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					Total in Angola
Philippe Chalon
Phili    Ch l
General Manager Total E&P Angola
Total E&P in Angola (TEPA)



                                                 Angola Brief

                                                 Strategy Focus

                                                 Operated Assets

                                                 Assets operated by third parties

                                                 Oil Contracts

                                                 Risk Management




1 Investor Relations – Field Trip Pau - Angola - www.total.com – 3C3168
Angola


    18 million inhabitants in 1,250,000 km2 :
                              1 250 000
        ƒ Country sparsely populated but with a rate of growth
          of 3% per year
        ƒ Luanda overpopulated with 6 million inhabitants

    Tropical climate from humid to temperate

    GDP growth of 15% per year between 2004 and 2008.
                               2010
    Stagnant in 2009 and 8% in 2010.
        ƒ GDP of 4,000 $ / person (South Africa : 7,000$ ; Nigeria
          2,500 $ ; Mozambique 800 $ ; Ghana 700 $ )
        ƒ Petroleum provides 80% of state revenues
        ƒ Important infrastructure projects in progress
                      f
        ƒ Low impact of global financial crisis




2 Investor Relations – Field Trip Pau - Angola - www.total.com – 3C3168
Angola production by theme
    kboe/d
        kb/d
      2 500



      2 000



      1 500



      1 000



         500



             0
              95

              96

              97

              98

              99

              00

              01

              02

              03

              04

              05

              06

              07

              08

              09

              10

              11

              12

              13

              14

              15
           19

           19

           19

           19

           19

           20

           20

           20

           20

           20

           20

           20

           20

           20

           20

           20

           20

           20

           20

           20

           20
                                  Onshore (Kwanza, FS/FST)                Offshore Cabinda (B0)
                                  Offshore (B1, B2, B3 B4)
                                  Off h    (B1 B2 B3,                     D    Water (B14, B15, B17,
                                                                          Deep W t (B14 B15 B17 B18)
                                  Very Deep Water (B31, B32)              Gas ALNG

3 Investor Relations – Field Trip Pau - Angola - www.total.com – 3C3168
Total E&P in Angola (TEPA)



                                                 Angola Brief

                                                 Strategy Focus

                                                 Operated Assets

                                                 Assets operated by third parties

                                                 Oil Contracts

                                                 Risk Management




4 Investor Relations – Field Trip Pau - Angola - www.total.com – 3C3168
Total E&P Angola permit areas
                                                                            LEGENDE
                                                                         OPERATEURS
                                                                                                                                                 RC
                                                           TOTAL

                                                           CHEVRON
                                                                                                  MAERSK

                                                                                                  EXXON                                          ZIC 14K/A-IMI - CVX op. (10%)
                                                           BP

                                                           PLUSPETROL
                                                                                                  DEVON

                                                                                                  OXY
                                                                                                                                POINTE-NOIR
                                                                                                                                                 LAC C AYO                (+26.75% TEPC)




                                                                                                                                      50
                                                                                                                              10
                                                                                                                                                               N O RD




                                                                                                                                 0
                                                           ENI                                    SONANGOL




                                                                                                                        200
                                                                                                                                                                                                                                               5° 00'




                                                                                                               500
                                                                                                                100
                                                           TULLOW                                 VAALCO




                                                                                                                    0
                                                           SOMOIL                                 BRASPETRO

                                                           COBALT                                  ALNG

                                                                                                  ALROSA
                                                                                                                                                             C E N T RE
                                                                                                                                                                                     RDC             B0 – CVX op. (10%)
                                                           TOTAL en ASSOCIATION




                                                                                                                                        Bloc 0               CABINDA
                                                                                                                JDA                                            S UD




                                                                                   2000
                                                                 3000
                                  p (15%)
                    B15/06 – ENI op. (  )                                                                  Bloc 14                                                                                  BOMA          NG
                                                                                                                                                                                                                     O         MATADI

                                                                                                                                                                                        B14 – CVX op. (20%)
                                                                                                                                                                                                               CO




                                                                                                                                                                                                                                               6° 00'
                                                                                                                                                                   SOYO

                 B31 – BP op. (5%)                     Bloc 46
                                                                                                                                     Bloc 1
                                                                                                                                                                                     ANGOLA
                                                                                                                   Bloc 15
                                                 E




                                                                                                                                                                                                                           (13 6%)
                                                                                                                                                                                                                      ALNG (13.6%)
                                                  U




