1st Quarter 2006 Results

• First quarter results of $0.94 basic CCS earnings per share, up 15% versus first quarter 2005

• Upstream performance satisfactory, underpinned by oil and gas price increases, LNG earnings and production of 3,746 thousand barrels of oil equivalent (boe) per day, up 1% excluding hurricane and pricing effects

• Downstream earnings robust against moderated market conditions versus first quarter 2005; Chemicals earnings impacted by lower margins

• First quarter dividend of euro 0.25 per share increased by 9%

• $1.5 billion or 0.7% of Royal Dutch Shell shares bought back for cancellation during the first quarter

Chief Executive Jeroen van der Veer said: “Our overall performance was satisfactory despite a series of operational challenges in the quarter, created by external factors in Nigeria and the Gulf of Mexico. Smooth start-ups in upstream and chemicals, combined with our strengthening portfolio and project progress, underscore our confidence for the future.

We continue to focus on delivery through operational excellence in today’s portfolio, and a disciplined approach to investments in new assets for the coming years.

We are committed to delivering long-term competitive performance, both in terms of profitability, and payout. We have increased our dividend to euro 0.25 per share, and transacted $1.5 billion of share buy-backs in the quarter.”

Earnings in the first quarter 2006 reflected the following items, which in aggregate were net gains of $113 million (compared to net gains of $220 million in the first quarter 2005):

• Exploration & Production first quarter 2006 earnings included net gains of $113 million (mainly related to the resolution of contractual issues, partly offset by a $34 million charge related to the mark-to-market valuation of certain UK gas contracts).

• First quarter 2006 dividends have been announced of euro 0.25 per share, an increase of 9% compared to the first quarter of 2005.

• First quarter reported income of $6,893 million was 3% higher than a year ago. The effective tax rate increased and included a higher proportion of Upstream earnings.

• First quarter CCS earnings (i.e. on an estimated current cost of supplies basis for the Oil Products and Chemicals segment earnings) were $6,088 million or 12% higher compared to the first quarter 2005.

• Return on average capital employed (ROACE) on a reported income basis (see note 4) was 25.3% on a rolling four quarter basis in the first quarter 2006 compared to 22.2% in the first quarter 2005.

• Exploration & Production segment earnings of $3,743 million were 27% higher than a year ago ($2,955 million), mainly reflecting strong oil and gas price realisations, partly offset by lower volumes and higher costs.

• First quarter 2006 production was 3,746 thousand boe per day, reflecting the partial shut-in of production in Nigeria due to civil disturbances and production deferred in the Gulf of Mexico as a result of the 2005 hurricanes. Excluding the impacts of the deferred hurricane production and lower entitlements due to higher hydrocarbon prices, production was 1% higher than a year ago. In Nigeria, some 455 thousand boe per day on a 100% basis (Shell share 165 thousand boe per day) remains shut in at the end of the first quarter 2006.

• Gas & Power segment earnings were $765 million compared to $476 million a year ago, and reflected strong LNG results and higher marketing and trading earnings. LNG results benefited from strong prices, LNG marketing activities, increased dividends received and record sales volumes.

• Upstream Exploration & Production plus Gas & Power segment unit earnings, calculated as segment earnings divided by production for the quarter, are $13.37 per boe, 35% higher than in the same quarter a year ago and higher than the increase in marker crude oil and gas prices.

• Oil Products CCS earnings were $1,333 million compared to $1,880 million a year ago which included net gains of $427 million. Lower refining earnings due to lower margins and reduced utilisation were partly offset by higher income from a positive trading environment and higher marketing earnings.

• Chemicals CCS earnings were $139 million compared to $354 million for the first quarter of 2005, which included $214 million charges related to divested assets. Earnings reflected significantly lower margin realisations.

• Cash flow from operating activities, excluding net working capital movements, taxation and taxation paid, was $9,183 million, compared to $9,107 million a year ago. The share of profit of equity accounted investments was $763 million higher than the dividends received in the first quarter 2006 and impacted this quarter’s cash flow from operating activities.

