--  A further erosion of the business and operating environment 
     in Nigeria could have a material adverse effect on 
     us. 
 
 
 
 
 
 
 
 
 
--  Production from the Groningen field in the Netherlands 
     causes earthquakes that affect local communities. 
 
 
 
 
 
 
 
 
 
--  Our future performance depends on the successful development 
     and deployment of new technologies and new products. 
 
 
 
 
 
 
 
 
 
--  We are exposed to treasury and trading risks, including 
     liquidity risk, interest rate risk, foreign exchange 
     risk and credit risk. We are affected by the global 
     macroeconomic environment as well as financial and 
     commodity market conditions. 
 
 
 
 
 
 
 
 
 
--  We are exposed to commodity trading risks, including 
     market and operational risks. 
 
 
 
 
 
 
 
 
 
--  We have substantial pension commitments, funding of 
     which is subject to capital market risks and other 
     factors. 
 
 
 
 
 
 
 
 
 
--  We mainly self-insure our risk exposure. We could 
     incur significant losses from different types of risks 
     that are not covered by insurance from third-party 
     insurers. 
 
 
 
 
 
 
 
 
 
--  An erosion of our business reputation could have a 
     material adverse effect on our brand, our ability 
     to secure new resources or access capital markets, 
     and on our licence to operate. 
 
 
 
 
 
 
 
 
 
--  Many of our major projects and operations are conducted 
     in joint arrangements or associates. This could reduce 
     our degree of control, as well as our ability to identify 
     and manage risks. 
 
 
 
 
 
 
 
 
 
--  We rely heavily on information technology systems 
     for our operations. 
 
 
 
 
 
 
 
 
 
--  Violations of antitrust and competition laws carry 
     fines and expose us and/or our employees to criminal 
     sanctions and civil suits. 
 
 
 
 
 
 
 
 
 
--  Violations of anti-bribery, tax evasion and anti-money 
     laundering laws carry fines and expose us and/or our 
     employees to criminal sanctions, civil suits and ancillary 
     consequences (such as debarment and the revocation 
     of licences). 
 
 
 
 
 
 
 
 
 
--  Violations of data protection laws carry fines and 
     expose us and/or our employees to criminal sanctions 
     and civil suits. 
 
 
 
 
 
 
 
 
 
--  Violations of trade compliance laws and regulations, 
     including sanctions, carry fines and expose us and 
     our employees to criminal sanctions and civil suits. 
 
 
 
 
 
 
 
 
 
--  The Company's Articles of Association determine the 
     jurisdiction for shareholder disputes. This could 
     limit shareholder remedies. 
 
 
 
 
 
   Page 24 
 
 
 
 
 
 
 
 
 
 
 
 
 
ROYAL DUTCH SHELL PLC 
 2(ND) QUARTER 2020 AND HALF YEAR UNAUDITED RESULTS 
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   FIRST QUARTER 2020 PORTFOLIO DEVELOPMENTS 
 
   Integrated Gas 
 
   During the quarter, Shell announced that it will not proceed with the 
proposed Lake Charles LNG project due to the current market conditions. 
Accordingly, Energy Transfer will take over as the project developer. 
 
   In April, Shell took the Final Investment Decision to develop the first 
phase of Arrow Energy's (Shell interest 50%) Surat Gas Project in 
Queensland, Australia, which will bring up to 90 billion cubic feet per 
year of new gas to market at peak production. 
 
 
 
   Oil Products 
 
   During the quarter, Shell completed the sale of the Martinez refinery in 
the USA to PBF Energy for $1.2 billion, which includes the refinery and 
inventory. 
 
 
 
   RESPONSIBILITY STATEMENT 
 
   It is confirmed that to the best of our knowledge: (a) the Condensed 
Consolidated Interim Financial Statements have been prepared in 
accordance with IAS 34 Interim Financial Reporting as adopted by the 
European Union; (b) the interim management report includes a fair review 
of the information required by Disclosure Guidance and Transparency Rule 
(DTR) 4.2.7R (indication of important events during the first six months 
of the financial year, and their impact on the Condensed Consolidated 
Interim Financial Statements, and description of principal risks and 
uncertainties for the remaining six months of the financial year); and 
(c) the interim management report includes a fair review of the 
information required by DTR 4.2.8R (disclosure of related parties 
transactions and changes thereto). 
 
   The Directors of Royal Dutch Shell plc are shown on pages 104-110 in the 
Annual Report and Accounts and on pages 68 to 73 in the Form 20-F for 
the year ended December 31, 2019 save for the following changes: 
 
   Dick Boer: appointed Non-executive Director with effect from May 20, 
2020. 
 
   Martina Hund-Mejean: appointed Non-executive Director with effect from 
May 20, 2020. 
 
   Gerard Kleisterlee: stepped down with effect from May 19, 2020. 
 
   Roberto Setubal: stepped down with effect from May 19, 2020. 
 
   Linda G. Stuntz: stepped down with effect from May 19, 2020. 
 
