1st Quarter 2015 Unaudited Results

ROYAL DUTCH SHELL PLC 1ST QUARTER 2015 UNAUDITED RESULTS * Royal Dutch Shell's first quarter 2015 earnings, on a current cost of supplies (CCS) basis (see Note 2), were $4.8 billion compared with $4.5 billion for the first quarter 2014. * First quarter 2015 CCS earnings excluding identified items (see page 4) were $3.2 billion compared with $7.3 billion for the first quarter 2014, a decrease of 56%. * Compared with the first quarter 2014, CCS earnings excluding identified items benefited from improved Downstream results reflecting steps taken by the company to improve financial performance, higher realised refining margins, lower costs, and increased trading contributions. In Upstream, earnings were impacted by the significant decline in oil and gas prices and lower trading contributions. Weaker exchange rates resulted in a hurt to deferred tax positions of some $700 million compared with the first quarter 2014, which were not included as identified items. This was partly offset by lower costs and new high-margin liquids production volumes from new deep-water projects and improved operational performance. * Basic CCS earnings per share excluding identified items for the first quarter 2015 decreased by 56% versus the same quarter a year ago. * Cash flow from operating activities for the first quarter 2015 was $7.1 billion. Excluding working capital movements, cash flow from operating activities for the first quarter 2015 was $7.5 billion. * Cash dividends paid to Royal Dutch Shell plc shareholders in the first quarter 2015 were $2.9 billion. During the first quarter some 12.7 million shares were bought back for cancellation for a consideration of $0.4 billion. * Gearing at the end of the first quarter 2015 was 12.4%. * A first quarter 2015 dividend has been announced of $0.47 per ordinary share and $0.94 per American Depositary Share ("ADS"). SUMMARY OF UNAUDITED RESULTS $ million Quarters Q1 2015 Q4 2014 Q1 2014 %1 Income attributable to Royal Dutch Shell plcshareholders 4,430 595 4,509 -2 Current cost of supplies (CCS) adjustmentfor Downstream 331 3,568 (44) CCS earnings 4,761 4,163 4,465 +7 Identified items2 1,515 901 (2,862) CCS earnings excluding identified items 3,246 3,262 7,327 -56 Of which: Upstream 675 1,730 5,710 Downstream 2,646 1,550 1,575 Corporate and Non-controlling interest (75) (18) 42 Cash flow from operating activities 7,106 9,608 13,984 -49 Basic CCS earnings per share ($) 0.76 0.66 0.71 +7 Basic CCS earnings per ADS ($) 1.52 1.32 1.42 Basic CCS earnings per share excl.identified items ($) 0.52 0.52 1.17 -56 Basic CCS earnings per ADS excl. identifieditems ($) 1.04 1.04 2.34 Dividend per share ($) 0.47 0.47 0.47 - Dividend per ADS ($) 0.94 0.94 0.94 1 Q1 on Q1 change 2 See page 4 Royal Dutch Shell Chief Executive Officer Ben van Beurden: "Our results reflect the strength of our integrated business activities,against a backdrop of lower oil prices. Meanwhile, in what is clearly adifficult industry environment, we continue to take steps to further improvecompetitive performance by redoubling our efforts to drive a sharper focus onthe bottom line in Shell. Part of this sharper focus is the sale of non-strategic assets. Asset salestotal over $2 billion so far this year, as we successfully reduced our onshorefootprint in Nigeria. In parallel we continue to reduce our operating costs and capital spending; andby deferring and reshaping new projects, we can achieve further efficienciesand savings in the global supply chain. Looking ahead, the proposed combination with BG, which we announced in April,would create a stronger company for both sets of shareholders. The combination with BG would accelerate Shell's growth strategy in deep waterand LNG, and create a springboard for further optimisation of our asset base,particularly when evaluating the longer-term portfolio." FIRST QUARTER 2015 PORTFOLIO DEVELOPMENTS Upstream In April, the Boards of Royal Dutch Shell plc and BG Group plc announced thatthey have reached agreement on the terms of a recommended cash and share offerto be made by Royal Dutch Shell plc for the entire issued and to be issuedshare capital of BG Group plc. In Shell's heartlands exploration programme there were two non-operated gasdiscoveries offshore Australia, Blake (Shell interest 50%) and Isosceles (Shellinterest 25%), during the quarter. In Brazil, hydrocarbons were discovered atthe non-operated Libra C-1 well (Shell interest 20%). Shell had continued success with near-field exploration discoveries in NewZealand and Oman. As part of its global exploration programme, Shell added new acreage positionsfollowing successful bidding results in Algeria, Australia, Italy, Myanmar andNorway. In Nigeria, the Shell Petroleum Development Company of Nigeria Limited("SPDC"), a subsidiary of Shell, completed the divestment of its 30% interestin oil mining lease ("OML") 18 and related facilities in the Eastern NigerDelta for a consideration of some $0.7 billion. Also in Nigeria, SPDC completed the divestment of its 30% interest in OML 29and the Nembe Creek Trunk Line and related facilities in the Eastern NigerDelta for a consideration of some $1.7 billion. Downstream In Canada, Shell has taken final investment decision ("FID") on the ScotfordHCU debottleneck project (Shell interest 100%) which is expected to increasehydrocracking capacity by 20%. In Denmark, Shell announced that it has reached an agreement with Couche-Tardfor the sale of its marketing operations including retail, commercial fleet,commercial fuels, aviation and connected trading and supply productsbusinesses. The sale is