ARA’s 4th Conference

Benoît CHAGUÉ Cape Town 17 March 2009

Vice President, Refining

Africa - Middle East - Asia

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I - TOTAL current Refining activities

II - TOTAL Refining key projects

III - Downstream environment

Agenda

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I - TOTAL Refining and Marketing activities in the world

33 500 employees

25 refineries* (including 12 operated by Total)

Refining capacity*: 2.6 million barrels per day

Product sales*: 3.7 million barrels per day

Retail network*: 16,500 service stations

* including Total’s 48.83% interest in Cepsa

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TOTAL refining activities in the world

Operator InterestTOTAL Refining Division

RefineryRefinery – Country

Capacity in Kb/d – Interest in %

PETROCEDENOPETROCEDENO – Venezuela274 Kb/d – 35 %

Port Arthur – United-States174 kb/d – 100 %

SARSAR – Senegal25 Kb/d – 34,6 %

SONARASONARA – Cameroon45 Kb/d – 19,70 %

NATREFNATREF – South Africa105 Kb/d – TSA 36,36 %

WEPECWEPEC – China219 kb/d – 22,41 %

INDENIINDENI – Zambia11 Kb/d – 50 %

TeneriffaTeneriffa (CEPSA) – The Canary Islands90 kb/d – 100 %

SARASARA – Martinique17 Kb/d – 50 %

SOGARASOGARA – Gabon21 Kb/d – 43,80 %

SIR SIR – Ivory Coast83 Kb/d – 25,35 %

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TOTAL = European leader in Refining and Marketing

Operator Interest

CANARIESCANARIES

FlandersFlanders – France141 Kb/d – 100 %

NormandyNormandy – France331 Kb/d – 100 %

GrandpuitsGrandpuits – France99 Kb/d – 100 %DongesDonges – France

230 Kb/d – 100 %

ProvenceProvence – France158 Kb/d – 100 %

VlissingenVlissingen – The Netherlands147 Kb/d – 55 %

BrunsbuttelBrunsbuttel – Germany100 %

SchwedtSchwedt – Germany219 Kb/d – 16,7 %

LeunaLeuna – Germany227 Kb/d – 100 %

AntwerpAntwerp – Belgium350 Kb/d – 100 %

TarragonaTarragona (CEPSA) – Spain20 Kb/d – 50 %

AlgesirasAlgesiras (CEPSA) – Spain220 Kb/d – 100 %

HuelvaHuelva (CEPSA) – Spain100 Kb/d – 100 %

TeneriffaTeneriffa (CEPSA) – Spain90 Kb/d – 100 %

RomeRome – Italia89 Kb/d – 71,9 %

FeyzinFeyzin – France116 Kb/d – 100 %

LindseyLindsey – The United Kingdom221 Kb/d – 100%

TOTAL has a financial interest of 48.8% in CEPSA

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II - Three Refining Division’s Major Projects

Port Arthur Deep conversion project• Objective: Increase the conversion capacity• Objective: operational early 2011• Cost: $2.2bn

Athabasca EP project to upgrade oil sands

• "Basic" design: started at FLUOR Calgary• Decision to execute planned for end of 2009

for commissioning in 2014

• Objective: on stream April 2013• Estimated cost ca $10bn• "Basic" design: complete• EPC bid return: April 2009

Jubail Refinery export 20 Mt/yr

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Fort McMurray

Casper

Houston

Wood River

Beaumont

Vancouver

Edmonton

Detroit

SuperiorAnacortes

Chicago

Project Cost: $2,2bn

Start-up: 2011

Feeds:

Crudes from the USGC& Canadian heavy crudes

Products:

ULSD Production will increase by 3 Mt/a

Design:

Delayed Coker: 50 kb/dVacuum distillation: 55 kb/dDistillates hydrotreatment: 64 kb/d

Deep Conversion Project at Port-Arthur

01-01-2009 15-11-2008

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Jubail : a strategically located world class refinery

Integration enables value capture from the entire chain

Integrated project

Shareholding: Total 37.5%/Saudi Aramco 37.5%/ public 25%

Safaniya and Manifa Arab Heavy fields located 150 km north

Dedicated long-term supply

Specially designed to process 400 kbpd heavy crude with a full conversion scheme producing only light products

Integration with a paraxylene unit

Well located export platform for Europe and Asia

A r a b i a n G u l f

SafaniyaBERRI

MARJAN

Manifa

ZULUF

‘AIN DAR

MAZALIJ

ABU JIFAN

HAWTAH

GHINAH HAZMIYAH

UMM JURF

NUAYYIM

HAWIYAH

SHEDGUM

ABQAIQ

GHAWAR

SHAYBAH

DAMMAM

QATIF

KHURAIS

KHURSANIYAH

ABU HADRIYA

UTHMANIYAH

NISAH

DILAM

RAGHIBABU RAKIZ

ABU MARKHAHBURMAHNISALAH

WAQR

QIRDI

FADHILI

Northern AreaNorthern AreaProducingProducing

Southern AreaSouthern AreaProducingProducing

AXLALAMAH

FAZRAN

HARMALIYAH

ABU SA’FAHJubail

Ras Tanura(crude export port)

Qatar

U.A.E.

