Hi. It's Theepan from Exane BNP. I had a – just a question on projects. Firstly, if you could just flesh out to the market. You talked about the financial flexibility of Total, and very much confirming that $15 billion to $17 billion on a medium-term. Perhaps you could give us a little bit of color on where or how the project spend on the existing asset base is sort of falling to give you that flexibility in the next couple of years? And then, secondly, I think you have a very differentiated metric, perhaps, versus your peers in terms of looking for sanctioned projects. I think you mentioned the 10 projects, seven of which Total operated. So I wanted to understand again perhaps or get reassurances in terms of how you can execute in terms of delivering your most-efficient projects since the organization have the capacity to really develop 10 projects successfully over the next three to five years or will we see some of the same mistakes we've seen previously? Thank you. Patrick Pouyanné - Total SA: Okay. The first question is around – the answer is 50%. In fact, when we gave you the guidelines in September of $15 billion to $17 billion of CapEx for the next four years, 2017 to 2020, the existing developments, which are being developed, we are presenting around 50% of this amount. So we have room, that's why I can confirm you today, but we stick in this guidelines. We have room to launch new projects and we can add new resources in this portfolio. So this is the first point. Can we add – so I will give the floor to Arnaud to answer you that questions. Again, just so before – to give him time to think – I have two remark. First, you remember that in terms of human resources, we did not make any lay-off. We decided deliberately to work with less people but not to make lay-off in the company. Yes, some contracted people are gone but we have kept the core of the company intact, and we've done deliberately because we want them to work on costs, strangely, and we wanted also – we were sure that one day we'll need them. So it's time to have them in the company and we will use them. So, second question – remark is that all the 10 are now big projects. We have five big and five small, but Arnaud will probably complement that answer.

Just to complement quickly. It's clear that as you know we are starting our projects year-on-year and delivering them on plan. And so we are demobilizing our operated projects, and so we are actually getting off teams and ready to engage in new projects. I can share with you that in the last couple of years, we have questions internally in Total about what are going to be our next projects. Now they know where the next projects are coming from. I think there is another aspect to it, it's what happening in the industry because, as you all know, there was clearly an overweighting situation in the industry, which actually had impacted also a lot of the supply chain, and as we've mentioned before, today, it's clear that the supply chain today are contractors, engineering companies, are short of work. So there will be capacity there and this – clearly, all of them are trying to retain the best of their people, so we believe the capacity today to engage in new projects is better than it was three, four years ago. Patrick Pouyanné - Total SA: Yeah. I would say that on the top, some of the big projects which were already being developed have stopped or are now ending, so we'll use the part of the staff which we develop – sorry. Now just to mention about, when you'll see the list amongst the giant ones, we have three operated and two non-operated, so the burden is less. It is not five operated even if you were right to remind. But 7 out of 10 are under our control.

Next question on the front.

Thanks. Thank you. Oswald Clint of Bernstein. Could I ask a question about the LNG? You talked about adding 2.5 million tonnes of new demand, yourselves creating demand. Could you talk about that number? Is that something we could see repeatable each and every year? Do you see scope to create that type of magnitude for Total (1:14:54). And also do you think you could extend further down the gas value chain in countries? I know you talked about Brazil, but what about China, India, and become the customer yourselves in some of these countries from the LNG side? The second question, Patrick, you mentioned getting into Brazil. You promised or pitched the idea of technology to lower the costs of the pre-sold oil to Petrobras, and that maybe helped you access that asset. What exactly are you talking about there? What type of reduction in cost is possible? Thank you. Patrick Pouyanné - Total SA: Okay. First, the 2.5 million tonnes for Philippe. Explain where they are, especially in Brazil and Ivory Coast in Pakistan.

