FinalÂ Results

Total

Total : Fourth Quarter 2008 Adjusted Net Income¹Â : 2.9 Billion Euros

Full-Year 2008 Adjusted Net IncomeÂ : 13.9 Billion Euros

Proposed 2008 Dividend of 2.28 Euros Per Share, a 10% Increase²

Total (Paris:FP) (LSE:TTA) (NYSE:TOT)

Main results ^{1 2 3}

Fourth quarter adjusted net income

2.9 billion euros -8%

3.8 billion dollars -16%

1.29 euros per share -6%

1.69 dollars per share -15%

2008 adjusted net income

13.9 billion euros +14%

20.5 billion dollars +22%

2008 net income (Group share)

10.6 billion euros -20%

including price effect on inventory valuation

Highlights since the beginning of the fourth quarter 2008

Fourth quarter 2008 Upstream production of 2,354 kboe/d
Restarted production on the Al Jurf field in Libya end of December 2008
Launched project to increase capacity of OML 58 in Nigeria and new development phase for Bongkot North in Thailand
Styrene production in Europe consolidated at Gonfreville plant with start-up of expanded world-class unit
New discoveries on Moho Bilondo in Republic of Congo, on Etisong in Nigeria, in Brunei, and in Thailand
Added exploration acreage including Block 70 in Yemen, three blocks in the UK North Sea and interests in deep-offshore Nigerian blocks OPL 279 and 285
Signed agreement with Libyan national oil company to renew contracts on Blocks C17 and C137 and extended the Aguada Pichana and San Roque concessions until 2027 in Argentina
Acquired a 50% interest in a shale oil research project in Colorado in the U.S.
Acquired an interest in Konarka, a start-up company in the U.S. specializing in organic photovoltaic technology
Consolidation of heavy oil positions by launching a public offer for the acquisition of UTS Energy in Canada

The Board of Directors of Total, led by Chairman Thierry Desmarest, met on February 11, 2009 to review the Groupâ€™s fourth quarter 2008 accounts and to close the parent company and consolidated accounts for 2008.

Adjusted net income rose to 13,920 million euros (Mâ‚¬), an increase of 14% compared to 2007, or 20.5 billion dollars (B$), an increase of 22%.

Commenting on the results, CEO Christophe de Margerie saidÂ :

Â« Unprecedented volatility marked the 2008 oil market environment. In the first part of the year, the price of Brent crude climbed rapidly toward 150 dollars per barrel ($/b). In the second part of the year, the global economy suffered a sharp slowdown which drove Brent down to a new low for the year of 35 $/b in December. On average, Brent was 97 $/b for the year and 55 $/b for the fourth quarter.

European refining margins were good on average for the year, supported by steady demand for diesel. Petrochemicals, at the end of the petroleum chain, were hurt in the first half of the year by the rapid increase in oil prices. In the second half of the year, petrochemicals benefited from a rebound in margins, but suffered from falling demand linked to the worldwide economic downturn.

Strong volatility also affected the dollarÂ ; it depreciated by 7% relative to the euro over the year but rose by 14% during the fourth quarter 2008.

In this environment, our adjusted net income for 2008 rose to a record high of more than 20Â billion dollars, an increase of 22%. This performance was possible despite the 16% decline in the fourth quarter adjusted net income to 3.8 billion dollars. Nevertheless, Total demonstrated in the fourth quarter its strong resistance to a weaker environment and the benefit of its integrated strategy.

Total invested more than 18 billion dollars in 2008, a substantial increase compared to 2007, to further prepare the company for the long term. The Group reaffirms as its priorities the safety and reliability of its operations as well as the protection of the environment. In addition, the Company has committed to a number of long-term projects, notably the deep-offshore Usan field in Nigeria, the Jubail refinery in Saudi Arabia, some targeted acquisitions for heavy oil in North America and Madagascar and several projects in renewable energies.

By maintaining strict financial discipline regardless of the environment, Total was able to implement its investment program while delivering strong profitability, proposing a 10% increase in its 2008 dividend and strengthening its balance sheet. The net-debt-to-equity ratio was 23% at the end of 2008 compared to 27% at the end of 2007. In addition, Total has a high level of liquidity and intends to pursue its policy of progressively divesting non-strategic assets.

Given the nature of the business, Total is faced with many risks, particularly industrial and safety risks. The events of the past months in Nigeria, Libya and France are unfortunate reminders that we must redouble our efforts to be ever vigilant when the safety of our people and the protection of the environment are at stake.

Total begins 2009 confident that it can weather a major economic crisis without having to revise its capacity for investments to grow the company over the long term. Total is committed to maintain a balanced growth strategy for the benefit of its workforce, its shareholders and all of its other stakeholders. Â»

Key figures and consolidated accounts of Total⁴

4Q08	Â	3Q08	Â	4Q07	Â	4Q08 vsvs 4Q074Q07	Â	in millions of euros except earnings per share and number of shares	Â	2008	Â	2007	Â	2008 vsvs 20072007
38,714		48,849		43,185		-10%		Sales		179,976		158,752		+13%
5,126		8,083		6,701		-24%		Adjusted operating income from business segments		28,114		23,956		+17%
2,942		4,063		3,202		-8%		Adjusted net operating income from business segments		13,961		12,231		+14%
1,995		2,899		2,569		-22%		= Upstream		10,724		8,849		+21%
770		901		546		+41%		= Downstream		2,569		2,535		+1%
177		263		87		+103%		= Chemicals		668		847		-21%
2,873		4,070		3,107		-8%		Adjusted net income		13,920		12,203		+14%
1.29		1.81		1.37		-6%		Adjusted fully-diluted earnings per share (euros)		6.20		5.37		+15%
2,235.5		2,244.3		2,265.6		-1%		Fully-diluted weighted-average shares (millions)		2,246.7		2,274.4		-1%

-794

3,050

3,600

Net income (Group share)

10,590

13,181

-20%

4,758

3,371

4,028

+18%

Investments

13,640

11,722

+16%

4,565

3,195

3,958

+15%

Investments including net investments in equity affiliates and non-consolidated companies

12,444

11,371

+9%

943

718

981

-4%

Divestments

2,585

1,556

+66%

4,093

7,338

4,160

-2%

Cash flow from operating activities

18,669

17,686

+6%

4,830

5,642

4,393

+10%

Adjusted cash flow

19,601

17,332

+13%

4Q08	Â	3Q08	Â	4Q07	Â	4Q08 vsvs 4Q074Q07	Â	in millions of dollars⁵ dollar amounts represent euro amounts converted at the average â‚¬-$ exchange rate for the period. except earnings per share and number of shares	Â	2008	Â	2007	Â	2008 vsvs 20072007
51,025		73,518		62,558		-18%		Sales		264,709		217,554		+22%
6,756		12,165		9,707		-30%		Adjusted operating income from business segments		41,350		32,829		+26%
3,878		6,115		4,638		-16%		Adjusted net operating income from business segments		20,534		16,761		+23%
2,629		4,363		3,721		-29%		= Upstream		15,773		12,126		+30%
1,015		1,356		791		+28%		= Downstream		3,778		3,474		+9%
233		396		126		+85%		= Chemicals		982		1,161		-15%
3,787		6,125		4,501		-16%		Adjusted net income		20,474		16,723		+22%
1.69		2.73		1.99		-15%		Adjusted fully-diluted earnings per share (dollars)		9.11		7.35		+24%
2,235.5		2,244.3		2,265.6		-1%		Fully-diluted weighted-average shares (millions)		2,246.7		2,274.4		-1%

-1,046

4,590

5,215

Net income (Group share)

15,576

18,063

-14%

6,271

5,073

5,835

+7%

Investments

20,062

16,064

+25%

6,017

4,808

5,734

+5%

Investments including net investments in equity affiliates and non-consolidated companies

18,303

15,583

+17%

1,243

1,081

1,421

-13%

Divestments

3,802

2,132

+78%

5,395

11,044

6,026

-10%

Cash flow from operating activities

27,458

24,237

+13%

6,366

8,491

6,364

Adjusted cash flow

28,829

23,752

+21%

Fourth quarter 2008 results

> Operating income

In the fourth quarter 2008, the Brent price averaged 55.5 $/b, a decrease of 37% compared to the fourth quarter 2007 and 52% compared to the third quarter 2008. The TRCV European refining margin indicator averaged 41.4Â $/t in the fourth quarter, an increase of 38% compared to the fourth quarter 2007 and a decrease of 8% compared to the third quarter 2008.

Despite a pronounced drop in demand, petrochemical margins were stable, benefiting from lower naphtha prices over the quarter.

The average euro-dollar exchange rate was 1.32 $/â‚¬ in the fourth quarter 2008 compared to 1.45 $/â‚¬ in the fourth quarter 2007 and 1.51 $/â‚¬ in the third quarter 2008.

In this context, adjusted operating income from the business segments was 5,126Â Mâ‚¬, a decrease of 24% compared to the fourth quarter 2007⁶, or expressed in dollars a decrease of 30%.

The effective tax rate⁷ for the business segments decreased to 51.0% in the fourth quarter 2008 from 56.0% in the third quarter 2008 and 58.1% in the fourth quarter 2007, mainly due to the decrease in the share of the Upstream segment in adjusted operating income from business segments and the decrease in the effective tax rate for the Upstream segment in the fourth quarter 2008.

Adjusted net operating income from the business segments was 2,942 Mâ‚¬ compared to 3,202 Mâ‚¬ in the fourth quarter 2007, a decrease of 8%.

The smaller decrease, compared to the percentage decrease in adjusted operating income, is essentially due to the decrease in the effective tax rate between the two quarters.

Expressed in dollars, adjusted net operating income from the business segments was 3.9Â B$, a decrease of 16% compared to the fourth quarter 2007.

> Net income

Adjusted net income was 2,873 Mâ‚¬ compared to 3,107 Mâ‚¬ in the fourth quarter 2007, a decrease of 8%. Expressed in dollars, adjusted net income decreased by 16%.

This excludes the after-tax inventory effect, special items, and the Groupâ€™s equity share of the amortization of intangibles related to the Sanofi-Aventis merger.

The after-tax inventory effect had a negative impact on net income of 3,128 Mâ‚¬ in the fourth quarter 2008 and a positive impact on net income of 530Â Mâ‚¬ in the fourth quarter 2007.
Special items had a negative impact on net income of 373 Mâ‚¬ in the fourth quarter 2008, reflecting mainly impairments in the Upstream segment and provisions in the Chemicals segment. In the fourth quarter 2007, special items had a positive impact on net income of 56Â Mâ‚¬⁸.
The Groupâ€™s share of the amortization of intangibles related to the Sanofi-Aventis merger had a negative impact on net income of 166 Mâ‚¬ in the fourth quarter 2008 and a negative impact on net income of 93 Mâ‚¬ in the fourth quarter 2007.

The reported net loss (Group share) was 794 Mâ‚¬ in the fourth quarter 2008 compared to reported net income (Group share) of 3,600 Mâ‚¬ in the fourth quarter 2007.

The effective tax rate⁷ for the Group was 50.6% in the fourth quarter 2008.

In the fourth quarter 2008, the Group bought back 3.6 million⁹ of its shares for 145 Mâ‚¬.

