Growing from our strengths Strategic Plan 2012-2016 Investor s update April 2013
Disclaimer ALL RIGHTS ARE RESERVED REPSOL, S.A. 2013 Repsol, S.A. Repsol is the exclusive owner of this document. No part of this document may be reproduced (including photocopying), stored, duplicated, copied, distributed or introduced into a retrieval system of any nature or transmitted in any form or by any means without the prior written permission of Repsol. This document does not constitute an offer or invitation to purchase or subscribe shares, in accordance with the provisions of the Spanish Securities Market Law (Law 24/1988, of July 28, as amended and restated) and its implementing regulations. In addition, this document does not constitute an offer of purchase, sale or exchange, or a request for an offer of purchase, sale or exchange of securities in any other jurisdiction. Some of the resources mentioned in this document do not constitute proved reserves and will be recognized as such when they comply with the formal conditions required by the U. S. Securities and Exchange Commission. This document contains statements that Repsol believes constitute forward-looking statements within the meaning of the US Private Securities Litigation Reform Act of 1995. These forward-looking statements may include statements regarding the intent, belief, or current expectations of Repsol and its management, including statements with respect to trends affecting Repsol s financial condition, financial ratios, results of operations, business, strategy, geographic concentration, production volume and reserves, as well as Repsol s plans, expectations or objectives with respect to capital expenditures, business, strategy, geographic concentration, costs savings, investments and dividend payout policies. These forward-looking statements may also include assumptions regarding future economic and other conditions, such as future crude oil and other prices, refining and marketing margins and exchange rates. These statements are not guarantees of future performance, prices, margins, exchange rates or other events and are subject to material risks, uncertainties, changes and other factors which may be beyond Repsol s control or may be difficult to predict. Repsol s future financial condition, financial ratios, results of operations, business, strategy, geographic concentration, production volumes, reserves, capital expenditures, costs savings, investments and dividend payout policies, as well as future economic and other conditions, such as future crude oil and other prices, refining margins and exchange rates, could differ materially from those expressed or implied in any such forward-looking statements. Important factors that could cause such differences include, but are not limited to, oil, gas and other price fluctuations, supply and demand levels, currency fluctuations, exploration, drilling and production results, changes in reserves estimates, success in partnering with third parties, loss of market share, industry competition, environmental risks, physical risks, the risks of doing business in developing countries, legislative, tax, legal and regulatory developments, economic and financial market conditions in various countries and regions, political risks, wars and acts of terrorism, natural disasters, project delays or advancements and lack of approvals, as well as those factors described in the filings made by Repsol and its affiliates with the Comisión Nacional del Mercado de Valores in Spain, the Comisión Nacional de Valores in Argentina, and the Securities and Exchange Commission in the United States and with all the supervisory authorities of the markets where the securities issued by Repsol and/or its affiliates are admitted to trading. In light of the foregoing, the forward-looking statements included in this document may not occur. Repsol does not undertake to publicly update or revise these forward-looking statements even if experience or future changes make it clear that the projected performance, conditions or events expressed or implied therein will not be realized. The information contained in the document has not been verified nor revised by the External Accountant Auditors of Repsol. 2
