On Tuesday, May 4 Tjerk Huysinga, Executive Vice President Investor Relations, Sinead Gorman, Executive Vice President Finance Upstream, Brian Eggleston, Executive Vice President Finance Downstream, Frank Lemmink, Executive Vice President Finance Integrated Gas and Renewables and Energy Solutions and Roland Ilube, Senior Vice President Finance Mobility host an enhanced quarterly disclosures webcast.

1. #PoweringProgress
ENHANCED QUARTERLY
DISCLOSURES
IMPROVING TRANSPARENCY
May 4, 2021
Royal Dutch Shell plc

2. Royal Dutch Shell | May 4, 2021
EVP INVESTOR RELATIONS
INTRODUCTION
TJERK HUYSINGA

3. Royal Dutch Shell | May 4, 2021
Royal Dutch Shell | May 4, 2021
◼ Introducing additional quarterly disclosures and modelling guidance as
of Q1 2021
◼ EBITDA and FCF reconciliation for each segment
◼ New business-specific disclosures and annual guidance linked to key
value drivers
◼ Responding to market feedback and recognising evolution of RDS
portfolio
◼ Growing significance of Marketing requiring more detailed results
breakdown
◼ FAS 69 disclosures are not suitable for modelling Shell’s integrated
businesses
◼ What’s next?
◼ Annual updates to disclosures and modelling guidance
Continuing our journey to enhance disclosures
3
QUARTERLY DATABOOK
ENHANCING DISCLOSURES AND IMPROVING TRANSPARENCY
◼ Earlier insight into quarterly performance since introduction of Quarterly
Update Note in Q3 2019
◼ Quarterly Press Release with more focus on key performance drivers
◼ Updated reporting segments from Q1 2022
Quarterly update
note
Q1 2022
New reporting
segments
Quarterly press
release
- new format
Q1 2021
Additional
quarterly
disclosures
Q2 2020
Q3 2019

4. Royal Dutch Shell | May 4, 2021
Royal Dutch Shell | May 4, 2021 4
EBITDA and FCF walks
for each business
Quarterly disclosures on key value
drivers
Modelling guidance
◼ Providing full reconciliation from Adjusted
Earnings to EBITDA to FCF for each business
◼ Breaking down cash items like divestment
proceeds, taxation paid or derivatives to
businesses
◼ Separate income statement for Retail and
Lubricants
◼ Global indicative refining margin
◼ Separate realised prices (liquids/gas) for
Integrated Gas and Upstream
◼ Liquefaction, liquids and natural gas production
by region separate for Integrated Gas and
Upstream
◼ Earnings and CFFO sensitivities for oil and gas
prices as well as refining margins
◼ LNG contract portfolio – short-term vs. long-term
and volume subject to price review or renewal
◼ Integrated Gas price exposure of oil and gas
production
WHAT IS NEW? Quarterly Databook available
on www.shell.com/investors
ENHANCING DISCLOSURES AND IMPROVING TRANSPARENCY
$ million Adj. Earnings CFFO
Integrated Gas
+$10/bbl Brent 1,100 1,200
+$10/bbl JCC-3 1,100 1,200
Upstream
+$10/bbl Brent 3,000 4,000
+$1/mmbtu HH 350 450
+$1/mmbtu EU TTF 150 200
Refining
+$1/bbl indicative refining margin 500 -

5. EVP FINANCE
UPSTREAM
5
Q&A
FRANK
LEMMINK
EVP FINANCE
INTEGRATED GAS,
RENEWABLES AND
ENERGY SOLUTIONS
SINEAD
GORMAN
BRIAN
EGGLESTON
EVP FINANCE
DOWNSTREAM
ROLAND
ILUBE
SVP FINANCE
MOBILITY