• Gearing, including other commitments such as operating leases and retirement benefits, and net of cash holdings minus operational cash requirements, was 12.0% versus, on a comparable Royal Dutch Shell basis, 14.7% at the end of the first quarter in 2005. Total cash returned to shareholders was $3.4 billion.

• Capital investment for the first quarter 2006 was $3.8 billion (excluding the minority share of Sakhalin of $0.4 billion).

• Share purchases for cancellation amounted to $1.5 billion or 0.7% of shares outstanding in the first quarter of 2006.

     In Brunei, oil production started from the first well from Phase III of the Champion West field (Shell Share 50%) using Smart Field Technology. Current Brunei Shell Petroleum (BSP) production is around 370 thousand boe per day, and over time, almost a quarter of BSP’s production is expected to come from Champion West.

    In Nigeria, the first phase of the deepwater Erha field (Shell share approximately 44%) started up in April 2006, with production to ramp up to 150 thousand boe per day over time.

    In Canada, Shell acquired heavy oil acreage with an estimated 30 billion barrels of oil equivalent in place. Shell will evaluate and assess enhanced and new heavy oil technologies to potentially develop these resources.

     In Australia, Shell acquired acreage in the Carnarvon Basin through offshore block (WA-374-P) in the Greater Gorgon Area (Shell Share 25%) and in the Browse Basin through the permit area WA-371-P in the Caswell Sub-basin (Shell Share 100%).

    In Norway, Shell and Statoil have signed an agreement to work towards developing the world's largest project using carbon dioxide (CO2) for enhanced oil recovery offshore. The concept involves capturing CO2 from power generation and utilising it to enhance oil recovery, resulting in increased energy production.

     In India, Shell signed a Memorandum of Understanding (MoU) with Oil and Natural Gas Corporation Ltd (ONGC) covering possible areas of cooperation of upstream and downstream activities in India and internationally.

    Also in India, a new technology centre will be opened by Shell in Bangalore in 2006, to be staffed over time by more than 1,000 technical professionals. This centre complements the main existing centres in the USA and Europe and will deliver high-end technical studies, projects and technical services for Shell globally, as well as supporting Shell’s interests in India.

Downstream portfolio developments during the quarter:

    Shell completed the sale of its Oil Products businesses in Jamaica, Bahamas, Paraguay and Rwanda.

    An agreement was signed to acquire Koch Materials China (Hong Kong) Limited, a bitumen manufacturing and marketing business in China. The deal increases Shell’s bitumen production more than doubling the size of Shell’s Bitumen business in China to 6,600 tons per day, representing around 20% of Shell Bitumen global volume.

    Also in China, the CNOOC and Shell Petrochemicals Company Limited joint venture (Shell share 50%) started operation of its Nanhai petrochemicals complex in Guangdong. By the end of the first quarter all plants were manufacturing product as per specification and commercial operations began.

    First quarter segment earnings of $3,743 million were 27% higher than a year ago ($2,955 million), mainly reflecting strong oil and gas price realisations partly offset by lower volumes and higher costs.

    Exploration & Production first quarter 2006 earnings included net gains of $113 million versus charges of $41 million a year ago. The net gain in the first quarter of 2006 mainly related to the resolution of contractual issues, partly offset by a $34 million charge related to the mark-to-market valuation of certain UK gas contracts.

    Liquids realisations were 31% higher than a year ago, exceeding increases in marker crudes Brent of 30% and WTI of 27%. Outside the USA gas realisations increased by 30% and in the USA gas realisations increased by 40%.

    First quarter 2006 production was 3,746 thousand boe per day, reflecting the partial shut-in production in Nigeria due to civil disturbances (a reduction of 110 thousand boe per day Shell share compared to last year) and production deferred in the Gulf of Mexico as a result of the 2005 hurricanes (a reduction of 97 thousand boe per day Shell share compared to last year). Excluding the impacts of the deferred Gulf of Mexico production and lower entitlements due to higher hydrocarbon prices, production was 1% higher than a year ago.

    Production included new volumes of 109 thousand boe per day mainly from Bonga (Shell Share 55%) in Nigeria and also from West Salym (Shell Share 50%) in Russia and acquired production Onshore Texas (Shell share 100%) compared to last year.