Adjusted fully-diluted earnings per share, based on 2,235.5 million fully-diluted weighted-average shares was 1.29 euros in the fourth quarter 2008 compared to 1.37 euros in the fourth quarter 2007, a decrease of 6%.

Expressed in dollars, adjusted fully-diluted earnings per share decreased by 15% to 1.69Â $/share.

> Investments â€“ divestments¹⁰

Investments, including acquisitions and including net investments in equity affiliates and non-consolidated companies, were 4,565 Mâ‚¬ (6.0 B$) in the fourth quarter 2008 compared to 3,958 Mâ‚¬ (5.7 B$) in the fourth quarter 2007.

Acquisitions were 506 Mâ‚¬ (0.7 B$) in the fourth quarter 2008.

Asset sales in the fourth quarter 2008 were 732 Mâ‚¬ (1.0 B$), consisting mainly of Sanofi-Aventis shares.

Net investments¹¹ were 5.0 B$ in the fourth quarter 2008.

> Cash flow

Cash flow from operating activities was 4,093 Mâ‚¬ in the fourth quarter 2008, a decrease of 2% compared to the fourth quarter 2007. Expressed in dollars, cash flow from operating activities was 5.4 B$, a decrease of 10%.

Cash flow benefited from a 3,635 Mâ‚¬ decrease in working capital requirements, essentially linked to falling hydrocarbon prices during the quarter.

Adjusted cash flow¹² was 4,830 Mâ‚¬, an increase of 10%. Expressed in dollars, adjusted cash flow was stable at 6.4 B$.

Net cash flow¹³ was 278 Mâ‚¬ compared to 1,113Â Mâ‚¬ in the fourth quarter 2007. Expressed in dollars, net cash flow was 0.4 B$ in the fourth quarter 2008.

Results for the full year 2008

> Operating income

Compared to 2007, the oil market environment in 2008 was marked by a 34% increase in the average Brent crude price to 97.3 $/b. The TRCV European refining margin indicator increased by 16% to 37.8 $/t. The environment for Totalâ€™s Chemicals segment turned sharply negative at year end with a sudden fall-off in demand that resulted from the global economic slowdown.

The average euro-dollar exchange rate was 1.47 $/â‚¬ compared to 1.37 $/â‚¬ in 2007.

In this context, adjusted operating income from the business segments was 28,114Â Mâ‚¬, an increase of 17% compared to 2007¹⁴, or, expressed in dollars, an increase of 26%.

The effective tax rate¹⁵ for the business segments was 56.4% in 2008 compared to 55.1% in 2007, mainly due to the increase in the share of the Upstream segment in adjusted operating income from the business segments as well as the increase in the effective tax rate for the Upstream segment.

Adjusted net operating income from the business segments was 13,961 Mâ‚¬ compared to 12,231Â Mâ‚¬ in 2007, an increase of 14%. The smaller increase, compared to the percentage increase in adjusted operating income, is essentially due to the increase in the effective tax rate between the two periods.

Expressed in dollars, adjusted net operating income from the business segments was 20.5 B$, an increase of 23%.

> Net income

Adjusted net income increased by 14% to 13,920 Mâ‚¬ in 2008 compared to 12,203 Mâ‚¬ in 2007. Expressed in dollars, adjusted net income was 20.5 B$, an increase of 22%.

This excludes the after-tax inventory effect, special items, and the Groupâ€™s equity share of the amortization of intangibles related to the Sanofi-Aventis merger.

The after-tax inventory effect had a negative impact on net income of 2,452 Mâ‚¬ in 2008 compared to a positive impact of 1,285Â Mâ‚¬ in 2007, reflecting essentially the impact of the sharp decline in oil prices during the fourth quarter.
Special items had a negative impact on net income of 485 Mâ‚¬ compared to a positive impact of 11Â Mâ‚¬ in 2007¹⁶.
The Groupâ€™s share of the amortization of intangibles related to the Sanofi-Aventis merger had a negative impact on net income of 393Â Mâ‚¬ and a negative impact of 318Â Mâ‚¬ in 2007.

Net income (Group share) was 10,590 Mâ‚¬ in 2008 compared to 13,181 Mâ‚¬ in 2007.

The effective tax rate¹⁵ for the Group in 2008 was 56.3% and 55.6% in 2007.

In 2008, the Group bought back 27.6 million of its shares¹⁷ for 1,339Â Mâ‚¬. There were 2,235.3 million fully-diluted shares outstanding on December 31, 2008 compared to 2,265.2 outstanding on December 31, 2007.

Adjusted fully-diluted earnings per share, based on 2,246.7 million fully-diluted weighted-average shares rose to 6.20 euros compared to 5.37 euros in 2007, an increase of 15%.

Expressed in dollars, adjusted fully-diluted earnings per share increased by 24% to 9.11Â $/share in 2008 from 7.35 $/share in 2007.

> Investments â€“ divestments¹⁸

Investments, including net investments in equity affiliates and non-consolidated companies and acquisitions, were 12,444 Mâ‚¬ (18.3 B$) in 2008 compared to 11,371Â Mâ‚¬ (15.6Â B$) in 2007.

Acquisitions were 1,022 Mâ‚¬ (1.5 B$) in 2008, reflecting mainly the acquisitions of Synenco in Canada and Goal in the Netherlands, the acquisition of a 60% stake in the Bemolanga permit in Madagascar and payments for new permits and contract extensions in Nigeria and Libya.

Asset sales in 2008 were 1,451 Mâ‚¬ (2.1 B$), consisting mainly of Sanofi-Aventis shares.

Net investments¹⁹ were 16.3 B$ in 2008 compared to 13.9 B$ in 2007.

> Cash flow

Cash flow from operating activities was 18,669 Mâ‚¬ in 2008, an increase of 6% compared to 2007. Expressed in dollars, cash flow from operating activities was 27.5 B$, an increase of 13%.

Adjusted cash flow²⁰ was 19,601 Mâ‚¬, an increase of 13%. Expressed in dollars, adjusted cash flowwas 28.8Â B$, an increase of 21% compared to 2007.

Net cash flow²¹ was 7,614 Mâ‚¬ compared to 7,520Â Mâ‚¬ in 2007. Expressed in dollars, net cash flow was 11.2 B$, an increase of 9% compared to 2007.

The net-debt-to-equity ratio was 22.5% on December 31, 2008 compared to 27.3% on December 31, 2007²².

Analysis of business segment results

Upstream

> Environment â€“ liquids and gas price realizations*

4Q08

3Q08

4Q07

4Q08
vsvs
4Q074Q07

2008

2007

2008
vsvs
20072007

55.5

115.1

88.5

-37%

Brent ($/b)

97.3

72.4

+34%

49.4

107.8

84.5

-42%

Average liquids price ($/b)

91.1

68.9

+32%

7.57

8.05

6.08

+25%

Average gas price ($/Mbtu)

7.38

5.40

+37%

47.1

83.9

65.7

-28%

Average hydrocarbons price ($/boe)

72.1

55.2

+31%

* consolidated subsidiaries, excluding fixed margin and buy-back contracts.

Compared to the same periods in 2007, Totalâ€™s average realized liquids price decreased by 42% in the fourth quarter 2008 and increased by 32% for the full-year 2008. The average realized natural gas price increased by 25% and 37% respectively.

> Production

4Q08	Â	3Q08	Â	4Q07	Â	4Q08 vsvs 4Q074Q07	Â	Hydrocarbon production	Â	2008	Â	2007	Â	2008 vsvs 20072007
2,354		2,231		2,461		-4%		Combined production (kboe/d)		2,341		2,391		-2%
1,434		1,409		1,530		-6%		= Liquids (kb/d)		1,456		1,509		-4%
5,127		4,471		5,223		-2%		= Gas (Mcf/d)		4,837		4,839		-

In the fourth quarter 2008, hydrocarbon production was 2,354 thousand barrels of oil equivalent per day (kboe/d), a decrease of 4% compared to the fourth quarter 2007, mainly as a result of :

-1% for the normal decline on existing fields, which was only partially offset by start-ups and ramp-ups of new major projects this quarter,
-1% for the shutdown of the Al Jurf field in Libya from April to end of December 2008,
-1% related to disruptions in Nigeria due to security issues,
-1% for changes in the portfolio (mainly the contract renegotiations in Libya).

The negative impact of OPEC quota reductions was offset by a positive price effect²³.

For the full-year 2008, hydrocarbon production was 2,341 kboe/d, a decrease of 2% compared to 2007, mainly as a result of :

+3.5% of growth from start-ups and ramp-ups of new major projects, including Dolphin, Rosa, Jura and Dalia, net of the normal decline on existing fields,
-2.5% for unscheduled shutdowns, mainly on the Elgin Franklin field in February, the Bruce and Alwyn fields in the summer, and the Al Jurf field from April to the end of December 2008,
-2% for the price effect²³,
-1% for changes in the portfolio.

Underlying production growth in 2008, excluding the price effect and changes in the portfolio, was +1%.

> Year-end 2008 reserves

Reserves at December 31	Â	2008	Â	2007	Â	%
Hydrocarbon reserves (Mboe)		10,458		10,449		-
= Liquids (Mb)		5,695		5,778		-1%
= Gas (Bcf)		26,218		25,730		+2%

Proved reserves based on SEC rules (Brent at 36.55 $/b) were 10,458 Mboe at December 31, 2008. At the 2008 average rate of production, the reserve life is more than 12 years.

The 2008 reserve replacement rate²⁴ based on SEC rules was 112%, excluding acquisitions and divestments. Including acquisitions and divestments, it was 101%.

At year-end 2008, Total had a solid and diversified portfolio of proved and probable reserves²⁵ representing 20 Bboe, or more than a 20-year reserve life based on the 2008 average production rate, and resources²⁶ representing more than a 40-year reserve life.

> Results

4Q08

3Q08

4Q07

4Q08
vsvs
4Q074Q07

in millions of euros

2008

2007

2008
vsvs
20072007

3,727

6,525

5,838

-36%

Adjusted operating income*

23,639

19,514

+21%

1,995

2,899

2,569

-22%

Adjusted net operating income*

10,724

8,849

+21%

269

368

251

+7%

includes income from equity affiliates

1,236

810

+53%

3,283

2,480

2,803

+17%

Investments

10,017

8,882

+13%

270

188

324

-17%

Divestments

1,130

751

+50%

2,139

3,732

3,348

-36%

Cash flow from operating activities

13,765

12,692

+8%

2,849

3,715

3,288

-13%

Adjusted cash flow

14,313

12,562

+14%

* detail of adjustment items shown in business segment information in the financial statements.

Adjusted net operating income for the Upstream segment was 1,995Â Mâ‚¬ in the fourth quarter 2008 compared to 2,569 Mâ‚¬ in the fourth quarter 2007, a decrease of 22%.

Expressed in dollars, adjusted net operating income for the Upstream segment decreased by 29%, reflecting essentially the impacts of lower hydrocarbon prices and lower production volumes.

Compared to the fourth quarter 2007, the increase in income from equity affiliates was mainly due to changing the method of consolidation for PetroCedeÃ±o in Venezuela effective December 31, 2007.

