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FORM 6-K

UNITED STATES

REPORT OF FOREIGN PRIVATE ISSUER

Pursuant to Rule 13a-16 or 15d-16 of

Commission File Number: 1-32575

Royal Dutch Shell plc

England and Wales

30, Carel van Bylandtlaan, 2596 HR The Hague

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F þ Form 40-F o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):                     

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):                     

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes o                No þ

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):82-                    

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SIGNATURES
Exhibit 99.1
Exhibit 99.2

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Royal Dutch Shell plc

Exhibit
No.		Description
99.1		Regulatory release.
99.2		Royal Dutch Shell plc—Three and six month periods ended June 30, 2006 Unaudited Condensed Interim Financial Report.

This Unaudited Condensed Interim Financial Report contains the Unaudited Condensed Consolidated Interim Financial Statements of the Registrant and its consolidated subsidiaries for the three and six month periods ended June 30, 2006 and the Operational and Financial Review and Results of Operations in respect of such period. The Unaudited Condensed Consolidated Interim Financial Statements, including condensed notes, are presented on the same basis that such information was announced by press release on July 27, 2006, that was furnished to the Commission by the Registrant on Form 6-K. This Report on Form 6-K contains the Unaudited Condensed Interim Financial Report with additional information required to keep current our registration statement on Form F-3, including a condensed reconciliation to U.S. GAAP, not included in the July 27, 2006 press release.

This Report on Form 6-K is incorporated by reference into

a)	the Registration Statement on Form F-3 of Royal Dutch Shell plc and Shell International Finance B.V. (Registration Numbers 333-126726 and 333-126726-01); and
b)	the Registration Statement on Form S-8 of Royal Dutch Shell plc (Registration Number 333-126715).

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorised.

ROYAL DUTCH SHELL PLC

By:	MICHIEL BRANDJES /S/

Date: August 2, 2006

 

Exhibit 99.1

Six and three month periods ended June 30, 2006

On May 4, 2006, Royal Dutch Shell plc (“Royal Dutch Shell”) released the Unaudited Condensed Interim Financial Report for the three and six month periods ended June 30, 2006 of Royal Dutch Shell and its consolidated subsidiaries (collectively, the “Shell Group”). This report includes the Unaudited Condensed Consolidated Interim Financial Statements, including condensed notes, for the Shell Group on the same basis that such information was announced by press release on July 27, 2006.

Contact — Investor Relations
UK:		Gerard Paulides		+44 20 7934 6287
Europe:		Tjerk Huysinga		+31 70 377 3996
USA:		Harold Hatchett		+1 212 218 3112
Contact — Media
UK, International:		Shell Media Contact		+44 20 7934 3505
The Netherlands:		Shell Media Contact		+31 70 377 8750

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Exhibit 99.2

Royal Dutch Shell plc

Three and six month periods ended June 30, 2006

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Contents

		Page
UNAUDITED CONDENSED INTERIM FINANCIAL REPORT		1
OPERATIONAL AND FINANCIAL REVIEW FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2006		2
CONDENSED CONSOLIDATED STATEMENT OF INCOME		8
CONDENSED CONSOLIDATED BALANCE SHEET		9
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY		10
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS		11
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS		12
APPENDIX		22

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Unaudited Condensed Interim Financial Report

This report contains:

(1)	An Operational and Financial Review and Results of Operations with respect to Royal Dutch Shell plc, a publicly-listed company incorporated in England and Wales and headquartered and tax resident in The Netherlands (“Royal Dutch Shell”) and its consolidated subsidiaries (collectively, with Royal Dutch Shell, the “Shell Group”) for the three and six month periods ended June 30, 2006; and
(2)	Unaudited Condensed Consolidated Interim Financial Statements for the three and six month periods ended June 30, 2006 and 2005.

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 report 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. Additional factors that may affect future results are contained in Royal Dutch Shell’s 2005 20-F (available at www.shell.com/investor and www.sec.gov ). These factors also should be considered by the reader. Each forward-looking statement speaks only as of the date of this report, August 2, 2006. 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 businesses of the Shell Group.

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Operational and Financial Review for the three month period ended
June 30, 2006

Unification of Royal Dutch and Shell Transport

Presented under IFRS (unaudited)

										$ million
		Three months ended								Six months ended
		June 30,								June 30,
		2006				2005				2006				2005
Income from continuing operations			7,527				5,461				14,543				12,481
Income/(loss) from discontinued operations			–				–				–				(214	)
Income for the period			7,527				5,461				14,543				12,267
Attributable to minority interest			203				225				326				356
Income attributable to shareholders of Royal Dutch Shell plc			7,324				5,236				14,217				11,911

Three months ended June 30, 2006

The Shell Group’s income for the three months ended June 30, 2006 was $7,527 million, an increase of 38% compared to 2005 reflecting higher earnings in all segments except for Corporate and Other.

Exploration & Production

Liquids realisations were 33% higher than a year ago, in line with increases in marker crudes Brent of 35% and WTI of 33%. Outside the USA gas realisations increased by 20% and in the USA realisations increased by 1%.

Second quarter 2006 production was 3,253 thousands barrel of oil equivalent (boe) per day. Production was impacted by the continued partial shut-in of production in Nigeria, mainly in the Western Niger Delta due to the security situation, and production deferred in the Gulf of Mexico as a result of the 2005 hurricanes. The decrease in production in the second quarter of 2006 compared to 2005 is fully explained by the impact of community unrest in Nigeria, hurricane damage in the Gulf of Mexico, and production sharing contracts (PSC) impacts from increased oil prices.

In the UK, the announced tax increases that take effect from January 1, 2006, will have been enacted in the third quarter 2006. The change will result in an expected one-time charge of some $300 million (including deferred tax revaluations) in the third quarter 2006. Additionally some $100 million to $150 million earnings impact (subject to oil process and operations) is expected for the third quarter 2006 and on an ongoing basis.

