Exhibit 99.1

OPERATING AND FINANCIAL REVIEW AND PROSPECTS

The financial information on pages 1-15 in this exhibit concerning TOTAL S.A. and its subsidiaries and affiliates (collectively, “TOTAL” or the “Group”) with respect to the fourth quarter of 2017 and year ended December 31, 2017, has been derived from TOTAL’s unaudited consolidated balance sheets as of December 31, 2017 and unaudited statements of income, comprehensive income, cash flow and changes in equity and business segment information for the fourth quarter of 2017 and year ended December 31, 2017 presented on pages 16 to 30 of this exhibit. The following discussion should be read in conjunction with the aforementioned financial statements and with the information, including TOTAL’s audited consolidated financial statements and related notes, provided in TOTAL’s Annual Report on Form 20-F for the year ended December 31, 2016, filed with the Securities and Exchange Commission (“SEC”) on March 17, 2017.

A. KEY FIGURES 

4Q17		3Q17			4Q16		4Q17 vs 4Q16	in millions of dollars except earnings per share and number of shares	2017		2016			2017 vs 2016
	47,351		43,044			42,275	+12%	Non-Group sales		171,493		149,743		+15%
								Adjusted net operating income from business segments(a)
	1,805		1,439			1,007	+79%	• Exploration & Production		5,985		3,217		+86%
	232		97			132	+76%	• Gas, Renewables & Power		485		439		+10%
	886		1,020			1,131	-22%	• Refining & Chemicals		3,790		4,195		-10%
	436		506			406	+7%	• Marketing & Services		1,676		1,559		+8%
	657		500			409	+61%	Equity in net income (loss) of affiliates		2,015		2,214		-9%
	0.37		1.06			0.20	+85%	Fully-diluted earnings per share ($)		3.34		2.51		+33%
	2,536		2,505			2,433	+4%	Fully-diluted weighted-average shares (millions)		2,495		2,390		+4%
	1,021		2,724			548	+86%	Net income (Group share)		8,631		6,196		+39%
	5,103		3,910			5,855	-13%	Investments(b)		16,896		20,530		-18%
	1,467		539			927	+58%	Divestments(c)		5,264		2,877		+83%
	3,638		3,373			4,928	-26%	Net investments(d)		11,636		17,757		-34%
	4,442		3,060			4,728	-6%	Organic investments(e)		14,395		17,484		-18%
	107		542			651	-84%	Resource acquisitions		714		780		-8%
	8,615		4,363			7,018	+23%	Cash flow from operations		22,319		16,521		+35%
	2,206		(1,057	)		1,913	+15%	•Includes (increase)/decrease in working capital(f)		827		(1,119	)	n/a

(a)	Adjusted results are defined as income using replacement cost, adjusted for special items, excluding the impact of changes for fair value. See “Analysis of business segment results” below for further details.
(b)	Including acquisitions and increases in non-current loans.
(c)	Including divestments and reimbursements of non-current loans.
(d)	“Net investments” = gross investments – divestments – repayment of non-current loans – other operations with non-controlling interests.
(e)	“Organic investments” = net investments excluding acquisitions, asset sales and other operations with non-controlling interests. See page 11 of this exhibit.
(f)	The change in working capital as determined using the replacement cost method was $2,660 million in 4Q17, $(796) million in 3Q17, $2,260 million in 4Q16, $1,184 million in 2017 and $(467) million in 2016. For information on the replacement cost method, refer to the introduction to “B. Analysis of business segment results”. See also “C. Group results — Cash flow”.

B. 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 qualifying as “special items” are excluded from the business segment figures. In general, special items relate to transactions that are significant, infrequent or unusual. 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 qualify 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 its financial statements according to the First-In, First-Out (FIFO) 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 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

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of the Refining & Chemicals and Marketing & Services segments are presented according to the replacement cost method in order to facilitate the comparability of the Group’s results with those of its competitors and to help illustrate the operating performance of these segments excluding the impact of oil price changes on the replacement of inventories. In the replacement cost method, which approximates the Last-In, First-Out (LIFO) method, the variation of inventory values in the statement of income is, depending on the nature of the inventory, determined using either the month-end price differential between one period and another or the average prices of the period. The inventory valuation effect is the difference between the results under the FIFO and replacement cost methods.

The effect of changes in fair value presented as an adjustment item reflects, for trading inventories and storage contracts, differences between internal measures of performance used by TOTAL’s management and the accounting for these transactions under IFRS, which requires that trading inventories be recorded at their fair value using period-end spot prices. In order to best reflect the management of economic exposure through derivative transactions, internal indicators used to measure performance include valuations of trading inventories recorded at their fair value based on forward prices. Furthermore, TOTAL, in its trading activities, enters into storage contracts, the future effects of which are recorded at fair value in the Group’s internal economic performance. IFRS, by requiring accounting for storage contracts on an accrual basis, precludes recognition of this fair value effect.

The adjusted business segment results (adjusted operating income and adjusted net operating income) are defined as replacement cost results, adjusted for special items, excluding the effect of changes in fair value. 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 TOTAL’s interim consolidated financial statements, see pages 24-30 of this exhibit.

The Group measures performance at the segment level on the basis of 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 and 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 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 non-controlling interests). Adjusted net operating income excludes the effect of the adjustments (special items and the inventory valuation effect) described above.

B.1. Exploration & Production segment

Environment — liquids and gas price realizations^(a)

4Q17		3Q17		4Q16		4Q17 vs 4Q16		hydrocarbon production	2017		2016		2017 vs 2016
	61.3		52.1		49.3		+24%	Brent ($/b)		54.2		43.7		+24%
	57.6		48.9		46.1		+25%	Average liquids price ($/b)		50.2		40.3		+25%
	4.23		4.05		3.89		+9%	Average gas price ($/Mbtu)		4.08		3.56		+15%
	43.3		38.2		35.6		+22%	Average hydrocarbons price ($/boe)		38.7		31.9		+21%

^(a)  Consolidated subsidiaries, excluding fixed margins.

Production

4Q17		3Q17		4Q16		4Q17 vs 4Q16		hydrocarbon production	2017		2016		2017 vs 2016
	2,613		2,581		2,462		+6%	Combined production (kboe/d)		2,566		2,452		+5%
	1,389		1,392		1,257		+11%	• Liquids (kb/d)		1,346		1,271		+6%
	6,832		6,247		6,597		+4%	• Gas (Mcf/d)		6,662		6,447		+3%

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Hydrocarbon production was 2,613 thousand barrels of oil equivalent per day (kboe/d) in the fourth quarter of 2017, an increase of close to 6% compared to 2016, due to the following:

• +6% due to new start-ups and ramp-ups, notably Moho Nord, Kashagan, Edradour-Glenlivet, Yamal LNG and Angola LNG;

• +3% portfolio effect, mainly due to taking over the giant Al-Shaheen oil field concession in Qatar and acquiring an additional 75% interest in the Barnett shale in the United States, partially offset by the exit from the southern sector of the Republic of the Congo and asset sales in Norway;

• +1% related to improved security conditions in Libya and Nigeria;

• -1% related to the PSC price effect⁽¹⁾ and OPEC quotas; and

• -3% due to natural field decline and the interruption of production on Elgin-Franklin following the rupture of the Forties pipeline.

For the full-year 2017, hydrocarbon production was 2,566 kboe/d, an increase of 5% compared to 2016, due to the following:

• +5% due to new start-ups and ramp-ups, notably Moho Nord, Kashagan, Edradour-Glenlivet and Angola LNG;

• +2% portfolio effect, mainly due to taking over the giant Al-Shaheen oil field concession in Qatar and acquiring an additional 75% interest in the Barnett shale in the United States, partially offset by the exit from the southern sector of the Republic of the Congo and asset sales in Norway;

• +1% related to improved security conditions in Libya and Nigeria; and

• -3% due to natural field decline, the PSC price effect and OPEC quotas.

Results

4Q17			3Q17			4Q16			4Q17 vs 4Q16		in millions of dollars	2017			2016			2017 vs 2016
	2,185			2,121			2,066			+6%	Non-Group sales		8,477			7,629			+11%
	(5	)		1,606			(800	)		+99%	Operating income		2,792			(431	)		n/a
	348			521			25			x13.9	Equity in income (loss) of affiliates and other  items		1,546			1,375			+12%
	42.8	%		42.8	%		47.1	%			Effective tax rate(a)		41.2	%		27.7	%
	(537	)		(745	)		(53	)		x10.1	Tax on net operating income		(2,233	)		401			n/a
	(194	)		1,382			(828	)		+77%	Net operating income		2,105			1,345			+57%
	1,999			57			1,835			+9%	Adjustments affecting net operating income		3,880			1,872			x2.1
	1,805			1,439			1,007			+79%	Adjusted net operating income(b)		5,985			3,217			+86%
	419			435			429			-2%	• Including income from equity affiliates		1,542			1,363			+13%
	3,490			3,228			4,833			-28%	Investments		12,802			16,085			-20%
	1,334			339			818			+63%	Divestments		1,918			2,187			-12%
	3,120			2,388			3,705			-16%	Organic investments		11,310			14,464			-22%
	3,826			2,633			4,039			-5%	Cash flow from operations		11,459			9,010			+27%

(a)	“Effective tax rate” = tax on adjusted net operating income / (adjusted net operating income – income from equity affiliates – dividends received from investments – impairment of goodwill + tax on adjusted net operating income).
(b)	Detail of adjustment items shown in the business segment information starting on page 24 of this exhibit.

The Exploration & Production segment’s adjusted net operating income was:

• $1,805 million in the fourth quarter 2017, an increase of 79% compared to the fourth quarter 2016, notably due to production growth, cost reductions and an increase in oil and gas prices; and

• $5,985 million for the full-year 2017, an increase of 86% compared to 2016, for the same reasons as above.