Agenda Company Overview Repsol: A Transformation Story Strategic Plan 2012-2016 : Growing from our strengths Financial Outlook Environmental, Social & Governance Summary 3
Company Overview
Company Overview Repsol today Norway Russia Canada Ireland Mexico USA Aruba Italy Spain Portugal Venezuela Tunisia Morocco Algeria Trinidad & Libya Tobago Mauritania Romania Bulgaria Guyana Iraq Colombia Ecuador Peru Bolivia Brazil Sierra Leone Liberia Angola Namibia Indonesia Australia E&P R&M Core Businesses Non Operated Shareholding E&P / R&M Upstream Downstream Gas Natural Fenosa 5
Company Overview Shareholders Structure 12,20% 9,53% Caixabank 62,60% 6,30% 9,37% Sacyr Pemex Temasek Free Float SHAREHOLDERS % Strategic 37.4% Free Float 62.6% Number of Shares: 1,282.45 million (as of February 2013) 6
Company Overview Repsol in figures M FY 2012 FY 2012 Capitalization (1) 21,814 EBITDA (5) 6,956 Capital Employed (2) 33,716 EBIT 4,286 Net Debt (3) 8,938 Net Income 1,890 Preferred Shares (4) 3,182 CCS Adj. Net Income (6) 1,954 Equity 27,472 Investments 3,721 1. As of March, 5 th 2. Considering Gas Natural stake as a financial investment: 28,550 M 3. Ex-Gas Natural: 4,432 M 4. Ex-Gas Natural: 3,000 M 5. Ex-Gas Natural: 5,419 M 6. Net income from continuous operations 7
Repsol: A transformation story
Repsol: A transformation story Turnaround plan Objectives accomplished Portfolio Management Options to materialize value from our balance sheet through selective divestments Accomplishing the transformation of Repsol Upstream into the Group's growth engine Very successful exploration activity leveraged on increased investment and technical expertise Outstanding results in reserve replacement Already started to deliver key growth development projects on time and on budget Optimize return on capital and improve competitiveness through targeted conversion expansion Leading competitive position as an integrated player in Spain Repsol among the European companies with highest conversion Solid cash generation from premier integrated position in the European downstream 9
Repsol: A transformation story Turnaround plan Enlarging and improving the portfolio base Algeria Gassi Touil Canada Canaport Brazil Carioca Algeria Reggane Canada Canaport Bolivia Margarita- Huacaya Venezuela Carabobo Peru Kinteroni Spain Cartagena and Bilbao refineries Venezuela Cardón IV Brazil Sapinhoa- Guará EEUU Midcontinent Bolivia Margarita- Huacaya Venezuela Carabobo Brazil Carioca Russia AROG Peru Kinteroni Venezuela Cardón IV US GoM Shenzi Peru Block 39 Algeria Reggane Brazil Sapinhoa- Guará Spain Lubina- Montanazo Algeria Reggane 2005 2008-2012 2010-2014 2012-2016 10
Repsol: A transformation story Project Turnaround (1) FID Start up New areas of Exploration Norway Guyana Namibia Alaska Brazil Carioca Brazil Sapinhoa Guará European Atlantic Angola Sierra Leone Colombia Kurdistán Bulgaria Canada Brazil BM-C-33 GoM Buckskin Algeria Reggane Venezuela Perla Venezuela Carabobo Libya I/R Peru Kinteroni Bolivia Margarita- Huacaya Canada Canaport US Midcontinent US GoM Shenzi Cartagena Bilbao Russia AROG Prospective Evaluation Construction Operation FID: Final Investment Decision Upstream Downstream GNL Stage of Advance 11
Strategic Plan 2012-2016 Growing from our strengths
Strategic Plan 2012-2016 2012-2016 Key strategic targets Production growth 2011-16 (1) : > 7% CAGR (2) Production 2016: ~500 kbpd RRR (3) 2011-2016: > 120% Upstream average capex: 2.9bn/year (4) (+120% vs. average 2008-2011) Downstream average Free Cash Flow: 1.2bn/year Downstream average capex: 0.7bn/year (-50% vs. avg. 2008-11) High growth in Upstream Maximize return on capital Downstream Financial strength Competitive shareholder compensation Self-financed plan generating 8.1-8.6 bn cash for dividends & debt reduction in base case, resilient to stress scenario Maintain investment grade rating Divestments & treasury stock: up to 4-4.5 bn in 2012-2016 (5) Dividend 2012: ~1 /share (scrip option) 40-55% pay-out ratio 1. 2011 production adjusted for Libyan revolution. It considers 2010 Libya production (14.7Mboe) instead of Libya 2011 production (3.4Mboe) 2. Compound annual growth rate 3. Reserve Replacement Ratio. 4. Net Capex. excluding G&G and G&A 5. divestments: 10% of treasury stock ( 2.4bn); LPG Chile & Amodaimi ( 0.6bn) and LNG business ( 4.4bn) 13
Upstream Our businesses strategy: 2012-2016
