AGM Statement

Total S.A.
11 May 2007

                                                            Paris, May 11, 2007



                           May 11, 2007 Annual Meeting
                             -----------------------

                              15% dividend increase

          Pursuing a major investment program to grow the Upstream 
            and upgrade the refining and petrochemicals systems


The Annual Meeting of shareholders was held on  May 11, 2007, under the 
chairmanship of Thierry Desmarest.

During his address, Thierry Desmarest highlighted the main results for the year 
2006:

'Adjusted net income was 12,585 million euros, a 5% increase compared to 2005.
Total benefited from globally more favorable market conditions, despite pressure
from rising costs and the 5% decrease in production. Profitability at the
business segment level was 29%, reflecting the company's portfolio quality and
investment discipline (...)

Excluding acquisitions, the Group invested 14 billion dollars in 2006, more 
than 75% of that in the Upstream (...)

In 2006, the return to shareholders from both dividends and share buybacks
represented close to 6.5% of the end-2005 market capitalization. The spin-off of
Arkema represented an additional 1.5% return to shareholders.'


Christophe de Margerie, Total's CEO, presented the strategy and outlook for the 
Group:

'In the Upstream, Total intends to pursue its strategy of profitable organic
growth and increase hydrocarbon production by more than 5% per year on average
over the period 2006 to 2010. This growth will be particularly sensitive to the
LNG activities, which are expected to grow by 13% per year on average. The
production growth is expected to be substantial in 2007, mainly due to the
start-up of Dalia, to be followed by Rosa and Dolphin.

Beyond 2010, Total's portfolio of projects offers strong visibility, notably due
to the number of exploration successes in recent years and to major new projects
in LNG and heavy oil (...)

In the Downstream, the Group is pursuing a strategy to upgrade its refining
system by adding conversion and desulphurization projects, as well as through
programs to modernize and improve the reliability of its units (...)

In petrochemicals, Total's objective is to continue to increase its polymers
production, particularly in Asia and the Middle East, while improving the
competitiveness of its operations in mature markets (...)

Implementing the Group's growth strategy depends on a sustained investment
program. The 2007 budget for investments is approximately 16 B$, 75% of it for
the Upstream (...)

Total intends to pursue a dynamic dividend policy, in line with its strategy for
profitable growth.'

Christophe de Margerie highlighted that Total's strategy was to sustainably
contribute to the fulfilment of the demand in energy, while combining
responsibilities towards all stakeholders and value creation for shareholders.
He notably emphasized the Group's commitment in the world's efforts to combat
climate change.

Finally, Christophe de Margerie highlighted the main results for the first 
quarter 2007 which were released on May 4:

'Total reported strong first quarter 2007 results. In a context of lower
hydrocarbon prices, the adjusted earnings per share expressed in dollars showed
a limited decreased of 1%, whereas the business segments profitability was 28%.
Expressed in euros, the earnings per share decreased by 9%, reflecting the lower
dollar compared to the euro.

This performance shows that Total managed to maintain the quality of its
portfolio and its investment and project management discipline while
accelerating its growth effort and facing continued pressure from rising 
costs.'


The shareholders approved the 2006 accounts and the payment of a cash dividend
of 1.87 euros per share of 2.5 euros of par value, an increase of 15% from last
year. Taking into account the interim dividend of 0.87 euros per share paid on
November 17, 2006, the remaining balance of 1 euro per share will be paid on May
18, 2007.

The following resolutions were also approved at the Annual Meeting:

  •  Renewal of the three-year term for the following Directors: 
     MM. Thierry Desmarest, Thierry de Rudder and Serge Tchuruk.

  •  Renewal of the three-year term of M. Daniel Boeuf as a Director 
     representing the employee shareholders.

  •  Authorization for the Board of Directors to trade the Company's share, 
     pursuant to the provisions of Article L. 225-209 of the French Code of 
     Commerce.
 
  •  Authorizations for the Board of Directors to carry out capital increases 
     but only while maintaining shareholders' preferential subscription rights, 
     to implement stock-options programs and reserved capital increases for 
     employees.

The full results of the votes will be available on Total's web site 
www.total.com in the coming days.

 

                                  ***


2, place de la Coupole 
La Defense 6 
92 400 Courbevoie France 
Tel.: [phone] 
Fax: [phone]
                                    
Jerome SCHMITT
Laurent WOLFFSHEIM 
Sandrine SABOUREAU 
Philippe HERGAUX

Robert HAMMOND (US) 
Tel.: [phone] 
Fax: [phone]

TOTAL S.A.
Capital 5 981 907 382,5 euros
542 051 180 R.C.S. Nanterre

www.total.com




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