subject to regulatory approvals and is expected tocomplete in 2015. In Qatar, Shell announced that as a result of high capital costs, Shell and itspartner, Qatar Petroleum, will not proceed with the proposed Al Karaanapetrochemicals project and will stop further work on it. In April, Shell announced that it has accepted offers for the sale of 185service stations across the United Kingdom to independent dealers and hasexchanged contracts for 158 of these service stations with two dealer groups.All 185 service stations will retain the Shell brand and sell Shell's fuels. KEY FEATURES OF THE FIRST QUARTER 2015 * First quarter 2015 CCS earnings (see Note 2) were $4,761 million, 7% higher than for the same quarter a year ago. * First quarter 2015 CCS earnings excluding identified items (see page 4) were $3,246 million compared with $7,327 million for the first quarter 2014, a decrease of 56%. First quarter 2015 CCS earnings excluding identified items benefited from improved Downstream results reflecting steps taken by the company to improve financial performance, higher realised refining margins, lower costs, and increased trading contributions. In Upstream, earnings were impacted by the significant decline in oil and gas prices and lower trading contributions. Weaker exchange rates resulted in a hurt to deferred tax positions of some $700 million compared with the first quarter 2014, which were not included as identified items. This was partly offset by lower costs and new high-margin liquids production volumes from new deep-water projects and improved operational performance. * Basic CCS earnings per share increased by 7% versus the same quarter a year ago. * Basic CCS earnings per share excluding identified items decreased by 56% compared with the first quarter 2014. * Cash flow from operating activities for the first quarter 2015 was $7.1 billion, compared with $14.0 billion in the same quarter last year. Excluding working capital movements, cash flow from operating activities for the first quarter 2015 was $7.5 billion, compared with $13.1 billion in the same quarter last year. * Capital investment (see Note B) for the first quarter 2015 was $6.8 billion and divestment proceeds were $2.2 billion. * Shell continues to curtail capital investment, retaining attractive options for the medium term, whilst balancing affordability, growth and returns. Organic capital investment for 2015 is expected to be $33 billion or less, a reduction of some $2 billion from earlier guidance for 2015, and from 2014 levels. This reflects the dynamic nature of investment decisions in growth projects. * Cash dividends paid to Royal Dutch Shell plc shareholders in the first quarter 2015 were $2.9 billion. * Under our share buyback programme some 12.7 million A shares were bought back for cancellation during the first quarter 2015 for a consideration of some $0.4 billion. * Return on average capital employed on a reported income basis (see Note C) was 7.1% at the end of the first quarter 2015, versus 6.1% at the end of the first quarter 2014. * Gearing (see Note D) was 12.4% at the end of the first quarter 2015, versus 15.6% at the end of the first quarter 2014. * Oil and gas production for the first quarter 2015 was 3,166 thousand boe/d, a decrease of 2% compared with the first quarter 2014. Excluding the impact of divestments, Abu Dhabi license expiry, PSC price effects, and security impacts in Nigeria, first quarter 2015 production was 1% higher than for the same period last year. * Equity sales of LNG of 6.17 million tonnes for the first quarter 2015 were 1% higher than in the same quarter a year ago. * Oil products sales volumes were in line with the first quarter 2014. Chemicals sales volumes for the first quarter 2015 decreased by 2% compared with the same quarter a year ago. * Supplementary financial and operational disclosure for the first quarter 2015 is available at www.shell.com/investor. SUMMARY OF IDENTIFIED ITEMS Earnings for the first quarter 2015 reflected the following items, which inaggregate amounted to a net gain of $1,515 million (compared with a net chargeof $2,862 million in the first quarter 2014), as summarised in the table below: * Upstream earnings included a net gain of $1,864 million, mainly reflecting a gain of $1,415 million related to divestments and a credit of some $600 million reflecting a statutory tax rate reduction in the United Kingdom. These items were partly offset by asset impairments of $159 million. Earnings for the first quarter 2014 included a net charge of $283 million. * Downstream earnings included a net charge of $132 million, including the net impact of fair value accounting of commodity derivatives of $56 million. Earnings for the first quarter 2014 included a net charge of $2,580 million. * Corporate and Non-controlling interest earnings included a net charge of $217 million mainly reflecting a tax charge related to prior years. Earnings for the first quarter 2014 included a net gain of $1 million. SUMMARY OF IDENTIFIED ITEMS $ million Quarters Q1 2015 Q4 2014 Q1 2014 Segment earnings impact of identified items: Upstream 1,864 915 (283) Downstream (132) (6) (2,580) Corporate and Non-controlling interest (217) (8) 1 Earnings impact 1,515 901 (2,862) These identified items are shown to provide additional insight into segmentearnings and income attributable to shareholders. They include the full impacton Shell's CCS earnings of the following items: * Divestment gains and losses * Impairments * Fair value accounting of certain commodity derivatives and gas contracts (see Note A) * Redundancy and restructuring Further items