Exhibit 99.1

OPERATING AND FINANCIAL REVIEW AND PROSPECTS

The financial information in this Form 6-K concerning TOTAL S.A. (“TOTAL”) and its subsidiaries and affiliates (collectively, the “Group”) with respect to the fourth quarter and year ended December 31, 2009, has been derived from TOTAL’s unaudited consolidated financial statements for the fourth quarter and year ended December 31, 2009.

The following discussion should be read in conjunction with the unaudited consolidated financial statements provided elsewhere in this Form 6-K, the unaudited interim consolidated financial statements and related notes for the third quarter and nine months ended September 30, 2009, in TOTAL’s Form 6-K filed with the Securities and Exchange Commission (the “SEC”) on November 5, 2009, and the information, including the audited financial statements and related notes, for the year ended December 31, 2008, in TOTAL’s Annual Report on Form 20-F for the year ended December 31, 2008, filed with the SEC on April 3, 2009.

l Key figures and consolidated accounts of TOTAL¹

							4Q09								2009
							vs			in millions of euros					vs
4Q09		3Q09		4Q08			4Q08			except earnings per share and number of shares	2009		2008		2008
	36,228		33,628		38,714			-6	%	Sales		131,327		179,976		-27	%
										Adjusted net operating income from business segments
	1,948		1,501		1,995			-2	%	• Upstream		6,382		10,724		-40	%
	51		146		770			-93	%	• Downstream		953		2,569		-63	%
	72		161		177			-59	%	• Chemicals		272		668		-59	%
	0.92		0.86		(0.36	)		n/a		Fully-diluted earnings per share (euros)		3.78		4.71		-20	%
	2,241.4		2,236.8		2,235.5			—		Fully-diluted weighted-average shares (millions)		2,237.2		2,246.7		—
	2,065		1,923		(794	)		n/a		Net income (Group share)		8,447		10,590		-20	%
	3,524		3,256		4,758			-26	%	Investments2		13,349		13,640		-2	%
	3,419		3,169		4,565			-25	%	Investments including net investments in equity affiliates and non-consolidated companies2		13,003		12,444		+4	%
	944		807		943			—		Divestments		3,081		2,585		+19	%
	1,889		4,538		4,093			-54	%	Cash flow from operations		12,360		18,669		-34	%

l  Fourth quarter 2009 results     

  > Sales

In the fourth quarter 2009, TOTAL’s indicator for realized liquids prices averaged 70.6 $/b, an increase of 43% compared to the fourth quarter 2008 and 8% compared to the third quarter 2009. In contrast, TOTAL’s indicator for realized natural gas prices averaged 5.07 $/Mbtu, a decrease of 33% compared to the fourth quarter 2008 and an increase of 4% compared to the third quarter 2009. The European refining margin indicator (ERMI³) was 11.7 $/t on average in the fourth quarter 2009, a decrease of 71% compared to the fourth quarter 2009 and 3% compared to the third quarter 2009.

1	Adjusted net operating income is defined as income using replacement cost, adjusted for special items affecting operating income and excluding TOTAL’s equity share of adjustments and, from 2009, selected items related to Sanofi-Aventis. See “Analysis of Business Segment Results” starting on page 3 of this exhibit for further details.
2	Including acquisitions.
3	TOTAL replaced TRCV with ERMI as its European refining margin indicator. In view of market changes over the past years (particularly in terms of refinery complexity, crude feedstocks and product runs) the ERMI is expected to be more representative of the margin on average variable costs for a theoretical European refinery.

The euro-dollar exchange rate averaged 1.48 $/€ in the fourth quarter 2009 compared to 1.32 $/€ in the fourth quarter 2008 and 1.43 $/€ in the third quarter 2009.

In this context, sales were €36,228 million in the fourth quarter 2009, a decrease of 6% compared to the fourth quarter 2008.

  > Net income (Group share)

Reported net income (Group share) was €2,065 million in the fourth quarter 2009. In the fourth quarter 2008, the Group reported a net loss of €794 million. The after-tax inventory effect had a positive impact on net income of €296 million in the fourth quarter 2009, due to the increase in oil prices, and a negative effect of €3,128 million in the fourth quarter 2008. The Group’s share of adjustments and selected items related to Sanofi-Aventis⁴ had a negative impact on net income of €48 million in the fourth quarter 2009 and a negative impact of €166 million in the fourth quarter 2008. Other special items had a negative impact on net income of €264 million in the fourth quarter 2009, comprised essentially of impairments in the Downstream, and a negative impact of €373 million in the fourth quarter 2008.

The Group did not buy back shares in the fourth quarter 2009.

Fully-diluted earnings per share, based on 2,241.4 million fully-diluted weighted-average shares, was €0.92 compared to negative €0.36 in the fourth quarter 2008.

  > Investments — divestments⁵

Investments excluding acquisitions and including net investments in equity affiliates and non-consolidated companies were €3.3 billion in the fourth quarter 2009 compared to €4.1 billion in the fourth quarter 2008.

Acquisitions were €112 million in the fourth quarter 2009.

Asset sales in the fourth quarter 2009 were €821 million, consisting essentially of Sanofi-Aventis shares.

Net investments⁶ were €2.6 billion in the fourth quarter 2009 compared to €3.8 billion in the fourth quarter 2008.

  > Cash flow

Cash flow from operating activities was €1,889 million in the fourth quarter 2009 compared to €4,093 million in the fourth quarter 2008. The 54% decrease was mainly due to changes in working capital requirements due mainly to the effect of the variation in oil and oil products prices during the fourth quarter 2009 as compared to during the fourth quarter 2008.

Net cash flow⁷ for the Group was negative €691 million in the fourth quarter 2009 compared to positive €278 million in the fourth quarter 2008, mainly due to the increase in working capital requirements referred to above.

l  Results for the full year 2009     

  > Sales

Using TOTAL’s market indicators and comparing 2009 to 2008, the environment was marked by a 36% decrease in the average realized liquids price and a 30% decrease in the average realized natural gas

4	TOTAL adjusts for its share of amortization of intangibles related to the Sanofi-Aventis merger and, from 2009, selected items related to Sanofi-Aventis.
5	Detail shown on page 13 of this exhibit.
6	Net investments = investments including acquisitions and net investments in equity affiliates and non-consolidated companies – asset sales + net financing for employees related to stock purchase plans.
7	Net cash flow = cash flow from operations + divestments – gross investments.

2

price. The ERMI refining margin indicator for Europe fell by 65% to 17.8 $/t. The Chemicals environment was marked by a drop in demand for polymers and specialty chemicals.

The euro-dollar exchange rate was 1.39 $/€ in 2009 compared to 1.47 $/€ in 2008.

In this context, sales were €131,327 million in 2009, a decrease of 27% compared to 2008.

  > Net income (Group share)

Reported net income (Group share) was €8,447 million compared to €10,590 million in 2008. The after-tax inventory effect had a positive impact on net income of €1,533 million in 2009 compared to a negative impact of €2,452 million in 2008. The Group’s share of adjustments and selected items related to Sanofi-Aventis had a negative impact on net income of €300 million in 2009 and a negative impact on net income of €393 million in 2008. Other special items had a negative impact on net income of €570 million in 2009 compared to a negative impact of €485 million in 2008.

The Group did not buy back shares in 2009. On December 31, 2009, there were 2,243.7 million fully-diluted shares compared to 2,235.3 million fully-diluted shares on December 31, 2008.

Fully-diluted earnings per share, based on 2,237.3 million weighted-average shares, was €3.78 compared to €4.71 in 2008, a decrease of 20%.

  > Investments — divestments⁸

Investments excluding acquisitions and including net investments in equity affiliates and non-consolidated companies were €12.3 billion in 2009 compared to €11.4 billion in 2008.

Acquisitions were €743 million in 2009.

Asset sales in 2009 were €2,663 million, consisting essentially of Sanofi-Aventis shares.

Net investments⁹ were €10.3 billion in 2009 compared to €11.1 billion in 2008.

  > Cash flow

Cash flow from operating activities was €12,360 million in 2009, a decrease of 34% compared to 2008.

Net cash flow¹⁰ for the Group was €2,092 million in 2009 compared to €7,614 million in 2008, mainly due to the effect of the variation in oil and oil products prices during 2009 as compared to during 2008.

The net-debt-to-equity ratio was 26.6% on December 31, 2009, compared to 22.5% on December 31, 2008.¹¹

l  Analysis of business segment results

The financial information for each business segment is reported on the same basis as that used internally by the chief operating decision maker in assessing segment performance and the allocation of segment resources. 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 asset disposals, which are not considered to be representative of the normal course of business, may be qualified as special items although they may have occurred in prior years or are likely to recur in following years.