                                                            Bloc 47                Bloc 31
                                                                                                                                                                 Bloc 2                 CU
                                                                                                                                                                                             NG
                                                                                                                                                                                                A
                                                                                                                                                                                      LU
                                                  Q




                                                                                                                        Bloc 16
                                                   I




                                                                                                                                                        10
                                                                                                                                                 200

                                                                                                                                                          0
                                                                                                                                                        Bloc 3                                                                                 7° 00'
                         B32 (30%)


                                                                                                                                           500
                                                   T




                                                                                                                                                                                              GE
                                                                                                                                                                                           RID
                                                                                                                                                                                        M'B




                                                                                                                              10
                                                                  Bloc 48



                                                                                                                                 00
                                                  N




                                                                                                                                                                                   N'ZETO
                                                                                                        2000




                                                                                           Bloc 32                                     Bloc 17                            Bloc 4                               B3/85 & 3/91 (50%)
                                                                                                                                                                                                                            (   )
                                                                                                                                                                                                                SE
                                                                                                                                                                                                                     MB
                                                                                                                                                                                                                        O
                                                  A




                                                                                          300
                                                                                          3 0
                                                  L




                                           Bloc
                    B33 - Calulu PDA (58.7%) 49                                                                                                                                                                  GE
                                                  T




                                                                                                                 Calulu PDA                                                                                    LO
                                                  A




                                                                                                                        Bloc 33                                Bloc 18                                                                         8° 00'   Participation %
                                                   N




                                                                                      Bloc 50                                                                                        Bloc 5
                                                                                                                                                                                                                                                           Operated
                                                   A




                                  Bloc 17 (40%)                                                                                            Bloc 34                                                                          LIFUNE


                                                                                                                                                                                                                            DANDE
                                                                                                                                                                                                                                                           Non Operated
                                                       E




                                                                                                                                                                                                                                     CAXI TO




                               Bloc 17/06 (30%)
                                                       C




                                                                                                                                                                     Bloc 19                                                    BENGO
                                                       O




                                                                                                                                                                                                               LUANDA
                                                                                                                                                                                   Bloc 6                             VIANA
                                                   0                                                           100 km                   Bloc 35

                                                                        Echelle : 1/2 000 000
                                                                                                                                                                                                          ZA
                                                                                                11° 00'                                       12° 00'                               13° 00'          CU
                                                                                                                                                                                                        AN




5 Investor Relations – Field Trip Pau - Angola - www.total.com – 3C3168
Strategy / stakes
    Continue to improve HSE performance
          ƒ Focus on individual behaviour / Awareness campaigns

    Maximize production and maintain the plateau on existing installations
          ƒ Tie-in, infills, new technologies to improve recovery (Block 17 GirRI)

    Finalize developments in progress and develop identified projects
          ƒ Block 17 Pazflor & CLOV
          ƒ Block 32 Kaombo
          ƒ ALNG

    Carry out exploration activity
          ƒ Pursue appraisal (Blocks 17, 32 & 14) and exploration (Blocks 17/06, 33, 15/06 & 0) on existing permit areas
          ƒ Increase the number of exploration permits

                      Angola’s angolanization
    Enhance Total E&P Angola s “angolanization” process
          ƒ Adequate recruitment, training, career management

    Master Local Content on projects

    Cost control
          ƒ Optimization of rigs and boats under contract
          ƒ Critical review of expenses, while ensuring the integrity of the installations
          ƒ Thorough review of the engineering of projects operated by third parties



6 Investor Relations – Field Trip Pau - Angola - www.total.com – 3C3168
TEPA SEC production

                                                             SEC Production (Base 100 2000)
                                                           SEC production (base 100 = in 2000)

300




200




100




   0
                          2000                                            2005           2010    2015


7 Investor Relations – Field Trip Pau - Angola - www.total.com – 3C3168
TEPA preparing for the future


                                          Around 2 B$ Investment per year



                                2010                                                 2014
       500
      ~500 kb/d operated production                                        800
                                                                          ~800 kb/d operated production

      1,800 employees in Angola                                           2,200 employees in Angola




