Exhibit 99.4

Total financial statements

Third quarter and first nine months 2003 consolidated accounts, French GAAP

CONSOLIDATED STATEMENTS OF INCOME
Total

Third quarter			Third quarter						9 months			9 months
2003			2002					Amounts in millions of euros (1)	2003			2002
(unaudited)			(unaudited)						(unaudited)			(unaudited)
	24,469			25,423				Sales		77,119			75,642
	(20,307	)		(21,331	)			Operating expenses		(63,815	)		(63,805	)
	(1,264	)		(1,257	)			Depreciation, depletion, and amortization		(3,672	)		(3,877	)
								Operating income
	(41	)		(56	)			Corporate		(163	)		(162	)
	2,939			2,891				Business segments*		9,795			8,122
	2,898			2,835				Total operating income		9,632			7,960
	(27	)		(60	)			Interest expense, net		(111	)		(127	)
	20			35				Dividend income on non-consolidated subsidiaries		96			119
	(1	)		(3	)			Dividends on subsidiaries’ redeemable preferred shares		(4	)		(8	)
	(134	)		81				Other income (expense), net		(628	)		100
	(1,317	)		(1,398	)			Provision for income taxes		(4,168	)		(3,884	)
	342			229				Equity in income (loss) of affiliates		868			644
	1,781			1,719				Income before amortization of acquisition goodwill		5,685			4,804
	(32	)		(34	)			Amortization of acquisition goodwill		(98	)		(118	)
	1,749			1,685				Consolidated net income		5,587			4,686
	39			48				of which minority interest		152			117
	1,710			1,637				NET INCOME**		5,435			4,569
	2.71			2.45				Earnings per share (euro)***		8.52			6.82
	2,939			2,824		*		Operating income from business segments, excluding non-recurring items		9,795			8,101
	1,570			1,525				Net operating income from business segments, excluding non-recurring items		5,340			4,407
	1,710			1,600		**		Net income (Group share), excluding non-recurring items		5,597			4,651
	2.71			2.40		***		Earnings per share, excluding non-recurring items (euro)		8.77			6.94
							(1)  Except for earnings per share

CONSOLIDATED BALANCE SHEETS
Total

	Amounts in millions of euros
	30/09/2003			30/06/2003			31/12/2002			30/09/2002
	(unaudited)			(unaudited)						(unaudited)
ASSETS
NON-CURRENT ASSETS :
Intangible assets, net		2,089			2,205			2,752			3,001
Property, plant, and equipment, net		37,146			36,661			38,592			39,972
Equity affiliates : investments and loans		8,078			7,738			7,710			7,833
Other investments		1,228			1,235			1,221			1,241
Other non-current assets		3,527			3,669			3,735			3,130
Total non-current assets		52,068			51,508			54,010			55,177
CURRENT ASSETS :
Inventories, net		6,163			5,980			6,515			6,366
Accounts receivable, net		12,111			12,418			13,087			13,117
Prepaid expenses and other current assets		5,057			4,950			5,243			5,794
Short-term investments		1,413			1,663			1,508			1,426
Cash and cash equivalents		9,676			9,532			4,966			10,789
Total current assets		34,420			34,543			31,319			37,492
TOTAL ASSETS		86,488			86,051			85,329			92,669
LIABILITIES & SHAREHOLDERS’ EQUITY
SHAREHOLDERS’ EQUITY :
Common shares		6,788			6,881			6,872			7,103
Paid-in surplus and retained earnings		32,352			31,776			30,514			33,004
Cumulative translation adjustment		(2,197	)		(1,946	)		(830	)		(102	)
Treasury shares		(6,662	)		(6,960	)		(4,410	)		(6,451	)
Total shareholders’ equity		30,281			29,751			32,146			33,554
SUBSIDIARIES’ REDEEMABLE PREFERRED SHARES		429			438			477			507
MINORITY INTEREST		637			620			724			837
LONG-TERM LIABILITIES :
Deferred income taxes		5,628			6,106			6,390			6,586
Employee benefits		4,009			3,896			4,103			3,231
Other liabilities		6,623			6,462			6,150			5,957
Total long-term liabilities		16,260			16,464			16,643			15,774
LONG-TERM DEBT		9,849			9,906			10,157			10,989
CURRENT LIABILITIES :
Accounts payable		9,496			9,256			10,236			9,303
Other creditors and accrued liabilities		10,771			10,331			9,850			11,942
Short-term borrowings and bank overdrafts		8,765			9,285			5,096			9,763
Total current liabilities		29,032			28,872			25,182			31,008
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		86,488			86,051			85,329			92,669

