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FORM 6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington D.C. 20549

REPORT OF FOREIGN PRIVATE ISSUER

Pursuant to Rule 13a-16 or 15d-16 of

The Securities Exchange Act of 1934
For October 2007

Commission File Number: 1-32575

Royal Dutch Shell plc

(Exact name of registrant as specified in its charter)

England and Wales

(Jurisdiction of incorporation or organization)

30, Carel van Bylandtlaan, 2596 HR The Hague

The Netherlands
Tel No: (011 31 70) 377 9111
(Address of principal executive officers)

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-

TABLE OF CONTENTS


SIGNATURES

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

(Registrant)


By: /s/ Michiel Brandjes


Name:		Michiel Brandjes
Title:		Company Secretary

Date: October 25, 2007

Royal Dutch Shell

3rd Quarter 2007 results

•		Royal Dutch Shell’s third quarter 2007 earnings, on a current cost of supply (CCS) basis, were $6.4 billion compared to $6.9 billion a year ago. Basic CCS earnings per share decreased by 6% versus the same quarter a year ago.

•		From 2007 onwards the Group is declaring its dividends in US dollars rather than in euros. A third quarter 2007 dividend has been announced of $0.36 per share, an increase of 14% over the US dollar dividend for the same period in 2006.

•		$1.5 billion or 0.6% of Royal Dutch Shell shares were bought back for cancellation during the quarter.

Royal Dutch Shell Chief Executive Jeroen van der Veer commented: “Given the weaker industry refining margins we have seen in the quarter, these are satisfactory results, underpinned by Shell’s operating performance. We continue to rejuvenate our portfolio with sustained investment in new legacy assets, and through disposals. I am pleased with progress during the quarter, with the launch of new refining and liquefied natural gas projects, and further asset sales. The execution of our strategy is on track.”

Summary unaudited results


QUARTERS										$ million	NINE MONTHS
Q3			Q2			Q3		%¹
2007			2007			2006					2007			2006			%
	6,916			8,667			5,942		*+16*	Income attributable to shareholders		22,864			20,159			*+13*
	*(524*	)		(1,111	)		1,006			Estimated CCS adjustment for Oil Products and Chemicals (see note 2)		*(1,984*	)		(809	)

	6,392			7,556			6,948		-8	CCS earnings		20,880			19,350			+8


	1.10			1.38			0.93			Basic earnings per share ($)		3.64			3.13
	*(0.08*	)		(0.18	)		0.16			Estimated CCS adjustment per share ($)		*(0.31*	)		(0.13	)

	1.02			1.20			1.09		-6	Basic CCS earnings per share ($)		3.33			3.00			*+11*


	0.36			0.36			0.315			Dividend per ordinary share ($)²		1.08			0.945


¹		Q3 on Q3 change

²		From 2007 onwards dividends are declared in US dollars. 2006 dividends were declared in euros and translated, for comparison purposes, to US dollars (based on the US dollar dividend of American Depositary Receipts in the applicable period converted to ordinary shares).

he information in these quarterly results reflects the consolidated financial position and results of Royal Dutch Shell plc (“Royal Dutch Shell”). All amounts shown throughout this report are unaudited. Registered Office: England, 4366849, Shell Centre, London, SE1 7NA, UK

Key features of the third quarter 2007

•		Third quarter 2007 CCS earnings were $6,392 million or 8% lower than in the same quarter a year ago.

•		Third quarter 2007 reported income was $6,916 million or 16% higher than in the same quarter a year ago.

•		Exploration & Production segment earnings were $3,510 million compared with $3,743 million in the third quarter 2006. Earnings, when compared to the third quarter of 2006, were mainly impacted by lower volumes, higher tax charges and higher costs, reflecting current industry conditions, partly offset by the impact of higher oil prices on revenues.

•		Gas & Power segment earnings were $568 million compared to $781 million a year ago. Earnings, when compared to the third quarter of 2006, reflected lower marketing and trading results and reduced gas-to-liquids (GTL) sales volumes due to a planned shutdown of the Bintulu GTL plant, which were partly offset by higher revenues from increased equity liquefied natural gas (LNG) sales volumes.

•		Oil Products CCS segment earnings were $1,651 million compared to $2,160 million in the third quarter 2006. Earnings, when compared to the third quarter of 2006, were mainly impacted by lower realised refining margins, a lower contribution from trading and higher operating costs, which were partly offset by a gain related to a tax rate change in Germany.

•		Chemicals CCS segment earnings were $360 million compared to $335 million in 2006, mainly reflecting improved margins, which were partly offset by a reduced trading contribution.

•		Cash flow from operating activities was $9.1 billion compared to $10.1 billion in the third quarter 2006. Excluding working capital movements and taxation effects, cash flow from operating activities was $9.8 billion compared to $9.6 billion a year ago (see note 7).

•		Total cash returned to shareholders in the form of dividends and share repurchases in the third quarter 2007 was $3.7 billion.

•		Capital investment for the third quarter 2007 was $6.8 billion.

•		Return on average capital employed (ROACE), on a reported income basis (see note 3), was 23%.

•		Gearing (see note 5) was 12.1% at the end of the third quarter 2007 versus 13.4% at the end of the third quarter 2006.

•		As from the fourth quarter 2007, the Oil Sands segment information will be reported as a separate Downstream business segment. The Oil Sands segment information is currently reported under the Upstream Exploration & Production segment.

Basic earnings per share (see notes 1, 2 and 8)


QUARTERS							NINE MONTHS
Q3		Q2		Q3
2007		2007		2006			2007		2006
	1.10		1.38		0.93	Earnings per share ($)		3.64		3.13
	1.02		1.20		1.09	CCS earnings per share ($)		3.33		3.00

Diluted earnings per share (see notes 1, 2 and 8)


QUARTERS							NINE MONTHS
Q3		Q2		Q3
2007		2007		2006			2007		2006
	1.10		1.38		0.93	Earnings per share ($)		3.63		3.12
	1.02		1.20		1.09	CCS earnings per share ($)		3.32		2.99

Summary segment earnings (see notes 2 and 4)


QUARTERS											$ million	NINE MONTHS
Q3			Q2			Q3
2007			2007			2006			%¹			2007			2006			%
											Segment earnings
	3,510			3,301			3,743				Exploration & Production		10,319			11,485
	568			779			781				Gas & Power²		2,150			2,054
	1,651			2,936			2,160				Oil Products (CCS basis)		6,075			5,558
	360			494			335				Chemicals (CCS basis)		1,334			822
	413			177			266				Corporate²		1,391			45
	(110	)		(131	)		(337	)			Minority interest		(389	)		(614	)

	6,392			7,556			6,948			-8	CCS earnings		20,880			19,350			+8


¹		Q3 on Q3 change

²		As from 2007, the segment Other Industry and Corporate has been renamed as Corporate. Its earnings no longer include the results generated by the Wind and Solar businesses, which were previously reported as part of Other Industry segments, but continue to include some non-material businesses. The Wind and Solar businesses earnings are, as from 2007, reported under the Gas & Power segment. For comparison purposes, the third quarter 2006 and the nine months period of 2006 results were reclassified and are impacted by $(6) million and $(14) million in the Gas & Power segment and by $6 million and $14 million in the Corporate segment, respectively.

