1. 2012 Results
and outlook
d tl k
February 2013
Results and outlook – February 2013 1

2. Results
ZONE D’IMAGE
Results and outlook – February 2013 2

3. HSE is everyone’s responsibility
A global safety framework for
• Assessing and minimizing risk
g g
• Mitigating consequences of incidents
• Learning lessons from incidents
Improving TRIR
while increasing activity
490
5.1 million
man-hours
worked
1.8 TRIR
430
2006 2012
Minimizing environmental impact by
• Reducing GHG emissions
• Improving energy efficiency
• Limiting footprint on local environment
Results and outlook – February 2013 3

4. Favorable 2012 environment
BRENT Stable on average GAS Different regional evolutions
20 16 $/Mbtu
120 112 $/b 15
9 $/Mbtu
100
10
80
5 3 $/Mbtu
Spare 2010 2011 2012
capacity 5% 3% 3%
Change in
oil demand +2.4 Mb/d +0.6 Mb/d +0.8 Mb/d Asia LNG Proxy NBP Henry Hub
2010 2011 2012
Results and outlook – February 2013 4

5. Competitive 2012 performance
Adjusted net income Change in adjusted net income 2012 vs 2011
B$ versus peers*
ers s
16 B$
10%
0%
Upstream
-10%
Refining & Chemicals
Marketing & Services
Other -20%
2010 2011 2012
2012 Group ROACE of 16%
* BP, Chevron, Exxon, Shell – based on public data
Results and outlook – February 2013 5

6. On track to execute 15-20 B$ divestment program
20 B$
Other
in progress
p g
(incl. TIGF)
~ 15 B$ Simplifying portfolio
15 B$
and unlocking value from
• Affiliates and assets
Usan with limited upside
t ted ups de
6 B$ • Assets with low working
interests
• Non-core midstream
and downstream assets
Closed Closed Target
in 2012 or in progress 2012-14
Asset sales integrated into our investment strategy
Results and outlook – February 2013 6

7. Solid cash flow generation
Cash flow allocation
B$
29 B$
Change
Net asset sales in net debt
/ acquisitions
i iti 23.8
23 8 B$ organic investments
Dividend in line with budget
6.8
6 8 B$ di id d iincluding
dividend, l di
Cash flow 2Q12 increase
from operations
Organic
investments
21% gearing down compared
to end-2011
2012
Funding Capex and dividend, increasing financial flexibility
dividend
Results and outlook – February 2013 7

8. Competitive Upstream despite 2012 one-offs
Production Production and Upstream adjusted Net
Mboe/d Operating Income i $/b f T t l and peers*
O ti I in $/boe for Total d *
2012 versus 2011
Start-ups
Start ups Production
+10%
2.35 Decline
2.30
Price Portfolio
effect changes One-offs
Syria / Libya
NOI/boe
Yemen
Elgin -20% +20%
Ibewa
2011 2012
Brent 111.3 $/b Brent 111.7 $/b
* BP, Chevron, Exxon, Shell – based on public data
Results and outlook – February 2013 8

9. Results of revitalized exploration strategy
2012 main discoveries
2012 main new acreage
Norway
King Lear
Kazakhstan
UK Bulgaria
Tajikistan*
Iraq
USA
North Platte Yemen
Mauritania
Myanmar
RDC Philippines
Colombia Ivory Coast
Indonesia
Uganda
Kenya
Nigeria
Eben PNG*
Mozambique*
Brazil Australia
Uruguay
Argentina
Vaca Muerta
Four significant 2012 discoveries and potential for more
* Subject to closing
Results and outlook – February 2013 9

10. 2012 reserve replacement rate
Proved reserves Reserve replacement rate
Bboe at year end
ear
New Portfolio
136%
11.4 contributions changes 11.4
Price
effect
Production
5%
75%
Organic reserve
replacement rate
of 100%
2011 2012 2007-09 2010-12
2012 reserve replacement rate of 93% Expanding reserve base
More than 13 years of proved reserve life
Results and outlook – February 2013 10

11. Focused on delivering projects on time and in budget
CLOV Module lifting on FPSO completed Status of main sanctioned projects
Subsea installation campaign started % of EPC progress Start-up
Angola LNG 2013
Kashagan 2013
OML 58 Upgrade 2013
Ekofisk South 2014
Anguille 3 2013
Laggan Subsea gas export pipeline installed CLOV 2014
Tormore Shetland gas plant under construction
Laggan-Tormore
gg 2014
GLNG 2015
Ofon 2 2014
Surmont 2 2015
Eldfisk 2 2015
Ichthys 2016
Ichthys Site preparation and civil works in progress Tempa Rossa 2016
CPF hull and pipeline fabrication ongoing
h ll d i li f b i ti i
Martin Linge 2016
Moho Nord* 2016
50% 100%
Progress since Sept 2012 In blue: projects sanctioned in 2012
* Subject to approval of authorities and partners
Results and outlook – February 2013 11

