3rd Quarter Results

Total S.A. 04 November 2005 Total reports third quarter 2005 results • +32% to 3.13 billion for adjusted net income(1) in euros • +36% to 5.32 € for adjusted earnings per share in euros • +32% to 3.81 billion for adjusted net income expressed in dollars(2) • +36% to 6.49 $ for adjusted earnings per share expressed in dollars Investments expressed in dollars increased by 37% over the first nine months of 2005 Interim dividend of 3 euros per share payable November 24, 2005 - Results expressed in dollars2-(3) 3rd quarter 2005 9 months 2005 3.81 B$ +32% Adjusted net income1 11.30 B$ +42% 6.49 $/share +36% 19.10 $/share +46% 4.45 B$ +32% Net income 12.54 B$ +43% - Results in euros3 3rd quarter 2005 9 months 2005 3.13 B€ +32% Adjusted net income1 8.95 B€ +38% 5.32 €/share +36% 15.13 €/share +42% 3.65 B€ +32% Net income 9.93 B€ +39% Paris, November 4, 2005 - The Board of Directors of Total, chaired by CEO Thierry Desmarest, met on November 3, 2005 to review the consolidated accounts for the third quarter 2005. Adjusted net income increased to 3,126 million euros (M€) in the third quarter 2005, an increase of 32% compared to the third quarter 2004. Commenting on the results, CEO Thierry Desmarest said : At a time when global demand for petroleum products was already strong, major disruptions in the Gulf of Mexico drove oil prices and refining margins to very high levels in the third quarter 2005. Further downstream in the oil chain, retail marketing and petrochemicals suffered as a result of rapidly rising raw material costs. The 36% increase in adjusted earnings per share for Total reflects essentially the stronger oil market environment and illustrates the sensitivity of the Group to this environment. Over the first nine months of 2005, Total reported the best performance among the majors by achieving a 46% increase in earnings per share expressed in dollars. The Group invested 9.3 billion dollars over the first nine months of 2005, which includes 1.1 B$ (US) for the acquisition of 82% of Deer Creek and represents a 37% increase in investments over the same period last year. In the Upstream, continued exploration success and the launching of several large, long-term projects allow Total to be confident of its ability to sustain ongoing production growth beyond 2010. In the Downstream, a program to increase investments to upgrade and adapt the refining system to changing product demand is being actively implemented. - Total - consolidated accounts(4) 3Q05 3Q04 % in millions of euros 9M05 9M04 % 38,414 32,296 +19% Sales 103,226 88,400 +17% 6,346 4,498 +41% Adjusted operating income from business 17,339 12,107 +43% segments 5,199 3,429 +52% = Upstream 13,421 9,416 +43% 981 748 +31% = Downstream 2,816 2,022 +39% 166 321 -48% = Chemicals 1,102 669 +65% 3,044 2,279 +34% Adjusted net operating income from 8,807 6,414 +37% business segments 3,645 2,763 +32% Net income (Group share) 9,932 7,137 +39% 3,126 2,365 +32% Adjusted net income 8,951 6,496 +38% 5.32 3.91 +36% Adjusted earnings per share (euros) 15.13 10.67 +42% 3,357 1,967 +71% Investments 7,396 5,575 +33% 248 185 +34% Divestments 838 538 +56% at selling price 4,764 4,075 +17% Cash flow from operating activities 11,498 10,840 +6% - Number of shares 3Q05 3Q04 % Millions 9M05 9M04 % 588.0 604.5 -3% Fully-diluted weighted-average shares 591.7 608.7 -3% - Market environment 3Q05 3Q04 % 9M05 9M04 % 1.22 1.22 - US$ ($/€) 1.26 1.23 -3%* 61.5 41.5 +48% Brent ($/b) 53.7 36.4 +48% 44.3 32.9 +35% European refining margins TRCV ($/t) 40.4 29.6 +36% *change in the dollar versus the 'euro - Adjustments to operating income from business segments 3Q05 3Q04 in millions of euros 9M05 9M04 (9) - Impact of special items on operating income from (20) - business segments - - = Restructuring charges - - - - = Impairments (11) - (9) - = Other (9) - 1,066 590 Difference of FIFO vs. Replacement cost 2,179 1,138 1,057 590 Total adjustments affecting operating income from 2,159 1,138 business segments - Adjustments to net income (Group share) 3Q05 3Q04 in millions of euros 9M05 9M04 (98) (12) Impact of special items on net income (Group share) (274) (145) (87) - = Equity share of special items recorded by (165) - Sanofi-Aventis - - = Gain/(loss) on asset sales - - - - = Additional Toulouse-AZF provision - (98) - (12) = Restructuring charges and early retirement plans (90) (43) - - = Impairments (8) - (11) - = Other (11) (4) (112) - Adjustment related to the Sanofi-Aventis merger* (247) - (share of amortization of intangible assets) 729 410 After-tax difference of FIFO vs. Replacement cost 1,502 786 519 