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Fall 2017

SNThe Shareholders' Newsletter

Report // Acquisition of Maersk Oil

#55

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Dear Shareholders,

During our last Investor Day on Monday September 25 in London, we presented Total's strategy and outlook to the financial community.

In a context marked by volatile oil prices, the Group was able to meet its objectives, strengthen its competitiveness and position itself to extend its profitable growth.

In the Upstream segment, Total's production has increased by 18% since 2014. Over this period, the Group's production growth exceeded that of all its main competitors. With the start-up of high-margin projects and the acquisition of Maersk Oil announced in August, our production will grow by an average of 5% per year until 2022. As a result, the free cash flow of Exploration & Production is expected to increase by 5 billion dollars between 2017 and 2022.

The outlook is also positive in the other business segments. By 2022, the Downstream segment free cash flow should increase by 1.5 billion dollars to reach 5 billion dollars. The Gas, Renewables & Power segment is aiming for a free cash flow of 500 million dollars by 2022. We are pursuing our development in low-carbon energies by progressively expanding our portfolio of profitable assets, more notably in the

production of power from gas or renewable energies, with the recent acquisition in EREN Renewable Energy. We continue to maintain strong discipline on costs and investments in all of our business segments. Our organic investments will be kept within the range of 13 to 15 billion dollar, and we are expecting to make 1 billion dollars of additional savings in operating costs to meet our target of 5 billion dollars of savings by 2020. In this respect, our operating costs in Exploration & Production dropped from 9.9 dollars per barrel in 2014 to less than 5.5 dollars per barrel this year, and should go down to 5 dollars per barrel in 2018.

We are constantly striving to create long-term value, particularly for our shareholders, and will continue to leverage on our integrated model, our operational excellence, our financial discipline and our dynamic profitable growth. Hence, by 2019, with an oil price of 50 dollars per barrel, our free cash flow will fully cover the dividend payable in cash.

I look forward to meeting you at the Actionaria exhibition, on Friday November 24, and thank you for your loyalty.

Chairman’s Message

The Investor Day presentation is available on the “Total Investors” application and on total.com > Investors > Results and Investor presentations

CONTENTS

Chairman's message p. 2Perspective: Natural Gas Vehicle Fuel p. 3Highlights pp. 4-5Report: Maersk Oil pp. 6-9Total Shareholders pp. 10-11

Cover: : © TAYLOR KEN – TOTAL

Patrick POUYANNÉ Chairman and Chief Executive Officer of Total

« Total creates value thanks to its operational excellence and dynamic profitable growth. »

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Liquefied Natural Gas

Is particularly suited to long-haul trucks.

Compressed Natural Gas

Covers the whole range of mobility uses, and is particularly suited for urban buses or gar-bage trucks and offers autonomy for trucks of around 300 to 550 kilometers.

Dear Shareholders,

During our last Investor Day on Monday September 25 in London, we presented Total's strategy and outlook to the financial community.

In a context marked by volatile oil prices, the Group was able to meet its objectives, strengthen its competitiveness and position itself to extend its profitable growth.

In the Upstream segment, Total's production has increased by 18% since 2014. Over this period, the Group's production growth exceeded that of all its main competitors. With the start-up of high-margin projects and the acquisition of Maersk Oil announced in August, our production will grow by an average of 5% per year until 2022. As a result, the free cash flow of Exploration & Production is expected to increase by 5 billion dollars between 2017 and 2022.

The outlook is also positive in the other business segments. By 2022, the Downstream segment free cash flow should increase by 1.5 billion dollars to reach 5 billion dollars. The Gas, Renewables & Power segment is aiming for a free cash flow of 500 million dollars by 2022. We are pursuing our development in low-carbon energies by progressively expanding our portfolio of profitable assets, more notably in the

production of power from gas or renewable energies, with the recent acquisition in EREN Renewable Energy. We continue to maintain strong discipline on costs and investments in all of our business segments. Our organic investments will be kept within the range of 13 to 15 billion dollar, and we are expecting to make 1 billion dollars of additional savings in operating costs to meet our target of 5 billion dollars of savings by 2020. In this respect, our operating costs in Exploration & Production dropped from 9.9 dollars per barrel in 2014 to less than 5.5 dollars per barrel this year, and should go down to 5 dollars per barrel in 2018.

We are constantly striving to create long-term value, particularly for our shareholders, and will continue to leverage on our integrated model, our operational excellence, our financial discipline and our dynamic profitable growth. Hence, by 2019, with an oil price of 50 dollars per barrel, our free cash flow will fully cover the dividend payable in cash.