12. Leveraging leading positions in LNG
LNG capacities Increasing LNG volumes to Asia
Mt and redirected cargos
+75%
17 Mt
+40%
50%
13 Mt Decline Under
construction
9 Mt
0%
2007 2012 2017 2011 2012
Expanding global LNG capacity
25% of 2012 Upstream results from LNG
Results and outlook – February 2013 12

13. Refining & Chemicals, increased results
European margin indicators Adjusted net operating income
€/t $/t B$
1.8 B$
600 Polymer margins
+38%
60 1.3 B$
400
40
200 20
ERMI
0 0
2010 2011 2012 2010 2011 2012
Polymer margins 468 €/t 395 €/t 338 €/t ROACE 6% 5% 9%
ERMI 27 $/t 17 $/t 36 $/t
• Globally improved but volatile • High-level of turnarounds
refining environment in 2012 • Normandy upgrade and Rome closure
• Weak demand for petrochemicals • Good performance of Specialty Chemicals
Improving margin capture
I i i
Results and outlook – February 2013 13

14. Jubail, starting up a major new platform
Start-up schedule
End of construction phase Start-up of units phase Ramp-up to nominal capacity
1Q 2013 2Q 2013 3Q 2013 4Q 2013
Construction
95% complete
Pre-
Pre-commissioning
43% progress
31,000 people
mobilized on site
400 kb/d full-conversion refinery
full-
integrated with petrochemicals
On
O track for 2013 start-up
kf
Results and outlook – February 2013 14

15. Marketing & Services, robust performance
Strengthening leadership
in Africa and Middle East
2012 Marketing & Services
adjusted net operating income
dj t d t ti i
1.1 B$
Other Asia
Americas
Growing in high-value lubricants Lubricants and Africa/
and other specialties other specialties Middle East
1.3 B$
Retail network /
Commercial sales Europe
New Energies -0.2 B$
Providing diverse energy solutions
Diverse worldwide positions provide
strong resilience and growth potential
Results and outlook – February 2013 15

16. High-potential exploration in next 12 months
Elephant and Big Cat prospects
Elephant and Big Cat prospects
2013 exploration budget
increased t 2 8 B$
i d to 2.8
Target 60+ wells with 90%
rigs already under contract
Egypt
Libya
Iraq
q
USA - GoM
Mauritania
French Guiana Ivory Coast Indonesia
Gabon
Kenya
Angola
Australia
Brazil
Argentina
Drilling
D illi more than 5 Bb unrisked net share
h Bboe i k d h
Results and outlook – February 2013 16

17. Stable net investments in 2013
Net investments
B$
Organic Net asset sales
investments* / acquisitions
30 28 B$ 6 B$
Net
N t
investments 22 B$ net investments 2013 budget
22 B$ in line with actual 2011 and 2012
20
23 Upstream
80% of budget dedicated to Upstream
Well-advanced asset sale program
p g
10
for 2013
2 Marketing & Services**
3 Refining & Chemicals
2013 Budget
* Excluding acquisitions and asset sales, including net investments in equity affiliates and non-consolidated companies
** Including 0.4 B$ for New Energies
Results and outlook – February 2013 17

18. Outlook
ZONE D’IMAGE
Results and outlook – February 2013 18

19. Evolving markets with limited impact
on fundamentals
OIL Production capacity LNG Supply and demand
Mb/d 60 Mb/d of Mt/y
incremental
production
100
600 LNG demand
Tight il
Ti ht oil,
Extra Heavy Oil
Unsanctioned
400 identified projects
Decline
200 Existing facilities
and approved projects
Spare
capacity 5% 2-4%
2010 2030 2010 2030
• Tight oil production increasing • North American LNG exports to affect
to more than 5 Mb/d in 2030 market balance
• Strong support for oil prices • Challenges to increase supply remain
Results and outlook – February 2013 19