398 Total adjustments affecting net income 981 641 * based on 13% participation of Total in Sanofi-Aventis at September 30, 2005 l Third quarter 2005 results > Operating income Compared to the third quarter 2004, the oil market environment in the third quarter 2005 was marked by a strong increase in oil prices (+48% for Brent) and European refining margins (+35% for the TRCV indicator). Petrochemical margins decreased relative to the third quarter 2004. In this context, adjusted operating income from the business segments increased by 41% to 6,346 M€ from 4,498 M€ in the third quarter 2004. Special items affecting operating income, which were related to exceptional charges in the Chemicals segment, had a negative impact of 9 M€ in the third quarter 2005. There were no special items affecting operating income in the third quarter 2004. Adjusted net operating income from the business segments increased by 34% to 3,044 M€ from 2,279 M€ in the third quarter 2004. The smaller percentage increase relative to the increase in operating income is due notably to the higher effective tax rate in the third quarter 2005 compared to the third quarter 2004. > Net income Adjusted net income, which excludes notably after-tax inventory effects of 729 M€ in the third quarter 2005 and 410 M€ in the third quarter 2004, increased by 32% to 3,126 M€ from 2,365 M€ in the third quarter 2004. Special items affecting net income had a negative impact of 98 M€ on the third quarter 2005 and 12 M€ on the third quarter 2004. They include special charges and provisions in the Chemicals segment and, in the third quarter 2005, -87 M€ for Total's equity share of special items taken by Sanofi-Aventis. Net income(5) increased to 3,645 M€ from 2,763 M€ in the third quarter 2004. During the third quarter 2005, the Group bought back 3.97 million of its shares (6), or 0.6% of its capital, for 826 M€. Adjusted earnings per share, based on 588.0 million fully-diluted weighted-average shares, rose to 5.32 euros in the third quarter 2005 from 3.91 euros in the third quarter 2004, an increase of 36%, which is higher than the increase in adjusted net income due to the accretive effect of the share buybacks. > Cash flow Cash flow from operating activities increased to 4,764 M€ from 4,075 M€ in the third quarter 2004. Investments rose to 3,357 M€ from 1,967 M€ in the third quarter 2004. They include 890 M€ paid out for the acquisition of 82% of Deer Creek. Divestments in the third quarter 2005 were 248 M€, including notably the sale of Total's interest in the power company South Humber Bank. Net cash flow(7) was 1,655 M€ compared to 2,293 M€ in the same period 2004. - Upstream > Results 3Q05 3Q04 % in millions of euros 9M05 9M04 % 5,199 3,429 +52% Adjusted operating income* 13,421 9,416 +43% 2,202 1,539 +43% Adjusted net operating income* 5,897 4,454 +32% 2,589 1,385 +87% Investments 5,590 3,933 +42% 161 114 +41% Divestments 551 315 +75% at selling price 2,818 2,269 +24% Cash flow from operating activities 7,737 7,248 +7% * adjustment detail included in the business segment information Adjusted operating income for the Upstream segment increased by 52% to 5,199 M€ in the third quarter 2005 from 3,429 M€ in the third quarter 2004. The increase reflects essentially the benefit of higher hydrocarbon prices, more so for liquids than for gas. Adjusted net operating income for Upstream increased by 43% to 2,202 M€. The more moderate increase relative to the increase in operating income reflects, among other elements, the higher effective tax rate in the third quarter 2005 compared to the third quarter 2004, which was due notably to less production in areas with lower effective tax rates. > Production 3Q05 3Q04 % Hydrocarbon production 9M05 9M04 % 2,428 2,479 -2% Combined production (kboe/d) 2,498 2,571 -3% 1,607 1,674 -4% = Liquids (kb/d) 1,631 1,698 -4% 4,491 4,386 +2% = Gas (Mcfd) 4,742 4,749 - Hydrocarbon production declined by 2% to 2,428 thousand barrels of oil equivalent per day (kboe/d) in the third quarter 2005 from 2,479 kboe/d in the third quarter 2004. This decrease in production was due primarily to the negative impact on entitlement volumes linked to higher prices in the third quarter 2005 versus the third quarter 2004 ('price effect'). Excluding the price effect impact, hydrocarbon production increased. Production growth from Trinidad, Congo, Indonesia, and Venezuela combined with lower maintenance in the North Sea relative to the third quarter of last year more than offset lower production from the Gulf of Mexico due to the hurricanes and from shutdowns in Nigeria affecting