I look forward to meeting you at the Actionaria exhibition, on Friday November 24, and thank you for your loyalty.

Total aims to become the leaderof natural gas vehicle fuel in Europe

Perspective

The purchase of PitPoint B.V., third largest natural gas vehicle fuel operator in Europe, marks a turning point in Total's position on the natural gas vehicle fuel market. The Group's goal in expanding its retail offer in Europe is to become the most significant integrated actor in the natural gas as a vehicle fuel. The technical and commercial expertise acquired by PitPoint over the last ten years will contribute to achieving that goal.

Total already had 450 service stations worldwide with natural gas vehicle fueling possibilities, but mostly relied on third parties with the technological know-how to operate them. With the acquisition of PitPoint, the Group is ready to operate its own fueling stations and to open 350 more in Europe by 2022. PitPoint has contributed about a hundred, and for the remaining 250, they will be built or existing Total and AS 24 service stations will be remodeled. PitPoint and Total are joining forces: technological and commercial expertise on one hand, and a strong client portfolio and retail network of more than 9,000 service stations catering to professional and

individual customers in Europe on the other hand.

What is natural gas vehicle fuel?There are two types of natural gas vehicle fuel: compressed natural gas

(CNG) and liquefied natural gas (LNG). CNG can be used by any vehicle type and offers autonomy for trucks of around 300 to 550 kilometers. LNG is particularly suited to long-haul trucks. Total is focusing primarily on CNG, but is nevertheless keeping both options open to meet the needs of its customers.

CNG is experiencing a boom linked to its environmental advantages: it reduces the CO2 emissions of trucks* by up to 16% compared to diesel oil, produces 50% less noise than diesel engines and emits fewer particulates and nitrogen oxides. Added to that is the fact that there is a worldwide abundance of gas. The acquisition of PitPoint is perfectly in line with Total’s strategy to expand its low-carbon businesses, notably through the development of natural gas in which the Group is a global leader.

* The reduction is even more significant if biomethane is incorporated, source: NGVA Europe, "Greenhouse Gas Intensity of Natural Gas’" report, May 2017

Now that the European Union is encouraging the development of alternative fuels, Total is expanding its presence in the natural gas vehicle fuel sector. The acquisition of the Dutch company PitPoint B.V. in May clearly demonstrates the Group's ambition to become the leader in natural gas vehicle fuel in Europe.

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Natural Gas Vehicle Fuel

Includes natural gas used as fuel

CNG LNG

« The Group's good financial performance confirms the success of its strategy to reduce its breakeven point »

Highlights

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Key figures 3rd quarter 2017

2.7 billion dollarsAdjusted net income

5.2 billion dollarsCash flow from operations*

Hydrocarbon production

2,581 thousand barrels of oil equivalent/day+6% vs. 3rd quarter 2016

18% Net-debt-to-equity ratio as at September 30, 2017

0.62 €/share 3rd interim dividend for 2017

5.67% Dividend yield (for the 3rd quarter 2017)

*Operating cash flow before working capital changes

QatarOilStart-up of operations on the giant Al-Shaheen oil field concession for a period of 25 years, in partnership with Qatar Petroleum. Located 80 kilometers North of Ras Laffan, the Al-Shaheen field began production in 1994, and now produces 300,000 barrels of oil per day.

WorldOil and gasAcquisition of Maersk Oil for 7.45 billion dollars in a share and debt transaction (see report pages 6 to 9).

What do the results of the third quarter 2017 tell us?

Total has once again achieved an excellent quarter, with an adjusted net income of 2.7 billion dollars, a 29% increase compared to a year ago, while the Brent price only increased by 14%. Adjusted net operating income from Exploration & Production increased by 84% compared to last year and the Downstream segment increased its results by 18% compared to the second quarter, despite the impact of Hurricane Harvey on American operations. The Group also demonstrated its capacity to generate cash flow, with 5.2 billion dollars of operating cash flow before working

capital changes, a 14% increase compared to the third quarter of 2016. Total boasts a strong balance sheet, bringing the net-debt-to-equity ratio down to 18%.

Are these results in line with your 2017 objectives?

Definitely. Exploration & Production already increased its production by more than 4% in the first nine months of 2017 compared to the first nine months of 2016, confirming the objective of around 5% growth in 2017. The Downstream segment has already generated 5.1 billion dollars in cash flow in the first nine months and looks set to reach 7 billion dollars by the end of the year. Savings in operating costs will amount to more than 3.6 billion dollars, exceeding the target for the year.