20. Exciting pipeline of major start-ups
Focusing on execution to deliver sanctioned projects on time and in budget
2012 2013 2014 2015 2016
Usan* Sulige Ekofisk South Eldfisk 2 Tempa Rossa
Islay Anguille Ph 3 CLOV Surmont 2 Moho Nord**
Bongkot South Angola LNG Laggan-Tormore GLNG Martin Linge
Halfaya
H lf Kashagan
K h Ofon
Of 2 Termokarstovoye
T k t Ichthys
I hth
South Mahakam OML 58 Upgrade
Utica
160 kboe/d 190 kboe/d 160 kboe/d 260 kboe/d
Developing more than 750 kboe/d of equity production 50% OECD
production,
* Sale process ongoing
** Subject to approval of authorities and partners
Results and outlook – February 2013 20

21. Increasing visibility for production growth
Production ~3
Mboe/d Brent i
Mb /d - B t price 100 $/b Mboe/d
Mb /d
+1 Mboe/d
3 2011-15 Confirming targets
~3% CAGR
Gas • 2011 15 ~3% CAGR
2011-15 3%
• 2017 potential for 3 Mboe/d
2 Oil-
indexed
gas
Accelerating growth post 2015
post-2015
1 90% of 2017 potential already
Liquids in production or under development
Reducing decline rate to 3-4%
2012 2013 2015 2017
New projects Projects under study
On track to achieve targets
Includes estimated impact of asset sales. New projects include 2012 start-ups.
Results and outlook – February 2013 21

22. High-quality Upstream projects
Expected return of 2012-17 project start-ups
for T t l d
f Total and peers**
Large investment program
IRR (%) with competitive profitability
16 • Well-defined investment criteria
• Balance of short / long plateau projects
14 Strict discipline in controlling costs
• Emphasis on pre-sanction engineering
• Lump-sum contracts favored
12 • Foster competition by diversifying supplier pool
and sourcing from low-cost countries
10 NPV 0% / boe
0 10 20 30
Investing with discipline and expertise for profitable growth
* Source Wood Mackenzie GEM Q2 Brent LT 85$12/b ; BP, Chevron, Exxon, Shell
Results and outlook – February 2013 22

23. Building foundation for post-2017
Exploration Production base Long-plateau projects
6 Bboe risked
exploration potential* More than 45 years of resources
• Replacing reser es
reserves • Deep offshore • Giant fields
through exploration • Brownfield developments / • LNG
• Focus on major prospects EOR • Unconventional
• Reducing time-to-market
g • Satellite tie-backs • Oil sands
Converting resources of today and tomorrow into production
* Excluding unconventional
Results and outlook – February 2013 23

24. Refining & Chemicals,
on track to achieve profitability target by 2015
p y g y
2011 - 2012 2013 2014 - 2015
Efficiencies /
synergies
+2.5% 13%
Portfolio
changes
Specialty +2%
Major projects chemicals
2013
9.5% 2013
on main platforms +1%
+1.5%
+1 5%
2012
6% 7%
Port Arthur, 200 M$
Cepsa,
Normandy, Qatar, in 2013 out of
Dunkirk,
Jubail (start-up), 650 M$
2010 Resins… 2015
Daesan,
Daesan Antwerp 2015 t
target
t
ROACE based on 2010 environment
ERMI 27 $/t, mid-cycle for petrochemicals, $/€ 1.33
Results and outlook – February 2013 24

25. Rising cash flow supports investment strategy
Operating cash flow and net investments*
B$
40
Accelerating cash flow growth
• Accretive contribution of start-ups
p
• Restructuring Refining & Chemicals
20 Investing for the future
• More than 20 major projects
• Planned net investments include
unsanctionned projects
• Executing 15-20 B$ asset sale program
Average Average Average
2008-11 2012-14 2015-17 Strenghtening financial position
Group cash flow from operations Net investments
Flexibility on part of unsanctioned Capex
Free cash flow to fund competitive dividend growth
* 2013-17 in a Brent 100 $/b scenario
Net investments = Capex + acquisitions – asset sales
Results and outlook – February 2013 25

26. Strategic rebalancing of capital employed
Capital employed and share Upstream Capital Employed
of non-producing assets
f d i t
Downstream
D t
& other
80% Non-OECD
75% countries
Upstream
50%
45%
35%
Share of non-producing
non producing
capital employed 34% OECD
22% 22%
of business segments
29% countries
reducing from 2013
2007 2012 2017 2007 2012 2017
More leveraged to Upstream increasing share of producing assets
Upstream,
Results and outlook – February 2013 26