8 Investor Relations – Field Trip Pau - Angola - www.total.com – 3C3168
Total E&P in Angola (TEPA)



                                                 Angola Brief

                                                 Strategy Focus

                                                 Operated Assets

                                                 Assets operated by third parties

                                                 Oil Contracts

                                                 Risk Management




9 Investor Relations – Field Trip Pau - Angola - www.total.com – 3C3168
  Block 17 : 4 FPSOs producing in 2014
        From 450-500 kb/d currently to over 800 kb/d in 2014
                                                                                                            Contractor Group       Participation

                                                                                                            Total (op)                        40%

                                                                                                            Statoil                       23.3%
                                  CLOV
                                                                                                            Exxon                             20%
                               2014(e)
                          Plateau : 160 kb/d                                                                BP                            16.7%



                                                                                                                             Pazflor
                                                                                                                            2011 Q4 (e)
                                                                                                                         Plateau : 220 kb/d
                                                                                 Girassol
                                                                                   Dec-01
                                                                              Plateau : 250 kb/d

                                                                            GirRI project 2011(e)
                                                                           development of additional
                                                                              resources 130 Mb


                      Rosa
                    Jun-07
              Plateau : 140 kb/d



                                                                                                    Dalia
                                                                                                 Dec 06
                                                                                                 Dec-06
                                                                                            Plateau : 255 kb/d



10 Investor Relations – Field Trip Pau - Angola - www.total.com – 3C3168
  Block 17 – Maximize production and maintain plateau
                                                                      Operated production
 kb/d                                                                                                   GirRI
                                                                                                         130 Mb
1 000
                                                                                                         2 B$ Capex
                                                              GirRI
   800                                                        Dalia
                                                              Girassol Base
   600



   400



   200



        0
       10



                        11



                                          12



                                                           13



                                                                             14



                                                                                    15



                                                                                           16



                                                                                                  17



                                                                                                         18



                                                                                                                  19



                                                                                                                         20
     20



                      20



                                        20



                                                         20



                                                                           20



                                                                                  20



                                                                                         20



                                                                                                20



                                                                                                       20



                                                                                                                20



                                                                                                                       20
11 Investor Relations – Field Trip Pau - Angola - www.total.com – 3C3168
  Block 17 – Pazflor development
                                                                      Operated production
 kb/d                                                                                                   Pazflor
                                                                                                         590 Mb
1 000
                             Pazflor                                                                     9 B$ Capex
                             GirRI
   800                       Dalia
                             Girassol Base
   600



   400



   200



        0
       10



                        11



                                          12



                                                           13



                                                                             14



                                                                                    15



                                                                                           16



                                                                                                  17



                                                                                                         18



                                                                                                                19



                                                                                                                        20
     20



                      20



                                        20



                                                         20



                                                                           20



                                                                                  20



                                                                                         20



                                                                                                20



                                                                                                       20



                                                                                                              20



                                                                                                                      20
12 Investor Relations – Field Trip Pau - Angola - www.total.com – 3C3168
  Block 17 – CLOV development
                                                                      Operated production
 kb/d                                                                                                   CLOV
1 000
                                                                                                         505 Mb
                          Clov                                                                           7 B$ Capex
                          Pazflor
   800                    GirRI
                          Dalia
                          Girassol Base
   600



   400



   200



        0
       10



                        11



                                          12



                                                           13



                                                                             14



                                                                                    15



                                                                                           16



                                                                                                  17



                                                                                                         18



                                                                                                                 19



                                                                                                                        20
     20



                      20



                                        20



                                                         20



                                                                           20



                                                                                  20



                                                                                         20



                                                                                                20



                                                                                                       20



                                                                                                               20



                                                                                                                      20
13 Investor Relations – Field Trip Pau - Angola - www.total.com – 3C3168
  Block 32 - Kaombo development project
                                                                                                        Contractor Group      Participation

                                                                       Alho                             Total                            30%
                     Central
                    North East                                                    Cominhos
                                                                                                        Marathon                         10%

                                                                                                        Sonangol P&P                     40%

                                                                                        Cola            Exxon Mobil                      15%
                                                  Colorau
                                                                                                        Galp
                                                                                                        G l                               5%

                                      Manjericão
                                                                              Caril
                                                                                           Gindungo
                                                                                                         22 wells/15 discoveries
                                                                                                                ƒ ~900 Mb discovered
                                                                              Gengibre
                                                                                               Canela    Kaombo = first hub
                                                                                                                ƒ 2 FPSO ~100 kb/d
                                                                                                                          100
                                                        Kaombo
                                                        K   b                         Mostarda                  ƒ ~300 Mb each