Patrick DE LA CHEVARDIÈREGroup Chief Financial Officer

IranNatural gasSignature of a 20-year contract with the National Iranian Oil Company (NIOC) to develop the phase 11 of South Pars, the world's largest gas field. The project will have a production capacity of 400,000 barrels of oil equivalent per day.

AfricaAgreements signed with Worldline and partnership with African fintech InTouch to support the deployment of the Guichet Unique solution in eight African countries.

Belgium Start-up of ethylene production using ethane feedstock on the Antwerp platform.

USAAgreement signed with Chevron on exploration in the deepwater Gulf of Mexico.

Europe�Partnership with Brittany Ferries, Dunkerque LNG and Groupe Charles André to supply

Liquefied Natural Gas (LNG) to the first French LNG-powered cruise ferry. OnTruck transportation platform added to Total Energy Ventures portfolio.

France�Introduction of Total Spring, a natural gas and green power offering.�Acquisition of GreenFlex, a company active in energy efficiency.

Guinea�Signature with the National Office of Petroleum of Guinea of an agreement to study deep and ultra-deep offshore areas.

MexicoAgreement signed with GASORED to rebrand a network of around 250 service stations under the Total name.

World The Oil and Gas Climate Initiative, to which Total belongs, announces three investments

in low-emission technologies. Launch of the second "Plant 4.0" start-up incubator.�Agreement signed with EREN Renewable Energy to accelerate growth in the production

of power from renewable sources.

Norway �Partnership agreement signed with Statoil and Shell to mature the development of

carbon storage.�The tragic accident at the Samsung Heavy Industries yard in South Korea on May 1,

2017 delays the Martin Linge project.�Divestment to KUFPEC of the remaining 15% interest in the Gina Krog field.

United KingdomProduction start-up from the Edradour & Glenlivet gas and condensate fields, located close to the Laggan-Tormore fields.

To find all press releases and learn more about the e-mail alert system which notifies you of each new press release, please visit our website total.com under the heading Media.

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Report

Interview with Arnaud Breuillac Total’s President, Exploration & Production

Why did you decide to acquire Mærsk Oil and how does this transaction fit into E&P's strategy?

Many oil companies have been struggling over the last few years due to the drop in the price of oil. Thanks to our discipline in cutting costs and our efforts to improve our competitiveness, we managed to lower the Group's net-debt-to-equity ratio. This allowed us to take advan-tage of a bottom-of-cycle market and consider potential acquisitions offered at attractive conditions.

We were also eager to capitalize on the expertise gained in exploration and production in the North Sea, and give fresh momentum to our presence in the area, one of our historical strongholds along with Africa and the Middle-East. With 80% of its assets divided between the United Kingdom, Norway and Denmark, the acquisition of Mærsk Oil was an excellent opportunity to strengthen our position in offshore producing assets, and open up new possibilities with two major development projects, Culzean and Johan Sverdrup.

More generally, the transaction is expected to generate synergies worth 150 million dollars in 2018 (and more

than 400 million dollars per year by 2020), accelerate production growth in the coming years, give us access to significant reserves and help maintain our low breakeven point.

It will enhance the competitiveness and value of our operations in many core regions.

What prospects does the acquisition of Mærsk Oil offer in terms of production and the renewal of Total resources? The integration of Mærsk Oil will increase our resources by around 1 billion barrels of oil equivalent. As for pro-duction, it will increase by 160,000 barrels of oil equi-valent per day from 2018, and gradually ramp-up to 200,000 barrels of oil equivalent per day by the early 2020s. With the start-up of our projects and Mærsk Oil production, the Group should increase its production by an average of 5% per year until 2022. This will allow Exploration & Production to generate more than 4 billion dollars in free cash flow by 2022.

Can you describe the portfolio acquired (oil vs. gas, already developed fields vs. ongoing projects, etc.)?Over 80% of the resources acquired are located in the North Sea, and will position us as the second largest operator in the area, with more than 500,000 barrels of oil equivalent per day from operated production. The as-sets acquired in that region are significant, such as the Culzean field currently under development, close to the Elgin-Franklin hub in the UK, or the giant Johan Sverdrup oil field in Norwegian waters. Finally, in Denmark, where Mærsk Oil is the national champion, operating 90% of the country's production, we are planning to redevelop the Tyra field.