Gas & Power

LNG results benefited from strong prices and continued volume growth. LNG sales volume was up 15% from a year ago, reflecting additional LNG capacity through trains 4 and 5 in Nigeria LNG (Shell share 26%) and Qalhat LNG in Oman (Shell indirect share 11%). Marketing and trading earnings continue to be driven by good performance and favourable conditions in European and North American markets.

	Royal Dutch Shell plc
	Unaudited Condensed Interim Financial Report

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Oil Products

Compared to the second quarter 2005, Manufacturing, Supply and Distribution, industry refining margins were significantly higher on the US Gulf coast and the US West coast. Margins were also higher in Asia Pacific while in Europe margins declined. Refinery utilisation on an Equivalent Distillation Capacity (EDC) basis was 77.3% compared to 80.4% in the second quarter of 2005, mainly due to higher levels of downtime in Europe in the second quarter of 2006. Refinery intake declined 4.8% compared to the second quarter of 2005.

In Marketing earnings declined compared to the same period a year ago. Retail earnings declined due to margin compression as a result of higher product cost. Business to business (B2B) earnings increased mainly due to increased margins for marine products, aviation fuels and bitumen. Lubricants earnings improved due to higher base oil margins. Marketing sales volumes declined 3.6% compared to volumes in the second quarter of 2005, reflecting supply constraints and including the impact of divestments (1.3%) and rationalised B2B volumes (0.5%).

Chemicals

Sales volumes were 4% higher reflecting trading volume increases as well as higher sales of first line derivatives, mainly in Asia Pacific. Operating rates were 2 percentages points above those a year ago reflecting lower planned downtime as well as inventory building in preparation of heavy planned maintenance programme in the third quarter 2006 in Europe and the USA. Earnings included a positive contribution from the Nanhai joint venture (Shell share 50%) in China reflecting the ramping up operating rates to 90% at the end of the second quarter 2006.

Margin realisations were similar to a year ago despite rising feedstock costs for all regions.

Corporate and other

In 2006 a provision in respect of litigation was taken of $500 million (see page 6 Litigation update).

Improved net interest resulted from higher average cash levels and capitalized interest, partly offset by negative results from currency movements.

Six months ended June 30, 2006

The Shell Group’s income for the six months ended June 30, 2006 was $14,543 million, an increase of 19% compared to 2005 reflecting higher earnings in the Exploration & Production and Gas & Power segments.

Exploration & Production

Liquid realisations were 32% higher than a year ago, compared to an increase in Brent of 32% and WTI of around 30%. Outside the USA gas realisations increased by 25%. In the USA, gas realisations increased by 19% compared to an increase in Henry Hub of 7%. Hydrocarbon production was 3,498 thousand boe per day, 5% lower than a year ago (3,684 thousand boe per day).

The decrease in production in the first six months of 2006 compared to 2005 is more than explained by the impact of security deferments in Nigeria, deferred Gulf of Mexico production as a result of the 2005 hurricanes and lower entitlements due to higher hydrocarbon prices.

Gas & Power

Royal Dutch Shell plc

Unaudited Condensed Interim Financial Report	3

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LNG results benefited from strong prices and continued volume growth. LNG year to date sales volume was up 9% from a year ago, reflecting additional LNG capacity through Trains 4 and 5 in Nigeria LNG (Shell share 26%) and Qalhat LNG in Oman (Shell indirect share 11%).

Marketing and trading earnings continue to be driven by good performance and favourable conditions in European and North American markets.

Oil Products

In Manufacturing, Supply and Distribution, refining margins were higher on the US Gulf coast and US West coast but declined in Europe and Asia Pacific. Earnings were negatively impacted by lower utilization as a result of refinery downtime.

In Marketing, reduced earnings in Retail were offset by higher earnings in Lubricants and B2B. In the first half of 2006 retail margins came under pressure due to the impact of rising product cost. Lubricants earnings were higher due to stronger base oil margins. B2B earnings increased due to higher margins for aviation, marine fuels and bitumen. Marketing sales volumes declined reflecting supply constraints, divestments and rationalized B2B volumes.

Chemicals

The decline in earnings compared to a year ago reflected primarily lower margin realisations, especially in the first quarter of 2006. Sales volumes increased by 3% mainly due to trading volume increases as well as improved asset utilisation this year. Operating rates were 1% higher reflecting a reduction in unplanned downtime.

Corporate and other

Portfolio developments for the six months ended June 30, 2006

Exploration & Production

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 and 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 a large 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 the Gulf of Mexico, the Mars platform resumed production during the quarter ahead of schedule and was almost 10% ahead of prior production rates by the end of the quarter at 145 thousand bbl of oil per day and 155 million cubic feet of gas per day (Shell share 82 thousand bbl of oil per day and 88 million cubic feet of gas per day). During the Mars recovery operation topside modifications were made to accommodate future wells and to minimise future planned shut-ins.

In Canada, Shell Canada acquired control of BlackRock Ventures Inc (BlackRock) on June 21, 2006 and as at July 11, 2006 holds 100% of the BlackRock shares. BlackRock has in situ conventional oil activities in the Peace River, Cold Lake and Lloydminster areas of Athabasca.

In Russia, the installation of the Lunskoye-A gas production platform topside was completed offshore Sakhalin. The Sakhalin 2 project is progressing in line with the 2005 schedule and budget.

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In Ukraine, a Joint Activity Agreement was signed with Ukrgazvydobuvannya, a subsidiary of Naftogaz Ukrainy. Shell has farmed into eight licenses in the Dniepr Donets Basin and exploration work is planned to commence this year.

Gas & Power

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.

Shell and Qatar Petroleum launched the integrated Pearl Gas to Liquids (GTL) project in Qatar. The Pearl GTL project includes the development of offshore natural gas resources, transporting and processing the gas onshore to extract liquids, and the conversion of gas into clean liquid hydrocarbon products for export. The integrated project cost is expected to be around $4 to $6 per boe of resources.