In accordance with IAS 2, the Group values inventories of petroleum products in the financial statements according to the FIFO (First-In, First-Out) method and other inventories using the weighted-average cost method. Under the FIFO method, the cost of inventory is based on the historic cost of

8	Detail shown on page 13 of this exhibit.
9	Net investments = investments including acquisitions and net investments in equity affiliates and non-consolidated companies – asset sales + net financing for employees related to stock purchase plans.
10	Net cash flow = cash flow from operations + divestments – gross investments.
11	Detail shown on page 13 of this exhibit.

3

acquisition or manufacture rather than the current replacement cost. In volatile energy markets, this can have a significant distorting effect on the reported income. Accordingly, the adjusted results of the Downstream segment and Chemicals segment are presented according to the replacement cost method in order to facilitate the comparability of the Group’s results with those of its competitors, mainly in the United States, 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 value in the income statement is determined by the average prices of the period rather than the historical value. The inventory valuation effect is the difference between the results according to the FIFO method and the replacement cost method.

The adjusted business segment results (adjusted operating income and adjusted net operating income) are defined as replacement cost results, adjusted for special items. For further information on the adjustments affecting operating income on a segment-by-segment basis, and for a reconciliation of segment figures to figures reported in the Company’s consolidated interim financial statements, see pages 23 to 28 of this exhibit respectively.

In addition, the Group measures performance at the segment level on the basis of net operating income and adjusted net operating income. Net operating income comprises operating income of the relevant segment after deducting the amortization and the depreciation of intangible assets other than leasehold rights, translation adjustments and gains or losses on the sale of assets, as well as all other income and expenses related to capital employed (dividends from non-consolidated companies, income from equity affiliates, capitalized interest expenses), and after income taxes applicable to the above. The income and expenses not included in net operating income that are included in net income are only interest expenses related to long-term liabilities net of interest earned on cash and cash equivalents, after applicable income taxes (net cost of net debt and minority interests). Adjusted net operating income excludes the effect of the adjustments (special items and the inventory valuation effect) described above.

UPSTREAM

  > Environment — liquids and gas price realizations*

						4Q09								2009
						vs								vs
4Q09		3Q09		4Q08		4Q08				2009		2008		2008
	74.5		68.1		55.5		+34	%	Brent ($/b)		61.7		97.3		-37	%
	70.6		65.1		49.4		+43	%	Average liquids price ($/b)		58.1		91.1		-36	%
	5.07		4.89		7.57		-33	%	Average gas price ($/Mbtu)		5.17		7.38		-30	%
	54.4		50.7		47.1		+15	%	Average hydrocarbons price ($/boe)		47.1		72.1		-35	%

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

In the fourth quarter 2009, TOTAL’s average realized liquids price increased by 43% compared to the fourth quarter 2008. For the full year, TOTAL’s average realized liquids price decreased by 36%.

The average realized price for TOTAL’s natural gas decreased by 33% in the fourth quarter 2009 compared to the fourth quarter 2008. TOTAL’s average natural gas price decreased by 30% in 2009 compared to 2008.

  > Production

						4Q09								2009
						vs								vs
4Q09		3Q09		4Q08		4Q08			Hydrocarbon production	2009		2008		2008
	2,377		2,243		2,354		+1	%	Combined production (kboe/d)		2,281		2,341		-3	%
	1,404		1,379		1,434		-2	%	• Liquids (kb/d)		1,381		1,456		-5	%
	5,320		4,726		5,127		+4	%	• Gas (Mcf/d)		4,923		4,837		+2	%

4

Hydrocarbon production was 2,377 thousand barrels of oil equivalent per day (kboe/d) in the fourth quarter 2009, an increase of 1% compared to the fourth quarter 2008 and 6% compared to the third quarter 2009.

Compared to the fourth quarter 2008, production increased mainly as a result of:

• +6.5% for ramp-ups and start-ups of new fields net of the normal decline,

• -2% for the price effect¹²,

• -1.5% for OPEC reductions,

• -0.5% for disruptions in Nigeria related to security issues,

• -1.5% for changes in the portfolio, mainly in Venezuela. The impact of terminating the Hamra concession in Algeria was offset in the quarter by the start of the contract on the Tabiyeh field in Syria.

Excluding the impact of OPEC reductions, production growth was 2.5% compared to the fourth quarter 2008.

For the full year 2009, hydrocarbon production was 2,281 kboe/d, a decrease of 2.6% compared to 2008, mainly as a result of:

• +2% for ramp-ups and start-ups of new fields net of the normal decline,

• +1.5% for the price effect,

• -3% for OPEC reductions and lower gas demand,

• -1% for disruptions in Nigeria related to security issues,

• -2% for changes in the portfolio, essentially in Venezuela and Libya.

Excluding the impact of OPEC reductions, production was stable compared to 2008.

  > Reserves

Year-end reserves	2009		2008		%
Hydrocarbon reserves (Mboe)		10,483		10,458		—
• Liquids (Mb)		5,689		5,695		—
• Gas (Bcf)		26,318		26,218		—

Proved reserves based on the revised rules published by the SEC in December 2008 (59.91 $/b Brent) were 10,483 Mboe at December 31, 2009. At the 2009 average rate of production, the reserve life is more than 12 years.

¹² The “price effect” refers to the impact of changing hydrocarbon prices on entitlement volumes.

5

  > Results

								4Q09										2009
								vs										vs
4Q09			3Q09		4Q08			4Q08			in millions of euros	2009			2008			2008
	4,880			3,318		6,925			-30	%	Non-Group sales		16,072			24,256			-34	%
	3,887			3,236		3,556			+9	%	Operating income		12,858			23,468			-45	%
	(21	)		—		(171	)		-88	%	Adjustments affecting operating income*		(21	)		(171	)		-88	%
	3,908			3,236		3,727			+5	%	Adjusted operating income*		12,879			23,639			-46	%
	1,948			1,501		1,995			-2	%	Adjusted net operating income*		6,382			10,724			-40	%
	293			190		269			+9	%	• includes income from equity affiliates		886			1,236			-28	%
	2,429			2,512		3,283			-26	%	Investments		9,855			10,017			-2	%
	77			87		270			-71	%	Divestments		398			1,130			-65	%
	2,825			2,854		2,139			+32	%	Cash flow from operating activities		10,200			13,765			-26	%

* Detail of adjustment items shown in business segment information starting on page 23 of this exhibit.

Adjusted net operating income for the Upstream segment was €1,948 million in the fourth quarter 2009 compared to €1,995 million in the fourth quarter 2008, a decrease of 2%, reflecting essentially the impact of higher hydrocarbon prices compared to the fourth quarter 2008.

Adjusted net operating income for the Upstream segment excludes special items. The exclusion of special items had a positive impact on Upstream adjusted net operating income of €94 million in the fourth quarter 2009 and a positive impact of €200 million in the fourth quarter 2008.

The effective tax rate for the Upstream segment was 58% compared to 57% in the fourth quarter 2008 and 59% in the third quarter 2009.

Over the full year 2009, adjusted net operating income for the Upstream segment was €6,382 million compared to €10,724 million in 2008, a decrease of 40%, essentially due to lower hydrocarbon prices.

Technical costs for consolidated subsidiaries, in accordance with ASC 932¹³ (previously FAS69) were 15.4 $/boe in 2009, stable compared to 2008, with a decrease of 8% in operating expenses per barrel offsetting an increase in depreciation, depletion and amortization (DD&A) charges related notably to the start-up of new projects.

The return on average capital employed (ROACE¹⁴) for the Upstream segment was 18% in 2009 compared to 36% in 2008.

13	FASB Accounting Standards Codification Topic 932, Extractive industries – Oil and Gas.
14	Calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 14 of this exhibit.

6

DOWNSTREAM

> Refinery throughput and utilization rates*

									4Q09										2009
									vs										vs
4Q09			3Q09			4Q08			4Q08				2009			2008			2008
	2,055			2,142			2,371			-13	%	Total refinery throughput (kb/d)		2,151			2,362			-9	%
	701			828			944			-26	%	• France		836			956			-13	%
	1,104			1,045			1,146			-4	%	• Rest of Europe		1,065			1,134			-6	%
	250			269			281			-11	%	• Rest of world		250			272			-8	%
												Utilization rates
	75	%		78	%		90	%				• Based on crude only		78	%		88	%
	79	%		82	%		91	%				• Based on crude and other feedstock		83	%		91	%

* Includes share of CEPSA.

In the fourth quarter 2009, refinery throughput decreased by 13% compared to the fourth quarter 2008 and by 4% compared to the third quarter 2009.

In the fourth quarter 2009, most of the Group’s refineries continued to use voluntary throughput reductions to adjust to poor economic conditions. These reductions decreased the utilization rate for crude and other feedstocks to 79% from 91% in the fourth quarter 2008. Compared to the third quarter 2009, the decrease in the utilization for crude and other feedstocks rate from 82% to 79% was mainly due to shutting down production at the Flanders (Dunkirk) refinery in mid-September 2009.

