NOTICE pursuant to Section 1017(3) of the Dutch Code of Civil Procedure

NOTICE pursuant to Section 1017(3) of the Dutch Code of Civil Procedure

On 29 May 2009 the Amsterdam Court of Appeal declared binding the Settlement Agreement as entered into by Shell and others.

Shareholders who purchased Shell shares on a stock exchange outside the US in the period from 8 April 1999 through 18 March 2004 and who resided or were domiciled outside of the US at the time of their purchase, may be eligible for relief.



Shell entered into a settlement with Stichting Shell Reserves Compensation Foundation, the VEB, ABP and SPZW in connection with the recategorisations of certain oil and gas reserves as announced by Shell, effective from January 2004.



This settlement has been declared binding by the Amsterdam Court of Appeal. The binding declaration became final on 29 August 2009.



Shareholders who purchased Shell shares on a stock exchange outside the US in the period from 8 April 1999 through 18 March 2004 and who resided or were domiciled outside of the US at the time of their purchase may be eligible for relief.



Shareholders who wish to make a claim for relief are requested to give notice of their claim no later than 5 November 2010 by filing a claim form with the Administrator in the manner indicated below.



Shareholders who do not wish to be bound by the settlement that has been declared binding must give notice to the Administrator by regular mail or e-mail in the manner indicated below by no later than 28 February 2010. Shareholders who provide such notice will not be eligible to receive any relief under the Settlement Agreement. Shareholders who do not provide such notice will be bound by the settlement and will no longer have any other claims that they might have in connection with Shell’s recategorisations of certain of its oil and gas reserves.



Stichting Shell Reserves Compensation Foundation is in charge of implementing the settlement and will oversee the distribution of the available settlement relief of US$389,072,515.34. If you believe you may be eligible for relief, please read this notice carefully.

Shell Petroleum N.V. and The Shell Transport and Trading Company Limited (in this notice, jointly "Shell"), the Stichting Shell Reserves Compensation Foundation (the “Foundation”), Vereniging van Effectenbezitters ("VEB"), Stichting Pensioenfonds ABP (“ABP”) and Stichting Pensioenfonds Zorg and

If you have any questions, please contact the Administrator: www.royaldutchshellsettlement.com, email [email protected] or Call: Freephone: +800-0080-0900, Netherlands/UK: 00800-0080-0900, US: 1-866-928-5532, Canada: 1-866-523-6801, Worldwide (toll call): +1-503-726-0368. I7291 v.0.03 10.12.2009

Welzijn (formerly Stichting Pensioenfonds voor de Gezondheid, Geestelijke and Maatschappelijke Belangen, “SPZW”) entered into a settlement agreement (the "Settlement Agreement") on 11 April 2007 (as revised on 27 February 2008). The Settlement Agreement grants relief to certain shareholders who resided or were domiciled outside of the United States, or who were incorporated under the law of any state outside of the United States, and who purchased shares in the capital of N.V. Koninklijke Nederlandsche Petroleum Maatschappij (also known as the Royal Dutch Petroleum Company) ("RD shares") and/or The "Shell" Transport and Trading Company, p.l.c. ("STT shares") on one or more stock exchanges outside of the United States during the period from 8 April 1999 through 18 March 2004 (the "Period"). The Settlement Agreement concerns all claims that these shareholders might have against Shell in connection with the recategorisations of certain oil and gas reserves as announced by Shell, effective from January 2004. On 11 April 2007 the parties to this Settlement Agreement filed a joint petition with the Amsterdam Court of Appeal (the "Court"), in which they requested the Court to declare the Settlement Agreement binding for all shareholders who are covered under the terms of the Settlement Agreement. A revised joint petition was filed on 29 February 2008. In a 29 May 2009 decision, the Court declared the Settlement Agreement binding. This decision became final on 29 August 2009. The relief being offered In accordance with the Settlement Agreement, Shell paid an amount of US$376,572,515.34 (being a sum of US$340,100,000, an additional sum of US$28,342,000 and interest on these amounts from 1 April 2008 to 18 June 2009) on 18 June 2009. The Foundation will distribute the aggregate amount among the shareholders who file timely and valid claims for relief pursuant to the terms of a plan of allocation that forms part of the Settlement Agreement. In summary, this plan of allocation provides that the portion of this aggregate settlement amount that will be paid to an individual shareholder is dependent on: (i)

the number of shares purchased and sold by said shareholder in the Period;

(ii)

the date on which the shares were purchased and/or sold; as well as

(iii)

the total of recognised claims that will have been submitted jointly by all shareholders (individual shareholders will proportionately share in the amount of US$376,572,515.34 based upon the portion that an individual shareholder’s recognised claim comprises of the total recognised claims).

In addition to the settlement amount of US$376,572,515.34, Shell also paid an amount of US$12.5 million on 18 June 2009 in accordance with the Settlement Agreement, bringing the total amount available under the settlement to US$389,072,515.34. Consistent with the terms of the Settlement Agreement, the Foundation will equally distribute the amount of US$12.5 million among all shareholders who have filed a recognised claim, regardless of the number of shares owned or the number of transactions in which they engaged.