onshore areas. > Liquids and gas price realizations 3Q05 3Q04 % Liquids and gas price* 9M05 9M04 % 57.8 39.5 +46% Average liquids price ($/b) 49.9 34.9 +43% 4.65 3.54 +31% Average gas price ($/Mbtu) 4.47 3.56 +26% * consolidated subsidiaries, excluding fixed margin and buy-back contracts The smaller increase in the average realized liquids price compared to the increase in the Brent price in particular reflects the larger spread in the light-heavy price differential for crude oil. Gas prices increased in every producing region. > Recent highlights Total continued to expand its exploration acreage by signing a production sharing contract on OPL 223 in Nigeria, being awarded a block in Libya and bidding successfully for three production licenses in the UK North Sea. Successful exploration activity included new discoveries in ultra-deep offshore Angola, a discovery on Block NC 186 in Libya and two new positive wells on OPL 222 (Total operated, 20%) in Nigeria that further confirm the potential of the Usan discovery. An initial development plan for Usan projecting a start-up by 2010 and a plateau rate of 150 kb/d was approved by NNPC, the concession holder of the block. The third quarter 2005 also marked the launch of the development of Yemen LNG (Total 42.9%(8)) projecting the construction of a liquefaction plant with a capacity of 6.7 Mt/y by 2008. Plans call for gas sales over a 20-year period of 4.5 Mt/y to the Atlantic basin market and 2 Mt/y to the Asian market. Phase 1 of the development of the Moho-Bilondo field has been launched (Total operated, 53.5%). Production is projected to start in 2008 with a plateau rate of approx. 90 kb/d. Total took a major step forward in developing its Canadian oil sands strategy through the successful takeover of Deer Creek Energy Limited which holds 84% of the Joslyn lease in Athabasca, Canada. As of October 31, 2005, Total held 82.4% of Deer Creek. Total sold its 40% stake in the South Humber Bank power plant in the UK to Centrica. - Downstream > Results 3Q05 3Q04 % in millions of euros 9M05 9M04 % 981 748 +31% Adjusted operating income* 2,816 2,022 +39% 706 524 +35% Adjusted net operating income* 2,117 1,493 +42% 493 376 +31% Investments 1,069 951 +12% 21 45 -53% Divestments 124 127 -2% at selling price 893 852 +5% Cash flow from operating activities 2,512 3,009 -17% * adjustment detail included in the business segment information Adjusted operating income for the Downstream segment in the third quarter 2005 was 981 M€, a 31% increase compared to the third quarter 2004. The increase was due mainly to the stronger refining margins that reflected the tight supply-demand balance in the Atlantic basin, particularly in the wake of Hurricanes Katrina and Rita. Downstream results benefited as well from the effects of self-help programs and, in refining, positive market effects that were not reflected in the TRCV increase. Partially offsetting those positive effects were the prolonged shutdown of the Antwerp cracker, the shutdown of the Port Arthur refinery due to Hurricane Rita, the strike at the Normandy refinery, and the negative impact of rapidly rising refined product prices on marketing margins, which all had a negative impact on the performance of the segment. Adjusted net operating income for the Downstream segment increased by 35% to 706 M€ in the third quarter 2005 from 524 M€ for the third quarter 2004. > Refinery throughput 3Q05 3Q04 % Refinery throughput (kb/d) 9M05 9M04 % 2,379 2,516 -5% Total refinery throughput* 2,407 2,501 -4% 951 996 -5% (S) France 944 1,010 -7% 1,124 1,191 -6% (S) Rest of Europe* 1,143 1,184 -3% 304 329 -8% (S) Rest of world 321 307 +5% * includes share of Cepsa Refinery throughput was 2,379 kb/d in the third quarter 2005, a decrease of 5% compared to the same quarter last year. The refining utilization rate was 88%. This decrease was due essentially to the longer-than-expected maintenance shutdown at Antwerp at the beginning of the third quarter 2005 and to the impact of the strike at Normandy at the end of the quarter. > Recent highlights Within the framework of the announcement made in September to accelerate its investment program in refining with the goal of increasing the capacity of diesel production and desulphurization as well as improving energy efficiency at its refineries, Total has launched studies on a deep-conversion project at its Port Arthur refinery in the US. Other studies have been launched regarding the construction of a deep-conversion unit at one of the Group's European refineries. Total signed an agreement with ExxonMobil to acquire its marketing and