may be identified in addition to the above. EARNINGS BY BUSINESS SEGMENT UPSTREAM $ million Quarters Q1 2015 Q4 2014 Q1 2014 %1 Upstream earnings excluding identified items 675 1,730 5,710 -88 Upstream earnings 2,539 2,645 5,427 -53 Upstream cash flow from operating activities 4,129 4,991 9,075 -55 Upstream capital investment 5,943 7,511 9,657 -38 Liquids production available for sale(thousand b/d) 1,542 1,526 1,481 +4 Natural gas production available for sale(million scf/d) 9,421 9,782 10,227 -8 Total production available for sale (thousandboe/d) 3,166 3,213 3,245 -2 Equity sales of LNG (million tonnes) 6.17 6.20 6.09 +1 1 Q1 on Q1 change First quarter Upstream earnings excluding identified items were $675 millioncompared with $5,710 million a year ago. Identified items were a net gain of$1,864 million, compared with a net charge of $283 million for the firstquarter 2014 (see page 4). Compared with the first quarter 2014, Upstream earnings excluding identifieditems were impacted by the significant decline in oil and gas prices and lowercontributions from trading. Earnings benefited from new high-margin liquidsproduction volumes from new deep-water projects and improved operationalperformance, despite the impact of planned maintenance at Pearl GTL. Comparedwith the first quarter 2014, earnings also benefited from lower costs. Compared with the first quarter 2014, the weakening Australian dollar andBrazilian real reduced earnings by some $530 million and $310 millionrespectively. The impact of these items on the first quarter 2015 earningsexcluding identified items was some $620 million after tax, compared with afavourable impact of some $220 million after tax in the first quarter 2014. Upstream Americas excluding identified items incurred a loss. Global liquids realisations were 52% lower than for the first quarter 2014.Global natural gas realisations were 27% lower than for the same quarter a yearago, with a 46% decrease in the Americas and a 26% decrease outside theAmericas. First quarter 2015 production was 3,166 thousand boe/d compared with 3,245thousand boe/d a year ago. Liquids production increased by 4% and natural gasproduction decreased by 8% compared with the first quarter 2014. Excluding theimpact of divestments, Abu Dhabi license expiry, PSC price effects, andsecurity impacts in Nigeria, first quarter 2015 production was 1% higher thanfor the same period last year. New field start-ups and the continuing ramp-up of existing fields, inparticular Bonga NW in Nigeria, Gumusut Kakap in Malaysia, and Mars B andCardamom in the Gulf of Mexico, contributed some 137 thousand boe/d toproduction for the first quarter 2015, which more than offset the impact offield decline. Equity sales of LNG of 6.17 million tonnes were 1% higher than in the samequarter a year ago, reflecting better operational performance, partly offset bythe impact of the Woodside divestment. DOWNSTREAM $ million Quarters Q1 2015 Q4 2014 Q1 2014 %1 Downstream CCS earnings excluding identifieditems 2,646 1,550 1,575 +68 Downstream CCS earnings 2,514 1,544 (1,005) 0 Downstream cash flow from operatingactivities 1,554 4,698 3,145 -51 Downstream capital investment 849 2,098 984 -14 Refinery processing intake (thousand b/d) 2,871 2,718 2,965 -3 Oil products sales volumes (thousand b/d) 6,313 6,392 6,319 0 Chemicals sales volumes (thousand tonnes) 4,192 3,895 4,285 -2 1 Q1 on Q1 change First quarter Downstream earnings excluding identified items were $2,646million compared with $1,575 million for the first quarter 2014. Identifieditems were a net charge of $132 million, compared with a net charge of $2,580million for the first quarter 2014 (see page 4). Compared with the first quarter 2014, Downstream earnings excluding identifieditems benefited from higher realised refining margins in all regions reflectingthe industry environment and improved operating performance. Earnings alsobenefited from lower costs, including favourable exchange rate effects anddivestments, and increased trading contributions. This was partly offset by thenegative impact of exchange rate effects in marketing, despite strongerunderlying performance. Chemicals earnings benefited from improvedintermediates industry conditions which were more than offset by the impact ofunit shut-downs at the Moerdijk chemical site in the Netherlands and weakerbase chemicals industry conditions. Refinery intake volumes were 3% lower compared with the same quarter last year.Excluding portfolio impacts, refinery intake volumes were 1% higher than in thesame period a year ago. Refinery availability was 95% compared with 91% for thefirst quarter 2014. Oil products sales volumes were in line with the same period a year ago. Chemicals sales volumes decreased by 2% compared with the same quarter lastyear, mainly as a result of reduced availability driven by downtime at theMoerdijk chemical site in the Netherlands. Chemicals manufacturing plantavailability decreased to 84% from 95% for the first quarter 2014, mainlyreflecting increased maintenance activities. CORPORATE AND NON-CONTROLLING INTEREST $ million Quarters Q1 2015 Q4 2014 Q1 2014 Corporate and Non-controlling interest excludingidentified items (75) (18) 42 Of which: Corporate 46 (24) 76 Non-controlling interest (121) 6 (34) Corporate and Non-controlling interest (292) (26) 43 First quarter Corporate results and Non-controlling interest excludingidentified items were a loss of $75 million, compared with a gain of $42million in the same period last year. Identified items for the first quarter of2015 were a net charge of $217 million, compared with a net gain of $1 millionfor