1. THIRD QUARTER 2013 RESULTS
13 NOVEMBER 2013
LUCA BETTONTE, CEO

2. DISCLAIMER
This document contains certain forward-looking information that is subject
to a number of factors that may influence the accuracy of the statements
and the projections upon which the statements are based.
There can be non assurance that the projections or forecasts will ultimately
prove to be accurate; accordingly, the Company makes no representation or
warranty as to the accuracy of such information or the likelihood that the
Company will perform as projected.
2

3. AGENDA
3Q 2013 Highlights
Key Figures
✓ Recent Developments
✓
Results Review
Business Environment
✓ 3Q 2013 Group EBITDA
✓ Results by Segments
✓
Key Financials
Profit & Loss
✓ Investments
✓ Cash Flow Statement
✓
2013 Guidance and Conclusions
Appendix
3

4. HIGHLIGHTS: KEY FIGURES
RC Ebitda Adj (€mn)
437
RC Net Profit (€ mn)
36
330
275
POWER & GAS
RENEWABLES
REFINING & MARKETING
CORPORATE
239
125
186
100
80
10
(19)
26
(2)
(22)
9M 2012 9M 2013
24
(5)
3Q 2012
143
12
100
11
3
36
13
(6)
0
0
9M 2012 9M 2013
3Q 2013
3Q 2012
3Q 2013
1,565
44%
722
638
(1)
1,398
NFP EXCL. DERIVATIVES
DERIVATIVES
27%
84
31/12/2012
Leverage
167
30/09/2013
0
Strong Renewables and Power, weak R&M
(1)
Adjusted Net Financial Position does not include NFP of ISAB Srl
4
Highlights

5. RECENT DEVELOPMENTS
•
Renewables •
•
Gebeleisis wind farm (70MW) in Romania consolidated as of July 1, 2013
On September 5, 2013: closing for Hrabrovo wind farm (14MW) in Bulgaria (EV: €17.6mn)
On October 31, 2013: closing for acquisition of ERG Wind O&M activities (EV: €10mn)
Further step in geographical diversification and
integration of O&M activities to manage wind farms
•
Refining
•
•
On October 9, 2013 ERG approved the exercise of the PUT option on the remaining
20% of ISAB Refinery
Asset value: €400mn excluding inventories
Closing expected by end of 2013
Invested capital reallocated towards less volatile sectors
with visible cash flows
5
Highlights

6. RESULTS REVIEW
PAOLO MERLI
FINANCE DIRECTOR
6

7. BUSINESS ENVIRONMENT
Renewables: Electricity Prices (€/Mwh)
159
Electricity Prices (€/Mwh)
155
119
116
105
103
82
95
96
9596
94
90
89
4Q 2012
3Q 2012
FRANCE
ITALY
(1)
1Q 2013
BULGARIA
3Q 2013
2Q 2013
GERMANY
ROMANIA(2)
66
3Q 2012
4Q 2012
ITALIAN PRICE
Industry Retail Fuels Volumes (M tons)
1Q 2013
3Q 2013
2Q 2013
ZONAL PRICE SICILY
CIP6
EMC Margin ($/bbl)
2.29
6.13
5.89
(3.45)
3Q 2012
4Q 2012
1Q 2013
2Q 2013
3Q 2013
3Q 2012
4Q 2012
1Q 2013
2Q 2013
3Q 2013
Italian price is theoretical price based on National Average Electricity Price (PUN) + GC
(2) Price in Romania is based on ERG Renew average price which includes two GCs. Second GC will be cashed in from 2018 onwards
(1)
Results Review
7

8. 3Q 2013 GROUP EBITDA
20
(11)
(1)
125
10
143
1,292
0
3Q 2012
Renewables
Power & Gas
Refining & Marketing
Corporate
3Q 2013
Ebitda growth driven by Renewables and Power
8
Results Review

9. RENEWABLES RESULTS
RC Ebitda (€ mn)
Volumes (Gwh)
1,809
186
60
84
103
4
5
7
870
92
170
ERG Wind
ERG Wind
873
100
0.6
9
5
85
1,561
409
779
94
0.6
1
26
25
9M 2012
36
1
2
2
31
9M 2013
3Q 2012
9
14
9M 2012
243
20
GERMANY
ERG Wind
330
0
3Q 2012
3Q 2013
ERG Wind
ITALY
170
23
211
9M 2013
32
27
FRANCE
LUKERG(1)
0
3Q 2013
Strong growth driven by ERG Wind
(1)
LUKERG: ERG ‘s stake = 50% in Bulgaria and Romania
9
Results Review

10. POWER RESULTS
RC Ebitda (€ mn)
ISAB ENERGY
ERG POWER
239
Volumes (Gwh)
275
5,231 5,213
3,219
3,039
195
177
1,834
100
80
63
80
64
2,192
1,994
73
1,061
773
9M 2012
16
681
0
3Q 2013
27
9M 2013
3Q 2012
1,109
9M 2013
3Q 2012
9M 2012
1,790
0
3Q 2013
Strong figures in Power
10
Results Review