Yes. Well first, welcome, and we ended 2016 – managed to contract around 2 million tonnes of additional LNG demand for ourselves. And for 2017 we are working, as Patrick mentioned, on several projects, at least three of them. Ivory Coast should turn up if it materializes by 1 million tonne per year of LNG demand for Total share. Pakistan should be closer to the same and Brazil should add a bit less than 0.5 million tonne for the short medium-term; over the long-term it might much more. So you see that only this project, and I can tell you that we are working on many others, we have the potential today within Total of generating this 2.5 million tonnes of additional demand each year. So we are – we feel safe, and as you've seen the real strength of the market that was shown almost everywhere including in China and India. It is giving us confidence that these countries will also contribute highly to additional demand for the whole market, but including for Total in the medium-term. Patrick Pouyanné - Total SA: Yeah. In terms of can we repeat it? Yes, we have (1:17:26) and which we were – we believe that in LNG, with the market today which is more I would say a buyer market than a seller market, if we want to create the demand, we need to be more integrated. When you go downstream the chain, regas terminal is not a big investment when you think about it, you can't even have some financing on it. It's more complex whereas if you go downstream the chain, we take shares in power plants or things like that. We have accepted to do that in Brazil, but it's part of a larger package. It's not a strategy per se, but if we need to do it in order to have a leverage on the demand, yes, we can do it. India, obviously when you think to India, because you know like in Pakistan you can say there is a buyer but you have to find the right people who will pay the gas at the end. So it's also a way to secure somewhere the payments of the gas. On the other point on Brazil, I think Libra is a good example. In Libra, we are working out together with Brazil – with Petrobras, sorry, and I think we are targeting 30%, 35%?

Yeah. Patrick Pouyanné - Total SA: 35% lowered cost than we had one year ago. So the teams are working together, and they have many ideas. I mean, maybe you can describe some of them, Arnaud?

Yeah. One of the key characteristics of Libra is the productivity of the well. The expansion well stood at 50,000 barrel per day each well. So you have a very consultative structure. We sell about $3 billion to $4 billion a barrel, and this is the same treat (1:18:57). So if you compare this to our Block 17 in Angola, we will be able to have the same FPSO, repeat it several times. We are thinking at up to four FPSO on the Block. So this standardization will give us some advantage. Still we're also trying to capture the market situation that we can see, and particularly on drilling. And we are also working, and this is part of the strategic cooperation with Petrobras, on some innovation with regard to the compactification of units trying to get more condensed and compact design for the FPSO. Patrick Pouyanné - Total SA: But to tell you, it works well because I visited myself Santos in Brazil, in Rio. Pedro Parente is coming to Paris to post soon. And Arnaud and (1:19:51) are working together in managing a number of topics that we want to work together. So it's part of the alliance we have done, the technology is also there. And, in fact, both companies from a business point of view, when you look to deepwater, Petrobras was one of – probably the ancestor of deepwater, and Total came just after. So we have some common points there to work together. Another question? Thomas Adolff - Credit Suisse Securities (Europe) Ltd.: Afternoon. Thomas Adolff from Credit Suisse. I have two questions. Firstly, I want to start with just capital allocation or specifically the priorities around the excess cash, whenever you get to the excess cash. You have a framework in place, but…

We have a question at the same table. Bertrand Hodée - Kepler Cheuvreux SA: Bertrand Hodée, Kepler Cheuvreux. One question if I may. Coming back on slide 21 where there is a list of the 10 FID over the next 18 months. Where do you see a risk on those FID as political or as I would say in terms of cost? What are the project where you are extremely confident that the costs are already right? What are the project where you think you still have some work to do in terms of cost? And also, finally, can you elaborate more on the Vaca Muerta opportunity? Is it gas? Is it liquid? And also are the costs right or the fiscal terms right there? Thank you. Patrick Pouyanné - Total SA: Okay. The main risk of course is South Pars in Iran. If I don't answer you that, you would be surprised. To be clear on South Pars, the timetable is quite clear to me. The U.S. President and the U.S. Secretary of State will have to sign some waivers, renew the waivers by April and May if – in order to stay within the scope of the treaty with Iran, either they do it or they don't do it. Our own timetable is to finalize the contracts and to take the FID by middle of the year. So it's doing well from our point of view. We'll have the answer. So either U.S. continue or we don't continue. If they continue, we can – we will move on because, again, we have all the economic terms and the contract is very good. We want to sanction the project. If the U.S. decide not to stick on the treaty then we'll have to obey to the international laws. That's…