I729_V3.DOCX2 v.0.02 10.12.2009

2

Waiver of further claims An important element in the Settlement Agreement is that shareholders covered by the Settlement Agreement who do not provide notice of their intention not to be bound by it will waive all claims that they might have in connection with Shell’s recategorisations of certain of its oil and gas reserves vis-a-vis Shell, enterprises affiliated with Shell and certain other persons or entities pursuant to the release that is part of the Settlement Agreement. This release may change the legal position of shareholders who are bound by the Settlement Agreement. It is therefore recommended that shareholders carefully read the text of the release. The text is included in the Settlement Agreement and on the claim form (see below). The release will apply regardless of whether a shareholder actually submits a claim for relief under the Settlement Agreement and regardless of the outcome of the assessment by the Administrator as to the award of relief to be made to a shareholder. A shareholder can only avoid being bound by the release by filing a notice of an intention not to be bound by the Settlement Agreement (an opt-out notice) (see below). Filing a claim Shareholders are required to file a claim form with the Administrator in the manner indicated below if they wish to make a claim for relief under the Settlement Agreement. You will find the claim form enclosed with this notice. It can also be downloaded from the website www.royaldutchshellsettlement.com. You may also request the form by calling any of the telephone numbers listed above. Shareholders must send their fully completed and signed claim forms (together with the documentation requested in the claim form) to the Administrator no later than 5 November 2010. The claim form can be sent to the Administrator by email ([email protected]) or by regular mail (Royal Dutch Shell Settlement Administrator, P.O. Box 62677, London EC2P 2UB, United Kingdom). Further information on filing the claim form can be found on the claim form and in the accompanying explanatory notes. On the basis of the submitted claim form, the provisions of the Settlement Agreement and the plan of allocation, the Administrator will assess whether a shareholder is eligible for relief under the Settlement Agreement and, if so, determine the amount of such relief. Payment of relief to shareholders cannot occur until after the deadline for the submission of claims has passed. This means that payment of a valid claim will not take place before late 2010. Opt-out possibility Shareholders who do not wish to be bound by the settlement that has been declared binding must so notify the Administrator no later than 28 February 2010. This can be done by regular mail (Royal Dutch Shell Settlement Administrator, P.O. Box 62677, London EC2P 2UB, United Kingdom) or by e-mail ([email protected]). A shareholder who submits an opt-out notice becomes ineligible to receive relief under the Settlement Agreement. Shareholders who submit opt-out notices are kindly requested to include in their notices (i) the amount and type of RD shares or STT shares purchased, (ii) the dates within the Period on which they purchased these shares, (iii) the dates on which they sold these shares, if applicable, (iv) the price or prices at which they bought or sold such shares, and (v) the stock exchange(s) on which the shares were traded. However, there is no obligation for shareholders filing an opt-out statement to provide this information.

Shareholders who do not timely submit an opt-out notice shall, pursuant to the binding declaration, be bound by the Settlement Agreement, including the release contained therein (also see above under “Waiver of further claims”). Termination of the Settlement Agreement Shell may terminate the Settlement Agreement if, as a result of too many shareholders opting out of the settlement, the binding declaration would affect too few shareholders. More information on this termination right can be found in the Settlement Agreement (article XI.F).

I7291 v.0.03 10.12.2009

Other settlements relating to this matter Besides the settlement mentioned in this notice, there are two other settlements under which certain payments have or will be made in connection with Shell’s recategorisations of certain oil and gas reserves as referred to above. In 2008, Shell entered into a settlement with shareholders who either purchased RD shares and STT shares between 8 April 1999 and 18 March 2004 on stock exchanges within the United States or who were domiciled within the United States at the time they purchased their Shell shares (the “US Settlement”). The deadline for making a claim for relief under that settlement agreement was 18 November 2008. Shell also entered into a settlement with the United States Securities and Exchange Commission (the “SEC”) under which the SEC is charged with distributing the amount of US$120,000,000 (plus interest earned on that amount since Shell paid that amount in 2004) (the “SEC Settlement”). This settlement money will be distributed to all purchasers of RD shares and STT shares during the period of 8 April 1999 through 17 March 2004, regardless of nationality, place of residence or domicile, and regardless of the exchange on which the RD and STT shares were purchased. The deadline for making a claim for relief under the SEC settlement was 31 March 2009. A claim that a shareholder may have made for relief under one or both the US Settlement or the SEC Settlement will not be recognized as a claim for relief under the Settlement Agreement approved by the Amsterdam Court of Appeal. Shareholders wishing to make a claim for relief under the Settlement Agreement declared binding by the Amsterdam Court of Appeal must submit a claim for relief under the Settlement Agreement by completing and returning the claim form in the manner described hereinabove under “Filing a claim”. Stichting Shell Reserves Compensation Foundation is neither involved in, nor responsible for, the US Settlement or the SEC Settlement. Costs of implementing settlement Certain costs pertaining to the implementation of the Settlement Agreement (including the costs of the Foundation), will be paid by Shell and will not be paid from the settlement relief described above. Shareholders are not entitled to any compensation for expenses relating to the filing of a claim for relief or otherwise. Shareholders who have questions on the tax consequences of participating in the Settlement Agreement are advised to consult their own tax advisor. Relevant documents The 29 May 2009 decision of the Court, the Settlement Agreement and this notice have been published on the following websites: www.shell.com, www.shellsettlement.com, www.shellcompensation.com, www.shellvergoeding.nl, www.royaldutchshellsettlement.com, www.veb.net, www.abp.nl and www.pfzw.nl  If you would like to receive a paper copy of the decision or the Settlement Agreement, please e-mail your request to [email protected]. You may also send your request by regular mail to Royal Dutch Shell Settlement Administrator, P.O. Box 62677, London EC2P 2UB, United Kingdom, or to Stichting Shell Reserves Compensation Foundation, P.O Box 356, 2501 CJ The Hague, The Netherlands. In addition, a copy of these documents can be requested by calling any of the telephone numbers listed above. The Dutch version of the decision and the Settlement Agreement can also be reviewed at the website of the Court, www.rechtspraak.nl (actualiteiten/zaakdossiers/Shell), as well as – following a written request – at the registry of the commercial division of the Court. Requests to review the documents at the registry must be directed to the postal address of the Court (P.O. Box 1312, 1000 BH Amsterdam, The Netherlands), for the attention of the registry of the commercial division, stating the reference: “106.010.887”. You or your lawyer may also inspect certain documents relating to the recategorisations of certain of Shell’s oil and gas reserves in order to determine whether to submit an opt-out notice. If you or your lawyer wish to inspect these documents, you and your lawyer will be required to sign a confidentiality agreement. Under this confidentiality agreement, any information obtained during this inspection may be used by you and your lawyer only in connection with the decision whether or not to submit an opt-out notice. The documents will be available for inspection, during normal business hours, at the offices of De Brauw Blackstone Westbroek N.V. in Amsterdam, the Netherlands. If you or your lawyer wishes to inspect these documents, please send a written request to De Brauw Blackstone Westbroek N.V., PO Box 75084, 1070 AB Amsterdam, The Netherlands, for the attention of Mr R.W. Polak. ***