For the full year 2009, the utilization rate based on crude was 78% (83% for crude and other feedstocks) compared to 88% in 2008 (91% for crude and other feedstocks) reflecting the voluntary throughput reductions in the Group’s refineries. Five refineries had scheduled turnarounds for maintenance in 2009 compared to six in 2008. Turnaround activity in 2010 is expected to be lower than in 2009.

> Results

								4Q09									2009
								vs			in millions of euros						vs
4Q09			3Q09		4Q08			4Q08			except ERMI*refining margins	2009		2008			2008
	11.7			12.0		40.9			-71	%	European refining margin indicator — ERMI* ($/t)		17.8		51.1			-65	%
	27,423			26,409		27,746			-1	%	Non-Group sales		100,518		135,524			-26	%
	39			231		(2,416	)		n/a		Operating income		2,237		826			x2.7
	28			148		(3,561	)		n/a		Adjustments affecting operating income		1,211		(2,776	)		n/a
	11			83		1,145			-99	%	Adjusted operating income**		1,026		3,602			-72	%
	51			146		770			-93	%	Adjusted net operating income**		953		2,569			-63	%
	19			75		21			-10	%	• includes income from equity affiliates		155		77			x2
	844			607		972			-13	%	Investments		2,771		2,418			+15	%
	48			23		18			x2.7		Divestments		133		216			-38	%
	(1,400	)		944		603			n/a		Cash flow from operating activities		1,164		3,111			-63	%

*	TOTAL replaced TRCV with ERMI as its European refining margin indicator. In view of market changes over the past years (particularly in terms of refinery complexity, crude feedstocks and product runs) the ERMI is expected to be more representative of the margin on average variable costs for a theoretical European refinery.
**	Detail of adjustment items shown in business segment information starting on page 23 of this exhibit.

7

The ERMI European refining margin indicator averaged 11.7 $/t in the fourth quarter 2009, a decrease of 71% compared to the fourth quarter 2008. For the full year 2009, the European refining margin indicator was 17.8 $/t, a decrease of 65% compared to 2008.

Adjusted net operating income for the Downstream segment was €51 million in the fourth quarter 2009, a decrease of 93% compared to the fourth quarter 2008, reflecting essentially the sharp decrease in refining margins and less favorable conditions for marketing and supply optimization.

Adjusted net operating income for the Downstream segment excludes any after-tax inventory valuation effect and special items. The exclusion of the inventory valuation effect had a negative impact on Downstream adjusted net operating income of €259 million in the fourth quarter 2009 and a positive impact of €2,604 million in the fourth quarter 2008. The exclusion of special items had a positive impact on Downstream adjusted net operating income of €276 million in the fourth quarter 2009, primarily relating to asset impairments, and a positive impact of €34 million in the fourth quarter 2008.

Adjusted net operating income for the Downstream segment for the full year 2009 was €953 million, a decrease of 63% compared to 2008, reflecting essentially the significantly weaker refining environment.

The decreases in cash flow from operating activities and adjusted cash flow shown for the fourth quarter and full year 2009 were due to a large increase in working capital requirements and the decrease in adjusted net operating income.

The ROACE for the Downstream segment for the full year 2009 was 7% compared to 20% for 2008.

Chemicals

								4Q09									2009
								vs									vs
4Q09			3Q09		4Q08			4Q08			in millions of euros	2009		2008			2008
	3,932			3,892		4,012			-2	%	Non-Group sales		14,726		20,150			-27	%
	2,389			2,326		2,449			-2	%	• Base chemicals		8,655		13,176			-34	%
	1,543			1,566		1,563			-1	%	• Specialties		6,071		6,974			-13	%
	97			248		(761	)		n/a		Operating income		553		(58	)		n/a
	31			57		(1,015	)		n/a		Adjustments affecting operating income		304		(931	)		n/a
	66			191		254			-74	%	Adjusted operating income*		249		873			-71	%
	72			161		177			-59	%	Adjusted net operating income*		272		668			-59	%
	(16	)		53		109			n/a		• Base chemicals		16		323			-95	%
	93			111		55			+69	%	• Specialties		279		339			-18	%
	225			112		477			-53	%	Investments		631		1,074			-41	%
	20			13		20			—		Divestments		47		53			-11	%
	324			300		939			-65	%	Cash flow from operating activities		1,082		920			+18	%

* Detail of adjustment items shown in business segment information starting on page 23 of this exhibit.

In the fourth quarter and full year 2009, the environment for the Chemicals segment was affected by weak demand in the OECD countries.

8

Adjusted net operating income for the Chemicals segment was €72 million in the fourth quarter 2009, a decrease of 59% compared to the fourth quarter 2008 that was essentially due to the significantly weaker market conditions for Base chemicals.

Adjusted net operating income for the Chemicals segment excludes any after-tax inventory valuation effect and special items. The exclusion of the inventory valuation effect had a negative impact on Chemicals adjusted net operating income of €38 million in the fourth quarter 2009 and a positive impact of €559 million in the fourth quarter 2008. The exclusion of special items had a negative impact on Chemicals adjusted net operating income of €11 million in the fourth quarter 2009 and a positive impact of €166 million in the fourth quarter 2008.

For the full year 2009, adjusted net operating income for the Chemicals segment was €272 million compared to €668 million in 2008, a decrease of 59% that resulted from the significantly weaker environment for Base chemicals and, to a lesser degree, lower sales and results from the Specialties.

The ROACE for the Chemicals segment for the full year 2009 was 4% compared to 9% for 2008.

l TOTAL S.A. parent company accounts and proposed dividend

Net income for Total S.A., the parent company, was €5,634 million in 2009 compared to €6,008 million in 2008. After closing the accounts, the Board of Directors decided to propose at the May 21, 2010 Annual Shareholders Meeting a dividend of €2.28 per share for 2009, stable in euros compared to the previous year.

Taking into account the interim dividend of €1.14 per share paid on November 18, 2009, the remaining €1.14 per share would be paid on June 1, 2010.¹⁵

l Summary and outlook

In the Upstream, 2010 production is expected to increase thanks to the ramp-up on projects started up in 2009. TOTAL will continue to build on its large and diversified portfolio, its recognized expertise in project management and cost control. Following the launch of the Surmont Phase II project announced in January, TOTAL expects to launch several other major projects, including CLOV in Angola, Laggan/Tormore in the United Kingdom, and Ofon II and Egina in Nigeria.

In the Downstream and Chemicals, the Group plans to continue to adapt its activities in mature areas and reinforce its portfolio in growing markets, notably with the construction of the Jubail refinery and the benefit from the start-up of a new ethane cracker in Qatar.

The Group is continuing to pursue its growth policy in 2010 with an investment budget of $18 billion¹⁶, stable compared to the 2009 budget; 80% of the investments will be dedicated to the Upstream. In addition, TOTAL intends to divest non-strategic assets, in particular through the progressive sale of its shares in Sanofi-Aventis and a project to sell Mapa Spontex, a subsidiary in its Specialty chemicals sector. Based on this, the Group maintains its net-debt-to-equity ratio objective of around 25-to-30%. TOTAL is confident in its ability to maintain its dividend policy.

Since the beginning of the first quarter 2010, the price of Brent has traded between 70 and 80 $/b and natural gas prices have recovered somewhat. The environment for refining and petrochemicals remains difficult.

Forward-looking statements

This document may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and assumptions of the management of TOTAL and on the information currently available to such management. Forward-looking statements include information concerning forecasts, projections, anticipated synergies, and other information concerning possible or assumed future results of TOTAL, and may be preceded by, followed by, or otherwise include the words “believes”, “expects”, “anticipates”, “intends”, “plans”, “targets”, “estimates” or similar expressions.

15	The ex-dividend date for the remainder of the 2009 dividend would be May 27, 2010.
16	Including net investments in equity affiliates and non-consolidated companies, excluding acquisitions, based on 1€=$1.40 for 2010.

9

Forward-looking statements are not assurances of results or values. They involve risks, uncertainties and assumptions. TOTAL’s future results and share value may differ materially from those expressed in these forward-looking statements. Many of the factors that will determine these results and values are beyond TOTAL’s ability to control or predict. Except for its ongoing obligations to disclose material information as required by applicable securities laws, TOTAL does not have any intention or obligation to update forward-looking statements after the distribution of this document, even if new information, future events or other circumstances have made them incorrect or misleading.

