Shareholding Structure

Total S.A. is a French société anonyme (limited company) created in France in March 1924, listed on Paris, London, Brussels and New York Exchanges.

Total is listed on the CAC 40, Euro Stoxx 50, Stoxx Europe 50 and DJ Global Titans stock indexes and the FTSE4Good, DJSI World, DJSI Europe and ASPI ESG indexes (Environment, Social, Governance).

Shareholding Structure as of December 31, 2015

By shareholder Type 
(Excluding Treasury Shares)
By Region 
(Excluding Treasury Shares)

(a) Based on the definition of employee shareholding pursuant to Article L. 225-102 of the French Commercial Code

The number of French individual Total shareholders is estimated at 500,000.

Major Shareholders

The major shareholders of Total as of December 31, 2015 are set forth in the table below:

As of December 31, 2015% of share capital% of voting rights% of theoretical voting rights(a)
BlackRock, Inc. (b)
Group employees (d)
GBL-LOVERAL Finance (ex CNP) in concert
Of which Groupe Bruxelles Lambert(e)
Of which GBL-LOVERAL Finance (ex CNP)(e)
Treasury shares
Of which TOTAL S.A.
Of which TOTAL Nucléaire
Of which subsidiaries of Elf Aquitaine(f)
Other shareholders(g)
Of which holders of ADRs (h)

(a) Pursuant to article 223-11 of the AMF General Regulation, the number of theoretical voting rights is calculated on the basis of all outstanding shares to which voting rights are attached, including treasury shares that are deprived of voting rights.
(b) Information sources from de form Schedule 13G filed by BlackRock, Inc. ("BlackRock") with SEC on February 10, 2016, pursuant to which BlackRock declared beneficial ownership of 135,167,376 Company shares as of December 31, 2015 (i.e., 5.5% of the Company's share capital). BlackRock specified that it had dispositive power of these shares
(c) Not communicated.
(d) Based on the definition of employee shareholding pursuant to Article L. 225-102 of the French Commercial Code. The Amundi Group, the holding company for Amundi Asset Managment, which is the manager pf the employee collective investment fund "TOTAL ACTIONNARIAT FRANCE" (see below), filed a Schedule 13G with the SEC on February 9, 2016, declaring beneficial ownership of 183,753,375 Company shares as of December 31, 2015 (i.e, 7.5% of the Company's share capital). The Amundi Group specified that did not have sole voting or dispositive power over any of theses shares, and that it had shared voting power over 66,187,570 of these shares (i.e 2.7% of the Company's share capital) and shared dispositive power over all these shares. Moreover, the employee representatives serve on the Board of Directors of TOTAL S.A.
(e) Groupe Bruxelles Lambert is a company controlled jointly by the Desmarais family and Frère-Bourgeois S.A., and for the latter mainly through its direct and indirect interest in LOVERAL Finance (ex Compagnie Nationale à Portefeuille). In addition, Groupe Bruxelles Lambert and LOVERAL Finance have declared their acting in concert. Moreover, these companies have executive directors who serve on the Board of TOTAL S.A. Furthermore, on February 16, 2016, GBL annonced the sale of 0.7% of the share capital of TOTAL.
(f) Fingestval, Financière Valorgest and Sogapar.
(g) Of which 1.49% held by registered shareholders (non-Group) in 2015.
(h) Including all American Depositary Shares represented by American Depositary Receipts listed on the New York Stock Exchange.