Stichting Shell Pensioenfondsmei 2010VERTROUWELIJK Shell Pension Fund Netherlands 19 th May 2010

Relationship: Employer - Employees – Pension Fund Stichting Shell Pensioenfonds Employer / admitted companies Stichting Shell Pensioenfonds Employee Pension agreement in (collective) employment contract Execution agreement Trust deed / Regulations

Stichting Shell Pensioenfonds3MEI 2010VERTROUWELIJK Pension Fund organization Shell Pension Fund Foundation (SSPF) Pension arrangements of Group companies in the Netherlands Board of Administrators Participants’ Council Shell Pension Fund Management (SPN) - 20 staff SPN has been appointed as Director, administers the pension arrangements and advises the board of SSPF and the employer Supervisory Board Shell Asset Management Company (SAMCo) staff SAMCo has been appointed as the asset manager for SSPF Supervisory Board

Stichting Shell Pensioenfonds4MEI 2010VERTROUWELIJK SSPF Board of administrators (BoA) Parity representation of employees and employers Four representatives of the member companies Four representatives of the employees Members BoA appointed by SPNV (employee representatives on recommendation of the Central Staff Council) The BoA shall address the interests of all Pension Fund members and all other interested parties and ensure that they can feel represented in a balanced manner.

Stichting Shell Pensioenfonds5MEI 2010VERTROUWELIJK Participants Council (PC) The PC advises the BoA on important matters with regard to the Fund, either on request or on their own initiative. Twelve members, appointed by Shell Petroleum NV Representatives of fund members in active service are nominated by the Central Staff Council of Shell in the Netherlands Representatives of retired fund members (including fund members with an early deferred pension) are nominated by the Shell Pensioners Club (VOEKS) Composition as per 1/5/2007: 4 active participants, 8 pensioners

Stichting Shell Pensioenfonds6MEI 2010VERTROUWELIJK Additional governance requirements from 1 st January 2008 Based on principles of good Pension Fund Governance agreed between social partners and the pensions sector Transparency and accountability key issues 2 additional bodies were instituted: - Tripartite Accountability council: employees, employer and pensioners - Internal Supervisory committee: independent experts

Stichting Shell Pensioenfonds7MEI 2010VERTROUWELIJK SSPF key data Participants active11.226(15% outside Netherlands) deferred 7.010(13% outside Netherlands) pensioners19.300( 7% outside Netherlands) Admitted companies Netherlands 23 Abroad170 in 57 countries Pension schemes Shell12 Billiton 8 Liabilities € 12,500 billion Assets € 15,400 billion Data ultimo 2009

Stichting Shell Pensioenfonds8MEI 2010VERTROUWELIJK Funding principles and asset management Based on Dutch Solvency regime High commitment from Employer/sponsor Sponsor provides high level Pension fund management guidelines and risk and funding targets Guarantee from sponsor in case of insolvency Advanced ALM model and strategic asset allocation High equity ratio and international diversification in portfolio In company professional asset management

Stichting Shell Pensioenfonds9MEI 2010VERTROUWELIJK Pension as important benefit Shell differentiates pay for performance, ‘benefits’ and so called ‘facilities’ Shell focuses more and more on reward for achievement (performance based pay) ‘Benefits’ are part of Employee Value Propostion: “to recruit and retain staff”. Retirement benefits are included in this EVP. ‘Facilities’ provide the employee comfort, but are not included in the employee’s decision on joining, staying or leaving the company.

Stichting Shell Pensioenfonds10MEI 2010VERTROUWELIJK The Shell scheme in brief Target retirement age 65 Actual retirement age: choice of any age between 55 and 65 and between 65 and 70 with employer consent Old age pension based on final salary Partner pension is 70% of old age pension Orphan pension is 14% of total partner pension Incapacity pension: percentage of salary Flexibility in benefits Benefit indexation ambition conditional on financial condition fund Employee contribution: minimum 2% of salary, 8% on salary above € Employer contribution for 2007: 31,6 % of total salary bill

Stichting Shell Pensioenfonds11MEI 2010VERTROUWELIJK Old age pension (OAP) Pension formula: OAP = pension years x pension base x accrual percentage Accrual percentage: 1.1 % of pension base up to € 28, % of pension base between € 28,506 and € 63,659 1,75 % of pension base between € 63,659 and € 106,578 1,5 % of pension base above € 106,578

Stichting Shell Pensioenfonds12MEI 2010VERTROUWELIJK Partner pension Life long partner pension: 70% of old age pension In case of death in service, projected years between death and age 65 are included in calculation Applies to: - married partners - legally registered partners - cohabitating partners registered with the pension fund Supplementary partner pension for partners under age 65 of 1.6% of € 28,506 for each pension accrual year: compensation for not qualifying for State widow benefit and not yet receiving State old age benefit:

Stichting Shell Pensioenfonds13MEI 2010VERTROUWELIJK Orphan pension Orphan pension: 14% of total partner pension Children under age 18 qualify If in full time education up to age 24 If both parents have died: orphans pension is doubled

Stichting Shell Pensioenfonds14MEI 2010VERTROUWELIJK Incapacity pension Granted if earning capacity is less than 20% Assessment is made by medical doctor appointed by the Board of Administrators Benefit: 100% of salary up to € 63,659 70% of salary above € 63,659 Benefit is paid until reaching age 65 Pension accrual continues At reaching age 65 old age pension is based on number of years in active service + number of years in receipt of incapacity pension