You should understand that various factors, certain of which are discussed elsewhere in this document and in the documents referred to in, or incorporated by reference into, this document, could affect the future results of TOTAL and could cause results to differ materially from those expressed in such forward-looking statements, including:

• material adverse changes in general economic conditions or in the markets served by TOTAL, including changes in the prices of oil, natural gas, refined products, petrochemical products and other chemicals;

• changes in currency exchange rates and currency devaluations;

• the success and the economic efficiency of oil and natural gas exploration, development and production programs, including without limitation, those that are not controlled and/or operated by TOTAL;

• uncertainties about estimates of changes in proven and potential reserves and the capabilities of production facilities;

• uncertainties about the ability to control unit costs in exploration, production, refining and marketing (including refining margins) and chemicals;

• changes in the current capital expenditure plans of TOTAL;

• the ability of TOTAL to realize anticipated cost savings, synergies and operating efficiencies;

• the financial resources of competitors;

• changes in laws and regulations, including tax and environmental laws and industrial safety regulations;

• the quality of future opportunities that may be presented to or pursued by TOTAL;

• the ability to generate cash flow or obtain financing to fund growth and the cost of such financing and liquidity conditions in the capital markets generally;

• the ability to obtain governmental or regulatory approvals;

• the ability to respond to challenges in international markets, including political or economic conditions, including international armed conflict, and trade and regulatory matters;

• the ability to complete and integrate appropriate acquisitions, strategic alliances and joint ventures;

• changes in the political environment that adversely affect exploration, production licenses and contractual rights or impose minimum drilling obligations, price controls, nationalization or expropriation, and regulation of refining and marketing, chemicals and power generating activities;

• the possibility that other unpredictable events such as labor disputes or industrial accidents will adversely affect the business of TOTAL; and

• the risk that TOTAL will inadequately hedge the price of crude oil or finished products.

For additional factors, you should read the information set forth under “Item 3. Risk Factors”, “Item 4. Information on the Company — Other Matters”, “Item 5. Operating and Financial Review and Prospects” and “Item 11. Quantitative and Qualitative Disclosures about Market Risk” in TOTAL’s Form 20-F for the year ended December 31, 2008.

10

Operating information by segment
Fourth quarter and full year 2009

l Upstream

						4Q09								2009
						vs			Combined liquids and gas					vs
4Q09		3Q09		4Q08		4Q08			production by region (kboe/d)	2009		2008		2008
	627		569		684		-8	%	Europe		613		616		—
	780		762		746		+5	%	Africa		749		783		-4	%
	41		31		13		x3.2		North America		24		14		+71	%
	242		259		241		—		Far East		251		246		+2	%
	493		419		426		+16	%	Middle East		438		432		+1	%
	167		183		217		-23	%	South America		182		224		-19	%
	27		20		27		—		Rest of world		24		26		-8	%
	2,377		2,243		2,354		+1	%	Total production		2,281		2,341		-3	%
	393		351		400		-2	%	Includes equity and non-consolidated affiliates		359		403		-11	%

						4Q09								2009
						vs								vs
4Q09		3Q09		4Q08		4Q08			Liquids production by region (kb/d)	2009		2008		2008
	306		279		321		-5	%	Europe		295		302		-2	%
	648		647		618		+5	%	Africa		632		654		-3	%
	30		27		12		x2.5		North America		20		11		+82	%
	31		33		31		—		Far East		33		29		+14	%
	304		300		320		-5	%	Middle East		307		329		-7	%
	68		79		118		-42	%	South America		80		119		-33	%
	17		14		14		+21	%	Rest of world		14		12		+17	%
	1,404		1,379		1,434		-2	%	Total production		1,381		1,456		-5	%
	276		286		341		-19	%	Includes equity and non-consolidated affiliates		286		347		-18	%

11

						4Q09								2009
						vs								vs
4Q09		3Q09		4Q08		4Q08			Gas production by region (Mcf/d)	2009		2008		2008
	1,736		1,580		1,957		-11	%	Europe		1,734		1,704		+2	%
	681		583		658		+3	%	Africa		599		659		-9	%
	53		19		8		x6.6		North America		22		15		+47	%
	1,196		1,276		1,280		-7	%	Far East		1,228		1,236		-1	%
	1,050		657		604		+74	%	Middle East		724		569		+27	%
	546		575		550		-1	%	South America		564		579		-3	%
	58		36		70		-17	%	Rest of world		52		75		-31	%
	5,320		4,726		5,127		+4	%	Total production		4,923		4,837		+2	%
	635		355		316		x2		Includes equity and non-consolidated affiliates		395		298		+33	%

						4Q09								2009
						vs								vs
4Q09		3Q09		4Q08		4Q08			Liquefied natural gas	2009		2008		2008
	2.35		2.18		2.38		-1	%	LNG sales* (Mt)		8.83		9.15		-3	%

* Sales, Group share, excluding trading ; 1 Mt/y = approx. 133 Mcf/d ; data from 2009 previous period have been restated to reflect volumes estimation for Bontang LNG in Indonesia based on the 2009 SEC coefficient.

l Downstream

						4Q09								2009
						vs								vs
4Q09		3Q09		4Q08		4Q08			Refined products sales by region (kb/d)*	2009		2008		2008
	2,046		2,014		2,186		-6	%	Europe		2,053		2,123		-3	%
	295		278		281		+5	%	Africa		281		279		+1	%
	145		164		168		-14	%	Americas		165		170		-3	%
	158		134		156		+1	%	Rest of world		142		148		-4	%
	2,644		2,590		2,791		-5	%	Total consolidated sales		2,641		2,720		-3	%
	921		887		860		+7	%	Trading		975		938		+4	%
	3,565		3,477		3,651		-2	%	Total refined product sales		3,616		3,658		-1	%

* Includes share of CEPSA

12

Investments — Divestments

						4Q09									2009
						vs									vs
4Q09		3Q09		4Q08		4Q08			in millions of euros	2009		2008			2008
	3,307		3,111		4,059		-19	%	Investments excluding acquisitions*		12,260		11,422			+7	%
	256		227		183		+40	%	• Capitalized exploration		865		772			+12	%
	159		187		74		x2.1		• Net investments in equity affiliates and non-consolidated companies		594		(392	)		n/a
	112		58		506		-78	%	Acquisitions		743		1,022			-27	%
	3,419		3,169		4,565		-25	%	Investments including acquisitions*		13,003		12,444			+4	%
	821		702		732		+12	%	Asset sales		2,663		1,451			+84	%
	2,580		2,449		3,815		-32	%	Net investments **		10,268		11,055			-7	%

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

Net-debt-to-equity ratio

in millions of euros	12/31/2009			9/30/2009			12/31/2008
Current borrowings		6,994			6,012			7,722
Net current financial assets		(188	)		(160	)		(29	)
Non-current financial debt		19,437			19,146			16,191
Hedging instruments of non-current debt		(1,025	)		(983	)		(892	)
Cash and cash equivalents		(11,662	)		(13,775	)		(12,321	)
Net debt		13,556			10,240			10,671
Shareholders’ equity		52,552			49,620			48,992
Estimated dividend payable*		(2,546	)		(1,273	)		(2,540	)
Minority interests		987			959			958
Equity		50,993			49,306			47,410
Net-debt-to-equity ratio		26.6	%		20.8	%		22.5	%

* Based on a 2009 dividend equal to the 2008 dividend (2.28 €/share) less the interim dividend 1.14 €/share (2,545 M€) paid in November 2009.

13

Return on average capital employed

l Full year 2009

in millions of euros	Upstream			Downstream			Chemicals**
Adjusted net operating income		6,382			953			272
Capital employed at 12/31/2008*		32,681			13,623			7,417
Capital employed at 12/31/2009*		37,397			15,299			6,898
ROACE		18.2	%		6.6	%		3.8	%

*	At replacement cost (excluding after-tax inventory effect).
**	Capital employed for Chemicals reduced for the Toulouse-AZF provision of €256 million pre-tax at 12/31/2008.

l Twelve months ended September 30, 2009

in millions of euros	Upstream			Downstream			Chemicals**
Adjusted net operating income		6,429			1,672			377
Capital employed at 9/30/2008*		30,184			12,649			8,107
Capital employed at 9/30/2009*		35,514			13,513			6,845
ROACE		19.6	%		12.8	%		5.0	%

*	At replacement cost (excluding after-tax inventory effect).
**	Capital employed for Chemicals reduced for the Toulouse-AZF provision of €121 million pre-tax at 9/30/2008.

l Full year 2008

in millions of euros	Upstream			Downstream			Chemicals**
Adjusted net operating income		10,724			2,569			668
Capital employed at 12/31/2007*		27,062			12,190			7,033
Capital employed at 12/31/2008*		32,681			13,623			7,417
ROACE		35.9	%		19.9	%		9.2	%

*	At replacement cost (excluding after-tax inventory effect).
**	Capital employed for Chemicals reduced for the Toulouse-AZF provision of €134 million pre-tax at 12/31/2007 and €256 million pre-tax at 12/31/2008.

