6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 OF

THE SECURITIES EXCHANGE ACT OF 1934

October 27, 2017

Commission File Number 001-10888

TOTAL S.A.

(Translation of registrant’s name into English)

2, place Jean Millier

La Défense 6

92400 Courbevoie

France

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F          Form 40-F  

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes          No  

(If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-            .)

THIS REPORT ON FORM 6-K SHALL BE DEEMED TO BE INCORPORATED BY REFERENCE IN THE REGISTRATION STATEMENT ON FORM F-3 (NOS. 333-203476, 333-203476-01, 333-203476-02 AND 333-203476-03) OF TOTAL S.A., TOTAL CAPITAL INTERNATIONAL, TOTAL CAPITAL CANADA LTD. AND TOTAL CAPITAL AND THE REGISTRATION STATEMENTS ON FORM S-8 (333-169828, 333-183144 AND 333-215803) OF TOTAL S.A., AND TO BE PART THEREOF FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.

TOTAL S.A. is providing on this Form 6-K its results for the third quarter of 2017 and nine months ended September 30, 2017, and a description of certain recent developments relating to its business, as well as a capitalization table as of September 30, 2017, and a ratio of earnings to fixed charges for the three months ended September 30, 2017 and 2016, and each of the five years ended December 31, 2016, 2015, 2014, 2013 and 2012, together with the computation of the ratio of earnings to fixed charges.

TABLE OF CONTENTS

EX-99.1: Results for the Third Quarter of 2017 and Nine Months Ended September 30, 2017

EX-99.2: Recent Developments

EX-99.3: Ratio of Earnings to Fixed Charges and Capitalization and Indebtedness

EX-99.4: Computation of Ratio of Earnings to Fixed Charges

Exhibit Index

Exhibit 99.1:	Results for the Third Quarter of 2017 and Nine Months Ended September 30, 2017
Exhibit 99.2:	Recent Developments
Exhibit 99.3:	Ratio of Earnings to Fixed Charges and Capitalization and Indebtedness
Exhibit 99.4:	Computation of Ratio of Earnings to Fixed Charges

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	TOTAL S.A.
Date: October 27, 2017	By:	/s/ Antoine LARENAUDIE
		Name:	Antoine LARENAUDIE
		Title:	Treasurer

EX-99.1

Exhibit 99.1

OPERATING AND FINANCIAL REVIEW AND PROSPECTS

The financial information in this Form 6-K concerning TOTAL S.A. and its subsidiaries and affiliates (collectively, “TOTAL” or the “Group”) with respect to the third quarter of 2017 and nine months ended September 30, 2017, has been derived from TOTAL’s unaudited consolidated financial statements for the third quarter of 2017 and nine months ended September 30, 2017 included in 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 

3Q17			2Q17			3Q16		3Q17 vs 3Q16	in millions of dollars except earnings per share and number of shares	9M17			9M16			9M17 vs 9M16
	43,044			39,915			37,412	+15%	Non-Group sales		124,142			107,468		+16%
									Adjusted net operating income from business segments(a)
	1,439			1,359			781	+84%	• Exploration & Production		4,180			2,210		+89%
	97			95			191	-49%	• Gas, Renewables & Power(b)		253			307		-18%
	1,020			861			916	+11%	• Refining & Chemicals		2,904			3,064		-5%
	506			433			444	+14%	• Marketing & Services		1,240			1,153		+8%
	500			310			531	-6%	Equity in net income (loss) of affiliates		1,358			1,805		-25%
	1.06			0.79			0.79	+34%	Fully-diluted earnings per share ($)		2.98			2.32		+28%
	2,505			2,485			2,404	+4%	Fully-diluted weighted-average shares (millions)		2,480			2,375		+4%
	2,724			2,037			1,954	+39%	Net income (Group share)		7,610			5,648		+35%
	3,910			4,205			5,201	-25%	Investments(c)		11,793			14,675		-20%
	539			360			192	x2.8	Divestments(d)		3,797			1,950		+95%
	3,373			3,845			5,116	-34%	Net investments(e)		7,998			12,829		-38%
	3,060			3,949			4,082	-25%	Organic investments(f)		9,953			12,756		-22%
	542			52			74	x7.3	Resource acquisitions		607			129		x4.7
	4,363			4,640			4,740	-8%	Cash flow from operations		13,704			9,503		+44%
	(1,057	)		(268	)		265	n/a	•Includes (increase)/decrease in working capital(g)		(1,379	)		(3,032	)	+55%