7. Royal Dutch Shell | May 4, 2021
Royal Dutch Shell | May 4, 2021 7
Current segments Businesses Future segments Strategic pillars
REPORTING SEGMENTATION
ENHANCING DISCLOSURES AND IMPROVING TRANSPARENCY
Growth
Transition
Upstream
Marketing
Chemicals & Products
Upstream
Renewables and
Energy Solutions
Integrated Gas
Corporate
Upstream
Upstream
Corporate
Integrated Gas Integrated Gas
Renewables and
Energy Solutions
Chemicals
Chemicals
Refining and Trading
Marketing
Oil Products

8. Royal Dutch Shell | May 4, 2021
Royal Dutch Shell | May 4, 2021
Modelling guidance
8
INTEGRATED GAS
ENHANCING DISCLOSURES AND IMPROVING TRANSPARENCY
Value drivers Quarterly Databook disclosures
Price
Production
LNG sales
volumes
Spend
◼ Breakdown of oil and gas production by price exposure NEW
◼ LNG sales under spot and term contracts NEW
◼ Contracts due for price review within next 3 years NEW
◼ IG-specific earnings and CFFO sensitivities for Brent and JCC-3 NEW
◼ Liquids and natural gas production by region NEW
◼ LNG liquefaction volumes by region NEW
◼ LNG sales volumes marketed by Shell
◼ LNG sales volumes marketed by joint ventures and
associates
◼ Realised price – liquids NEW
◼ Realised price – natural gas NEW
◼ Opex reduction of ~20% by 2022 vs. 2019
◼ Annual cash capex of ~$4 billion in the near term
◼ New Adjusted Earnings to EBITDA to FCF reconciliation, including derivatives impact NEW, Taxation paid NEW, Divestment proceeds NEW,
Working capital movement
◼ Quarterly update note with short-term guidance on production and liquefaction volumes, trading and optimisation performance, depreciation, cash
impact from commodity derivatives and material unusuals
◼ Operating expenses
◼ Cash capital expenditure
Royal Dutch Shell | May 4, 2021

9. Royal Dutch Shell | May 4, 2021
Royal Dutch Shell | May 4, 2021
R² = 0.949
0
20
40
60
80
0 20 40 60 80
R² = 0.790
0
1
2
3
0 20 40 60
R² = 0.942
0
2
4
6
8
10
0 20 40 60 80
9
Integrated Gas price exposure (2020) Realised prices vs. markers and Adjusted Earnings
INTEGRATED GAS - VALUING OIL AND GAS PRODUCTION
LNG volumes are sold under a variety of price markers generally with a price-lag of up to 6 months, JCC-3 is used as a proxy for term contracts, JKM is used as a proxy for spot
contracts.
ENHANCING DISCLOSURES AND IMPROVING TRANSPARENCY
LNG 49%
448 kboe/d
Oil & gas
production
911 kboe/d
Liquids 17%
153 kboe/d
Gas 83%
758 kboe/d
Pipeline 13%
116 kboe/d
GTL 21%
194 kboe/d
Integrated Gas
production
Liquids &
gas split
Destination
Realised liquids price
Adjusted Earnings
$ billion
$/bbl
Brent ($/bbl)
Realised price ($/bbl)
60% gas, 40% liquids
Realised gas price
$/thousand scf
70% JCC-3, 30% JKM ($/bbl)
Brent
38%
Local prices
13%
JKM
~15%
JCC - 3
~34%
Indicative price
exposure