14

MAIN INDICATORS

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

			European
			refining margins				Average liquids		Average gas
	€/ $		ERMI* ($/t)**		Brent ($/b)		price*** ($/b)		price ($/Mbtu)***
Fourth quarter 2009		1.48		11.7		74.5		70.6		5.07
Third quarter 2009		1.43		12.0		68.1		65.1		4.89
Second quarter 2009		1.36		17.1		59.1		54.8		4.71
First quarter 2009		1.30		30.5		44.5		41.5		5.98
Fourth quarter 2008		1.32		40.9		55.5		49.4		7.57

*	European Refining Margin Indicator (ERMI) represents an indicator reported by TOTAL for the first time in this document. The ERMI is intended to represent the margin after variable costs for a hypothetical complex refinery located around Rotterdam in Northern Europe that processes a mix of crude oil and other inputs commonly supplied to this region to produce and market the main refined products at prevailing prices in this region. The indicator margin may not be representative of the actual margins achieved by TOTAL in any period because of TOTAL’s particular refinery configurations, product mix effects or other company-specific operating conditions.
	TRCV was TOTAL’s margin indicator reported in previous quarters. For comparative purposes, TRCV is 5.7 $/t for fourth quarter 2009 and was 6.6 $/t for third quarter 2009, 12.4 $/t for second quarter 2009, 34.7 $/t for first quarter 2009 and 41.4 $/t for fourth quarter 2008. TRCV will be discontinued effective in the first quarter 2010.
**	1 $/t = 0.136 $/b.
***	Consolidated subsidiaries, excluding fixed margin and buy-back contracts.

Disclaimer: these data are based on TOTAL’s reporting and are not audited. They are subject to change.

15

CONSOLIDATED STATEMENT OF INCOME

TOTAL

(unaudited)

	4th quarter			3rd quarter			4th quarter
(M€) (a)	2009			2009			2008
Sales		36,228			33,628			38,714
Excise taxes		(4,933	)		(4,812	)		(5,009	)
Revenues from sales		31,295			28,816			33,705
Purchases, net of inventory variation		(20,590	)		(18,940	)		(26,393	)
Other operating expenses		(4,684	)		(4,508	)		(5,122	)
Exploration costs		(237	)		(130	)		(227	)
Depreciation, depletion and amortization of tangible assets and mineral interests		(1,927	)		(1,599	)		(1,748	)
Other income		123			70			94
Other expense		(202	)		(95	)		(123	)
Financial interest on debt		(111	)		(108	)		(298	)
Financial income from marketable securities & cash equivalents		16			21			117
Cost of net debt		(95	)		(87	)		(181	)
Other financial income		177			67			243
Other financial expense		(92	)		(90	)		(95	)
Equity in income (loss) of affiliates		384			398			31
Income taxes		(2,045	)		(1,927	)		(960	)
Consolidated net income		2,107			1,975			(776	)
Group share		2,065			1,923			(794	)
Minority interests		42			52			18
Earnings per share (€)		0.93			0.86			(0.36	)
Fully-diluted earnings per share (€)		0.92			0.86			(0.36	)

(a) Except for per share amounts.

16

CONSOLIDATED STATEMENT OF INCOME

TOTAL

	Year			Year
(M€) (a)	2009			2008
Sales		131,327			179,976
Excise taxes		(19,174	)		(19,645	)
Revenues from sales		112,153			160,331
Purchases, net of inventory variation		(71,058	)		(111,024	)
Other operating expenses		(18,591	)		(19,101	)
Exploration costs		(698	)		(764	)
Depreciation, depletion and amortization of tangible assets and mineral interests		(6,682	)		(5,755	)
Other income		314			369
Other expense		(600	)		(554	)
Financial interest on debt		(530	)		(1,000	)
Financial income from marketable securities & cash equivalents		132			473
Cost of net debt		(398	)		(527	)
Other financial income		643			728
Other financial expense		(345	)		(325	)
Equity in income (loss) of affiliates		1,642			1,721
Income taxes		(7,751	)		(14,146	)
Consolidated net income		8,629			10,953
Group share		8,447			10,590
Minority interests		182			363
Earnings per share (€)		3.79			4.74
Fully-diluted earnings per share (€)		3.78			4.71

(a) Except for per share amounts.

17

CONSOLIDATED BALANCE SHEET

TOTAL

(M€)	December 31, 2009			September 30, 2009 (unaudited)			December 31, 2008
ASSETS
Non-current assets
Intangible assets, net		7,514			5,845			5,341
Property, plant and equipment, net		51,590			49,292			46,142
Equity affiliates : investments and loans		13,624			13,685			14,668
Other investments		1,162			1,187			1,165
Hedging instruments of non-current financial debt		1,025			983			892
Other non-current assets		3,081			3,179			3,044
Total non-current assets		77,996			74,171			71,252
Current assets
Inventories, net		13,867			12,002			9,621
Accounts receivable, net		15,719			14,198			15,287
Other current assets		8,198			8,141			9,642
Current financial assets		311			329			187
Cash and cash equivalents		11,662			13,775			12,321
Total current assets		49,757			48,445			47,058
Total assets		127,753			122,616			118,310
LIABILITIES & SHAREHOLDERS’ EQUITY
Shareholders’ equity
Common shares		5,871			5,869			5,930
Paid-in surplus and retained earnings		55,372			53,136			52,947
Currency translation adjustment		(5,069	)		(5,744	)		(4,876	)
Treasury shares		(3,622	)		(3,641	)		(5,009	)
Total shareholders’ equity — Group Share		52,552			49,620			48,992
Minority interests		987			959			958
Total shareholders’ equity		53,539			50,579			49,950
Non-current liabilities
Deferred income taxes		8,948			8,894			7,973
Employee benefits		2,040			2,013			2,011
Provisions and other non-current liabilities		9,381			7,936			7,858
Total non-current liabilities		20,369			18,843			17,842
Non-current financial debt		19,437			19,146			16,191
Current liabilities
Accounts payable		15,383			13,916			14,815
Other creditors and accrued liabilities		11,908			13,951			11,632
Current borrowings		6,994			6,012			7,722
Other current financial liabilities		123			169			158
Total current liabilities		34,408			34,048			34,327
Total Liabilities and shareholders’ equity		127,753			122,616			118,310

18

CONSOLIDATED STATEMENT OF CASH FLOW

TOTAL

(unaudited)

	4th quarter			3rd quarter			4th quarter
(M€)	2009			2009			2008
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income		2,107			1,975			(776	)
Depreciation, depletion and amortization		2,061			1,673			1,853
Non-current liabilities, valuation allowances and deferred taxes		(82	)		310			(435	)
Impact of coverage of pension benefit plans		—			—			(505	)
(Gains) losses on sales of assets		(104	)		(50	)		(28	)
Undistributed affiliates’ equity earnings		(148	)		(232	)		263
(Increase) decrease in working capital		(1,968	)		870			3,635
Other changes, net		23			(8	)		86
Cash flow from operating activities		1,889			4,538			4,093
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions		(3,204	)		(2,849	)		(3,987	)
Acquisitions of subsidiaries, net of cash acquired		(4	)		—			(368	)
Investments in equity affiliates and other securities		(52	)		(133	)		(136	)
Increase in non-current loans		(264	)		(274	)		(267	)
Total expenditures		(3,524	)		(3,256	)		(4,758	)
Proceeds from disposal of intangible assets and property, plant and equipment		19			4			73
Proceeds from disposal of subsidiaries, net of cash sold		—			—			—
Proceeds from disposal of non-current investments		802			698			659
Repayment of non-current loans		123			105			211
Total divestments		944			807			943
Cash flow used in investing activities		(2,580	)		(2,449	)		(3,815	)
CASH FLOW (FROM)/USED FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders		22			5			4
- Treasury shares		19			1			(144	)
- Minority shareholders		—			—			6
Cash dividends paid:
- Parent company shareholders		(2,545	)		—			(2,541	)
- Minority shareholders		(59	)		15			(86	)
Net issuance (repayment) of non-current debt		1,285			(617	)		(435	)
Increase (decrease) in current borrowings		(109	)		(1,948	)		2,244
Increase (decrease) in current financial assets and liabilities		(54	)		—			29
Cash flow (from) / used in financing activities		(1,441	)		(2,544	)		(923	)
Net increase (decrease) in cash and cash equivalents		(2,132	)		(455	)		(645	)
Effect of exchange rates		19			(69	)		(265	)
Cash and cash equivalents at the beginning of the period		13,775			14,299			13,231
Cash and cash equivalents at the end of the period		11,662			13,775			12,321