(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)	The new Gas, Renewables & Power segment reflects the Group’s ambition in low-carbon energies. It encompasses downstream Gas activities previously integrated in the Upstream (now Exploration & Production) segment, New Energies activities (excluding biotechnologies) previously integrated in the Marketing & Services segment and a new Innovation & Energy Efficiency division. Certain financial information for the Exploration & Production, Refining & Chemicals (which includes a new Biofuels division) and Marketing & Services segments have been restated accordingly. Certain 2015 and 2016 restated historical data is set forth in Exhibit 99.2 of TOTAL’s Form 6-K filed with the SEC on April 28, 2017.
(c)	Including acquisitions and increases in non-current loans.
(d)	Including divestments and reimbursements of non-current loans.
(e)	“Net investments” = gross investments – divestments – repayment of non-current loans – other operations with non-controlling interests.
(f)	“Organic investments” = net investments excluding acquisitions, asset sales and other operations with non-controlling interests. See page 11 of this exhibit.
(g)	The change in working capital as determined using the replacement cost method was $(796) million in 3Q17, $(694) million in 2Q17, $218 million in 3Q16, $(1,476) million in 9M17 and $(2,727) million in 9M16. 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

1

results 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 22-29 and 39-48 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)

3Q17		2Q17		3Q16		3Q17 vs 3Q16		hydrocarbon production	9M17		9M16		9M17 vs 9M16
	52.1		49.6		45.9		+14%	Brent ($/b)		51.8		41.9		+24%
	48.9		45.1		41.4		+18%	Average liquids price ($/b)		47.7		38.4		+24%
	4.05		3.93		3.45		+17%	Average gas price ($/Mbtu)		4.03		3.45		+17%
	38.2		35.5		32.4		+18%	Average hydrocarbons price ($/boe)		37.2		30.6		+22%

^(a) Consolidated subsidiaries, excluding fixed margins.

Production

3Q17		2Q17		3Q16		3Q17 vs 3Q16		hydrocarbon production	9M17		9M16		9M17 vs 9M16
	2,581		2,500		2,443		+6%	Combined production (kboe/d)		2,550		2,449		+4%
	1,392		1,298		1,290		+8%	• Liquids (kb/d)		1,331		1,276		+4%
	6,247		6,500		6,286		+2%	• Gas (Mcf/d)		6,605		6,397		+3%

2

Hydrocarbon production was 2,581 thousand barrels of oil equivalent per day (kboe/d) in the third quarter of 2017, an increase of close to 6% compared to the third quarter of 2016, due to the following:

• +6% due to project ramp ups, notably Kashagan, Moho Nord, Surmont, Incahuasi, Angola LNG and Edradour-Glenlivet;

• +4% portfolio effect, mainly due to taking over the concession for the giant Al-Shaheen oil field 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;

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

• -5% due to natural field decline, maintenance activity, the PSC price effect⁽¹⁾ and OPEC quotas.

In the first nine months of 2017, hydrocarbon production was 2,550 kboe/d, an increase of more than 4% compared to the first nine months of 2016, due to the following:

• +5% due to new project ramp ups, notably Kashagan, Moho Nord, Incahuasi, Surmont and Angola LNG;

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

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

• -4% due to natural field decline, the PSC price effect and OPEC quotas.

Results

3Q17			2Q17			3Q16			3Q17 vs 3Q16		in millions of dollars	9M17			9M16			9M17 vs 9M16
	2,121			2,068			1,852			+15%	Non-Group sales		6,292			5,563			+13%
	1,606			1,295			714			x2.2	Operating income		2,797			369			x7.6
	521			487			180			x2.9	Equity in income (loss) of affiliates and other items		1,198			1,350			-11%
	42.8	%		36.2	%		30.5	%			Effective tax rate(a)		40.5	%		13.3	%
	(745	)		(512	)		(61	)		x12.2	Tax on net operating income		(1,696	)		454			n/a
	1,382			1,270			833			+66%	Net operating income		2,299			2,173			+6%
	57			89			(52	)		n/a	Adjustments affecting net operating income		1,881			37			x50.8
	1,439			1,359			781			+84%	Adjusted net operating income(b)		4,180			2,210			+89%
	435			373			241			+80%	• Including income from equity affiliates		1,123			934			+20%
	3,228			3,448			3,484			-7%	Investments		9,312			11,252			-17%
	339			132			105			x3.2	Divestments		584			1,369			-57%
	2,388			3,296			3,355			-29%	Organic investments		8,189			10,760			-24%
	2,633			2,504			2,275			+15%	Cash flow from operations		7,633			4,971			+54%

(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 22 of this exhibit.