10. Royal Dutch Shell | May 4, 2021
Royal Dutch Shell | May 4, 2021
Quarterly Databook disclosures Modelling guidance
10
UPSTREAM
ENHANCING DISCLOSURES AND IMPROVING TRANSPARENCY
Value drivers
Price
Production
Spend
◼ Total oil production (Upstream and Integrated Gas) is expected to decline by 1-2%
per annum through 2030
◼ Associates (mainly Brunei and Netherlands) are included in Shell production, but
not fully consolidated for income statement
◼ Opex reduction of 20-30% by 2025 vs. 2019; UOC reduction of ~20% by 2025
◼ $1.5 billion exploration spend per annum (partly capitalised)
◼ Annual cash capex of ~$8 billion in the near term; UDC reduction of ~10% by
2025
◼ Upstream-specific earnings & cash sensitivities for Brent, HH, EU TTF NEW
◼ ~70% of Upstream production is in liquids
◼ Liquids production by region NEW
◼ Natural gas production by region NEW
◼ Over-/underlift volumes NEW
◼ Operating expenses
◼ Exploration expenses
◼ Cash capital expenditure
◼ Realised price – liquids NEW
◼ Realised price – natural gas NEW
◼ 9 core positions generating more than 80% of Upstream CFFO
◼ New Adjusted Earnings to EBITDA to FCF reconciliation, including Taxation paid NEW, Divestment proceeds NEW, Working capital movement
◼ Quarterly update note with short-term guidance on production, tax expense, depreciation and any material unusuals

11. Royal Dutch Shell | May 4, 2021
Royal Dutch Shell | May 4, 2021
Quarterly Databook disclosures
11
Modelling guidance
OIL PRODUCTS - MARKETING
ENHANCING DISCLOSURES AND IMPROVING TRANSPARENCY
Value drivers
◼ Gross profit (revenue less purchases costs) is a key profitability driver of EBITDA as
the business responds with agility to the macro fluctuations of crude and base oil
prices
◼ Other primarily includes Pipelines, Raízen and B2B business such as Aviation,
Bitumen and Marine
◼ Sales volume by class of business NEW
◼ Retail
◼ Lubricants
◼ Other
◼ Operating expenses
◼ Cash capital expenditure
◼ Per-unit gross profit by class of business NEW
◼ Retail
◼ Lubricants
◼ Other
◼ Adjusted Earnings to grow to >$6 billion by 2025
◼ New Adjusted Earnings to EBITDA reconciliation split by class of business NEW and Divestment proceeds NEW
◼ Quarterly update note with short-term guidance on margins, sales volumes, tax expense, depreciation, and any material unusuals at the Oil Products level
◼ Volumes are generally in line with markets/industry demand as market share in
mature markets remains fairly stable.
◼ In growth markets, there is a direct link between volumes growth and Retail network
footprint, i.e. new site openings
◼ Annual cash capex of ~$3 billion in the near term
◼ Opex yield >60%
Margins
Sales volumes
Spend

12. Royal Dutch Shell | May 4, 2021
Royal Dutch Shell | May 4, 2021
Quarterly Databook disclosures
12
Modelling guidance
OIL PRODUCTS - REFINING AND TRADING
ENHANCING DISCLOSURES AND IMPROVING TRANSPARENCY
Value drivers
Margins
Production &
Sales volumes
Spend
◼ Global indicative refining margin is an approximation of global gross refining unit
margin
◼ Refining-specific earnings sensitivities for Global indicative refining margin NEW
◼ Refining processing intake
◼ Refinery plant utilisation
◼ R&T sales volumes NEW
◼ Operating expenses NEW
◼ Cash capital expenditure NEW
◼ Global indicative refining margin NEW
◼ New Adjusted Earnings to EBITDA reconciliation and Divestment proceeds NEW
◼ Quarterly update note with short-term guidance on refining utilisation, global indicative refining margin, trading and optimisation performance, sales
volumes, tax expense, depreciation, and any material unusuals at the Oil Products level
◼ Refinery capacities available in the Annual Report
◼ Utilisation should be applied to the refining capacities to yield expected production
◼ Sales volumes are predominantly Trading sales volumes and should not be utilised
when calculating the impact of refining margins
◼ Transition to 6 core Energy and Chemicals Parks
◼ List of refineries available in the Annual Report