Kuwait

Bahrein

Iran

Jubail II

Jubail I

Arab heavy pipelines from Safaniya and Manifa

Refinery connection to the 3 crude pipelines

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Jubail : a full conversion export refinery

55% distillates, 20% gasoline, no heavy fuelProducts marketed 50/50 by Saudi Aramco and Total

LPG, Naphtha0.2 Mt/y

Asia

Gasoline 4.2 Mt/y

Saudi Arabia US

Paraxylene0.7 Mt/y

Asia

400 kb/d Arab Heavy

Middle distillates11.4 Mt/y

Petcoke, Liquid sulfur2.6 Mt/y

Europe Asia

Asia

Vacuum distillation Coker

Paraxylene unit

FCC

DHC MHC

HDS

CCR

Distillation

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UPGRADING

OIL SANDS: EP & RM integrated approach for projects

Throughput:

200 kb/d EHO, 8.5°API, 3.8% sulfur

+ 70 kb/d diluent – 47°API

= 270 kb/d Diluted Crude – 17° API

Production:

180 kb/d SCO, 32° API, 0.1 % sulfur

+ 6 000 t/d Coke

+ 900 t/d sulfur

Petrocedeno

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OIL SANDS: EP & RM integrated approach for projects

Port Arthur

Petrocedeno:Upgrader : 200kb/d

Junin: Reserve evaluation & Upgrading proposal

Surmont – Joselyn – Northern lights

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III - Short-term decline in demand in OECD countries, slower growth in the rest of the world

MiddleEast

CIS

AfricaSouth

America

Europe

North America

0.1

-0.5

-1.3

0.4 0.2

-0.1

2007 (vs 2006)2008 (vs 2007)2009 (vs 2008)

0.20.3

0.1

-0.4-0.1

-0.3

0.1 0.1 0.0

0.1 0.1 0.0

0.2 0.4 0.3

Source : Total DTS Outlook, 10 Dec. 2008 World demand 2008 = 85.7 Mbd

0.1

Asia excl. China

China

-0.1

0.3

0.9

-0.2 -0.6

Decline in demand in OECD countries led by the U.S.Extent of crisis in China will be a decisive factor

Demand for petroleum products by region (Mb/d)

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Main streams for refining product imbalances in Mt/a

32

4

North America

South America

Europe

Africa

Russia

Middle-East

2.5

10

2617

56

Asia

3

11

4

329

19

Gasoline

Diesel

Jet/kéro

Naphtha

Heavy fuels

8

5

Source : 2007

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ConfidentConfident, despite an uncertain future, despite an uncertain future……

Supply

Demand

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This document may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, business, strategy and plans of Total. Such statements are based on a number of assumptions that could ultimately prove inaccurate, and are subject to a number of risk factors, including currency fluctuations, the price of petroleum products, the ability to realize cost reductions and operating efficiencies without unduly disrupting business operations, environmental regulatory considerations and general economic and business conditions. Total does not assume any obligation to update publicly any forward-looking statement, whether as a result of new information, future events or otherwise. Further information on factors which could affect the company’s financial results is provided in documents filed by the Group and its affiliates with the French Autorité des Marchés Financiers and the US Securities and Exchange Commission.

The business segment information is presented in accordance with the Group internal reporting system used by the Chief operating decision maker to measure performance and allocate resources internally. Due to their particular nature or significance, certain transactions qualified as “special items”are excluded from the business segment figures. In general, special items relate to transactions that are significant, infrequent or unusual. However, in certain instances, certain transactions such as restructuring costs or assets disposals, which are not considered to be representative of normal course of business, may be qualified as special items although they may have occurred within prior years or are likely to recur within following years.

In accordance with IAS 2, the Group values inventories of crude oil and petroleum products in the financial statements in accordance with the FIFO (First in, First out) method and other inventories using the weighted-average cost method. However, in the note setting forth information by business segment, the Group continues to present the results for the Downstream segment according to the replacement cost method and those of the Chemicals segment according to the LIFO (Last in, First out) method in order to ensure the comparability of the Group’s results with those of its main competitors, notably from North America. The inventory valuation effect is the difference between the results according to the FIFO method and the results according to the replacement cost or LIFO method.

In this framework, performance measures such as adjusted operating income, adjusted net operating income and adjusted net income are defined as incomes using replacement cost, adjusted for special items and excluding Total’s equity share of the amortization of intangibles related to the Sanofi-Aventis merger. They are meant to facilitate the analysis of the financial performance and the comparison of income between periods.

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