Public exchange offers for Elf Aquitaine shares

This information is based on the value of the Total share BEFORE the four-for-one split, effective May 18, 2006.

First Public Exchange Offer

Offer period: September 23 to October 15, 1999
Basis of the offer: 19 Totalfina shares for 13 Elf Aquitaine shares
Value of each Totalfina share received: €121.80

First Squeeze-out

Offer period: June 15 to September 1, 2000
Basis of the offer: 4 TotalFinaElf shares for 3 Elf Aquitaine shares

Since November 6, 2000, Elf Aquitaine were traded in the delisted shares section of the Paris Bourse ("compartiment des valeurs radiées des marchés réglementés"), where the price was fixed daily at 3:00 p.m. Until April 30, 2010, Elf Aquitaine shares continued to be quoted under ISIN code FR 000 120 420.

Public tender offer followed by a squeeze out

On March 24, 2010, TOTAL S.A. filed a public tender offer followed by a squeeze out with the French Autorité des marchés financiers (AMF) in order to buy the 1,468,725 Elf Aquitaine shares that it did not already hold, representing 0.52% of Elf Aquitaine’s share capital and 0.27% of its voting rights, at a price of €305 per share (including the remaining 2009 dividend). On issued its clearance decision for this offer.

The public tender offer was open from April 16 to April 29, 2010 inclusive. The Elf Aquitaine shares targeted by the offer which were not tendered to the offer have been transferred to TOTAL S.A. under the squeeze out upon payment to the shareholders equal to the offer price on the first trading day after the offer closing date, i.e. on April 30, 2010.

On April 30, 2010, TOTAL S.A. announced that, following the squeeze out, it held 100% of Elf Aquitaine shares, with the transaction amounting to €450 million. Elf Aquitaine shares were delisted from Euronext Paris on April 30, 2010 (AMF notice No. 210C0376).