The North West Shelf Venture in Australia (Shell share, direct and indirect, 22%) delivered the first LNG cargo to China at the Guangdong LNG import terminal under a 25 year, 3.3 million tonnes per annum per annum sales and purchase agreement.

Hubei Shuanghuan Ltd started production of synthesis gas from the first plant in China to use Shell’s coal gasification technology. Also in China, in July Shell and Shenhua Ningxia Coal Industry Ltd announced an agreement for a multi-year study on the feasibility of developing a plant to convert coal into liquids using Shell technology.

Oil Products

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.

Motiva Enterprises (Shell share 50%) continued progress towards a consideration to expand the Port Arthur Refinery in the USA which would add up to 325 thousand barrels per day crude throughput bringing total throughput to up to approximately 600 thousand barrels per day. Subject to commercial conditions for an investment decision and regulatory approvals, Motiva expects to begin construction in 2007 with the brownfield expansion to come on line post 2009.

In Turkey the joint venture between Shell and Turcas Petrol A.S. comprising over 1,200 retail stations (Shell share 70%) commenced operations on July 1, 2006. The divestment of marketing and distribution assets in Colombia, Uruguay and Cameroon were completed in the second quarter 2006. In July 2006, the divestments of marketing and distribution business in Puerto Rico, Bermuda and various Pacific Islands were announced with an expected completion later this year.

Chemicals

Shell has taken a final investment decision for the construction of an ethylene cracker and Mono-Ethylene Glycol (MEG) plant in Singapore. Construction of the 800 thousand tonnes per annum (tpa) ethylene cracker is due to begin later this year with start-up anticipated towards 2009/2010. The cracker and the new MEG plant will create an advantaged site through full integration with the 464 thousand barrels per day Bukom refinery (Shell share 100%) enabling feedstock and operating benefits. Currently Shell has more than 1 million tonnes per annum ethylene cracking capacity in Singapore (Shell share 50%) in Singapore equal to some 10% of Shell’s global ethylene cracking capacity.

Liquidity and capital resources

Three months ended June 30, 2006

Capital investment for the three months ended June 30, 2006 was $7.1 billion (including the minority share of Sakhalin and including the $2.2 billion oil sands acquisition of BlackRock Ventures Inc. in Canada by Shell Canada) of which $6.2 billion was invested in the Exploration & Production and Gas & Power segments. Capital investment in the same period 2005 (including the minority share of Sakhalin) was $4.1 billion of which $3.2 billion was invested in the Exploration & Production and Gas & Power segments. Gross proceeds from divestments in the three month period to June 30, 2006 were $0.2 billion compared to $0.7 billion a year ago.

Dividends of €0.25 per share were declared on July 27, 2006 in respect of the second quarter. These dividends are payable on September 13, 2006. In the case of the Class B shares, the dividends will be payable through the dividend access mechanism and are

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During the second quarter 2006 $2.5 billion or 1.1% of Royal Dutch Shell shares were bought back for cancellation.

Six months ended June 30, 2006

Cash and cash equivalents amounted to $11.8 billion at the end of the period (2005: $11.5 billion). Total short and long-term debt amounted to $14.6 billion (2005: $13.4 billion).

Capital investment for the six months ended June 30, 2006 was $11.3 billion (including the minority share of Sakhalin and including the $2.2 billion oil sands acquisition of BlackRock Ventures Inc. in Canada by Shell Canada) of which $9.7 billion was invested in the Exploration & Production and Gas & Power segments. Capital investment in the same period 2005 (including the minority share of Sakhalin) was $7.4 billion of which $5.9 billion was invested in the Exploration & Production and Gas & Power segments. Organic capital investment is planned to be around $19 billion for 2006. This excludes $2.9 billion which has been spent on portfolio opportunities including BlackRock. Organic capital investment is expected to be around $21 billion for 2007 (excluding the minority share of Sakhalin).

Gross proceeds from divestments in the six month period to June 30, 2006 were $0.7 billion compared to $1.7 billion a year ago. Dividends of €0.25 per share were declared on May 4, 2006 and July 27, 2006 totaling €0.50 per share in respect of the first and second quarters.

During the first half of 2006 $4.0 billion or 1.8% of Royal Dutch Shell shares were bought back for cancellation. We expect to exceed $5 billion of share buybacks in 2006, subject to market conditions and the capital requirements of the Group.

Recent developments

Litigation update

	Royal Dutch Shell plc
	Unaudited Condensed Interim Financial Report

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Royal Dutch Shell plc

Three and six month periods ended June 30, 2006

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			$ million
			Three months ended June 30,								Six months ended June 30,
			2006				2005				2006				2005
Revenuea				83,127				82,644				159,091				154,800
Cost of sales				67,838				69,464				129,760				128,029
Gross profit				15,289				13,180				29,331				26,771
Selling, distribution and administrative expenses				4,429				3,917				7,842				7,456
Exploration				250				248				531				509
Share of profit of equity accounted investments				1,829				1,080				3,652				2,653
Net finance costs and other (income)/expense				47				39				(108	)			109
Income before taxation				12,392				10,056				24,718				21,350
Taxation				4,865				4,595				10,175				8,869
Income from continuing operations				7,527				5,461				14,543				12,481
Income/(loss) from discontinued operations (see Note 6)				–				–				–				(214	)
Income for the period				7,527				5,461				14,543				12,267
Income attributable to minority interest				203				225				326				356
Income attributable to shareholders of Royal Dutch Shell plc				7,324				5,236				14,217				11,911
Basic earnings per share (see Note 4)				1.13				0.78				2.19				1.77
	Continuing operations			1.13				0.78				2.19				1.80
	Discontinued operations			–				–				–				(0.03	)
Diluted earnings per share (see Note 4)				1.13				0.78				2.18				1.77
	Continuing operations			1.13				0.78				2.18				1.80
	Discontinued operations			–				–				–				(0.03	)

a	Revenue is stated after deducting sales taxes, excise duties and similar levies of $17,984 million in the second quarter 2006 ($34,693 million cumulatively) and $18,739 million in the second quarter 2005 ($36,651 million cumulatively).

