Royal Dutch (a) Shell (b) f1227.800b 8.6300 1.6114 (fl/US$) 0.6443 (/US$) $141.368 $13.394 1 6 $141.368 $80.366 $141.375 $81.875 -0.01% -1.84% Exhibit 8 Prices on Royal Dutch and Shell, January 3, 1996 Security Price/Location 1. Quoted share price in Europe 2. Exchange Rate 3. Imputed US$ price of shares in Europe (1/2) 4. Number of shares in Europe to that in US 5. Imputed US$ price of shares in Europe (3 x 4) 6. Quoted US$ price of shares in New York 7. Geographic differential (5/6 -1) 8. Royal Dutch / Shell equivalent price Europe New York 9. Royal Dutch / Shell Differential (8a/8b) Europe New York a Prices from close of Amsterdam and London markets, respectively. b fl represents Netherlands guilders. Quoted at 3:00 p.m., New York time. $141.368 $124.222 $141.375 $126.554 13.80% 11.71% d Prices from close of New York market. e According to the alliance between Royal Dutch and Shell, one share of Royal Dutch received the cash flows of 1.5457 Shell ADRs.