Patrick Pouyanne, CEO, presents Total’s Strategy & Outlook to the financial community today

Key messages of the presentation include:

• Strong discipline on organic Capex
  Total is executing its plan to reduce capital expenditures to 23-24 B\\$ in 2015, from the peak of 28 B\\$ in 2013. The Group will further reduce investment down to 20-21 B\\$ in 2016, before returning to a sustainable level of 17-19 B\\$ from 2017 onwards.
• Opex reduction target increased by 50% from 2 B\\$ to 3 B\\$ by 2017
  In 2014 Total was the first major to launch a global cost reduction program. In February 2015, as part of a robust response to lower oil prices, the Group reinforced the program to achieve 1.2 B\\$ savings in 2015. At the end of the first half 2015, 66% of the annual target has already been reached. Leveraging the momentum from these results and taking into account future cost deflation, the Group is further increasing its Opex reduction target by 50% from 2 B\\$ to 3 B\\$ by 2017.
• Strong production growth
  Total achieved a production increase of 11% year on year during the first half of 2015. Production is planned to grow by an average of 6-7% per year between 2014 and 2017 and by an average of 5% per year between 2014 and 2019. Main drivers for production growth include twenty major start-ups, eight of which are in 2015, and increasing production efficiency.
• Free cash flow to organically cover dividend by 2017 at 60 \\$/b
  The Group has demonstrated resilience to lower oil prices in first half of 2015. Capital discipline, further Opex reduction and growing production will deliver improving cash flows. The Group confirms that organic free cash flow will cover the dividend by 2017 at 60 \\$/b.
• Long term vision
  The Group is committed to its oil and gas integrated business model and plans to allocate its capital employed 75% to Upstream and 25% to Downstream. The Group also plans to invest Capex of around 500 M\\$ per year to build profitable businesses in new energies.

Four presentations put specific emphasis on key domains for the future of the Group:

• Cost discipline and operational excellence in Upstream by Arnaud Breuillac, President Exploration & Production and member of the Executive Committee;
• Exploration strategy by Kevin McLachlan, Senior Vice President Exploration;
• LNG business by Laurent Vivier, President Gas;
• Total in Africa by Guy Maurice, Senior Vice President Africa for Exploration & Production and Momar Nguer, Senior Vice President Africa Middle-East for Marketing & Services.

Patrick Pouyanne, CEO, and Patrick de La Chevardiere, CFO, will answer questions from the financial community at the end of the event.