The Notes on pages 12 to 21 are an integral part of these Condensed Consolidated Interim Financial Statements.

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				$ million
				June 30,				Dec 31,
				2006				2005
ASSETS
Non-current assets
	Intangible assets				4,721				4,350
	Property, plant and equipment				94,102				87,558
	Investments:
		equity accounted investments			19,083				16,905
		financial assets			3,912				3,672
	Deferred tax				2,259				2,562
	Prepaid pension costs				3,143				2,486
	Other				4,569				4,091
					131,789				121,624
Current assets
	Inventories				24,660				19,776
	Accounts receivable				62,327				66,386
	Cash and cash equivalents				11,774				11,730
					98,761				97,892
Total assets					230,550				219,516
LIABILITIES
Non-current liabilities
	Debt				8,472				7,578
	Deferred tax				12,007				10,763
	Retirement benefit obligations				6,271				5,807
	Other provisions				8,682				7,385
	Other				4,650				5,095
					40,082				36,628
Current liabilities
	Debt				6,112				5,338
	Accounts payable and accrued liabilities				63,701				69,013
	Taxes payable				10,525				8,782
	Retirement benefit obligations				285				282
	Other provisions				1,612				1,549
					82,235				84,964
Total liabilities					122,317				121,592
EQUITY
Equity attributable to shareholders of Royal Dutch Shell plc					100,213				90,924
Minority interest					8,020				7,000
Total equity					108,233				97,924
Total liabilities and equity					230,550				219,516

The Notes on pages 12 to 21 are an integral part of these Condensed Consolidated Interim Financial Statements.

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Condensed Consolidated Statement of Changes in Equity

																														$ million
		Equity attributable to shareholders of Royal Dutch Shell plc
		Ordinary				Preference
		share				share				Treasury				Other				Retained								Minority				Total
		capital				capital				shares				reservesa				earnings				Total				interest				equity
At January 1, 2005			584				20				(4,187	)			8,865				80,788				86,070				5,313				91,383
IAS 32/39 transition							(20	)							823				(7	)			796								796
At January 1, 2005 (after IAS 32/39 transition)b			584				–				(4,187	)			9,688				80,781				86,866				5,313				92,179
Income/(expense) recognised directly in equity															(4,000	)							(4,000	)			38				(3,962	)
Income for the period																			11,911				11,911				356				12,267
Total recognised income/(expense) for 2005			–				–				–				(4,000	)			11,911				7,911				394				8,305
Capital contributions from minority shareholders																							–				638				638
Effect of Unification																							–								–
Dividends paid																			(6,785	)			(6,785	)			(105	)			(6,890	)
Treasury shares: net sales/(purchases) and dividends received											246												246								246
Shares repurchased for cancellation			(1	)															(500	)			(501	)							(501	)
Share-based compensation															92								92								92
At June 30, 2005			583				–				(3,941	)			5,780				85,407				87,829				6,240				94,069
At January 1, 2006			571				–				(3,809	)			3,584				90,578				90,924				7,000				97,924
Income/(expense) recognised directly in equity															2,438								2,438				76				2,514
Income for the period																			14,217				14,217				326				14,543
Total recognised income/(expense) for the period			–				–				–				2,438				14,217				16,655				402				17,057
Capital contributions from minority shareholders																							–				823				823
Effect of Unification															154								154								154
Dividends paid																			(3,929	)			(3,929	)			(205	)			(4,134	)
Treasury shares: net sales/(purchases) and dividends received											226												226								226
Shares repurchased for cancellation			(15	)											15				(4,010	)			(4,010	)							(4,010	)
Share-based compensation															193								193								193
At June 30, 2006			556				–				(3,583	)			6,384				96,856				100,213				8,020				108,233

a	See Note 3.
b	See Note 7.

The Notes on pages 12 to 21 are an integral part of these Consolidated Financial Statements.

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			$ million
			Six months ended
			June 30,
			2006				2005
Cash flow from operating activities:
Income for the period				14,543				12,267
Adjustment for:
	Current taxation			9,778				9,397
	Interest (income)/expense			353				364
	Depreciation, depletion and amortisation			5,944				6,291
	(Profit)/loss on sale of assets			(193	)			(751	)
	Decrease/(increase) in net working capital			(5,255	)			(3,469	)
	Share of profit of equity accounted investments			(3,652	)			(2,439	)
	Dividends received from equity accounted investments			2,616				2,507
	Deferred taxation and other provisions			1,481				(534	)
	Other			(18	)			57
Cash flow from operating activities (pre-tax)				25,597				23,690
Taxation paid				(9,939	)			(8,688	)
Cash flow from operating activities				15,658				15,002
Cash flow from investing activities:
Capital expenditure				(10,449	)			(6,670	)
Investments in equity accounted investments				(408	)			(431	)
Proceeds from sale of assets				717				1,498
Proceeds from sale of equity accounted investments				44				232
Proceeds from sale of/(additions to) financial assets				(11	)			250
Interest received				474				367
Cash flow from investing activities				(9,633	)			(4,754	)
Cash flow from financing activities:
Net increase/(decrease) in debt				1,507				(796	)
Interest paid				(622	)			(529	)
Change in minority interest				783				803
Net issue/(repurchase) of shares				(3,856	)			(500	)
Dividends paid to:
	Shareholders of Royal Dutch Shell plc			(3,929	)			(6,785	)
	Minority interest			(205	)			(105	)
Treasury shares: net sales/(purchases) and dividends received				226				246
Cash flow from financing activities				(6,096	)			(7,666	)
Currency translation differences relating to cash and cash equivalents				115				(263	)
Increase/(decrease) in cash and cash equivalents				44				2,319
Cash and cash equivalents at beginning of period				11,730				9,201
Cash and cash equivalents at end of period				11,774				11,520

The Notes on pages 12 to 21 are an integral part of these Condensed Consolidated Interim Financial Statements.