                                                                                 Louro                   Central North East
                                                                                                                ƒ Pursue appraisal to
                                                                                                                          pp
                 20 km                                                                         Salsa              reach development




14 Investor Relations – Field Trip Pau - Angola - www.total.com – 3C3168
  Block 32 - Kaombo development project
                                                                      Operated production
 kb/d                                                                                                   Kaombo
                                                                                                         570 Mb
1 000
                        Girassol Base                             Dalia                  GirRI
                        Pazflor                                   Clov                   Kaombo
   800



   600



   400



   200



       0
       10



                        11



                                         12



                                                           13



                                                                             14



                                                                                    15



                                                                                           16



                                                                                                  17



                                                                                                         18



                                                                                                                19



                                                                                                                       20
     20



                      20



                                       20



                                                         20



                                                                           20



                                                                                  20



                                                                                         20



                                                                                                20



                                                                                                       20



                                                                                                              20



                                                                                                                     20
15 Investor Relations – Field Trip Pau - Angola - www.total.com – 3C3168
  Exploration of operated assets
                                                                           Producing FPSO
                B32
                                                                           FPSO to be built (sanctioned)

                                                                                 l    d
                                                                           FPSO planned




                                                                                B17 – B17/06




                                                                B33

                                                km




                                                                    North B17-06,
               Pursue exploration to reach developable volumes (B32 North, B17-06 B33)
               Discover new reserves to be produced through current and future installations
               (tie back) to maintain production plateau and maximize value both for
               Contractor Group and Sonangol / State


16 Investor Relations – Field Trip Pau - Angola - www.total.com – 3C3168
  Main changes 2008-2010 & business opportunities

                                                                      Cabinda
                                                            Pluspetrol & Petropars arrival


                                                                     Block 32
    Operating Companies                                    Marathon sold 20% to Sonagol
                                                                (kept 10% interest)


                                                                        Block 33
                                                                    NIR (5%) excluded


                                                                Bidding round 2008
                                                                      cancelled
                                                                   Blocks 46,47,48
                                                               Cab N, KON11 & KON12
                                                                        9, 19, 20,
                                                                 Blocks 9 19 20 21


                                                                      Block 9-21
                                                                    Cobalt arrival +
                                                                  Nazaki Oil & Alper Oil


                                                                     Block 12-13
                                                                Alrosa arrival + Dark Oil




17 Investor Relations – Field Trip Pau - Angola - www.total.com – 3C3168
  Total E&P in Angola (TEPA)



                                                  Angola Brief

                                                  Strategy Focus

                                                  Operated Assets

                                                  Assets operated by third parties

                                                  Oil Contracts

                                                  Risk Management




18 Investor Relations – Field Trip Pau - Angola - www.total.com – 3C3168
  Assets operated by third parties

    40 km                                                                            B0      Block 0 >350 kb/d (10%)
                                                                                  (Area A)      ƒ Offshore Cabinda
                                                                                                ƒ ~170 platforms
                                                                                                ƒ Operated by Chevron

                                                                          B0                          200
                                                                                             Bl k 14 ~200 kb/d (20%)
                                                                                             Block
                                B14K                                   (Area B)                 ƒ Deep Offshore
                                                                                                ƒ 1 FPSO + 2 Compliant
                                                                                                  Piled Towers
                                                                                                ƒ Operated by Chevron
                                         B14

                                                                                             Block 15-06 (15%)
                                                                                                ƒ Pursue exploration to reach
                                                                                                  development
                                                                                                ƒ Operated by ENI




                                  B15-06



19 Investor Relations – Field Trip Pau - Angola - www.total.com – 3C3168
  Assets operated by third parties
                                       Block 0/14                          LNG Plant
                                        Chevron
                                                                      115
                                                                      KM
 Block 15                              120
  Esso                                 KM


Block 31                        Block 32
               Kaombo
   BP                            TOTAL
                                                               104
    CLOV                                                       KM
                                                                             non associated
 Girassol                                                  40 KM                gas field
                                70KM                                         6 KM

                       Pazflor           Greater     73 KM
    Dalia
                                         Plutonio
        Bl k 17
        Block                                                      Block 2
                                        Block 18
        TOTAL
        TOTAL                                BP                    SNL P&P
                                             BP