 
 
   On behalf of the Board 
 
 
 
 
 
 
Ben van Beurden            Jessica Uhl 
Chief Executive Officer    Chief Financial Officer 
July 30, 2020              July 30, 2020 
 
 
 
 
 
 
 
   Page 25 
 
 
 
 
 
 
 
 
 
 
 
 
 
ROYAL DUTCH SHELL PLC 
 2(ND) QUARTER 2020 AND HALF YEAR UNAUDITED RESULTS 
--------------------------------------------------- 
 
 
 
 
 
   INDEPENDENT REVIEW REPORT TO ROYAL DUTCH SHELL PLC 
 
   Introduction 
 
   We have been engaged by Royal Dutch Shell plc to review the Condensed 
Consolidated Interim Financial Statements in the half-yearly financial 
report for the six months ended June 30, 2020, which comprise the 
Consolidated Statement of Income, the Consolidated Statement of 
Comprehensive Income, the Condensed Consolidated Balance Sheet, the 
Consolidated Statement of Changes in Equity, the Condensed Consolidated 
Statement of Cash Flows and Notes 1 to 7. We have read the other 
information contained in the half-yearly financial report and considered 
whether it contains any apparent misstatements or material 
inconsistencies with the information in the condensed set of financial 
statements. 
 
   This report is made solely to Royal Dutch Shell plc in accordance with 
guidance contained in the International Standard on Review Engagements 
2410 (UK and Ireland) "Review of Interim Financial Information Performed 
by the Independent Auditor of the Entity" issued by the Auditing 
Practices Board. To the fullest extent permitted by law, we do not 
accept or assume responsibility to anyone other than Royal Dutch Shell 
plc, for our work, for this report, or for the conclusions we have 
formed. 
 
   Directors' responsibilities 
 
   The half-yearly financial report is the responsibility of, and has been 
approved by, the Directors. The Directors are responsible for preparing 
the half-yearly financial report in accordance with the Disclosure 
Guidance and Transparency Rules of the United Kingdom's Financial 
Conduct Authority. 
 
   The annual Consolidated Financial Statements of Royal Dutch Shell plc 
and its subsidiaries are prepared in accordance with International 
Financial Reporting Standards as issued by the International Accounting 
Standards Board (IASB) and as adopted by the European Union (EU). The 
condensed set of financial statements included in the half-yearly 
financial report has been prepared in accordance with International 
Accounting Standard 34 Interim Financial Reporting, as issued by the 
IASB and as adopted by the EU. 
 
   Our responsibility 
 
   Our responsibility is to express to Royal Dutch Shell plc a conclusion 
on the Condensed Consolidated Interim Financial Statements in the 
half-yearly financial report based on our review. 
 
   Scope of review 
 
   We conducted our review in accordance with International Standard on 
Review Engagements 2410 (UK and Ireland), "Review of Interim Financial 
Information Performed by the Independent Auditor of the Entity" issued 
by the Auditing Practices Board for use in the United Kingdom. A review 
of interim financial information consists of making enquiries, primarily 
of persons responsible for financial and accounting matters, and 
applying analytical and other review procedures. A review is 
substantially less in scope than an audit conducted in accordance with 
International Standards on Auditing (UK) and consequently does not 
enable us to obtain assurance that we would become aware of all 
significant matters that might be identified in an audit. Accordingly, 
we do not express an audit opinion. 
 
   Conclusion 
 
   Based on our review, nothing has come to our attention that causes us to 
believe that the Condensed Consolidated Interim Financial Statements in 
the half-yearly financial report for the six months ended June 30, 2020 
are not prepared, in all material respects, in accordance with 
International Accounting Standard 34 as issued by the IASB and as 
adopted by the EU and the Disclosure Guidance and Transparency Rules of 
the United Kingdom's Financial Conduct Authority. 
 
 
 
   Ernst & Young LLP 
 
   London 
 
   July 30, 2020 
 
 
 
 
 
   Page 26 
 
 
 
 
 
 
 
 
 
 
 
ROYAL DUTCH SHELL PLC 
 2(ND) QUARTER 2020 AND HALF YEAR UNAUDITED RESULTS 
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   The maintenance and integrity of the Royal Dutch Shell plc website 
(www.shell.com) are the responsibility of the Directors; the work 
carried out by the auditors does not involve consideration of these 
matters and, accordingly, the auditors accept no responsibility for any 
changes that may have occurred to the Condensed Consolidated Interim 
Financial Statements since they were initially presented on the website. 
 
   Legislation in the United Kingdom governing the preparation and 
dissemination of financial statements may differ from legislation in 
other jurisdictions. 
 
 
 
   Page 27 
 
 
 
 
 
 
 
 
 
 
 
 
 
ROYAL DUTCH SHELL PLC 
 2(ND) QUARTER 2020 AND HALF YEAR UNAUDITED RESULTS 
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   CAUTIONARY STATEMENT 
 

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