19

CONSOLIDATED STATEMENT OF CASH FLOW

TOTAL

	Year			Year
(M€)	2009			2008
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income		8,629			10,953
Depreciation, depletion and amortization		7,107			6,197
Non-current liabilities, valuation allowances and deferred taxes		441			(150	)
Impact of coverage of pension benefit plans		—			(505	)
(Gains) losses on sales of assets		(200	)		(257	)
Undistributed affiliates’ equity earnings		(378	)		(311	)
(Increase) decrease in working capital		(3,316	)		2,571
Other changes, net		77			171
Cash flow from operating activities		12,360			18,669
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions		(11,849	)		(11,861	)
Acquisitions of subsidiaries, net of cash acquired		(160	)		(559	)
Investments in equity affiliates and other securities		(400	)		(416	)
Increase in non-current loans		(940	)		(804	)
Total expenditures		(13,349	)		(13,640	)
Proceeds from disposal of intangible assets and property, plant and equipment		138			130
Proceeds from disposal of subsidiaries, net of cash sold		—			88
Proceeds from disposal of non-current investments		2,525			1,233
Repayment of non-current loans		418			1,134
Total divestments		3,081			2,585
Cash flow used in investing activities		(10,268	)		(11,055	)
CASH FLOW (FROM)/USED FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders		41			262
- Treasury shares		22			(1,189	)
- Minority shareholders		—			(4	)
Cash dividends paid:
- Parent company shareholders		(5,086	)		(4,945	)
- Minority shareholders		(189	)		(213	)
Net issuance (repayment) of non-current debt		5,522			3,009
Increase (decrease) in current borrowings		(3,124	)		1,437
Increase (decrease) in current financial assets and liabilities		(54	)		850
Cash flow (from) / used in financing activities		(2,868	)		(793	)
Net increase (decrease) in cash and cash equivalents		(776	)		6,821
Effect of exchange rates		117			(488	)
Cash and cash equivalents at the beginning of the period		12,321			5,988
Cash and cash equivalents at the end of the period		11,662			12,321

20

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

TOTAL

										Currency
	Common shares issued						Paid-in surplus and			translation			Treasury shares						Shareholders’						Total shareholders’
(M€)	Number			Amount			retained earnings			adjustment			Number			Amount			equity Group Share			Minority interests			equity
As of January 1, 2008		2,395,532,097			5,989			48,797			(4,396	)		(151,421,232	)		(5,532	)		44,858			842			45,700
Net income 2008		—			—			10,590			—			—			—			10,590			363			10,953
Other comprehensive Income		—			—			(258	)		(480	)		—			—			(738	)		(34	)		(772	)
Comprehensive Income		—			—			10,332			(480	)		—			—			9,852			329			10,181
Dividend		—			—			(4,945	)		—			—			—			(4,945	)		(213	)		(5,158	)
Issuance of common shares		6,275,977			16			246			—			—			—			262			—			262
Purchase of treasury shares		—			—			—			—			(27,600,000	)		(1,339	)		(1,339	)		—			(1,339	)
Sale of treasury shares (1)		—			—			(71	)		—			5,939,137			221			150			—			150
Share-based payments		—			—			154			—			—			—			154			—			154
Other operations with minority interests		—			—			—			—			—			—			—			—			—
Share cancellation		(30,000,000	)		(75	)		(1,566	)		—			30,000,000			1,641			—			—			—
Transactions with shareholders		(23,724,023	)		(59	)		(6,182	)		—			8,339,137			523			(5,718	)		(213	)		(5,931	)
As of December 31, 2008		2,371,808,074			5,930			52,947			(4,876	)		(143,082,095	)		(5,009	)		48,992			958			49,950
Net income 2009		—			—			8,447			—			—			—			8,447			182			8,629
Other comprehensive Income		—			—			246			(193	)		—			—			53			60			113
Comprehensive Income		—			—			8,693			(193	)		—			—			8,500			242			8,742
Dividend		—			—			(5,086	)		—			—			—			(5,086	)		(189	)		(5,275	)
Issuance of common shares		1,414,810			3			38			—			—			—			41			—			41
Purchase of treasury shares		—			—			—			—			—			—			—			—			—
Sale of treasury shares (1)		—			—			(143	)		—			2,874,905			165			22			—			22
Share-based payments		—			—			106			—			—			—			106			—			106
Other operations with minority interests		—			—			(23	)		—			—			—			(23	)		(24	)		(47	)
Share cancellation		(24,800,000	)		(62	)		(1,160	)		—			24,800,000			1,222			—			—			—
Transactions with shareholders		(23,385,190	)		(59	)		(6,268	)		—			27,674,905			1,387			(4,940	)		(213	)		(5,153	)
As of December 31, 2009		2,348,422,884			5,871			55,372			(5,069	)		(115,407,190	)		(3,622	)		52,552			987			53,539

(1) Treasury shares related to the stock option purchase plans and restricted stock grants

21

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME ^(a)

TOTAL

	Year			Year
(M€)	2009			2008
Net income		8,629			10,953
Other comprehensive income
Currency translation adjustment		(244	)		(722	)
Available for sale financial assets		38			(254	)
Cash flow hedge		128			—
Share of other comprehensive income of associates, net amount		234			173
Other		(5	)		1
Tax effect		(38	)		30
Total other comprehensive income (net amount)		113			(772	)
Comprehensive income		8,742			10,181
- Group share		8,500			9,852
- Minority interests		242			329

(a) In accordance with revised IAS 1, applicable from January 1, 2009.

22

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

4th quarter 2009
(M€)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Non-Group sales		4,880			27,423			3,932			(7	)		—			36,228
Intersegment sales		4,460			1,217			218			41			(5,936	)		—
Excise taxes		—			(4,933	)		—			—			—			(4,933	)
Revenues from sales		9,340			23,707			4,150			34			(5,936	)		31,295
Operating expenses		(4,299	)		(23,046	)		(3,912	)		(190	)		5,936			(25,511	)
Depreciation, depletion and amortization of tangible assets and mineral interests		(1,154	)		(622	)		(141	)		(10	)		—			(1,927	)
Operating income		3,887			39			97			(166	)		—			3,857
Equity in income (loss) of affiliates and other items		155			(4	)		44			195			—			390
Tax on net operating income		(2,188	)		(1	)		(20	)		129			—			(2,080	)
Net operating income		1,854			34			121			158			—			2,167
Net cost of net debt																	(60	)
Minority interests																	(42	)
Net income																	2,065

4th quarter 2009 (adjustments)(a)
(M€)	Upstream			Downstream			Chemicals			Corporate			Intercompany	Total
Non-Group sales
Intersegment sales
Excise taxes
Revenues from sales
Operating expenses		(17	)		313			25			—				321
Depreciation, depletion and amortization of tangible assets and mineral interests		(4	)		(285	)		6			—				(283	)
Operating income (b)		(21	)		28			31			—				38
Equity in income (loss) of affiliates and other items (c)		(90	)		(22	)		23			46				(43	)
Tax on net operating income		17			(23	)		(5	)		(2	)			(13	)
Net operating income (b)		(94	)		(17	)		49			44				(18	)
Net cost of net debt															—
Minority interests															(2	)
Net income															(16	)

(a) Adjustments include special items, inventory valuation effect and equity share of adjustments and selected items related to Sanofi-Aventis.

(b) Of which inventory valuation effect
On operating income		—			388			61			—
On net operating income		—			259			38			—
(c) Of which equity share of adjustments and selected items related to Sanofi-Aventis		—			—			—			(48	)
4th quarter 2009 (adjusted)
(M€)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Non-Group sales		4,880			27,423			3,932			(7	)		—			36,228
Intersegment sales		4,460			1,217			218			41			(5,936	)		—
Excise taxes		—			(4,933	)		—			—			—			(4,933	)
Revenues from sales		9,340			23,707			4,150			34			(5,936	)		31,295
Operating expenses		(4,282	)		(23,359	)		(3,937	)		(190	)		5,936			(25,832	)
Depreciation, depletion and amortization of tangible assets and mineral interests		(1,150	)		(337	)		(147	)		(10	)		—			(1,644	)
Adjusted operating income		3,908			11			66			(166	)		—			3,819
Equity in income (loss) of affiliates and other items		245			18			21			149			—			433
Tax on net operating income		(2,205	)		22			(15	)		131			—			(2,067	)
Adjusted net operating income		1,948			51			72			114			—			2,185
Net cost of net debt																	(60	)
Minority interests																	(44	)
Ajusted net income																	2,081

4th quarter 2009
(M€)	Upstream		Downstream			Chemicals		Corporate		Intercompany	Total
Total expenditures		2,429		844			225		26			3,524
Total divestments		77		48			20		799			944
Cash flow from operating activities		2,825		(1,400	)		324		140			1,889

23

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

3rd quarter 2009
(M€)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Non-Group sales		3,318			26,409			3,892			9			—			33,628
Intersegment sales		4,149			923			241			36			(5,349	)		—
Excise taxes		—			(4,812	)		—			—			—			(4,812	)
Revenues from sales		7,467			22,520			4,133			45			(5,349	)		28,816
Operating expenses		(3,086	)		(21,982	)		(3,746	)		(113	)		5,349			(23,578	)
Depreciation, depletion and amortization of tangible assets and mineral interests		(1,145	)		(307	)		(139	)		(8	)		—			(1,599	)
Operating income		3,236			231			248			(76	)		—			3,639
Equity in income (loss) of affiliates and other items		119			46			19			166			—			350
Tax on net operating income		(1,885	)		(51	)		(73	)		54			—			(1,955	)
Net operating income		1,470			226			194			144			—			2,034
Net cost of net debt																	(59	)
Minority interests																	(52	)
Net income																	1,923

3rd quarter 2009 (adjustments) (a)
(M€)	Upstream			Downstream			Chemicals			Corporate			Intercompany	Total
Non-Group sales
Intersegment sales
Excise taxes
Revenues from sales		—			—			—			—				—
Operating expenses		—			148			60			—				208
Depreciation, depletion and amortization of tangible assets and mineral interests		—			—			(3	)		—				(3	)
Operating income (b)		—			148			57			—				205
Equity in income (loss) of affiliates and other items (c)		(31	)		(19	)		(8	)		(22	)			(80	)
Tax on net operating income		—			(49	)		(16	)		(1	)			(66	)
Net operating income (b)		(31	)		80			33			(23	)			59
Net cost of net debt															—
Minority interests															(5	)
Net income															54

(a) Adjustments include special items, inventory valuation effect and equity share of adjustments and selected items related to Sanofi-Aventis.

