SECOND QUARTER 2014 RESULTS7 AUGUST 2014

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.

3

AGENDA

2Q 2014 Highlights✓ Key Figures✓ Recent Developments in 2Q 2014

Results Review✓ Business Environment✓ 2Q 2014 Group EBITDA✓ Results by Segments

Key Financials✓ Profit & Loss✓ Investments ✓ Cash Flow Statement

2014 Guidance and ConclusionsAppendix

4

RC Ebitda Adj (€ mn)

HIGHLIGHTS: KEY FIGURESRC Net Profit (€ mn)

Strong growth in Net Profit

POWER

RENEWABLES

INTEGRATED DOWNSTREAM

CORPORATE

293

175

149

(16)(16)

58

(14)(9)

1H 20132Q 2014

1H 2014 2Q 2013

120147

150

(14)17

6385

63

12(6)

1H 20132Q 2014

25

(2)

1H 2014 2Q 2013

Highlights

Leverage

DERIVATIVES

ADJ. NFP EXCL. DERIVATIVES

34%

41%

1,234

30/06/2014

1,058

176

868

147

31/12/2013

1,015

300

132

63

20

Adj NFP (€ mn)

5

RECENT DEVELOPMENTS

✓Acquisition of a wind farm project in Poland (42MW) which will enter into operation by 1H 2015

✓ Finalisation of 3 project financing for a total of €167mn for Gebeleisis and Topolog wind farms in Romania and Palazzo San Gervasio wind farm in Italy

✓Completion of ISAB Energy transaction:

- Antitrust Authority approval

- GSE’s acceptance of CIP6 early termination from July, 1

- Acquistion of 49% minority in ISAB Energy from GDF-SUEZ on June, 16

- Sale of IGCC production plant to LUKOIL on June, 30

- Overall estimated net cash-in of about €300mn (positive impact on 2H14)

Highlights

6

RESULTS REVIEW

CFO

PAOLO MERLI

7

BUSINESS ENVIRONMENT

2Q 2013 3Q 2013 4Q 2013 1Q 2014 2Q 2014

ITALIAN PRICE ZONAL PRICE SICILY CIP6

Electricity Prices (€/MWh)

115

9886

57

Results Review

2Q 2013 3Q 2013 4Q 2013 1Q 2014 2Q 2014

Renewables: Electricity Prices (€/MWh)

148144

90 9197 96

(1) Italian price is theoretical price based on National Average Electricity Price (PUN) + GC

94

79

FRANCE ITALY BULGARIA GERMANY ROMANIA(1)

71

47

95

2Q 2013 3Q 2013 4Q 2013 1Q 2014 2Q 2014

Industry Retail Fuels Volumes (M tons)

5.725.62

2Q 2013 3Q 2013 4Q 2013 1Q 2014 2Q 2014

EMC Margin ($/bbl)

(1.04)

(2.3)

97

8

1,292

2Q 2013

120 5 26(22)3

PowerRenewables Integrated Downstream Corporate 2Q 2014

132

2Q 2014 GROUP EBITDA

Growth driven by exit from Coastal Refining and Renewables

Results Review

9

RC Ebitda (€ mn)

RENEWABLES RESULTS

1,400

Volumes (GWh)

2

139

Results Review

4

(1) LUKERG: ERG ‘s stake = 50% in Bulgaria and Romania

5

ERG Wind

29

700

ERG Wind

590

27

516

32286

ERG Wind

150

58

54

2

ERG Wind

78

ITALY FRANCE LUKERG(1)GERMANY

65

12

76

31

0.62

1,231

2Q 2013

1H 2013

2Q 2014

1H 2014

2Q 2013

1H 2013

2Q 2014

1H 2014

Weaker production in Italy, higher abroad

1,408

1,128

131

7277

491

29

5725

60268

ERG Wind

247

ERG Wind

149

63

7

131

57

57

23 1

623

ERG Wind

26

ERG Wind

10

RC Ebitda (€ mn)

POWER RESULTS

Volumes (GWh)

Weaker results due to decline of CIP6 tariff

and weaker merchant environmentResults Review

5347

28

19

122

100

57

45

ERG POWERISAB ENERGY

147

85

1H 2013

2Q 2013

1H 2014

2Q 2014

175

63

3,227

1H 2013

2Q 2013

3,423

1,6171,630

1H 2014

2Q 2014

2,042

1,185

1,032

585

2,109

1,3141,037

592

(12) (9) (8) (5)