I729_V3.DOCX4 v.0.02 10.12.2009

4

Relevant definitions from the Settlement Agreement regarding Part V. of the Proof of Claims Form  “Binding Declaration” means an order by the Court declaring and finding the Settlement Agreement  binding upon all Participating Shareholders.  “Claim”  means any  and  all  actions, causes of  action, proceedings, adjustments, executions,  offsets,  contracts,  judgments,  obligations,  suits,  debts,  dues,  sums  of  money,  accounts,  reckonings,  bonds,  bills,  specialties,  variances,  covenants,  trespasses,  damages,  demands  (whether  written  or  oral),  agreements,  promises,  liabilities,  controversies,  costs,  expenses,  attorneys’  fees  and  losses  whatsoever, whether in law, in admiralty or in equity and whether based on statutory law, common  law, doctrine, rule, regulation, right of action or otherwise of any Forum.  “Companies”  means  each  and  all  of  Shell  Petroleum  NV  and  The  Shell  Transport  and  Trading  Company Limited, and each and all of their respective parents,  predecessors, successors, Affiliates,  divisions,  business  units,  joint  ventures,  subsidiaries  and  all  other  entities  in  which  any  of  the  Companies has or had a Controlling Interest, and “Companies” shall include, without limitation, Royal  Dutch  Shell  plc,  the  Royal  Dutch  Petroleum  Company  and  The  “Shell”  Transport  and  Trading  Company p.l.c.  “Dispute Committee” means a three‐person committee that shall have as its purpose definitively to  resolve, by way of “binding advise” under Dutch law, any disputes that might arise respecting certain  of  the  terms  of  the  Settlement  Agreement  as  specifically  identified  in  the  Settlement  Agreement  above; provided that the Settling Companies and the Shell Reserves Compensation Foundation shall  each appoint a member of the Dispute Committee and the third member shall be chosen by the two  members so appointed; provided further that if the members chosen by the Settling Companies and  the  Shell  Reserves  Compensation  Foundation  cannot  agree  on  the  third  member,  the  Parties  shall  petition the District Court to appoint a third member.  “District Court” means the District Court in Amsterdam.  “Released Claims” means each and every Claim and/or Unknown Claim that arises from or relates to  the Reserves Recategorization.  “Releasee” means each and every one of, and “Releasees” means all of, the Companies, and each of  their  respective  past  and  present  directors,  officers,  employees,  members,  partners,  principals,  agents,  attorneys  (including  in‐house  and  outside  counsel),  advisors,  representatives,  auditors  (including internal, external and, subject to Section I.B.2 of the Settlement Agreement, the Auditors),  accountants, consultants, service providers and insurance carriers and, respecting Releasees who are  persons,  their  respective  estates,  heirs,  executors,  agents,  attorneys,  accountants,  trusts,  trustees,  administrators and assigns.  “Unknown  Claim”  means  any  Claim  that  a  Participating  Shareholder  does  not  know  or  suspect  to  exist in his, her or its favor at any time on or before the Exclusion Date, and that, if known by him,  her  or  it,  might  have  affected  his,  her  or  its  settlement  with  any  of  the  Releasees  or  might  have  affected his, her or  its decision  whether to notify the  Administrator  by  the Exclusion Date that  he,  she or it did not intend to be bound by the Binding Declaration and the Release; provided that if a  Participating Shareholder could not have known (even with the exercise of reasonable care) of his,  her or its Unknown Claim as of the Exclusion Date, such Participating Shareholder shall not be bound  by the Binding Declaration if he, she or it provides a notification of an intention not to be bound by  the  Binding  Declaration  to  the  Administrator  no  later  than  six  (6)  months  after  learning  of  the  Unknown Claim; provided further that such notification shall include a statement explaining why the  Participating Shareholder could not have known of the Unknown Claim as of the Exclusion Date and  setting  out  the  Participating  Shareholder’s  agreement  to  submit  himself,  herself  or  itself  to  the  exclusive  jurisdiction  of  the  District  Court,  without  right  of  appeal,  for  a  determination  of  whether  the  Participating  Shareholder  could  have  known  or  (with  the  exercise  of  reasonable  care)  should  have known of the Unknown Claim as of the Exclusion Date.

I740 v.0.01   10‐16‐09 

PRODUCTIEC

PLAN VAN VERDELING VAN DE OPBRENGST VAN DE SCHIKKING TUSSEN DEELNEMENDE AANDEELHOUDERS A.

Het Schikkingsbedrag1van USD 340.100.000,00 en de eventuele daarover

opgebouwde rente, samen met eventuele extra gelden die zijn betaald aan Deelnemende Aandeelhouders, d.w.z. het Aanvulling Schikkingsbedrag, zal zijn he! Schikkingsfonds Royal Dutch Shell Group ("Schikkingsfonds"). Het Schikkingsfonds zal uitgekeerd worden aan Deelnemende Aandeelhouders die op tijd geldige Claimfonnulieren indienen en die een Erkende Claim hebben ("Toegelaten Eisers"). De Betaling aan Aandeelhouders van USD [2.500.000,00 en de eventuele daarover opgebouwde rente zullen naast de gelden die ieder Deelnemende Aandeelhouder uit het Schikkingsfonds ontvangt, afzonderlijk aan Deelnemende Aandeelhouders worden uitgekeerd op basis van gelijkheid en evenredigheid aan iedere investeerder die een geldig Claimformulier indient.

B.