I think Irene has a question over there. Irene Himona - Société Générale SA (UK): Thank you. So Irene Himona, Société Générale. The downstream is continuing to pay all of your cash dividend costs. So I had two downstream questions, if I may. Firstly, in Marketing & Services, not new managers but conventional Marketing & Services, you mentioned it's a non-cyclical business, it's very stable, et cetera. But surely if you're growing your volumes 4% a year as you did last year, and you're growing into high-margin businesses like lubes, surely the outlook for that business is improving rather than stable profitability. So I was wondering if you can give us some guidance on the outlook. My second question is on Hutchinson, especially again proceeds. Clearly non-core, it's a sizable business. I wonder if you can share your thoughts about the potential for Hutchinson to free up some capital for you to use in your core business. Patrick Pouyanné - Total SA: Momar, you'll take the first question about M&S, and going the M&S and the reserve and the cash flow.

Yes, you're right. We've delivered on the growth of 4%. We've had good results in Europe, I mean, that's our base. We've had good results, good margins. We've had good results in Africa. There's probably the on lubricants, the marine lubricants have been quite difficult here because of the freight – the situation of the freight market where we've had pressure on prices, stiff competition. But otherwise we are delivering. And the 4% – and we are fairly confident that in the coming years, we will deliver on margins and on volumes. Patrick Pouyanné - Total SA: On Hutchinson, I will repeat what I mentioned already. It's a sizable asset. There is, in each and some, some capacities which could be advantageous for us in terms of manufacturing if we want to develop other businesses like our battery business. So we see some synergies from manufacturing our oil somewhere. I think that you are right, Irene. It's not core, but I'm not sure but Saft is core as well from this point view. If you go to oil and gas, oil and gas is clear but frankly with the balance sheet we showed you, we don't need to sell Hutchinson. I don't want to sell Hutchinson; there is no reason to sell it. And I prefer to keep these type of assets if we face a downturn, once I we'll be happy to trade. So it's a big asset. It's not easy to sell. It's much bigger in terms of value than Atotech, and we managed to sell Atotech at a very high price, but the bigger it is, the more complex it is also to monetize these type of assets. And so, frankly, it's not on the agenda at all you've seen. With the $10 billion we have executed them, like Patrick told you, with 80%. We have few assets that we will announce soon that we will – is down. And we don't need, in terms of financial strength of the company and balance sheet, to sell more assets for the years after with the breakeven we have done. So Hutchinson will remain in Total even if it's not core unless we have some other big plans.

Okay. A couple of questions at this side. Iain first. Iain Reid - Macquarie Capital (Europe) Ltd.: Yeah. Hi. It's Iain Reid from Macquarie. Just a couple of questions on some of the projects you mentioned. The write down you took on Surmont was interesting me because Surmont is, well it seems to me is a quite good asset. And Fort Hills, which is the poorer asset, you don't seem to take a write down on. So I'm just curious as to what the kind of cost or, in fact, breakeven oil price situation is on Fort Hill? So I know you are attempting to get out of that, if you can. Also on the Elk-Antelope, that used to be one of the projects in your calendar about to be FID'ed or certainly in the next 12 months or so, then it seems to dropped off there. I just wonder what you're seeing there now which has kind of pushed that one down the pecking order a little bit. And the last is on your oil price sensitivity. You've made some changes to the PSCs or you negotiated some changes to PSCs in Angola, et cetera. I just wonder whether that has enhanced the oil price sensitivity of those projects or has dampened it as oil prices move up? Patrick Pouyanné - Total SA: Okay. So first the reserve write down. There are rules; the rules are the rules. It's a difficult exercise, by the way, because you have to understand what we have to do in the company. We have to imagine a world which will stay forever at $42.8 per barrel, and that means that, for example, we have to decide which level of OpEx we will take at $42.8 per barrel if the world was permanently at…

Okay. One at the back on the same side. Christian? (01:41:31)