⁽¹⁾ The “price effect” refers to the impact of changing hydrocarbon prices on entitlement volumes from production sharing and buyback contracts. For example, as the price of oil or gas increases above certain pre-determined levels, TOTAL’s share of production normally decreases.

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The effective tax rate increased from 27.7% in 2016 compared to 41.2% in 2017, in line with the rise in hydrocarbon prices.

Technical costs for consolidated affiliates, calculated in accordance with ASC 932⁽¹⁾, continue to fall, to $19.5/boe in 2017 compared to $20.4/boe in 2016. This decrease was mainly due to the reduction in operating costs from $5.9/boe in 2016 to $5.4/boe in 2017.

Adjusted net operating income for the Exploration & Production segment excludes special items. In the fourth quarter of 2017, the exclusion of special items had a positive impact on the segment’s adjusted net operating income of $1,999 million, consisting essentially of an impairment of Gladstone LNG in Australia and assets in Congo, compared to a positive impact of $1,835 million in the fourth quarter of 2016, consisting essentially of impairments on Gladstone LNG in Australia, Angola LNG, and Laggan-Tormore in the United Kingdom, reflecting the decrease in gas price assumptions for the coming years.

The segment’s cash flow from operating activities was $3,826 million in the fourth quarter of 2017, a decrease of 5% compared to $4,039 million in the fourth quarter of 2016. Operating cash flow in the fourth quarter of 2017 excluding the change in working capital at replacement cost of $(89) million ($1,144 million in the fourth quarter of 2016) was $3,915 million⁽²⁾, an increase of 35% compared to $2,895 million in the fourth quarter of 2016, notably due to increases in production, hydrocarbon prices and lower operating costs. Operating cash flow for the fourth quarter of 2017 excluding the change in working capital at replacement cost and without financial charges was $4,263 million compared to $3,142 million in the fourth quarter of 2016, an increase of 36%.

For the full-year 2017, the segment’s cash flow from operating activities was $11,459 million, an increase of 27% compared to $9,010 million in 2016. Operating cash flow for the full-year 2017 excluding the change in working capital at replacement cost of $(1,932) million ($(726) million in 2016) was $13,391 million compared to $9,736 million in 2016, an increase of 38% whereas oil prices only increased by 24%, notably due to production ramp-ups on major projects started up since 2016, including Kashagan and Moho Nord, the increase in hydrocarbon prices and operating cost reductions. Operating cash flow for the full-year 2017 excluding the change in working capital at replacement cost and without financial charges was $14,753 million compared to $10,592 million in 2016, an increase of 27%.

(1)	FASB Accounting Standards Codification Topic 932, Extractive industries – Oil and Gas.
(2)	Operating cash flow excluding the change in working capital at replacement cost provides information on underlying cash flow without the short-term impacts of changes in inventory and other working capital elements at replacement cost. For information on the replacement cost method, refer to the introduction to “B. Analysis of business segment results”, above.

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B.2. Gas, Renewables & Power segment

Results

4Q17			3Q17		4Q16			4Q17 vs 4Q16		in millions of dollars	2017			2016			2017 vs 2016
	4,083			2,903		3,675			+11%	Non-Group sales		12,854			10,124			+27%
	(310	)		21		(59	)		x5.3	Operating income		(276	)		(161	)		-71%
	51			12		(50	)		n/a	Equity in income (loss) of affiliates and other items		31			71			-56%
	(86	)		7		(5	)		x17.2	Tax on net operating income		(140	)		(4	)		x35.0
	(345	)		40		(114	)		x3.0	Net operating income		(385	)		(94	)		x4.1
	577			57		246			x2.3	Adjustments affecting net operating income		870			533			+63%
	232			97		132			+76%	Adjusted net operating income(a)		485			439			+10%
	306			99		(118	)		n/a	Investments		797			1,221			-35%
	46			―		29			+59%	Divestments		73			166			-56%
	85			98		(57	)		n/a	Organic investments		353			270			+31%
	657			325		732			-10%	Cash flow from operations		993			538			+85%

^(a)  Detail of adjustment items shown in the business segment information starting on page 24 of this exhibit.

Adjusted net operating income for the Gas, Renewables & Power segment was $232 million in the fourth quarter 2017, including in particular the delivery of the El Pelicano solar farm in Chile, compared to $132 million in the fourth quarter of 2016, an increase of 76%. In 2017, adjusted net operating income increased by 10% compared to 2016.

Adjusted net operating income for the Gas, Renewables & Power segment excludes special items. In the fourth quarter of 2017, the exclusion of special items had a positive impact on the segment’s adjusted net operating income of $577 million compared to a positive impact of $246 million in the fourth quarter of 2016.

The segment’s cash flow from operating activities was $657 million in the fourth quarter of 2017, a decrease of 10% compared to $732 million in the fourth quarter of 2016. Operating cash flow in the fourth quarter of 2017 excluding the change in working capital at replacement cost of $642 million ($629 million in the fourth quarter of 2016) was $15 million, a decrease of 85% compared to $103 million in the fourth quarter of 2016. Operating cash flow for the fourth quarter of 2017 excluding the change in working capital at replacement cost and without financial charges was $25 million compared to $124 million in the fourth quarter of 2016, a decrease of 80%.

For the full-year 2017, the segment’s cash flow from operating activities was $993 million, an increase of 85% compared to $538 million in 2016. Operating cash flow for the full-year 2017 excluding the change in working capital at replacement cost of $761 million ($413 million in 2016) was $232 million, an increase of 86% compared to $125 million in 2016. Operating cash flow for the full-year 2017 excluding the change in working capital at replacement cost and without financial charges was $294 million compared to $176 million in 2016, an increase of 67%.

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B.3. Refining & Chemicals segment

Refinery throughput and utilization rates^(a)

4Q17			3Q17			4Q16			4Q17 vs 4Q16			2017			2016			2017 vs 2016
	1,842			1,877			2,010			-8%	Total refinery throughput (kb/d)		1,827			1,965			-7%
	648			648			717			-10%	• France		624			669			-7%
	784			802			787			―	• Rest of Europe		767			802			-4%
	410			427			506			-19%	• Rest of world		436			494			-12%
	91	%		90	%		87	%			Utilization rates based on crude only(b)		88	%		85	%

(a)	Includes share of TotalErg, and African refineries reported in the Marketing & Services segment.
(b)	Based on distillation capacity at the beginning of the year.

Refinery throughput:

• decreased by 8% in the fourth quarter of 2017 compared to the fourth quarter of 2016, mainly as a result of the ending of oil refining at La Mède and maintenance activities at the Port Arthur refinery in the United States; and

• decreased by 7% for the full-year 2017 compared to 2016 as a result of the definitive ending of distillation capacity at La Mède (France) and Lindsey (UK) and the temporary shutdown due to Hurricane Harvey in the United States.

Results

4Q17			3Q17			4Q16			4Q17 vs 4Q16		in millions of dollars	2017			2016			2017 vs 2016
	35.5			48.2			41.0			-13%	European refining margin indicator - ERMI ($/t)		40.9			34.1			+20%
	20,661			18,923			19,077			+8%	Non-Group sales		75,505			65,632			+15%
	1,248			1,348			1,593			-22%	Operating income		4,170			4,991			-16%
	199			179			162			+23%	Equity in income (loss) of affiliates and other items		2,979			779			x3.8
	(67	)		(379	)		(392	)		-83%	Tax on net operating income		(944	)		(1,244	)		-24%
	1,380			1,148			1,363			+1%	Net operating income		6,205			4,526			+37%
	(494	)		(128	)		(232	)		x2.1	Adjustments affecting net operating income		(2,415	)		(331	)		x7.3
	886			1,020			1,131			-22%	Adjusted net operating income(a)		3,790			4,195			-10%
	710			357			566			+25%	Investments		1,734			1,861			-7%
	36			24			15			x2.4	Divestments		2,820			88			x32
	684			338			548			+25%	Organic investments		1,625			1,642			-1%
	3,041			662			1,746			+74%	Cash flow from operations		7,440			4,585			+62%

^(a)  Detail of adjustment items shown in the business segment information starting on page 24 of this exhibit.

The Group’s European refining margin indicator (“ERMI”) increased to $40.9/t on average in 2017, due to elevated petroleum product demand. Petrochemicals continued to benefit from a favorable environment albeit down compared to a year ago.

The Refining & Chemicals segment’s adjusted net operating income was:

• $886 million in the fourth quarter of 2017, a decrease of 22% compared to 2016 due to maintenance activities at Port Arthur in the United States and the sale of Atotech; and

• $3,790 million for the full-year 2017, a decrease of 10% compared to 2016, notably due to the impact of Hurricane Harvey, the impact of modernization work on the Antwerp platform and the sale of Atotech in early 2017 as well as lower trading results due to the evolution of the market into backwardation.

Adjusted net operating income for the Refining & Chemicals segment excludes any after-tax inventory valuation effect and special items. In the fourth quarter of 2017, the exclusion of the inventory valuation effect had a negative impact on the segment’s adjusted net operating income of $354 million compared to a negative impact of $281 million in the fourth quarter of 2016. The exclusion of special items in the fourth quarter of 2017 had a negative impact on the segment’s adjusted net operating income of $140 million compared to a positive impact of $49 million in the fourth quarter of 2016.

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The segment’s cash flow from operating activities was $3,041 million in the fourth quarter of 2017, an increase of 74% compared to $1,746 million in the fourth quarter of 2016. Operating cash flow in the fourth quarter of 2017 excluding the change in working capital at replacement cost of $1,888 million ($381 million in the fourth quarter of 2016) was $1,153 million, a decrease of 16% compared to $1,365 million in the fourth quarter of 2016. Operating cash flow for the fourth quarter of 2017 excluding the change in working capital at replacement cost and without financial charges was $1,142 million compared to $1,368 million in the fourth quarter of 2016, a decrease of 17%.

