Park
Norco
Scotford
17
/ Transform our current refining portfolio into ~6 energy and chemicals parks, optimised through Trading & Supply
/ Chemicals growth pivoting to more performance and sustainable chemicals
/ Deliver synergies through integration of Refining and Chemicals, bringing customers and assets together
# refineries
2004 54
2018 19
2020 14
2025 ~6
Chemicals-only sites
Energy and chemicals parks – integrated refining and chemicals sites
Under construction
TRANSITION BUSINESSES / CHEMICALS AND
REFINING DELIVERING INTEGRATED VALUE

Equity liftingJV marketed LNG capacityBuy
18
Gas enabling the energy transition
Leading the market with a highly advantaged LNG portfolio
Integration with Power and Hydrogen
/ New policy and favourable economics driving coal-to-gas switching
/ Growth of renewables supporting gas in the power mix
/ Expecting LNG demand to grow 3-4% in coming decades
/ Create value by leveraging portfolio optionality, trading and optimisation capabilities
/ Create demand in new geographies and sectors such as LNG bunkering and heavy-duty
trucking
/ Selective LNG growth investment, no greenfield Gas to Liquids developments
/ Build on gas infrastructure and experience to grow Hydrogen
/ Leverage overlapping customer base and product offerings with Power
/ Opportunity to provide integrated energy solutions
TRANSITION BUSINESSES / INTEGRATED GAS
LNG ENABLING DECARBONISATION OF KEY MARKETS AND SECTORS
Spot purchase
Term purchase
Liquefaction volumes
Short-term ‘spot’
Gas hubs (e.g. NBP, HH)
Oil-linked: 3-6 months lag
LNG available for sale in 2019 (mtpa)
Leading position
mtpa
LNG sales in 2019

GROWTH BUSINESSES / MARKETING
PLATFORM FOR FURTHER GROWTH
19
1Convenience retail basket size growth 2020 YTD compared with same period last year. 2V-Power penetration in the third quarter 2020. 3Gross margin excludes process oils,
based on 2020 YTD data .
Growth in convenience
retail basket size 2020 vs
20191
Record high V-Power
volume penetration2
Gross margin
contribution of
premium lubricants3
+15% ~20% >40%
# sites (thousand)
Marketing Adjusted Earnings Marketing as % of Shell Adjusted Earnings (RHS)
%
Growing a resilient Marketing business
# markets
We have the scale and are leading in mobility by a distance
$ billion
Proving resilience through COVID-19 period

GROWTH BUSINESSES / INTEGRATED POWER
PORTFOLIO DELIVERING CUSTOMER CENTRIC ENERGY SOLUTIONS
20
1Shell second largest retailer in Australia to commercial and industrial customers by load, based on publicly available data. 2Power capacity figures are gross. Shell share Power
capacity: 0.8 GW in operation, 3.6 GW in development.
/ Providing customers with access to over 165,000
EV-charging points globally
/ 60,000 sonnen battery customers, grown 34% year-
on-year in 2020
/ Supplying 18 TWh load to commercial and industrial
customers (#2 in Australia1)
/ Strategic alliance with Microsoft and more
partnerships in mature development stage
/ Third-largest power wholesaler in North America with
over 300 TWh sales in 2019
/ Tech platform Limejump leading player in UK
distributed energy market
/ Access to ~6 GW of operating renewable power
capacity globally
/ 1.6 GW power capacity in operation2
/ 7.2 GW power capacity in development2
/ Offshore wind project Blauwwind to deliver equity
IRR of >12%
/ USA Solar Silicon Ranch equity IRRs of at least 8-12%
/ Major offshore wind developments under way in the
US and the Netherlands, total 5.6 GW
/ Integrated energy solutions with cross-selling
opportunities
/ Leading brand with unique customer access
/ Decades of experience in power trading and
wholesale supply
/ Significant scale in key markets
/ Enhancing returns through dilution premium and
competitive financing
/ System integration e.g. with green hydrogen
Customers and solutions Trading Generation and storage