Upstream Focus on Exploration Setting the basis for the new waves of growth Exploration Capex: USD 1.0bn/year Including drilling, G&A and G&G RRR (2) >110-120% Additions to Proven Reserves: +200/250 Mboe # Wells/year: 25-30 75% focused on liquids Contract application and movements of resources to reserves Contingent resources/year (risked): +300/350 Mboe WI resources evaluated/year (unrisked): +1,500 Mboe Success ratio: 20-25% (1) 1. Historical success ratio above 30% 2. RRR (Reserve Replacement Ratio) beyond 2016 15
Upstream Focus on Exploration Highlights for 2013-2014 2013 Back to full speed 32 firm wells (could reach 40 wells depending on rig availability) 2014 Maintaining speed Targeting +30 wells (includes contingencies, from 40 in inventory) Investigate around 6 billion barrels in gross terms Another 6 billion barrels in gross terms to investigate 70% of investments targeting oil Almost 65% spent in drilling Largest expenditure in USA, Brazil, Norway, Canada, Peru Strong activity offshore in Brazil, USA, Norway and Canada, coupled with recovery of onshore activity in Libya, Algeria and new operations in Russia Main drilling activity forecasted for Angola, Libya, Norway, Brazil, USA and possibly Colombia. Other plays investigated are Kurdistan, Portugal, Namibia and Canada Expected resources from 2014 again above 300 MBOE 16
Upstream Delivering Growth 10 key growth projects in 2012-2016 Brazil USA Africa & Europe 1 Sapinhoa Mid-continent Reggane Lubina-Montanazo Carioca (Guara) (USA) (Algeria) (Spain) 2 3 4 5 300 Kboed 150 Kboed 40 Kboed (1) 48 Kboed 5 Kboed 6 WI: 15% FID: 2010 FO: 2013 Capex 12-16: 1.2bn WI: 15% FID: 2012 FO: 2016 Capex 12-16: 0.8bn net production (1) - FO: 2012 Capex 12-16: 2.3bn WI: 29.25% FID: 2009 FG: 2016 Capex 12-16: 0.4bn WI: 100-75% FID: 2009 FO: 2012 Capex 12-16: 0.02bn 7 Margarita-Huacaya (Bolivia) 102 Kboed WI: 37.5% FID: 2010 FG: 2012 Capex 12-16: 0.3bn Kinteroni (Peru) 8 40 Kboed WI: 53.8% FID: 2009 FG: 2012 Capex 12-16: 0.07bn North Latam 9 Carabobo (Venezuela) 370 Kboed WI: 11% - FO: 2013 Capex 12-16: 0.7bn 2012-2016 10 Cardon IV (Venezuela) 53 Kboed (2) WI: 32.5% FID: 2011 FG: 2014 Capex 12-16: 0.5bn Russia AROG (Russia) 50 Kboed WI: 49% - FO: 2012 Capex 12-16: 0.4bn Post 2016 Next wave of growth Exploration Contingent resources Alaska C-33 (Seat, Gavea, Pao de Açucar) Presalt Albacora Sierra Leone Buckskin Malombe Iguaçu Piracuca-Panoramix-Vampira NC200 Sagari TIHS-1 Prospective resources GoM Beaufort Sea Louisiana East Canada Campos, Santos & Espiritu Santo Colombia RC11, RC12 & Tayrona Guyana Angola and Namibia Spain and Portugal Norway offshore Ireland Dunquin Peru: Mashira... Key growth projects increasing Repsol net production: more than 200 Kboed in 2016 Low risk of delivery: 5 project already producing +1 starting Note: all production figures indicate gross plateau production; WI = Repsol Working Interest; FID = Final Investment Decision; FO: First Oil; FG: First Gas; Net capex 2012-2016, excluding G&G and G&A. 1. Average Repsol net production post royalties 2. Phase I gross production Producing as of February, 28 th 2013 In 2012 17
Upstream Delivering Growth Targets ~500 kboed in 2016 2012-2016 Reserve Replacement Ratio Net Production (1) Reserves (kboed) 800 2012 332 kboed 2013(e) +10% increase (Mboe) 2,000 RRR 2012 204% (194% organic) Contingent Resources : 2011 1.5 Bn boe 2012 2.1 Bn boe Growth projects CAGR (2) >7% Producing assets 400 1,000 0 2011 2016 2021 0 2011 2016 2021 Production 2012-2016 entirely based on current assets + growth projects 2016 production target not built neither on contingent nor prospective resources from exploration 1. 2011 production adjusted for Libyan revolution: it considers 2010 Libya production (14.7Mboe) instead of Libya 2011 production (3.4Mboe) 2. Compound annual growth rate 3. Risked resources Annual addition of contingent resources through exploration: +300/350 Mboe (3) With a notable improvement in reserve replacement, without exhausting contingent resources bank 18
Our businesses strategy: 2012-2016 LNG