Het volgende Plan van Verdeling weerspiegelt de opvatting van

Deelnemende Aandeelhouders dat vanwege venneende onjuiste voorstellingen en omissies aangaande de financiele positie en vooruitzichten van de Royal Dutch Shell Group de prijzen van gewone aandelen van The "Shell" Transport and Trading Company, PLC ("Shell Transport") en gewone aandelen van N.V. Koninklijke Nederlandsche

1 Tenz ij himn anders gedefinieerd . zullen aile tennen mel hoordleners gedermieerd worden zoals in de Schikkingsovereenkomst tussen Shell, de Shell Reserves Compensation Foundation, ABP, rGOM en VEn.

Petroleum Maatschappij ("Royal Dutch") (Shell Transport en Royal Dutch gezamenlijk aangeduid als "Shell") gedurende de Relevante Periode zogenaamd kunstrnatig waren opgedreven. Shell ontkent dat zij enige onjuiste materiele voorstellingen gedaan heeft en verzuimd heeft om enige materiele informatie te onthullen en houdt staande dat zij tegenover de Deelnemende Aandeelhouders voor niets aansprakelijk is. Zonder enige vorm van aansprakelijkheid te erkennen, stelt Shell verder dat, zelfs indien aansprakelijkheid aangetoond zou worden, de Deelnemende Aandeelhouders geen te vergoeden schade leden of dat ten hoogste slechts een klein percentage van de zogenaamde kunstrnatige opdrijving toegeschreven kon worden aan door Deelnemende Aandeelhouders geldend gemaakte claims. Shell houdt staande dat de prijzen van gewone aandelen van Royal Dutch en Shell Transport niet op kunstmatige wijze opgedreven werden gedurende de Relevante Periode en dat de prijzen van de Royal Dutch- en Shell Transport-effecten de op dat tijdstip geldende marktwaarderingen weerspiegelden. Shell stelt verder dat de prij sdaling van de Royal Dutch- en Shell Transport-effecten, in haar totaliteit ofvoor een wezenlijk gedeelte, verklaard en veroorzaakt werd door andere, niet strafbare factoren en oorzaken buiten haar controle en niet door enig zogenaamd bedrog. Het Hofheeft niet enige bevinding gedaan dat Shell tegenover de Deelnemende Aandeelhouders aansprakelijk is of dat de Deelnemende Aandeelhouders enige te vergoeden schade hebben geleden. C.

De Claimadministrateur(s) zallzullen van iedere Toegelaten Eiser het

evenredige aandeel in het Schikkingsfonds bepalen op basis van de "Erkende Claim" op grond van transacties gedurende de Relevante Periode van iedere Toegelaten Eiser. De Erkende C laim-formule is niet bedoeld als een schatting van het bedrag dat een Deelnemende Aandeelhouder na een gerechtelijk onderzoek mogelijkerwijze toegewezen zou hebben kunnen krijgen; noch is het een schatting van he! bedrag dat

2

krachtens de Schikking aan Toegelaten Eisers zal worden betaald. De Erkende Claimformule is de basis op grond waarvan het Schikkingsfonds proportioneel onder de Toegelaten Eisers verdeeld zal worden. D.

Een "Erkende Claim" van een Toegelaten Eiser zal betekenen het in

overeenstemming met het volgende vastgestelde bedrag:

1.

Gewone Aandelen Royal Dutch a

voor elk gewoon aandeel Royal Dutch dat gedurende de Relevante

Periode is gekocht op de open markt (wat mede zal omvatten elk gewoon aandeel gekocht op de Effectenbeurs van Amsterdam, Euronext of iedere effectenbeurs in Oostenrijk., Belgie, Frankrijk., Duitsland, Luxemburg, Zwitserland en het Verenigd Koninkrijk), dat een Toegelaten Eiser bleef aanhouden bij het sluiten van de handel op 18 maart 2004 en waarvoor de aankoopprijs hoger was dan € 40,63 (de "RD 90 Dagen Terugblik Prijs"),2 zal de "Erkende Claim" gelijk zijn aan de "Bewering Door Deelnemende Aandeelhouders Aangaande De Geschatte Inflatie Per Aandeel" op de datum van aankoop van het gewone aandeel Royal Dutch (zoals getoond in de bijgesloten tabel). b.

voor elk gewoon aandeel Royal Dutch dat gedurende de Relevante

Periode is gekocht op de open markt (wat mede zal omvatten elk gewoon aandeel gekocht op de Effectenbeurs van Amsterdam, Euronext of iedere effectenbeurs in Oostenrijk., Belgie, Frankrijk., Duitsland, Luxemburg, ZwitserJand en het Verenigd Koninkrijk), dat een Toegelaten Eiser: (a) kocht v66r de opening van de handel op 9 januari 2004; (b) bleef aanhouden bij het sluiten van de handel op 9 januari 2004; (c) verkocht v66r het sluiten van de handel op 18 maart 2004 en (d) waarvoor de koopprijs per aandeel hoger was dan

2 De RD 90 Dagen Terugblik Prijs is het gemiddelde van de handelsprij s van ge\vone aandelen Royal Dutch op de Effectenbeurs van Amsterdam over de periode van 19 maart 2004 tot 10 juni 2004. ~

3

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de RD 90 Dagen Terugblik Prijs, zal de "Erkende Claim" gelijk zijn aan het verschil tussen (I) de "Bewering door Deelnemende Aandeelhouders Aangaande De Geschatte Inflatie Per Aandeel" op de datum van aankoop van het gewone aandeel Royal Dutch en (2) de "Bewering Door Deelnemende Aandeelhouders Aangaande De Geschatte Inflatie Per Aandeel" op de datum van verkoop van het gewone aandeel Royal Dutch. c.