Summary segment earnings — continued

Earnings in the third quarter 2007 reflected the following items, which in aggregate amounted to a net income of $265 million (compared to a net charge of $77 million in the third quarter 2006) as summarised in the table below:

•		Exploration & Production earnings included a net income of $130 million. Earnings for the third quarter 2007 included a gain of $143 million related to an impairment reversal and a combined gain of $228 million related to tax impacts and the benefit of a tax rate change in Germany. These gains were partly offset by charges of $93 million related to the mark-to-market valuation impact of certain UK gas contracts, the write-off of exploration costs in Alaska of $77 million and a $71 million charge related to a one-time pension liability impact (see below). Earnings for the third quarter 2006 included a net charge of $163 million reflecting a gain of $147 million related to the mark-to-market valuation of certain UK gas contracts, more than offset by charges of $310 million related to a UK tax increase effective as from January 1, 2006.

•		Gas & Power earnings included a net charge of $4 million, reflecting a gain of $11 million related to a tax rate change in Germany, which was more than offset by charges of $10 million related to a one-time pension liability impact (see below) and $5 million related to the mark-to-market valuation impact of certain gas contracts.

•		Oil Products earnings included a net income of $121 million, reflecting a gain of $149 million related to a tax rate change in Germany, which was partly offset by a charge of $28 million related to a one-time pension liability impact (see below).

•		Chemicals earnings included a net income of $18 million, reflecting a gain of $19 million related to a tax rate change in Germany, which was partly offset by a charge of $1 million related to a one-time pension liability impact (see below).

•		Corporate earnings did not include any identified items for the third quarter 2007. Earnings for the third quarter 2006 included $86 million related to tax credits.

The Shell Group earnings included a combined charge of $110 million related to a one-time impact on past-service pension liabilities due to implementation of a revised structure for certain employees’ remuneration, of which the major elements arose in the Exploration & Production and Oil Products segment earnings.

Summary table:


QUARTERS								$ million	NINE MONTHS
Q3			Q2		Q3
2007			2007		2006				2007		2006
								Segment earnings impact of identified items:
	130			153		(163	)	Exploration & Production		387		254
	(4	)		247		—		Gas & Power		282		—
	121			205		—		Oil Products (CCS basis)		150		(65	)
	18			—		—		Chemicals (CCS basis)		18		(30	)
	—			55		86		Corporate		459		(314	)
	—			—		—		Minority interest		—		(41	)

	265			660		(77	)	CCS earnings impact		1,296		(196	)

These items generally relate to events with an impact of greater than $50 million on Shell Group earnings and are shown to provide additional insight in the segment earnings, CCS earnings and income attributable to shareholders. Further additional comments are provided in the section ‘Earnings per industry segment’ on page 5 and onwards.

Earnings per industry segment

Upstream


QUARTERS							NINE MONTHS
Q3		Q2		Q3
2007		2007		2006			2007		2006
$/bbl						Realised Oil Prices (period average)	$/bbl
	70.74		64.41		65.60	WOUSA		63.32		62.35
	70.34		61.06		62.57	USA		60.72		60.77
	70.69		63.92		65.13	Global		62.95		62.15

$/thousand scf						Realised Gas Prices (period average)	$/thousand scf
	6.69		5.95		6.43	Europe		6.86		6.72
	4.07		4.01		4.05	WOUSA (including Europe)		4.27		4.35
	6.53		7.78		7.31	USA		7.16		8.04
	4.57		4.74		4.77	Global		4.84		5.09

						Oil and gas marker industry prices (period average)
	74.84		68.86		69.63	Brent ($/bbl)		67.15		66.97
	75.24		64.89		70.44	WTI ($/bbl)		66.06		68.06
	6.14		7.56		6.05	Henry Hub ($/MMBtu)		6.94		6.80
	30.68		20.20		33.77	UK National Balancing Point (pence/therm)		24.39		45.93

Exploration & Production


QUARTERS								$ million	NINE MONTHS
Q3		Q2		Q3
2007		2007		2006		%¹			2007		2006		%
	3,510		3,301		3,743		-6	Segment earnings		10,319		11,485		*-10*

	1,874		1,908		2,054		-9	Crude oil production (thousand b/d)		1,914		1,973		-3
	7,329		7,367		6,942		+6	Natural gas production available for sale (million scf/d)		7,886		8,365		-6
	3,137		3,178		3,251		-4	Barrels of oil equivalent (thousand boe/d)		3,273		3,415		-4


¹		Q3 on Q3 change

Third quarter Exploration & Production segment earnings were $3,510 million compared to $3,743 million a year ago.

Third quarter Exploration & Production earnings included a net income of $130 million, comprising a gain of $143 million related to an impairment reversal and a combined gain of $228 million related to tax impacts and the benefit of a tax rate change in Germany. These gains were partly offset by charges of $93 million related to the mark-to-market valuation impact of certain UK gas contracts, exploration write-offs in Alaska of $77 million and a $71 million charge related to a one-time pension liability impact. Earnings for the third quarter 2006 included a net charge of $163 million reflecting a gain of $147 million related to the mark-to-market valuation of certain UK gas contracts, more than offset by charges of $310 million related to a UK tax increase effective as from January 1, 2006.

Earnings, when compared to the third quarter 2006, were mainly impacted by lower volumes, higher tax charges and higher costs, reflecting current industry conditions, partly offset by the impact of higher oil prices on revenues. In addition, higher exploration expenses, and lower profits from the Sakhalin project, as a consequence of the partial divestment in the second quarter 2007, impacted earnings when compared to the third quarter 2006.

Liquids realisations were 9% higher than in the third quarter 2006, following marker crudes Brent and WTI which were both up 7%. Gas realisations were 4% lower than a year ago. Outside the USA gas realisations were relatively unchanged whereas in the USA gas realisations decreased by 11%.

Third quarter 2007 production was 3,137 thousand barrels of oil equivalent per day compared to 3,251 thousand barrels of oil equivalent per day a year ago. Total crude oil production (including oil sands) was down 9% and total natural gas production was up 6% when compared to the third quarter 2006. Third quarter 2007 production was mainly impacted by field decline rates and divested volumes, which were partly offset by new fields production and ramp-up volumes when compared to the same quarter last year.

Production compared to the third quarter 2006 included increased volumes from E8 and B12 (Shell share 50%) in Malaysia, Pohokura (Shell share 48%) in New Zealand, West Salym (Shell share 50%) in Russia, Changbei (Shell share 50%) in China, Erha (Shell share 44%) in Nigeria, Merganser (Shell share 44%) in the UK, Enfield in Australia (Shell share 21%, indirect) and Deimos (Shell share 71.5%) in the USA.