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Notes to the Condensed Consolidated Interim Financial Statements

1. Unification of Royal Dutch and Shell Transport

2. Basis of preparation

The three and six month periods ended June 30, 2006 Condensed Consolidated Interim Financial Statements of the Royal Dutch Shell and its consolidated subsidiaries have been prepared in accordance with International Accounting Standard (IAS) 34 Interim Financial Reporting.

Certain new IFRS and interpretations have been published which are not mandatory for 2006; these are not expected to have an impact on the accounting policies of the Shell Group, although they may result in changes in future disclosures.

3. Other reserves

																		$ million
						Capital				Share				Share
		Merger				redemption				premium				plan
		reservea				reserve				reserve				reserve				Other				Total
At January 1, 2005			5,373				–				–				173				3,319				8,865
IAS 32/39 transitionb																			823				823
At January 1, 2005 (after IAS 32/39 transition)			5,373				–				–				173				4,142				9,688
Cumulative currency translation differences																			(3,950	)			(3,950	)
Unrealised gains/(losses) on securities																			(55	)			(55	)
Unrealised gains/(losses) on cash flow hedges																			5				5
Income/(expense) recognised directly in equity			–				–				–				–				(4,000	)			(4,000	)
Effect of Unification																							–
Shares repurchased for cancellation																							–
Share-based compensation															92								92
At June 30, 2005			5,373				–				–				265				142				5,780
At January 1, 2006			3,444				13				–				351				(224	)			3,584
Cumulative currency translation differences																			2,059				2,059
Unrealised gains/(losses) on securities																			271				271
Unrealised gains/(losses) on cash flow hedges																			108				108
Income/(expense) recognised directly in equity			–				–				–				–				2,438				2,438
Effect of Unification											154												154
Shares repurchased for cancellation							15																15
Share-based compensation															193								193
At June 30, 2006			3,444				28				154				544				2,214				6,384

a	The merger reserve was established as a consequence of the Unification described in Note 1. It relates primarily to the difference between the nominal value of Royal Dutch Shell plc shares issued and the nominal value of Royal Dutch Petroleum Company and Shell Transport and Trading Company Limited shares received.
b	See Note 7.

4. Earnings per share

The six months ended June 30, 2006 calculation uses a weighted-average number of shares of 6,483,528,611 (2005: 6,674,179,767). For the diluted earnings per share calculation, the following weighted-average number of shares are 6,508,603,701 (2005: 6,694,427,705).

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5. Information by business segment

Three months ended June 30, 2006

																							$ million
			Exploration &																Corporate and								Total
			Production				Gas & Power				Oil Products				Chemicals				Other				Eliminations				Shell Group
																							2006
Revenue
	Third party			7,554				3,457				62,384				9,501				231								83,127
	Inter-segment			8,265				296				775				1,265				–				(10,601	)			–
Total				15,819				3,753				63,159				10,766				231				(10,601	)			83,127
Segment result				7,313				181				3,315				477				(676	)							10,610
Share of profit of equity accounted investments				720				351				699				105				(46	)							1,829
Net finance costs and other (income)/expense																												47
Taxation																												4,865
Income from continuing operations																												7,527
Income/(loss) from discontinued operations				–				–				–				–				–								–
Income for the period																												7,527

Three months ended June 30, 2005

																							$ million
			Exploration &																Corporate and								Total
			Production				Gas & Power				Oil Products				Chemicals				Other				Eliminations				Shell Group
																							2005
Revenue
	Third party			6,073				2,858				65,927				7,604				182								82,644
	Inter-segment			8,247				356				1,521				969				–				(11,093	)			–
Total				14,320				3,214				67,448				8,573				182				(11,093	)			82,644
Segment result				6,022				(127	)			3,110				237				(227	)							9,015
Share of profit of equity accounted investments				458				1				488				133				–								1,080
Net finance costs and other (income)/expense																												39
Taxation																												4,595
Income from continuing operations																												5,461
Income/(loss) from discontinued operations				–				–				–				–				–								–
Income for the period																												5,461

Six months ended June 30, 2006

																							$ million
			Exploration &																Corporate and								Total
			Production				Gas & Power				Oil Products				Chemicals				Other				Eliminations				Shell Group
																							2006
Revenue
	Third party			14,069				8,361				118,297				17,921				443								159,091
	Inter-segment			17,248				792				1,470				2,411				–				(21,921	)			–
Total				31,317				9,153				119,767				20,332				443				(21,921	)			159,091
Segment result				14,758				604				5,692				681				(777	)							20,958
Share of profit of equity accounted investments				1,697				720				1,140				146				(51	)							3,652
Net finance costs and other (income)/expense																												(108	)
Taxation																												10,175
Income from continuing operations																												14,543
Income/(loss) from discontinued operations				–				–				–				–				–								–
Income for the period																												14,543

Six months ended June 30, 2005

																							$ million
			Exploration &																Corporate and								Total
			Production				Gas & Power				Oil Products				Chemicals				Other				Eliminations				Shell Group
																							2005
Revenue
	Third party			10,639				6,135				121,922				15,630				474								154,800
	Inter-segment			15,522				726				3,056				1,717				–				(21,021	)			–
Total				26,161				6,861				124,978				17,347				474				(21,021	)			154,800
Segment result				11,550				70				6,587				1,042				(443	)							18,806
Share of profit of equity accounted investments				1,172				258				1,005				218				–								2,653
Net finance costs and other (income)/expense																												109
Taxation																												8,869
Income from continuing operations																												12,481
Income/(loss) from discontinued operations				–				–				–				(214	)			–								(214	)
Income for the period																												12,267

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The information above is provided in accordance with IAS 14 Segment Reporting. Operating segment results are appraised by management on the basis of income including equity accounted investments and certain net finance costs and other (income)/expense and after tax, and this forms the basis of the discussion of segment results in the Operational and Financial Review (OFR). The table below reconciles the foregoing segment information to the information used for management reporting and is consistent with how the information will be presented in the Shell Group’s annual Financial Statements to comply with SFAS 131.