Hi. Good afternoon, gentlemen. Christian Meyer (01:41:34) from JPMorgan. Two questions please. First, on your financial framework, today, you've increased the dividend and you're investing countercyclically. Yet you talk about oil volatility and therefore want to keep the scrip optionality. And I understand in a world where oil is potentially low, what exactly is the priority or the effective order in terms of dividend, CapEx in the context of that scrip? The second question is more broadly speaking in terms of sort of the industry and the potential listing of Saudi Aramco. You are clearly best in class because of a variety of metrics. How do you think your portfolio will change in the context of a listing of Saudi Aramco? Where would you put capital? In the context of your credit potential, how would you change the thinking industrially? Patrick Pouyanné - Total SA: I think I answered the first one, so Patrick will answer you, but maybe in his own word and his own vision of CFO of the company. Patrick de la Chevardière - Total SA: To make it clear, I think we make it clear today that we wanted to maintain the scrip because we are facing a very volatile environment. So, as at today, facing this world and we do not foresee in the near future another world than the one we are facing today, the scrip will be maintained, maybe with a 0% discount if we face a $60 per barrel oil price, but the priority is to maintain this flexibility. Dividend is a must. We have maintained and continuously increased the dividend for the past I think 30 years. I think Patrick made it clear that it is not our intention to reduce the dividend. We increased slightly, I recognize, 1.6%. This is…

Thank you.

The following questions will be Brendan and Jon.

Thank you. So, it's Brendan Warn from BMO Capital Markets. Thanks for confirming about the ADCO change in terms. Now just to confirm whether there is any retrospective catch-up or windfall from those change of terms? We've been there for a while now. And then just my second question relates to – you've got a couple of very big LNG projects coming on at the back end of this year. Australia, I apologize for asking where we started strong and we often finish quite poorly most projects, which I think nearly every project in Australia in LNG has been overscheduled in that part of the world. What are sort of the key risks and concerns and worries do you have going into commissioning certainly in this (01:47:18) if you could also touch on the amount? Patrick Pouyanné - Total SA: The terms were applicable at the date where they were signed. So, they were signed. We were already in the concession. So, we benefited from the terms immediately. That's all. Nothing else to add on that, but I will not disclose the terms to be clear there are some confidentiality on it. The second question I think was on Yamal and Ichthys. So, maybe, Arnaud, you can answer on Ichthys first about where are we in terms of completion of Ichthys, the timetable, (01:47:58).

Yeah. So, Ichthys, the offshore part of the project is almost completed now in terms of all of the subsea system installation, preparing for the arrival of the two offshore structure that will come, the CPF and the FPSO. Both of these units actually are still in Korea, ready to sail away according to the operator in March or April. They've actually used the season of monsoon, of storms to complete commissioning a bit further so they have advanced – so that they reduce the amount of work that will be done offshore. And in Darwin, last in the LNG plant, work is progressing. There has been, as you know, some difficulties with one subcontractor but it is on the power plant and it's not on the critical parts of the project. So, according to us, we are still in line for a start-up before the end of the year on this project.

Okay. I think Jon had a question. Patrick Pouyanné - Total SA: Yamal, I can tell you that Mr. Nicholson (01:49:04) is himself on board. He promised me that before his birthday, he will deliver LNG by October 2017. So, I'm observing him, but I trust him. Now, it's progressing well. It's a huge project. The Train 1 order package are there. They are there in Yamal. It's a matter now of commissioning all that. It's a huge effort to have 30,000 people working in the Peninsula of Yamal. It's absolutely a incredible project. But I think the good news is that the quality of all the modules delivered by the Chinese yards is quite good, is quite excellent. I know it's a huge coordination effort. We have put a lot of teams in terms of commissioning. We have increased the number of people, experienced people from Total to our operation partners there, so we'll see. But today, as of today, I think we have in our plans in 2017 but then we can surmise the October. So, we'll see. Yeah?