Third quarter portfolio developments:

In Austria, Shell announced that it has signed a Sale and Purchase Agreement for the sale of its 25% equity holding in Austrian oil and gas producer, Rohöl-Aufsuchungs AG (RAG) with completion expected late 2007 or early 2008.

In Norway, Shell announced that it has entered into an agreement with E.ON Ruhrgas Norge AS to sell its 28% equity interests in the undeveloped Skarv and Idun fields for $893 million. The sale is subject to the relevant regulatory approval and is expected to be completed by end 2007.

In Russia, Shell and Rosneft Open Joint Stock Company have concluded an agreement on Strategic Cooperation, which provides for a joint implementation of upstream and downstream oil and gas projects both in Russia and elsewhere.

Also in Russia, Shell and JSC Tatneft concluded an agreement for a Strategic Partnership to devise a programme for heavy oil development in Tatarstan as well as other potential joint activities, including the acquisition of new licenses for hydrocarbon exploration in Tatarstan and elsewhere in Russia.

In the United States, Shell announced first production from the Deimos (Shell share 71.5%) discovery in the Gulf of Mexico Mars Basin with a peak production capacity for Phase I of 30 thousand barrels of oil equivalent per day.

In Norway, first gas was produced from the Ormen Lange field (Shell share 17%) with a peak production capacity of some 420 thousand barrels of oil equivalent per day.

Gas & Power

QUARTERS

$ million

NINE MONTHS

2007

2007

2006

%¹

2007

2006

568

779

781

-27

Segment earnings²

2,150

2,054

3.29

3.25

2.94

+12

Equity LNG sales volume (million tonnes)

9.84

8.78

+12


¹		Q3 on Q3 change

²		As from 2007, the Gas & Power earnings include earnings generated by the Wind and Solar businesses, which were previously reported as part of Other Industry segments. For comparison purposes, the third quarter 2006 and nine months period of 2006 results were reclassified and were impacted by $(6) million and $(14) million respectively.

Third quarter Gas & Power segment earnings were $568 million compared to $781 million a year ago. Third quarter 2007 earnings included a net charge of $4 million, reflecting a gain of $11 million related to a tax rate change in Germany, which was more than offset by charges of $10 million related to a one-time pension liability impact and $5 million related to the mark-to-market valuation impact of certain gas contracts.

Earnings, when compared to the third quarter 2006, reflected lower marketing and trading results and reduced gas-to-liquids (GTL) sales volumes due to a planned shutdown of the Bintulu GTL plant, which were partly offset by higher earnings from increased equity liquefied natural gas (LNG) sales volumes.

LNG equity sales volumes of 3.29 million tonnes were 12% higher than in the same quarter a year ago, driven by additional sales mainly at Nigeria LNG (Shell interest 26%) due to increased feedgas supply.

Marketing and trading earnings benefited from storage optimisation in the third quarter 2007. Earnings, when compared to the same period last year, were lower due to less favourable overall trading conditions in both Europe and North America.

Third quarter portfolio developments:

In Qatar, Shell and Qatar Petroleum announced the formation of Qatar Liquefied Gas Company Limited (4), a joint venture of Qatar Petroleum (70%) and Shell (30%), which signed a Sale and Purchase Agreement with Shell as the buyer of all the LNG volumes produced by the joint venture. An agreement was also signed with Qatargas Transport Company Limited (Nakilat), in which Shell was appointed as the shipping and maritime services provider for Nakilat’s fleet of at least 25 newly built liquefied natural gas carriers.

In Australia, the final investment decision was taken by Woodside Petroleum Ltd. (Shell interest 34.27%) for the development of the Pluto LNG project in North-West Australia. The Australian Federal Ministry for the Environment issued government approval for the Pluto project in October.

Shell and Petrochina concluded a binding Heads of Agreement for the supply of 1 million tonnes per annum of LNG, for 20 years, from the Gorgon project in North-West Australia, conditional on a final investment decision being taken by the Gorgon Joint Venture partners. Gorgon received State and Federal environmental approval during the quarter.

Downstream

QUARTERS

NINE MONTHS

2007

2007

2006

2007

2006

Refining marker industry gross margins

$/bbl

(period average)

$/bbl

8.05

23.10

13.25

ANS US West Coast coking margin

17.75

16.15

15.40

27.05

14.70

WTS US Gulf Coast coking margin

18.45

16.00

3.50

6.30

3.45

Rotterdam Brent complex

4.50

3.50

2.50

3.60

0.95

Singapore 80/20 Arab light/Tapis complex

3.05

2.05

Oil Products


			QUARTERS							$ million	NINE MONTHS
Q3			Q2			Q3
2007			2007			2006		%¹			2007			2006			%
	2,153			3,928			1,214			Segment earnings		7,883			6,334
	(502	)		(992	)		946			Estimated CCS adjustment — see note 2		(1,808	)		(776	)

	1,651			2,936			2,160		*-24*	Segment CCS earnings		6,075			5,558			+9


	3,887			3,806			3,907		-1	Refinery intake (thousand b/d)		3,768			3,852			-2
	6,756			6,490			6,521		+4	Total Oil products sales (thousand b/d)		6,552			6,491			+1


¹		Q3 on Q3 change

Third quarter Oil Products segment earnings were $2,153 million compared to $1,214 million for the same period last year.

Third quarter Oil Products CCS segment earnings were $1,651 million compared to $2,160 million in the third quarter of 2006. Earnings for the third quarter 2007 included a net income of $121 million, reflecting a gain of $149 million related to a tax rate change in Germany, which was partly offset by charges of $28 million related to a one-time pension liability impact.

CCS earnings, when compared to the third quarter of 2006, were mainly impacted by lower realised refining margins, a lower contribution from trading and higher operating costs, which were partly offset by a gain related to a tax rate change in Germany.

In Manufacturing, Supply and Distribution industry refining margins, when compared to the same period a year ago, were higher in the eastern hemisphere and in US Gulf Coast, whilst US West Coast margins declined. Refining margins in Europe were essentially unchanged when compared to the levels of the third quarter of 2006. Despite the hurricane impact in the US Gulf Coast, refinery availability remained relatively stable at 93%, compared to 94% in the third quarter of 2006.

In marketing, when compared to the same period a year ago, earnings were relatively stable due to continued strong retail, lubricants and B2B earnings.

Marketing sales volumes were in line with volumes in the third quarter 2006. Excluding the impact of divestments, volumes were 2.2% higher than in the third quarter 2006, mainly because of higher retail sales.

Third quarter portfolio developments:

In the USA, Shell announced, through Motiva Enterprises (Shell share 50%), the final investment decision to proceed with a 325,000 barrels per day capacity expansion at the Port Arthur Refinery, making this the largest refinery in the USA with a total crude oil throughput capacity of 600,000 barrels per day.

In France, Shell has signed a Letter of Intent for the possible sale of its Petit Couronne and Reichstett Vendenheim refineries. The sale, amounting to some $875 million, with completion to be expected during 2008, is subject to staff consultation and regulatory approval.