refined products distribution affiliates in 14 African countries. This transaction, which remains subject to the necessary regulatory approvals in each country, would make Total the largest marketer in Africa with an overall market share of 11%. Total signed a preliminary agreement to increase its share in its Rome refinery from 57.5% to 77.5% and, as part of the deal, to sell its 18% interest in the Reichstett in France(9). Total and Sinochem signed a new joint venture agreement to build a network of 300 service stations in the region around Shanghai, China. The two companies are already partners in a similar venture in northern China and in the Dalian refinery. Total signed an agreement with Neste Oil to build a second-generation bio-diesel production unit at one of the Group's refineries that is expected to start up by 2008. - Chemicals > Results 3Q05 3Q04 % in millions of euros 9M05 9M04 % 5,401 5,228 +3% Sales 16,655 14,797 +13% 2,344 2,532 -7% = Base chemicals 7,604 6,472 +17% 1,640 1,450 +13% = Specialties 4,867 5,563 +9% 1,417 1,244 +14% = Arkema 4,184 3,839 +9% - 2 ns = Corporate Chemicals - 5 ns 166 321 -48% Adjusted operating income* 1,102 669 +65% (18) 172 ns = Base chemicals 479 230 +108% 138 124 +10% = Specialties 404 379 +7% 49 16 +219% = Arkema 216 45 +380% (3) 9 ns = Corporate Chemicals 3 15 ns 136 216 -37% Adjusted net operating income* 793 467 +70% 275 211 +30% Investments 678 645 +5% - 19 ns Divestments 30 68 -56% at selling price 498 300 +66% Cash flow from operating activities 785 262 +200% * adjustment detail included in business segment information Sales for the Chemicals segment increased by 3% to 5,401 M€ in the third quarter 2005 from 5,228 M€ in the third quarter 2004. Adjusted operating income fell by 48% to 166 M€ in the third quarter 2005 from 321 M€ in the third quarter 2004. Base chemical margins fell sharply as a result of rapidly increasing raw material costs in the third quarter 2005. Shutdowns of steamcrackers in September at Port Arthur (related to the hurricanes) and at Normandy (related to the beginning of the 5-year scheduled turnaround) also had a negative impact on results. Specialties continued to perform well. Arkema reported a strong increase relative to the third quarter 2004, mainly due to better results in industrial chemicals. Adjusted net operating income for the Chemicals segment were 136 M€ in the third quarter 2005 compared to 216 M€ for the third quarter 2004. > Recent highlights Samsung Total Petrochemicals (Total 50%) launched a major expansion program at the Daesan site in South Korea which will raise the capacity of the cracker to 850 kt/y by 2007, (a 30% increase) as well as increase the production capacities for styrene and polypropylene. Cray Valley and Sartomer, subsidiaries of Total, finalized the acquisition of the hydrocarbon resins activities of the Goodyear Tire & Rubber Company. l Nine months 2005 results > Operating income Compared to the first nine months of 2004, the oil market environment for the first nine months of 2005 was marked by a strong increase in oil prices (+48% for Brent) and European refining margins (+36% for TRCV). Petrochemical margins, on average, were higher relative to the first nine months of 2004. In this context, adjusted operating income from the business segments increased by 43% to 17,339 M€ from 12,107 M€ in the first nine months of 2004. Special items affecting operating income had a negative impact of 20 M€(10) in the first nine months of 2005. There were no special items affecting operating income in the first nine months of 2004. Adjusted net operating income from the business segments increased by 37% to 8,807 M€ from 6,414 M€ in the first nine months of 2004. > Net income Adjusted net income, which excludes after-tax inventory effects of 1,502 M€ in the first nine months of 2005 and 786 M€ in the first nine months of 2004, increased by 38% to 8,951 M€ from 6,496 M€ in the first nine months of 2004. Special items affecting net income had a negative impact of 274 M€10 on the first nine months of 2005 and 145 M€10 on the first nine months of 2004. Reported net income(11) was 9,932 M€ compared to 7,137 M€ for the first nine months of 2004. During the first nine months of 2005, the Group bought back 15.7 million of its shares(12), or 2.5% of its capital, for 2.9 B€. At September 30, 2005 the number of fully-diluted weighted-average shares was 588.1 million compared to 603.7 million a year ago, representing a decrease of close to 3%. Adjusted earnings per share, based on 591.7 million fully-diluted weighted-average shares rose to 15.13 euros