It's Jon Rigby from UBS. I've got a question about the financial framework and then just a portfolio question. So, on the financial framework, just wanted to go back to this dividend decision. It seems extraordinary to me that you start moving the dividend before you rightsize the financial structure of the company in reaction to the change in oil prices. And I was trying to figure out why that would be the case because it's clearly, the cycle, the first part of the cycle showed yourselves and your peers unable to fund both CapEx and dividend commitments. And yet before we got to the end of the cycle, you're already upping your dividend commitments. So, I just wondered whether you could just again walk through that decision to sort of preempt the delivery of the efficiencies by lifting the dividend. And does it actually imply, if I take away from your answers to some of the questions, that the scrip portion is effectively a permanent feature of the dividend now in order that you are well below your expectation of oil prices? That's the first part of the first question. The second is one of the other features is the fact that you are running a cash shortage over the last three or four years is you put about $10 million of hybrid debt into equity. Is there an intention to deal with that at some point as free cash flow starts to rise? And then to move away from the financial framework, just on portfolio, you've talked in fairly glowing terms about Brazil. Is there an appetite to deepen further into the Brazilian deepwater pre-salt if the opportunity exists? Thanks. Patrick Pouyanné - Total SA: To be clear, yes, the plan is when the gearing will be at…

Okay. Then it will be Martijn and Lydia. Martijn P. Rats - Morgan Stanley & Co. International Plc: Hi. Hello. It's Martijn Rats with Morgan Stanley. I wanted to ask you two things. First of all, about Saft, I've heard you say in the past that to start understanding the electricity value chain in these new energy businesses, you sort of have to be in some of these companies. You can't just learn about it just standing by the sidelines. And I was wondering now that you have the company for, well, a good number of months and you've seen the books, whether the investment is living up to expectations and were there are any lessons you learned so far. The second thing I wanted to ask is about tax, particularly with the ADCO contract getting in, could you perhaps help us guide a bit to what the tax rate could be in 2017 both from a P&L as well as from a cash perspective? Patrick Pouyanné - Total SA: Take this. Tax rate for Patrick maybe? Patrick de la Chevardière - Total SA: Okay. This is a very simple question. As you can imagine, using $50 per barrel, our average tax rate for 2017 should be in the range of 40%, something like this, but it's extremely volatile. There are countries – due to the gas price mainly, which is not reflected in the $50 oil price scenario, where we are close to paying or not paying taxes. So, my figure may be completely wrong, but that's my best estimate at the moment. Patrick Pouyanné - Total SA: Philippe on Saft.

Well, Saft has been now with us since less than six months. And so, we are still in the process of discovering what is in this company and what is its potential, its additional potential with Total. What I can tell you is that it's even better to what we have imagined, and we on our side are learning a lot about the potential of different battery technologies. And on the other side, we are starting and trying to study really a potential development that would combine the know-how of certain of our other affiliates with the one of Saft in order to entertain some new development. It's just a start, but so far, we are very satisfied with the ability to develop both at the same time cash and R&D programs. Patrick Pouyanné - Total SA: Philippe is more happy with Saft. That means simple work (01:57:24) to be honest with you at least in terms of results. But there is one difference. One, this company is 120 years old and they have a business model which works. So, for us, the challenge is how can we help them to change our size. In fact, (01:57:39) is still trying to look for its own business model, a sustainable one. Lydia?

Hi. Hey. It's Lydia. Two questions if I could. The first one is on the global business services unit. Can you provide the benefits you see from that and help us understand how they could change that really is for Total in terms of the way it operates? And the second one was going back to the slide that you showed on the FIDs and all those being mid-teens upwards, which are impressive rate of returns. Can you talk about the process as to how you made sure that they really are as good a return that they have really maximized the value coming out of those rather than just taking advantage of the market? Patrick Pouyanné - Total SA: Thank you, Lydia. I see the solidarity between women. So, you will have the chance to hear the voice of Namita because she is doing many things in the company at the ExCom, in particular TGS. So, Namita, I give you the floor to answer to you.