Income for the period by segment — Three months ended June 30, 2006

$ million
		Exploration &																Corporate and				Total
		Production				Gas & Power				Oil Products				Chemicals				Other				Group
																		2006
Segment result — IAS 14			7,313				181				3,315				477				(676	)			10,610
Share of profit of equity accounted investments			720				351				699				105				(46	)			1,829
Net finance costs and other (income)/expense			85				(52	)			2				4				8				47
Taxation			3,949				68				995				132				(279	)			4,865
Discontinued operations			–				–				–				–				–				–
Segment result — OFR			3,999				516				3,017				446				(451	)			7,527

Income for the period by segment — Three months ended June 30, 2005

$ million
		Exploration																Corporate
		&				Gas &				Oil								and				Total
		Production				Power				Products				Chemicals				Other				Group
																		2005
Segment result — IAS 14			6,022				(127	)			3,110				237				(227	)			9,015
Share of profit of equity accounted investments			458				1				488				133				–				1,080
Net finance costs and other (income)/expense			131				(46	)			41				5				(92	)			39
Taxation			3,604				(91	)			893				106				83				4,595
Discontinued operations			–				–				–				–				–				–
Segment result — OFR			2,745				11				2,664				259				(218	)			5,461

Income for the period by segment — Six months ended June 30, 2006

$ million
		Exploration &																Corporate and				Total
		Production				Gas & Power				Oil Products				Chemicals				Other				Group
																		2006
Segment result — IAS 14			14,758				604				5,692				681				(777	)			20,958
Share of profit of equity accounted investments			1,697				720				1,140				146				(51	)			3,652
Net finance costs and other (income)/expense			167				(150	)			18				7				(150	)			(108	)
Taxation			8,546				193				1,694				191				(449	)			10,175
Discontinued operations			–				–				–				–				–				–
Segment result — OFR			7,742				1,281				5,120				629				(229	)			14,543

Income for the period by segment — Six months ended June 30, 2005

$ million
		Exploration																Corporate
		&				Gas &				Oil								and				Total
		Production				Power				Products				Chemicals				Other				Group
																		2005
Segment result — IAS 14			11,550				70				6,587				1,042				(443	)			18,806
Share of profit of equity accounted investments			1,172				258				1,005				218				–				2,653
Net finance costs and other (income)/expense			245				(82	)			84				5				(143	)			109
Taxation			6,777				(77	)			1,793				333				43				8,869
Discontinued operations			–				–				–				(214	)			–				(214	)
Segment result — OFR			5,700				487				5,715				708				(343	)			12,267

6. Discontinued operations

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7. Implementation of IAS 32 and IAS 39 Financial Instruments

		$ million
Investments: financial assets			1,018
Non-current assets: deferred tax			5
Current assets			42
Non-current liabilities: deferred tax			(195	)
Non-current liabilities: debt			(20	)
Current liabilities			(54	)
			796

Preference share capital of $20 million was recategorised as debt on January 1, 2005 on the adoption of IAS 32 and 39.

8. Ordinary share capital

$ million
		June 30,				December 31,
		2006				2005
Allotted, called up and fully paid
Class A ordinary shares			323				333
Class B ordinary shares			233				233
Euro deferred shares			–				5
Sterling deferred			–				–
			556				571

The number of shares outstanding at June 30, 2006 and December 31, 2005, were as follows:

shares of€ 0.07 each														shares of £1 each
		Class A				Class B				Euro deferred				Sterling deferred
Shares outstanding at March 31, 2006			3,821,590,000				2,759,360,000				–				50,000
Shares outstanding at December 31, 2005			3,935,625,000				2,759,360,000				62,280,114				50,000

9. Acquisitions

On June 21, 2006, Shell Canada Limited acquired more than 92 per cent of the outstanding common shares of BlackRock Ventures Inc. (BlackRock). The original offer was extended to June 27, 2006, and additional common shares were acquired. In total Shell Canada held in excess of 98 per cent as at June 30, 2006 (as at July 11, 2006 100%). BlackRock was engaged in the development and production of heavy oil in Western Canada.

Shell’s total consideration for the transaction as of June 30, 2006 was Cdn$2,570 million. Of the consideration paid, Cdn$3,092 million was allocated to oil and natural gas properties and Cdn$234 million was allocated to goodwill. The purchase price allocation of the acquisition is subject to further refinement.

Royal Dutch Shell plc

Unaudited Condensed Interim Financial Report	15

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10. Reconciliation from IFRS to US GAAP in 2006

Reconciliation of statement of income from IFRS to US GAAP — Six months ended June 30, 2006

