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  • For each Royal Dutch ordinary share held in New York registry form tendered:

       1 Royal Dutch Shell Class A American Depositary Receipt (a)

  • For each Royal Dutch ordinary share held in bearer or Hague registry form tendered:

       2 Royal Dutch Shell Class A ordinary shares

  • For each Shell Transport Ordinary Share (including Shell Transport Ordinary Shares to which holders of Shell Transport bearer warrants were entitled):

       0.287333066 Royal Dutch Shell Class B ordinary shares

  • For each Shell Transport ADR:

       0.861999198 Royal Dutch Shell Class B American Depositary Receipts (b)

(a) Each Royal Dutch Shell Class A American Depositary Receipt represents 2 Royal Dutch Shell Class A ordinary shares.

(b) Each Royal Dutch Shell Class B American Depositary Receipt represents 2 Royal Dutch Shell Class B ordinary shares.

Shell Transport Preference Shares

1. In consideration for the cancellation of the Shell Transport First Preference Shares, holders received £1.0448 for each Shell Transport First Preference Share held, comprising:

  • the £1 of capital paid up on such share;

  • a premium of £0.0284 calculated by reference to the average share price of the Shell Transport First Preference Shares (adjusted to take account of unpaid arrears of dividend down to the dividend payment date on 1 April 2005) in the six months preceding 18 April 2005 (being the date thirty clear days before the date of the notice convening the Shell Transport EGM); and

  • £0.0164, being the fixed dividend on such share down to the date of the repayment of capital (which is expected to be 19 July 2005).

2. In consideration for the cancellation of the Shell Transport Second Preference Shares, holders received £1.4735 for each Shell Transport Second Preference Share held, comprising:

  • the £1 of capital paid up on such share;

  • a premium of £0.4410 calculated by reference to the average share price of the Shell Transport Second Preference Shares (adjusted to take account of unpaid arrears of dividend down to the dividend payment date on 1 February 2005) in the six months preceding 18 April 2005 (being the date thirty clear days before the date of the notice convening the Shell Transport EGM); and

  • £0.0325, being the fixed dividend on such share down to the date of the repayment of capital (which is expected to be 19 July 2005).

Amounts payable to holders of Shell Transport Preference Shares in respect of the premium and the fixed dividend were rounded up to the nearest whole pence.

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