                Angola LNG ~180 kb /d (13.6%)
                A   l       180 kboe/d (13 6%)

                   Flaring reduction, valorization of associated and non associated gas

                   First cargo 1H 2012(e)

                   Capacity 5.2 Mt/y of LNG + liquids



20 Investor Relations – Field Trip Pau - Angola - www.total.com – 3C3168
  Total E&P in Angola (TEPA)



                                                  Angola Brief

                                                  Strategy Focus

                                                  Operated Assets

                                                  Assets operated by third parties

                                                  Oil Contracts

                                                  Risk Management




21 Investor Relations – Field Trip Pau - Angola - www.total.com – 3C3168
  Production Sharing Contract


     Revenues                                                                                                  Production decrease
                                                                           Profit Oil National Oil Company
        &                                                                                                              after plateau
     Expenses                                                                  Income Tax
                                        Profit Oil
                                    Contractor Group
                                       Before Tax                           Profit Oil Contractor
                                                                              Group after tax
        Cost-Stop
                                                                                                     Explo
                                                                            Development Capex
                                                                                                     Costs
                                                                             Recovery + uplift
                                                                                                     Recov.

                                                                                               Opex recovery
        Exploration
                                           Development                                              Opex
          Costs
                                              Capex




                                                                    Production Start Up


22 Investor Relations – Field Trip Pau - Angola - www.total.com – 3C3168
  Production Sharing Contract

  Typically in Angola
       Cost Stop ~ 50% depending on
           ƒ Contracts
           ƒ Technical parameters
           ƒ Uplift recovery

                                                                         10%,
       Contractor Group’s share of the Profit Oil varies between 80% and 10% depending
           ƒ On contracts
           ƒ For a given contract, on the historical profitability of the development

       Income Tax 50%

  The contract
                                 p                                   pp      (                   )
       Offers the Contractor Group a fair return to face the risks supported (all the investments)

       Offers the National Oil Company and State increasing part of the production
           ƒ Immediate access to production and taxes
           ƒ After development cost recovery, most of the production is shared as profit oil
           ƒ Contractor Group’s share of the profit oil depends on the profitability : National Oil Company and State benefit
             from upsides (higher volumes, higher prices)




23 Investor Relations – Field Trip Pau - Angola - www.total.com – 3C3168
  Sonangol and Ministry of Petroleum

       Sonangol : more than the Angolan National Oil Company
           ƒ Concessionaire : Sonangol EP
           ƒ Upstream company ( t
             U t                                   t ) Sonangol P&P
                                   (partner & operator) : S     l
           ƒ Downstream company (storage and distribution)
           ƒ Sub-contractor through Joint Ventures with international companies : Petromar (Saipem),
             So a e ( ce gy), go e ( ec p)
             Sonamet (Acergy), Angoflex (Technip)…
           ƒ An important influence in Angolan economy through participation in banks (BAI, BCI),
             real estate programs, etc.
           ƒ Presence in international development in upstream (Iraq, Iran, GoM…) and
             d      t        ti iti (Portuguese area)
             downstream activities (P t                )

       Sonangol EP concessionaire
           ƒ Approval of exploration & development p , budget, and attribution of main contracts
              pp           p                 p     plan,  g ,
           ƒ High technical capabilities

       Ministry of Petroleum
           ƒ P t l     Law
             Petroleum L
           ƒ Decisions concerning petroleum activities : security, environment…




24 Investor Relations – Field Trip Pau - Angola - www.total.com – 3C3168
  Total E&P in Angola (TEPA)


                                                            Angola Brief

                                                            Strategy Focus

                                                            Operated Assets

                                                            Assets operated by third parties

                                                            O Co t acts
                                                            Oil Contracts

                                                            Risk Management




25 Investor Relations – Field Trip Pau - Angola - www.total.com – 3C3168
  Risk Management : Drilling Deep Offshore

    Creation of three task forces in Total headquarters :                  Surface Shear test on
                                                                                Pride Africa
         Capping and containment
         Deepwater drilling
         Oil spill response
    Actions in Total E&P Angola :
         Organize debriefing with available information of BP Macondo
          accident within local teams
         Review design and operational procedures for TEPA
          deep water wells
         Thorough rig BOP acceptance procedure on new rigs
          including physical disconnection and subsea shear test
         Upgrade intervention vessel with Remotely Operated Vehicle
          pumping skid to allow closing any BOP on TEPA’s rig fleet
         Increase rig crew awareness on blowout consequences




26 Investor Relations – Field Trip Pau - Angola - www.total.com – 3C3168
  Total E&P Angola actions for oil spill response
        Staffing oil spill responder position 7d/7 - 24h/24 effective September

        Purchasing oil spill                                               Oil spill response to the BP spill in Gulf of Mexico
        recovery resources

        Updating oil spill
        contingency p
              g   y plan

        Preparing large scale
        exercise

        Training the oil spill
        planning team

        Training offshore staff
        for boom deployments




     In case of major spill, TEPA has access to FOST and OSRL worldwide resources.