the first quarter of 2014 (see page 4). Compared with the first quarter of 2014, Corporate results excluding identifieditems reflected currency exchange losses, partly offset by lower net interestexpense. Compared with the first quarter 2014, earnings benefited from the impact of theweakening Brazilian real on deferred tax positions in Upstream by some $130million. The impact of this on the first quarter 2015 earnings excludingidentified items was a gain of some $130 million after tax, compared with nilimpact in the first quarter 2014. OPERATIONAL OUTLOOK FOR THE SECOND QUARTER 2015 Compared with the second quarter 2014, earnings are expected to be impacted bysome 160 thousand boe/d as a result of divestments, and approximately 100thousand boe/d associated with the impact of curtailment and undergroundstorage reinjection at NAM in the second quarter 2015. The expected plannedmaintenance impact for the second quarter 2015 is some 140 thousand boe/dmainly from Pearl GTL in Qatar, Deepwater Gulf of Mexico, and heavy oil inCanada, compared with the second quarter 2014. As a result of asset sales in Australia and Italy, refining capacity isexpected to reduce by 120 thousand barrels per day and marketing volumes bysome 230 thousand barrels per day compared with the second quarter 2014.Refinery availability is expected to decline in the second quarter 2015 as aresult of increased planned maintenance compared to the same period a year ago.Unit shut-downs at the Moerdijk chemical site in the Netherlands are expectedto continue to impact Chemicals manufacturing plant availability. There are expected divestment tax payments of up to $1 billion in the secondquarter 2015 impacting CFFO. FORTHCOMING EVENTS The Annual General Meeting will be held on May 19, 2015. Second quarter 2015 results and second quarter 2015 dividend are scheduled tobe announced on July 30, 2015. Third quarter 2015 results and third quarter2015 dividend are scheduled to be announced on October 29, 2015. UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS CONSOLIDATED STATEMENT OF INCOME $ million Quarters Q1 2015 Q4 2014 Q1 2014 %1 Revenue 65,706 92,374 109,658 Share of profit/(loss) of joint ventures andassociates 1,405 818 2,070 Interest and other income 1,735 974 351 Total revenue and other income 68,846 94,166 112,079 Purchases 47,425 73,640 83,835 Production and manufacturing expenses 6,655 7,465 7,179 Selling, distribution and administrativeexpenses 2,894 3,426 3,434 Research and development 253 363 283 Exploration 800 1,323 927 Depreciation, depletion and amortisation 4,604 4,991 7,424 Interest expense 376 430 452 Income before taxation 5,839 2,528 8,545 -32 Taxation 1,302 2,110 4,003 Income for the period 4,537 418 4,542 0 Income/(loss) attributable to non-controllinginterest 107 (177) 33 Income attributable to Royal Dutch Shell plcshareholders 4,430 595 4,509 -2 1 Q1 on Q1 change EARNINGS PER SHARE $ Quarters Q1 2015 Q4 2014 Q1 2014 Basic earnings per share 0.70 0.09 0.72 Diluted earnings per share 0.69 0.09 0.72 SHARES1 Millions Quarters Q1 2015 Q4 2014 Q1 2014 Weighted average number of shares asthe basis for: Basic earnings per share 6,292.2 6,301.0 6,287.8 Diluted earnings per share 6,377.0 6,301.1 6,288.9 Shares outstanding at the end of theperiod 6,302.3 6,295.0 6,321.8 1 Royal Dutch Shell plc ordinary shares of euro 0.07 each Notes 1 to 6 are an integral part of these unaudited Condensed ConsolidatedInterim Financial Statements. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME $ million Quarters Q1 2015 Q4 2014 Q1 2014 Income for the period 4,537 418 4,542 Other comprehensive income net of tax: Items that may be reclassified to income in laterperiods: - Currency translation differences (4,199) (2,398) (551) - Unrealised gains/(losses) on securities (135) (560) 28 - Cash flow hedging gains/(losses) (9) 537 19 - Share of other comprehensive income/(loss) of jointventures and associates 7 (86) (7) Total (4,336) (2,507) (511) Items that are not reclassified to income inlater periods: - Retirement benefits remeasurements (1,316) (3,011) (546) Other comprehensive income/(loss) for the period (5,652) (5,518) (1,057) Comprehensive income/(loss) for the period (1,115) (5,100) 3,485 Comprehensive income/(loss) attributable tonon-controlling interest 63 (163) 29 Comprehensive income/(loss) attributable to RoyalDutch Shell plc shareholders (1,178) (4,937) 3,456 Notes 1 to 6 are an integral part of these unaudited Condensed ConsolidatedInterim Financial Statements. CONDENSED CONSOLIDATED BALANCE SHEET $ million Mar 31, 2015 Dec 31, 2014 Mar 31, 2014 Assets Non-current assets: Intangible assets 6,852 7,076 7,482 Property, plant and equipment 189,263 192,472 194,608 Joint ventures and associates 31,643 31,558 35,909 Investments in securities 3,952 4,115 4,761 Deferred tax 8,439 8,131 6,177 Retirement benefits 1,912 1,682 3,197 Trade and other receivables 8,240 8,304 10,036 250,301 253,338 262,170 Current assets: Inventories 19,968 19,701 28,829 Trade and other receivables 51,696 58,470 63,670 Cash and cash equivalents 19,867 21,607 11,924 91,531 99,778 104,423 Total assets 341,832 353,116 366,593 Liabilities Non-current liabilities: Debt 35,703 38,332 41,236 Trade and other payables 4,769 3,582 4,281 Deferred tax 10,240 12,052 11,882 Retirement benefits 17,642 16,318 11,385 Decommissioning and otherprovisions 25,154 23,834 22,298 93,508 94,118 91,082 Current liabilities: Debt 8,137 7,208 4,493 Trade and other payables 55,761 64,864 70,738 Taxes payable 11,705 9,797 13,488 Retirement benefits 361 377 387 Decommissioning and otherprovisions 3,538 3,966 3,275 79,502 86,212 