The acquisition of Mærsk Oil will also strengthen our bu-sinesses in other geographical areas. The Jack field will consolidate our presence in the Gulf of Mexico. Hassi Berkine will make us the second largest international oil company in Algeria. Our presence in East Africa and Angola will be reinforced, as will our presence in Ka-zakhstan. The acquisition will also bring us new assets in Brazil.

This combined new production, 60% operated, is a perfect complement to our portfolio. The assets acquired from Mærsk Oil also offer a high margin with a cash flow breakeven after investments below 30 dollars per barrel.

Maersk Oil : an exceptional opportunity for Total

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In August, Total announced the acquisition of the Danish Exploration & Production company, Mærsk Oil & Gas A/S, a wholly owned affiliate of A.P. Møller-Mærsk. This is the most significant acquisition made by Total in the last 15 years.

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Total already had a strong presence in the North Sea, was it important for you to deve-lop it even further? Why not turn to regions where the Group's presence is less visible (such as the USA, for example)?

When we identified the Mærsk Oil opportunity, it see-med so obvious that we did not hesitate. By pooling our assets and expertise in the North Sea, we are enlarging our production base and cutting our production costs.In addition, Mærsk Oil offered some high-quality as-sets, mostly located in OECD countries. After several major contracts signed in the Middle-East (Iran, Qatar and Abu Dhabi) in the last two years, the transaction balances our asset portfolio geographically. In the United States, assets are expensive and we cannot benefit from a competitive edge in the country. We decided to take advantage of our strength in the sectors where we are already present.

How will the Mærsk Oil and Total teams work together?

Mærsk Oil has the same passion for excellence and shares our values, particularly mutual respect. Its highly qualified employees will enrich Total's pool of talent. This was confirmed over the last year in Qatar, as we took over the operations of the giant Al-Shaheen field. One of our goals will be to maintain and develop the expertise and talents contributed by Mærsk Oil. We are confident in our ability to integrate their teams

and assets, and create maximum value and new oppor-tunities. In 1999, we completed the successful merger of Total-Petrofina (more focused on Refining & Chemicals) very similar to this one. Our new "North Sea" business unit will be based in Denmark and will become a new anchor point from which we will supervise all our explo-ration and production operations in the country, but also in Norway and the Netherlands.

To strengthen our partnership beyond the financial tran-saction, A.P. Møller, main shareholder of Møller-Maersk, will be a new long-term shareholder of the Group, and will be offered a seat on the Total Board of Directors, if approved by Total shareholders.

What approvals are still needed to finalize the deal?

The transaction was enthusiastically approved by the Total and A.P. Møller boards, which is an essential step for a successful acquisition! Social procedures with the relevant employee representatives are under way. The transaction is currently being examined by the compe-tent regulatory authorities.

As of September 1, 2017, a committee was created to prepare for the integration of Mærsk Oil teams and as-sets as soon as the acquisition process is completed. The transaction is expected to close in the first quarter 2018 and has an effective date of July 1, 2017.

Map of Maersk Oil’s key assets

USAJack, 25%

United KingdomCulzean, 49.99%, op.

Quad 9, 30-100%, op. & non-op.Golden Eagle, 31.56%

BrazilItaipu, 26.7%Wahoo, 20%

NorwayJohan Sverdrup, 8.44%

DenmarkDUC, 31.2%, op.

KazakhstanDunga, 60%, op.

AlgeriaBerkine

basin, 12.25%.Iraqi Kurdistan

Sarsang block, 18%

KenyaSouth Lokichar, 25%

AngolaChissonga, 65%, op.

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Focus on the financial aspects of the transaction The acquisition of Mærsk Oil is a share and debt transaction. This essentially means that A.P. Møller-Maersk will receive a consideration of 4.95 billion dollars in Total shares and Total will assume 2.5 billion dollars of Maersk Oil’s debt.

The impact on the Group's net-debt-to-equity ratio (which was lowered to 20.3% at the end of June 2017) will therefore be limited to an increase of slightly less than 2 percent and the acquisition will immediately generate positive cash flow after investments. In addition, Total's prospects in terms of organic investments remain unchanged at 13 to 15 billion dollars per year for the 2018-2020 period.

The integrat ion of Total and Mærsk Oil activities should create operat ional, commercial and financial synergies of more than 400 million dollars per year by 2020 – including more than 200 million in cost savings.

The transaction will also have an immediate positive impact on Group net income and cash flow per share, because it brings Total more than 1.3 billion dollars in operating cash flow before working capital changes, in a 50 dollar per barrel environment, even before the synergies come into play. This represents 0.2 dollar per share, offering a value to Total shareholders and underpins dividend prospects.