from 10.67 euros in the first nine months of 2004, an increase of 42%, which is a higher rate of increase than for adjusted net income due to the accretive impact of the share buybacks. > Cash flow Cash flow from operating activities rose to 11,498 M€ in the first nine months of 2005 from 10,840 M€ in the same period last year. During the first nine months of 2005 investments were 7,396 M€. Expressed in dollars, investments were 9.3 B$, including 1.1 B$ for the Deer Creek acquisition, an increase of 37% compared to the first nine months of 2004. Divestments for the first nine months of 2005 were 838 M€. Net cash flow was 4,940 M€ in the first nine months of 2005 compared to 5,803 M€ in the first nine months of 2004. The net-debt-to-equity ratio was 25.6% at September 30, 2005 compared to 30.3% at June 30, 2005 and 26.6% at September 30, 2004. l Cancellation of outstanding shares The Board of Directors met on November 3, 2005 and approved the cancellation of 7,547,990 shares effective November 22, 2005. The share capital has been adjusted to 6,139,395,400 € represented by 613,939,540 shares with a par value of 10 €. This cancellation increases the Group's capacity for share buybacks. l Interim dividend Net income for Total S.A., the parent company, was 2,763 M€ for the first nine months of 2005 compared to 2,244 M€ for the same period last year. Directors met on November 3, 2005 and, after reviewing the accounts, approved an interim dividend in the amount of 3 € payable on November 24, 2005. l Summary and outlook The return on average capital employed (ROACE) for the Group rose to 28%, at the level of the best in the industry, for the 12 months ended September 30, 2005. For the same period, ROACE(13) was 37% for Upstream, 32% for Downstream, and 12% for Chemicals. Calculated for the same period, the Group's return on equity was 34%. Total continued to invest, giving priority to the Upstream, in line with its forecasts. The Group has continued to buy back shares and in October 2005 bought back 1.6 million shares for 340 M€, bringing the level of buybacks since the start of the year to 2.7% of the capital. Since the beginning of the fourth quarter 2005, oil prices have remained high. Refining margins were very high following the hurricanes in the Gulf of Mexico. Petrochemical margins were relatively weak, while the other Chemicals activities continued to benefit from a satisfactory environment. To listen to the conference call with CFO Robert Castaigne and financial analysts today at 15:30 (Paris time), please call +44 (0)20 7162 0125 from Europe or +1 334 323 6203 from the US or access the call through company web site www.total.com. For a replay, please dial +44 (0)20 7031 4064 from Europe or 1 954 334 0342 (access code: 677 694) from the US. The September 30, 2005 notes to the consolidated accounts are available on the Total web site (www.total.com). The interim accounts have been the subject of a limited review by the company's auditors. This document may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, business, strategy and plans of Total. Such statements are based on a number of assumptions that could ultimately prove inaccurate, and are subject to a number of risk factors, including currency fluctuations, the price of petroleum products, the ability to realize cost reductions and operating efficiencies without unduly disrupting business operations, environmental regulatory considerations and general economic and business conditions. Total does not assume any obligation to update publicly any forward-looking statement, whether as a result of new information, future events or otherwise. Further information on factors which could affect the company's financial results is provided in documents filed by the Group and its affiliates with the French Autorite des Marches Financiers and the US Securities and Exchange Commission. The business segment information is presented in accordance with the Group internal reporting system used by the Chief operating decision maker to measure performance and allocate resources internally. Due to their particular nature or significance, certain transactions qualified as 'special items' are monitored at the Group level and excluded from the business segment figures. In general, special items relate to transactions that are significant, infrequent or unusual. However, in certain instances, certain transactions such as restructuring costs or assets disposals, which are not considered to be representative of normal course of business, may be qualified as special items although they may have occurred