27. Strong financial position and dividend policy
Strong balance sheet 2012 total shareholder returns*
B$ in
i $
Net debt 8.0%
100
50 Equity
Gearing 27% 22% 23% 21%
2009 2010 2011 2012 Chevron Exxon BP Shell
• Favorable access to capital markets • Competitive shareholder returns
• 20-30% target range for gearing • Increased dividend by 3.5% in 2Q12
* Based on public data
Results and outlook – February 2013 27

28. Committed to operating responsibly
Being a responsible investor in Myanmar
Promoting ethical values,
human rights and transparency
Units of Pazflor project made in Angola
Respecting the environment
Improving access to energy
Building long-term relationships
B ildi l t l ti hi
Fostering local development
Low-cost solar lamps in Indonesia
and employment
Results and outlook – February 2013 28

29. A clear path forward
Relying on exploration success
to provide future organic growth
Delivering next generation
g g
of major Upstream projects
Increasing competitiveness
with a restructured Downstream
Engaged in a responsible and sustainable manner
Results and outlook – February 2013 29

30. Appendix
ZONE D’IMAGE
Results and outlook – February 2013 30

31. Diversified portfolio of major Upstream projects
Capacity
Projects Countries (kboe/d) Share Op* Status Production
Mboe/d
Sulige China Gas 50 49% Dev.
Brent price 100 $/b
Anguille Redev. Ph.1-3 Gabon Liquids 20 100%  Dev. ~3
Angola LNG Angola LNG 175 13.6% Dev. Mboe/d
Kashagan Ph.1 Kazakhstan Liquids 300 16.8% Dev. 2011-15
+1 Mboe/d
3
2013 OML 58 Upgrade Nigeria Gas/Cond. 70 40%  Dev. ~3% CAGR Gas
Ekofisk South Norway Liq/Gas 70 39.9% Dev.
West Franklin Ph.2 UK Gas/Cond. 40 46.2%  Dev. Oil-
indexed
CLOV g
Angola Deep off.
p 160 40%  Dev. 2 gas
Laggan-Tormore UK Deep off. 90 80%  Dev.
Ofon 2 Nigeria Liq/Gas 70 40%  Dev.
1
Eldfisk 2 Norway Liq/Gas 70 39.9% Dev.
Liquids
Surmont Ph.2 Canada Heavy oil 110 50% Dev.
GLNG Australia LNG 150 27.5% Dev.
Incahuasi Bolivia Gas 50 60%  FEED 2012 2013 2015 2017
2015 Termokarstovoye Russia Gas/Cond.
Gas/Cond 65 49% Dev.
Dev New projects Projects under study
Vega Pleyade Argentina Gas 70 37.5%  FEED
Tempa Rossa Italy Heavy oil 55 75%  Dev.
Moho North Congo Deep off. 100 53.5%  Dev.
Martin Linge (Hild) Norway Liq/Gas 80 51%  Dev. Operating cash flow
Ichthys Australia LNG 335 30%*** Dev. and net investments
Dagny Norway Liq/Gas ~95 38% Dev. B$
Ikike (OML 99) Nigeria Liq/Gas 55 40%  FEED 40
Egina Nigeria Deep off. 200 24%  FEED
Block 32 - Kaombo Angola Deep off. 200 30%  FEED
Shah Deniz Ph.2 Azerbaijan Gas 380 10% Study
Yamal LNG Russia LNG ~450 20%** FEED 20
2017 Blocks 1, 2 and 3A Uganda Liquids 200-250 33.3%  Study
Linnorm Norway Gas 100 20% FEED
Ahnet
Ah t Algeria
Al i Gas
G 70 47% Study
St d
Fort Hills Canada Heavy oil 180 39.2% FEED
Joslyn North Mine Canada Heavy oil 100 38.25%  FEED Average Average Average
2008-11 2012-14 2015-17
Brass LNG Nigeria LNG 300 17% FEED
Shtokman Russia LNG 410 25% Study Group cash flow from operations
IMA (OML 112) Nigeria Gas 60 40%  Study Net investments
Flexibility on part of unsanctioned Capex
* Total operated; in Uganda, Total operator of Block 1
** Direct stake in the project
*** Increase from 24% to 30% subject to closing
Results and outlook – February 2013 31

32. 2013 net cash flow sensitivity
Brent is the main environmental
+10 $/b Brent driver for results
Low exposure to Henry Hub gas price
+1%
production
+10 $/t ERMI
B$ 1 2 3
Brent 100 $/b; ERMI 30 $/t; 1 € = $1.30
Indicated sensitivities are approximate and based upon TOTAL’s current view of its 2013 portfolio.
Results may differ significantly from the estimates implied by the application of these sensitivities.
Results and outlook – February 2013 32