CONSOLIDATED STATEMENTS OF CASH FLOWS
Total

Third quarter			Third quarter					9 months			9 months
2003			2002			Amounts in millions of euros		2003			2002
(unaudited)			(unaudited)					(unaudited)			(unaudited)
						CASH FLOW FROM OPERATING ACTIVITIES
	1,749			1,685		Consolidated net income			5,587			4,686
	1,340			1,337		Depreciation, depletion, and amortization			3,904			4,161
	(243	)		(235	)	Long-term liabilities, valuation allowances, and deferred taxes			(409	)		(110	)
	90			78		Unsuccessful exploration costs			251			322
	(28	)		(96	)	(Gains)/Losses on sales of assets			127			(504	)
	(298	)		(180	)	Equity in income of affiliates (in excess of)/less than dividends received			(489	)		(312	)
	6			3		Other changes, net			9			(8	)
	2,616			2,592		Cash flow from operating activities before changes in working capital			8,980			8,235
	633			873		(Increase)/Decrease in operating assets and liabilities			1,225			538
	3,249			3,465		CASH FLOW FROM OPERATING ACTIVITIES (1)			10,205			8,773
						CASH FLOW FROM INVESTING ACTIVITIES
	(1,384	)		(1,618	)	Intangible assets and property, plant, and equipment additions			(3,915	)		(4,968	)
	(92	)		(73	)	Exploration expenditures charged to expenses			(234	)		(286	)
	(345	)		—		Acquisitions of subsidiaries, net of cash acquired			(337	)		(105	)
	(42	)		(145	)	Investments in equity affiliates and other securities			(80	)		(252	)
	(53	)		(289	)	Increase in long-term loans			(352	)		(723	)
	(1,916	)		(2,125	)	Total expenditures			(4,918	)		(6,334	)
	22			63		Proceeds from sale of intangible assets and property, plant, and equipment			148			166
	(1	)		8		Proceeds from sale of subsidiaries, net of cash sold			734			13
	21			151		Proceeds from sale of non-current investments			89			803
	108			242		Repayment of long-term loans			329			531
	150			464		Total divestitures			1,300			1,513
	263			(143	)	(Increase)/Decrease in short-term investments			108			(422	)
	(1,503	)		(1,804	)	CASH FLOW FROM INVESTING ACTIVITIES			(3,510	)		(5,243	)
						CASH FLOW FROM FINANCING ACTIVITIES
						Issuance and repayment of shares :
	24			4		Parent company’s shareholders			69			447
	(966	)		(1,063	)	Purchase of treasury shares			(3,516	)		(1,528	)
	14			7		Minority shareholders			37			25
	—			—		Subsidiaries’ redeemable preferred shares			—			—
						Cash dividends paid :
	—			—			- Parent company’s shareholders		(2,571	)		(2,514	)
	(6	)		(9	)		- Minority shareholders		(114	)		(93	)
	(131	)		103		Net issuance/(repayment) of long-term debt			1,278			1,187
	(437	)		6,412		Increase/(Decrease) in short-term borrowings and bank overdrafts			3,070			6,017
	(1	)		(3	)	Other changes, net			(4	)		(8	)
	(1,503	)		5,451		CASH FLOW FROM FINANCING ACTIVITIES			(1,751	)		3,533
	243			7,112		Net increase/decrease in cash and cash equivalents			4,944			7,063
	(99	)		(186	)	Effect of exchange rates and changes in reporting entity on cash & cash equivalents			(234	)		152
	9,532			3,863		Cash and cash equivalents at the beginning of the year or period			4,966			3,574
	9,676			10,789		CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD			9,676			10,789
						(1)  including payments relating to the Toulouse AZF plant explosion, offset by a long-term liability write-back of 302 millions of euros for the third quarter 2003, 634 millions of euros for the first nine months of 2003.