voor elk gewoon aandeel Royal Dutch dat gedurende de Relevante

Periode is gekocht op de open mark! (wat mede zal omvatten elk gewoon aandeel gekocht op de Effectenbeurs van Amsterdam, Euronext of iedere effectenbeurs in Oostenrijk, Belgie, Frankrijk, Duitsland, Luxemburg, Zwitserland en het Verenigd Koninkrijk), dat een Toegelaten Eiser: (a) verkocht v66r de opening van de handel op 9 januari 2004; of (b) (i) kocht na de opening van de handel op 9 januari 2004 en (iz) verkocht v66r het sluiten van de handel op 18 maart 2004, of (c) kocht tegen een prijs beneden de RD 90 Dagen Terugblik Prijs, zal de "Erkende Claim" gelijk zijn aan € 0,04. d.

voor Deelnemende Aandeelhouders die gewone aandelen Royal Dutch

hielden aan het begin van de Relevante Periode ofmeerdere aankopen ofverkopen deden gedurende de Relevante Periode, zal de first-in, first-out ("FIFO") methode worden toegepast op zulke portefeuilles, aankopen en verkopen met het oog op het berekenen van een claim, zonder te letten op de desbetreffende effectenbeurs waarop om het even welke van dergelijke gewone aandelen werden aangekocht ofverkocht. Bij de FIFOmethode zal elke verkoop gedurende de Relevante Periode van een gewoon aandeel Royal Dutch in chronologische volgorde eerst tegenover de gewone aandelen Royal Dutch gesteld worden die gehouden werden aan het begin van de Relevante Periode. Zulke portefeuilles en verkopen zullen worden buitengesloten bij de berekening van het verlies. De resterende verkopen van gewone aandelen Royal Dutch gedurende de 4

Relevante Periode zullen vervolgens gesteld worden tegenover zulke aankopen van gewone aandelen Royal Dutch gedurende de Relevante Peri ode 2

Gewone Aandelen Shell Transport

a

voor elk gewoon aandeel Shell Transport dat gedurende de Relevante

Periode is gekocht op de open mark! (wat mede zal omvatten elk gewoon aandeel gekocht op de Effectenbeurs van Londen ofiedere effectenbeurs in Belgie, Frankrijk of Duitsland), dat een Toegelaten Eiser bleef aanhouden bij het sluiten van de handel op 18 maart 2004 en waarvoor de aankoopprijs hoger was dan £ 3,86 (the "ST 90 Dagen Terugblik Prijs"), J zal de "Erkende Claim" gelijk zijn aan de "Bewering Door Deelnemende Aandeelhouders Aangaande De Geschatte Inflatie Per Aandeel" op de datum van aankoop van het gewone aandeel Shell Transport (zoals getoond in de bijgesloten tabel). b.

voor elk gewoon aandeel Shell Transport dat gedurende de Relevante

Peri ode is gekocht op de open mark! (wat mede zal omvatten elk gewoon aandeel gekocht op de Effectenbeurs van Londen ofiedere effectenbeurs in Belgie, Frankrijk ofDuitsland, dat een Toegelaten Eiser: (a) kocht v66r de opening van de handel op 9 januari 2004; (b) bleefhouden bij het sluiten van de handel op 9 januari 2004; (c) verkocht v66r het sluiten van de handel op 18 maart 2004 en (d) waarvoor de koopprijs per aandeel hoger was dan de ST 90 Dagen Terugblik Prijs, zal de "Erkende Claim" gelijk zijn aan het verschil tussen (1) de "Bewering door Deelnemende Aandeelhouders Aangaande De Geschatte Inflatie Per Aandeel" op de datum van aankoop van het gewone aandeel Shell Transport en (2) de "Bewering Door Deelnemende Aandeelhouders Aangaande De Geschatte

3 Dc ST 90 Dagen Terugblik Prijs is het gemiddelde van de handelspdjs van gewone aaodelen Shell Transport op de Effectenbeurs van Londen over de periode van 19 maart 2004 tot 10 juni 2004.

5

Inflatie Per Aandeel" op de datum van verkoop van het gewone aandeel Shell Transport. c.

voor elk gewoon aandeel Shell Transport dat gedurende de Relevante

Periode is gekocht op de open markt (wat mede zal omvatten elk gewoon aandeel gekocht op de Effectenbeurs van Londen of iedere effectenbeurs in Belgie, Frankrijk of Duitsland), dat een Toegelaten Eiser: (a) verkocht voor de opening van de handel op 9 januari 2004; of (b) (i) kocht na de opening van de handel op 9 januari 2004 en (ii) verkocht voor het sluiten van de handel op 18 maart 2004, of (c) kocht tegen een prijs beneden de ST 90 Dagen Terugblik Prijs, zal de "Erkende Claim gelijk zijn aan € 0,0057. d.

voor Deelnemende Aandeelhouders die gewone aandelen Shell

Transport hielden aan het begin van de Relevante Periode of meerdere aankopen of verkopen deden gedurende de Relevante Periode, zal de first-in, first-out ("FIFO") methode worden toegepast op zulke portefeuilles, aankopen en verkopen met het oog op het berekenen van een claim, zonder te letten op de desbetreffende effectenbeurs waarop om het even welke van dergeJijke gewone aandelen werden aangekocht of verkocht. Bij de FIFO-methode zal elke verkoop gedurende de Relevante Peri ode van een gewoon aandeel Shell Transport in chronologische volgorde eerst tegenover de gewone aandelen Shell Transport gesteld worden die gehouden werden aan het begin van de Relevante Periode. Zulke portefeuilles en verkopen zullen worden buitengesloten bij de berekening van het verlies. De resterende verkopen van gewone aandelen Shell Transport gedurende de Relevante Periode zullen vervolgens gesteld worden tegenover zulke aankopen van gewone aandelen Shell Transport gedurende de Relevante Periode. E.

ledere Toegelaten Eiser zal een pro rata aandeel in het Schikkingsfonds

toegewezen krijgen op basis van zijn ofhaar Erkende Claim vergeleken met het Totaal

uitbetaald krijgen dat wordt bepaald door zijn ofhaar "Erkende Claim" te vermenigvuldigen met een breuk waarvan de teller het Schikkingsfonds en de deler het Totaal Erkende Claims van alle Toegelaten Eisers zal zijn.