For the full-year 2017, the segment’s cash flow from operating activities was $7,440 million, an increase of 62% compared to $4,585 million in 2016. Operating cash flow for the full-year 2017 excluding the change in working capital at replacement cost of $2,683 million ($(289) million in 2016) was $4,757 million, a decrease of 2% compared to $4,874 million in 2016. Operating cash flow for the full-year 2017 excluding the change in working capital at replacement cost and without financial charges was $4,728 million compared to $4,873 million in 2016, a decrease of 3%.

B.4. Marketing & Services segment

Petroleum product sales

4Q17		3Q17		4Q16		4Q17 vs 4Q16		sales in kb/d(a)	2017		2016		2017 vs 2016
	1,821		1,807		1,808		+1%	Total Marketing & Services sales		1,779		1,793		-1%
	1,046		1,072		1,123		-7%	• Europe		1,049		1,093		-4%
	775		735		685		+13%	• Rest of world		730		700		+4%

^(a)  Excludes trading and bulk refining sales (see page 12 of this exhibit); includes share of TotalErg.

Petroleum product sales were generally stable compared to the previous year, with a move toward Africa and Asia where the Group has strong growth. European sales were affected by the divestment of mature LPG distribution activities in Belgium and Germany.

Results

4Q17			3Q17			4Q16			4Q17 vs 4Q16		in millions of dollars	2017			2016			2017 vs 2016
	20,419			19,086			17,454			+17%	Non-Group sales		74,634			66,351			+12%
	511			574			398			+28%	Operating income		1,819			1,789			+2%
	76			133			41			+85%	Equity in income (loss) of affiliates and other items		497			170			x2.9
	(157	)		(173	)		(132	)		+19%	Tax on net operating income		(561	)		(541	)		+4%
	430			534			307			+40%	Net operating income		1,755			1,418			+24%
	6			(28	)		99			-94%	Adjustments affecting net operating income		(79	)		141			n/a
	436			506			406			+7%	Adjusted net operating income(a)		1,676			1,559			+8%
	570			190			500			+14%	Investments		1,457			1,245			+17%
	45			150			65			-31%	Divestments		413			424			-3%
	533			205			460			+16%	Organic investments		1,019			1,003			+2%
	992			596			340			x2.9	Cash flow from operations		2,130			1,754			+21%

^(a)  Detail of adjustment items shown in the business segment information starting on page 24 of this exhibit.

Marketing & Services results continue to grow in a context of strong retail margins, notably in Africa. Compared to a year ago, adjusted net operating income increased by 7% to $436 million in the fourth quarter of 2017, and by 8% to $1,676 million for the full-year 2017.

Adjusted net operating income for the Marketing & Services segment excludes any after-tax inventory valuation effect and special items. In the fourth quarter of 2017, the exclusion of the inventory valuation effect had a negative impact on the segment’s adjusted net operating income of $11 million compared to a positive impact of $14 million in the fourth quarter of

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2016. The exclusion of special items in the fourth quarter of 2017 had a positive impact on the segment’s adjusted net operating income of $17 million compared to a positive impact of $85 million in the fourth quarter of 2016.

The segment’s cash flow from operating activities was $992 million in the fourth quarter of 2017, 2.9 times higher than $340 million in the fourth quarter of 2016. Operating cash flow in the fourth quarter of 2017 excluding the change in working capital at replacement cost of $371 million ($(77) million in the fourth quarter of 2016) was $621 million, an increase of 49% compared to $417 million in the fourth quarter of 2016. Operating cash flow for the fourth quarter of 2017 excluding the change in working capital at replacement cost and without financial charges was $644 million compared to $440 million in the fourth quarter of 2016, an increase of 46%.

For the full-year 2017, the segment’s cash flow from operating activities was $2,130 million, an increase of 21% compared to $1,754 million in 2016. Operating cash flow for the full-year 2017 excluding the change in working capital at replacement cost of $(21) million ($(133) million in 2016) was $2,151 million, an increase of 14% compared to $1,887 million in 2016. Operating cash flow for the full-year 2017 excluding the change in working capital at replacement cost and without financial charges was $2,242 million compared to $1,996 million in 2016, an increase of 14%.

C. GROUP RESULTS

Net income (Group share)

Net income (Group share) was $1,021 million in the fourth quarter of 2017, an increase of 86% compared to $548 million in the fourth quarter of 2016. It was $8,631 million for the full-year 2017 compared to $6,196 million in 2016, an increase of 39%.

Adjusted net income excludes the after-tax inventory effect, special items and the impact of changes in fair value.

Total adjustments affecting net income (Group share)⁽¹⁾ were:

• -$1,851 million in the fourth quarter of 2017, including an impairment of Gladstone LNG in Australia and assets in Congo; and

• -$1,947 million for the full-year 2017, including mainly an impairment of Fort Hills in Canada, Gladstone LNG in Australia and assets in Congo, partially offset by a gain on the sale of Atotech.

Adjusted net income was $2,872 million in the fourth quarter of 2017, an increase of 19% compared to the fourth quarter of 2016, and $10,578 million for the full-year 2017, an increase of 28% compared to $8,287 million in 2016. The increase was the result of a much higher contribution from Exploration & Production and the continued decrease in the Group’s breakeven.

The number of fully-diluted shares was 2,536 million on December 31, 2017, compared to 2,436 million on December 31, 2016.

Divestments — acquisitions

Asset sales completed were:

• $1,119 million in the fourth quarter of 2017, comprised mainly of the sale of mature assets in Gabon, Gina Krog in Norway and part of the interest in the Fort Hills project in Canada, compared to $416 million in the fourth quarter of 2016; and

• $4,239 million for the full-year 2017, essentially comprised of the sale of Atotech, mature assets in Gabon, Gina Krog in Norway, part of the interest in the Fort Hills project in Canada, the SPMR pipeline and LPG activities in Germany, compared to $1,864 million in 2016.

⁽¹⁾  Details shown on page 13 of this exhibit.

8

Acquisitions completed were:

• $313 million in the fourth quarter of 2017, mainly comprised of the acquisitions of a 23% equity share in EREN Renewable Energy and a 12.5% equity share in the Anchor license in the United States, compared to $616 million in the fourth quarter of 2016; and

• $1,476 million for the full-year 2017, mainly comprised of the bonus related to the license for Elk-Antelope in Papua New Guinea, a marketing and logistics network in East Africa and a 23% equity share in Tellurian, compared to $2,033 million in 2016.

In addition, in early January 2018, the Group finalized the acquisition of assets in Brazil from Petrobras for $1.95 billion as well as the sale of TotalErg in Italy for $415 million (including the B2B and LPG business).

Cash flow

The Group’s cash flow from operating activities in the fourth quarter of 2017 was $8,615 million, an increase of 23% compared to $7,018 million in the fourth quarter of 2016. The change in working capital at replacement cost in the fourth quarter of 2017, which is the (increase)/decrease in working capital of $2,206 million as determined in accordance with IFRS adjusted for the pre-tax inventory valuation effect of $454 million, was $2,660 million compared to $2,260 million in the fourth quarter of 2016. Operating cash flow excluding the change in working capital at replacement cost in the fourth quarter of 2017 was $5,955 million, an increase of 25% compared to $4,758 million in the fourth quarter of 2016. Operating cash flow for the fourth quarter of 2017 excluding the change in working capital at replacement cost and without financial charges (debt adjusted cash flow, “DACF”) was $6,233 million, an increase of 26% compared to $4,964 million in the fourth quarter of 2016. The Group’s net cash flow⁽¹⁾ was $2,317 million in the fourth quarter of 2017 compared to $(170) million in the fourth quarter of 2016, mainly due to the increase in operating cash flow before working capital changes and the increase in asset sales this quarter, leading to a decrease in net investments.

For the full-year 2017, the Group’s cash flow from operating activities was $22,319 million, an increase of 35% compared to $16,521 million in 2016. The change in working capital at replacement cost for the full-year 2017, which is the (increase)/decrease in working capital of $827 million as determined in accordance with IFRS adjusted for the pre-tax inventory valuation effect of $357 million, was $1,184 million compared to $(467) million in 2016. Operating cash flow excluding the change in working capital at replacement cost for the full-year 2017 was $21,135 million, an increase of 24% compared to $16,988 million in 2016. Operating cash flow for the full-year 2017 excluding the change in working capital at replacement cost and without financial charges (DACF) was $22,183 million, an increase of 26% compared to $17,581 million in 2016. The Group’s net cash flow was $9,499 million for the full-year 2017 compared to $(769) million in 2016, mainly due to the nearly $4 billion increase in operating cash flow before working capital changes, the decrease in net investments related to the $3 billion decrease in organic investments and the sale of Atotech.

D. RETURN ON EQUITY

Return on equity for the twelve months ended December 31, 2017, was 10.1%, an increase compared to last year.

in millions of dollars	01/01/2017 – 12/31/2017			10/01/2016 – 09/30/2017			01/01/2016 – 12/31/2016
Adjusted net income		10,762			10,244			8,447
Average adjusted shareholders’ equity		106,078			105,130			96,929
Return on equity (ROE)		10.1	%		9.7	%		8.7	%

Return on average capital employed increased to 9.4% in 2017 from 7.5% in 2016.

in millions of dollars	01/01/2017 – 12/31/2017			10/01/2016 – 09/30/2017			01/01/2016 – 12/31/2016
Adjusted net income		11,958			11,298			9,274
Average capital employed		127,575			130,860			124,283
ROACE		9.4	%		8.6	%		7.5	%

⁽¹⁾  “Net cash flow” = operating cash flow before working capital changes – net investments (including other transactions with non-controlling interests).