92,381 Total liabilities 173,010 180,330 183,463 Equity attributable to Royal DutchShell plc shareholders 167,960 171,966 182,028 Non-controlling interest 862 820 1,102 Total equity 168,822 172,786 183,130 Total liabilities and equity 341,832 353,116 366,593 Notes 1 to 6 are an integral part of these unaudited Condensed ConsolidatedInterim Financial Statements. CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Equity attributable to Royal Dutch Shell plc shareholders Shares Share held in Other Retained Non-controlling Total$ million capital trust reserves earnings Total interest equity At January 1, 2015 540 (1,190) (14,365) 186,981 171,966 820 172,786 Comprehensiveincome for theperiod - - (5,608) 4,430 (1,178) 63 (1,115) Capitalcontributionsfrom, and otherchanges in,non-controllinginterest - - - (1) (1) (4) (5) Dividends paid - - - (2,932) (2,932) (18) (2,950) Scrip dividends - - - - - - - Repurchases ofshares1 (1) - 1 1 1 - 2 Shares held intrust: net salesand dividendsreceived - 650 - 24 674 - 674 Share-basedcompensation - - (549) (21) (570) - (570) At March 31, 2015 539 (540) (20,521) 188,482 167,960 862 168,822 At January 1, 2014 542 (1,932) (2,037) 183,474 180,047 1,101 181,148 Comprehensiveincome for theperiod - - (1,053) 4,509 3,456 29 3,485 Capitalcontributionsfrom, and otherchanges in,non-controllinginterest - - - (4) (4) - (4) Dividends paid - - - (2,849) (2,849) (28) (2,877) Scrip dividends2 4 - (4) 1,350 1,350 - 1,350 Repurchases ofshares1 (3) - 3 (249) (249) - (249) Shares held intrust: net salesand dividendsreceived - 746 - 32 778 - 778 Share-basedcompensation - - (497) (4) (501) - (501) At March 31, 2014 543 (1,186) (3,588) 186,259 182,028 1,102 183,130 1 Includes shares committed to repurchase and repurchases subject to settlementat the end of the quarter. 2 Under the Scrip Dividend Programme some 38.0 million A shares, equivalent to$1.3 billion, were issued during the first quarter 2014. Notes 1 to 6 are an integral part of these unaudited Condensed ConsolidatedInterim Financial Statements. CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS $ million Quarters Q1 2015 Q4 2014 Q1 2014 Cash flow from operating activities Income for the period 4,537 418 4,542 Adjustment for: - Current taxation 2,947 2,330 4,400 - Interest expense (net) 303 375 378 - Depreciation, depletion and amortisation 4,604 4,991 7,424 - Net losses/(gains) on sale of non-currentassets and businesses (1,612) (972) 41 - Decrease/(increase) in working capital (372) 6,124 875 - Share of loss/(profit) of joint venturesand associates (1,405) (818) (2,070) - Dividends received from joint ventures andassociates 1,077 1,531 1,507 - Deferred taxation, retirement benefits,decommissioning and other provisions (1,503) (1,705) (308) - Other 94 1,000 529 Net cash from operating activities (pre-tax) 8,670 13,274 17,318 Taxation paid (1,564) (3,666) (3,334) Net cash from operating activities 7,106 9,608 13,984 Cash flow from investing activities Capital expenditure1 (6,215) (8,831) (7,156) Investments in joint ventures and associates (409) 107 (889) Proceeds from sale of property, plant andequipment and businesses 2,203 2,245 306 Proceeds from sale of joint ventures andassociates 4 279 56 Interest received 56 56 58 Other1 (79) (536) (89) Net cash used in investing activities (4,440) (6,680) (7,714) Cash flow from financing activities Net increase/(decrease) in debt withmaturity period within three months (255) (173) (1,297) Other debt: New borrowings 752 4,001 3,195 Repayments (630) (571) (2,933) Interest paid (409) (310) (368) Change in non-controlling interest2 (5) 1,002 0 Cash dividends paid to: - Royal Dutch Shell plc shareholders (2,932) (2,987) (1,499) - Non-controlling interest (18) (39) (28) Repurchases of shares (409) (971) (1,241) Shares held in trust: net sales/(purchases)and dividends received (40) (29) 123 Net cash used in financing activities (3,946) (77) (4,048) Currency translation differences relating tocash and cash equivalents (460) (271) 6 Increase/(decrease) in cash and cashequivalents (1,740) 2,580 2,228 Cash and cash equivalents at beginning ofperiod 21,607 19,027 9,696 Cash and cash equivalents at end of period 19,867 21,607 11,924 1 Reflects a minor change to definition with effect from 2015 which has nooverall impact on net cash used in investing activities. Comparative data hasbeen reclassified accordingly. 2 Q4 2014 mainly relates to the public offering of limited partner units inShell Midstream Partners, L.P. Notes 1 to 6 are an integral part of these unaudited Condensed ConsolidatedInterim Financial Statements. NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 1. Basis of preparation These unaudited Condensed Consolidated Interim Financial Statements ("InterimStatements") of Royal Dutch Shell plc and its subsidiaries (collectivelyreferred to as Shell) have been prepared in accordance with IAS 34 InterimFinancial Reporting as adopted by the European Union and as issued by theInternational Accounting Standards Board and on the basis of the sameaccounting principles as, and should be read in conjunction with, the AnnualReport and Form 20-F for the year ended December 31, 2014 (pages 111 to 116) asfiled with the U.S. Securities and Exchange Commission. The financial information presented in the Interim Statements does notconstitute statutory accounts within the meaning of section 434(3) of theCompanies Act 2006. Statutory accounts for the year ended December 31, 2014were published in Shell's Annual Report and a copy was delivered to theRegistrar of Companies in England and Wales. The auditors' report on thoseaccounts was unqualified, did not include a reference to any matters to whichthe auditors drew attention by way of emphasis without qualifying the reportand did not contain a statement under sections 498(2) or 498(3) of theCompanies Act 2006. 