The effective tax rate for the Upstream segment was 57.4% in the fourth quarter 2008 compared to 61.7% in the third quarter 2008 and 61.3% in the fourth quarter 2007.

For the full-year 2008, adjusted net operating income for the Upstream segment was 10,724 Mâ‚¬ compared to 8,849 Mâ‚¬ in 2007, an increase of 21%.

Expressed in dollars, the 2008 adjusted net operating income for the Upstream segment was 15.8Â B$, an increase of 3.6 B$ compared to 2007. The increase reflected essentially the impact of the more positive full-year 2008 environment.

Technical costs (FAS 69, consolidated subsidiaries) were 15.4 $/boe in 2008 compared to 12.4 $/boe in 2007, an increase of 3.0 $/boe that was mainly due to the impact of higher depreciation, depletion and amortization (DD&A) charges on new start-up production, portfolio changes²⁷ and the impact of cost inflation.

The return on average capital employed (ROACE²⁸) for the Upstream segment was 35.9% in 2008 compared to 33.6% in 2007.

Downstream

> Refinery throughput and utilization rates*

4Q08

3Q08

4Q07

4Q08
vsvs
4Q074Q07

2008

2007

2008
vsvs
20072007

2,371

2,393

2,399

-1%

Total refinery throughput (kb/d)

2,362

2,413

-2%

944

1,013

872

+8%

= France

956

927

+3%

1,146

1,168

1,219

-6%

= Rest of Europe

1,134

1,190

-5%

281

212

308

-9%

= Rest of world

272

296

-8%

Utilization rates

90%

89%

87%

= Based on crude only

88%

87%

91%

92%

89%

= Based on crude and other feedstock

91%

89%

* includes share of CEPSA.

Fourth quarter 2008 refinery throughput showed a decrease by 1% compared to the fourth quarter 2007, but adjusting for the November 2007 sale of the UK Milford Haven refinery, throughput increased by 1% quarter over quarter.

The fourth quarter 2008 utilization rates based on crude only and based on crude and other feedstock were 90% and 91% respectively, both higher compared to the fourth quarter 2007.

Refinery turnarounds in the fourth quarter 2008 were limited to scheduled partial shutdowns in the Feyzin and Provence refineries in France and in the Antwerpen refinery.

For the full-year 2008, the utilization rate based on crude was 88% (91% based on crude and other feedstock) compared to 87% in 2007 (89% based on crude and other feedstock). There were six refinery turnarounds in 2008 compared to ten in 2007. The level of refinery turnarounds in 2009 is expected to be comparable to the 2008 level.

> Results

4Q08

3Q08

4Q07

4Q08
vsvs
4Q074Q07

in millions of euros
except TRCV refining marginsexcept TRCV refining margins

2008

2007

2008 vs 2007

41.4

45.0

30.1

+38%

European refining margin

indicator - TRCV ($/t)

37.8

32.5

+16%

1,145	Â	1,215	Â	744	Â	+54%	Â	Adjusted operating income*	Â	3,602	Â	3,287	Â	+10%
770		901		546		+41%		Adjusted net operating income*		2,569		2,535		+1%
21		39		58		-64%		includes income from equity affiliates		77		258		-70%

972	Â	638	Â	849	Â	+14%	Â	Investments	Â	2,418	Â	1,875	Â	+29%
18		46		317		-94%		Divestments		216		394		-45%
603		2,731		372		+62%		Cash flow from operating activities		3,111		4,148		-25%
1,409		1,466		495		+185%		Adjusted cash flow		4,018		3,276		+23%

* detail of adjustment items shown in business segment information in the financial statements.

The TRCV European refining margin indicator was 41.4 $/t in the fourth quarter 2008, an increase of 38% compared to the fourth quarter 2007 and a decrease of 8% compared to the third quarter 2008.

Adjusted net operating income for the Downstream segment was 770 Mâ‚¬ in the fourth quarter 2008, an increase of 41% compared to the fourth quarter 2007. Expressed in dollars, Downstream adjusted net operating income increased by 28%.

For the full-year 2008, adjusted net operating income for the Downstream segment was 2,569 Mâ‚¬ compared to 2,535 Mâ‚¬ in 2007, an increase of 1%.

Expressed in dollars, adjusted net operating income for the Downstream segment was 3.8Â B$ in 2008, an increase of 0.3 B$ compared to 2007.

This result reflects the generally satisfactory environment as well as the benefits of ongoing productivity plans and favorable conditions for supply optimization particularly during the fourth quarter. However, net operating income was negatively affected by a decrease in income from equity affiliates, mainly due to losses incurred through Totalâ€™s participation in Wepec, its affiliate for refining in China.

The ROACE²⁹ for the Downstream segment was 19.9% in 2008 compared to 20.6% in 2007.

Chemicals

4Q08

3Q08

4Q07

4Q08
vsvs
4Q074Q07

in millions of euros

2008

2007

2008 vs 2007

4,012

5,431

4,884

-18%

Sales

20,150

19,805

+2%

2,449

3,675

3,134

-22%

= Base chemicals

13,176

12,558

+5%

1,563

1,756

1,750

-11%

= Specialties

6,974

7,247

-4%

254	Â	343	Â	119	Â	+113%	Â	Adjusted operating income*	Â	873	Â	1,155	Â	-24%
177		263		87		+103%		Adjusted net operating income*		668		847		-21%
109		176		-8		na		Base chemicals		323		431		-25%
55		89		97		-43%		Specialties		339		413		-18%

477	Â	212	Â	365	Â	+31%	Â	Investments	Â	1,074	Â	911	Â	+18%
20		14		20		-		Divestments		53		83		-36%
939		14		518		+81%		Cash flow from operating activities		920		1,096		-16%
323		352		162		+99%		Adjusted cash flow		1,093		1,093		-

* detail of adjustment items shown in business segment information in the financial statements.

In the fourth quarter 2008, petrochemical margins remained on average at satisfactory levels, due to falling naphtha feedstock prices, but sales volumes were hit hard by weakening demand linked to the global economic slowdown.

Sales for the Chemicals segment were 4,012Â Mâ‚¬ in the fourth quarter 2008, a decrease of 18% compared to the fourth quarter 2007.

Adjusted net operating income for the Chemicals segment was 177 Mâ‚¬, an increase of 103% compared to the fourth quarter 2007.

In the fourth quarter 2008, the economic slowdown began having an effect on Base chemicals but margins remained satisfactory. By comparison, the fourth quarter 2007 was particularly difficult.

The results of the Specialties were substantially weaker due to the slowdown in economic activity.

For the full-year 2008, adjusted net operating income for the Chemicals segment was 668Â Mâ‚¬ compared to 847 Mâ‚¬ in 2007, a decrease of 21%.

Expressed in dollars, the decrease was 0.18 B$ and reflects essentially the negative impact of the environment.

The ROACE³⁰ for the Chemicals segment was 9.2% in 2008 compared to 12.1% in 2007.

TOTAL S.A. parent company accounts and proposed dividend

Net income for Total S.A., the parent company, was 6,008 Mâ‚¬ in 2008 compared to 5,779Â Mâ‚¬ in 2007. After closing the accounts, the Board of Directors decided to propose at the May 15, 2009 Annual Shareholders Meeting a dividend of 2.28 euros per share for 2008, an increase of 10% compared to the previous year.

Based on 2008 adjusted net income, Totalâ€™s pay-out ratio would be 37%.

Taking into account the interim dividend of 1.14 euros per share paid on November 19, 2008, the remaining 1.14 euros per share would be paid on May 22, 2009³¹.

Summary and outlook

The ROACE³² was 26% at the Group level and 28% at the business segment level in 2008 compared to 24% and 27% respectively in 2007.

Return on equity was 32% in 2008 compared to 31% in 2007.

In the Upstream, Total benefits from the high-quality of its portfolio. Production start-ups for several major projects planned for 2009 include Akpo in Nigeria, Yemen LNG and then QatargasÂ II. In addition, engineering studies for the next wave of major projects which are expected to be launched between 2009 and 2010 are ongoing, notably for Egina in Nigeria, Laggan Tormore in the UK North Sea, Shtokman in Russia, Ichthys in Australia and certain heavy oil projects in Canada. The Group intends to maintain technical costs at the lowest level among the majors, thus preserving an important competitive advantage in a weaker oil market environment. Also, Total is continuing with its efforts to improve the reliability of its facilities and to emphasize safety throughout its operations.

In Downstream and Petrochemicals, the Group will define the necessary changes needed to adapt its industrial assets to new trends in market demand. At the same time, major construction projects are continuing, notably for the modernization of the Port Arthur refinery in the US, the Jubail refinery project in Saudi Arabia and the start-up of the Qatofin cracker in Qatar.

The 2009 Capex budget is approximately 18 billion dollars³³, 75% of it for the Upstream segment. The Capex budget for 2009 is comparable to the 2008 budget. Total is determined to reduce the cost of its projects by reviewing contractual terms, technical plans and timing.

On another front, the Group has already begun to implement company-wide productivity plans to reduce costs and to lower breakeven points for its operations.

In an environment marked by significant weakness for the short term, the management of Total relies on strict financial discipline and is committed to taking the actions necessary to adapt and rebalance its industrial assets. A solid financial base should allow the company to pursue a sustained investment program to prepare for the long term, while also maintaining good profitability, its dividend policy and a net-debt-to-equity ratio around 25-30%. In addition, the company plans to continue to progressively divest its Sanofi-Aventis shares.

Since the beginning of 2009, the price of Brent has traded around 45 dollars per barrel. Additional production cuts announced by OPEC should better balance existing supply to the currently weakened market demand.

To listen to a presentation by CEO Christophe de Margerie to financial analysts today in Paris at 11:00 (Paris time) please log on to www.total.com or call +44Â (0)161Â 601 8912 in Europe or +1Â 866Â 793 4277 in the U.S. For a replay through February 27, 2009 please consult the website or call +44Â (0)207 075 3214 in Europe or +1Â 866Â 828Â 2261 in the US (codeÂ : 240 182).

To listen to a presentation by CEO Christophe de Margerie to financial analysts today in London at 16:30 (London time) please log on to www.total.com or call +44Â (0)161Â 601 8920 in Europe or +1Â 866Â 907 5924 in the U.S. For a replay through February 27, 2009 please consult the website or call +44Â (0)207 075 3214 in Europe or +1Â 866Â 828Â 2261 in the US (codeÂ : 240 184).

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 companyâ€™s financial results is provided in documents filed by the Group and its affiliates with the French AutoritÃ© des MarchÃ©s Financiers and the US Securities and Exchange Commission.

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 â€œspecial itemsâ€ are 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.

The adjusted results of the Downstream and Chemical segments are also presented according to the replacement cost method. This method is used to assess the segmentsâ€™ performance and ensure the comparability of the segmentsâ€™ results with those of its competitors, mainly North American.

In the replacement cost method, which approximates the LIFO (Last-In, First-Out) method, the variation of inventory values in the income statement is determined by the average price of the period rather than the historical value. The inventory valuation effect is the difference between the results according to FIFO (First-In, First-Out) and replacement cost.

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 Totalâ€™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.

Dollar amounts presented herein represent euro amounts converted at the average euro-dollar exchange rate for the applicable period and are not the result of financial statements prepared in dollars.