You heard a lot today about how despite all the good news, we continue to talk about discipline and lowering our cost, and TGS is definitely part of that. We've initially talked about cost savings of around $500 million. TGS was put in place on the 1st of January this year. We've given the teams a little bit of time to breathe, to find themselves together. It's 1,400 people who find themselves moved from their original homes and put together into a new organization. It's very clear for them what their objective is. They're working on putting things together to start delivering cost savings by the end of this year for 2017. And just to give you an example of how different it is in terms of working within Total, just the procurement part of it was very distributed amongst the branches and amongst the affiliates, and it's been completely centralized with very few people in procurement left in each of the business organization because we realize that it was a huge level for us to reduce cost to start mutualizing things, to have or to speak with one voice to our contractors, to have the same kinds of technical requirements. And so, that's all very much on track, and we will definitely be delivering for 2017. Patrick Pouyanné - Total SA: I think internally, it's a very strong change. In fact, I think we are creating a real group together and not having businesses side by side. And the Comex, by the way, the way we discuss together on many issues, we are working like that. We are now thinking to see how we will organize at the country level. We speak about concepts like caricatures which was impossible to discuss three, five years ago. So, there is still…

Just one point to mention about the continuous improvement that goes on in the company, we have also restructured our technical support division in E&P where we actually are studying conceptual design for new projects by reorganizing them in what we call product line so that we have a product line for deep offshore, one for offshore conventional, onshore conventional, LNG, and unconventional. And the focus is really for them at the conceptual pre-project stage to come up with the most optimum solution from the point of view of cost benefit doing value engineering. And by having a transformation from the traditional mix where we had the subsurface, surface, and putting them inside what is effectively focusing on the type of project that has to be sanctioned, we believe we will go further in optimizing the profitability of our project in the future.

You have other questions? Robert Alexander Aldrich West - Redburn (Europe) Ltd.: Thanks very much. It's Rob West from Redburn. I like your slide on page 17 showing the targets and how you've realized them all, so like beating your targets. Particularly, I want to ask about your production target for this year and how much you think you could beat it if everything goes right, specifically, I mean, some contingencies that might be in that number. So, whether it's Libya or whether it's some of the projects coming on later or some of the volumes being impacted by the OPEC deal, so if you can give us more of a range, so 4% plus, what could that be? And maybe there's a second part of my question, allay maybe an alternative interpretation of that guidance, just to rule out, are there any assets in the portfolio where the production this year is not coming in maybe as you'd hoped or the production share in contracts are bouncing back quite steeply? Thank you. Patrick de la Chevardière - Total SA: The first question, I mean, we say more than 4%. Frankly, I don't know if we will be able to do 4.5% this year. We'll see. I mean, keep in mind, for more than 4%, we did not think – when we made that figure, the OPEC quota were not in place. The OPEC quota would present potentially for us 20,000 barrel less which is 0.8%, but on the other side, we had good news because Al-Jurf field in Libya opened and represent more or less the OPEC quota. So, from this point of view, we are immune. If Libya maintained its production and HRR went up, it will compensate more as the OPEC quota. But it's the advantage. We…

Maybe Anish and Lucas at the front. Anish Kapadia - Tudor, Pickering, Holt & Co. International LLP: Hi. It's Anish Kapadia from Tudor, Pickering, Holt. I had a question on the Downstream, first of all. I'm trying to get some sense of oil price impacts and OpEx cuts on the Downstream. So, first part is your petrochemicals business. I was wondering if you could say how much of your petrochemicals business is exposed to liquid feedstocks as opposed to gas advantaged feedstocks? And then on the Refining side of things, I'm just wondering what kind of sensitivity do you have to higher oil prices in that costs go up in a higher oil price environment but also, in terms of the OpEx cuts with the potential for light-heavy differentials to narrow. And then the second question is... Patrick Pouyanné - Total SA: Bernard? Anish Kapadia - Tudor, Pickering, Holt & Co. International LLP: ...on the impact of the marine fuel regulation changes. So, the falling sulfur for shipping going forward, just wondering how you think about it. Is it a bigger opportunity for the Refining business in terms of higher diesel demand going forward? Is it a bigger opportunity for the LNG business from a substitution perspective? And how is Total positioning itself to take advantage? Patrick Pouyanné - Total SA: Bernard will answer the first question first. So, Bernard, about petrochemicals.