Royal Dutch Shell | October 29, 2020 21Final investment decision not yet taken on the Rotterdam electrolyser.
GROWTH BUSINESSES / HYDROGEN AND BIOFUELS
CREATING COMMERCIAL OPPORTUNITIES
/ Investing in advanced biofuels using alternative feedstocks such as forestry,
agricultural and municipal waste
/ Sustainable aviation fuel supply to Lufthansa and Amazon, new supply
agreements with Neste and Red Rock
/ Raízen JV (Shell 50%):
/ 2.5 billion litres of sugar-cane ethanol produced in 2019
/ 55 million litres of second-generation ethanol produced since 2015
/ 2.1 TWh of electricity produced from biomass per year
/ 21 MW biogas plant able to produce 138 MWh per year of renewable
power
/ Around 50 hydrogen retail stations in Europe and North America
/ Completing the largest PEM electrolyser in the world at the Rheinland refinery,
Germany (10 MW)
/ Planning an industrial-scale electrolyser in the Port of Rotterdam, Netherlands
(200 MW)
/ Powered by the Hollandse Kust (noord) wind farm (CrossWind JV, Shell 79.9%)
/ 50,000 – 60,000 kilograms of green hydrogen per day capacity
/ Completed successful sea trials of the world’s first liquefied hydrogen carrier, with
partners, to be operated by Shell
>10 bln
Litres of biofuels
blended in 2019
>2.5 bln
Litres of sugar-cane ethanol
produced in 2019 by Raízen
~50
Hydrogen stations
worldwide
3
Electrolysers under
consideration
One of the largest blenders and distributors of biofuels Integrated value chain from electron to hydrogen molecule

/ Integrated Gas / Chemicals & Products / Marketing / Power / Hydrogen / Biofuels
UPSTREAM BUSINESS:
GROWTH BUSINESSES:
Disciplined capital
allocation and
competitive portfolio
Strong balance sheet and
resilient portfolio
Highly attractive
shareholder distributions
Leading and resilient cash
generation

A CUSTOMER-LED INTEGRATED ENERGY OFFERING
NETHERLANDS
NoordzeeWind 108MW
Blauwwind** 731.5MW
Hollandse Kust (noord)
**759MW
Moerdijk solar farm 29MW
NewMotion
HyET Hydrogen*
Nordsol***
Asperitas*
Afforestation
Power trading
Hydrogen stations **
Rotterdam electrolyser **
Emmen electrolyser**
H-Vision**
NortH2** (feasibility study)
W2C Rotterdam ***
UNITED KINGDOM
Shell Energy Retail
Hudson Energy
Limejump
Hydrogen stations
Drover*
WonderBill*; Masabi*;
Ravin.ai*
Reforestration/afforestation
Power trading
ITALY
Power trading
FRANCE
EOLFI
Power trading
NORWAY
TetraSpar*
Corvus Energy*
GERMANY
Hydrogen stations
REFHYNE electrolyser**
Rheinland
Sonnen
Power trading
Instafreight*
SPAIN
Reforestation / afforestation
Power trading
MALAYSIA
Reforestation
INDIA
Husk Power*
Orb Energy*
Reforestation (offtake)
IH2
TURKEY
Power trading
CHINA
Power trading
Afforestation
Reforestation
AUSTRALIA
ERM Power
ESCO Pacific*
Gangarri solar farm**
120MW
Reforestation
Afforestation
Select Carbon
INDONESIA
Forest conservation
(offtake)
PHILIPPINES
Connected Freight*
Power trading
SINGAPORE
Cleantech Solar*
Sunseap*
JAPAN
Power trading
HySTRA
SOUTH KOREA
CoensHexicon**
USA
Atlantic Shores
Offshore Wind**
2.5GW
Mayflower Wind
Energy** 1.6GW
Four onshore wind
farms 311.5MW
Silicon Ranch*
Greenlots
Hydrogen stations for heavy
duty**& light duty vehicles
Shell New Energies
Junction City
Power trading
MP2 Energy*
Energy Inside
EcoSmart Solutions*
Ample*
Aurora*
AutoGrid*
Revel*
Sense Photonics*
South 8*
LO3 Energy*
Palmetto*
Sense Home Monitor*
Innowatts*
Spiffy*
CANADA
Hydrogen stations
Energy storage
at Shell facilities
(Convergent)
FORGE Hydrocarbons
BRAZIL
Raízen joint venture
Power trading
PERU
Forest conservation (offtake)
GHANA
Reforestation (offtake)
NIGERIA
All On *
(social investment)
UGANDA
SolarNow*
KENYA
PowerGen*
SteamaCo* (HQ in the UK)
SunFunder*
d.light* (HQ in the USA)
Forest conservation (offtake)
The locations listed indicate
the company’s headquarters,
market or examples of where
they operate.
Shell offers integrated
solutions to customers – from
biofuels, to hydrogen, solar
and wind – while using nature
and technology to capture
emissions from hard-to-abate
sectors. Here is a selection of
our activities.
KEY
Wind
Solar
Mobility
Energy solutions
Energy access
Shell Ventures
Nature-based solutions
Power trading & marketing
Hydrogen
Biofuels
Minority investments
Not built yet
Minority investment,
not yet built
**
***
*