Cautionary Note to U.S. Investors -- The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this press release, such as resources, that the SEC's guidelines strictly prohibit us from including in filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 20-F, File No. 1-10888 available from us at 2, place Jean Millier â€“ La DÃ©fense 6 â€“ 92078 Paris, La DÃ©fense cedex, France or at our website: www.total.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or on the SECâ€™s website: www.sec.gov.

Operating information by segment

Fourth quarter and full-year 2008

Upstream

4Q08	Â	3Q08	Â	4Q07	Â	4Q08 vs 4Q07	Â	Combined liquids and gas production by region (kboe/d)	Â	2008	Â	2007	Â	2008 vs 2007
684		553		680		+1%		Europe		616		674		-9%
746		747*		834		-11%		Africa		783		806		-3%
13		13		15		-13%		North America		14		20		-30%
241		247		254		-5%		Far East		246		252		-2%
426		430		405		+5%		Middle East		432		390		+11%
217		218*		244		-11%		South America		224		230		-3%
27		23		29		-7%		Rest of world		26		19		+37%
2,354		2,231		2,461		-4%		Total production		2,341		2,391		-2%
400		398		294		+36%		Includes equity and non-consolidated affiliates		403		314		+28%

* regional allocation of share of Cepsaâ€™s production (48.83%) amended to reflect volumes in Colombia.

4Q08	Â	3Q08	Â	4Q07	Â	4Q08 vs 4Q07	Â	Liquids production by region (kb/d)	Â	2008	Â	2007	Â	2008 vs 2007
321		288		337		-5%		Europe		302		335		-10%
618		627*		690		-10%		Africa		654		681		-4%
12		10		10		+20%		North America		11		14		-21%
31		28		27		+15%		Far East		29		28		+4%
320		330		318		+1%		Middle East		329		323		+2%
118		115*		135		-13%		South America		119		118		+1%
14		11		13		+8%		Rest of world		12		10		+20%
1,434		1,409		1,530		-6%		Total production		1,456		1,509		-4%
341		344		245		+39%		Includes equity and non-consolidated affiliates		347		263		+32%

* regional allocation of share of Cepsaâ€™s production (48.83%) amended to reflect volumes in Colombia.

4Q08	Â	3Q08	Â	4Q07	Â	4Q08 vs 4Q07	Â	Gas production by region (Mcf/d)	Â	2008	Â	2007	Â	2008 vs 2007
1,957		1,442		1,871		+5%		Europe		1,704		1,846		-8%
658		621		746		-12%		Africa		659		640		+3%
8		12		25		-68%		North America		15		34		-56%
1,280		1,210		1,409		-9%		Far East		1,236		1,287		-4%
604		552		484		+25%		Middle East		569		368		+55%
550		569		602		-9%		South America		579		618		-6%
70		65		86		-19%		Rest of world		75		46		+63%
5,127		4,471		5,223		-2%		Total production		4,837		4,839		-
316		290		271		+17%		Includes equity and non-consolidated affiliates		298		281		+6%

4Q08

3Q08

4Q07

4Q08 vs 4Q07

Liquefied natural gas

2008

2007

2008 vs 2007

2.38

2.29

2.34

+2%

LNG sales* (Mt)

9.15

9.08

+1%

* sales, Group share, excluding trading ; 1 Mt/y = approx. 133 Mcf/d ; data from 2008 previous period have been restated to reflect volumes estimation for Bontang LNG in Indonesia based on the 2008 SEC coefficient.

Downstream

4Q08	Â	3Q08	Â	4Q07	Â	4Q08 vs 4Q07	Â	Refined products sales by region (kb/d)*	Â	2008	Â	2007	Â	2008 vs 2007
2,186		2,161		2,316		-6%		Europe		2,123		2,278		-7%
281		279		285		-1%		Africa		279		286		-2%
168		136		167		+1%		Americas**		170		183		-7%
156		147		153		+2%		Rest of world		148		146		+1%
2,791		2,723		2,921		-4%		Total consolidated sales		2,720		2,893		-6%
860		992		890		-3%		Trading		938		881		+6%
Â		Â		Â		Â		Â		Â		Â		Â
3,651		3,715		3,811		-4%		Total refined product sales		3,658		3,774		-3%

* includes share of CEPSA.

** variations to the fourth quarter and full-year 2007 reflect a change in the method of calculating volumes for Port Arthur.

Adjustment items

Adjustments to operating income from business segments

4Q08	Â	3Q08	Â	4Q07	Â	in millions of euros	Â	2008	Â	2007
(375)		-		(35)		Special items affecting operating income from the business segments		(375)		(35)
-		-		-		= Restructuring charges		-		-
(177)		-		(47)		= Impairments		(177)		(47)
(198)		-		12		= Other		(198)		12
(4,372)		(1,193)		727		Pre-tax inventory effect : FIFO vs. replacement cost		(3,503)		1,830
Â		Â		Â		Â		Â		Â
(4,747)		(1,193)		692		Total adjustments affecting operating income from the business segments		(3,878)		1,795

Adjustments to net income (Group share)

4Q08	Â	3Q08	Â	4Q07	Â	in millions of euros	Â	2008	Â	2007
(373)		(190)		56		Special items affecting net income (Group share)		(485)		11
-		-		-		= Equity share of special items recorded by Sanofi-Aventis		-		75
17		50		306		= Gain on asset sales		214		306
(21)		(4)		(15)		= Restructuring charges		(69)		(35)
(171)		(34)		(162)		= Impairments		(205)		(162)
(198)		(202)		(73)		= Other		(425)		(173)
(166)		(78)		(93)		Adjustment related to the Sanofi-Aventis merger* (share of amortization of intangible assets)		(393)		(318)
(3,128)		(752)		530		After-tax inventory effect : FIFO vs. replacement cost		(2,452)		1,285
Â		Â		Â		Â		Â		Â
(3,667)		(1,020)		493		Total adjustments to net income		(3,330)		978

*based on Totalâ€™s share in Sanofi-Aventis of 13.06% at 12/31/07, 12.4% at 9/30/08 and 11.4% at 12/31/08.

Effective tax rates

4Q08	Â	3Q08	Â	4Q07	Â	Effective tax rate*	Â	2008	Â	2007
57.4%		61.7%		61.3%		Upstream		61.0%		60.2%
50.6%		55.9%		58.6%		Group		56.3%		55.6%

* tax on adjusted net operating income / (adjusted net operating income - income from affiliates, dividends received from investments, and impairments of acquisition goodwill + tax on adjusted net operating income).

Investments - Divestments

4Q08

3Q08

4Q07

4Q08 vs 4Q07

in millions of euros

2008

2007

2008 vs 2007

4,059

2,774

3,958

+3%

Investments excluding acquisitions*

11,422

11,210

+2%

183

212

x3.2

Capitalized exploration

772

694

+11%

(56)

335

-78%

Net investments in equity affiliates and non-consolidated companies

(392)

451

506

421

Acquisitions

1,022

161

x6.3

4,565

3,195

3,958

+15%

Investments including acquisitions*

12,444

11,371

+9%

732

524

885

-17%

Asset sales

1,451

1,101

+32%

3,815

2,653

3,047

+25%

Net investments**

11,055

10,166

+9%

4Q08

3Q08

4Q07

4Q08 vs 4Q07

in millions of dollars***

2008

2007

2008 vs 2007

5,350

4,175

5,734

-7%

Investments excluding acquisitions*

16,799

15,362

+9%

241

319

x2.9

Capitalized exploration

1,135

951

+19%

(84)

485

-80%

Net investments in equity affiliates and non-consolidated companies

(577)

618

667

634

Acquisitions

1,503

221

x6.8

6,017

4,808

5,734

+5%

Investments including acquisitions*

18,303

15,583

+17%

965

789

1,282

-25%

Asset sales

2,134

1,509

+41%

5,028

3,993

4,414

+14%

Net investments**

16,260

13,931

+17%

* includes net investments in equity affiliates and non-consolidated companies.

** net investments = investments including acquisitions and net investments in equity affiliates and non-consolidated companies â€“ asset sales + net financing for employees related to stock purchase plans.

*** dollar amounts represent euro amounts converted at the average â‚¬-$ exchange rate for the period.

Net-debt-to-equity ratio

in millions of euros	Â	12/31/2008	Â	9/30/2008	Â	12/31/2007
Current borrowings		7,722		5,378		4,613
Net current financial assets		(29)		(230)		(1,204)
Non-current financial debt		16,191		16,347		14,876
Hedging instruments of non-current debt		(892)		(406)		(460)
Cash and cash equivalents		(12,321)		(13,231)		(5,988)
Net debt		10,671		7,858		11,837
Â		Â		Â		Â
Shareholders equity		48,992		50,801		44,858
Estimated dividend payable*		(2,540)		(920)		(2,397)
Minority interests		958		1,001		842
Equity		47,410		50,882		43,303
Â		Â		Â		Â
Net-debt-to-equity ratio		22.5%		15.4%		27.3%

* based on the hypothesis of a 2008 dividend of 2.28 â‚¬/share less 2,541 Mâ‚¬ for the interim dividend paid in November 2008.

2009 Sensitivities*

Â	Â	Scenario	Â	Change	Â	Impact on adjusted operating income(e)	Â	Impact on adjusted net operating income(e)
Dollar		1.30 $/â‚¬		+0.1 $ per â‚¬		-1.3 Bâ‚¬		-0.7 Bâ‚¬
Brent		60 $/b		+1 $/b		+0.32 Bâ‚¬ / 0.42 B$		+0.15 Bâ‚¬ / 0.20 B$
European refining margins TRCV		30 $/t		+1 $/t		+0.08 Bâ‚¬ / 0.11 B$		+0.06 Bâ‚¬ / 0.07 B$

* sensitivities revised once per year upon publication of the previous yearâ€™s fourth quarter results. The impact of the â‚¬-$ sensitivity on adjusted operating income and adjusted net operating income attributable to the Upstream segment are approximately 75% and 65% respectively, and the remaining impact of the â‚¬-$ sensitivity is essentially in the Downstream segment.

Return on average capital employed

Full-year 2008

in millions of euros	Â	Upstream	Â	Downstream	Â	Chemicals**	Â	Segments	Â	Group
Adjusted net operating income		10,724		2,569		668		13,961		14,664
Capital employed at 12/31/2007*		27,062		12,190		7,033		46,285		54,158
Capital employed at 12/31/2008*		32,681		13,623		7,417		53,721		59,764
ROACE		35.9%		19.9%		9.2%		27.9%		25.7%

* at replacement cost (excluding after-tax inventory effect).

** capital employed for Chemicals reduced for the Toulouse-AZF provision of 134 Mâ‚¬ pre-tax at 12/31/2007 and 256 Mâ‚¬ pre-tax at 12/31/2008.

For the twelve months ended September 30, 2008

in millions of euros	Â	Upstream	Â	Downstream	Â	Chemicals**	Â	Segments	Â	Group***
Adjusted net operating income		11,298		2,345		578		14,221		14,915
Capital employed at 9/30/2007*		26,863		11,446		7,305		45,614		53,243
Capital employed at 9/30/2008*		30,184		12,649		8,107		50,940		58,165
ROACE		39.6%		19.5%		7.5%		29.5%		26.8%

* at replacement cost (excluding after-tax inventory effect).