13. Royal Dutch Shell | May 4, 2021
Royal Dutch Shell | May 4, 2021 13
OIL PRODUCTS – INDICATIVE REFINING MARGIN
ENHANCING DISCLOSURES AND IMPROVING TRANSPARENCY
◼ Approximation of Shell’s global gross refining unit margin, using a simplified feed and yield profile to provide an
indication of the unit gross margin that Shell refineries would generate in the actual market environment and at a
nominal level of hydrocarbon operational performance
◼ Gross refining margin defined as the hydrocarbon margin net of purchased/sold utilities, additives and relevant
freight costs
◼ Constant factor of $1.70/bbl covers non-energy variable costs incurred such as freight to transport crude
◼ RINS (Renewable Identification Number) is a cost incurred in the US in order to meet the Renewable Volume
Obligation (RVO)
◼ Only applicable to the impact of market pricing on refining business performance, excluding trading margin
◼ Formula will be updated annually – prices for all markers available in third-party databases
$/bbl
0
2
4
6
8
10
Hub Material Volume
Crude markers
NWE
Brent (25.0)%
Urals (13.0)%
Canada Mixed Sweet Blend (11.0)%
USGC Light Louisiana Sweet (24.5)%
Middle East Dubai (24.5)%
Product markers
NWE
Naphtha 8.0%
Mogas Premium Unleaded 12.5%
Kerosene 11.5%
Automotive Gasoil 24.5%
Benzene 1.0%
Propylene 0.5%
Singapore Fuel Oil 6.5%
Edmonton
Unleaded Gasoline 3.5%
Ultra Low Sulphur Diesel 3.5%
USGC
Butane 1.5%
Low Sulphur Gasoil 7.0%
Natural Gas (2.0)%
Gasoline 15.0%
US RINS (20.5)%
Constant factor (1.70) $/bbl
Global indicative refining margin

14. Royal Dutch Shell | May 4, 2021
Royal Dutch Shell | May 4, 2021
Quarterly Databook disclosures
14
Modelling guidance
CHEMICALS
ENHANCING DISCLOSURES AND IMPROVING TRANSPARENCY
Value drivers
◼ Industry margins to be used as indication of the impact of market conditions vs.
previous quarters
◼ Actual performance can vary from the industry margins, depending on utilisation
and feedstock optimisation
◼ Chemicals plant utilisation
◼ Chemicals sales volume
◼ Operating expenses
◼ Cash capital expenditure
◼ Base Chemicals – Cracker Industry Margins
◼ $1-2 billion annual CFFO by 2030 from new projects, compared with medium term cash generation
◼ New Adjusted Earnings to EBITDA to FCF reconciliation, including Taxation paid NEW, Divestment proceeds NEW, Working capital movement
◼ Quarterly update note with short-term guidance on manufacturing plant utilisation, sales volumes, tax expense, depreciation, and any material unusuals
◼ Chemical plant capacities available in the Annual Report
◼ Longer term sales volumes expected to pivot towards higher value performance
products, largely enabled by projects such as Pennsylvania Chemicals and the
recent Nanhai expansion
◼ Transition to 6 core Energy and Chemicals Parks
◼ List of chemicals-only sites available in the Annual Report
Margins
Production &
Sales volumes
Spend

15. Royal Dutch Shell | May 4, 2021 15
Thank you for your interest in Royal Dutch Shell plc. Please understand that an investment in Royal Dutch Shell plc
securities carries with it the risk that you could sustain losses as a result of your investment. Therefore, an investment
in Royal Dutch Shell plc securities may not be appropriate for all investors. Accordingly, before investing in our
securities we urge you to read our Annual Report and Form 20-F and consider the risks discussed within. You can
find our full disclaimer on the next slide in this presentation. You can download the full presentation slides, including
the disclaimer, and our Annual Report and Form 20-F at http://www.shell.com/investors

16. Royal Dutch Shell | May 4, 2021 16
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, “operating expenses”, “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”. 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.
Reconciliations of the above non-GAAP measures are included in the Royal Dutch Shell plc Unaudited Condensed Financial Report for the first quarter ended March 31, 2021.
This presentation contains the following forward-looking non-GAAP measures: Cash capital expenditure and Underlying operating expenses. 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 of 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, 2020 (available at
www.shell.com/investors 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, May 4, 2021. 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