LNG Assets included in the transaction Atlantic LNG Peru LNG BBE ALNG1 ALNG 2/3 ALNG 4 Liquefaction Loans linked to the asset Generation Liquefaction Cap 1.: 4.1bcma Repsol: 20% Liquefaction Cap 1.: 9.0 bcma Repsol: 25% Liquefaction Cap 1.: 7.1 bcma Repsol: 22% Liquefaction Cap 1.: 6.1 bcma Repsol: 20% Generation Cap: 800MW Repsol: 25% Marketing, Shipping & Trading Activities Repsol off-take: 2.9 bcma GNF: 1.65 bcma BBE 1.1 bcma Repsol off-take: 1.6 bcma Other destinies Repsol off-take: 5.9 bcma Manzanillo: 4.4 bcma Other destinies: 1.5 bcma Fleet 9 LNG tankers 2 a long term time charter (5 x c.138,000m3 + 4 x c.173,000m3) 4 LNG tankers short term time charter (0.58 Mm3) Liquefaction Marketing & Trading Generation The North America LNG operations (the Canaport regasification plant and the North America Marketing & Trading businesses) were excluded from the transaction.. Note: Transport and upstream assets are not included in the transaction perimeter. 1MMtpa=1.37bcm 1. Nameplate capacity of the plant 2. 7 chartered by Repsol and 2 chartered by Repsol and GNF
LNG Valuation and impact Enterprise Value and Equity Value 6.7 B$ 1.8 B$ 0.5 B$ 4.4 B$ Enterprise Value (economic date 30/09/2012) Financial Leases Gross Debt from non controlled entities Equity Value Accounting Impact 4,4 B$ NET DEBT IMPACT 1 0,9 B$ 3,5 B$ 2,7 B$ NET DEBT (31/12/2012) 4.4 Bn 0,8 B$ 1,4 B$ LNG SALE 1,3 B$ Equity Value Book Value as of 30th September 2012 Gross Result Fiscal impact Capital Gain North America Net Results Impairment after after taxes and taxes North America Provisions NET DEBT (31/12/2012) 2.2 Bn 1. Figures exclude Gas Natural Fenosa 21
Our businesses strategy: 2012-2016 Downstream 22
Downstream Improve profitability on operational excellence and efficiency Refining Petrochemicals Reduce energy costs Fuel consumption & losses down by 6% at 2016 Reduce CO 2 emissions by 15% at 2016 Operational excellence program in refineries Maximize value of integration with refining Continue cost reduction program Efficiency program Higher-value applications Marketing LPG Maximize value of marketing assets and competitive position Optimize retail asset portfolio Increase non-oil margins Increase international margin from lubricants and specialties Adequate production and commercial capacity to market conditions in Spain Profit growth in Latam with best-in-class operations Optimize portfolio Maximization of Integrated Margin in Downstream 23
Downstream Downstream strategy 2010-2014: Increased competitiveness of Downstream business % FCC equivalent 100% 1Q 2Q 3Q 4Q 80% Increased competitiveness of refining assets Top quartile position among European peers along the cycle Divested non-core / low return assets ( 1.4 (1) bn) (MTm) 30 20 10 0 Middle distillates production 16 60% 40% 20% 0% 2008 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 Europe Mbpd % FCC equivalent +25% 80 60 +20pp 20 2012 40 20 0 43 2008 Conversion 63 2012 Improved competitiveness of refining assets 1. Includes sale of 15% of CLH, non-integrated Downstream in LatAm (Chile, Brazil and Ecuador), PMMA Petrochemicals, Refap in Brazil and LPG France, some of them executed in Dec. 2007 24
Downstream Downstream: Premium asset base Integrated R&M margin (Repsol vs. Sector) $/bbl 10 Presence in a premium market for refining 5 0 Completion of expansion and conversion projects -5 2005 2006 2007 2008 2009 2010 2011 2012 Repsol margins Industry peer group maximum margin Industry peer group minimum margin Integrated refining portfolio, working as a unique system Efficient integration between the refining and marketing businesses Competitive Downstream business, linked to quality assets and geographical situation Note: Integrated R&M margin calculated as CCS/LIFO-Adjusted operating profit of the R&M Segment divided by the total volume of crude processed (excludes petrochemical business) of a 14-peer-group. Based on annual reports and Repsol s estimates. 2012 data as of December 31 st public information. Source: Company filings 25
Downstream Maximize return on investment and cash generation Fully invested asset portfolio and portfolio management Refining margin to increase approx. 3 USD/bbl in 2016 due to new projects Leading middle-distillate yield in a short market Continue selective divestments of non-core assets during 2012-2016 period Maximize margins and return on investment Investment in Downstream of 0.7bn/year in 2012-16 (vs. 1.6bn/year in 2008-11) Downstream to generate + 1.2bn/year on average of free cash flow 2012-2016 Profit improvement through operational excellence and efficiency Operational excellence and debottlenecking initiatives Integrated margin enhancement Working capital reduction program Exploit focused high-value growth options with low capital requirements Leverage our premium portfolio to exploit in high return niche opportunities 26