    In Nigeria some 455 thousand boe per day operated production on a 100% basis (Shell share 165 thousand boe per day) remains shut in at the end of the first quarter 2006. The Mars platform in the Gulf of Mexico is expected to start production in May 2006, and reach pre-Katrina rates by the end of June 2006 and ahead of earlier expectations. As a result some 4 million barrels (Shell share) are now expected to be deferred in the Gulf of Mexico in the second quarter 2006.

    First quarter segment earnings were $765 million compared to $476 million a year ago. Earnings in 2005 included net gains of $48 million mainly related to asset divestments. Excluding these effects, earnings were up 79%, a quarterly record and reflected strong LNG and marketing and trading results.

    LNG earnings increased mainly as a result of strong LNG prices, LNG marketing activities and dividends received and also from record LNG sales volumes. LNG volumes of 3 million tonnes were up 4% compared to the first quarter in 2005 due to the start of Trains 4 and 5 at Nigeria LNG (Shell share 26%) and the new Qalhat LNG project in Oman (Shell indirect share 11%), supported by strong demand in Asia Pacific.

    Marketing and trading earnings were driven by favourable conditions in Continental European markets and also in the USA, including gas storage optimization and higher prices and volumes.

    First quarter segment earnings were $2,103 million compared to $3,051 million for the same period last year.

    First quarter CCS earnings were $1,333 million compared to $1,880 million a year ago which included net gains of $427 million mainly related to divestments. Lower refining earnings due to lower margins and reduced utilisation, were partly offset by higher income from a positive trading environment and higher marketing earnings.

    In Manufacturing, Supply and Distribution, refining margins declined in Asia Pacific, Europe and the US West Coast partly offset by higher US Gulf Coast margins. Refinery utilisation on an Equivalent Distillation Capacity basis declined to 77.1% compared to 81.4% in the first quarter of 2005, mainly due to higher levels of planned and unplanned downtime in 2006. Refinery intake declined 4.8% compared to the first quarter of 2005. In Marketing including Lubricants and B2B, earnings increased compared to the same period a year ago. The increase is mainly due to higher margins in Retail, Commercial Fuels and Lubricants. Marketing sales volumes declined 3.6% compared to volumes in the first quarter of 2005 including the impact from divested volumes of 1.4%.

    First quarter segment earnings were $183 million compared to $449 million for the same period last year.

    First quarter CCS earnings were $139 million compared to $354 million for the first quarter of 2005, which included a charge of $214 million related to divested assets. Earnings declined compared to a year ago mainly due to significantly lower margins as a result of high feedstock cost and start-up cost related to the Nanhai complex in China, partly offset by higher trading earnings.

    Operating rates were unchanged at 85% reflecting a reduction in unplanned downtime and higher levels of planned outages. Fixed costs were also in line with last year. Overall sales volumes were 1% higher reflecting lower margin trading volume increases, which more than offset lower sales of first line derivatives.

    In the USA ethylene margin realisations for Shell’s oil based feedstock crackers were negatively impacted by market conditions.

&

Corporate segments

    First quarter Other Industry and Corporate segment results were a gain of $222 million compared to a loss of $125 million a year ago and included an improved net interest result from lower debt levels and capitalised interest and favourable results from currency movements.

    Second quarter results for 2006 are expected to be announced on July 27, 2006 and third quarter results for 2006 are expected to be announced on October 26, 2006.

    In this Report “Group” is defined as Royal Dutch Shell together with all of its consolidated subsidiaries. The expressions “Shell”, “Group”, “Shell Group” and “Royal Dutch Shell” are sometimes used for convenience where references are made to the Group or Group companies in general. Likewise, the words “we”, “us” and “our” are also used to refer to Group companies 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. The expression “Group companies” as used in this Report refers 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 the Group has significant influence but not control are referred to as “associated companies” or “associates” and companies in which the Group 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”.

    This document 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 Report, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for the Group’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserve estimates; (f) loss of market 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 effects arising from recategorisation of reserves; (k) economic and financial market conditions in various countries and regions; (l) political risks, project delay or advancement, approvals and cost estimates; 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. Each forward-looking statement speaks only as of the date of this Report. 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.