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

	•	$1,439 million in the third quarter of 2017, an increase of 84% compared to the third quarter of 2016, notably due to production growth, cost reductions and an increase in oil and gas prices; and
	•	$4,180 million in the first nine months of 2017, an increase of 89% compared to the first nine months of 2016, for the same reasons above.
Adjusted net operating income for the Exploration & Production segment excludes special items. In the third quarter of 2017, the exclusion of special items had a positive impact on the segment’s adjusted net operating income of $57 million compared to a negative impact of $52 million in the third quarter of 2016.

⁽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.

3

The segment’s cash flow from operating activities was $2,633 million in the third quarter of 2017, an increase of 15% compared to $2,275 million in the third quarter of 2016. Operating cash flow in the third quarter of 2017 excluding the change in working capital at replacement cost of $(564) million ($(493) million in the third quarter of 2016) was $3,197 million⁽¹⁾, an increase of 15% compared to $2,768 million in the third quarter of 2016, notably due to increases in production and hydrocarbon prices.

In the first nine months of 2017, the segment’s cash flow from operating activities was $7,633 million, an increase of 54% compared to $4,971 million in the first nine months of 2016. Operating cash flow in the first nine months of 2017 excluding the change in working capital at replacement cost of $(1,843) million ($(1,870) million in the first nine months of 2016) was $9,476 million, an increase of 39% compared to $6,841 million in the first nine months of 2016. This increase of 39% compares to an increase of 24% for Brent, notably due to production ramp-ups on major projects started up since 2016, including Kashagan and Moho Nord, and to operating cost reductions.

B.2. Gas, Renewables & Power segment

Results

3Q17		2Q17			3Q16			3Q17 vs 3Q16		in millions of dollars	9M17			9M16			9M17 vs 9M16
	2,903		2,671			2,510			+16%	Non-Group sales		8,771			6,449			+36%
	21		48			(7	)		n/a	Operating income		34			(102	)		n/a
	12		13			7			+71%	Equity in income (loss) of affiliates and other items		(20	)		121			n/a
	7		(24	)		17			-59%	Tax on net operating income		(54	)		1			n/a
	40		37			17			x2.4	Net operating income		(40	)		20			n/a
	57		58			174			-67%	Adjustments affecting net operating income		293			287			+2%
	97		95			191			-49%	Adjusted net operating income(a)		253			307			-18%
	99		77			1,097			-91%	Investments		491			1,339			-63%
	―		23			33			n/a	Divestments		27			137			-80%
	98		68			104			-6%	Organic investments		268			327			-18%
	325		(114	)		24			x13.5	Cash flow from operations		336			(194	)		n/a

^(a) Detail of adjustment items shown in the business segment information starting on page 22 of this exhibit.

Adjusted net operating income for the Gas, Renewables & Power segment was $97 million in the third quarter of 2017, a decrease of 49% compared to the third quarter of 2016, but in line with the second quarter of 2017. Adjusted net operating income for the first nine months of 2017 decreased by 18%, due to weakness in the solar market.

Adjusted net operating income for the Gas, Renewables & Power segment excludes special items. In the third quarter of 2017, the exclusion of special items had a positive impact on the segment’s adjusted net operating income of $57 million compared to a positive impact of $174 million in the third quarter of 2016.

The segment’s cash flow from operating activities was $325 million in the third quarter of 2017, 13.5 times higher compared to $24 million in the third quarter of 2016. Operating cash flow in the third quarter of 2017 excluding the change in working capital at replacement cost of $238 million ($(49) million in the third quarter of 2016) was $87 million, an increase of 19% compared to $73 million in the third quarter of 2016.

In the first nine months of 2017, the segment’s cash flow from operating activities was $336 million compared to $(194) million in the first nine months of 2016. Operating cash flow in the first nine months of 2017 excluding the change in working capital at replacement cost of $119 million ($(216) million in the first nine months of 2016) was $217 million, 9.9 times higher compared to $22 million in the first nine months of 2016.

⁽¹⁾ 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.

4

B.3. Refining & Chemicals segment

Refinery throughput and utilization rates^(a)

3Q17			2Q17			3Q16			3Q17 vs 3Q16			9M17			9M16			9M17 vs 9M16
	1,877			1,672			1,947			-4%	Total refinery throughput (kb/d)		1,821			1,949			-7%
	648			574			681			-5%	• France		616			653			-6%
	802			684			771			+4%	• Rest of Europe		761			806			-6%
	427			414			495			-14%	• Rest of world		444			490			-9%
	90	%		81	%		85	%			Utilization rates based on crude only(b)		88	%		84	%

(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 4% in the third quarter of 2017 compared to the third quarter of 2016, mainly as a result of shutting down the Port Arthur refinery in the United States due to Hurricane Harvey and the ending of oil refining at La Mede at year-end 2016; and

• decreased by 7% in the first nine months of 2017 compared to the first nine months of 2016, for the same reasons above and also due to a higher level of maintenance in the second quarter of 2017.

