EFTA Document EFTA01385528

> Energy, Materials & Industrials ED Royal Dutch Shell - Lucas Herrmann, BUY, close 2561p, 2700p tgt, 5% upside • Best-in-class absolute cash generation with $25-30bn FCF guided for 2020. • This drives substantial shareholder return. Between the c6% dividend yield and c$25bn of buy-backs. Shell is set to return c$70bn to shareholders over the next three years. Moreover, the dilutive scrip dividend is gone, earlier than expected. • Strong optionality and deep resource base. In addition to