9

E. PROPOSED DIVIDEND

The Board of Directors met on February 7, 2018 and decided to propose to the Combined Shareholders’ Meeting, which will be held on June 1, 2018, an annual dividend of €2.48/share for 2017, a 1.2% increase compared to 2016. Given the three previous 2016 interim quarterly dividends of €0.62/share, a fourth quarter 2017 dividend of €0.62/share is therefore proposed.

The Board of Directors also decided to propose to the Combined Shareholders’ Meeting the alternative for shareholders to receive the fourth quarter 2017 dividend in cash or in new shares of the company without a discount. Subject to approval at the Combined Shareholders’ Meeting, the ex-dividend date for the fourth quarter dividend will be June 11, 2018, and the payment of the dividend in cash or the delivery of the shares issued in lieu of the dividend in cash is set for June 28, 2018.

F. SENSITIVITIES 2018^(a)

	Scenario retained	Change	Estimated impact on adjusted net operating income	Estimated impact on cash flow from operations
Dollar	$1.2/€	+/- $0.1 per €	-/+ $0.1 B	≈ $0 B
Brent	$50/b	+/- $10/b	+/- $2.3 B	+/- $2.8 B
European refining margin indicator (ERMI)	$35/t	+/- $10/t	+/- $0.5 B	+/- $0.6 B

^(a)  Sensitivities are revised once per year upon publication of the previous year’s fourth quarter results. Sensitivities are estimates based on assumptions about the Group’s portfolio in 2018. Actual results could vary significantly from estimates based on the application of these sensitivities. The impact of the $-€ sensitivity on adjusted net operating income is essentially attributable to Refining & Chemicals.

G. SUMMARY AND OUTLOOK

Since the end of 2017, Brent has been trading between $65-70/b, supported by strong demand (+1.6 Mb/d in 2017), the extended production cuts by OPEC and Russia and a decrease in crude oil inventories, which, nevertheless, remain higher than the past five-year average, which could contribute to continuing price volatility. The Group maintains its strategy to cut costs with the objective of achieving over $4 billion of cost savings in 2018 and production costs of $5.5/boe for the year. Organic investments are projected at around $14 billion in 2018, in line with the target of $13-15 billion.

In the Upstream, production is expected to increase by 6% in 2018, confirming the objective to grow by 5% per year on average between 2016 and 2022. As a result of this growth and the portfolio mix, the Group’s cash flow sensitivity to a $10/b change in the price of Brent increases to $2.8 billion in 2018 from $2.5 billion in 2017. The Group intends to take advantage of the favorable cost environment by continuing to launch projects in 2018. The growing demand for LNG supports the Group’s strategy to develop along the integrated gas value chain, as illustrated by the announced acquisition of Engie’s LNG portfolio.

In a context of sharply higher oil prices, rising refined product inventories, due to high global refining utilization rates, and seasonally weak winter demand, refining margins have decreased since December 2017. Despite the current weakness in refining margins, the Downstream is expected to generate $7 billion of operating cash flow once again this year. Refining & Chemicals continues to expand its high-return integrated platforms notably in the United States and in Asia–Middle East. Marketing & Services continues to pursue its growth strategy in high-potential markets.

The Group’s pre-dividend organic breakeven is continuing to fall with an objective of $25/b in 2018.

After a period of heavy investment, the Group’s cash flow generation is growing strongly, driven by an increase in production that is at the best level among the majors. The Group has taken advantage of the low part of the oil price cycle to acquire high-quality resources at attractive prices and emerge stronger with better visibility on its cash flow generation and a net-debt-to-capital ratio below 20%⁽¹⁾. In this context, the Board of Directors is proposing a shareholder return policy for the coming three years comprised of dividend increases and share buybacks.

⁽¹⁾  Excluding IFRS16 impact (under evaluation).

10

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.

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”, “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, 2016.

11

OPERATING INFORMATION BY SEGMENT

• Exploration & Production

4Q17		3Q17		4Q16		4Q17 vs 4Q16		Combined liquids and gas production by region (kboe/d)	2017		2016		2017 vs 2016
	765		730		752		+2%	Europe and Central Asia		762		757		+1%
	659		665		625		+5%	Africa		654		634		+3%
	595		592		503		+18%	Middle East and North Africa		559		517		+8%
	356		357		319		+11%	Americas		348		279		+25%
	239		237		263		-9%	Asia-Pacific		244		265		-8%
	2,613		2,581		2,462		+6%	Total production		2,566		2,452		+5%
	656		659		561		+17%	• Including equity affiliates		639		600		+7%
4Q17		3Q17		4Q16		4Q17 vs 4Q16		Liquids production by region (kb/d)	2017		2016		2017 vs 2016
	265		257		258		+3%	Europe and Central Asia		265		249		+6%
	501		517		483		+4%	Africa		502		509		-1%
	457		452		365		+25%	Middle East and North Africa		419		373		+12%
	137		138		121		+13%	Americas		132		109		+20%
	29		29		30		-2%	Asia-Pacific		28		31		-7%
	1,389		1,392		1,257		+11%	Total production		1,346		1,271		+6%
	311		311		233		+34%	• Including equity affiliates		283		247		+15%
4Q17		3Q17		4Q16		4Q17 vs 4Q16		Gas production by region (Mcf/d)	2017		2016		2017 vs 2016
	2,657		2,556		2,665		—	Europe and Central Asia		2,672		2,737		-2%
	980		663		710		+38%	Africa		759		621		+22%
	759		778		767		-1%	Middle East and North Africa		772		795		-3%
	1,225		1,228		1,108		+11%	Americas		1,212		944		+28%
	1,211		1,202		1,347		-10%	Asia-Pacific		1,247		1,350		-8%
	6,832		6,427		6,597		+4%	Total production		6,662		6,447		+3%
	2,022		1,798		1,779		+14%	• Including equity affiliates		1,916		1,894		+1%
4Q17		3Q17		4Q16		4Q17 vs 4Q16		Liquefied natural gas	2017		2016		2017 vs 2016
	2.67		2.95		2.75		-3%	LNG sales(a) (Mt)		11.23		10.99		+2%

^(a)  Sales, Group share, excluding trading; 2017 data restated to reflect volume estimates for Bontang LNG in Indonesia based on the 2017 SEC coefficient.

• Downstream (Refining & Chemicals and Marketing & Services)

4Q17		3Q17(a)		4Q16		4Q17 vs 4Q16		Refined product sales by region (kb/d)(b)	2017		2016		2017 vs 2016
	2,034		2,246		2,330		-13%	Europe		2,142		2,355		-9%
	637		633		569		+12%	Africa		604		551		+10%
	479		537		313		+53%	Americas		560		517		+8%
	692		728		997		-31%	Rest of world		713		760		-6%
	3,842		4,144		4,209		-9%	Total consolidated sales		4,019		4,183		-4%
	587		583		678		-13%	• Including bulk sales		581		700		-17%
	1,434		1,754		1,723		-17%	• Including trading		1,659		1,690		-2%

(a)	3Q2017 data restated.
(b)	Includes share of TotalErg.

12

ADJUSTMENT ITEMS

• Adjustments to net income (Group share)

4Q17			3Q17			4Q16			in millions of dollars	2017			2016
	(2,218	)		(123	)		(2,133	)	Special items affecting net income (Group share)		(2,213	)		(2,567	)
	188			—			(45	)	• Gain (loss) on asset sales		2,452			267
	(5	)		(2	)		(10	)	• Restructuring charges		(66	)		(32	)
	(2,060	)		(74	)		(1,886	)	• Impairments		(3,884	)		(2,097	)
	(341	)		(47	)		(192	)	• Other		(715	)		(705	)
	354			183			262		After-tax inventory effect: FIFO vs. replacement cost		282			479
	13			(10	)		12		Effect of changes in fair value		(16	)		(3	)
	(1,851	)		50			(1,859	)	Total adjustments affecting net income		(1,947	)		(2,091	)

INVESTMENTS — DIVESTMENTS

4Q17			3Q17			4Q16			4Q17 vs 4Q16		in millions of dollars	2017			2016			2017 vs 2016
	4,442			3,060			4,728			-6%	Organic investments		14,395			17,484			-18%
	181			161			119			+52%	• Capitalized exploration		619			655			-5%
	207			153			157			+32%	• Increase in non-current loans		961			1,121			-14%
	(348	)		(337	)		(511	)		-32%	• Repayment of non-current loans		(1,025	)		(1,013	)		+1%
	313			513			616			-49%	Acquisitions		1,476			2,033			-27%
	1,119			202			416			x2.7	Asset sales		4,239			1,864			x2.3
	(2	)		(2	)		—			n/a	Other transactions with non-controlling interests		(4	)		(104	)		n/a
	3,638			3,373			4,928			-26%	Net investments		11,636			17,757			-34%

NET-DEBT-TO-EQUITY RATIO

Current borrowings	12/31/2017			06/30/2017			12/31/2016
Current borrowings		11,096			11,206			13,920
Net current financial assets		(3,148	)		(2,306	)		(4,221	)
Net financial assets classified as held for sale		0			(2	)		(140	)
Non-current financial debt		41,340			40,226			43,067
Hedging instruments of non-current debt		(679	)		(626	)		(908	)
Cash and cash equivalents		(33,185	)		(28,583	)		(24,597	)
Net debt		15,424			19,915			27,121
Shareholders’ equity – Group share		111,556			109,801			98,680
Estimated dividend payable		(1,874	)		(1,826	)		(1,581	)
Non-controlling interests		2,481			2,799			2,894
Adjusted shareholders’ equity		112,163			110,774			99,993
Net-debt-to-equity ratio		13.8	%		18.0	%		27.1	%
Net-debt-to-capital ratio(a)		12.1	%		15.2	%		21.3	%

^(a)  Net debt / (adjusted shareholders’ equity + net debt).