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDER’S EQUITY
Total

							Paid-in
	Common shares issued						surplus and			Cumulative			Treasury shares
							retained			translation									Shareholders'
(Amounts in millions of euros)	Number			Amount			earnings			adjustments			Number			Amount			equity
As of December 31, 2001		705,934,959			7,059			30,544			1,252			(37,349,899	)		(4,923	)		33,932
Cash dividend		—			—			(2,514	)		—			—			—			(2,514	)
Net income for the 9 months		—			—			4,569			—			—			—			4,569
Elf and Petrofina transactions		491,492			5			16			—			—			—			21
Other issuance of common shares		3,898,466			39			408			—			—			—			447
Purchase of treasury shares		—			—			—			—			(10,670,245	)		(1,528	)		(1,528	)
Cancellation of repurchased shares		—			—			—			—			—			—			—
Translation adjustments		—			—			—			(1,354	)		—			—			(1,354	)
Other changes, net		—			—			(19	)		—			—			—			(19	)
As of September 30, 2002		710,324,917			7,103			33,004			(102	)		(48,020,144	)		(6,451	)		33,554
Cash dividend		—			—			—			—			—			—			—
Net income for the fourth quarter		—			—			1,372			—			—			—			1,372
Elf and Petrofina transactions		72,979			1			5			—			—			—			6
Other issuance of common shares		235,859			2			12			—			—			—			14
Purchase of treasury shares		—			—			—			—			(10,450,000	)		(1,417	)		(1,417	)
Cancellation of repurchased shares		(23,443,245	)		(234	)		(3,224	)		—			23,443,245			3,458			—
Translation adjustments		—			—			—			(728	)		—			—			(728	)
Other changes, net		—			—			(655	)		—			—			—			(655	)
As of December 31, 2002		687,190,510			6,872			30,514			(830	)		(35,026,899	)		(4,410	)		32,146
Cash dividend		—			—			(2,571	)		—			—			—			(2,571	)
Net income for the 9 months		—			—			5,435			—			—			—			5,435
Elf transactions		694,279			7			31			—			—			—			38
Other issuance of common shares		835,644			8			61			—			—			—			69
Purchase of treasury shares		—			—			—			—			(27,715,000	)		(3,516	)		(3,516	)
Cancellation of repurchased shares		(9,900,000	)		(99	)		(1,165	)		—			9,900,000			1,264			—
Translation adjustments		—			—			—			(1,367	)		—			—			(1,367	)
Other changes, net (1)		—			—			47			—			—			—			47
As of September 30, 2003		678,820,433			6,788			32,352			(2,197	)		(52,841,899	)		(6,662	)		30,281

(1) The change in the category “Other” is primarily due to the effect of the first application of the standard FAS No. 143.

BUSINESS SEGMENTS INFORMATION
Total
(unaudited)

	Amounts in millions of euros
Third quarter 2003	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
- Non-Group sales		4,263			16,014			4,182			10			—			24,469
- Intersegment sales		2,860			561			165			23			(3,609	)		—
Total sales		7,123			16,575			4,347			33			(3,609	)		24,469
Depreciation, depletion, and amortization of tangible assets		(841	)		(228	)		(182	)		(13	)					(1,264	)
Operating income		2,502			335			102			(41	)					2,898
Amortization of intangible assets and acquisition goodwill		(3	)		(24	)		(37	)		(6	)					(70	)
Equity in income (loss) of affiliates and other items		36			77			6			148						267
Tax on net operating income		(1,294	)		(101	)		(29	)		103						(1,321	)
Net operating income		1,241			287			42			204						1,774
Net cost of net debt																	(24	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(40	)
Net income																	1,710
Third quarter 2003
(non-recurring items)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
- Non-Group sales
- Intersegment sales
Total sales
Depreciation, depletion, and amortization of tangible assets		—			—			—			—						—
Operating income		—			—			—			—						—
Amortization of intangible assets and acquisition goodwill		—			—			—			—						—
Equity in income (loss) of affiliates and other items		—			—			—			—						—
Tax on net operating income		—			—			—			—						—
Net operating income		—			—			—			—						—
Net cost of net debt																	—
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	—
Net income																	—
Third quarter 2003
(excluding non-recurring items)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
- Non-Group sales		4,263			16,014			4,182			10			—			24,469
- Intersegment sales		2,860			561			165			23			(3,609	)		—
Total sales		7,123			16,575			4,347			33			(3,609	)		24,469
Depreciation, depletion, and amortization of tangible assets		(841	)		(228	)		(182	)		(13	)					(1,264	)
Operating income		2,502			335			102			(41	)					2,898
Amortization of intangible assets and acquisition goodwill		(3	)		(24	)		(37	)		(6	)					(70	)
Equity in income (loss) of affiliates and other items		36			77			6			148						267
Tax on net operating income		(1,294	)		(101	)		(29	)		103						(1,321	)
Net operating income		1,241			287			42			204						1,774
Net cost of net debt																	(24	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(40	)
Net income																	1,710
Third quarter 2003	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Gross expenditures		1,258			212			453			(7	)					1,916
Divestitures at selling price		85			63			10			(8	)					150
Cash flow from operating activities(1)		2,569			269			281			130						3,249

(1) In the Chemicals segment, this figure amounts to 583 millions of euros excluding an amount of 302 millions of euros paid relating to the Toulouse AZF plant explosion

BUSINESS SEGMENTS INFORMATION
Total
(unaudited)