Also in France, Shell has received an offer for the sale of its Berre-l’Etang refinery site complex and associated infrastructure and businesses. A purchase price of $700 million has been agreed with completion to be expected in early 2008. The sale is subject to staff consultation and regulatory approval.

In Scandinavia, Shell has signed an agreement, which will result in the rebranding of a planned 269 service stations across Norway, Sweden and Denmark.

Chemicals


			QUARTERS							$ million	NINE MONTHS
Q3			Q2			Q3
2007			2007			2006		%¹			2007			2006			%
	397			626			251			Segment earnings		1,550			880
	(37	)		(132	)		84			Estimated CCS adjustment — see note 2		(216	)		(58	)

	360			494			335		+7	Segment CCS earnings		1,334			822			*+62*


	5,702			5,653			5,636		+1	Sales volumes (thousand tonnes)		16,922			17,447			-3


¹		Q3 on Q3 change

Third quarter Chemicals segment earnings were $397 million compared to $251 million for the same period last year.

Third quarter Chemicals CCS segment earnings were $360 million compared to $335 million in the same quarter last year. Earnings for the third quarter 2007 included a net income of $18 million, reflecting a gain of $19 million related to a tax rate change in Germany, which was partly offset by a charge of $1 million related to a one-time pension liability impact.

Earnings reflected improved margins, which were mostly offset by a reduced trading contribution.

Chemicals manufacturing plant availability increased to 94%, some 6% points higher than in the third quarter 2006, which was impacted by a heavy planned maintenance programme in the USA and Europe.

Corporate

QUARTERS

$ million

NINE MONTHS

2007

2007

2006

2007

2006

413

177

266

Segment earnings¹

1,391


¹		As from 2007, the segment Other Industry and Corporate has been renamed as Corporate. Its earnings no longer include the results generated by the Wind and Solar businesses, which were previously reported as part of Other Industry segments, but continue to include some non-material businesses. For comparison purposes, the third quarter 2006 and the nine months period of 2006 results were reclassified and are impacted by $6 million and $14 million respectively.

Third quarter Corporate segment earnings were $413 million compared to an income of $266 million for the same period last year. Earnings for the third quarter 2006 included $86 million related to tax credits.

Earnings, when compared to the third quarter 2006, reflected higher insurance underwriting income, improved net interest income and positive results from exchange rate movements which were partly offset by lower tax credits.

Note

All amounts shown throughout this report are unaudited.

Fourth quarter results for 2007 are expected to be announced on January 31, 2008. First quarter results for 2008 are expected to be announced on April 29, 2008, second quarter results are expected to be announced on July 31, 2008 and third quarter results are expected to be announced on October 30, 2008. There will be a Group strategy update on March 17, 2008.

In this Report “Group” is defined as Royal Dutch Shell together with all of its consolidated subsidiaries. The expressions “Shell”, “Group”, “Shell Group” and “Royal Dutch Shell” are sometimes used for convenience where references are made to the Group or Group companies in general. Likewise, the words “we”, “us” and “our” are also used to refer to Group companies in general or to those who work for them. These expressions are also used where no useful purpose is served by identifying the particular company or companies. The expression “Group companies” as used in this Report refers to companies in which Royal Dutch Shell either directly or indirectly has control, by having either a majority of the voting rights or the right to exercise a controlling influence. The companies in which the Group has significant influence but not control are referred to as “associated companies” or “associates” and companies in which the Group has joint control are referred to as “jointly controlled entities”. In this Report, associates and jointly controlled entities are also referred to as “equity accounted investments”.

This document contains forward-looking statements concerning the financial condition, results of operations and businesses of Royal Dutch Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Royal Dutch Shell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as ''anticipate’’, ''believe’’, ''could’’, ’’estimate’’, ''expect’’, ''intend’’, ''may’’, ''plan’’, ''objectives’’, ''outlook’’, ’’probably’’, ''project’’, ''will’’, ''seek’’, ''target’’, ''risks’’, ''goals’’, ''should’’ and similar terms and phrases. There are a number of factors that could affect the future operations of Royal Dutch Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this Report, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for the Group’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserve estimates; (f) loss of market and industry competition; (g) environmental and physical risks; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, fiscal and regulatory developments including potential litigation and regulatory effects arising from recategorisation of reserves; (k) economic and financial market conditions in various countries and regions; (l) political risks, project delay or advancement, approvals and cost estimates; and (m) changes in trading conditions. All forward-looking statements contained in this Report are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of this Report. Neither Royal Dutch Shell nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this Report.

Please refer to the Annual Report and Form 20-F for the year ended December 31, 2006 for a description of certain important factors, risks and uncertainties that may affect Shell’s businesses.

Cautionary Note to US Investors:

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

October 25, 2007

-11-

Appendix 1: Royal Dutch Shell financial report and tables

Statement of income (see note 1)


			QUARTERS								$ million	NINE MONTHS
Q3			Q2			Q3
2007			2007			2006			%¹			2007			2006			%
	90,703			84,896			84,254				Revenue²		249,079			243,345
	76,713			68,715			70,383				Cost of sales		206,094			200,143

	13,990			16,181			13,871			+1	Gross profit		42,985			43,202			-1

	3,843			4,120			4,126				Selling, distribution and administrative expenses		11,741			11,968
	608			450			401				Exploration expenses		1,330			932
	1,912			2,138			1,358				Share of profit of equity accounted investments		5,858			5,010
	(38	)		(477	)		(60	)			Net finance costs and other (income)/expense		(1,416	)		(168	)

	11,489			14,226			10,762			+7	Income before taxation		37,188			35,480			+5

	4,448			5,415			4,507				Taxation		13,895			14,682

	7,041			8,811			6,255			*+13*	Income for the period		23,293			20,798			*+12*

	125			144			313				Income attributable to minority interest		429			639


	6,916			8,667			5,942			*+16*	Income attributable to shareholders		22,864			20,159			*+13*


¹		Q3 on Q3 change

²		Revenue is stated after deducting sales taxes, excise duties and similar levies of $20,830 million in Q3 2007, $18,993 million in Q2 2007, $17,305 million in Q1 2007, $18,472 million in Q3 2006, $17,984 million in Q2 2006 and $16,709 million in Q1 2006.