So, as you saw, a large part of the projects we are looking after are projects which are based on gas, on ethane. As we showed in the slideshow, the platforms where we are growing the most industrials are platforms which are also based on ethane-based petrochemicals. So, clearly, the strategy we are going after is to grow the gas advantaged feedstock petrochemical part of the portfolio. Regarding the liquids, it's more on leveraging the integration between refining and base chemicals, which is what we have done over the last few years which has proven to be extremely successful. That's mainly for the European part of our portfolio. So, it is doing well, thanks to integration. And the target now is really to increase the proportion of gas-based petrochemicals versus liquids. Patrick Pouyanné - Total SA: Fuels what we can. Okay. There are two people around the table who can answer, Momar and Philippe and Bernard. Everybody is concerned about it. But basically , you can provide them diesel. You can provide energy. And we are working on it. We had recently a good success. I think Momar with Brittany Ferries on energy. You can mention it.

Yeah. Definitely, we've decided to go down the value chain on LNG especially on those markets. You've seen that we've signed with Brittany Ferries last week. And we've signed an agreement with CMA CGM. Patrick did that last week. What customers are asking to us now is okay, there is this cut coming in. You guys are energy providers. Therefore, we think of ourself as solution providers, and we are working with them on the best solution. Best solution scrubbers are not yet decided, but we will be there. That's the discussion we are having with them. We'll provide them with whatever solution is the best for the market, and for now, we signed those two deals, and definitely, we are going to be a big player on solutions. Patrick Pouyanné - Total SA: So and it's not very clear today when you speak with the shippers, but we have engaged with CMA, which is one of the three largest on these studies together because they have three options, either to take diesel or to take bunkers, heavy fuel oil with scrubbers or to take LNG. And we have to better understand the way they themselves think of their own economics so we can offer the three of that, the three projects, the three things. And we have diverse interest. But we have decided to work on six months to see what will be the optimum from a shipper like them in terms of arbitration. And it's not very obvious what will be their choices. So, we will work with them. It depends probably also – when you speak about LNG, you need to have some rules because it's quite a lot of infrastructure. It's quite heavy. I can tell you if all the players begin to make LNG marine fuel, it will be a disaster from an economic point of view. We don't have the space for too many players. So, we need to probably coordinate logistics and all that. So, it's a start of the story, but we are definitely willing to not only to be part of the game as part of the integration.

Lucas had a question around the same table.

Thanks. Thanks, Mike and (02:12:49) Patrick. This is Lucas Herrmann, Deutsche. Patrick, I wanted to come back to two things around capital frame and capital choices. In terms of the future, you talked about 1% to 2% production growth. I don't want to obsess about production growth. It's a vision. But first question is to what extent the FIDs that you indicated you will take over the next 18 months take you towards that number? And within that, what constrains capital, Patrick? Is it capital is absolutely constrained between $15 billion to $17 billion? Absolutely, it's too harsh. But you used the term earlier, you talked about if I'm at $19 billion and tapping on the shoulder it's a start by tapping on the shoulder at $15 billion to $17 billion in ways and saying or asking do you cycle the project that's – within the $15 billion to $17 billion of intensive spend? Is the idea to stay in that range and if the opportunity set gets better, will some opportunities get deferred, we stay with those which offers the best return, the best IRR, and the capital we're putting down which is in effect is do we believe that the capital that we're putting down is sufficient to drive cash flow growth into the medium term? I'm sorry. The second part is just is there an intent to remove the dilution and the scrip position or the scrip that's presented to shareholders over the last two years or at least the enhanced elements of the scrip as presented to shareholders? Patrick Pouyanné - Total SA: So, first question, yes, we say that we were targeting a growth at least in the present market 1% to 2%. Maybe we were not in that condition. I think we are probably…

Any more questions here? I think Jean-Pierre.

Yes. Hi. Jean-Pierre Dmirdjian from Raymond James. I have three quick questions, if I may. The first one is not that quick and it's on Argentina (02:20:00). I recently came across a press release you published in January 2011 when you first entered this area. And it was saying that your licenses were awarded for a period of six years. So, the licenses expired and I understand that you renewed three out of the four licenses for another four years and that the last one was relinquished. I wonder whether the relatively short duration of these licenses was not an issue for you to effectively inject capital in this area and effectively make the most and produce actually oil from this area. Don't you believe that it would make sense to perhaps first have a longer duration for these licenses before injecting more capital? The second question is about your dividend pattern. I noticed this morning that you will actually have two dividends in the second quarter of this year. So, my question is should we expect five quarters of dividend this year or four quarters? Patrick Pouyanné - Total SA: Four.