	Amounts in millions of euros
Third quarter 2002	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
- Non-Group sales		3,827			16,764			4,825			7			—			25,423
- Intersegment sales		3,202			828			101			28			(4,159	)		—
Total sales		7,029			17,592			4,926			35			(4,159	)		25,423
Depreciation, depletion, and amortization of tangible assets		(816	)		(226	)		(200	)		(15	)		—			(1,257	)
Operating income		2,523			99			269			(56	)		—			2,835
Amortization of intangible assets and acquisition goodwill		(5	)		(9	)		(44	)		(4	)					(62	)
Equity in income (loss) of affiliates and other items		80			72			82			200						434
Tax on net operating income		(1,436	)		(33	)		(98	)		103						(1,464	)
Net operating income		1,162			129			209			243						1,743
Net cost of net debt																	(55	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(51	)
Net income																	1,637
Third quarter 2002
(non-recurring items)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
- Non-Group sales		—
- Intersegment sales
Total sales
Depreciation, depletion, and amortization of tangible assets		(1	)														(1	)
Operating income		75			(8	)											67
Amortization of intangible assets and acquisition goodwill
Equity in income (loss) of affiliates and other items		(17	)					5			83						71
Tax on net operating income		(81	)		3			(2	)		(21	)					(101	)
Net operating income		(23	)		(5	)		3			62						37
Net cost of net debt
Minority interests and dividends on subsidiaries’ redeemable preferred shares
Net income																	37
Third quarter 2002
(excluding non-recurring items)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
- Non-Group sales		3,827			16,764			4,825			7			—			25,423
- Intersegment sales		3,202			828			101			28			(4,159	)		—
Total sales		7,029			17,592			4,926			35			(4,159	)		25,423
Depreciation, depletion, and amortization of tangible assets		(815	)		(226	)		(200	)		(15	)					(1,256	)
Operating income		2,448			107			269			(56	)					2,768
Amortization of intangible assets and acquisition goodwill		(5	)		(9	)		(44	)		(4	)					(62	)
Equity in income (loss) of affiliates and other items		97			72			77			117						363
Tax on net operating income		(1,355	)		(36	)		(96	)		124						(1,363	)
Net operating income		1,185			134			206			181						1,706
Net cost of net debt																	(55	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(51	)
Net income																	1,600
Third quarter 2002	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Gross expenditures		1,430			287			326			82						2,125
Divestitures at selling price		141			87			62			174						464
Cash flow from operating activities		2,214			249			379			623						3,465

BUSINESS SEGMENTS INFORMATION
Total
(unaudited)

	Amounts in millions of euros
9 months 2003	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
- Non-Group sales		13,553			50,617			12,925			24						77,119
- Intersegment sales		8,650			1,712			414			81			(10,857	)		—
Total sales		22,203			52,329			13,339			105			(10,857	)		77,119
Depreciation, depletion, and amortization of tangible assets		(2,447	)		(652	)		(548	)		(25	)					(3,672	)
Operating income		7,824			1,570			401			(163	)					9,632
Amortization of intangible assets and acquisition goodwill		(11	)		(72	)		(106	)		(16	)					(205	)
Equity in income (loss) of affiliates and other items		195			233			(389	)		446						485
Tax on net operating income		(4,144	)		(453	)		100			285						(4,212	)
Net operating income		3,864			1,278			6			552						5,700
Net cost of net debt																	(109	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(156	)
Net income																	5,435
9 months 2003
(non-recurring items)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
- Non-Group sales
- Intersegment sales
Total sales
Depreciation, depletion, and amortization of tangible assets		—			—			—			—						—
Operating income		—			—			—			—						—
Amortization of intangible assets and acquisition goodwill																	—
Equity in income (loss) of affiliates and other items		—			—			(213	)		40						(173	)
Tax on net operating income		—			—			21			(10	)					11
Net operating income		—			—			(192	)		30						(162	)
Net cost of net debt																	—
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	—
Net income																	(162	)
9 months 2003
(excluding non-recurring items)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
- Non-Group sales		13,553			50,617			12,925			24			—			77,119
- Intersegment sales		8,650			1,712			414			81			(10,857	)		—
Total sales		22,203			52,329			13,339			105			(10,857	)		77,119
Depreciation, depletion, and amortization of tangible assets		(2,447	)		(652	)		(548	)		(25	)					(3,672	)
Operating income		7,824			1,570			401			(163	)					9,632
Amortization of intangible assets and acquisition goodwill		(11	)		(72	)		(106	)		(16	)					(205	)
Equity in income (loss) of affiliates and other items		195			233			(176	)		406						658
Tax on net operating income		(4,144	)		(453	)		79			295						(4,223	)
Net operating income		3,864			1,278			198			522						5,862
Net cost of net debt																	(109	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(156	)
Net income																	5,597
9 months 2003	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Gross expenditures		3,554			531			788			45						4,918
Divestitures at selling price		309			120			797			74						1,300
Cash flow from operating activities (1)		7,024			3,312			96			(227	)					10,205