    Please refer to the Annual Report on Form 20-F for the year ended December 31, 2005 for a description of certain important factors, risks and uncertainties that may affect the Company's businesses.

    Cautionary Note to US Investors:

    The United States Securities and Exchange Commission (SEC) permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this announcement, such as "barrels of oil equivalent in place" that the SEC's guidelines strictly prohibit us from including in filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575 and disclosure in our Forms 6-K file No 1-32575, available on the SEC’s website www.sec.gov . You can also obtain these forms from the SEC by calling 1-800-SEC-0330.

Appendix 1: Royal Dutch Shell financial report and tables

Diluted earnings per share (see notes 1 and 8)

Operational data - Upstream

Capital investment

    The quarterly financial statements, including comparative data, are prepared in accordance with International Financial Reporting Standards (IFRS) and the financial statements are also in accordance with IFRS as adopted by the European Union.

    The Group's accounting policies are unchanged from those set out in Note 3 to the Consolidated Financial Statements of Royal Dutch Shell plc in the Annual Report and Form 20-F for the year ended December 31, 2005 on pages 110 to 113.

    In the third quarter 2005, under the Unification Transaction, Royal Dutch Shell plc became the Parent Company of Royal Dutch Petroleum Company (Royal Dutch) and The ‘‘Shell’’ Transport and Trading Company, p.l.c. (Shell Transport) by acquiring all outstanding shares of Shell Transport and approximately 98.5% of the outstanding shares of Royal Dutch.

    The comparative periods represent information for Royal Dutch Shell as if it acquired 100% of Royal Dutch and Shell Transport. For financial reporting purposes, the 1.5% minority holders in Royal Dutch were shown in the Royal Dutch Shell consolidated financial statements as a minority interest in Royal Dutch Shell from August 10, 2005, as prior to that time those holders had a right to participate in the Exchange Offer and receive Royal Dutch Shell shares.

    The minority in Royal Dutch ceased to exist as of December 21, 2005 as a result of the merger of Royal Dutch and Shell Petroleum NV.

    These Financial Statements give retroactive effect for all periods presented prior to the Unification Transaction, which has been accounted for using a carry-over basis of the historical costs of the assets and liabilities of Royal Dutch, Shell Transport and other companies comprising the Royal Dutch/Shell Group of Companies. The interest of the minority shareholders in Royal Dutch was accounted for using a carry-over basis of the historical costs of its consolidated assets and liabilities.

NOTE 2. Earnings on an estimated current cost of supplies (CCS) basis

    To facilitate a better understanding of underlying business performance, the financial results are also analysed on an estimated current cost of supplies (CCS) basis as applied for the Oil Products and Chemicals segment earnings. Earnings on an estimated current cost of supplies basis provide useful information concerning the effect of changes in the cost of supplies on Royal Dutch Shell’s results of operations and is a measure to manage the performance of the Oil Products and Chemicals segments but is not a measure of financial performance under IFRS.

    On this basis, Oil Products and Chemicals segment cost of sales of the volumes sold during the period is based on the cost of supplies during the same period after making allowance for the estimated tax effect, instead of use of the first-in, first-out (FIFO) method of inventory accounting. Earnings calculated on this basis do not represent an application of the last-in, first-out (LIFO) inventory basis and do not reflect any inventory draw down effects.

NOTE 3. Discontinued operations

    Income/(loss) from discontinued operations, which comprises gains and losses on disposals and results of operations for the period, is provided in the statement of income in accordance with IFRS for separate major lines of business or geographical area of operations.

    Earnings by industry segment relating to discontinued operations, included within the segment earnings on page 10, are as follows:

     Basic earnings per share for the first quarter 2006 for discontinued operations were nil.

NOTE 4. Return on average capital employed (ROACE)

    ROACE on an income basis is the sum of the current and previous three quarters’ income attributable to shareholders plus interest, less tax and minority interest as a percentage of the average of Royal Dutch Shell’s share of closing capital employed and the opening capital employed a year earlier. The tax rate and the minority interest components are derived from calculations at the published segment level.

    Components of the calculation ($ million):