Four. Patrick Pouyanné - Total SA: It's clear because we will maintain the scrip dividend even at 0% discount. So, it's only the year where we will eliminate the scrip dividend that we would have to pay for five. So, it's not in this year.

Okay. And the third question, like we've done on production, if you could update us on the decline rates for your base, the assumption you're making this year in terms of the OpEx impacts given the production limitations for the first six months of this year and the sensitivity of PSC. Thank you. Patrick de la Chevardière - Total SA: OpEx, I answer that it's around 20,000 barrel per day of impact potentially is mainly Abu Dhabi and Qatar, two big countries. The others are smaller cuts. I'll let you answer to the question on Argentina, Arnaud.

Yes. So, the license we are getting in Argentina are exploration licenses. And the commitment we made is to actually derisk the development phase. It is, of course, unconventional, so what we have to do is do some pilot. And then the morale is that if we are convinced that there is enough potential, then you get a 35-year concession. So, that's the limited commitment to make in a pilot phase. We think four years is more than enough for us to confirm the quite promising results we've had in some of the area. Patrick Pouyanné - Total SA: So, the PSC price effect is less than 1%. I think it's very minimum, but people in the room will be able to answer more precisely to your question. There is a minimum impact on the dividends we give. So, we pay dividends in January, April, June and December because the general assembly is changing pattern. There is some effects. Patrick de la Chevardière - Total SA: We have a six-month delay between the quarter and the dividend payment basically. Patrick Pouyanné - Total SA: Any more questions? Patrick de la Chevardière - Total SA: (02:23:44).

From Kim in the center.

Hi. Thanks. It's Kim Fustier of HSBC. Just a quick follow-up in the earlier question on production. You've reaffirmed today the 5% production growth guidance all the way to 2020. Yet since last September, you've added big new producing assets in Brazil in particular. So, just wondered if these additions have been offset by negatives elsewhere. And I'm thinking of things like license expiries such as Mahakam in Indonesia, for example, or are you simply being conservative? So, any detail you could offer on that would be helpful. Thanks. Patrick Pouyanné - Total SA: First, again, Brazil, so these are not fully closed. So ,we need to close them. Second, Mahakam, we told you in September I think that Mahakam extension was not included in the 5%, which is not down because we continue the discussion. There have been some moves recently. So, we see if clearly it's a matter of value, frankly. We have discussion with the Indonesian authorities. But we want to stay but for something material. If it's not material enough, we don't see why we should. Again, let's remember, we are not chasing for volume. It's a question of value over volume, of allocation of our staff. We have scarce resources of manpower human resources. Theepan rightly asked us do we have all the people to deliver the projects. So, we don't want to mobilize. Today, we have around 100 expatriates there I think. If we have to mobilize people for a small share even if it's for production, we have to have a real value out of these assets. So, again, no. But we didn't make – maybe we have – no, we don't make – we have plus and minus. Remember that in our 5% projection, Yemen is supposed to come back by before 2020. So, Brazil could replace Yemen if Yemen does not come back. And frankly, on Yemen, I'm just looking to the news on CNN every day, but I have no official news to give. So, it's a big upside. So, it's the advantage we have our portfolio. We have assets coming in and assets coming out. Let's keep the 5% as a good guideline but for example, these examples.

Last question maybe. Patrick Pouyanné - Total SA: So, thank you. I hope you were satisfied. We are satisfied by the results of the company. We are satisfied by your question also. We took something maybe some people will say a bold decision. I see John in front of me and it was bold, but at least it's a proof that we are thinking too of shareholders hardly. We, on one side, delivered, and I think it's important for me, deliver what we told to investors in the last two years and good sets of results, and I'm convinced that the market will reward us for that. Thank you for your listening and for all your questions. I think we invite you now to have more questions or more answers from you (02:27:03) for drinks together with us. Thank you.