(1) In the Chemicals segment, this figure amounts to 730 millions of euros excluding an amount of 634 millions of euros paid relating to the Toulouse AZF plant explosion

BUSINESS SEGMENTS INFORMATION
Total
(unaudited)

	Amounts in millions of euros
9 months 2002	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
- Non-Group sales		11,844			49,054			14,730			14			—			75,642
- Intersegment sales		8,665			1,561			282			81			(10,589	)		—
Total sales		20,509			50,615			15,012			95			(10,589	)		75,642
Depreciation, depletion, and amortization of tangible assets		(2,548	)		(679	)		(613	)		(37	)					(3,877	)
Operating income		6,834			656			632			(162	)					7,960
Amortization of intangible assets and acquisition goodwill		(16	)		(73	)		(147	)		(11	)					(247	)
Equity in income (loss) of affiliates and other items		308			192			(259	)		864						1,105
Tax on net operating income		(3,893	)		(189	)		(84	)		179						(3,987	)
Net operating income		3,233			586			142			870						4,831
Net cost of net debt																	(137	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(125	)
Net income																	4,569
9 months 2002
(non-recurring items)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
- Non-Group sales
- Intersegment sales
Total sales
Depreciation, depletion, and amortization of tangible assets		(22	)														(22	)
Operating income		45			(24	)											21
Amortization of intangible assets and acquisition goodwill
Equity in income (loss) of affiliates and other items		(17	)		—			(316	)		438						105
Tax on net operating income		(247	)		8			105			(99	)					(233	)
Net operating income		(219	)		(16	)		(211	)		339						(107	)
Net cost of net debt
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	25
Net income																	(82	)
9 months 2002
(excluding non-recurring items)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
- Non-Group sales		11,844			49,054			14,730			14			—			75,642
- Intersegment sales		8,665			1,561			282			81			(10,589	)		—
Total sales		20,509			50,615			15,012			95			(10,589	)		75,642
Depreciation, depletion, and amortization of tangible assets		(2,526	)		(679	)		(613	)		(37	)					(3,855	)
Operating income		6,789			680			632			(162	)					7,939
Amortization of intangible assets and acquisition goodwill		(16	)		(73	)		(147	)		(11	)					(247	)
Equity in income (loss) of affiliates and other items		325			192			57			426						1,000
Tax on net operating income		(3,646	)		(197	)		(189	)		278						(3,754	)
Net operating income		3,452			602			353			531						4,938
Net cost of net debt																	(137	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(150	)
Net income																	4,651
9 months 2002	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Gross expenditures		4,629			647			866			192						6,334
Divestitures at selling price		470			169			103			771						1,513
Cash flow from operating activities		5,611			1,635			417			1,110						8,773

TOTAL

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR
THE FIRST NINE MONTHS OF 2003

I. ACCOUNTING POLICIES

The consolidated financial statements of Total and its subsidiaries (together, the Company or Group) have been prepared in accordance with generally accepted accounting principles in France (French “GAAP”) and comply with the principles and methodology relative to consolidated financial statements, Regulation No. 99-02 approved by the decree dated June 22, 1999 of the French Accounting Regulation Committee.

Besides, the Company applies the standards issued by the Financial Accounting Standard Board which are compatible with the French Regulations and which enable, in their current wording, to ensure a true and fair view of the assets and liabilities of the Company and the best comparability with the other oil majors, namely those from North America.

The exceptions to the use of FAS standards are presented in the Annual Report of the Company, and in the Annual Report under US Generally Accepted Accounting Principles (Form 20F) and relate principally to the use of purchase accounting with respect to the business combinations between Total, PetroFina and Elf.

The Company has adopted the Statement of Financial Accounting Standards No. 143 modifying the rules for accounting for asset retirement obligations. FASB No. 143 requires that the fair value of a liability for an asset retirement obligation be recognized in the period in which it is incurred, at its discounted value, and no longer at its present value. The associated asset retirement costs are capitalized as part of the carrying amount of the long-lived assets and depreciated over the life of the associated asset. The cumulative effect of the change in accounting principle, which is accounted for in the Group’s shareholders’ equity, has no material effect.