11. MARKETING RESULTS
RC Ebitda (€ mn)
TOTALERG
EOS
Market Share (%)
44
42
11.2%
10.1%
31
39
1.0%
20
3Q 2012
0.8%
4Q 2012
1Q 2013
2Q 2013
3Q 2013
11
18
11
5
9M 2013
TOTALERG
8
3
9M 2012
EOS
3Q 2012
3
0
3Q 2013
Q3 improved despite a still tough environment
11
Results Review

12. REFINING RESULTS: COASTAL AND INLAND
COASTAL REFINING
INLAND REFINING(1)
9M 2012
Volumes(2) (k tons)
RC Ebitda (€ mn)
9M 2013
3Q 2012
7,270
3Q 2013
13
3,801
5
9
0.3
3,469
2
(10)
0
(9)
9M 2012
2,677
1,668
1,009
9M 2013
(7)
(32)
2,300
980
1,147
1,153
640
340
3Q 2012
0
3Q 2013
Margins ($/bbl)
4.14
(37)
3.00
2.29
1.82
0.52
(32)
(3.45)
(47)
Worsened and negative Refining
(1)
(2)
3Q 2012
4Q 2012
1Q 2013 2Q 2013 3Q 2013
EMC MARGIN
COASTAL REFINING MARGIN
INLAND REFINING MARGIN
Inland Refining EBITDA includes Logistics
Volumes relate to 100% of TOTALERG stake in Rome (100%) and Sarpom (24%)
12
Results Review

13. KEY FINANCIALS
13

14. PRO-FORMA REPLACEMENT COST P&L
9M 2013
9M 2012 Euro millions
3Q 2013
3Q 2012
437
330
RC Adjusted EBITDA
143
125
(215)
(184)
Amortization and depreciation
(72)
(61)
221
146
RC Adjusted EBIT
71
64
(64)
(51)
Net financial income (expenses)
(17)
(15)
4
(1)
Net income (loss) from equity investments
1
(1)
161
94
RC Results before taxes
55
47
(82)
(54)
Income taxes
(28)
(22)
79
40
RC Results for the period
27
26
(43)
(38)
Minority interests
(17)
(14)
36
3
RC Net profit
11
12
Note: figures based on NO GAAP measures
14
Key Financials

15. ADJUSTED INVESTMENTS
162
15
POWER & GAS
RENEWABLES (1)
REFINING & MARKETING (2)
CORPORATE
(€ mn)
113
20
119(4)
54
60
(3)
5
29
38
0.7
9M 2012
27
1
9M 2013
0.2
9
7
13
3Q 2012
45
(5)
0.3 10
0
3Q 2013
Renewables adjusted for LUKERG Renew (50%).
(2) R&M adjusted for TOTALERG (51%). It does not include ISAB Srl as of September 2012
(3) It includes investment for the acquisition of Tcherga (ca. €26mn)
(4) It includes investment for the acquisition of Gebeleisis (ca. €55mn) and Hrabrovo (ca. €9mn)
(5) It includes investment for the acquisition of Hrabrovo (ca. €9mn)
(1)
15
Key Financials

16. 9M 2013 ADJUSTED CASH FLOW STATEMENT
63
(6)
(4)
1,799
1,565
(276)
1,510
800
722
44%
1,289
68
98
(373)
39%
64
132
722
27%
0
Adj. Net
Debt
31/12/2012
Cash Flow
from operation
Working
Capital
CAPEX
Financial
Charges
Dividends
ERG Wind
Acquisition
Gebeleisis &
Eolo
Hrabrovo
Disposal
Acquisition
Taxes
and Other
NFP 51%
Adj. Net TotalErg and Net Debt
30/09/2013
Debt
50%
reported
30/09/2013 LUKERG
Renew
Leverage
16
Key Financials

17. 2013 GUIDANCE AND CONCLUSIONS
LUCA BETTONTE
CEO
17

18. 2013 GUIDANCE AND CONCLUSIONS
>500
437
EBITDA:
✓Economic guidance confirmed after 9M results
0
9M 2013
P&G
2013 FCST
RENEWABLES
R&M
CORPORATE
≈220
CAPEX:
162
✓FY Capex guidance confirmed
✓For 3M focus will be in Renewables:
advancement in Romania
and in Palazzo San Gervasio wind farm construction
9M 2013(1)
2013
1,565
FCST(2)
0
≈1,300
NFP:
✓Guidance confirmed
0
9M 2013
LIQUIDITY
(1) It
2013
PF
FCST(3)
OTHER AT MLT
Strong growth consistent with
new business model
does not include 20% ISAB investments (ca. €16mn); it includes €55mn for Gebeleisis in Romania, and €9mn for Hrabrovo in Bulgaria
(2) It includes M&A investments in Renewables: €55mn for Gebeleisis in Romania, €9mn for Hrabrovo in Bulgaria and €10mn for ERG Wind O&M activities
(3) It assumes closing of put on ISAB refinery within 31.12.2013
18