F.

Deelnemende Aandee1houders die niet een aanvaardbaar Claimformulier

indienen, zullen niet delen in de schikkingsopbrengst. Deelnemende Aandeelhouders die niet een aanvaardbaar Claimformulier indienen, zullen desondanks gebonden zijn door de Schikking(en) en hetlde Bevel( en) en hetlde Definitieve OordeeVOordelen van het Hof datldie dit Geding niet ontvankelijk verklaartlverklaren. G.

Uitkeringen zullen aan Toegelaten Eisers gedaan worden nadat alle claims

verwerkt zijn en het Hof de Schikking definitiefheeft goedgekeurd. Indien er enige tegoeden in het Schikkingsfonds overblijven door toedoen van niet geYncasseerde cheques of op andere wijze, kan, nadat de Administrateur zich naar redelijk vermogen ingespannen heeft om ervoor te zorgen dat Deelnemende Aandeelhouders die recht hebben op deelname in de uitkering van het Schikkingsfonds, hun uitkering ontvangen, elk saldo dat overblijft in het Schikkingsfonds, een (1) jaar na de aanvankelijke uitkering van een dergelijk tegoed en na betaling van eventuele onbetaalde kosten of honoraria die zijn opgelopen bij het beheer van het Schikkingsfonds voor een dergelijke hemieuwde uitkering, opnieuw uitgekeerd worden aan Deelnemende Aandeelhouders die een uitkering ontvangen hebben en die minstens USD 10,00 ofhet financiele equivalent daarvan uit een dergelijke hemieuwde uitkering ontvangen zouden hebben met gebruikmaking van de wisselkoersen van drie (3) werkdagen v66r de uitkeringsdatum. Indien er na zes maanden na een dergelijke hemieuwde uitbetaling nog enige tegoeden in het Schikkingsfonds achterblijven, zal een dergelijk saldo wordt uitgekeerd in overeenstemming met de Schikkingsovereenkomst.

7

PLAN OF ALLOCATION OF THE PROCEEDS OF THE SETTLEMENT AMONG PARTICIPATING SHAREHOLDERS A.

The $340,100,000.00 Settlement Amount', and the interest earned thereon, if

any, along with any additional monies paid to the Participating Shareholders, i.e., the Settlement Amount Addition, shall be the Royal Dutch Shell Group Settlement Fund ("Settlement Fund"). The Settlement Fund shall be distributed to Participating Shareholders who submit timely and valid Claim Fonns and who have a Recognized Claim ("Authorized Claimants"). The $12,500,000.00 Shareholders' Payment, and the interest earned thereon, if any, shall be distributed, separately, to Participating Shareholden; in addition to whatever monies each Participating Shareholder receives from the Settlement Fund on an equal and pro rata basis to each investor filing a valid Claim Fonn.

B.

The following Plan of Allocation reflects the Participating Shareholders'

contention that because of alleged misrepresentations and omissions about Royal Dutch Shell Group 's financial condition and prospects, the prices of ordinary shares of The " Shell" Transport and Trading Company, PLC ("Shell Transport") and ordinary shares of Royal Dutch Petroleum Company ("Royal Dutch") (Shell Transport and Royal Dutch collectively referred to as "Shell") were allegedly inflated artificially during the Relevant Period. Shell denies that it made any material misrepresentations or omitted to disclose any material information and assert that Shell is not liable to the Participating Shareholders for anything. Without admitting any liability, Shell further contends that even if liability were shown, the Participating Shareholders suffered no compensable

,Unless otherwise defined herein, all capilalized terms shall be defined as in the Settlement Agreement between Shell, the Shell Reserves Compensation Foundation, ASP, PGGM and \fEB.

damages, orthat at most only a small percentage of the alleged artificial inflation could be attributed to the claims Participating Shareholders asserted. Shell asserts the prices of Royal Dutch and Shell Transport ordinary shares were not inflated artificially during the Relevant Period, and that the prices of Royal Dutch' s and Shell Transport's securities reflected market valuations prevalent at that time. SheU further contends that the decrease in the prices of Royal Dutch and Shell Transport securities were explained and caused, in whole or (. l-·· _:.

substantial part, by other, non-actionable factors and causes outside of its control and not by any alleged fraud . The Court has not made any finding that Shell is liable to the Participating Shareholders or that the Participating Shareholders have suffered any compensable damages. The Claims Administrator{s) shall determine each Authorized Claimant's pro

C.

rala share of the Settlement Fund based upon each Authorized Claimant' s "Recognized

Claim" from transactions during the Relevant Period. The Recognized Claim fonnula is not intended to be an estimate of the amount that a Participating Shareholders might have been able to recover after a trial; nor is it an estimate of the amount that will be paid to Authorized Claimants pursuant to the Settlement. The Recognized Claim formula is the basis upon which -. ' .

the Settlement Fund will be proportionately allocated to the Authorized Claimants.

An Authorized Claimant's "Recognized Claim" shall mean the amount

D.

determined in accordance with the following:

l.