** capital employed for Chemicals reduced for the Toulouse-AZF provision of 139 Mâ‚¬ pre-tax at 9/30/2007 and 121Â Mâ‚¬ pre-tax at 9/30/2008.

*** capital employed for the Group adjusted for the amount payable for the interim dividend approved in September 2008.

Full-year 2007

in millions of euros	Â	Upstream	Â	Downstream	Â	Chemicals**	Â	Segments	Â	Group
Adjusted net operating income		8,849		2,535		847		12,231		12,881
Capital employed at 12/31/2006*		25,543		12,384		6,920		44,847		52,263
Capital employed at 12/31/2007*		27,062		12,190		7,033		46,285		54,158
ROACE		33.6%		20.6%		12.1%		26.8%		24.2%

* at replacement cost (excluding after-tax inventory effect).

** capital employed for Chemicals reduced for the Toulouse-AZF provision of 176 Mâ‚¬ pre-tax at 12/31/2006 and 134 Mâ‚¬ pre-tax at 12/31/2007.

¹ adjusted net income = net income using replacement cost (Group share), adjusted for special items and excluding Totalâ€™s share of amortization of intangibles related to the Sanofi-Aventis merger. Net income (Group share) for the fourth quarter 2008 was -794 Mâ‚¬, including a negative impact of 3,128 Mâ‚¬ for the price effect on inventory valuation. Detail shown on page 18.

² dollar amounts represent euro amounts converted at the average â‚¬-$ exchange rate for the periodÂ : 1.3180 $/â‚¬ in the fourth quarter 2008, 1.4486 $/â‚¬ in the fourth quarter 2007, 1.5050 $/â‚¬ in the third quarter 2008, 1.4708 $/â‚¬ for 2008, and 1.3704 $/â‚¬ for 2007. The 2008 dividend is pending approval at the May 15, 2009 Annual Shareholders Meeting.

³ percent changes are relative to the same period 2007.

⁴ adjusted income (adjusted operating income, adjusted net operating income and adjusted net income) is defined as income using replacement cost, adjusted for special items and excluding Totalâ€™s equity share of amortization of intangibles related to the Sanofi-Aventis merger; adjusted cash flow is defined as cash flow from operating activities at replacement cost before changes in working capital; adjustment items are listed on page 18.

⁵dollar amounts represent euro amounts converted at the average â‚¬-$ exchange rate for the period.

⁶ special items affecting operating income from the business segments had a negative impact of -375 Mâ‚¬ in the fourth quarter 2008 and a negative impact of -35 Mâ‚¬ in the fourth quarter 2007. Adjustment items are listed on page 18.

⁷ defined as : (tax on adjusted net operating income) / (adjusted net operating income â€“ income from equity affiliates, dividends received from investments and impairments of acquisition goodwill + tax on adjusted net operating income).

⁸ detail shown on page 18.

⁹ including 2.8 million shares purchased to cover the program of restricted share grants for employees per the Board of Directors decision of September 9, 2008.

¹⁰ detail shown on page 19.

¹¹ net investments = investments including acquisitions and net investments in equity affiliates and non-consolidated companies â€“ asset sales + net financing for employees related to stock purchase plans.

¹² adjusted cash flow = cash flow from operating activities at replacement cost before changes in working capital.

¹³ net cash flow = cash flow from operating activities + divestments â€“ investments.

¹⁴ special items affecting operating income from the business segments had a negative impact of -375 Mâ‚¬ in 2008 and a negative impact of -35 Mâ‚¬ in 2007 ; adjustment items are listed on page 18.

¹⁵ defined as : (tax on adjusted net operating income) / (adjusted net operating income â€“ income from equity affiliates, dividends received from investments and impairments of acquisition goodwill + tax on adjusted net operating income). Detail shown on page 18.

¹⁶ detail shown on page 18.

¹⁷ including 2.8 million shares purchased to cover the program of restricted share grants for employees per the Board of Directors decision of September 9, 2008.

¹⁸ detail shown on page 19.

¹⁹ net investments = investments including acquisitions and net investments in equity affiliates and non-consolidated companies â€“ asset sales + net financing for employees related to stock purchase plans.

²⁰ adjusted cash flow = cash flow from operating activities at replacement cost before changes in working capital.

²¹ net cash flow = cash flow from operating activities + divestments â€“ investments.

²² detail shown on page 20.

²³ impact of changing hydrocarbon prices on entitlement volumes.

²⁴ change in reserves excluding production i.e. (revisions + discoveries, extensions + acquisitions â€“ divestments) / production for the period. The 2008 reserve replacement rate was 99% in a constant 93.72 $/b Brent environment excluding acquisitions and divestments.

²⁵ limited to proved and probable reserves covered by E&P contracts on fields that have been drilled and for which technical studies have demonstrated economic development in a 60 $/b Brent environment, including projects developed by mining.

²⁶ proved and probable reserves plus potential median recoverable reserves from known accumulations (Society of Petroleum Engineers - 03/07).

²⁷ including PetroCedeÃ±o and impairment of Joslyn

²⁸ calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 21.

²⁹ calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 21.

³⁰ calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 21.

³¹ the ex-dividend date for the remainder of the 2008 dividend would be May 19, 2009.

³² calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 21.

³³ including net investments in equity affiliates and non-consolidated companies, excluding acquisitions, based on 1 â‚¬ = $ 1.30 for 2009.

Main indicators

Chart updated around the middle of the month following the end of each quarter

Â	Â	â‚¬/$	Â	*European refining margins TRCV ($/t)**	Â	Brent ($/b)	Â	Average liquids price ($/b)**	Â	Average gas price ($/Mbtu)**
Fourth quarter 2008		1.32		41.4		55.5		49.4		7.57
Third quarter 2008		1.51		45.0		115.1		107.8		8.05
Second quarter 2008		1.56		40.2		121.2		114.9		7.29
First quarter 2008		1.50		24.6		96.7		90.7		6.67
Fourth quarter 2007		1.45		30.1		88.5		84.5		6.08
Third quarter 2007		1.37		23.9		74.7		71.4		4.83
Second quarter 2007		1.35		42.8		68.8		65.7		4.94
First quarter 2007		1.31		33.0		57.8		55.0		5.69
Fourth quarter 2006		1.29		22.8		59.6		57.1		6.16
Third quarter 2006		1.27		28.7		69.5		65.4		5.59
Second quarter 2006		1.26		38.3		69.6		66.2		5.75
First quarter 2006		1.20		25.8		61.8		58.8		6.16
Fourth quarter 2005		1.19		45.5		56.9		54.5		5.68
Third quarter 2005		1.22		44.3		61.5		57.8		4.65
Second quarter 2005		1.26		45.0		51.6		48.0		4.39
First quarter 2005		1.31		31.7		47.6		44.1		4.40
Fourth quarter 2004		1.30		42.4		44.0		40.6		4.24
Third quarter 2004		1.22		32.9		41.5		39.5		3.54
Second quarter 2004		1.20		34.4		35.4		34.2		3.44
First quarter 2004		1.25		21.6		32.0		31.0		3.70

* 1 $/t = 0.136 $/b ** consolidated subsidiaries, excluding fixed margin and buy-back contracts

DisclaimerÂ : these data are based on Totalâ€™s reporting and are not audited. They are subject to change.

CONSOLIDATED STATEMENT OF INCOME	Â		Â		Â
TOTAL
(unaudited)
						Â
(Mâ‚¬) ^(a)		4^th quarter 2008		3^rd quarter 2008		4^th quarter 2007
Sales		38,714		48,849		43,185
Excise taxes		(5,009)		(4,810)		(5,488)
Revenues from sales		33,705		44,039		37,697
Purchases, net of inventory variation		(26,393)		(31,054)		(24,133)
Other operating expenses		(5,122)		(4,708)		(4,563)
Exploration costs		(227)		(144)		(273)
Depreciation, depletion, and amortization of tangible assets and mineral interests		(1,748)		(1,329)		(1,450)
Other income		94		107		395
Other expense		(123)		(262)		(240)
Financial interest on debt		(298)		(241)		(451)
Financial income from marketable securities and cash equivalents		117		114		289
Cost of net debt		(181)		(127)		(162)
Other financial income		243		140		151
Other financial expense		(95)		(79)		(63)
Equity in income (loss) of affiliates		31		606		348
Income taxes		(960)		(4,038)		(4,008)
Consolidated net income		(776)		3,151		3,699
Group share **		(794)		3,050		3,600
Minority interests		18		101		99
Earnings per share (euros)		(0.36)		1.36		1.60
Fully-diluted earnings per share (euros) ***		(0.36)		1.36		1.59
Â		Â		Â		Â
** Adjusted net income		2,873		4,070		3,107
*** Adjusted fully-diluted earnings per share (euros)		1.29		1.81		1.37
(a) Except for earnings per share

CONSOLIDATED STATEMENT OF INCOME	Â		Â
TOTAL
				Â
				Â
(Mâ‚¬) ^(a)		Year 2008		Year 2007
Sales		179,976		158,752
Excise taxes		(19,645)		(21,928)
Revenues from sales		160,331		136,824
Purchases, net of inventory variation		(111,024)		(87,807)
Other operating expenses		(19,101)		(17,414)
Exploration costs		(764)		(877)
Depreciation, depletion, and amortization of tangible assets and mineral interests		(5,755)		(5,425)
Other income		369		674
Other expense		(554)		(470)
Financial interest on debt		(1,000)		(1,783)
Financial income from marketable securities and cash equivalents		473		1,244
Cost of net debt		(527)		(539)
Other financial income		728		643
Other financial expense		(325)		(274)
Equity in income (loss) of affiliates		1,721		1,775
Income taxes		(14,146)		(13,575)
Consolidated net income		10,953		13,535
Group share **		10,590		13,181
Minority interests		363		354
Earnings per share (euros)		4.74		5.84
Fully-diluted earnings per share (euros) ***		4.71		5.80
Â		Â		Â
** Adjusted net income		13,920		12,203
*** Adjusted fully-diluted earnings per share (euros)		6.20		5.37
(a) Except for earnings per share