13

RETURN ON AVERAGE CAPITAL EMPLOYED

• Full-year 2017

in millions of dollars	Exploration & Production			Gas, Renewables & Power			Refining & Chemicals			Marketing & Services
Adjusted net operating income		5,985			485			3,790			1,676
Capital employed at 12/30/2016(a)		107,617			4,976			11,618			5,884
Capital employed at 12/30/2017(a)		107,921			4,692			11,045			6,929
ROACE		5.6	%		10.0	%		33.4	%		26.2	%

^(a)  At replacement cost (excluding after-tax inventory effect).

• Twelve months ended September 30, 2017

in millions of dollars	Exploration & Production			Gas, Renewables & Power			Refining & Chemicals			Marketing & Services
Adjusted net operating income		5,187			385			4,035			1,646
Capital employed at 09/30/2016(a)		109,210			6,058			12,034			5,704
Capital employed at 09/30/2017(a)		110,114			5,388			11,919			6,871
ROACE		4.7	%		6.7	%		33.7	%		26.2	%

^(a)  At replacement cost (excluding after-tax inventory effect).

• Full-year 2016

in millions of dollars	Exploration & Production			Gas, Renewables & Power			Refining & Chemicals			Marketing & Services
Adjusted net operating income		3,217			439			4,195			1,559
Capital employed at 12/31/2015(a)		103,791			4,340			10,454			5,875
Capital employed at 12/31/2016(a)		107,617			4,975			11,618			5,884
ROACE		3.0	%		9.4	%		38.0	%		26.5	%

^(a)  At replacement cost (excluding after-tax inventory effect).

14

MAIN INDICATORS

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

	€/$		Brent ($/b)		Average liquids price(a) ($/b)		Average gas price ($/Mbtu)(a)		ERMI(b) ($/t)(c)
Fourth quarter 2017		1.18		61.3		57.6		4.23		35.5
Third quarter 2017		1.17		52.1		48.9		4.05		48.2
Second quarter 2017		1.10		49.6		45.1		3.93		41.0
First quarter 2017		1.06		53.7		49.2		4.10		38.9
Fourth quarter 2016		1.08		49.3		46.1		3.89		41.0

(a)	Consolidated subsidiaries, excluding fixed margin contracts, including hydrocarbon production overlifting/underlifting position valued at market price.
(b)	The European refining margin indicator (“ERMI”) is a Group indicator 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 the Group in any period because of the Group’s particular refinery configurations, product mix effects or other company-specific operating conditions.
(c)	$1/t = $0.136/b.

Disclaimer: data is based on TOTAL’s reporting, is not audited and is subject to change.

15

CONSOLIDATED STATEMENT OF INCOME

TOTAL

(unaudited)

(M$) (a)	4th quarter 2017			3rd quarter 2017			4th quarter 2016
Sales		47,351			43,044			42,275
Excise taxes		(5,909	)		(5,962	)		(5,408	)
Revenues from sales		41,442			37,082			36,867
Purchases, net of inventory variation		(27,659	)		(24,367	)		(23,967	)
Other operating expenses		(6,586	)		(6,108	)		(6,791	)
Exploration costs		(287	)		(181	)		(260	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(5,691	)		(3,035	)		(4,939	)
Other income		512			404			337
Other expense		(570	)		(67	)		(473	)
Financial interest on debt		(352	)		(368	)		(299	)
Financial income and expense from cash & cash equivalents		(45	)		(45	)		(2	)
Cost of net debt		(397	)		(413	)		(301	)
Other financial income		240			204			203
Other financial expense		(159	)		(164	)		(161	)
Net income (loss) from equity affiliates		657			500			409
Income taxes		(772	)		(1,092	)		(437	)
Consolidated net income		730			2,763			487
Group share		1,021			2,724			548
Non-controlling interests		(291	)		39			(61	)
Earnings per share ($)		0.37			1.06			0.20
Fully-diluted earnings per share ($)		0.37			1.06			0.20

^(a)  Except for per share amounts.

16

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

TOTAL

(unaudited)

(M$)	4th quarter 2017			3rd quarter 2017			4th quarter 2016
Consolidated net income		730			2,763			487
Other comprehensive income
Actuarial gains and losses		794			(129	)		205
Tax effect		(373	)		36			(64	)
Currency translation adjustment generated by the parent company		1,432			2,420			(3,515	)
Items not potentially reclassifiable to profit and loss		1,853			2,327			(3,374	)
Currency translation adjustment		(585	)		(575	)		619
Available for sale financial assets		3			4			3
Cash flow hedge		174			116			94
Share of other comprehensive income of equity affiliates, net amount		(5	)		(209	)		458
Other		—			—			1
Tax effect		(49	)		(42	)		(32	)
Items potentially reclassifiable to profit and loss		(462	)		(706	)		1,143
Total other comprehensive income (net amount)		1,391			1,621			(2,231	)
Comprehensive income		2,121			4,384			(1,744	)
Group share		2,385			4,346			(1,676	)
Non-controlling interests		(264	)		38			(68	)

17

CONSOLIDATED STATEMENT OF INCOME

TOTAL

(M$) (a)	Year 2017 (unaudited)			Year 2016
Sales		171,493			149,743
Excise taxes		(22,394	)		(21,818	)
Revenues from sales		149,099			127,925
Purchases, net of inventory variation		(99,411	)		(83,377	)
Other operating expenses		(24,966	)		(24,302	)
Exploration costs		(864	)		(1,264	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(16,103	)		(13,523	)
Other income		3,811			1,299
Other expense		(1,034	)		(1,027	)
Financial interest on debt		(1,396	)		(1,108	)
Financial income and expense from cash & cash equivalents		(138	)		4
Cost of net debt		(1,534	)		(1,104	)
Other financial income		957			971
Other financial expense		(642	)		(636	)
Net income (loss) from equity affiliates		2,015			2,214
Income taxes		(3,029	)		(970	)
Consolidated net income		8,299			6,206
Group share		8,631			6,196
Non-controlling interests		(332	)		10
Earnings per share ($)		3.36			2.52
Fully-diluted earnings per share ($)		3.34			2.51

^(a)  Except for per share amounts.

18

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

TOTAL

(M$)	Year 2017 (unaudited)			Year 2016
Consolidated net income		8,299			6,206
Other comprehensive income
Actuarial gains and losses		823			(371	)
Tax effect		(390	)		55
Currency translation adjustment generated by the parent company		9,316			(1,548	)
Items not potentially reclassifiable to profit and loss		9,749			(1,864	)
Currency translation adjustment		(2,578	)		(1,098	)
Available for sale financial assets		7			4
Cash flow hedge		324			239
Share of other comprehensive income of equity affiliates, net amount		(677	)		935
Other		—			1
Tax effect		(100	)		(76	)
Items potentially reclassifiable to profit and loss		(3,024	)		5
Total other comprehensive income (net amount)		6,725			(1,859	)
Comprehensive income		15,024			4,347
Group share		15,312			4,336
Non-controlling interests		(288	)		11

19

CONSOLIDATED BALANCE SHEET

TOTAL

(M$)	December 31, 2017 (unaudited)			September 30, 2017 (unaudited)			December 31, 2016
ASSETS
Non-current assets
Intangible assets, net		14,587			14,891			15,362
Property, plant and equipment, net		109,397			113,491			111,971
Equity affiliates : investments and loans		22,103			22,130			20,576
Other investments		1,727			1,124			1,133
Non-current financial assets		679			626			908
Deferred income taxes		5,206			5,345			4,368
Other non-current assets		3,984			4,291			4,143
Total non-current assets		157,683			161,898			158,461
Current assets
Inventories, net		16,520			14,769			15,247
Accounts receivable, net		14,893			13,738			12,213
Other current assets		14,210			13,944			14,835
Current financial assets		3,393			2,579			4,548
Cash and cash equivalents		33,185			28,583			24,597
Assets classified as held for sale		2,747			997			1,077
Total current assets		84,948			74,610			72,517
Total assets		242,631			236,508			230,978
LIABILITIES & SHAREHOLDERS’ EQUITY
Shareholders’ equity
Common shares		7,882			7,806			7,604
Paid-in surplus and retained earnings		112,040			111,128			105,547
Currency translation adjustment		(7,908	)		(8,675	)		(13,871	)
Treasury shares		(458	)		(458	)		(600	)
Total shareholders’ equity - Group share		111,556			109,801			98,680
Non-controlling interests		2,481			2,799			2,894
Total shareholders’ equity		114,037			112,600			101,574
Non-current liabilities
Deferred income taxes		10,828			11,326			11,060
Employee benefits		3,735			4,384			3,746
Provisions and other non-current liabilities		15,986			17,140			16,846
Non-current financial debt		41,340			40,226			43,067
Total non-current liabilities		71,889			73,076			74,719
Current liabilities
Accounts payable		26,479			21,092			23,227
Other creditors and accrued liabilities		17,779			17,740			16,720
Current borrowings		11,096			11,206			13,920
Other current financial liabilities		245			273			327
Liabilities directly associated with the assets classified as held for sale		1,106			521			491
Total current liabilities		56,705			50,832			54,685
Total liabilities & shareholders’ equity		242,631			236,508			230,978

20

CONSOLIDATED STATEMENT OF CASH FLOW

TOTAL

(unaudited)