3 2

21

(16)

17

(14)

12

(27) (21)

21 21

2

1315

11

RC Ebitda (€ mn)

INTEGRATED DOWNSTREAM RESULTS

TOTALERG Market Share (%)

Exit from Coastal Refining and higher contribution from TotalErg

11.4%

10.7%

Results Review

RC Ebitda (€ mn)

4Q 20132Q 2013 3Q 2013 1Q 2014 2Q 2014

Refining: processed Volumes(2) (k tons)

670 683328 316

1,028

555

1,698

883

(1) TOTALERG Refining EBITDA includes Logistics(2) Volumes relate to 100% of TOTALERG stake in Sarpom (24%)

TOTALERG REFININGCOASTAL REFINING

TOTAL INTEGRATED DOWNSTREAMTOTALERG MARKETINGTOTALERG REFININGEOSERG SUPPLY & TRADINGCOASTAL REFINING

(1)

1H 20132Q 2013

1H 20142Q 2014

1H 20132Q 20131H 2014

2Q 2014

316

683

12

KEY FINANCIALS

13

PRO-FORMA REPLACEMENT COST P&L

Note: figures based on NO GAAP measures

Key Financials

1H 2014 1H 2013 Euro millions 2Q 2014 2Q 2013

300 293 RC Adjusted EBITDA 132 120

(129) (143) Amortization and depreciation (66) (73)

170 150 RC Adjusted EBIT 66 47

(34) (47) Net financial income (expenses) (19) (23)

3 3 Net income (loss) from equity investments 2 2

138 106 RC Results before taxes 49 27

(50) (55) Income taxes (19) (17)

88 52 RC Results for the period 30 10

(25) (27) Minority interests (10) (12)

63 25 RC Net profit 20 (2)

14

ADJUSTED INVESTMENTS

Key Financials

CORPORATEINTEGRATED DOWNSTREAMRENEWABLESPOWER

(2)(1)

17 1611 10

75

13

64

4

10

7

6

4

37

1H 20132Q 2013

(€ mn)

1H 20142Q 2014

102

82

1 1

(3)

(3)

(1) Renewables adjusted for LUKERG Renew (50%).(2) Integrated Downstream adjusted for TOTALERG (51%).(3) It includes investment for the acquisition of Gebeleisis (ca. €55mn)

19

0.4 0.5

15

1,510

33%

41%

37%

Adj. Net Debt

31/03/2014

Cash Flowfrom operation

WorkingCapital CAPEX Financial

Charges

Adj. Net Debt

30/06/2014

NFP 51% TotalErg and

50% LUKERG Renew

Net Debt30/06/2014reported

Leverage

2Q 2014 ADJUSTED CASH FLOW STATEMENT

(26)

(193)

0

Taxesand Other

Key Financials

Dividends Acquisition 49% IE/IES

(112)1,799

1,048

19 19143

Disposal of IE plant to

ISAB

1,234

1,041

32

(43)

153

16

2014 GUIDANCE AND CONCLUSIONS

CEO

LUCA BETTONTE

17

300

1H 2014

2014 GUIDANCE AND CONCLUSIONS

2014 FCST

37

LIQUIDITY PF OTHER AT MLT

1,234

RENEWABLES CORPORATEIDPOWER

1H 20142014 FCST

1H 20142014 FCST

EBITDA:

CAPEX:

NFP:

✓P&G EBITDA decrease from July 1, 2014 after CIP6 early

termination and sale of ISAB Energy plant

✓Like-for-like growth driven by Renewables and exit from

Coastal Refining

✓CAPEX consistent with 2013-2015 Business Plan

✓New Business Plan under definition

✓Guidance updated to include Poland wind farm investment

✓Positive effect on NFP in 2H from ISAB Energy transaction

2014: a year of further transformation

≈470

≈110

≈800

18

APPENDIX

19

1,292

1H 2013

293 (1) (28)33 3

PowerRenewables Corporate 1H 2014

300

1H 2014 GROUP EBITDA

Ebitda growth driven by significant improvement in ID

Appendix

Integrated Downstream

20

1,234

34%

41%

37%

Adj. Net Debt

31/12/2013

Cash Flowfrom operation

WorkingCapital

CAPEX Financial Charges

Adj. Net Debt

30/06/2014

NFP 51% TotalErg and

50% LUKERG Renew

Net Debt30/06/2014reported

Leverage

1H 2014 ADJUSTED CASH FLOW STATEMENT

(193)

