Royal Dutch Petroleum Company and                       

                The "Shell" Transport & Trading Company p.l.c.                 

                          SHELL STRATEGY PRESENTATION                          

Senior executives of the Royal Dutch/Shell Group of Companies today delivered a
presentation to investors and analysts in London, about strategy for two of the
Group's main businesses, Exploration and Production (EP), and Gas & Power (GP).
Walter van de Vijver, Group Managing Director and CEO of the EP business;
Malcolm Brinded, Group Managing Director and CEO-designate of GP; and Linda
Cook, CEO of GP, hosted the meeting. The presentation will be repeated in New
York tomorrow.

Commented Walter van de Vijver:

"Shell retains a premier position in the upstream oil and gas industry.
Together, these businesses are key growth engines for the Group, supporting our
overall strategy to increase exposure to the upstream and natural gas. We
believe we have the best and most balanced portfolio in the industry,
delivering robust profitability in a wide variety of energy price scenarios. We
are leaders in factors that drive profitability in the industry, including
technology application, cost management and the development of a truly global
gas business."

Linda Cook added:

"In Gas & Power our unique strategy builds on our excellent gas reserve
position, and ensures leading positions in key markets and in the fast growing
LNG sector. This proven ability to integrate our activities across the value
chain helped develop, and will extend, our clear leadership in the global
natural gas business. I am delighted to be able to hand over the business in
such great shape."

Malcolm Brinded concluded:

"Across both businesses we have tremendous strength and performance potential
in our existing production heartlands, such as the North Sea, the Gulf of
Mexico, and the Asia Pacific LNG assets, that will bolster the Group's return
on capital in the near term. We have excellent world-class projects under
construction, for example expansion of the Nigeria LNG facility, which will
sustain performance in the medium term. And we have a developing portfolio of
major new long-term opportunities including those in Russia, Canada and the
Caspian. We are ideally placed for continuing steady growth in earnings and
cashflow, supporting Shell's overall aim of delivering leading returns to our
shareholders."

The Group aims to

  * Deliver pre-tax performance improvements of between $500 million and $800
    million over the next 4 years, by the global re-organisation of the EP
    business
   
  * Invest some $8 to $9 billion per annum in organic investments in the two
    businesses
   
  * Deliver in EP a 6-8% per annum improvement in annual unit earnings at
    reference conditions
   
  * Improve EP ROACE at reference conditions in 2004, following short-term
    dilution driven by recent strategic investments such as Enterprise Oil
   
  * Progress divestments of non-core EP assets in the USA (Gulf of Mexico,
    Michigan) and the UK sector of the North Sea, with estimated sales proceeds
    of over $500 million
   
  * Exceed the GP 6% annual growth target between 2000 and 2005 for LNG sales
   
  * Deliver steady growth in capital employed, earnings and cashflow from the
    combined businesses.
   
Highlights of the presentation were updates on

Strategy

  * The exploration strategy, targeted at finding and maturing new hydrocarbon
    reserves such as the three major discoveries in the Gulf of Mexico in 2002
   
  * The competitive positioning of the EP business on key financial parameters
    including returns on average capital employed (ROACE), costs and operating
    expertise
   
  * The variety of leading edge technologies being applied to Shell businesses
    around the world, reducing costs, increasing production and increasing
    recovery of reserves from existing reservoirs
   
  * Why Shell's portfolio and capabilities will sustain its leading position in
    the global Gas & Power sector
   
  * The development and execution of strategy in the main gas markets of
    Europe, North America and Asia.
   
Portfolio

  * Projects, such as Athabasca oil sands in Canada and Bijupira Salema in
    Brazil, that support the Group's capability to grow hydrocarbon production
    by an average of 3% per annum from 2000 - 2007
   
  * Shell's leading gas reserves position - a reserve life of 15 years - and
    the ways in which these are being monetised, including LNG and Gas to
    Liquids
   
  * Encouraging progress in marketing LNG to customers in Japan from the
    potential major $10 billion investment on Sakhalin Island, Russia
   
  * Portfolio activity in the GP business, that has included divestments
    exceeding $2 billion in the last 15 months
   
The two businesses are expected to contribute strongly to the achievement of
the Group's targets, including returning Group ROACE at reference conditions
(including $16/bbl Brent) to the target range of 13-15% and the long-term
growth of dividends above the rate of local inflation.

Investor Relations enquiries:

London
Simon Henry +44 (0)20 7934 3855
Gerard Paulides +44 (0)20 7934 6287

The Hague
Bart van der Steenstraten +31 (0)70 377 3996

New York
David Sexton +1 212 218 3112

This announcement contains forward-looking statements that are subject to risk
factors associated with the oil, gas, power, chemicals and renewables
businesses. It is believed that the expectations reflected in these statements
are reasonable, but may be affected by a variety of variables which could cause
actual results or trends to differ materially, including, but not limited to:
price fluctuations, actual demand, currency fluctuations, drilling and
production results, reserve estimates, loss of market, industry competition,
environmental risks, physical risks, legislative, fiscal and regulatory
developments, economic and financial market conditions in various countries and
regions, political risks, project delay or advancement, approvals and cost
estimates.



END