(M$)	4th quarter 2017			3rd quarter 2017			4th quarter 2016
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income		730			2,763			487
Depreciation, depletion, amortization and impairment		5,857			3,164			5,030
Non-current liabilities, valuation allowances and deferred taxes		(44	)		(93	)		(275	)
(Gains) losses on disposals of assets		(71	)		(144	)		58
Undistributed affiliates’ equity earnings		(54	)		(110	)		65
(Increase) decrease in working capital		2,206			(1,057	)		1,913
Other changes, net		(9	)		(160	)		(260	)
Cash flow from operating activities		8,615			4,363			7,018
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions		(4,662	)		(3,104	)		(5,742	)
Acquisitions of subsidiaries, net of cash acquired		(3	)		(472	)		118
Investments in equity affiliates and other securities		(231	)		(181	)		(74	)
Increase in non-current loans		(207	)		(153	)		(157	)
Total expenditures		(5,103	)		(3,910	)		(5,855	)
Proceeds from disposals of intangible assets and property, plant and equipment		901			55			413
Proceeds from disposals of subsidiaries, net of cash sold		213			—			—
Proceeds from disposals of non-current investments		5			147			3
Repayment of non-current loans		348			337			511
Total divestments		1,467			539			927
Cash flow used in investing activities		(3,636	)		(3,371	)		(4,928	)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders		33			65			60
- Treasury shares		—			—			—
Dividends paid:
- Parent company shareholders		(643	)		—			(534	)
- Non-controlling interests		(54	)		(11	)		(16	)
Issuance of perpetual subordinated notes		—			—			2,761
Payments on perpetual subordinated notes		(57	)		—			—
Other transactions with non-controlling interests		(2	)		(2	)		—
Net issuance (repayment) of non-current debt		1,531			400			(105	)
Increase (decrease) in current borrowings		(878	)		(3,717	)		(335	)
Increase (decrease) in current financial assets and liabilities		(916	)		1,182			(3,006	)
Cash flow used in financing activities		(986	)		(2,083	)		(1,175	)
Net increase (decrease) in cash and cash equivalents		3,993			(1,091	)		915
Effect of exchange rates		609			954			(1,119	)
Cash and cash equivalents at the beginning of the period		28,583			28,720			24,801
Cash and cash equivalents at the end of the period		33,185			28,583			24,597

21

CONSOLIDATED STATEMENT OF CASH FLOW

TOTAL

(M$)	Year 2017 (unaudited)			Year 2016
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income		8,299			6,206
Depreciation, depletion, amortization and impairment		16,611			14,423
Non-current liabilities, valuation allowances and deferred taxes		(384	)		(1,559	)
(Gains) losses on disposals of assets		(2,598	)		(263	)
Undistributed affiliates’ equity earnings		42			(643	)
(Increase) decrease in working capital		827			(1,119	)
Other changes, net		(478	)		(524	)
Cash flow from operating activities		22,319			16,521
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions		(13,767	)		(18,106	)
Acquisitions of subsidiaries, net of cash acquired		(800	)		(1,123	)
Investments in equity affiliates and other securities		(1,368	)		(180	)
Increase in non-current loans		(961	)		(1,121	)
Total expenditures		(16,896	)		(20,530	)
Proceeds from disposals of intangible assets and property, plant and equipment		1,036			1,462
Proceeds from disposals of subsidiaries, net of cash sold		2,909			270
Proceeds from disposals of non-current investments		294			132
Repayment of non-current loans		1,025			1,013
Total divestments		5,264			2,877
Cash flow used in investing activities		(11,632	)		(17,653	)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders		519			100
- Treasury shares		—			—
Dividends paid:
- Parent company shareholders		(2,643	)		(2,661	)
- Non-controlling interests		(141	)		(93	)
Issuance of perpetual subordinated notes		—			4,711
Payments on perpetual subordinated notes		(276	)		(133	)
Other transactions with non-controlling interests		(4	)		(104	)
Net issuance (repayment) of non-current debt		2,277			3,576
Increase (decrease) in current borrowings		(7,175	)		(3,260	)
Increase (decrease) in current financial assets and liabilities		1,903			1,396
Cash flow used in financing activities		(5,540	)		3,532
Net increase (decrease) in cash and cash equivalents		5,147			2,400
Effect of exchange rates		3,441			(1,072	)
Cash and cash equivalents at the beginning of the period		24,597			23,269
Cash and cash equivalents at the end of the period		33,185			24,597

22

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

TOTAL

(2017 unaudited)

	Common shares issued						Paid-in						Treasury shares
(M$)	Number			Amount			surplus and retained earnings			Currency translation adjustment			Number			Amount			Shareholders’ equity - Group share			Non- controlling interests			Total shareholders’ equity
As of January 1, 2016		2,440,057,883			7,670			101,528			(12,119	)		(113,967,758	)		(4,585	)		92,494			2,915			95,409
Net income 2016		—			—			6,196			—			—			—			6,196			10			6,206
Other comprehensive Income		—			—			(108	)		(1,752	)		—			—			(1,860	)		1			(1,859	)
Comprehensive Income		—			—			6,088			(1,752	)		—			—			4,336			11			4,347
Dividend		—			—			(6,512	)		—			—			—			(6,512	)		(93	)		(6,605	)
Issuance of common shares		90,639,247			251			3,553			—			—			—			3,804			—			3,804
Purchase of treasury shares		—			—			—			—			—			—			—			—			—
Sale of treasury shares (1)		—			—			(163	)		—			3,048,668			163			—			—			—
Share-based payments		—			—			112			—			—			—			112			—			112
Share cancellation		(100,331,268	)		(317	)		(3,505	)		—			100,331,268			3,822			—			—			—
Issuance of perpetual subordinated notes		—			—			4,711			—			—			—			4,711			—			4,711
Payments on perpetual subordinated notes		—			—			(203	)		—			—			—			(203	)		—			(203	)
Other operations with non-controlling interests		—			—			(98	)		—			—			—			(98	)		(43	)		(141	)
Other items		—			—			36			—			—			—			36			104			140
As of December 31, 2016		2,430,365,862			7,604			105,547			(13,871	)		(10,587,822	)		(600	)		98,680			2,894			101,574
Net income 2017		—			—			8,631			—			—			—			8,631			(332	)		8,299
Other comprehensive Income		—			—			718			5,963			—			—			6,681			44			6,725
Comprehensive Income		—			—			9,349			5,963			—			—			15,312			(288	)		15,024
Dividend		—			—			(6,992	)		—			—			—			(6,992	)		(141	)		(7,133	)
Issuance of common shares		98,623,754			278			4,431			—			—			—			4,709			—			4,709
Purchase of treasury shares		—			—			—			—			—			—			—			—			—
Sale of treasury shares (1)		—			—			(142	)		—			2,211,066			142			—			—			—
Share-based payments		—			—			151			—			—			—			151			—			151
Share cancellation		—			—			—			—			—			—			—			—			—
Issuance of perpetual subordinated notes		—			—			—			—			—			—			—			—			—
Payments on perpetual subordinated notes		—			—			(302	)		—			—			—			(302	)		—			(302	)
Other operations with non-controlling interests		—			—			(8	)		—			—			—			(8	)		4			(4	)
Other items		—			—			6			—			—			—			6			12			18
As of December 31, 2017		2,528,989,616			7,882			112,040			(7,908	)		(8,376,756	)		(458	)		111,556			2,481			114,037

⁽¹⁾  Treasury shares related to the restricted stock grants.

23

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

4th quarter 2017 (M$)	Exploration & Production			Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		2,185			4,083			20,661			20,419			3			—			47,351
Intersegment sales		6,506			311			7,890			207			90			(15,004	)		—
Excise taxes		—			—			(828	)		(5,081	)		—			—			(5,909	)
Revenues from sales		8,691			4,394			27,723			15,545			93			(15,004	)		41,442
Operating expenses		(3,806	)		(4,385	)		(26,191	)		(14,849	)		(305	)		15,004			(34,532	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(4,890	)		(319	)		(284	)		(185	)		(13	)		—			(5,691	)
Operating income		(5	)		(310	)		1,248			511			(225	)		—			1,219
Net income (loss) from equity affiliates and other items		348			51			199			76			6			—			680
Tax on net operating income		(537	)		(86	)		(67	)		(157	)		55			—			(792	)
Net operating income		(194	)		(345	)		1,380			430			(164	)		—			1,107
Net cost of net debt																				(377	)
Non-controlling interests																				291
Net income - group share																				1,021
4th quarter 2017 (adjustments) (a) (M$)	Exploration & Production			Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		—			21			—			—			—			—			21
Intersegment sales		—			—			—			—			—			—			—
Excise taxes		—			—			—			—			—			—			—
Revenues from sales		—			21			—			—			—			—			21
Operating expenses		—			(243	)		355			33			—			—			145
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,382	)		(266	)		(3	)		(10	)		—			—			(2,661	)
Operating income (b)		(2,382	)		(488	)		352			23			—			—			(2,495	)
Net income (loss) from equity affiliates and other items		(112	)		(22	)		9			(19	)		—			—			(144	)
Tax on net operating income		495			(67	)		133			(10	)		(136	)		—			415
Net operating income (b)		(1,999	)		(577	)		494			(6	)		(136	)		—			(2,224	)
Net cost of net debt																				(8	)
Non-controlling interests																				381
Net income - group share																				(1,851	)
(a)   Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
(b)   Of which inventory valuation effect
On operating income		—			—			423			31			—
On net operating income		—			—			354			11			—
4th quarter 2017 (adjusted) (M$)	Exploration & Production			Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		2,185			4,062			20,661			20,419			3			—			47,330
Intersegment sales		6,506			311			7,890			207			90			(15,004	)		—
Excise taxes		—			—			(828	)		(5,081	)		—			—			(5,909	)
Revenues from sales		8,691			4,373			27,723			15,545			93			(15,004	)		41,421
Operating expenses		(3,806	)		(4,142	)		(26,546	)		(14,882	)		(305	)		15,004			(34,677	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,508	)		(53	)		(281	)		(175	)		(13	)		—			(3,030	)
Adjusted operating income		2,377			178			896			488			(225	)		—			3,714
Net income (loss) from equity affiliates and other items		460			73			190			95			6			—			824
Tax on net operating income		(1,032	)		(19	)		(200	)		(147	)		191			—			(1,207	)
Adjusted net operating income		1,805			232			886			436			(28	)		—			3,331
Net cost of net debt																				(369	)
Non-controlling interests																				(90	)
Adjusted net income - group share																				2,872
4th quarter 2017 (M$)	Exploration & Production			Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Total expenditures		3,490			306			710			570			27			—			5,103
Total divestments		1,334			46			36			45			6			—			1,467
Cash flow from operating activities		3,826			657			3,041			992			99			—			8,615