within prior years or are likely to recur within following years. In accordance with IAS 2, the Group values inventories of crude oil and petroleum products in the financial statements in accordance with the FIFO (First in, First out) method and other inventories using the weighted-average cost method. However, in the note setting forth information by business segment, the Group continues to present the results for the Downstream segment according to the replacement cost method and those of the Chemicals segment according to the LIFO (Last in, First out) method in order to ensure the comparability of the Group's results with those of its main competitors, notably from North America. The inventory valuation effect is the difference between the results according to the FIFO method and the results according to the replacement cost or LIFO method. In this framework, performance measures such as adjusted operating income, adjusted net operating income and adjusted net income are defined as incomes using replacement cost, adjusted for special items and excluding Total's equity share of the amortization of intangibles related to the Sanofi-Aventis merger. They are meant to facilitate the analysis of the financial performance and the comparison of income between periods. Operating information by segment Third quarter and first nine months of 2005 - Upstream 3Q05 3Q04 % Combined production by region (kboe/ 9M05 9M04 % d) 698 701 - Europe 773 824 -6% 753 821 -8% Africa 783 804 -3% 40 65 -38% North America 44 69 -36% 255 243 +5% Far East 248 240 +3% 407 408 - Middle East 394 403 -2% 266 231 +15% South America 247 222 +11% 9 10 -10% Rest of world 9 9 - 2,428 2,479 -2% Total 2,498 2,571 -3% 3Q05 3Q04 % Liquids production by region (kb/d) 9M05 9M04 % 367 368 - Europe 392 418 -6% 682 752 -9% Africa 703 732 -4% 9 19 -53% North America 10 20 -50% 30 30 - Far East 30 31 -3% 354 356 -1% Middle East 342 350 -2% 157 139 +13% South America 146 138 +6% 8 10 -20% Rest of world 8 9 -11% 1,607 1,674 -4% Total 1,631 1,698 -4% 3Q05 3Q04 % Gas production by region (Mcfd) 9M05 9M04 % 1,798 1,801 - Europe 2,068 2,201 -6% 377 367 +3% Africa 426 378 +13% 159 245 -35% North America 180 261 -31% 1,252 1,196 +5% Far East 1,218 1,167 +4% 288 279 +3% Middle East 280 283 -1% 615 498 +23% South America 568 459 +24% 2 - ns Rest of the world 2 - ns 4,491 4,386 +2% Total 4,742 4,749 - - Downstream 3Q05 3Q04 % Refined product sales by region (kb/ 9M05 9M04 % d)* 2,742 2,829 -3% Europe 2,689 2,739 -2% 346 297 +16% Africa 335 295 +14% 714 623 +15% United States 640 613 +4% 48 113 -58% Rest of world 176 167 +5% 3,850 3,862 - Total* 3,840 3,814 +1% *includes equity share in Cepsa and trading -------------------------- (1) adjusted net income = net income using replacement cost (Group share) adjusted for special items and excluding Total's equity share of amortization of intangibles related to the Sanofi-Aventis merger (2) dollar amounts represent euro amounts converted at the €/$ rate for the period (1.2199 $/€ for the third quarter 2005, 1.2220 for the third quarter 2004, 1.2626 for the first nine months of 2005 and 1.2255 for the first nine months of 2004) (3) percent changes are relative to the same period in 2004 (4) adjusted income (adjusted income, adjusted net operating income, adjusted net income) is defined as income using replacement cost, adjusted for special items and excluding Total's equity share of amortization of intangibles related to the Sanofi-Aventis merger (5) reported net income includes special items and after-tax inventory valuation effects as well as Total's equity share of the amortization of intangibles related to the Sanofi-Aventis merger (6) including 0.57 million shares which are reserved for share grants as per the decision of the Board on July 19, 2005 (7) net cash flow = cash flow from operating activities + divestments - investments (8) before the potential entry of Kogas (9) pending exercise of pre-emption rights by the minority shareholders (10) detail on these items is shown in a table on page 3 (11) reported net income includes special items and after-tax inventory valuation effects as well as Total's equity share of the amortization of intangibles related to the Sanofi-Aventis merger (12) including 0.57 million shares which are reserved for share grants as per the decision of the Board on July 19, 2005 (13) ROACE = adjusted net operating income divided by the average capital employed using replacement cost This information is provided by RNS The company news service from the London Stock Exchange

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