2. Segment information Segment earnings are presented on a current cost of supplies basis (CCSearnings), which is the earnings measure used by the Chief Executive Officerfor the purposes of making decisions about allocating resources and assessingperformance. On this basis, the purchase price of volumes sold during theperiod is based on the current cost of supplies during the same period aftermaking allowance for the tax effect. CCS earnings therefore exclude the effectof changes in the oil price on inventory carrying amounts. Information by business segment: $ million Quarters Q1 2015 Q1 2014 Third-party revenue Upstream 7,766 13,013 Downstream 57,916 96,603 Corporate 24 42 Total third-party revenue 65,706 109,658 Inter-segment revenue Upstream 6,230 12,251 Downstream 362 608 Corporate 0 0 Segment earnings Upstream 2,539 5,427 Downstream1 2,514 (1,005) Corporate (171) 77 Total segment earnings 4,882 4,499 $ million Quarters Q1 2015 Q1 2014 Total segment earnings 4,882 4,499 Current cost of supplies adjustment: Purchases (352) (8) Taxation 102 (1) Share of profit of joint ventures andassociates (95) 52 Income for the period 4,537 4,542 1 First quarter 2014 Downstream earnings included an impairment charge of$2,284 million related to refineries in Asia and Europe. 3. Share capital Issued and fully paid Sterling deferred Ordinary shares of euro 0.07 each shares Number of shares A B of £1 each At January 1, 2015 3,907,302,393 2,440,410,614 50,000 Scrip dividends - - - Repurchases of shares (12,717,512) - - At March 31, 2015 3,894,584,881 2,440,410,614 50,000 At January 1, 2014 3,898,011,213 2,472,839,187 50,000 Scrip dividends 37,952,003 - - Repurchases of shares - (32,428,573) - At March 31, 2014 3,935,963,216 2,440,410,614 50,000 Nominal value Ordinary shares of euro 0.07 each $ million A B Total At January 1, 2015 334 206 540 Scrip dividends - - 0 Repurchases of shares (1) - (1) At March 31, 2015 333 206 539 At January 1, 2014 333 209 542 Scrip dividends 4 - 4 Repurchases of shares - (3) (3) At March 31, 2014 337 206 543 The total nominal value of sterling deferred shares is less than $1 million. At Royal Dutch Shell plc's Annual General Meeting on May 21, 2014, the Boardwas authorised to allot ordinary shares in Royal Dutch Shell plc, and to grantrights to subscribe for or to convert any security into ordinary shares inRoyal Dutch Shell plc, up to an aggregate nominal amount of euro 148 million(representing 2,114 million ordinary shares of euro 0.07 each), and to listsuch shares or rights on any stock exchange. This authority expires at theearlier of the close of business on August 21, 2015, and the end of the AnnualGeneral Meeting to be held on May 19, 2015, unless previously renewed, revokedor varied by Royal Dutch Shell plc in a general meeting. 4. Other reserves Accumulated Share Capital Share other Merger premium redemption plan comprehensive$ million reserve1 reserve1 reserve2 reserve income Total At January 1, 2015 3,405 154 83 1,723 (19,730) (14,365) Other comprehensiveloss attributable toRoyal Dutch Shell plcshareholders - - - - (5,608) (5,608) Scrip dividends - - - - - - Repurchases of shares - - 1 - - 1 Share-basedcompensation - - - (549) - (549) At March 31, 2015 3,405 154 84 1,174 (25,338) (20,521) At January 1, 2014 3,411 154 75 1,871 (7,548) (2,037) Other comprehensiveloss attributable toRoyal Dutch Shell plcshareholders - - - - (1,053) (1,053) Scrip dividends (4) - - - - (4) Repurchases of shares - - (3) - - (3) Share-basedcompensation - - - (497) - (497) At March 31, 2014 3,407 154 78 1,374 (8,601) (3,588) 1 The merger reserve and share premium reserve were established as aconsequence of Royal Dutch Shell plc becoming the single parent company ofRoyal Dutch Petroleum Company and The "Shell" Transport and Trading Company,plc, now The Shell Transport and Trading Company Limited, in 2005. 2 The capital redemption reserve was established in connection with repurchasesof shares of Royal Dutch Shell plc. 5. Derivative contracts The table below provides the carrying amounts of derivatives contracts held,disclosed in accordance with IFRS 13 Fair Value Measurement. $ million Mar 31, 2015 Dec 31, 2014 Mar 31, 2014 Included within: Trade and other receivables - non-current 799 703 1,761 Trade and other receivables - current 11,378 14,037 7,577 Trade and other payables - non-current 1,643 520 569 Trade and other payables - current 9,644 11,554 7,944 As disclosed in the Consolidated Financial Statements for the year endedDecember 31, 2014, presented in the Annual Report and Form 20-F for that year,Shell is exposed to the risks of changes in fair value of its financial assetsand liabilities. The fair values of the financial assets and liabilities aredefined as the price that would be received to sell an asset or paid totransfer a liability in an orderly transaction between market participants atthe measurement date. Methods and assumptions used to estimate the fair valuesat March 31, 2015 are consistent with those used in the year ended December 31,2014, and the carrying amounts of derivative contracts measured usingpredominantly unobservable inputs have not changed materially since that date. The fair value of debt excluding finance lease liabilities at March 31, 2015,was $39,753 million (December 31, 2014: $41,120 million; March 31, 2014:$39,967 million). Fair value is determined from the prices quoted for thosesecurities. 