(b) Of which inventory valuation effect
On operating income		—			150			64			—
On net operating income		—			81			45			—
(c) Of which equity share of adjustments and selected items related to Sanofi-Aventis		—			—			—			(70	)
3rd quarter 2009 (adjusted)
(M€)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Non-Group sales		3,318			26,409			3,892			9			—			33,628
Intersegment sales		4,149			923			241			36			(5,349	)		—
Excise taxes		—			(4,812	)		—			—			—			(4,812	)
Revenues from sales		7,467			22,520			4,133			45			(5,349	)		28,816
Operating expenses		(3,086	)		(22,130	)		(3,806	)		(113	)		5,349			(23,786	)
Depreciation, depletion and amortization of tangible assets and mineral interests		(1,145	)		(307	)		(136	)		(8	)		—			(1,596	)
Adjusted operating income		3,236			83			191			(76	)		—			3,434
Equity in income (loss) of affiliates and other items		150			65			27			188			—			430
Tax on net operating income		(1,885	)		(2	)		(57	)		55			—			(1,889	)
Adjusted net operating income		1,501			146			161			167			—			1,975
Net cost of net debt																	(59	)
Minority interests																	(47	)
Ajusted net income																	1,869

3rd quarter 2009
(M€)	Upstream		Downstream		Chemicals		Corporate		Intercompany		Total
Total expenditures		2,512		607		112		25		—		3,256
Total divestments		87		23		13		684		—		807
Cash flow from operating activities		2,854		944		300		440		—		4,538

24

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

4th quarter 2008
(M€)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Non-Group sales		6,925			27,746			4,012			31			—			38,714
Intersegment sales		4,097			810			207			15			(5,129	)		—
Excise taxes		—			(5,009	)		—			—			—			(5,009	)
Revenues from sales		11,022			23,547			4,219			46			(5,129	)		33,705
Operating expenses		(6,188	)		(25,635	)		(4,845	)		(203	)		5,129			(31,742	)
Depreciation, depletion and amortization of tangible assets and mineral interests		(1,278	)		(328	)		(135	)		(7	)		—			(1,748	)
Operating income		3,556			(2,416	)		(761	)		(164	)		—			215
Equity in income (loss) of affiliates and other items		440			(259	)		(61	)		30			—			150
Tax on net operating income		(2,201	)		807			274			108			—			(1,012	)
Net operating income		1,795			(1,868	)		(548	)		(26	)		—			(647	)
Net cost of net debt																	(129	)
Minority interests																	(18	)
Net income																	(794	)

4th quarter 2008 (adjustments)(a)
(M€)	Upstream			Downstream			Chemicals			Corporate			Intercompany	Total
Non-Group sales
Intersegment sales
Excise taxes
Revenues from sales		—			—			—			—				—
Operating expenses		—			(3,561	)		(1,009	)		—				(4,570	)
Depreciation, depletion and amortization of tangible assets and mineral interests		(171	)		—			(6	)		—				(177	)
Operating income (b)		(171	)		(3,561	)		(1,015	)		—				(4,747	)
Equity in income (loss) of affiliates and other items (c)		(86	)		(243	)		(59	)		(139	)			(527	)
Tax on net operating income		57			1,166			349			—				1,572
Net operating income (b)		(200	)		(2,638	)		(725	)		(139	)			(3,702	)
Net cost of net debt															—
Minority interests															35
Net income															(3,667	)

(a) Adjustments include special items, inventory valuation effect and equity share of adjustments related to Sanofi-Aventis.

(b) Of which inventory valuation effect
On operating income		—			(3,561	)		(811	)		—
On net operating income		—			(2,604	)		(559	)		—
(c) Of which equity share of adjustments related to Sanofi-Aventis		—			—			—			(166	)
4th quarter 2008 (adjusted)
(M€)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Non-Group sales		6,925			27,746			4,012			31			—			38,714
Intersegment sales		4,097			810			207			15			(5,129	)		—
Excise taxes		—			(5,009	)		—			—			—			(5,009	)
Revenues from sales		11,022			23,547			4,219			46			(5,129	)		33,705
Operating expenses		(6,188	)		(22,074	)		(3,836	)		(203	)		5,129			(27,172	)
Depreciation, depletion and amortization of tangible assets and mineral interests		(1,107	)		(328	)		(129	)		(7	)		—			(1,571	)
Adjusted operating income		3,727			1,145			254			(164	)		—			4,962
Equity in income (loss) of affiliates and other items		526			(16	)		(2	)		169			—			677
Tax on net operating income		(2,258	)		(359	)		(75	)		108			—			(2,584	)
Adjusted net operating income		1,995			770			177			113			—			3,055
Net cost of net debt																	(129	)
Minority interests																	(53	)
Ajusted net income																	2,873

4th quarter 2008
(M€)	Upstream		Downstream		Chemicals		Corporate		Intercompany	Total
Total expenditures		3,283		972		477		26			4,758
Total divestments		270		18		20		635			943
Cash flow from operating activities		2,139		603		939		412			4,093

25

BUSINESS SEGMENT INFORMATION

TOTAL

Year 2009
(M€)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Non-Group sales		16,072			100,518			14,726			11			—			131,327
Intersegment sales		15,958			3,786			735			156			(20,635	)		—
Excise taxes		—			(19,174	)		—			—			—			(19,174	)
Revenues from sales		32,030			85,130			15,461			167			(20,635	)		112,153
Operating expenses		(14,752	)		(81,281	)		(14,293	)		(656	)		20,635			(90,347	)
Depreciation, depletion and amortization of tangible assets and mineral interests		(4,420	)		(1,612	)		(615	)		(35	)		—			(6,682	)
Operating income		12,858			2,237			553			(524	)		—			15,124
Equity in income (loss) of affiliates and other items		846			169			(58	)		697			—			1,654
Tax on net operating income		(7,486	)		(633	)		(92	)		326			—			(7,885	)
Net operating income		6,218			1,773			403			499			—			8,893
Net cost of net debt																	(264	)
Minority interests																	(182	)
Net income																	8,447

Year 2009 (adjustments)(a)
(M€)	Upstream			Downstream			Chemicals			Corporate			Intercompany	Total
Non-Group sales
Intersegment sales
Excise taxes
Revenues from sales
Operating expenses		(17	)		1,558			344			—				1,885
Depreciation, depletion and amortization of tangible assets and mineral interests		(4	)		(347	)		(40	)		—				(391	)
Operating income (b)		(21	)		1,211			304			—				1,494
Equity in income (loss) of affiliates and other items (c)		(160	)		22			(123	)		(117	)			(378	)
Tax on net operating income		17			(413	)		(50	)		(3	)			(449	)
Net operating income (b)		(164	)		820			131			(120	)			667
Net cost of net debt															—
Minority interests															(4	)
Net income															663

(a) Adjustments include special items, inventory valuation effect and equity share of adjustments and selected items related to Sanofi-Aventis.