$
25Dividend cover calculated as dividend declared over (organic) free cash flow.
IMPROVED CASH COVER
FROM RESILIENT PORTFOLIO
2015 2017 2019 2020 4QR
Organic FCF
Divestment proceeds less acquisitions
Cash dividend
Scrip dividend
Interest paid Share buybacks
Free cash flow cover
Organic free cash flow cover
$52 $54 $64
Average Brent
price per barrel
$46
Cash distributions
%
Dividend cover
$ billion

/ As a result of COVID-19, there continues to be significant uncertainty in the
macroeconomic conditions with an expected negative impact on demand for oil,
gas and related products. Furthermore, recent global developments and
uncertainty in oil supply have caused further volatility in commodity markets.
The fourth quarter 2020 outlook provides ranges for operational and financial
metrics based on current expectations, but these are subject to change in the light
of current evolving market conditions. Due to demand or regulatory requirements
and/or constraints in infrastructure, Shell may need to take measures to curtail
or reduce oil and/or gas production, LNG liquefaction as well as utilisation of
refining and chemicals plants and similarly sales volumes could be impacted.
Such measures will likely have a variety of impacts on our operational and
financial metrics.
Integrated Gas
/ Production is expected to be approximately 830 - 870 thousand boe/d
/ LNG liquefaction volumes are expected to be approximately 7.9 - 8.5 million
tonnes
Upstream
/ Production is expected to be approximately 2,300 - 2,500 thousand boe/d
Oil Products
/ Refinery utilisation is expected to be approximately 69% - 77%
/ Sales volumes are expected to be approximately 4,000 - 5,000 thousand b/d
Chemicals
/ Manufacturing plant utilisation is expected to be approximately 77% - 85%
/ Sales volumes are expected to be approximately 3,500 - 3,900 thousand tonnes
Corporate
/ Adjusted Earnings are expected to be a net expense of approximately $800 -
$875 million in the fourth quarter 2020 and a net expense of approximately
$3,200 - $3,500 million for the full year 2020.
/ This excludes the impact of currency exchange rate effects.
OUTLOOK/
Q4 2020 OUTLOOK

Oil
Gas (RHS)
US West Coast
Rotterdam complex
US Gulf Coast coking
Singapore
US ethane
Western Europe naphtha
NE/SE Asia naphtha
Shell oil & gas realisations
$ per barrel $ per mscf $ per barrel $ per tonne
Industry refining margins Industry chemicals margins
Q3 2020 /
PRICES AND MARGINS

The Shales strategic theme continues to progress short-cycle high-margin assets in the US, Argentina and Canada.
[A] Direct and indirect share. [B] The Brazil accumulations are subject to unitisation agreements; production shown is FPSO oil capacity as per operator.
Start-up Project Country
Shell share [A]
%
Peak production
100% kboe/d
LNG capacity
100% mtpa
Products
100% capacity
Power output
100% MW
Theme
Shell-
operated
2020-2021 Arran United Kingdom 45 20  Conventional Oil and Gas P
Arrow - Surat Gas Australia 50 maintain capacity  Integrated Gas
Barracuda backfill Trinidad and Tobago 100 35  Integrated Gas P
Borssele III & IV The Netherlands 20 732  Power
EA Further Development Nigeria 30 45  Conventional Oil and Gas P
Gangarri - QGC solar Australia 100 120  Power P
Mero 1 [B] Brazil 20 180  Deep Water
Pegaga Malaysia 20 90  Conventional Oil and Gas
Pierce Depressurisation United Kingdom 93 30  Conventional Oil and Gas P
QGC SW20+ Harvest Australia 72 maintain capacity  Integrated Gas P
Salym Southern Hub Russia 50 55  Conventional Oil and Gas
Troll Ph3 Norway 8 230  Conventional Oil and Gas
2022+ Assa North Nigeria 30 60  Conventional Oil and Gas P
Colibri backfill Trinidad and Tobago 87 35  Integrated Gas P
CrossWind The Netherlands 80 759  Power P
Gbaran Nodal Compression Nigeria 30 60  Conventional Oil and Gas P
Gbaran Ph3 Nigeria 30 45  Conventional Oil and Gas P
Gorgon - Jansz infill Australia 25 maintain capacity  Integrated Gas
LNG Canada T1-2 Canada 40 14  Integrated Gas
NLNG T7 Nigeria 26 7.4  Integrated Gas
Penguins Redevelopment United Kingdom 50 45  Conventional Oil and Gas P
Pennsylvania cracker United States 100 1.5 mtpa C2  Chemicals P
PowerNap United States 100 35  Deep Water P
Soku Nodal Compression Ph2 Nigeria 30 35  Conventional Oil and Gas P
Vito United States 63 100  Deep Water P
2020-21 Shell share: >180 kboe/d, >200 MW
2022+ Shell share: >300 kboe/d, 7.5 mtpa LNG
>600 MW, 1.5 mtpa ethylene
MAJOR PROJECTS /
PROJECTS UNDER CONSTRUCTION