With the exception of the first application of FASB No. 143, the accounting policies applied for the consolidated financial statements as of September 30, 2003 are the same as those used for the Financial Statements as of December 31, 2002.

II. CHANGES IN THE GROUP STRUCTURE

During the first nine months of 2003, the Company has finalized the sale of its Paints Business, run by Sigma Kalon. The effect of this divestment, accounted for during the first half of 2003, is not material on the Group’s net income.

The Samsung-Atofina Co. Ltd joint-venture, that has been set up on the 1st of August, 2003, entered into the consolidation scope in the third quarter of 2003.

There were no other major changes in the Group structure during the first nine months of 2003.

1

III. NON-RECURRING ITEMS

NON-RECURRING ITEMS OF OPERATING INCOME

(in millions of euros)		Upstream			Downstream			Chemicals			Corporate		Total
9 months 2003	Restructuring charges		—			—			—			—		—
	Asset impairment		—			—			—			—		—
	Early retirement plan		—			—			—			—		—
	Other items		—			—			—			—		—
	Gain on assets’ sales		—			—			—			—		—
Total			—			—			—			—		—
9 months 2002	Restructuring charges		—			(24	)		—			—		(24	)
	Asset impairment		(22	)		—			—			—		(22	)
	Early retirement plan		—			—			—			—		—
	Other items		67			—			—			—		67
	Gain on assets’ sales		—			—			—			—		—
Total			45			(24	)		—			—		21
NON-RECURRING ITEMS OF NET INCOME
(in millions of euros)		Upstream			Downstream			Chemicals			Corporate		Total
9 months 2003	Restructuring charges		—			—			(34	)		—		(34	)
	Asset impairment		—			—			—			—		—
	Early retirement plan		—			—			—			—		—
	Other items		—			—			(158	)		—		(158	)
	Gain on assets’ sales		—			—			—			30		30
	AZF plant explosion - Toulouse		—			—			—			—		—
Total			—			—			(192	)		30		(162	)
9 months 2002	Restructuring charges		—			(16	)		(61	)		—		(77	)
	Asset impairment		(15	)		—			—			—		(15	)
	Early retirement plan		—			—			—			—		—
	Other items		(179	)		—			(2	)		—		(181	)
	Gain on assets’ sales		—			—			—			339		339
	AZF plant explosion - Toulouse		—			—			(148	)		—		(148	)
Total			(194	)		(16	)		(211	)		339		(82	)

There were no non-recurring items during the third quarter of 2003.

The non-recurring items that had a positive impact in the first half of 2003 include gains on the sale of Sanofi-Synthélabo shares, while the negative impacts include, in the Chemicals segment, a restructuring charge and a 155 M€ provision related to investigations of anti-trust practices by the European Commission.

In the first nine months of 2002, the non-recurring items that had a positive impact were composed of gains on sales of financial participations. Those that were negative included primarily the deferred tax impact of the change in UK tax laws for exploration and production activities, restructuring charges in the Downstream and Chemicals segments and an increase in the provision related to the explosion at the Toulouse fertilizer plant.

2

IV. SHAREHOLDERS’ EQUITY

Shares held by the parent company, TOTAL S.A.

As of September 30, 2003, TOTAL S.A. held 38,677,130 of its own shares, representing 5.7% of its share capital, detailed as follows :

- 10,412,130 shares allocated to covering share purchase option plans for Company employees; these shares are recorded as short-term investments and maintained within the total assets,

- 28,265,000 shares, of which 10,450,000 shares were purchased in the last quarter 2002, and 27,715,000 during the first nine months of 2003, pursuant to the authorization granted by the Ordinaries and Extraordinaries Shareholders’ Meetings held on May 7, 2002 and on May 6, 2003, minus 9,900,000 Company shares cancelled following a reduction in the share capital. These shares are deducted from the consolidated shareholders’ equity.

Shares held by the subsidiaries

As of September 30, 2003, TOTAL S.A. held indirectly, through its subsidiaries 25,082,817 of its own shares, representing 3.7% of its share capital :

- 505,918 shares held by a consolidated subsidiary, Total Nucléaire, indirectly controlled by TOTAL S.A. These shares were initially acquired in order to realize short-term cash investments and are recorded in short-term investments in the consolidated financial statements;

- 24,576,899 shares held by subsidiaries of Elf Aquitaine, Financière Valorgest, Sogapar and Fingestval. These shares were deducted from the consolidated shareholders’ equity.

