Disclaimer statementThis document contains forward-looking statementsconcerning the financial condition, resultsof operations and businesses of Royal Dutch <strong>Shell</strong>.All statements other than statements of his<strong>to</strong>ricalfact are, or may be deemed <strong>to</strong> be, forward-lookingstatements. Forward-looking statements arestatements of future expectations that are basedon management’s current expectations and assumptionsand involve known and unknown risksand uncertainties that could cause actual results,performance or events <strong>to</strong> differ materially fromthose expressed or implied in these statements.Forward-looking statements include, among otherthings, statements concerning the potential exposureof Royal Dutch <strong>Shell</strong> <strong>to</strong> market risks and statementsexpressing management’s expectations,beliefs, estimates, forecasts, projections and assumptions.These forward-looking statements areidentified by their use of terms and phrases suchas ‘‘anticipate’’, ‘‘believe’’, ‘‘could’’, ‘‘estimate’’,‘‘expect’’, ‘‘intend’’, ‘‘may’’, ‘‘plan’’, ‘‘objectives’’,‘‘outlook’’, ‘‘probably’’, ‘‘project’’, ‘‘will’’, ‘‘seek’’,‘‘target’’, ‘‘risks’’, ‘‘goals’’, ‘‘should’’ and similarterms and phrases. There are a number of fac<strong>to</strong>rsthat could affect the future operations of RoyalDutch <strong>Shell</strong> and could cause those results <strong>to</strong> differmaterially from those expressed in the forwardlookingstatements included in this document,including (without limitation): (a) price fluctuationsin crude oil and natural gas; (b) changesin demand for the Group’s products; (c) currencyfluctuations; (d) drilling and production results; (e)reserve estimates; (f) loss of market and industrycompetition; (g) environmental and physical risks;(h) risks associated with the identification of suitablepotential acquisition properties and targets,and successful negotiation and completion ofsuch transactions; (i) the risk of doing business indeveloping countries and countries subject <strong>to</strong> internationalsanctions; (j) legislative, fiscal and regula<strong>to</strong>rydevelopments including potential litigationand regula<strong>to</strong>ry effects arising from recategorisationof reserves; (k) economic and financial marketconditions in various countries and regions; (l)political risks, including the risks of expropriationand renegotiation of the terms of contracts withgovernmental entities, delays or advancements inthe approval of projects and delays in the reimbursementfor shared costs; and (m) changes intrading conditions. All forward-looking statementscontained in this document are expressly qualifiedin their entirety by the cautionary statementscontained or referred <strong>to</strong> in this section. Readersshould not place undue reliance on forward-lookingstatements. Additional fac<strong>to</strong>rs that may affectfuture results are contained in Royal Dutch<strong>Shell</strong>’s 20-F for the year ended December 31,2007 (available at www.shell.com/inves<strong>to</strong>r andwww.sec.gov). These fac<strong>to</strong>rs also should be consideredby the reader. Each forward-lookingstatement speaks only as of the date of this report,March 18, 2008. Neither Royal Dutch <strong>Shell</strong> norany of its subsidiaries undertake any obligation<strong>to</strong> publicly update or revise any forward-lookingstatement as a result of new information, futureevents or other information. In light of these risks,results could differ materially from those stated,implied or inferred from the forward-looking statementscontained in this document.48
<strong>Shell</strong> International BVCarel van Bylandtlaan 162596 HR The HagueP.O. Box 1622501 AN The HagueThe NetherlandsVMS The Hague H7133, 2008. 2nd edition.
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