Royal Dutch Ordinary Shares a. for each ordinary share of Royal Dutch purchased on the open

market (which shall include any ordinary share purchased on the Amsterdanl Stock

2

Exchange, Euronext or any stock exchange in Austria, Belgium, France, Gennany, Luxembourg, Switzerland and the United Kingdom) during the Relevant Period, which an Authorized Claimant continued to hold as of the close of trading on March 18,2004, and for which the purchase price per share was greater than € 40.63 (the "RO 90 Day Lookback Price"),2 the "Recognized Claim" shall be equal to the "Participating Shareholders' Contention of the Estimated Inflation per Share" on the date of purchase of the Royal Dutch ordinary share (as shown on the table set forth attached hereto).

b.

for each ordinary share of Royal Dutch purchased on the open market

(which shall include any ordinary share purchased on the Amsterdam Stock Exchange, Euronext or any stock exchange in Austria, Belgium, France, Gennany, Luxembourg, Switzerland and the United Kingdom) during the Relevant Period which an Authorized Claimant: (a) purchased before the opening of trading on January 9, 2004; (b) continued to hold as of the close of trading on January 9, 2004; (c) sold before the close of trading on March 18, 2004, and (d) for which the purchase price per share was greater than the RD 90 Day Lookback Price, the "Recognized Claim" shall be equal to the difference between (l) the "Participating Shareholders' Contention Of The Estimated Inflation Per Share" on the date of purchase of the Royal Dutch ordinary share and (2) the "Patticipating Shareholders' Contention Of The Estimated Inflation Per Share" on the date of sale of the Royal Dutch ordinary share. c.

[or each ordinary share of Royal Dutch purchased on the open

market (which shall include any ordinary share purchased on the Amsterdam Stock Exchange, Euronext or any stock exchange in Austria, Belgium, Franc e, Gemlany,

1 The

RD 90 Day Lookbac k Price is (he average of the trading price of Royal Dutch ordinary shares on t.~._

Amslerdam Stock Exchange for the period from March 19. 2004 :0 June) 0, 2004.

.ff~ ~!1_atth ~ ~//..\ ' ~15'& ~~ ,. . . . . , ' , > l ,p \ ! 'k . 'I "'\ " ' ~ I' ; ~:ri!. ' '.' m \ r" ~ ,,~'

\\ ~

3

~ ."'~ -:i' "'.~-i! J\ "", Eli

' '/ 1,~" ~iW"( .~{>·: · ,:i V},[

". >{.. ,'

' ttl' '" Ii'

\~~ o- '~~~':~~' ~ ~'.~.; - /i,.:,. ... /,. -' ~"')'

'"

.",'

"'--{la/e • .,:-s""o:...r" .~~ -,.;)

Luxembourg, Switzerland and the United Kingdom) during the Relevant Period wlllch an Authorized Claimant: (a) sold before the opening of trading On January 9, 2004; or (b) (i) purchased after the opening of trading on January 9,2004 and (ii) sold before the close of trading on March 18,2004, or (c) purchased at a price below the RD 90 Day Lookback Price, the "Recognized Clainl" shall be equal to £.04. d.

For Participating Shareholders who held Royal Dutch ordinary shares

at the beginning of the Relevant Period or made mUltiple purchases or sales during the ......

"

Relevant Period, the first-in, first-out ("FIFO") method will be applied to such holdings, purchases and sales for purposes of calculating a claim, without regard to the particular stock exchange upon which any such ordinary shares were purchased or sold. Under the FIFO method, each sale of an Royal Dutch ordinary share during the Relevant Period will be matched, in chronological order, first against the Royal Dutch ordinary shares held at the begi.rullng of the Relevant Period. Such holdings and sales will be excluded from the calculation oflbe loss. The remaining sales of Royal Dutch ordinary shares during the Relevant Period will then be matched, in chronological order, against such purchases of

"'.,

Royal Dutch ordinary shares during the Relevant Period. 2.

Shell Transport Ordinary Shares a. for each ordinary share of Shell Transport purchased on the open

market (which shall include any ordinary share purchased on the London Stock Exchange or any stock exchange in Belgium, France or Gennany) during the Relevant Period wlllch an Authorized Claimant contulUed to hold as of the close of trading on March 18,2004, and for which the purchase price per share was greater than £3 .86 (the "ST 90 Day

4

Lookback Price"), 3 the "Recognized Claim" shall be equal to the "Participating Shareholders' Contention of the Estimated Inflation per Share" on tbe date of purchase of the Shell Transport ordinary share (as shown on the table attached hereto. b.

for each ordinary share of Shell Transport purchased on the open

market (which shall include any ordinary share purchased on the London Stock Exchange or any stock exchange in Belgium, France or Germany) during the Relevant Period which an Authorized Claimant: (a) purcbased before the opening of trading on January 9,2004; (b) continued to hold as of the close of trading on January 9, 2004; (c) sold before the close of trading on March 18, 2004, and (d) for which the purchase price per share was greater tban the ST 90 Day Lookback Price, the "Recognized Claim" shall be equal to the difference between (I) the "Participating Shareholders' Contention Of The Estimated Inflation Per Share" on the date of purchase of the Shell Transport ordinary share and (2) the "Participating Shareholders' Contention Of The Estimated Inflation Per Share" on the date of sale of the Shell Transport ordinary share. c.

for each ordinary share of Shell Transport purchased on the open

market (whicb shall include any ordinary share purchased on the London Stock Exchange or any stock exchange in Belgium, France or Germany) during the Relevant Period which an Authorized Claimant: (a) sold before the opening of trading on January 9, 2004; or (b) (i) purchased after the opening of trading on January 9,2004 and (ii) sold before the close of trading on March 18,2004, , Or (c) purchased at a price below the ST 90 Day Lookback Price, tbe "Recognized Claim" shall be equal to £.0057.

) The ST 90 Day Lookback Price is the average of the trading price of Shell Transport ordinary shares; 0P.~~'_':::~!.: London Exchange for the period from March 19. 2004 to June 10. 2004. .li

d.

For Participating Shareholders who held Shell Transport ordinary

shares at the beginning of the Relevant Period or made multiple purchases or sales during the Relevant Period, the first-in, first-out ("FIFO") method will be applied to such holdings, purchases and sales for purposes of calculating a claim, without regard to the particular stock exchange upon which any such ordinary shares were purchased or sold. Under the FIFO method, each sale of an Shell Transport ordinary share during the Relevant Period will be matched, in chronological order, first against the Shell Transport ordinary shares held at the

r OO , (; . .:

beginning of the Relevant Period. Such holdings and sales will be excluded from the calculation of the loss. The remaining sales of Shell Transport ordinary shares during the Relevant Period will then be matched, in chronological order, against such purchases of Shell Transport ordinary shares during the Relevant Period. E.