Royal Dutch Shell | October 29, 2020 29[A] Direct and indirect share. [B] The Brazil accumulations are subject to unitisation agreements; production shown is FPSO oil capacity as per operator. [C] To be confirmed.
Shell share potential: >950 kboe/d
>16 mtpa LNG
~2 GW
Phase Project Country
Shell share [A]
%
Peak production
100% kboe/d
LNG capacity
100% mtpa
Products
100% capacity
Power output
100% MW
Theme
Shell-
operated
Define Bonga South West Nigeria 43 150  Deep Water P
Epu Ph2 Nigeria 30 40  Conventional Oil and Gas P
Gorgon - Jansz compression Australia 25 maintain capacity  Integrated Gas
HA Development Nigeria 30 60  Conventional Oil and Gas P
HI Development Nigeria 40 75  Conventional Oil and Gas P
Jackdaw United Kingdom 74 40  Conventional Oil and Gas P
Jerun Malaysia 30 95  Conventional Oil and Gas
LNG Canada Expansion Canada 40 14  Integrated Gas
Marjoram/Rosmari Malaysia 75 100  Conventional Oil and Gas P
Moerdijk energy efficiency The Netherlands 100 Ethylene  Chemicals P
Ormen Lange Ph3 Norway 18 80  Conventional Oil and Gas P
Prelude - Crux Australia 82 maintain capacity  Integrated Gas P
QGC SW20+ Measure Australia 62 maintain capacity  Integrated Gas P
Timi Malaysia 75 50  Conventional Oil and Gas P
Uzu Development Nigeria 30 45  Conventional Oil and Gas P
Whale United States 60 100  Deep Water P
Assess/Select
(continues)
Abadi Indonesia 35 245 9.5  Integrated Gas
Atlantic Shores Offshore Wind United States 50 2,500  Power
Bonga Main Life Extension & Upgrade Nigeria 55 60  Deep Water P
Bonga North Tranche 1 Nigeria 55 120  Deep Water P
Cambo United Kingdom 30 55  Conventional Oil and Gas
Clair South United Kingdom 28 60  Conventional Oil and Gas
Chemicals derivatives China 50 Ethylene & derivatives  Chemicals
Dover United States 100 30  Deep Water P
MAJOR PROJECTS /
PRE-FID OPTIONS (1 OF 2)

Royal Dutch Shell | October 29, 2020 30[A] Direct and indirect share. [B] The Brazil accumulations are subject to unitisation agreements; production shown is FPSO oil capacity as per operator. [C] To be confirmed.
Shell share potential: >950 kboe/d
>16 mtpa LNG
~2 GW
Phase Project Country
Shell share [A]
%
Peak production
100% kboe/d
LNG capacity
100% mtpa
Products
100% capacity
Power output
100% MW
Theme
Shell-
operated
Assess/Select
(continued)
East Med Egypt 35 115  Integrated Gas
Fort Sumter United States 100 30  Deep Water P
Gato do Mato Brazil 50 70  Deep Water P
Chemicals expansion in China China 50 Derivatives  Chemicals
Harmattan Deep Egypt 60 25  Integrated Gas
HD & JK Development Nigeria 30 60  Conventional Oil and Gas P
King Embayment United States 72 25  Deep Water P
Kashagan Future Gas Expansion PhA Kazakhstan 17 100  Conventional Oil and Gas
Linnorm development opportunity Norway 30 55  Conventional Oil and Gas P
Mono Ethylene Glycol Plant United States 100 Derivatives  Chemicals P
Mayflower Offshore Wind United States 50 1,600  Power
Merpati - Meragi Brunei 50 35  Conventional Oil and Gas
Cracker and derivatives Iraq [C] [C]  Chemicals [C]
NWS - Browse backfill Australia 27 maintain capacity  Integrated Gas
Oman Gas Oman [C] [C] [C]  Integrated Gas P
Pernis HVO The Netherlands 100 Biofuels  Oil Products P
Rydberg Deep United States 57 30  Deep Water P
Sururu 1 [B] Brazil 24 140  Deep Water
Tanzania Tanzania 60 [C] 12  Integrated Gas P
Val d’Agri Wave 3 Italy 39 70  Conventional Oil and Gas
MAJOR PROJECTS /
PRE-FID OPTIONS (2 OF 2)

Shell Reports Third Quarter Results, Reaffirms Investment Case

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