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Shell confirms Dutch Shell Pension Fund may be impacted by Madoff fraud

SHELL PENSION FUND EXCEPTIONAL STATEMENT

WEDNESDAY 17 DECEMBER 2008

In principle the Pension Fund does not comment on specific strategies or investments. In view of the seriousness of the spurious allegations made by Mr. Kaland on NOVA television last night, exceptionally, the Pension Fund wishes to publish this correction statement.

The Dutch Shell Pension Fund has made some indirect investments that may be affected by the Madoff affair. The originally invested amounts, in total some USD 45 million, are many times lower than the amount of EUR 1 billion that Mr. Kraland repeatedly mentions. Even when these investments would have to be written off in their entirety, the impact thereof on the financial position and the funding status of the Pension Fund would be very limited.  

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