CONSOLIDATED BALANCE SHEET	Â		Â		Â
TOTAL
						Â
						Â
(Mâ‚¬)		December 31, 2008		September 30, 2008 (unaudited)		December 31, 2007
ASSETS
Non-current assets
Intangible assets, net		5,341		5,099		4,650
Property, plant and equipment, net		46,142		45,001		41,467
Equity affiliates: investments and loans		14,668		15,175		15,280
Other investments		1,165		1,293		1,291
Hedging instruments of non-current financial debt		892		406		460
Other non-current assets		3,044		2,196		2,155
Total non-current assets		71,252		69,170		65,303
Current assets
Inventories, net		9,621		15,500		13,851
Accounts receivable, net		15,287		19,983		19,129
Other current assets		9,642		9,061		8,006
Current financial assets		187		293		1,264
Cash and cash equivalents		12,321		13,231		5,988
Total current assets		47,058		58,068		48,238
Total assets		118,310		127,238		113,541
LIABILITIES & SHAREHOLDERS' EQUITY
Shareholders' equity
Common shares		5,930		5,929		5,989
Paid-in surplus and retained earnings		52,947		53,800		48,797
Currency translation adjustment		(4,876)		(4,063)		(4,396)
Treasury shares		(5,009)		(4,865)		(5,532)
Total shareholders' equity - Group Share		48,992		50,801		44,858
Minority interests		958		1,001		842
Total shareholders' equity		49,950		51,802		45,700
Non-current liabilities
Deferred income taxes		7,973		8,275		7,933
Employee benefits		2,011		2,580		2,527
Provisions and other non-current liabilities		7,858		6,857		6,843
Total non-current liabilities		17,842		17,712		17,303
Non-current financial debt		16,191		16,347		14,876
Current liabilities
Accounts payable		14,815		17,390		18,183
Other creditors and accrued liabilities		11,632		18,546		12,806
Current borrowings		7,722		5,378		4,613
Other current financial liabilities		158		63		60
Total current liabilities		34,327		41,377		35,662
Total Liabilities and shareholders' equity		118,310		127,238		113,541

CONSOLIDATED STATEMENT OF CASH FLOW	Â		Â		Â
TOTAL
(unaudited)
						Â
(Mâ‚¬)		4^th quarter 2008		3^rd quarter 2008		4^th quarter 2007
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income		(776)		3,151		3,699
Depreciation, depletion and amortization		1,853		1,457		1,608
Non-current liabilities, valuation allowances and deferred taxes		(435)		242		303
Impact of coverage of pension benefit plans		(505)		-		-
(Gains) Losses on disposals of assets		(28)		(61)		(381)
Undistributed affiliates' equity earnings		263		(376)		(186)
(Increase) decrease in operating assets and liabilities		3,635		2,889		(960)
Other changes, net		86		36		77
Cash flow from operating activities		4,093		7,338		4,160
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions		(3,987)		(2,928)		(3,459)
Acquisitions of subsidiaries, net of cash acquired		(368)		(191)		-
Investments in equity affiliates and other securities		(136)		(132)		(164)
Increase in non-current loans		(267)		(120)		(405)
Total expenditures		(4,758)		(3,371)		(4,028)
Proceeds from disposal of intangible assets and property, plant and equipment		73		35		462
Proceeds from disposal of subsidiaries, net of cash sold		-		4		5
Proceeds from disposal of non-current investments		659		485		418
Repayment of non-current loans		211		194		96
Total divestments		943		718		981
Cash flow used in investing activities		(3,815)		(2,653)		(3,047)
CASH FLOW FROM (USED IN) FINANCING ACTIVITIES
Issuance (Repayment) of shares:
- Parent company shareholders		4		16		26
- Treasury shares		(144)		(334)		(467)
- Minority shareholders		6		(1)		4
Cash dividends paid to:
- Parent company shareholders		(2,541)		-		(2,248)
- Minority shareholders		(86)		1		(64)
Net issuance (repayment) of non-current debt		(435)		1,379		486
Increase (Decrease) in current borrowings		2,244		25		(5,018)
Increase (Decrease) in current financial assets and liabilities		29		4		9,749
Cash flow from (used in) financing activities		(923)		1,090		2,468
Net increase (decrease) in cash and cash equivalents		(645)		5,775		3,581
Effect of exchange rates		(265)		211		(405)
Cash and cash equivalents at the beginning of the period		13,231		7,245		2,812
CASH AND CASH EQUIVALENTS AT THE End OF THE PERIOD		12,321		13,231		5,988

CONSOLIDATED STATEMENT OF CASH FLOW	Â		Â
TOTAL
				Â
				Â
(Mâ‚¬)		Year 2008		Year 2007
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income		10,953		13,535
Depreciation, depletion and amortization		6,197		5,946
Non-current liabilities, valuation allowances and deferred taxes		(150)		826
Impact of coverage of pension benefit plans		(505)		-
(Gains) Losses on disposals of assets		(257)		(639)
Undistributed affiliates' equity earnings		(311)		(821)
(Increase) decrease in operating assets and liabilities		2,571		(1,476)
Other changes, net		171		315
Cash flow from operating activities		18,669		17,686
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions		(11,861)		(10,549)
Acquisitions of subsidiaries, net of cash acquired		(559)		(20)
Investments in equity affiliates and other securities		(416)		(351)
Increase in non-current loans		(804)		(802)
Total expenditures		(13,640)		(11,722)
Proceeds from disposal of intangible assets and property, plant and equipment		130		569
Proceeds from disposal of subsidiaries, net of cash sold		88		5
Proceeds from disposal of non-current investments		1,233		527
Repayment of non-current loans		1,134		455
Total divestments		2,585		1,556
Cash flow used in investing activities		(11,055)		(10,166)
CASH FLOW FROM (USED IN) FINANCING ACTIVITIES
Issuance (Repayment) of shares:
- Parent company shareholders		262		89
- Treasury shares		(1,189)		(1,526)
- Minority shareholders		(4)		2
Cash dividends paid to:
- Parent company shareholders		(4,945)		(4,510)
- Minority shareholders		(213)		(228)
Net issuance (repayment) of non-current debt		3,009		3,220
Increase (Decrease) in current borrowings		1,437		(2,654)
Increase (Decrease) in current financial assets and liabilities		850		2,265
Cash flow from (used in) financing activities		(793)		(3,342)
Net increase (decrease) in cash and cash equivalents		6,821		4,178
Effect of exchange rates		(488)		(683)
Cash and cash equivalents at the beginning of the period		5,988		2,493
CASH AND CASH EQUIVALENTS AT THE End OF THE PERIOD		12,321		5,988

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY											Â		Â		Â		Â
TOTAL	Â		Â		Â		Â		Â
Â		Â		Â		Â		Â		Â		Â		Â		Â		Â
		Common shares issued				Paid-in surplus and retained earnings		Currency translation adjustment		Treasury shares				Shareholders' equity		Minority interests		Total equity
(Mâ‚¬)		Number		Amount		Â		Â		Number		Amount		Â		Â		Â
As of January 1, 2007		2,425,767,953		6,064		41,460		(1,383)		(161,200,707)		(5,820)		40,321		827		41,148
Net Income 2007		-		-		13,181		-		-		-		13,181		354		13,535
Items recognized directly in equity		-		-		117		(3,013)		-		-		(2,896)		(111)		(3,007)
Total excluding transactions with shareholders		-		-		13,298		(3,013)		-		-		10,285		243		10,528
Dividend		-		-		(4,510)		-		-		-		(4,510)		(228)		(4,738)
Issuance of common shares		2,769,144		7		82		-		-		-		89		-		89
Purchase of treasury shares		-		-		-		-		(32,387,355)		(1,787)		(1,787)		-		(1,787)
Sale of treasury shares⁽¹⁾		-		-		(77)		-		9,161,830		341		264		-		264
Share-based payments		-		-		196		-		-		-		196		-		196
Transactions with shareholders		2,769,144		7		(4,309)		-		(23,225,525)		(1,446)		(5,748)		(228)		(5,976)
Share cancellation		(33,005,000)		(82)		(1,652)		-		33,005,000		1,734		-		-		-
As of December 31, 2007		2,395,532,097		5,989		48,797		(4,396)		(151,421,232)		(5,532)		44,858		842		45,700
Net Income 2008		-		-		10,590		-		-		-		10,590		363		10,953
Items recognized directly in equity		-		-		(258)		(480)		-		-		(738)		(34)		(772)
Total excluding transactions with shareholders		-		-		10,332		(480)		-		-		9,852		329		10,181
Dividend		-		-		(4,945)		-		-		-		(4,945)		(213)		(5,158)
Issuance of common shares		6,275,977		16		246		-		-		-		262		-		262
Purchase of treasury shares		-		-		-		-		(27,600,000)		(1,339)		(1,339)		-		(1,339)
Sale of treasury shares⁽¹⁾		-		-		(71)		-		5,939,137		221		150		-		150
Share-based payments		-		-		154		-		-		-		154		-		154
Transactions with shareholders		6,275,977		16		(4,616)		-		(21,660,863)		(1,118)		(5,718)		(213)		(5,931)
Share cancellation		(30,000,000)		(75)		(1,566)		-		30,000,000		1,641		-		-		-
As of December 31, 2008		2,371,808,074		5,930		52,947		(4,876)		(143,082,095)		(5,009)		48,992		958		49,950

BUSINESS SEGMENT INFORMATION	Â		Â		Â		Â		Â		Â
TOTAL
(unaudited)
Â		-		Â		Â		Â		Â		Â
4^thquarter 2008 (Mâ‚¬)		Upstream		Downstream		Chemicals		Corporate		Intercompany		Total
Non-Group sales		6,925		27,746		4,012		31		-		38,714
Intersegment sales		4,097		810		207		15		(5,129)		-
Excise taxes		-		(5,009)		-		-		-		(5,009)
Revenues from sales		11,022		23,547		4,219		46		(5,129)		33,705
Operating expenses		(6,188)		(25,635)		(4,845)		(203)		5,129		(31,742)
Depreciation, depletion, and amortization of tangible assets and mineral interests		(1,278)		(328)		(135)		(7)		-		(1,748)
Operating income		3,556		(2,416)		(761)		(164)		-		215
Equity in income (loss) of affiliates and other items		440		(259)		(61)		30		-		150
Tax on net operating income		(2,201)		807		274		108		-		(1,012)
Net operating income		1,795		(1,868)		(548)		(26)		-		(647)
Net cost of net debt												(129)
Minority interests		Â		Â		Â		Â		Â		(18)
Net income												(794)
Â		Â		Â		Â		Â		Â		Â
*4th quarter 2008 (adjustments) ()** (Mâ‚¬)		Upstream		Downstream		Chemicals		Corporate		Intercompany		Total
Non-Group sales
Intersegment sales
Excise taxes		Â		Â		Â		Â		Â		Â
Revenues from sales
Operating expenses		-		(3,561)		(1,009)		-				(4,570)
Depreciation, depletion, and amortization of tangible assets and mineral interests		(171)		-		(6)		-		Â		(177)
Operating income ^(a)		(171)		(3,561)		(1,015)		-				(4,747)
Equity in income (loss) of affiliates and other items ^(b)		(86)		(243)		(59)		(139)				(527)
Tax on net operating income		57		1,166		349		-		Â		1,572
Net operating income ^(a)		(200)		(2,638)		(725)		(139)				(3,702)
Net cost of net debt												-
Minority interests		Â		Â		Â		Â		Â		35
Net income												(3,667)
() Adjustments include special items, inventory valuation effect and equity share of amortization of intangible assets related to the Sanofi-Aventis merger* Â (a) Of which inventory valuation effect
On operating income		-		(3,561)		(811)		-
On net operating income		-		(2,604)		(559)		-
(b) Of which equity share of amortization of intangible assets related to the Sanofi-Aventis merger		-		-		-		(166)		Â		Â
4^th quarter 2008 (adjusted) (Mâ‚¬)		Upstream		Downstream		Chemicals		Corporate		Intercompany		Total
Non-Group sales		6,925		27,746		4,012		31		-		38,714
Intersegment sales		4,097		810		207		15		(5,129)		-
Excise taxes		-		(5,009)		-		-		-		(5,009)
Revenues from sales		11,022		23,547		4,219		46		(5,129)		33,705
Operating expenses		(6,188)		(22,074)		(3,836)		(203)		5,129		(27,172)
Depreciation, depletion, and amortization of tangible assets and mineral interests		(1,107)		(328)		(129)		(7)		-		(1,571)
Adjusted operating income		3,727		1,145		254		(164)		-		4,962
Equity in income (loss) of affiliates and other items		526		(16)		(2)		169		-		677
Tax on net operating income		(2,258)		(359)		(75)		108		-		(2,584)
Adjusted net operating income		1,995		770		177		113		-		3,055
Net cost of net debt												(129)
Minority interests		Â		Â		Â		Â		Â		(53)
Ajusted net income												2,873
Â		Â		Â		Â		Â		Â		Â
4^th quarter 2008 (Mâ‚¬)		Upstream		Downstream		Chemicals		Corporate		Intercompany		Total
Total expenditures		3,283		972		477		26				4,758
Total divestments		270		18		20		635				943
Cash flow from operating activities		2,139		603		939		412		Â		4,093