0

Capital Increase

DividendsAcquisition 49% IE/IES

(258)

1,799

1,015

37 35143

Disposal IE plant to

ISAB

1,234

1,041

122

153

Appendix

(50)

Dividends to

minorities

Taxesand Other

42

22

(26)

21

1H AND 2Q 2014 RESULTS

Appendix

1H 2014 1H 2013 Euro millions 2Q 2014 2Q 2013

2,086 4,763 Adjusted Revenues 1,048 2,469

300 293 RC EBITDA Adjusted 132 120

149 150 - Renewables 63 58

147 175 - Power 63 85

17 (16) - Integrated Downstream 12 (14)

(14) (16) - Corporate (6) (9)

22

1H 2014 1H 2013 2Q 2014 2Q 2013

1,341 1,232 Installed capacity (end-period, MW) 1,341 1,232

of which:

1,087 1,062 - Italy 1,087 1,062

86 86 - Germany 86 86

64 64 - France 64 64

27 20 - Bulgaria (1) 27 20

77 n.a. - Romania (1) 77 n.a.

1,408 1,400 Electricity Production (GWh) 602 590

of which:

1,128 1,231 - Italy 491 516

77 76 - Germany 29 32

72 65 - France 25 31

32 27 - Bulgaria (1) 14 12

99 n.a. - Romania (1) 43 n.a.

RENEWABLES: KEY FIGURES (1/2)

Appendix(1) ERG ‘s stake = 50%

23

1H 2014 1H 2013 Euro millions 2Q 2014 2Q 2013

RC EBITDA:

131 139 Italy 57 54

7 5 Germany 3 2

5 4 France 1 2

7 2 LUKERG (1) 3 1

of which:

2 2 - Bulgaria (1) 1 1

5 n.a. - Romania (1) 2 n.a.

149 150 Total RC EBITDA 63 58

(65) (63) Depreciation (33) (32)

84 87 RC EBIT 30 26

Appendix(1) ERG ‘s stake = 50%

RENEWABLES: KEY FIGURES (2/2)

24

ISAB ENERGY: KEY FIGURES

Appendix

1H 2014 1H 2013 2Q 2014 2Q 2013

2,042 2,109 Sales (GWh) 1,032 1,037

653 313 Sales (€ mn) 510 152

100 122 RC EBITDA (€ mn) 45 57

75 97 RC EBIT (€ mn) 32 45

89% 92% Net capacity utilization (%) 89% 90%

98 115 CIP6 tariffs (€/MWh) 98 115

58 79 EBITDA IT GAAP (€ mn) 23 36

25

ERG POWER: KEY FIGURES

Appendix

1H 2014 1H 2013 Euro millions 2Q 2014 2Q 2013

1,185 1,314 Electricity Production (GWh) 585 592

47 53 RC EBITDA 19 28

(14) (14) Depreciation (7) (7)

33 39 RC EBIT 12 21

26

INTEGRATED DOWNSTREAM: KEY FIGURES

Appendix

(1) Estimated market share referring to 100% of TOTALERG

1H 2014 1H 2013 Euro millions 2Q 2014 2Q 2013

17 (16) Adjusted RC EBITDA 12 (14)

13 9 - TOTALERG (51%) 10 5

2 3 - ERG Oil Sicilia 1 2

2 n.a. - ERG Supply & Trading 0 n.a.

n.a. (27) - Coastal Refining n.a. (21)

(24) (41) Adjusted Depreciation (12) (22)

(7) (56) Adjusted RC EBIT (0) (36)

16 17 Investments 10 11

10.9% 11.3% TOTALERG retail market share(1) 10.7% 11.4%

27

1H 2014 1H 2013 Euro millions 2Q 2014 2Q 2013

13 75 Renewables 4 64

7 10 Power 4 6

16 17 Integrated Downstream(3) 10 11

1 1 Corporate 0 0

37 102 Adjusted Total 19 82

INVESTMENTS

(1) It includes investment for the acquisition of Gebeleisis (ca. €55mn)(2) It includes ERG quota of investments made by LUKERG Renew(3) It includes ERG quota of investments made by TOTALERG

(1) (2)

Appendix

(1)