6. Recommended cash and share offer for BG Group plc by Royal Dutch Shell plc On April 8, 2015, the Boards of Royal Dutch Shell plc and BG Group plcannounced that they have reached agreement on the terms of a recommended cashand share offer to be made by Shell for the entire issued and to be issuedshare capital of BG Group plc, representing a value of approximately £47billion based on the closing price of 2,208.5 pence per Shell B share on April7, 2015. The transaction is subject to certain conditions and Shell has agreed to useits reasonable endeavours to secure the necessary regulatory clearances andauthorisations. Under certain circumstances occurring on or prior to July 31,2016, such as the Shell Board withdrawing its recommendation to Shellshareholders to vote in favour of the transaction, Shell has agreed to pay BGGroup plc £750 million by way of compensation for any loss suffered by BG Groupplc in connection with the preparation and negotiation of the transaction. ADDITIONAL NOTES FOR INFORMATION A. Impacts of accounting for derivatives In the ordinary course of business Shell enters into contracts to supply orpurchase oil and gas products as well as power and environmental products.Derivative contracts are entered into for mitigation of resulting economicexposures (generally price exposure) and these derivative contracts are carriedat period-end market price (fair value), with movements in fair valuerecognised in income for the period. Supply and purchase contracts entered intofor operational purposes are, by contrast, recognised when the transactionoccurs (see also below); furthermore, inventory is carried at historical costor net realisable value, whichever is lower. As a consequence, accounting mismatches occur because: (a) the supply orpurchase transaction is recognised in a different period; or (b) the inventoryis measured on a different basis. In addition, certain UK gas contracts held by Upstream are, due to pricing ordelivery conditions, deemed to contain embedded derivatives or written optionsand are also required to be carried at fair value even though they are enteredinto for operational purposes. The accounting impacts of the aforementioned are reported as identified itemsin this Report. B. Capital investment Capital investment is a measure used to make decisions about allocatingresources and assessing performance. It is defined as the sum of capitalexpenditure, exploration expense (excluding well write-offs), new investmentsin joint ventures and associates, new finance leases and other adjustments. C. Return on average capital employed Return on average capital employed (ROACE) measures the efficiency of Shell'sutilisation of the capital that it employs and is a common measure of businessperformance. In this calculation, ROACE is defined as the sum of income for thecurrent and previous three quarters, adjusted for after-tax interest expense,as a percentage of the average capital employed for the same period. The taxrate used is Shell's effective tax rate for the period. Capital employedconsists of total equity, current debt and non-current debt. D. Gearing Gearing, calculated as net debt (total debt less cash and cash equivalents) asa percentage of total capital (net debt plus total equity), is a key measure ofShell's capital structure. E. Liquidity and capital resources Net cash from operating activities for the first quarter 2015 was $7.1 billioncompared with $14.0 billion for the same period last year. Total current and non-current debt decreased to $43.8 billion at March 31, 2015from $45.7 billion at March 31, 2014 while cash and cash equivalents increasedto $19.9 billion at March 31, 2015 from $11.9 billion at March 31, 2014. No newdebt was issued during the first quarter of 2015. Capital investment for the first quarter 2015 was $6.8 billion, of which $5.9billion in Upstream and $0.8 billion in Downstream. Capital investment for thesame period of 2014 was $10.7 billion, of which $9.7 billion in Upstream and$1.0 billion in Downstream. Dividends of $0.47 per share are announced on April 30, 2015 in respect of thefirst quarter. These dividends are payable on June 22, 2015. In the case of Bshares, the dividends will be payable through the dividend access mechanism andare expected to be treated as UK-source rather than Dutch-source. See theAnnual Report and Form 20-F for the year ended December 31, 2014 for additionalinformation on the dividend access mechanism. Under the Scrip Dividend Programme shareholders can increase their shareholdingin Shell by choosing to receive new shares instead of cash dividends. Only newA shares will be issued under the Programme, including to shareholders whocurrently hold B shares. CAUTIONARY STATEMENT The release, presentation, publication or distribution of this announcement injurisdictions other than the United Kingdom may be restricted by law andtherefore any persons who are subject to the laws of any jurisdiction otherthan the United Kingdom should inform themselves about and observe anyapplicable requirements. Any failure to comply with applicable requirements mayconstitute a violation of the laws and/or regulations of any such jurisdiction. This announcement is not intended to and does not constitute or form part ofany offer to sell or subscribe for or any invitation to purchase or subscribefor any securities or the solicitation of any vote or approval in anyjurisdiction pursuant to the recommended combination of Royal Dutch Shell plc("Shell") and BG Group plc ("BG") (the "Combination") or otherwise nor shallthere be any sale, issuance or transfer of securities of Shell or BG pursuantto