-12-

Earnings by industry segment(see notes 2 and 4)


			QUARTERS								$ million	NINE MONTHS
Q3			Q2			Q3
2007			2007			2006			%¹			2007			2006			%
											Exploration & Production:
	2,650			2,385			2,650			0	World outside USA		7,691			8,459			-9
	860			916			1,093			*-21*	USA		2,628			3,026			*-13*

	3,510			3,301			3,743			-6			10,319			11,485			*-10*

											Gas & Power²:
	500			494			588			*-15*	World outside USA		1,676			1,763			-5
	68			285			193			*-65*	USA		474			291			*+63*

	568			779			781			*-27*			2,150			2,054			+5

											Oil Products (CCS basis):
	1,316			1,827			1,665			*-21*	World outside USA		4,301			4,068			+6
	335			1,109			495			*-32*	USA		1,774			1,490			*+19*

	1,651			2,936			2,160			*-24*			6,075			5,558			+9

											Chemicals (CCS basis):
	368			454			348			+6	World outside USA		1,291			830			*+56*
	(8	)		40			(13	)			USA		43			(8	)

	360			494			335			+7			1,334			822			*+62*

	6,089			7,510			7,019			*-13*	TOTAL OPERATING SEGMENTS		19,878			19,919

											Corporate²:
	122			158			37				Interest and investment income/(expense)		863			75
	57			20			(19	)			Currency exchange gains/(losses)		123			20
	234			(1	)		248				Other — including taxation		405			(50	)

	413			177			266						1,391			45

	(110	)		(131	)		(337	)			Minority interest		(389	)		(614	)


	6,392			7,556			6,948			-8	CCS EARNINGS		20,880			19,350			+8


											Estimated CCS adjustment for Oil Products
	524			1,111			(1,006	)			and Chemicals		1,984			809

											Income attributable to shareholders of
	6,916			8,667			5,942			*+16*	Royal Dutch Shell plc		22,864			20,159			*+13*


¹		Q3 on Q3 change

²		As from 2007, the segment Other Industry and Corporate has been renamed as Corporate. Its earnings no longer include the results generated by the Wind and Solar businesses, which were previously reported as part of Other Industry segments, but continue to include some non-material businesses. The Wind and Solar businesses earnings are, as from 2007, reported under the Gas & Power segment. For comparison purposes, the third quarter 2006 and the nine months period of 2006 results were reclassified and are impacted by $(6) million and $(14) million in the Gas & Power segment and by $6 million and $14 million in the Corporate segment, respectively.

-13-

Summarised balance sheet (see notes 1 and 6)


	$ million
	Sep 30		Jun 30		Sep 30
	2007		2007		2006
ASSETS
Non-current assets:
Intangible assets		5,307		5,126		4,697
Property, plant and equipment		96,611		90,584		96,133
Investments:
equity accounted investments		28,717		27,185		19,453
financial assets		2,987		2,954		3,914
Deferred tax		3,375		3,108		2,664
Prepaid pension costs		5,045		4,772		3,459
Other		5,903		5,548		4,598

		147,945		139,277		134,918


Current assets:
Inventories		27,906		26,497		23,391
Accounts receivable		61,636		60,649		63,895
Cash and cash equivalents		14,092		15,117		11,240

		103,634		102,263		98,526

TOTAL ASSETS		251,579		241,540		233,444

LIABILITIES
Non-current liabilities:
Debt		12,660		12,236		7,665
Deferred tax		13,665		13,159		12,485
Retirement benefit obligations		6,449		6,282		6,298
Other provisions		12,467		10,877		8,793
Other		3,797		3,784		4,346

		49,038		46,338		39,587

Current liabilities:
Debt		4,683		5,266		6,395
Accounts payable and accrued liabilities		63,224		61,978		64,445
Taxes payable		12,144		11,214		10,679
Retirement benefit obligations		338		324		284
Other provisions		2,126		2,076		1,763

		82,515		80,858		83,566

TOTAL LIABILITIES		131,553		127,196		123,153


Equity attributable to shareholders of Royal Dutch Shell plc		118,194		112,621		101,604

Minority interest		1,832		1,723		8,687

TOTAL EQUITY		120,026		114,344		110,291

TOTAL LIABILITIES AND EQUITY		251,579		241,540		233,444

-14-

Summarised statement of cash flows (see notes 1 and 7)


QUARTERS									$ million	NINE MONTHS
Q3			Q2			Q3
	2007			2007			2006				2007		2006
									CASH FLOW FROM OPERATING ACTIVITIES:
	7,041			8,811			6,255		Income for the period		23,293		20,798
									Adjustment for:
	4,798			5,460			4,403		Current taxation		14,525		14,181
	126			130			145		Interest (income)/expense		454		498
	2,842			3,238			3,365		Depreciation, depletion and amortisation		9,340		9,309
	(55	)		(1,133	)		(86	)	(Profit)/loss on sale of assets		(1,550	)	(279	)
	(728	)		(1,704	)		560		Decrease/(increase) in net working capital		(2,831	)	(4,695	)
	(1,912	)		(2,138	)		(1,358	)	Share of profit of equity accounted investments		(5,858	)	(5,010	)
	1,567			1,519			1,450		Dividends received from equity accounted investments		4,673		4,066
	(109	)		214			133		Deferred taxation and other provisions		(47	)	1,614
	346			(676	)		(299	)	Other		(777	)	(317	)

	13,916			13,721			14,568		Cash flow from operating activities (pre-tax)		41,222		40,165

	(4,777	)		(4,873	)		(4,489	)	Taxation paid		(12,054	)	(14,428	)

	9,139			8,848			10,079		Cash flow from operating activities		29,168		25,737

									CASH FLOW FROM INVESTING ACTIVITIES:
	(5,550	)		(5,652	)		(5,408	)	Capital expenditure		(16,563	)	(15,857	)
	(644	)		(319	)		(126	)	Investments in equity accounted investments		(1,333	)	(534	)
	174			6,270			289		Proceeds from sale of assets		6,824		1,006
	57			279			37		Proceeds from sale of equity accounted investments		451		81
	35			585			(22	)	Proceeds from sale of / (additions to) financial assets		1,175		(33	)
	292			295			285		Interest received		872		759

	(5,636	)		1,458			(4,945	)	Cash flow from investing activities		(8,574	)	(14,578	)

									CASH FLOW FROM FINANCING ACTIVITIES:
	554			(1,185	)		(732	)	Net increase/(decrease) in debt with maturity period within three months		(290	)	(49	)
									Other debt:
	—			1,634			191		New borrowings		4,396		2,073
	(1,235	)		(274	)		(302	)	Repayments		(3,122	)	(1,360	)
	(282	)		(290	)		(330	)	Interest paid		(923	)	(952	)
	(10	)		(3,585	)		287		Change in minority interests		(6,705	)	1,070
	(1,463	)		(900	)		(2,801	)	Net issue/(repurchase) of shares		(2,849	)	(6,657	)
									Dividends paid to:
	(2,283	)		(2,300	)		(2,083	)	Shareholders of Royal Dutch Shell plc		(6,683	)	(6,012	)
	(67	)		(77	)		(53	)	Minority interest		(186	)	(258	)
									Treasury shares:
	200			568			149		Net sales/(purchases) and dividends received		752		375

	(4,586	)		(6,409	)		(5,674	)	Cash flow from financing activities		(15,610	)	(11,770	)

	58			36			6		Currency translation differences relating to cash and cash equivalents		106		121

	(1,025	)		3,933			(534	)	INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS		5,090		(490	)


	15,117			11,184			11,774		Cash and cash equivalents at beginning of period		9,002		11,730

