September 2022 - Strategy and Outlook

2021 economic recovery created market tensions, exacerbated in 2022 by war in Ukraine Te TotalEnergies World GDP growth, energy demand growth % 7% 5% 3% +2.9% 1% -1% -3% 1% -3.1% 5.9% +6.1% +3.2% - Oil price ? -4.9% -5% 2019 2020 2021 2022 2023 Supportive macro GDP: PPP annual growth (%). 2021 expectation and 2022/2023 forecasts. Sources: IMF January and July 2022 World Economic Outlooks, Enerdata. $/b 100 50 50 → Strong economic recovery in 2021 after 2020 recession, created tension on supply chains even before the war → Inflationary pressures driven by soaring energy prices in 2022 → IMF cautious on 2022 and 2023 Central banks countering inflation with higher interest rates September 2022 - Strategy and Outlook 6

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