Report

Tyra in Denmark

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Key figures

* barrels of oil equivalent/day

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Market capitalization on September 30, 2017

113.7 billion eurosTotal Share Price

€43.73-6.57%

Averages for the 3rd quarter 2017 - Variations relative to the 2nd quarter 2017.

Actionaria 2017, Come and meet Patrick Pouyanné

As in previous years, we will be pleased to welcome you to the Actionaria exhibition which will take place on November 23 and 24 in the Palais de Congrès in Paris.

Join us on our stand (C 57) to follow the mini-conferences and talk with the Individual Shareholder Relations team.

On Friday, November 24, at 1:00 p.m., you are invited to attend the meeting held in the Blue Room with Patrick Pouyanné, Chairman and Chief Executive Officer of Total.

To receive your entrance tickets, please contact us at the following number 0 800 039 039 Free from a

landline before November 16.

Taxation Exemption formIf you meet the conditions to obtain exemption of the 21% tax withheld on the dividend income, do not forget to fill in the exemption form for 2018.

�If you are a shareholder with pure registered shares, log onto the website of Total's authorized agent, BNP Paribas Securities Services (https://planetshares.bnpparibas.com) to download the exemption form or enter your choice directly online. You can also request the exemption form by calling BNP Paribas Securities Services at 0 800 11 70 00 Free from a

landline or by filling in the contact form on the Planetshares website.

�If you are a shareholder with administered registered or bearer shares, contact your bank or broker to find out the procedure to follow.

The form must be sent back to your bank or broker before November 30, 2017.

For further information, you can read the 2017 Shareholder’s Guide on total.com, Investors heading > Individual shareholders > Information tools

2017 dividends

The Annual Shareholders' Meeting held on May 26, 2017 approved the proposal for payment in shares or in cash of all interim dividends for fiscal 2017 declared by the Board of Directors.

The ex-div idend date for the f i rst inter im dividend of €0.62 per share for fiscal 2017 was

September 25. The dividend was released for payment in cash or delivered in shares from October 12, 2017.

The next ex-dividend dates are set for December 19, 2017, March 19, 2018 and June 11, 2018.

Total Shareholders

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Issue 55 - Design and production : Flamingo Communications / Total Financial Communication division - Publication Director: Laurent Toutain - Publication Manager: Stéphanie Molard - Information determined at October 27, 2017 - Capital stock : 6 315 850 770.00 euros - Nanterre Trade Register 542 051 180

Une relationde qualitéau servicedes actionnaires

Total Shareholders

Your contactsFor any questions you may have about Total shares, to give us your feedback on the information provided or to change your personal data*, you can contact our department:

Individual Shareholder Relations Department2, place Jean MillierArche Nord - Coupole/Regnault92078 Paris La Défense cedex

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* Your personal data is treated in accordance with the law. You are entitled to access, amend or object to it by contacting our Shareholder Relations Department.

Brent

52.1$/barrel+5.04%

Refining Margin

48.2$/tone+17.56%

Euro/Dollar

1.17+6.36%

Total's Individual Shareholder Relations Department recognized by the Young Shareholders

Total's Individual Shareholder Relations Department won the Palme d'or for Communication awarded by the Young Shareholders, at a ceremony held on July 4. This prize is given by a jury of students to the company with the most pertinent communication tools.

The Young Shareholders' Palmes d'Or were introduced in 2016 by the EDHEC Business School and the Federation of individual investors and investors' clubs (F2iC). The purpose of the award is to allow young and future shareholders the opportunity to express their preference based on qualitative and quantitative criteria. The ceremony was organized in partnership with Amundi Asset Management and Euronext.

Last June, as part of its ONE TOTAL company project, Total introduced WIKITOTAL, a collaborative platform on the Group's history. Visit the website http://wiki.total/en/home

to read the testimonials already online. If you are a former Total employee or partner and have contributed to shape its history, you too can share your photos, stories and memories.

A quality relationship to serve shareholders

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Share price, results, newsDiscover the Total Investors App

OUR INDIVIDUAL SHAREHOLDER RELATIONS DEPARTMENT IS AVAILABLE

actionnairesindividuels@total.comBelgium: 02 288 3309France: 0800 039 039Germany: 30 2027 7700

United Kingdom: 020 7719 6084United States: 713 483 5070Other countries: +33 1 47 44 24 02

www.total.com/en/Investors

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