Each Authorized Claimant shall be allocated a pro rala share of the Settlement

Fund based on his, her or its Recognized Claim compared to the Total Recognized Claims of all Authorized Claimants. Each Authorized Claimant shall be paid an amount determined by mUltiplying his, her or its "Recognized Claim" by a fraction the numerator of which shall be .--

"

the Settlement Fund and the denominator of which shall be the Total Recognized Claims of all Authorized Claimants. F.

Participating Shareholders who do not file acceptable Claim Form will not

share in the settlement proceeds. Participating Shareholders who do not submit an acceptable Claim Fonn will nevertheless be bound by the Settlement(s) and the Order(s) and Final Judgn1ent(s) of the Court dismissing this Action. G.

Distributions will be made to Authorized Claimants after all claims have

been processed and after the COut1 has fmally approved the Settlement. I f any funds

6

remain in the Settlement Fund by reason of un cashed checks Or otherwise, then, after the Claims Administrator has made reasonable and diligent efforts to have Participating Shareholders who are entitled to participate in the distribution of the Settlement Fund receive their distribution, any balance remaining in the Settlement Fund one ( I) year after the initial distribution of such funds may be re-distributed, after payment of any unpaid costs or fees incurred in administering the Settlement Fund for such re-distribution, to Participating Shareholders who have received a distribution and who would receive at least $10.00 or the financial equivalent thereof using exchange rates as of three (3) business days prior to the date of distribution, from such redistribution. If after six months after such re-distribution any funds shall remain in the Settlement Fund, then such balance shall be distributed in accordance with the Settlement Agreement.

7

Shell TransQort LSE Average Volume

Average Price (G8X)

26.888.575 23.296.888 20.405.184 29.315.694 23.127.701 23.000.984 23.949.730 25.169.613 29.870.969 36.190.422 35.943.021 38.544.962 49.745.940 49 .356.925 31 .658.359 44.315.631 32 .620.827 45.875.182 46.753.355

458,2759 504,3346 475,3492 470,8789 539,3320 569,5781 559,8492 563,5859 594,1148 549,9141 497,0977 486,6008 505,3852 426,4808 404,8047 374,8929 400,2377 396,1885 382,5703

'1/04 - 1/81C 29.519.684 3/04 - 3/171 89.433.664 3/18/04 - 103.576.166

409,7000 38,3906 358,7760

Ouarter

(

2099 3099 4099 1000 2000 3000 4000 1001 2001 3001 4001 1002 2002 3002 4002 1003 2003 3003 4003

Avg. Artificial Inflation J Price for Shell Transport LSE Shares 5,90%

5,91% 5,99% 6,86% 7,53% 7,49% 7,65% 7,84% 7,50% 7,83% 7,93% 7,93% 8,06% 8,15%

8,21% 8,21% 8,43% 8,50% 8,56% 8,43%

1,81% 0,00%

Average Artificial Inflation (G8X)

Average True Value (GBX)

27,0350 29,8399 28,4795 32,2712 40,6154 42,6218 42,8007 43,0791 44,5281 43,0174 39,4176 38,5852 40,7193 34,7427 33,2300 30,7746 33,7354 33,6695 32,7353

431 ,2408 474,4947 446,8697 438,6077 498,7165 526,9563 517,0485 520,6068 549,5866 506,8966 457,6801 448,0156 464,6660 391,7380 371,5747 344,1183 366,5023 362,5190 349,8350

34,5463 6,5880 0,0000

375,1537 365,1359 358,7750

.... , ...... .... ... "

ROl::al Dutch Amsterdam

(

Quarter

Average Volume

2099 3099 4099 1000 2000 3000 4Qoo 1001 2001 3001 4001 1002 2002 3002 4002 1003 2003 3003 4003

4.828.701 4.093.940 3.938.409 5.326.182 5.052.007 5.095.000 5.573.820 6.380.105 5.360.100 8 .127.860 8 .797.806 6.373.429 6.130.432 12.732.215 7.358.723 9.040.000 6.963.424 6.733.504 6.852.518

111/04 - 118/04 7.755.852 11 .030.449 119/04 - 3117/04 1.128.265.260 3118104 -

Average

Price (EUR)

€ 54,1616

Average Artificial Inflationl Price for Royal Dutch Amsterdam Shares 6,46% 6,54% 6,57% 7,50% 8,02%

€ 59,3076 € 57.6905 € 57,4034 € 64.5354 € 67,4780 € 69,1406 € 64 ,3425 € 67,9705 € 59,7945 € 55.7658 € 57,8185 € 58.5718 € 46,0002 € 43,0271 € 38,2843 € 39,3565 £40,0977 £ 38,9098

8,20% 8,58% 8,61% 8,61% 8,67% 8,83% 8,89% 8,89% 9,06% 9,24% 9,29%

€ 41,8100

9,22%

€ 39,4206 € 38,2180

1,71%' 0,00%

8,04% 8,14% 8,20%

Average Artificial

Average True Value

Inflation (EUR)

(EU R)

€ 3.5005 € 3,8794 € 3 ,7899 € 4,301 1 €5 ,1748 € 5,4191 € 5,6188 € 5,2764 € 5,5664 £ 5,1285 € 4,8004 € 4,9771 € 5,0795 € 4,0602 € 3,8245 € 3,4030 € 3,5677 £ 3,7079 € 3,6165

€ 50,6610 € 55,4282 € 53,9005 € 53,1023 € 59,3606 € 62,0589 £63,5218 € 59,0661 € 62,4021 € 54,6661 € 50,9651 € 52,8414 € 53,4923 € 41,9400 € 39,2028 € 34,8813 £ 35,7888 € 38,3899 € 35.2934

€ 3,8530 € 0,6615 € 0,0000

€ 37,9561 € 38,7590 € 38,2180

... "

. .'.' .. .