BUSINESS SEGMENT INFORMATION	Â		Â		Â		Â		Â		Â
TOTAL
(unaudited)
Â		Â		Â		Â		Â		Â		Â
3^rd quarter 2008 (Mâ‚¬)		Upstream		Downstream		Chemicals		Corporate		Intercompany		Total
Non-Group sales		5,396		38,008		5,431		14		-		48,849
Intersegment sales		7,055		1,714		339		35		(9,143)		-
Excise taxes		-		(4,810)		-		-		-		(4,810)
Revenues from sales		12,451		34,912		5,770		49		(9,143)		44,039
Operating expenses		(5,030)		(34,444)		(5,449)		(126)		9,143		(35,906)
Depreciation, depletion, and amortization of tangible assets and mineral interests		(896)		(298)		(126)		(9)		-		(1,329)
Operating income		6,525		170		195		(86)		-		6,804
Equity in income (loss) of affiliates and other items		197		114		24		177		-		512
Tax on net operating income		(4,031)		(52)		(55)		57		-		(4,081)
Net operating income		2,691		232		164		148		-		3,235
Net cost of net debt												(84)
Minority interests		Â		Â		Â		Â		Â		(101)
Net income												3,050
Â		Â		Â		Â		Â		Â		Â
3^rd quarter 2008 (adjustments) (*) (Mâ‚¬)		Upstream		Downstream		Chemicals		Corporate		Intercompany		Total
Non-Group sales
Intersegment sales
Excise taxes		Â		Â		Â		Â		Â		Â
Revenues from sales
Operating expenses		-		(1,045)		(148)		-				(1,193)
Depreciation, depletion, and amortization of tangible assets and mineral interests		-		-		-		-		Â		-
Operating income ^(a)		-		(1,045)		(148)		-				(1,193)
Equity in income (loss) of affiliates and other items ^(b)		(208)		33		(1)		(54)				(230)
Tax on net operating income		-		343		50		(2)		Â		391
Net operating income ^(a)		(208)		(669)		(99)		(56)				(1,032)
Net cost of net debt												-
Minority interests		Â		Â		Â		Â		Â		12
Net income												(1,020)
() Adjustments include special items, inventory valuation effect and equity share of amortization of intangible assets related to the Sanofi-Aventis merger* Â (a) Of which inventory valuation effect
On operating income		-		(1,045)		(148)		-
On net operating income		-		(665)		(99)		-
(b) Of which equity share of amortization of intangible assets related to the Sanofi-Aventis merger		-		-		-		(78)		Â		Â
3^rd quarter 2008 (adjusted) (Mâ‚¬)		Upstream		Downstream		Chemicals		Corporate		Intercompany		Total
Non-Group sales		5,396		38,008		5,431		14		-		48,849
Intersegment sales		7,055		1,714		339		35		(9,143)		-
Excise taxes		-		(4,810)		-		-		-		(4,810)
Revenues from sales		12,451		34,912		5,770		49		(9,143)		44,039
Operating expenses		(5,030)		(33,399)		(5,301)		(126)		9,143		(34,713)
Depreciation, depletion, and amortization of tangible assets and mineral interests		(896)		(298)		(126)		(9)		-		(1,329)
Adjusted operating income		6,525		1,215		343		(86)		-		7,997
Equity in income (loss) of affiliates and other items		405		81		25		231		-		742
Tax on net operating income		(4,031)		(395)		(105)		59		-		(4,472)
Adjusted net operating income		2,899		901		263		204		-		4,267
Net cost of net debt												(84)
Minority interests		Â		Â		Â		Â		Â		(113)
Ajusted net income												4,070
Â		Â		Â		Â		Â		Â		Â
3^rd quarter 2008 (Mâ‚¬)		Upstream		Downstream		Chemicals		Corporate		Intercompany		Total
Total expenditures		2,480		638		212		41				3,371
Total divestments		188		46		14		470				718
Cash flow from operating activities		3,732		2,731		14		861		Â		7,338

BUSINESS SEGMENT INFORMATION	Â		Â		Â		Â		Â		Â
TOTAL
(unaudited)
Â		Â		Â		Â		Â		Â		Â
4^thquarter 2007 (Mâ‚¬)		Upstream		Downstream		Chemicals		Corporate		Intercompany		Total
Non-Group sales		5,873		32,419		4,884		9		-		43,185
Intersegment sales		5,904		1,557		363		56		(7,880)		-
Excise taxes		-		(5,488)		-		-		-		(5,488)
Revenues from sales		11,777		28,488		5,247		65		(7,880)		37,697
Operating expenses		(4,980)		(26,816)		(4,883)		(170)		7,880		(28,969)
Depreciation, depletion, and amortization of tangible assets and mineral interests		(970)		(342)		(128)		(10)		-		(1,450)
Operating income		5,827		1,330		236		(115)		-		7,278
Equity in income (loss) of affiliates and other items		354		82		(54)		209		-		591
Tax on net operating income		(3,624)		(419)		(55)		33		-		(4,065)
Net operating income		2,557		993		127		127		-		3,804
Net cost of net debt												(105)
Minority interests		Â		Â		Â		Â		Â		(99)
Net income												3,600
Â		Â		Â		Â		Â		Â		Â
*4th quarter 2007 (adjustments) ()** (Mâ‚¬)		Upstream		Downstream		Chemicals		Corporate		Intercompany		Total
Non-Group sales
Intersegment sales
Excise taxes		Â		Â		Â		Â		Â		Â
Revenues from sales
Operating expenses		(11)		629		121		-				739
Depreciation, depletion, and amortization of tangible assets and mineral interests		-		(43)		(4)		-		Â		(47)
Operating income ^(a)		(11)		586		117		-				692
Equity in income (loss) of affiliates and other items ^(b)		(4)		34		(53)		25				2
Tax on net operating income		3		(173)		(24)		(2)		Â		(196)
Net operating income ^(a)		(12)		447		40		23				498
Net cost of net debt												-
Minority interests		Â		Â		Â		Â		Â		(5)
Net income												493
() Adjustments include special items, inventory valuation effect and equity share of amortization of intangible assets related to the Sanofi-Aventis merger* Â (a) Of which inventory valuation effect
On operating income		-		578		149		-
On net operating income		-		434		101		-
(b) Of which equity share of amortization of intangible assets related to the Sanofi-Aventis merger		-		-		-		(93)		Â		Â
4^th quarter 2007 (adjusted) (Mâ‚¬)		Upstream		Downstream		Chemicals		Corporate		Intercompany		Total
Non-Group sales		5,873		32,419		4,884		9		-		43,185
Intersegment sales		5,904		1,557		363		56		(7,880)		-
Excise taxes		-		(5,488)		-		-		-		(5,488)
Revenues from sales		11,777		28,488		5,247		65		(7,880)		37,697
Operating expenses		(4,969)		(27,445)		(5,004)		(170)		7,880		(29,708)
Depreciation, depletion, and amortization of tangible assets and mineral interests		(970)		(299)		(124)		(10)		-		(1,403)
Adjusted operating income		5,838		744		119		(115)		-		6,586
Equity in income (loss) of affiliates and other items		358		48		(1)		184		-		589
Tax on net operating income		(3,627)		(246)		(31)		35		-		(3,869)
Adjusted net operating income		2,569		546		87		104		-		3,306
Net cost of net debt												(105)
Minority interests		Â		Â		Â		Â		Â		(94)
Ajusted net income												3,107
Â		Â		Â		Â		Â		Â		Â
4^th quarter 2007 (Mâ‚¬)		Upstream		Downstream		Chemicals		Corporate		Intercompany		Total
Total expenditures		2,803		849		365		11				4,028
Total divestments		324		317		20		320				981
Cash flow from operating activities		3,348		372		518		(78)		Â		4,160

BUSINESS SEGMENT INFORMATION	Â		Â		Â		Â		Â		Â
TOTAL
												Â
Â		Â		Â		Â		Â		Â		Â
Year 2008 (Mâ‚¬)		Upstream		Downstream		Chemicals		Corporate		Intercompany		Total
Non-Group sales		24,256		135,524		20,150		46		-		179,976
Intersegment sales		25,132		5,574		1,252		120		(32,078)		-
Excise taxes		-		(19,645)		-		-		-		(19,645)
Revenues from sales		49,388		121,453		21,402		166		(32,078)		160,331
Operating expenses		(21,915)		(119,425)		(20,942)		(685)		32,078		(130,889)
Depreciation, depletion, and amortization of tangible assets and mineral interests		(4,005)		(1,202)		(518)		(30)		-		(5,755)
Operating income		23,468		826		(58)		(549)		-		23,687
Equity in income (loss) of affiliates and other items		1,541		(158)		(34)		590		-		1,939
Tax on net operating income		(14,563)		(143)		76		315		-		(14,315)
Net operating income		10,446		525		(16)		356		-		11,311
Net cost of net debt												(358)
Minority interests		Â		Â		Â		Â		Â		(363)
Net income												10,590
Â		Â		Â		Â		Â		Â		Â
*Year 2008 (adjustments) ()** (Mâ‚¬)		Upstream		Downstream		Chemicals		Corporate		Intercompany		Total
Non-Group sales
Intersegment sales
Excise taxes		Â		Â		Â		Â		Â		Â
Revenues from sales
Operating expenses		-		(2,776)		(925)		-				(3,701)
Depreciation, depletion, and amortization of tangible assets and mineral interests		(171)		-		(6)		-		Â		(177)
Operating income ^(a)		(171)		(2,776)		(931)		-				(3,878)
Equity in income (loss) of affiliates and other items ^(b)		(164)		(195)		(82)		(345)				(786)
Tax on net operating income		57		927		329		(2)		Â		1,311
Net operating income ^(a)		(278)		(2,044)		(684)		(347)				(3,353)
Net cost of net debt												-
Minority interests		Â		Â		Â		Â		Â		23
Net income												(3,330)
() Adjustments include special items, inventory valuation effect and equity share of amortization of intangible assets related to the Sanofi-Aventis merger* Â (a) Of which inventory valuation effect
On operating income		-		(2,776)		(727)		-
On net operating income		-		(1,971)		(504)		-
(b) Of which equity share of amortization of intangible assets related to the Sanofi-Aventis merger		-		-		-		(393)		Â		Â
Year 2008 (adjusted) (Mâ‚¬)		Upstream		Downstream		Chemicals		Corporate		Intercompany		Total
Non-Group sales		24,256		135,524		20,150		46		-		179,976
Intersegment sales		25,132		5,574		1,252		120		(32,078)		-
Excise taxes		-		(19,645)		-		-		-		(19,645)
Revenues from sales		49,388		121,453		21,402		166		(32,078)		160,331
Operating expenses		(21,915)		(116,649)		(20,017)		(685)		32,078		(127,188)
Depreciation, depletion, and amortization of tangible assets and mineral interests		(3,834)		(1,202)		(512)		(30)		-		(5,578)
Adjusted operating income		23,639		3,602		873		(549)		-		27,565
Equity in income (loss) of affiliates and other items		1,705		37		48		935		-		2,725
Tax on net operating income		(14,620)		(1,070)		(253)		317		-		(15,626)
Adjusted net operating income		10,724		2,569		668		703		-		14,664
Net cost of net debt												(358)
Minority interests		Â		Â		Â		Â		Â		(386)
Ajusted net income												13,920
Â		Â		Â		Â		Â		Â		Â
Year 2008 (Mâ‚¬)		Upstream		Downstream		Chemicals		Corporate		Intercompany		Total
Total expenditures		10,017		2,418		1,074		131				13,640
Total divestments		1,130		216		53		1,186				2,585
Cash flow from operating activities		13,765		3,111		920		873		Â		18,669