24

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

3rd quarter 2017 (M$)	Exploration & Production			Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		2,121			2,903			18,923			19,086			11			—			43,044
Intersegment sales		5,665			286			6,592			207			89			(12,839	)		—
Excise taxes		—			—			(799	)		(5,163	)		—			—			(5,962	)
Revenues from sales		7,786			3,189			24,716			14,130			100			(12,839	)		37,082
Operating expenses		(3,632	)		(3,117	)		(23,110	)		(13,386	)		(250	)		12,839			(30,656	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,548	)		(51	)		(258	)		(170	)		(8	)		—			(3,035	)
Operating income		1,606			21			1,348			574			(158	)		—			3,391
Net income (loss) from equity affiliates and other items		521			12			179			133			32			—			877
Tax on net operating income		(745	)		7			(379	)		(173	)		100			—			(1,190	)
Net operating income		1,382			40			1,148			534			(26	)		—			3,078
Net cost of net debt																				(315	)
Non-controlling interests																				(39	)
Net income - group share																				2,724
3rd quarter 2017 (adjustments) (a) (M$)	Exploration & Production			Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		—			(14	)		—			—			—			—			(14	)
Intersegment sales		—			—			—			—			—			—			—
Excise taxes		—			—			—			—			—			—			—
Revenues from sales		—			(14	)		—			—			—			—			(14	)
Operating expenses		(2	)		(32	)		166			51			—			—			183
Depreciation, depletion and impairment of tangible assets and mineral interests		(57	)		—			—			—			—			—			(57	)
Operating income (b)		(59	)		(46	)		166			51			—			—			112
Net income (loss) from equity affiliates and other items		(2	)		(15	)		12			(5	)		—			—			(10	)
Tax on net operating income		4			4			(50	)		(18	)		—			—			(60	)
Net operating income (b)		(57	)		(57	)		128			28			—			—			42
Net cost of net debt																				(7	)
Non-controlling interests																				15
Net income - group share																				50
(a)   Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
(b)   Of which inventory valuation effect
On operating income		—			—			210			51			—
On net operating income		—			—			156			36			—
3rd quarter 2017 (adjusted) (M$)	Exploration & Production			Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		2,121			2,917			18,923			19,086			11			—			43,058
Intersegment sales		5,665			286			6,592			207			89			(12,839	)		—
Excise taxes		—			—			(799	)		(5,163	)		—			—			(5,962	)
Revenues from sales		7,786			3,203			24,716			14,130			100			(12,839	)		37,096
Operating expenses		(3,630	)		(3,085	)		(23,276	)		(13,437	)		(250	)		12,839			(30,839	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,491	)		(51	)		(258	)		(170	)		(8	)		—			(2,978	)
Adjusted operating income		1,665			67			1,182			523			(158	)		—			3,279
Net income (loss) from equity affiliates and other items		523			27			167			138			32			—			887
Tax on net operating income		(749	)		3			(329	)		(155	)		100			—			(1,130	)
Adjusted net operating income		1,439			97			1,020			506			(26	)		—			3,036
Net cost of net debt																				(308	)
Non-controlling interests																				(54	)
Adjusted net income - group share																				2,674
3rd quarter 2017 (M$)	Exploration & Production			Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Total expenditures		3,228			99			357			190			36			—			3,910
Total divestments		339			—			24			150			26			—			539
Cash flow from operating activities		2,633			325			662			596			147			—			4,363

25

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

4th quarter 2016 (M$)	Exploration & Production			Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		2,066			3,675			19,077			17,454			3			—			42,275
Intersegment sales		5,187			306			6,707			257			82			(12,539	)		—
Excise taxes		—			—			(784	)		(4,624	)		—			—			(5,408	)
Revenues from sales		7,253			3,981			25,000			13,087			85			(12,539	)		36,867
Operating expenses		(3,724	)		(3,847	)		(23,155	)		(12,535	)		(296	)		12,539			(31,018	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(4,329	)		(193	)		(252	)		(154	)		(11	)		—			(4,939	)
Operating income		(800	)		(59	)		1,593			398			(222	)		—			910
Net income (loss) from equity affiliates and other items		25			(50	)		162			41			137			—			315
Tax on net operating income		(53	)		(5	)		(392	)		(132	)		77			—			(505	)
Net operating income		(828	)		(114	)		1,363			307			(8	)		—			720
Net cost of net debt																				(233	)
Non-controlling interests																				61
Net income - group share																				548
4th quarter 2016 (adjustments) (a) (M$)	Exploration & Production			Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		—			17			—			—			—			—			17
Intersegment sales		—			—			—			—			—			—			—
Excise taxes		—			—			—			—			—			—			—
Revenues from sales		—			17			—			—			—			—			17
Operating expenses		—			(64	)		379			(116	)		—			—			199
Depreciation, depletion and impairment of tangible assets and mineral interests		(1,889	)		(139	)		—			(1	)		—			—			(2,029	)
Operating income (b)		(1,889	)		(186	)		379			(117	)		—			—			(1,813	)
Net income (loss) from equity affiliates and other items		(406	)		(59	)		(32	)		(20	)		(4	)		—			(521	)
Tax on net operating income		460			(1	)		(115	)		38			1			—			383
Net operating income (b)		(1,835	)		(246	)		232			(99	)		(3	)		—			(1,951	)
Net cost of net debt																				(6	)
Non-controlling interests																				98
Net income - group share																				(1,859	)
(a)  Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
(b)  Of which inventory valuation effect
On operating income		—			—			380			(33	)		—
On net operating income		—			—			281			(14	)		—
4th quarter 2016 (adjusted) (M$)	Exploration & Production			Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		2,066			3,658			19,077			17,454			3			—			42,258
Intersegment sales		5,187			306			6,707			257			82			(12,539	)		—
Excise taxes		—			—			(784	)		(4,624	)		—			—			(5,408	)
Revenues from sales		7,253			3,964			25,000			13,087			85			(12,539	)		36,850
Operating expenses		(3,724	)		(3,783	)		(23,534	)		(12,419	)		(296	)		12,539			(31,217	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,440	)		(54	)		(252	)		(153	)		(11	)		—			(2,910	)
Adjusted operating income		1,089			127			1,214			515			(222	)		—			2,723
Net income (loss) from equity affiliates and other items		431			9			194			61			141			—			836
Tax on net operating income		(513	)		(4	)		(277	)		(170	)		76			—			(888	)
Adjusted net operating income		1,007			132			1,131			406			(5	)		—			2,671
Net cost of net debt																				(227	)
Non-controlling interests																				(37	)
Adjusted net income - group share																				2,407
4th quarter 2016 (M$)	Exploration & Production			Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Total expenditures		4,833			(118	)		566			500			74			—			5,855
Total divestments		818			29			15			65			—			—			927
Cash flow from operating activities		4,039			732			1,746			340			161			—			7,018

26

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

Year 2017 (M$)	Exploration & Production			Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		8,477			12,854			75,505			74,634			23			—			171,493
Intersegment sales		22,837			1,180			26,844			857			374			(52,092	)		—
Excise taxes		—			—			(3,008	)		(19,386	)		—			—			(22,394	)
Revenues from sales		31,314			14,034			99,341			56,105			397			(52,092	)		149,099
Operating expenses		(14,672	)		(13,828	)		(94,097	)		(53,629	)		(1,107	)		52,092			(125,241	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(13,850	)		(482	)		(1,074	)		(657	)		(40	)		—			(16,103	)
Operating income		2,792			(276	)		4,170			1,819			(750	)		—			7,755
Net income (loss) from equity affiliates and other items		1,546			31			2,979			497			54			—			5,107
Tax on net operating income		(2,233	)		(140	)		(944	)		(561	)		540			—			(3,338	)
Net operating income		2,105			(385	)		6,205			1,755			(156	)		—			9,524
Net cost of net debt																				(1,225	)
Non-controlling interests																				332
Net income - group share																				8,631
Year 2017 (adjustments) (a) (M$)	Exploration & Production			Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		—			(20	)		—			—			—			—			(20	)
Intersegment sales		—			—			—			—			—			—			—
Excise taxes		—			—			—			—			—			—			—
Revenues from sales		—			(20	)		—			—			—			—			(20	)
Operating expenses		(119	)		(389	)		167			(11	)		(64	)		—			(416	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(4,308	)		(291	)		(53	)		(10	)		—			—			(4,662	)
Operating income (b)		(4,427	)		(700	)		114			(21	)		(64	)		—			(5,098	)
Net income (loss) from equity affiliates and other items		(328	)		(116	)		2,177			102			—			—			1,835
Tax on net operating income		875			(54	)		124			(2	)		(114	)		—			829
Net operating income (b)		(3,880	)		(870	)		2,415			79			(178	)		—			(2,434	)
Net cost of net debt		—			—			—			—			—			—			(29	)
Non-controlling interests		—			—			—			—			—			—			516
Net income - group share		—			—			—			—			—			—			(1,947	)
(a)  Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
(b)  Of which inventory valuation effect
On operating income		—			—			344			13			—
On net operating income		—			—			298			(3	)		—
Year 2017 (adjusted) (M$)	Exploration & Production			Gas, Renewables & Power			Refining & Chemicals			Marketing &  Services			Corporate			Intercompany			Total
Non-Group sales		8,477			12,874			75,505			74,634			23			—			171,513
Intersegment sales		22,837			1,180			26,844			857			374			(52,092	)		—
Excise taxes		—			—			(3,008	)		(19,386	)		—			—			(22,394	)
Revenues from sales		31,314			14,054			99,341			56,105			397			(52,092	)		149,119
Operating expenses		(14,553	)		(13,439	)		(94,264	)		(53,618	)		(1,043	)		52,092			(124,825	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(9,542	)		(191	)		(1,021	)		(647	)		(40	)		—			(11,441	)
Adjusted operating income		7,219			424			4,056			1,840			(686	)		—			12,853
Net income (loss) from equity affiliates and other items		1,874			147			802			395			54			—			3,272
Tax on net operating income		(3,108	)		(86	)		(1,068	)		(559	)		654			—			(4,167	)
Adjusted net operating income		5,985			485			3,790			1,676			22			—			11,958
Net cost of net debt																				(1,196	)
Non-controlling interests																				(184	)
Adjusted net income - group share																				10,578
Year 2017 (M$)	Exploration & Production			Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Total expenditures		12,802			797			1,734			1,457			106			—			16,896
Total divestments		1,918			73			2,820			413			40			—			5,264
Cash flow from operating activities		11,459			993			7,440			2,130			297			—			22,319