27 Investor Relations – Field Trip Pau - Angola - www.total.com – 3C3168
  Technological risk management
        Each installation (onshore and offshore) is subject to a risk study

        Preliminary, detailed and quantitative risk assessments are now prepared




         a a preliminary risk assess e t is finalized
        Dalia p e    a y s assessment s        a ed


28 Investor Relations – Field Trip Pau - Angola - www.total.com – 3C3168
  TEPA: a permanent growth
  4000

              N      # of FPSO
                                                                                                         7
  3500          TEPA employees worldwide                                                    6


  3000
                                                                           3
                                                                                 4
  2500



  2000
                                                                     2


  1500
                          1

  1000



   500



      0
          2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020




29 Investor Relations – Field Trip Pau - Angola - www.total.com – 3C3168
  Disclaimer
                                                           p                p           p      y
 This document does not constitute the annual financial report that will be published separately in conformance with Article L.451-1-2 III of the Code monétaire et financier and will be
 available on the Group’s Web site www.total.com or by request from company’s headquarters.

 This presentation and the associated slides and discussion 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, as well as global energy demand and production, expected future energy mix, decline in mature
 fields and expected future production, global oil and gas reserves, internal carbon price, anticipated competitive advantage through technology and capability, oil sand strategy (including
 the anticipated competitive nature of any resource basis renewal, the opportunity to leverage technological experience and value creation through integration with the Downstream
 seg e ), e poss b y o u u e p oduc o              p o e e s oug ec o og ca de e op e s, a d e e pec ed s a up da e, p oduc o po e a a d                       go O         p ojec s
 segment), the possibility of future production improvements through technological developments, and the expected start-up date, production potential and timing of TOTAL projects.

 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, the
 competitiveness of alternate-energy sources, environmental and physical risks and general economic and business conditions. TOTAL does not assume any obligation to update publicly
 any forward-looking statement, whether as a result of new information, future events or otherwise. Further information on factors which could affect the company’s financial results is
 provided in documents filed by the Group with the French Autorité des Marchés Financiers and the U.S. Securities and Exchange Commission (“SEC”).

 Business segment information is presented in accordance with the Group internal reporting system used by the chief operating decision maker to measure performance and allocate
 resources internally. Due to their particular nature or significance, certain transactions qualified as “special items” are 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 in order to facilitate the comparability
        segments                            Group s
 of the segments’ results with those of the Group’s competitors, and to help illustrate the operating performance of these segments excluding the impact of oil price changes on the
 replacement of inventories.

 In the replacement cost method, which approximates the LIFO (Last-In, First-Out) method, the variation of inventory values in the income statement is, depending on the nature of the
 inventory, determined by using either the month-end prices differential between one period and another or 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.

         framework,                                                  income,
 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     cost,
 adjusted for special items and excluding TOTAL’s equity share of adjustments related to Sanofi-Aventis. 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.

                                                                                                                                        TOTAL s results.          issues,
 This document also includes certain socially responsible investment (SRI) issues identified by TOTAL as having the potential to affect TOTAL’s results Other SRI issues not included in
 this document, may also have an impact on TOTAL’s results.

 Cautionary Note to U.S. Investors – The SEC permits oil and gas companies, in their filings with the SEC, to separately disclose proved, probable and possible reserves that a company
 has determined in accordance with SEC rules. We may use certain terms in this presentation, such as “reserve potential” and “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 N° 1-10888, available from us at 2, place Jean Millier – La Défense 6 –
 92078 Paris – La Défense Cedex, France, or at our Web site: www.total.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or on the SEC’s Web site:
 www.sec.gov.
 www sec gov




30 Investor Relations – Field Trip Pau - Angola - www.total.com – 3C3168

				
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