$ million
																		Cumulative
										Retirement				Share based				translation								Reversals of
		IFRS				Reclassifications				benefits				compensation				differences				Impairments				Impairments				Other				US GAAP
Revenue			159,091				–				–				–				–				–				–				(8	)			159,083
Cost of sales			129,760				(170	)			208				4				25				22				(99	)			3				129,753
Gross profit			29,331				170				(208	)			(4	)			(25	)			(22	)			99				(11	)			29,330
Selling, distribution and administrative expenses			7,842				–				96				–				–				–				–				(8	)			7,930
Exploration			531				–				–				–				–				–				–				–				531
Research and development			–				345				–				–				–				–				–				–				345
Share of profit of equity accounted investments			3,652				–				1				–				–				–				16				13				3,682
Net finance costs and other income			(108	)			(175	)			–				–				–				–				–				(24	)			(307	)
Income before taxation			24,718				–				(303	)			(4	)			(25	)			(22	)			115				34				24,513
Taxation			10,175				–				(123	)			(7	)			–				(7	)			(1	)			59				10,096
Income attributable to minority interest																															326				326
Income from continuing operations			14,543				–				(180	)			3				(25	)			(15	)			116				(351	)			14,091
Income/(loss) from discontinued operations			–				–				–				–				–				–				–				–				–
Cumulative effect of change in accounting policy			–				–				–				–				–				–				–				–				–
Income for the period			14,543				–				(180	)			3				(25	)			(15	)			116				(351	)			14,091
Attributable to minority interest			326				–				–				–				–				–				–				(326	)			–
Income attributable to shareholders of Royal Dutch Shell plc			14,217				–				(180	)			3				(25	)			(15	)			116				(25	)			14,091

Earnings per share under US GAAP

															$
			Three months ended								Six months ended
			June 30,								June 30,
			2006				2005				2006				2005
Earnings per share				1.14				0.78				2.17				1.87
	Continuing operations			1.14				0.78				2.17				1.73
	Discontinued operations			–				–				–				0.06
	Cumulative effect of change in accounting policy			–				–				–				0.08
Diluted earnings per share				1.13				0.78				2.16				1.87
	Continuing operations			1.13				0.78				2.16				1.73
	Discontinued operations			–				–				–				0.06
	Cumulative effect of change in accounting policy			–				–				–				0.08

	Royal Dutch Shell plc
	Unaudited Condensed Interim Financial Report

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Reconciliation of balance sheet from IFRS to US GAAP as at June 30, 2006

																								$ million
								Retirement								Reversals of
				IFRS				benefits				Impairments				Impairments				Investments				Other				US GAAP
ASSETS
Non-current assets
	Intangible assets				4,721				337				–				–				–				(6	)			5,052
	Property, plant and equipment				94,102				–				641				(47	)			–				(49	)			94,647
	Investments:
		equity accounted investments			19,083				97				–				(327	)			–				58				18,911
		financial assets			3,912				–				–				–				(827	)			42				3,127
	Deferred tax				2,259				(163	)			(3	)			–				–				52				2,145
	Other				7,712				5,148				–				–				–				54				12,914
					131,789				5,419				638				(374	)			(827	)			151				136,796
Current assets
	Inventories				24,660				–				–				–				–				–				24,660
	Accounts receivable				62,327				–				–				–				–				(36	)			62,291
	Cash and cash equivalents				11,774				–				–				–				–				–				11,774
					98,761				–				–				–				–				(36	)			98,725
Total assets					230,550				5,419				638				(374	)			(827	)			115				235,521
LIABILITIES
Non-current liabilities
	Debt				8,472				–				–				–				–				(199	)			8,273
	Deferred tax				12,007				1,756				210				(115	)			–				242				14,100
	Provisions				14,953				(216	)			–				–				–				(132	)			14,605
	Other				4,650				–				–				–				–				249				4,899
					40,082				1,540				210				(115	)			–				160				41,877
Current liabilities
	Debt				6,112				–				–				–				–				(11	)			6,101
	Accounts payable, accrued liabilities and provisions				65,598				(49	)			–				–				–				(27	)			65,522
	Taxes payable				10,525				–				–				–				–				5				10,530
					82,235				(49	)			–				–				–				(33	)			82,153
Total liabilities					122,317				1,491				210				(115	)			–				127				124,030
Minority interest																									8,026				8,026
Equity attributable to shareholders of Royal Dutch Shell plc					100,213				3,913				428				(259	)			(827	)			(3	)			103,465
Minority interest					8,020				15				–				–				–				(8,035	)			–
Total equity					108,233				3,928				428				(259	)			(827	)			(8,038	)			103,465
Total liabilities and equity					230,550				5,419				638				(374	)			(827	)			115				235,521

Royal Dutch Shell plc

Unaudited Condensed Interim Financial Report	17

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11. Reconciliations from IFRS to US GAAP in 2005

																																										$ million
																						Cumulative
																						currency												Major
						Discontinued								Retirement				Share based				translation								Reversals of				inspection
		IFRS				operations				Reclassifications				benefits				compensation				differences				Impairments				impairments				costs				Other				US GAAP
Revenue			154,800				(648	)			–				–				–				–				–				–				–				(13	)			154,139
Cost of sales			128,029				(170	)			(62	)			103				14				–				20				(53	)			–				(70	)			127,811
Gross profit			26,771				(478	)			62				(103	)			(14	)			–				(20	)			53				–				57				26,328
Selling, distribution and administrative expenses			7,456				(64	)			–				57				1				–				–				–				–				(52	)			7,398
Exploration			509				–				–				–				–				–				–				–				–				–				509
Research and development			–				–				232				–				–				–				–				–				–								232
Share of profit of equity accounted investments			2,653				(214	)			–				(1	)			–				–				–				120				–				(14	)			2,544
Net finance costs and other income			109				(1	)			(170	)			–				–				–				–				–				–				1				(61	)
Income before taxation			21,350				(627	)			–				(161	)			(15	)			–				(20	)			173				–				94				20,794
Taxation			8,869				(35	)							(56	)			3				–				(61	)			–				–				(3	)			8,717
Income attributable to minority interest																																											–
Income from continuing operations			12,481				(592	)			–				(105	)			(18	)			–				41				173				–				97				12,077
Income/(loss) from discontinued operations			(214	)			592																																				378
Cumulative effect of change in accounting policy			–				–				–				–				–				–				–				–				(554	)			–				(554	)
Income for the period			12,267				–				–				(105	)			(18	)			–				41				173				554				97				13,009
Attributable to minority interest			356				–				–				–				–				–				60				–				–				–				416
Income attributable to shareholders of Royal Dutch Shell plc			11,911				–				–				(105	)			(18	)			–				(19	)			173				554				97				12,593