3

Consolidated statements of changes in shareholders’ equity

							Paid-in
	Common shares issued						surplus and			Cumulative			Treasury shares
							retained			translation									Shareholders’
(Amounts in millions of euros)	Number			Amount			earnings			adjustments			Number			Amount			equity
As of December 31, 2001		705 934 959			7 059			30 544			1 252			(37 349 899	)		(4 923	)		33 932
Cash dividend		—			—			(2 514	)		—			—			—			(2 514	)
Net income for the 9 months		—			—			4 569			—			—			—			4 569
Elf and Petrofina transactions		491 492			5			16			—			—			—			21
Other issuance of common shares		3 898 466			39			408			—			—			—			447
Purchase of treasury shares		—			—			—			—			(10 670 245	)		(1 528	)		(1 528	)
Cancellation of repurchased shares		—			—			—			—			—			—			—
Translation adjustments		—			—			—			(1 354	)		—			—			(1 354	)
Other changes, net		—			—			(19	)		—			—			—			(19	)
As of September 30, 2002		710 324 917			7 103			33 004			(102	)		(48 020 144	)		(6 451	)		33 554
Cash dividend		—			—			—			—			—			—			—
Net income for the fourth quarter		—			—			1 372			—			—			—			1 372
Elf and Petrofina transactions		72 979			1			5			—			—			—			6
Other issuance of common shares		235 859			2			12			—			—			—			14
Purchase of treasury shares		—			—			—			—			(10 450 000	)		(1 417	)		(1 417	)
Cancellation of repurchased shares		(23 443 245	)		(234	)		(3 224	)		—			23 443 245			3 458			—
Translation adjustments		—			—			—			(728	)		—			—			(728	)
Other changes, net		—			—			(655	)		—			—			—			(655	)
As of December 31, 2002		687 190 510			6 872			30 514			(830	)		(35 026 899	)		(4 410	)		32 146
Cash dividend		—			—			(2 571	)		—			—			—			(2 571	)
Net income for the 9 months		—			—			5 435			—			—			—			5 435
Elf transactions		694 279			7			31			—			—			—			38
Other issuance of common shares		835 644			8			61			—			—			—			69
Purchase of treasury shares		—			—			—			—			(27 715 000	)		(3 516	)		(3 516	)
Cancellation of repurchased shares		(9 900 000	)		(99	)		(1 165	)		—			9 900 000			1 264			—
Translation adjustments		—			—			—			(1 367	)		—			—			(1 367	)
Other changes, net (1)		—			—			47			—			—			—			47
As of September 30, 2003		678 820 433			6 788			32 352			(2 197	)		(52 841 899	)		(6 662	)		30 281

(1) The change in the category “Other” is primarily due to the effect of the first application of the standard FAS No. 143.

V. SUBSIDIARIES’ REDEEMABLE PREFERRED SHARES

There were no operations on these preferred shares during the first nine months of 2003.

4

VI. LONG-TERM DEBT

The Group has issued debenture loans through its subsidiary Total Capital during the first nine months of 2003 :

- Debenture 5% 2003-2007 (50 million GB Pounds)

- Debenture 5% 2003-2008 (100 million AUD)

- Debenture 3,5% 2003-2008 (500 million EUR)

- Debenture 4,25% 2003-2008 (100 million CAD)

- Debenture 3,25% 2003-2008 (250 million USD)

- Debenture 4,5% 2003-2013 (30 million USD)

- Debenture 5% 2003-2008 (100 million AUD)

- Debenture 3,5% 2003-2008 (100 million EUR)

- Debenture 3,5% 2003-2008 (150 million EUR)

- Debenture 2% 2003-2008 (300 million CHF)

The Group has reimbursed some debenture loans during the first nine months of 2003 :

- Debenture 2,25% 1998-2003 (200 million CHF), Total S.A.

- Debenture 2,25% 2000-2003 (150 million CHF), Total S.A.

- Debenture 6% 1998-2003 (10 billion GRD), Total S.A.

- Debenture 7,125% 1993-2003 (1 billion FRF), Elf Aquitaine S.A.

In the context of its active cash management, the Group may increase temporarily its short-term borrowings, particularly in the form of commercial paper. The short-term borrowings and the cash and cash equivalents resulting from this cash management in the quarterly financial statements are not necessarily representative of a steady position.