	14,092			15,117			11,240		Cash and cash equivalents at end of period		14,092		11,240

-15-

Operational data – Upstream


QUARTERS									NINE MONTHS
Q3		Q2		Q3
2007		2007		2006		%¹			2007		2006		%
thousand b/d								CRUDE OIL PRODUCTION	thousand b/d
	406		442		433			Europe		432		484
	333		305		346			Africa		326		335
	214		235		254			Asia Pacific		227		239
	445		428		489			Middle East, Russia, CIS		431		446
	314		328		353			USA		328		313
	80		79		81			Other Western Hemisphere		80		82

	1,792		1,817		1,956			Total crude oil production excluding oil sands		1,824		1,899
	82		91		98			Production from oil sands		90		74

	1,874		1,908		2,054		-9	Total crude oil production including oil sands		1,914		1,973		-3


million scf/d²								NATURAL GAS PRODUCTION AVAILABLE FOR SALE	million scf/d²

	2,231		2,496		2,125			Europe		2,939		3,521
	623		601		475			Africa		581		467
	2,587		2,414		2,356			Asia Pacific		2,486		2,408
	248		251		273			Middle East, Russia, CIS		253		299
	1,131		1,091		1,186			USA		1,128		1,160
	509		514		527			Other Western Hemisphere		499		510

	7,329		7,367		6,942		+6			7,886		8,365		-6


thousand boe/d³								TOTAL PRODUCTION IN BARRELS OF OIL EQUIVALENT	thousand boe/d³

	790		872		800			Europe		939		1,091
	440		409		428			Africa		426		416
	660		651		660			Asia Pacific		656		654
	488		471		536			Middle East, Russia, CIS		474		497
	509		516		557			USA		522		513
	168		168		172			Other Western Hemisphere		166		170

	3,055		3,087		3,153			Total production excluding oil sands		3,183		3,341
	82		91		98			Oil sands		90		74

	3,137		3,178		3,251		-4	Total production including oil sands		3,273		3,415		-4


¹		Q3 on Q3 change

²		scf/d = standard cubic feet per day; 1 standard cubic foot = 0.0283 cubic metre

³		Natural gas converted to oil equivalent at 5.8 million scf/d = thousand boe/d

-16-

Operational data — Downstream


QUARTERS									NINE MONTHS
Q3		Q2		Q3
2007		2007		2006		%¹			2007		2006		%
thousand b/d								REFINERY PROCESSING INTAKE	thousand b/d
	1,813		1,713		1,758			Europe		1,705		1,708
	852		810		797			Other Eastern Hemisphere		808		814
	851		905		965			USA		883		964
	371		378		387			Other Western Hemisphere		372		366

	3,887		3,806		3,907		-1			3,768		3,852		-2


								OIL SALES
	2,176		2,224		2,256			Gasolines		2,221		2,198
	768		731		750			Kerosenes		740		754
	2,396		2,238		2,074			Gas/Diesel oils		2,250		2,113
	699		667		729			Fuel oil		682		757
	717		630		712			Other products		659		669

	6,756		6,490		6,521			Total oil products *		6,552		6,491
	2,477		2,673		2,442			Crude oil		2,601		2,482

	9,233		9,163		8,963		+3	Total oil sales		9,153		8,973		+2


								*Comprising:
	1,903		1,826		1,948			Europe		1,855		1,973
	1,279		1,238		1,215			Other Eastern Hemisphere		1,254		1,220
	1,544		1,518		1,506			USA		1,488		1,495
	676		679		658			Other Western Hemisphere		669		658
	1,354		1,229		1,194			Export sales		1,286		1,145

thousand tonnes								CHEMICAL SALES VOLUMES BY MAIN PRODUCT CATEGORY ²**	thousand tonnes
	3,302		3,222		3,430			Base chemicals		9,804		10,648
	2,399		2,429		2,200			First line derivatives		7,110		6,776
	1		2		6			Other		8		23

	5,702		5,653		5,636		+1			16,922		17,447		-3


								**Comprising:
	2,225		2,220		2,232			Europe		6,718		7,128
	1,376		1,380		1,385			Other Eastern Hemisphere		4,009		4,199
	1,923		1,873		1,851			USA		5,667		5,639
	178		180		168			Other Western Hemisphere		528		481


¹		Q3 on Q3 change

²		Excluding volumes sold by equity accounted investments, chemical feedstock trading and by-products.

-17-

Capital investment


QUARTERS							$ million	NINE MONTHS
Q3		Q2		Q3
2007		2007		2006				2007		2006
							Capital expenditure:
							Exploration & Production:
	2,956		2,702		3,425		World outside USA		8,898		11,020
	721		774		519		USA		2,082		1,312

	3,677		3,476		3,944				10,980		12,332

							Gas & Power¹:
	706		711		600		World outside USA		2,074		1,245
	1		2		6		USA		4		15

	707		713		606				2,078		1,260

							Oil Products:
							Refining:
	247		355		251		World outside USA		862		866
	49		109		75		USA		339		193

	296		464		326				1,201		1,059

							Marketing:
	523		285		569		World outside USA		1,022		1,072
	31		23		36		USA		68		80

	554		308		605				1,090		1,152

							Chemicals:
	312		184		166		World outside USA		649		265
	65		96		53		USA		244		150

	377		280		219				893		415

	101		75		(4	)	Corporate¹:		221		15

	5,712		5,316		5,696		TOTAL CAPITAL EXPENDITURE		16,463		16,233

							Exploration costs:
	183		143		161		World outside USA		453		414
	211		46		67		USA		299		194

	394		189		228				752		608

							New equity in equity accounted investments
	615		308		112		World outside USA		1,170		311
	5		3		3		USA		25		12

	620		311		115				1,195		323

	24		8		11		New loans to equity accounted investments		138		211

	6,750		5,824		6,050		TOTAL CAPITAL INVESTMENT*²		18,548		17,375

							*Comprising:
	4,427		3,884		4,214		Exploration & Production		12,571		13,204
	901		808		658		Gas & Power¹		2,441		1,411
	942		777		962		Oil Products		2,418		2,279
	378		280		219		Chemicals		896		465
	102		75		(3	)	Corporate¹		222		16

	6,750		5,824		6,050				18,548		17,375


¹		As from 2007, the segment Other Industry and Corporate has been renamed as Corporate. Its financial information no longer includes data related to the Wind and Solar businesses, which were previously reported as part of Other Industry segments, but continues to include some non-material businesses. The Wind and Solar businesses financial data are, as from 2007, reported under the Gas & Power segment. For comparison purposes, the third quarter 2006 and the nine months period of 2006 capital investment data were reclassified and are impacted by $13 million and $38 million in the Gas & Power segment and by $(13) million and $(38) million in the Corporate segment, respectively.

²		In addition to the above amounts, see Note 6 regarding accounting impacts related to the Shell Canada minority interest acquisition.

