Result of AGM

Total S.A.
14 May 2004

                          
 
Catherine ENCK 
Tel. [phone]
Patricia MARIE 
Tel. [phone]
Paul FLOREN 
Tel. [phone]
Christine de CHAMPEAUX 
Tel: [phone]
Bertille ARON 
Tel: [phone]
Mary DWYER 
Tel. [phone]
Isabelle CABROL
Tel. [phone]
Charles-Edouard ANFRAY 
Tel. [phone]
Franklin BOITIER 
Tel. [phone]

TOTAL S.A.
Capital 6 491 182 360 euros
542 051 180 R.C.8.Nanterre
www.total.com


                          May 14, 2004 Annual Meeting

                            15% dividend increase 
                      Pursuing profitable growth policy

Paris - May 14, 2004 - At the Annual Meeting held on May 14, 2004, under the 
Chairmanship of CEO Thierry Desmarest, Total shareholders approved all the 
proposed resolutions recommended by the Board of Directors.

During his address, Thierry Desmarest said :

' In 2003, the Group performed at the highest levels in terms of growth and 
profitability. Hydrocarbon production growth of 5%, implementation of 
productivity programs, and ongoing share buybacks raised earnings per share to a 
new record level of 11.56 euros. Expressed in dollars, earnings per share rose 
to $13.07, an increase of 47% compared to 2002(...)

New performance objectives have been set for the years 2004-2008. They consist 
of a 4% average annual growth rate for hydrocarbon production while continuing 
to improve the profitability of the Group in a constant environment. For 2004, 
Total is pursuing a major investment program of 10 billion dollars with priority 
maintained for Upstream growth (...)

Compared to the first quarter 2003, the first quarter 2004 environment was 
marked by a 14% decrease of the dollar relative to the euro, a decrease in 
European refining margins, slightly higher hydrocarbon prices, and the start of 
a rebound for Chemicals. Total recorded a 9% increase in net income adjusted for 
special items expressed In dollars. The internal efforts of the Group, notably 
the sustained production growth, made this possible (...)

Since the start of the second quarter 2004, given the demand growth and low 
inventory levels for refined products, the oil market environment has remained 
favorable with both oil prices and refining margins at high levels.'

During the Meeting, the 2003 accounts were approved, as was the payment of a 
cash dividend of 4.70 euros per share, an increase of 15% from last year, to 
which a tax credit will be added in accordance with the regulations in force. 
The ex-dividend date for the shares will be May 24, 2004 and payment will occur 
from that date. Beginning In 2004, an interim dividend will be paid in the fall.

In addition, the following resolutions, among others, were approved at the 
Annual Meeting:

* Term renewals for the following Directors for a period of three years:
  Mr. Thierry Desmarest, Mr. Thierry de Rudder and Mr. Serge Tchuruk,

* Appointment of Mr. Daniel Boeuf, as a Director representing the employee 
  shareholders, for a period of three years,

* 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,

* Renewal of the Board of Directors' authorizations to increase the share 
  capital and to implement stock options and employee shareholding plans,

* Term renewal or appointment of the statutory and alternate independent 
  auditors for a period of six years.


                                        * * *
Total is the fourth largest oil and gas company in the world with operations in 
more than 130 countries. Total's activities cover the whole energy chain of the 
petroleum industry: exploration, oil and gas production, refining and marketing, 
trading and power generation. The Group is also a major player in chemicals 
through its chemicals branch, Atofina. Total has more than 110,000 employees 
worldwide. More information can be found on the company's website: www.total.com
 


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