27

BUSINESS SEGMENT INFORMATION

TOTAL

Year 2016 (M$)	Exploration & Production			Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		7,629			10,124			65,632			66,351			7			—			149,743
Intersegment sales		17,759			1,009			21,467			744			307			(41,286	)		—
Excise taxes		—			—			(3,544	)		(18,274	)		—			—			(21,818	)
Revenues from sales		25,388			11,133			83,555			48,821			314			(41,286	)		127,925
Operating expenses		(14,236	)		(10,993	)		(77,562	)		(46,432	)		(1,006	)		41,286			(108,943	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(11,583	)		(301	)		(1,002	)		(600	)		(37	)		—			(13,523	)
Operating income		(431	)		(161	)		4,991			1,789			(729	)		—			5,459
Net income (loss) from equity affiliates and other items		1,375			71			779			170			426			—			2,821
Tax on net operating income		401			(4	)		(1,244	)		(541	)		164			—			(1,224	)
Net operating income		1,345			(94	)		4,526			1,418			(139	)		—			7,056
Net cost of net debt																				(850	)
Non-controlling interests																				(10	)
Net income - group share																				6,196
Year 2016 (adjustments) (a) (M$)	Exploration & Production			Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		—			(231	)		—			—			—			—			(231	)
Intersegment sales		—			—			—			—			—			—			—
Excise taxes		—			—			—			—			—			—			—
Revenues from sales		—			(231	)		—			—			—			—			(231	)
Operating expenses		(691	)		(79	)		625			(136	)		—			—			(281	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,089	)		(139	)		—			(1	)		—			—			(2,229	)
Operating income (b)		(2,780	)		(449	)		625			(137	)		—			—			(2,741	)
Net income (loss) from equity affiliates and other items		(200	)		(135	)		(93	)		(40	)		(4	)		—			(472	)
Tax on net operating income		1,108			51			(201	)		36			1			—			995
Net operating income (b)		(1,872	)		(533	)		331			(141	)		(3	)		—			(2,218	)
Net cost of net debt																				(23	)
Non-controlling interests																				150
Net income - group share																				(2,091	)
(a)  Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
(b)  Of which inventory valuation effect
On operating income		—			—			695			(43	)		—
On net operating income		—			—			500			(13	)		—
Year 2016 (adjusted) (M$)	Exploration & Production			Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		7,629			10,355			65,632			66,351			7			—			149,974
Intersegment sales		17,759			1,009			21,467			744			307			(41,286	)		—
Excise taxes		—			—			(3,544	)		(18,274	)		—			—			(21,818	)
Revenues from sales		25,388			11,364			83,555			48,821			314			(41,286	)		128,156
Operating expenses		(13,545	)		(10,914	)		(78,187	)		(46,296	)		(1,006	)		41,286			(108,662	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(9,494	)		(162	)		(1,002	)		(599	)		(37	)		—			(11,294	)
Adjusted operating income		2,349			288			4,366			1,926			(729	)		—			8,200
Net income (loss) from equity affiliates and other items		1,575			206			872			210			430			—			3,293
Tax on net operating income		(707	)		(55	)		(1,043	)		(577	)		163			—			(2,219	)
Adjusted net operating income		3,217			439			4,195			1,559			(136	)		—			9,274
Net cost of net debt																				(827	)
Non-controlling interests																				(160	)
Adjusted net income - group share																				8,287
Year 2016 (M$)	Exploration & Production			Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Total expenditures		16,085			1,221			1,861			1,245			118			—			20,530
Total divestments		2,187			166			88			424			12			—			2,877
Cash flow from operating activities		9,010			538			4,585			1,754			634			—			16,521

28

Reconciliation of the information by business segment with consolidated financial statements

TOTAL

(unaudited)

4th quarter 2017 (M$)	Adjusted			Adjustments (a)			Consolidated statement of income
Sales		47,330			21			47,351
Excise taxes		(5,909	)		—			(5,909	)
Revenues from sales		41,421			21			41,442
Purchases, net of inventory variation		(28,020	)		361			(27,659	)
Other operating expenses		(6,370	)		(216	)		(6,586	)
Exploration costs		(287	)		—			(287	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(3,030	)		(2,661	)		(5,691	)
Other income		220			292			512
Other expense		(208	)		(362	)		(570	)
Financial interest on debt		(344	)		(8	)		(352	)
Financial income and expense from cash & cash equivalents		(45	)		—			(45	)
Cost of net debt		(389	)		(8	)		(397	)
Other financial income		240			—			240
Other financial expense		(159	)		—			(159	)
Net income (loss) from equity affiliates		731			(74	)		657
Income taxes		(1,187	)		415			(772	)
Consolidated net income		2,962			(2,232	)		730
Group share		2,872			(1,851	)		1,021
Non-controlling interests		90			(381	)		(291	)
(a)  Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
4th quarter 2016 (M$)	Adjusted			Adjustments (a)			Consolidated statement of income
Sales		42,258			17			42,275
Excise taxes		(5,408	)		—			(5,408	)
Revenues from sales		36,850			17			36,867
Purchases, net of inventory variation		(24,253	)		286			(23,967	)
Other operating expenses		(6,704	)		(87	)		(6,791	)
Exploration costs		(260	)		—			(260	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,910	)		(2,029	)		(4,939	)
Other income		337			—			337
Other expense		(263	)		(210	)		(473	)
Financial interest on debt		(293	)		(6	)		(299	)
Financial income and expense from cash & cash equivalents		(2	)		—			(2	)
Cost of net debt		(295	)		(6	)		(301	)
Other financial income		203			—			203
Other financial expense		(161	)		—			(161	)
Net income (loss) from equity affiliates		720			(311	)		409
Income taxes		(820	)		383			(437	)
Consolidated net income		2,444			(1,957	)		487
Group share		2,407			(1,859	)		548
Non-controlling interests		37			(98	)		(61	)
(a)  Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

29

Reconciliation of the information by business segment with consolidated financial statements

TOTAL

Year 2017 (M$) (unaudited)	Adjusted			Adjustments (a)			Consolidated statement of income
Sales		171,513			(20	)		171,493
Excise taxes		(22,394	)		—			(22,394	)
Revenues from sales		149,119			(20	)		149,099
Purchases, net of inventory variation		(99,534	)		123			(99,411	)
Other operating expenses		(24,427	)		(539	)		(24,966	)
Exploration costs		(864	)		—			(864	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(11,441	)		(4,662	)		(16,103	)
Other income		772			3,039			3,811
Other expense		(389	)		(645	)		(1,034	)
Financial interest on debt		(1,367	)		(29	)		(1,396	)
Financial income and expense from cash & cash equivalents		(138	)		—			(138	)
Cost of net debt		(1,505	)		(29	)		(1,534	)
Other financial income		957			—			957
Other financial expense		(642	)		—			(642	)
Net income (loss) from equity affiliates		2,574			(559	)		2,015
Income taxes		(3,858	)		829			(3,029	)
Consolidated net income		10,762			(2,463	)		8,299
Group share		10,578			(1,947	)		8,631
Non-controlling interests		184			(516	)		(332	)
(a)  Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
Year 2016 (M$)	Adjusted			Adjustments (a)			Consolidated statement of income
Sales		149,974			(231	)		149,743
Excise taxes		(21,818	)		—			(21,818	)
Revenues from sales		128,156			(231	)		127,925
Purchases, net of inventory variation		(83,916	)		539			(83,377	)
Other operating expenses		(23,832	)		(470	)		(24,302	)
Exploration costs		(914	)		(350	)		(1,264	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(11,294	)		(2,229	)		(13,523	)
Other income		964			335			1,299
Other expense		(537	)		(490	)		(1,027	)
Financial interest on debt		(1,085	)		(23	)		(1,108	)
Financial income and expense from cash & cash equivalents		4			—			4
Cost of net debt		(1,081	)		(23	)		(1,104	)
Other financial income		971			—			971
Other financial expense		(636	)		—			(636	)
Net income (loss) from equity affiliates		2,531			(317	)		2,214
Income taxes		(1,965	)		995			(970	)
Consolidated net income		8,447			(2,241	)		6,206
Group share		8,287			(2,091	)		6,196
Non-controlling interests		160			(150	)		10
(a)  Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

30