Downstream Maximizing returns from the business and capital discipline Downstream EBITDA Downstream CAPEX ( bn/year) ( bn/year) 2.5 x1.3 2.5 2.0 2.0 1.5 1.5 x0.4 1.0 1.0 0.5 0.5 0.0 Avg. 2008-2011 Avg. 2012-2016 0.0 Avg. 2008-2011 Avg. 2012-2016 Marketing, LPG, Trading and Other Refining Petrochemicals Higher margins largely derived from expansion and conversion projects Downstream investment cycle already finalized 27
Our businesses strategy: 2012-2016 Gas Natural Fenosa
Gas Natural Fenosa Financial impact A liquid asset, with long-term value and strategic benefits Strategically A good opportunity as an industrial package with a strategic value of its own Risk-management Regulated markets offer risk diversification and stability for credit rating purposes Financially Strong cash stream for Repsol via dividend that is expected to increase in the short term GNF reached the objective set in the Strategic Plan of generating 5bn EBITDA by 2012 Liquid Asset Repsol has partially monetized its stake (keeping all the rights) through a Prepaid Forward that could be renewed if desired. Diversification, liquidity, stability and strong cash generation Source: Repsol and Gas Natural Fenosa data 29
YPF Expropriation 30
YPF Expropriation Financial Impact 2008-11 risk mitigation Reduction of the exposure of the Group to YPF Divestment of 41.6% of YPF Financial impact (2011) Operating Income 1.2bn 25.6% 74.4% 25.6% Accounting of the expropriation Billion Deconsolidation of YPF participation - 4.7 Write off of all loans related to Petersen group - 1.4 Net income 0.5bn 21.0% 79.0% 21.0% Registration of the value as Assets for Sale + 5.6 Deferred tax effect + 0.5 Net effect on the P&L -> -38 million Investments 2.2bn 33.7% YPF 66.3% Repsol ex-ypf 33.7% The unlawful expropriation of YPF does not affect the growth capacity of any of Repsol's businesses outside Argentina 31
YPF Expropriation YPF Update As of February 2012 YPF Expropriation: 16 th April 2012 Repsol considers the announced measure to be manifestly unlawful and gravely discriminatory, that its public interest has in no way been justified and clearly contravenes the obligations undertaken by the Republic of Argentina during the privatization of YPF, breaching the most basic principles of legal certainty and of reliance by the international investment community. Legal actions: Claims filed in: US COURTS ARGENTINEAN COURTS SPANISH COURTS ICSID Progressing according to the legal procedures 32
Financial Outlook
Financial Outlook Financial Discipline & Selective Divestments Financial Discipline Strong commitment to maintain investment grade Measures would allow a debt reduction of up to 7-9 Bn (1) : o Conversion of preferred shares (2) o Sale of treasury stock o Working capital optimization o Selective Divestments Maintain high liquidity Competitive compensation to shareholders Self-financed strategic plan Selective Divestments Strategic objective of 4-4.5 bn divestment already achieved: o o o Sale of treasury shares for 2.4bn Signed agreement to sell LNG assets to Shell for an EV of $6.7 bn Sale of Chile LPG and Ecuador Amodaimi for 551 M Other divestments under assessment: Non-strategic, non-core assets High risk exposure Low ROCE assets Market value perception Financial impact Divestments up to 4-4.5bn in 2012-2016 1. Debt reduction potential not considering adjusted dividend policy impact. 2. To be exchanged into a non dilutive instrument. 34
Financial Outlook 19bn focused capex program Capex 2012 = 3.3 bn Cumulative Capex (1) (2012-2016) bn Capex 2013E = 3.6 bn Upstream LNG (3) Downstream Corporation Total Producing assets 2.7 0.2 3.1 0.5 6.5 Growth projects & Future developments (2) & Exploration 12.0 0.6 12.6 14.7 0.2 3.7 0.5 19.1 77% CAPEX in Upstream 1. Net Capex, excluding G&G and G&A 2. Future develoments include proyects with start-up of production beyond 2016 3. From 2014 onwards no investment forecasted Note: all calculations ex-gas Natural Fenosa and YPF 35