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Reconciliation of balance sheet from IFRS to US GAAP as at December 31, 2005

																												$ million
								Retirement								Reversals of
				IFRS				benefits				Impairments				impairments				Investments				Other				US GAAP
ASSETS
Non-current assets
	Intangible assets				4,350				304				–				–				–				(10	)			4,644
	Property, plant and equipment				87,558				–				663				(148	)			–				(66	)			88,007
	Investments:
		equity accounted investments			16,905				97				–				(352	)			–				35				16,685
		financial assets			3,672				–				–				–				(780	)			42				2,934
	Deferred tax				2,562				(779	)			(3	)			–				–				(21	)			1,759
	Other				6,577				5,455				–				–				–				(276	)			11,756
					121,624				5,077				660				(500	)			(780	)			(296	)			125,785
Current assets
	Inventories				19,776				–				–				–				–				–				19,776
	Accounts receivable				66,386				–				–				–				–				(31	)			66,355
	Cash and cash equivalents				11,730				–				–				–				–				–				11,730
					97,892				–				–				–				–				(31	)			97,861
Total assets					219,516				5,077				660				(500	)			(780	)			(327	)			223,646
LIABILITIES
Non–current liabilities
	Debt				7,578				–				–				–				–				(210	)			7,368
	Deferred tax				10,763				1,240				217				(121	)			–				(6	)			12,093
	Provisions				13,192				(181	)			–				–				–				(160	)			12,851
	Other				5,095				–				–				–				–				251				5,346
					36,628				1,059				217				(121	)			–				(125	)			37,658
Current liabilities
	Debt				5,338				–				–				–				–				(10	)			5,328
	Accounts payable, accrued liabilities and provisions				70,844				(47	)			–				–				–				(34	)			70,763
	Taxes payable				8,782				–				–				–				–				6				8,788
					84,964				(47	)			–				–				–				(38	)			84,879
Total liabilities					121,592				1,012				217				(121	)			–				(163	)			122,537
Minority interest																									7,006				7,006
Equity attributable to shareholders of Royal Dutch Shell plc					90,924				4,050				443				(379	)			(780	)			(155	)			94,103
Minority interest					7,000				15				–				–				–				(7,015	)
Total equity					97,924				4,065				443				(379	)			(780	)			(7,170	)			94,103
Total liabilities and equity					219,516				5,077				660				(500	)			(780	)			(327	)			223,646

The Condensed Consolidated Interim Financial Statements of the Shell Group are prepared in accordance with IFRS, which differs in certain respects from US Generally Accepted Accounting Principles (US GAAP).

Discontinued operations

Reclassifications

Retirement benefits

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pension plan assets (rather than market-related value under US GAAP) to calculate annual expected investment returns and the changed approach to amortisation of investment gains/losses can be expected to increase volatility in income going forward as compared to past IFRS and US GAAP results.

In the second quarter 2006 an agreement was reached to restructure the pension arrangements in France. The existing defined benefit arrangements will be replaced with a defined contribution plan with effect from January 1, 2007. Under the IAS19 accounting rules, as a result of the closure of the defined benefit plan, immediate recognition of the actuarial losses, that would otherwise have been recognised over many years, is required. Therefore a post tax earnings charge of $133 million is reported in the second quarter. Under US GAAP brought forward actuarial losses will continue to be amortised over the remaining service period of employees.

Share-based compensation

Cumulative currency translation differences

Impairments

Reversal of impairments

Major inspection costs

Financial instruments

Other

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Cash flow statement

On July 13, 2006 the Financial Accounting Standards Board issued Interpretation No. 48 ’Accounting for Uncertainty in Income Taxes — an interpretation of FASB Statement No. 109’ (FIN 48). The Interpretation is effective for fiscal years beginning after December 15, 2006. The impact on the Group’s financial statements of adoption of the Interpretation is currently under review. FIN 48 does not have an equivalent under IFRS and may result in additional reconciling information.

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Appendix

Ratio of earnings to fixed charges

Six months ended
June 30,						Years ending December 31,
		2006				2005				2004				2003				2002				2001
Ratio of Earnings to Fixed Charges (IFRS basis)			23.49				23.81				19.60
Ratio of Earnings to Fixed Charges (US GAAP basis)			27.91				27.76				17.56				15.91				11.71				18.52

For the purposes of this table, “earnings” consists of pre-tax income from continuing operations before adjustment for minority interest and income from equity investees plus fixed charges (excluding capitalized interest) less undistributed earnings of equity investees, plus distributed income from equity interests. “Fixed charges” consists of expensed and capitalized interest plus interest within rental expenses plus preference security dividend requirements of consolidated subsidiaries.

Capitalisation and indebtedness

US GAAP basis

			$ million
			June 30,
			2006
Equity
Ordinary share capital				556
Treasury shares				(3,583	)
Retained earnings				102,117
Additional paid in capital				3,977
Other comprehensive income				398
	Total equity			103,465
Total finance debt
Short-term finance debt				6,101
Long-term finance debta				5,508
	Total finance debtb			11,609
Total capitalization				115,074

IFRS basis

			$ million
			June 30,
			2006
Equity
Total equity attributable to shareholders of Royal Dutch Shell plc				100,213
Total finance debt
Short-term finance debt				6,112
Long-term finance debta				5,708
	Total finance debtb			11,820
Total capitalization				112,033

a	Long-term finance debt excludes $2.8 billion of certain long-term commitments included in amounts due to banks and other credit institutions.
b	As of June 30, 2006, the Shell Group had outstanding guarantees related to Shell Group associates of $2.7 billion, of which $1.8 billion related to guarantees in respect of financial indebtedness. $10.8 billion of the finance debt of the Shell Group was unsecured.