19. APPENDIX
19

20. 9M 2013 GROUP EBITDA
36
(13)
(3)
86
330
437
1,292
0
9M 2012
Renewables
Power & Gas
Refining & Marketing
Corporate
9M 2013
Ebitda growth driven by Renewables and improvement in R&M
20
Appendix

21. 3Q 2013 ADJUSTED CASH FLOW STATEMENT
17
(6)
9
11
51
(121)
(276)
141
1,565
1,462
44%
1,462
1,289
43%
1,233
39%
0
Adj. Net
Debt
30/06/2013
Cash Flow
Working
from operation Capital
CAPEX
Financial
Charges
Eolo
Disposal
Hrabrovo
Acquisition
Taxes
and Other
NFP 51%
Adj. Net TotalErg and Net Debt
50%
30/09/2013
Debt
reported
30/09/2013 LUKERG
Renew
Leverage
21
Appendix

22. 3Q AND 9M 2013 RESULTS
9M 2013
9M 2012 Euro millions
Adjusted Revenues
3Q 2013
3Q 2012
2,762
3,184
7,525
9,811
437
330
RC EBITDA Adjusted
143
125
186
100
- Renewables
36
26
275
239
- Power & Gas
100
80
(2)
10
- Refining & Marketing
13
24
(22)
(19)
- Corporate
(6)
(5)
22
Appendix

23. RENEWABLES: KEY FIGURES (1/2)
9M 2013
9M 2012
1,265
572
3Q 2013
Installed capacity (end-period, MW)
3Q 2012
1,265
572
1,053
487
of which:
1,053
487
- Italy
86
n.a.
- Germany
86
n.a.
64
64
- France
64
64
27
20
- Bulgaria (1)
27
20
35
n.a.
- Romania (1)
35
n.a.
1,809
873
Electricity Production (GWh)
409
243
of which:
1,561
779
- Italy
330
211
103
n.a.
- Germany
27
n.a.
84
85
- France
20
23
40
9
- Bulgaria (1)
12
9
21
n.a.
- Romania (1)
21
n.a.
(1)
ERG ‘s stake = 50%
23
Appendix

24. RENEWABLES: KEY FIGURES (2/2)
9M 2013
9M 2012 Euro millions
3Q 2013
3Q 2012
RC EBITDA:
170
94
Italy
31
25
7
n.a.
Germany
2
n.a.
5
5
France
1
1
4
1
LUKERG (1)
2
1
of which:
3
- Bulgaria (1)
1
1
1
n.a.
- Romania (1)
1
n.a.
186
100
Total RC EBITDA
36
26
(94)
(48)
Depreciation
(31)
(17)
92
(1)
1
52
5
10
ERG ‘s stake = 50%
RC EBIT
24
Appendix

25. ISAB ENERGY: KEY FIGURES
9M 2013
9M 2012
3Q 2013
3Q 2012
3,219
3,039
Sales (Gwh)
1,109
1,061
481
468
Sales (€ mn)
169
166
195
177
RC EBITDA (Eu mn)
73
64
158
140
RC EBIT (Eu mn)
61
52
92%
88%
Net capacity utilization (%)
95%
91%
116
119
CIP6 tariffs (Eu/MWh)
116
119
128
106
EBITDA IT GAAP (Eu mn)
49
41
25
Appendix

26. ERG POWER: KEY FIGURES
9M 2013
9M 2012 Euro millions
3Q 2013
3Q 2012
Electricity Production (GWh)
681
773
1,994
2,192
80
63
RC EBITDA
27
16
(21)
(20)
Depreciation
(7)
(7)
59
43
RC EBIT
20
9
26
Appendix

27. INTEGRATED DOWNSTREAM: KEY
9M 2013
9M 2012 Euro millions
(1)
FIGURES
3Q 2013
3Q 2012
34
42
Adjusted RC EBITDA
23
19
44
42
- Marketing
20
10
(10)
0
- Inland refining and logistics
2
9
(44)
(46)
Adjusted Depreciation
(15)
(15)
(10)
(4)
Adjusted RC EBIT
8
4
27
25
Investments
10
10
11.3%
10.9%
TOTALERG retail market share(2)
11.2%
10.1%
0.9%
1.0%
EOS retail market share
0.8%
1.0%
Figures include 51% stake inTOTALERG and 100% EOS
(2) Estimated market share referring to 100% of TOTALERG
(1)
27
Appendix

28. COASTAL REFINING: KEY
9M 2013
9M 2012 Euro millions
(1)
FIGURES
3Q 2013
3Q 2012
25
86
Gross refining margin
13
41
(37)
(32)
Adjusted RC EBITDA
(9)
5
(17)
(32)
Adjusted Depreciation
(6)
(10)
(54)
(64)
Adjusted RC EBIT
(15)
(5)
0
14
0
3
Investments(2)
Figures are adjusted for ERG’s stake in ISAB Srl (40% from January to August 2012, 20% afterwards)
(2) Investments do not include 20% ISAB investments
(1)
28
Appendix