-18-

Additional segmental information¹


QUARTERS									$ million	NINE MONTHS
Q3			Q2			Q3
2007			2007			2006				2007			2006
									Exploration & Production
	3,510			3,301			3,743		Segment earnings of which:		10,319			11,485
	608			450			401		Exploration		1,330			932
	1,933			2,353			2,391		Depreciation, depletion & amortisation		6,614			6,551
	733			659			574		Share of profit of equity accounted investments		2,305			2,271
	6,477			7,452			7,074		Cash flow from operations		20,525			19,711

	974			1,737			116		Less: Net working capital movements and taxation paid/accrued		3,658			415


	5,503			5,715			6,958		Cash flow from operations excluding net working capital movements and taxation paid/accrued		16,867			19,296

	48,702			45,879			47,784		Capital employed		48,702			47,784

									Gas & Power
	568			779			781		Segment earnings of which:		2,150			2,054
	79			77			62		Depreciation, depletion & amortisation		230			204
	471			428			375		Share of profit of equity accounted investments		1,319			1,095

	316			210			403		Cash flow from operations		1,113			1,771
	(265	)		4			(360	)	Less: Net working capital movements and taxation paid/accrued		(353	)		(509	)

	581			206			763		Cash flow from operations excluding net working capital movements and taxation paid/accrued		1,466			2,280

	17,565			16,133			16,380		Capital employed		17,565			16,380

									Oil Products
	1,651			2,936			2,160		Segment CCS earnings of which:		6,075			5,558
	606			571			666		Depreciation, depletion & amortisation		1,833			1,993
	394			721			432		Share of profit of equity accounted investments		1,395			1,277

	1,700			1,464			2,867		Cash flow from operations		5,287			2,592
	(956	)		(1,809	)		1,399		Less: Net working capital movements and taxation paid/accrued		(2,792	)		(5,160	)

	2,656			3,273			1,468		Cash flow from operations excluding net working capital movements and taxation paid/accrued		8,079			7,752

	48,423			46,546			40,839		Capital employed		48,423			40,839

									Chemicals
	360			494			335		Segment CCS earnings of which:		1,334			822
	154			150			196		Depreciation, depletion & amortisation		459			483
	174			167			155		Share of profit of equity accounted investments		529			301

	618			451			609		Cash flow from operations		1,185			1,081
	104			(177	)		387		Less: Net working capital movements and taxation paid/accrued		(610	)		(45	)

	514			628			222		Cash flow from operations excluding net working capital movements and taxation paid/accrued		1,795			1,126

	10,240			9,888			8,634		Capital employed		10,240			8,634


¹		Corporate segment information has not been included in the above table. Please refer to the Earnings per industry segment section for additional information. The above data does not consider Minority interest impacts on the segments.

-19-

Notes

NOTE 1. Accounting policies and basis of presentation

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

With effect from the first quarter 2007, Wind and Solar are reported within the Gas & Power segment and all other activities within Other Industry segments are reported within the Corporate segment. Prior period financial statements have been reclassified accordingly.

Purchases of minority interests in Group companies, and disposals of shares in Group companies whilst retaining control, are accounted for as transactions within equity. The difference between the purchase price/disposal proceeds and the relevant proportion of the minority interest is reported in retained earnings as a movement in the Group share of equity. The remaining accounting policies are set out in Note 2 to the Consolidated Financial Statements of Royal Dutch Shell plc in the Annual Report and Form 20-F for the year ended December 31, 2006 on pages 108 to 112.

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

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

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

NOTE 3. Return on average capital employed (ROACE)

ROACE is defined as the sum of the current and previous three quarters’ income attributable to shareholders adjusted for Shell’s share of interest expense, after tax, as a percentage of Shell’s share of average capital employed for the period.

Components of the calculation ($ million):


	Q3 2007			Q3 2006
Income attributable to shareholders (four quarters)		28,147			24,527
Royal Dutch Shell share of interest expense after tax		578			627

ROACE numerator		28,725			25,154
Royal Dutch Shell share of capital employed – opening		114,556			105,779
Royal Dutch Shell share of capital employed – closing		135,272			114,556

Royal Dutch Shell share of capital employed – average		124,914			110,168

ROACE		23.0	%		22.8	%

-20-

NOTE 4. Earnings by industry segment

Operating segment results are presented before deduction of minority interest and also exclude interest and other income of a non-operational nature, interest expense, non-trading currency exchange effects and tax on these items, which are included in the results of the Corporate segment. Operating segment results are after tax and include equity accounted investments. Segment results in accordance with International Accounting Standard 14 “Segment Reporting” are disclosed in Royal Dutch Shell’s Annual Report and Form 20-F, with a reconciliation to the basis as presented here.

NOTE 5. Gearing

The numerator and denominator in the gearing calculation used by the Group are calculated by adding to reported debt and equity certain off-balance sheet obligations as at the beginning of the year such as operating lease commitments and unfunded retirement benefits (as applicable) which the Group believes to be in the nature of incremental debt, and deducting cash and cash equivalents judged to be in excess of amounts required for operational purposes.

Components of the calculation ($ million):


	Sep 30			Sep 30
	2007			2006
Non-current debt		12,660			7,665
Current debt		4,683			6,395

Total debt		17,343			14,060

Add: Net present value of operating lease obligations		11,319			9,442
Unfunded pension benefit obligations		—			2,919
Less: Cash and cash equivalents in excess of operational requirements		12,192			9,340

Adjusted debt		16,470			17,081
Total equity		120,026			110,291

Total capital		136,496			127,372

Gearing ratio (adjusted debt as a percentage of total capital)		12.1	%		13.4	%

NOTE 6. Equity

Total equity comprises equity attributable to shareholders of Royal Dutch Shell and to the minority interest. Other reserves comprise the capital redemption reserve, share premium reserve, merger reserve, share-based compensation reserve, cumulative currency translation differences, unrealised gains/(losses) on securities and unrealised gains/(losses) on cash flow hedges.


	Ordinary
	share			Treasury			Other		Retained						Minority
$ million	capital			shares			reserves		earnings			Total			interest			Total equity

At December 31, 2006		545			(3,316	)		8,820		99,677			105,726			9,219			114,945
Income for the period		—			—			—		22,864			22,864			429			23,293
Income/(expense) recognised directly in equity		—			—			3,513		—			3,513			(33	)		3,480
Capital contributions from minority shareholders		—			—			—		—			—			802			802
Acquisition of Shell Canada		—			—			—		(5,445	)		(5,445	)		(1,639	)		(7,084	)
Sakhalin partial divestment		—			—			—		—			—			(6,711	)		(6,711	)
Other changes in minority interest		—			—			—		6			6			(49	)		(43	)
Dividends paid		—			—			—		(6,683	)		(6,683	)		(186	)		(6,869	)
Treasury shares: net sales/(purchases) and dividends received		—			752			—		—			752			—			752
Shares repurchased for cancellation		(6	)		—			6		(2,849	)		(2,849	)		—			(2,849	)
Share-based compensation		—			—			310		—			310			—			310