Financial Outlook Actions to strengthen the Balance Sheet 2012 2013 2014 2015 2016 Divestments Chile LPG Ecuador Amodaimi 551 M Sale of LNG assets 6.7 Bn$ Adjusted dividend policy (pay-out, scrip dividend) 64% y 69% (acceptance rate) Conversion of preferred shares Dependent upon LNG disposal Working capital optimization 758 M Ongoing Sale of treasury stock 5% (1.4 Bn )* 5% (1 Bn )** * January 2012 ** March 5 th 2013 36
Financial Outlook Net Debt Figures ex-gas Natural Fenosa Billion 7 6 5 0.4-2 Bn 4 3 6.8 6.4 2 4.4 1 0 4Q 11 Financial Effects of 1st January 2012 YPF Confiscation (*) Proforma 4Q 12 (*) As of 31 st of December 2011: YPF net debt and Petersen s vendors loan. 37
Financial Outlook Liquidity position 10 Billion 3 x 8 6 4.4 4 2 4.6 3.0 (1) 0 Liquidity Short term maturities Cash and equivalents Undrawn credit lines (1) 1 Bn. Prepaid Forward GAS NATURAL FENOSA No need for additional financing until 2014 As of December 31 st 2012, ex YPF and ex Gas Natural 38
Financial Outlook Net Debt (pro forma) Figures ex-gas Natural Fenosa 6 Total reduction = ~ 3.2 Bn 4.4 Bn 4 0.5 Bn 1 Bn 2 ~ 2.7 Bn ~ 1.2 Bn 0 Net Debt 2012 Estimated Net Proceeds After Tax LNG (*) Net Financial Assets Sale of treasury shares to Temasek Net Debt Pro Forma 2012 (*) LNG assets included in the transaction with Shell 39
Environmental, Social & Governance
Environmental Social & Governance Conduct the business in a responsible manner Environment Climate Change Tracks & reports carbon intensity and uses it as management KPI GHG emission reduction target is set. Considers GHG emission of suppliers, customers and support services Conduct sensitivity analysis of the impact of energy prices on company s financials Environmental impacts Strong and detailed Environmental Management systems verified by third parties Managing risks related to water quantity and quality in water stressed areas. Clear path to value-creation for shareholders 1. Debt reduction potential not considering adjusted dividend policy impact. 2. Including treasury stock divestment 41
Environmental Social & Governance Conduct the business in a responsible manner Social Lost-time incident rate has declined Public commitment to respect on human rights Corporate Regulation to assess potential impacts on human rights under the United Nations "Protect, Respect and Remedy" framework Strong regulation on Relations with communities, specially regarding Indigenous peoples. We engage with local communities to gain informed consent for all major projects, committing to maximize positive aspects and opportunities to generate shared value and to prevent and minimize negative impacts through dialogue and community involvement. Standards for suppliers covering issues such as, HR and ethics; and environment issues Governance Accountability and integrity underlined by centralized risk & crisis management framework. Transparency Integration of sustainability into making decision process. Anti-corruption program covering all relevant aspects and business relationships. Clear path to value-creation for shareholders 42
Environmental Social & Governance Acknowledgements Repsol has led the Oil & Gas sector for two consecutive years, since 2011 edition of the prestigious Dow Jones Sustainability Indexes. The company also leads the Oil & Gas sector on the European index (DJSI Europe). Repsol has won recognition for its energy efficiency and carbon management for the third time in the last five years according to Climate Disclosure Leadership Index (CDLI). Other acknowledgements: 77% CAPEX in Upstream 1. 2011 production adjusted for Libyan revolution. It considers 2010 Libya production (14.7Mboe) instead of Libya 2011 production (3.4Mboe) 2. Compound annual growth rate 3. Reserve Replacement Ratio. 4. Net Capex. excluding G&G and G&A 5. 1.36bn of treasury stocks already divested in 1Q 2012 43
Summary
Summary Growing from our strengths Positioned for growth Upstream as growth engine Focus on exploration Delivery based on projects in development phase Profitability Maximize return on investment Operational excellence Fully invested assets in Downstream Sound financial position Self-financed strategic plan, resilient to stress scenarios Commitment to maintain investment grade Competitive dividend pay-out Clear path to value-creation for shareholders 45
Growing from our strengths Strategic Plan 2012-2016 Investor s update April 2013