What is the dividend policy of Royal Dutch Shell?
In setting the level of the dividend, the board of Royal Dutch Shell will seek to increase dividends at least in line with inflation over time. The base for the 2005 financial year will be the dividends paid by Royal Dutch in respect of the financial year ended December31, 2004. Dividends declared by Royal Dutch Shell will, following completion of the transaction, be paid on a quarterly basis starting with the dividend for the second quarter of 2005. This dividend is expected to be declared on July28, 2005 and paid in September2005. Royal Dutch and Shell Transport have declared dividends on their respective shares in respect of the first quarter of 2005. The board of Royal Dutch Shell will take these dividends into account when determining the dividends which Royal Dutch Shell should declare for the remainder of the year. Royal Dutch Shell will declare dividends in euro. Dividends declared on ClassA Shares will be paid in euro, although holders of ClassA Shares will be able to elect to