the Combination in any jurisdiction in contravention of applicable laws. All amounts shown throughout this announcement are unaudited. All peakproduction figures in Portfolio Developments are quoted at 100% expectedproduction. The companies in which Royal Dutch Shell plc directly and indirectly ownsinvestments are separate entities. In this announcement "Shell", "Shell group"and "Royal Dutch Shell" are sometimes used for convenience where references aremade to Royal Dutch Shell plc and its subsidiaries in general. Likewise, thewords "we", "us" and "our" are also used to refer to subsidiaries in general orto those who work for them. These expressions are also used where no usefulpurpose is served by identifying the particular company or companies.''Subsidiaries'', "Shell subsidiaries" and "Shell companies" as used in thisannouncement refer to companies over which Royal Dutch Shell plc eitherdirectly or indirectly has control. Companies over which Shell has jointcontrol are generally referred to as "joint ventures" and companies over whichShell has significant influence but neither control nor joint control arereferred to as "associates". The term "Shell interest" is used for convenienceto indicate the direct and/or indirect ownership interest held by Shell in aventure, partnership or company, after exclusion of all third-party interest. This announcement contains forward-looking statements concerning the financialcondition, results of operations and businesses of Royal Dutch Shell and of theCombination. All statements other than statements of historical fact are, ormay be deemed to be, forward-looking statements. Forward-looking statements arestatements of future expectations that are based on management's currentexpectations and assumptions and involve known and unknown risks anduncertainties that could cause actual results, performance or events to differmaterially from those expressed or implied in these statements. Forward-lookingstatements include, among other things, statements concerning the potentialexposure of Royal Dutch Shell, BG and the combined group to market risks andstatements expressing management's expectations, beliefs, estimates, forecasts,projections and assumptions. These forward-looking statements are identified bytheir use of terms and phrases such as ''anticipate'', ''believe'', ''could'',''estimate'', ''expect'', ''goals'', ''intend'', ''may'', ''objectives'',''outlook'', ''plan'', ''probably'', ''project'', ''risks'', "schedule",''seek'', ''should'', ''target'', ''will'' and similar terms and phrases. Thereare a number of factors that could affect the future operations of Royal DutchShell and could cause those results to differ materially from those expressedin the forward-looking statements included in this announcement, including(without limitation): (a) price fluctuations in crude oil and natural gas; (b)changes in demand for Shell's products; (c) currency fluctuations; (d) drillingand production results; (e) reserves estimates; (f) loss of market share andindustry competition; (g) environmental and physical risks; (h) risksassociated with the identification of suitable potential acquisition propertiesand targets, and successful negotiation and completion of such transactions;(i) the risk of doing business in developing countries and countries subject tointernational sanctions; (j) legislative, fiscal and regulatory developmentsincluding regulatory measures addressing climate change; (k) economic andfinancial market conditions in various countries and regions; (l) politicalrisks, including the risks of expropriation and renegotiation of the terms ofcontracts with governmental entities, delays or advancements in the approval ofprojects and delays in the reimbursement for shared costs; and (m) changes intrading conditions. All forward-looking statements contained in thisannouncement are expressly qualified in their entirety by the cautionarystatements contained or referred to in this section. Readers should not placeundue reliance on forward-looking statements. Additional risk factors that mayaffect future results are contained in Royal Dutch Shell's Form 20-F for theyear ended December 31, 2014 (available at www.shell.com/investor andwww.sec.gov). These risk factors also expressly qualify all forward-lookingstatements contained in this announcement and should be considered by thereader. Each forward-looking statement speaks only as of the date of thisannouncement, April 30, 2015. Neither Royal Dutch Shell plc nor any of itssubsidiaries undertake any obligation to publicly update or revise anyforward-looking statement as a result of new information, future events orother information. In light of these risks, results could differ materiallyfrom those stated, implied or inferred from the forward-looking statementscontained in this announcement. We may have used certain terms, such as resources, in this announcement thatthe United States Securities and Exchange Commission (SEC) strictly prohibitsus from including in our filings with the SEC. U.S. investors are urged toconsider closely the disclosure in our Form 20-F, File No 1-32575, available onthe SEC website www.sec.gov. You can also obtain this form from the SEC bycalling 1-800-SEC-0330. April 30, 2015 The information in this Report reflects the unaudited consolidated financialposition and results of Royal Dutch Shell plc. Company No. 4366849, RegisteredOffice: Shell Centre, London, SE1 7NA, England, UK. Contacts: - Investor Relations: International + 31 (0) 70 377 4540; North America +1 832337 2034 - Media: International +44 (0) 207 934 5550; USA +1 713 241 4544