BUSINESS SEGMENT INFORMATION	Â		Â		Â		Â		Â		Â
TOTAL
												Â
Â		Â		Â		Â		Â		Â		Â
Year 2007 (Mâ‚¬)		Upstream		Downstream		Chemicals		Corporate		Intercompany		Total
Non-Group sales		19,706		119,212		19,805		29		-		158,752
Intersegment sales		21,173		5,125		1,190		181		(27,669)		-
Excise taxes		-		(21,928)		-		-		-		(21,928)
Revenues from sales		40,879		102,409		20,995		210		(27,669)		136,824
Operating expenses		(17,697)		(96,367)		(19,076)		(627)		27,669		(106,098)
Depreciation, depletion, and amortization of tangible assets and mineral interests		(3,679)		(1,218)		(495)		(33)		-		(5,425)
Operating income		19,503		4,824		1,424		(450)		-		25,301
Equity in income (loss) of affiliates and other items		1,330		284		(11)		745		-		2,348
Tax on net operating income		(11,996)		(1,482)		(426)		128		-		(13,776)
Net operating income		8,837		3,626		987		423		-		13,873
Net cost of net debt												(338)
Minority interests		Â		Â		Â		Â		Â		(354)
Net income												13,181
Â		Â		Â		Â		Â		Â		Â
*Year 2007 (adjustments) ()** (Mâ‚¬)		Upstream		Downstream		Chemicals		Corporate		Intercompany		Total
Non-Group sales
Intersegment sales
Excise taxes		Â		Â		Â		Â		Â		Â
Revenues from sales
Operating expenses		(11)		1,580		273		-				1,842
Depreciation, depletion, and amortization of tangible assets and mineral interests		-		(43)		(4)		-		Â		(47)
Operating income ^(a)		(11)		1,537		269		-				1,795
Equity in income (loss) of affiliates and other items ^(b)		(4)		24		(54)		(225)				(259)
Tax on net operating income		3		(470)		(75)		(2)		Â		(544)
Net operating income ^(a)		(12)		1,091		140		(227)				992
Net cost of net debt												-
Minority interests		Â		Â		Â		Â		Â		(14)
Net income												978
() Adjustments include special items, inventory valuation effect and equity share of amortization of intangible assets related to the Sanofi-Aventis merger* Â (a) Of which inventory valuation effect
On operating income		-		1,529		301		-
On net operating income		-		1,098		201		-
(b) Of which equity share of amortization of intangible assets related to the Sanofi-Aventis merger		-		-		-		(318)		Â		Â
Year 2007 (adjusted) (Mâ‚¬)		Upstream		Downstream		Chemicals		Corporate		Intercompany		Total
Non-Group sales		19,706		119,212		19,805		29		-		158,752
Intersegment sales		21,173		5,125		1,190		181		(27,669)		-
Excise taxes		-		(21,928)		-		-		-		(21,928)
Revenues from sales		40,879		102,409		20,995		210		(27,669)		136,824
Operating expenses		(17,686)		(97,947)		(19,349)		(627)		27,669		(107,940)
Depreciation, depletion, and amortization of tangible assets and mineral interests		(3,679)		(1,175)		(491)		(33)		-		(5,378)
Adjusted operating income		19,514		3,287		1,155		(450)		-		23,506
Equity in income (loss) of affiliates and other items		1,334		260		43		970		-		2,607
Tax on net operating income		(11,999)		(1,012)		(351)		130		-		(13,232)
Adjusted net operating income		8,849		2,535		847		650		-		12,881
Net cost of net debt												(338)
Minority interests		Â		Â		Â		Â		Â		(340)
Ajusted net income												12,203
Â		Â		Â		Â		Â		Â		Â
Year 2007 (Mâ‚¬)		Upstream		Downstream		Chemicals		Corporate		Intercompany		Total
Total expenditures		8,882		1,875		911		54				11,722
Total divestments		751		394		83		328				1,556
Cash flow from operating activities		12,692		4,148		1,096		(250)		Â		17,686

CONSOLIDATED STATEMENT OF INCOME (Impact of adjustments)			Â		Â
TOTAL	Â
						Â
Â		Â		Â		Â
Year 2008 (Mâ‚¬)		Adjusted		Adjustments		Consolidated statement of income
Sales		179,976		-		179,976
Excise taxes		(19,645)		-		(19,645)
Revenues from sales		160,331		-		160,331
Purchases, net of inventory variation		(107,521)		(3,503)		(111,024)
Other operating expenses		(18,903)		(198)		(19,101)
Exploration costs		(764)		-		(764)
Depreciation, depletion, and amortization of tangible assets and mineral interests		(5,578)		(177)		(5,755)
Other income		153		216		369
Other expense		(147)		(407)		(554)
Financial interest on debt		(1,000)		-		(1,000)
Financial income from marketable securities and cash equivalents		473		-		473
Cost of net debt		(527)		-		(527)
Other financial income		728		-		728
Other financial expense		(325)		-		(325)
Equity in income (loss) of affiliates		2,316		(595)		1,721
Income taxes		(15,457)		1,311		(14,146)
Consolidated net income		14,306		(3,353)		10,953
Group share		13,920		(3,330)		10,590
Minority interests		386		(23)		363
						Â
		Â		Â		Â
4^th quarter 2008 (Mâ‚¬)		Adjusted		Adjustments		Consolidated statement of income
Sales		38,714		-		38,714
Excise taxes		(5,009)		-		(5,009)
Revenues from sales		33,705		-		33,705
Purchases, net of inventory variation		(22,021)		(4,372)		(26,393)
Other operating expenses		(4,924)		(198)		(5,122)
Exploration costs		(227)		-		(227)
Depreciation, depletion, and amortization of tangible assets and mineral interests		(1,571)		(177)		(1,748)
Other income		77		17		94
Other expense		(18)		(105)		(123)
Financial interest on debt		(298)		-		(298)
Financial income from marketable securities and cash equivalents		117		-		117
Cost of net debt		(181)		-		(181)
Other financial income		243		-		243
Other financial expense		(95)		-		(95)
Equity in income (loss) of affiliates		470		(439)		31
Income taxes		(2,532)		1,572		(960)
Consolidated net income		2,926		(3,702)		(776)
Group share		2,873		(3,667)		(794)
Minority interests		53		(35)		18

CONSOLIDATED STATEMENT OF INCOME (Impact of adjustments)			Â		Â
TOTAL	Â
						Â
Â		Â		Â		Â
Year 2007 (Mâ‚¬)		Adjusted		Adjustments		Consolidated statement of income
Sales		158,752		-		158,752
Excise taxes		(21,928)		-		(21,928)
Revenues from sales		136,824		-		136,824
Purchases, net of inventory variation		(89,688)		1,881		(87,807)
Other operating expenses		(17,375)		(39)		(17,414)
Exploration costs		(877)		-		(877)
Depreciation, depletion, and amortization of tangible assets and mineral interests		(5,378)		(47)		(5,425)
Other income		384		290		674
Other expense		(225)		(245)		(470)
Financial interest on debt		(1,783)		-		(1,783)
Financial income from marketable securities and cash equivalents		1,244		-		1,244
Cost of net debt		(539)		-		(539)
Other financial income		643		-		643
Other financial expense		(274)		-		(274)
Equity in income (loss) of affiliates		2,079		(304)		1,775
Income taxes		(13,031)		(544)		(13,575)
Consolidated net income		12,543		992		13,535
Group share		12,203		978		13,181
Minority interests		340		14		354
						Â
		Â		Â		Â
4^th quarter 2007 (Mâ‚¬)		Adjusted		Adjustments		Consolidated statement of income
Sales		43,185		-		43,185
Excise taxes		(5,488)		-		(5,488)
Revenues from sales		37,697		-		37,697
Purchases, net of inventory variation		(24,911)		778		(24,133)
Other operating expenses		(4,524)		(39)		(4,563)
Exploration costs		(273)		-		(273)
Depreciation, depletion, and amortization of tangible assets and mineral interests		(1,403)		(47)		(1,450)
Other income		105		290		395
Other expense		(125)		(115)		(240)
Financial interest on debt		(451)		-		(451)
Financial income from marketable securities and cash equivalents		289		-		289
Cost of net debt		(162)		-		(162)
Other financial income		151		-		151
Other financial expense		(63)		-		(63)
Equity in income (loss) of affiliates		521		(173)		348
Income taxes		(3,812)		(196)		(4,008)
Consolidated net income		3,201		498		3,699
Group share		3,107		493		3,600
Minority interests		94		5		99

TOTAL
JÃ©rÃ´me SCHMITTJÃ©rÃ´me SCHMITT
Philippe HERGAUXPhilippe HERGAUX
Sandrine SABOUREAUSandrine SABOUREAU
Laurent KETTENMEYERLaurent KETTENMEYER
oror
Robert HAMMOND (U.S.)Robert HAMMOND (U.S.)
Tel. : (1) 201 626 3500Tel. : (1) 201 626 3500
FaxÂ : (1) 201 626 4004FaxÂ : (1) 201 626 4004

2, place de la Coupole
La DÃ©fense 6La DÃ©fense 6
92 400 Courbevoie France92 400 Courbevoie France
Tel. : 33 (1) 47 44 58 53Tel. : 33 (1) 47 44 58 53
Fax : 33 (1) 47 44 58 24Fax : 33 (1) 47 44 58 24

TOTAL S.A
Capital 5 981 907 382 eurosCapital 5 981 907 382 euros
542 051 180 R.C.S. Nanterre542 051 180 R.C.S. Nanterre
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