At September 30, 2007		539			(2,564	)		12,649		107,570			118,194			1,832			120,026

-21-


	Ordinary
	share			Treasury			Other		Retained						Minority
$ million	capital			shares			reserves		earnings			Total			interest			Total equity

At December 31, 2005		571			(3,809	)		3,584		90,578			90,924			7,000			97,924
Income for the period		—			—			—		20,159			20,159			639			20,798
Income/(expense) recognised directly in equity		—			—			2,528		—			2,528			73			2,601
Capital contributions from minority shareholders		—			—			—		—			—			1,233			1,233
Effect of Unification		—			—			154		—			154			—			154
Dividends paid		—			—			—		(6,012	)		(6,012	)		(258	)		(6,270	)
Treasury shares: net sales/(purchases) and dividends received		—			375			—		—			375			—			375
Shares repurchased for cancellation		(22	)		—			22		(6,811	)		(6,811	)		—			(6,811	)
Share-based compensation		—			—			287		—			287			—			287

At September 30, 2006		549			(3,434	)		6,575		97,914			101,604			8,687			110,291

Consistent with the accounting policies disclosed in Note 1, the acquisition of the minority interest in Shell Canada in the first quarter 2007 was accounted for as a transaction between shareholders with the impact reflected in the equity section of the balance sheet. In the first half of 2007, the Group has paid cash of $7.1 billion for shares in Shell Canada that it did not already own. As a result of this transaction, the consolidated financial statements of Royal Dutch Shell plc as at September 30, 2007 reflect some $7.1 billion decrease in shareholders equity, causing a $1,639 million decrease in minority interest, being the book value of the item acquired, with the excess of the purchase price over the book value of $5,445 million being taken to retained earnings. In addition to the share purchase price, $0.4 billion of Shell Canada share options were exchanged for a corresponding amount of RDS share options.

On April 18, 2007, Royal Dutch Shell signed and completed the Sale and Purchase agreement with OAO Gazprom for the transfer of 50% of its shares in Sakhalin Energy Investment Company Ltd, representing 27.5% of the total outstanding shares, for a sales price of $4.1 billion. In addition, the Ministry of Natural Resources of the Russian Federation announced its approval of the revised Environmental Action Plan. As of the end of the first quarter 2007, 100% of the Sakhalin project net assets of approximately $15 billion were presented in the Group balance sheet, offset by a minority interest of $6.7 billion representing the partners’ 45% interest in the project. As a result of this transaction, the consolidated financial statements of Royal Dutch Shell plc as at September 30, 2007 no longer include the separate assets, liabilities and associated minority interest of the Sakhalin project, resulting in a net gain of $0.2 billion which is included in the income statement. The Group’s net asset position in the project is now accounted for as a single line item equity accounted investment.

NOTE 7. Statement of cash flows

This statement reflects cash flows of Royal Dutch Shell and its subsidiaries as measured in their own currencies, which are translated into US dollars at average rates of exchange for the periods and therefore exclude currency translation differences except for those arising on cash and cash equivalents.

Cash from operating activities excluding net working capital movements, current taxation and taxation paid is calculated using the following line items from the cash flow statement:


QUARTERS
Q3			Q2			Q3				NINE MONTHS
2007			2007			2006			$ million	2007			2006
	9,139			8,848			10,079		Cash flow from operating activities		29,168			25,737
	4,798			5,460			4,403		Current taxation		14,525			14,181
	(728	)		(1,704	)		560		Decrease/(increase) in net working capital		(2,831	)		(4,695	)
	(4,777	)		(4,873	)		(4,489	)	Taxation paid		(12,054	)		(14,428	)

	9,846			9,965			9,605				29,528			30,679

-22-

NOTE 8. Earnings per Royal Dutch Shell share

The total number of Royal Dutch Shell shares in issue at the end of the period was 6,381.3 million. Royal Dutch Shell reports earnings per share on a basic and on a diluted basis, based on the weighted average number of Royal Dutch Shell (combined A and B) shares outstanding. Shares held in respect of share options and other incentive compensation plans are excluded in determining basic earnings per share.

Basic earnings per share calculations are based on the following weighted average number of shares:

Nine

Nine

months

months

millions

2007

2007

2006

2007

2006

Royal Dutch Shell shares of €0.07

6,261.7

6,281.7

6,373.9

6,276.7

6,446.6

Diluted earnings per share calculations are based on the following weighted average number of shares. This adjusts the basic number of shares for all share options currently in-the-money.

Nine

Nine

months

months

millions

2007

2007

2006

2007

2006

Royal Dutch Shell shares of €0.07

6,285.8

6,303.1

6,399.8

6,296.5

6,470.9

Basic shares outstanding at the end of the following periods are:

millions

2007

2007

2006

Royal Dutch Shell shares of €0.07

6,245.3

6,276.8

6,336.3

One American Depository Receipt (ADR) is equal to two Royal Dutch Shell shares.

Royal Dutch Shell plc

Third Quarter 2007 — Key Financial Data in dollars, euros and pounds sterling

Royal Dutch Shell plc publishes its financial statements in US dollars. Given below are some of the key items for the quarter translated into euros and pounds sterling.

$ million

euro million

£ million

2007

2006

2007

2006

2007

2006

Revenue

90,703

84,254

Third quarter

66,050

66,097

44,916

44,950

249,079

243,345

Nine months

181,379

190,904

123,344

129,825

Income attributable to shareholders

6,916

5,942

+16

Third quarter

5,036

4,661

3,425

3,170

22,864

20,159

Nine months

16,650

15,815

11,322

10,755

CCS Earnings

6,392

6,948

-8

Third quarter

4,655

5,451

-15

3,165

3,707

-15

20,880

19,350

Nine months

15,205

15,180

10,340

10,323

Total Equity

120,026

110,291

Third quarter

84,714

87,031

-3

59,317

59,028

Capital Investment

6,750

6,050

+12

Third quarter

4,915

4,746

3,343

3,228

18,548

17,375

Nine months

13,507

13,631

9,185

9,270

Income attributable to Shareholders


	Q3		Q2		Q3
Per Ordinary Share	2007		2007		2006
ROYAL DUTCH SHELL PLC	$	1.10		1.38		0.93
	euro	0.80		1.02		0.73
	pence	54.69		69.47		49.73

Notes:

The exchange rates used in the quarterly translation are the average rates, except in the case of total equity where the end rate is used:

euro/$

£/$

2007

2006

2007

2006

Third quarter average rate

0.7282

0.7845

0.4952

0.5335

Third quarter end rate

0.7058

0.7891

0.4942

0.5352

2.		CCS earnings is earnings on an estimated current cost of supplies basis.

3.		Capital investment is capital expenditure, exploration expenses excluding the cost of carrying and retaining unproven properties and the costs of unsuccessful exploratory drilling, new investments in equity accounted investments and certain other investments.

4.		Earnings per share calculations are explained in the notes to the Quarterly Results Announcement.

5.		Previous periods are adjusted for discontinued operations.

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