(b) Of which inventory valuation effect
On operating income		—			1,816			389			—
On net operating income		—			1,285			254			—
(c) Of which equity share of adjustments and selected items related to Sanofi-Aventis		—			—			—			(300	)
Year 2009 (adjusted)
(M€)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Non-Group sales		16,072			100,518			14,726			11			—			131,327
Intersegment sales		15,958			3,786			735			156			(20,635	)		—
Excise taxes		—			(19,174	)		—			—			—			(19,174	)
Revenues from sales		32,030			85,130			15,461			167			(20,635	)		112,153
Operating expenses		(14,735	)		(82,839	)		(14,637	)		(656	)		20,635			(92,232	)
Depreciation, depletion and amortization of tangible assets and mineral interests		(4,416	)		(1,265	)		(575	)		(35	)		—			(6,291	)
Adjusted operating income		12,879			1,026			249			(524	)		—			13,630
Equity in income (loss) of affiliates and other items		1,006			147			65			814			—			2,032
Tax on net operating income		(7,503	)		(220	)		(42	)		329			—			(7,436	)
Adjusted net operating income		6,382			953			272			619			—			8,226
Net cost of net debt																	(264	)
Minority interests																	(178	)
Ajusted net income																	7,784

Year 2009
(M€)	Upstream		Downstream		Chemicals		Corporate			Intercompany	Total
Total expenditures		9,855		2,771		631		92				13,349
Total divestments		398		133		47		2,503				3,081
Cash flow from operating activities		10,200		1,164		1,082		(86	)			12,360

26

BUSINESS SEGMENT INFORMATION

TOTAL

Year 2008
(M€)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Non-Group sales		24,256			135,524			20,150			46			—			179,976
Intersegment sales		25,132			5,574			1,252			120			(32,078	)		—
Excise taxes		—			(19,645	)		—			—			—			(19,645	)
Revenues from sales		49,388			121,453			21,402			166			(32,078	)		160,331
Operating expenses		(21,915	)		(119,425	)		(20,942	)		(685	)		32,078			(130,889	)
Depreciation, depletion and amortization of tangible assets and mineral interests		(4,005	)		(1,202	)		(518	)		(30	)		—			(5,755	)
Operating income		23,468			826			(58	)		(549	)		—			23,687
Equity in income (loss) of affiliates and other items		1,541			(158	)		(34	)		590			—			1,939
Tax on net operating income		(14,563	)		(143	)		76			315			—			(14,315	)
Net operating income		10,446			525			(16	)		356			—			11,311
Net cost of net debt																	(358	)
Minority interests																	(363	)
Net income																	10,590

Year 2008 (adjustments) (a)
(M€)	Upstream			Downstream			Chemicals			Corporate			Intercompany	Total
Non-Group sales
Intersegment sales
Excise taxes
Revenues from sales		—			—			—			—				—
Operating expenses		—			(2,776	)		(925	)		—				(3,701	)
Depreciation, depletion and amortization of tangible assets and mineral interests		(171	)		—			(6	)		—				(177	)
Operating income (b)		(171	)		(2,776	)		(931	)		—				(3,878	)
Equity in income (loss) of affiliates and other items (c)		(164	)		(195	)		(82	)		(345	)			(786	)
Tax on net operating income		57			927			329			(2	)			1,311
Net operating income (b)		(278	)		(2,044	)		(684	)		(347	)			(3,353	)
Net cost of net debt															—
Minority interests															23
Net income															(3,330	)

(a) Adjustments include special items, inventory valuation effect and equity share of adjustments related to Sanofi-Aventis.

(b) Of which inventory valuation effect
On operating income		—			(2,776	)		(727	)		—
On net operating income		—			(1,971	)		(504	)		—
(c) Of which equity share of adjustments related to Sanofi-Aventis		—			—			—			(393	)
Year 2008 (adjusted)
(M€)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total
Non-Group sales		24,256			135,524			20,150			46			—			179,976
Intersegment sales		25,132			5,574			1,252			120			(32,078	)		—
Excise taxes		—			(19,645	)		—			—			—			(19,645	)
Revenues from sales		49,388			121,453			21,402			166			(32,078	)		160,331
Operating expenses		(21,915	)		(116,649	)		(20,017	)		(685	)		32,078			(127,188	)
Depreciation, depletion and amortization of tangible assets and mineral interests		(3,834	)		(1,202	)		(512	)		(30	)		—			(5,578	)
Adjusted operating income		23,639			3,602			873			(549	)		—			27,565
Equity in income (loss) of affiliates and other items		1,705			37			48			935			—			2,725
Tax on net operating income		(14,620	)		(1,070	)		(253	)		317			—			(15,626	)
Adjusted net operating income		10,724			2,569			668			703			—			14,664
Net cost of net debt																	(358	)
Minority interests																	(386	)
Ajusted net income																	13,920

Year 2008
(M€)	Upstream		Downstream		Chemicals		Corporate		Intercompany	Total
Total expenditures		10,017		2,418		1,074		131			13,640
Total divestments		1,130		216		53		1,186			2,585
Cash flow from operating activities		13,765		3,111		920		873			18,669

27

CONSOLIDATED STATEMENT OF INCOME (Impact of adjustments)

TOTAL

(unaudited)

4th quarter 2009							Consolidated
(M€)	Adjusted			Adjustments			statement of income
Sales		36,228			—			36,228
Excise taxes		(4,933	)		—			(4,933	)
Revenues from sales		31,295			—			31,295
Purchases net of inventory variation		(21,039	)		449			(20,590	)
Other operating expenses		(4,556	)		(128	)		(4,684	)
Exploration costs		(237	)		—			(237	)
Depreciation, depletion and amortization of tangible assets and mineral interests		(1,644	)		(283	)		(1,927	)
Other income		29			94			123
Other expense		(148	)		(54	)		(202	)
Financial interest on debt		(111	)		—			(111	)
Financial income from marketable securities & cash equivalents		16			—			16
Cost of net debt		(95	)		—			(95	)
Other financial income		177			—			177
Other financial expense		(92	)		—			(92	)
Equity in income (loss) of affiliates		467			(83	)		384
Income taxes		(2,032	)		(13	)		(2,045	)
Consolidated net income		2,125			(18	)		2,107
Group share		2,081			(16	)		2,065
Minority interests		44			(2	)		42

4th quarter 2008							Consolidated
(M€)	Adjusted			Adjustments			statement of income
Sales		38,714			—			38,714
Excise taxes		(5,009	)		—			(5,009	)
Revenues from sales		33,705			—			33,705
Purchases net of inventory variation		(22,021	)		(4,372	)		(26,393	)
Other operating expenses		(4,924	)		(198	)		(5,122	)
Exploration costs		(227	)		—			(227	)
Depreciation, depletion and amortization of tangible assets and mineral interests		(1,571	)		(177	)		(1,748	)
Other income		77			17			94
Other expense		(18	)		(105	)		(123	)
Financial interest on debt		(298	)		—			(298	)
Financial income from marketable securities & cash equivalents		117			—			117
Cost of net debt		(181	)		—			(181	)
Other financial income		243			—			243
Other financial expense		(95	)		—			(95	)
Equity in income (loss) of affiliates		470			(439	)		31
Income taxes		(2,532	)		1,572			(960	)
Consolidated net income		2,926			(3,702	)		(776	)
Group share		2,873			(3,667	)		(794	)
Minority interests		53			(35	)		18

28

CONSOLIDATED STATEMENT OF INCOME (Impact of adjustments)

TOTAL

Year 2009							Consolidated
(M€)	Adjusted			Adjustments			statement of income
Sales		131,327			—			131,327
Excise taxes		(19,174	)		—			(19,174	)
Revenues from sales		112,153			—			112,153
Purchases net of inventory variation		(73,263	)		2,205			(71,058	)
Other operating expenses		(18,271	)		(320	)		(18,591	)
Exploration costs		(698	)		—			(698	)
Depreciation, depletion and amortization of tangible assets and mineral interests		(6,291	)		(391	)		(6,682	)
Other income		131			183			314
Other expense		(315	)		(285	)		(600	)
Financial interest on debt		(530	)		—			(530	)
Financial income from marketable securities & cash equivalents		132			—			132
Cost of net debt		(398	)		—			(398	)
Other financial income		643			—			643
Other financial expense		(345	)		—			(345	)
Equity in income (loss) of affiliates		1,918			(276	)		1,642
Income taxes		(7,302	)		(449	)		(7,751	)
Consolidated net income		7,962			667			8,629
Group share		7,784			663			8,447
Minority interests		178			4			182

Year 2008							Consolidated
(M€)	Adjusted			Adjustments			statement of income
Sales		179,976			—			179,976
Excise taxes		(19,645	)		—			(19,645	)
Revenues from sales		160,331			—			160,331
Purchases net of inventory variation		(107,521	)		(3,503	)		(111,024	)
Other operating expenses		(18,903	)		(198	)		(19,101	)
Exploration costs		(764	)		—			(764	)
Depreciation, depletion and amortization of tangible assets and mineral interests		(5,578	)		(177	)		(5,755	)
Other income		153			216			369
Other expense		(147	)		(407	)		(554	)
Financial interest on debt		(1,000	)		—			(1,000	)
Financial income from marketable securities & cash equivalents		473			—			473
Cost of net debt		(527	)		—			(527	)
Other financial income		728			—			728
Other financial expense		(325	)		—			(325	)
Equity in income (loss) of affiliates		2,316			(595	)		1,721
Income taxes		(15,457	)		1,311			(14,146	)
Consolidated net income		14,306			(3,353	)		10,953
Group share		13,920			(3,330	)		10,590
Minority interests		386			(23	)		363

29