5

INFORMATION BY BUSINESS SEGMENT

(unaudited)

	Amounts in millions of euros
9 months 2003	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
- Non-Group sales		13 553			50 617			12 925			24						77 119
- Intersegment sales		8 650			1 712			414			81			(10 857	)		—
Total sales		22 203			52 329			13 339			105			(10 857	)		77 119
Depreciation, depletion, and amortization of tangible assets		(2 447	)		(652	)		(548	)		(25	)					(3 672	)
Operating income		7 824			1 570			401			(163	)					9 632
Amortization of intangible assets and acquisition goodwill		(11	)		(72	)		(106	)		(16	)					(205	)
Equity in income (loss) of affiliates and other items		195			233			(389	)		446						485
Tax on net operating income		(4 144	)		(453	)		100			285						(4 212	)
Net operating income		3 864			1 278			6			552						5 700
Net cost of net debt																	(109	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(156	)
Net income																	5 435
9 months 2003
(non-recurring items)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
- Non-Group sales
- Intersegment sales
Total sales
Depreciation, depletion, and amortization of tangible assets		—			—			—			—						—
Operating income		—			—			—			—						—
Amortization of intangible assets and acquisition goodwill																	—
Equity in income (loss) of affiliates and other items		—			—			(213	)		40						(173	)
Tax on net operating income		—			—			21			(10	)					11
Net operating income		—			—			(192	)		30						(162	)
Net cost of net debt																	—
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	—
Net income																	(162	)
9 months 2003
(excluding non-recurring items)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
- Non-Group sales		13 553			50 617			12 925			24			—			77 119
- Intersegment sales		8 650			1 712			414			81			(10 857	)		—
Total sales		22 203			52 329			13 339			105			(10 857	)		77 119
Depreciation, depletion, and amortization of tangible assets		(2 447	)		(652	)		(548	)		(25	)					(3 672	)
Operating income		7 824			1 570			401			(163	)					9 632
Amortization of intangible assets and acquisition goodwill		(11	)		(72	)		(106	)		(16	)					(205	)
Equity in income (loss) of affiliates and other items		195			233			(176	)		406						658
Tax on net operating income		(4 144	)		(453	)		79			295						(4 223	)
Net operating income		3 864			1 278			198			522						5 862
Net cost of net debt																	(109	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(156	)
Net income																	5 597
9 months 2003	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Gross expenditures		3 554			531			788			45						4 918
Divestitures at selling price		309			120			797			74						1 300
Cash flow from operating activities (1)		7 024			3 312			96			(227	)					10 205

(1) In the Chemicals segment, this figure amounts to 730 millions of euros excluding an amount of 634 millions of euros paid relating to the Toulouse AZF plant explosion

6

(unaudited)

	Amounts in millions of euros
9 months 2002	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
- Non-Group sales		11 844			49 054			14 730			14			—			75 642
- Intersegment sales		8 665			1 561			282			81			(10 589	)		—
Total sales		20 509			50 615			15 012			95			(10 589	)		75 642
Depreciation, depletion, and amortization of tangible assets		(2 548	)		(679	)		(613	)		(37	)					(3 877	)
Operating income		6 834			656			632			(162	)					7 960
Amortization of intangible assets and acquisition goodwill		(16	)		(73	)		(147	)		(11	)					(247	)
Equity in income (loss) of affiliates and other items		308			192			(259	)		864						1 105
Tax on net operating income		(3 893	)		(189	)		(84	)		179						(3 987	)
Net operating income		3 233			586			142			870						4 831
Net cost of net debt																	(137	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(125	)
Net income																	4 569
9 months 2002
(non-recurring items)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
- Non-Group sales
- Intersegment sales
Total sales
Depreciation, depletion, and amortization of tangible assets		(22	)														(22	)
Operating income		45			(24	)											21
Amortization of intangible assets and acquisition goodwill
Equity in income (loss) of affiliates and other items		(17	)		—			(316	)		438						105
Tax on net operating income		(247	)		8			105			(99	)					(233	)
Net operating income		(219	)		(16	)		(211	)		339						(107	)
Net cost of net debt
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	25
Net income																	(82	)
9 months 2002
(excluding non-recurring items)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
- Non-Group sales		11 844			49 054			14 730			14			—			75 642
- Intersegment sales		8 665			1 561			282			81			(10 589	)		—
Total sales		20 509			50 615			15 012			95			(10 589	)		75 642
Depreciation, depletion, and amortization of tangible assets		(2 526	)		(679	)		(613	)		(37	)					(3 855	)
Operating income		6 789			680			632			(162	)					7 939
Amortization of intangible assets and acquisition goodwill		(16	)		(73	)		(147	)		(11	)					(247	)
Equity in income (loss) of affiliates and other items		325			192			57			426						1 000
Tax on net operating income		(3 646	)		(197	)		(189	)		278						(3 754	)
Net operating income		3 452			602			353			531						4 938
Net cost of net debt																	(137	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(150	)
Net income																	4 651
9 months 2002	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Gross expenditures		4 629			647			866			192						6 334
Divestitures at selling price		470			169			103			771						1 513
Cash flow from operating activities		5 611			1 635			417			1 110						8 773

7