Results

3Q17			2Q17			3Q16			3Q17 vs 3Q16		in millions of dollars	9M17			9M16			9M17 vs 9M16
	48.2			41.0			25.5			+89%	European refining margin indicator - ERMI ($/t)		42.7			31.9			+34%
	18,923			17,347			16,050			+18%	Non-Group sales		54,844			46,555			+18%
	1,348			520			894			+51%	Operating income		2,922			3,398			-14%
	179			148			228			-21%	Equity in income (loss) of affiliates and other items		2,780			617			x4.5
	(379	)		(142	)		(197	)		x2.2	Tax on net operating income		(877	)		(852	)		+3%
	1,148			526			925			+24%	Net operating income		4,825			3,163			+53%
	(128	)		335			(9	)		x14.2	Adjustments affecting net operating income		(1,921	)		(99	)		x19.4
	1,020			861			916			+11%	Adjusted net operating income(a)		2,904			3,064			-5%
	357			401			554			-36%	Investments		1,024			1,295			-21%
	24			20			21			+14%	Divestments		2,784			73			x38.1
	338			381			403			-16%	Organic investments		941			1,094			-14%
	662			1,972			1,697			-61%	Cash flow from operations		4,399			2,839			+55%

^(a) Detail of adjustment items shown in the business segment information starting on page 22 of this exhibit.

The Group’s European refining margin indicator (“ERMI”) increased sharply to $48.2/t in the third quarter of 2017, due to elevated petroleum product demand in the face of limited supply resulting from numerous shutdowns due in part to Hurricane Harvey. Petrochemicals continued to benefit from a favorable environment albeit down compared to a year ago.

Refining & Chemicals’ adjusted net operating income was:

• $1,020 million in the third quarter of 2017, an increase of 11% compared to the third quarter of 2016 despite the sale of Atotech; and

• $2,904 million in the first nine months of 2017, a decrease of 5% compared to the first nine months of 2016, notably due to the impact of Hurricane Harvey and the sale of Atotech in early 2017.

Adjusted net operating income for the Refining & Chemicals segment excludes any after-tax inventory valuation effect and special items. In the third quarter of 2017, the exclusion of the inventory valuation effect had a negative impact on the segment’s adjusted net operating income of $156 million compared to a negative impact of $21 million in the third quarter of 2016. The exclusion of special items in the third quarter of 2017 had a positive impact on the segment’s adjusted net operating income of $28 million compared to a positive impact of $12 million in the third quarter of 2016.

The segment’s cash flow from operating activities was $662 million in the third quarter of 2017, a decrease of 61% compared to $1,697 million in the third quarter of 2016. Operating cash flow in the third quarter of 2017 excluding the change in working capital at replacement cost of $(556) million ($646 million in the third quarter of 2016) was $1,218 million, an increase of 16% compared to $1,051 million in the third quarter of 2016, with the segment having benefited from the favorable environment despite the impact of Hurricane Harvey on its American operations.

5

In the first nine months of 2017, the segment’s cash flow from operating activities was $4,399 million, an increase of 55% compared to $2,839 million in the first nine months of 2016. Operating cash flow in the first nine months of 2017 excluding the change in working capital at replacement cost of $795 million ($(670) million in the first nine months of 2016) was $3,604 million, an increase of 3% compared to $3,509 million in the first nine months of 2016.

B.4. Marketing & Services segment

Petroleum product sales

3Q17		2Q17		3Q16		3Q17 vs 3Q16		sales in kb/d(a)	9M17		9M16		9M17 vs 9M16
	1,807		1,760		1,814		―	Total Marketing & Services sales		1,765		1,788		-1%
	1,072		1,039		1,113		-4%	• Europe		1,050		1,083		-3%
	735		721		701		+5%	• Rest of world		715		705		+1%

^(a) Excludes trading and bulk refining sales (see page 10 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 activities for LPG distribution in Belgium and Germany.

Results

3Q17			2Q17			3Q16			3Q17 vs 3Q16		in millions of dollars	9M17			9M16			9M17 vs 9M16
	19,086			17,831			16,998			+12%	Non-Group sales		54,215			48,897			+11%
	574			360			454			+26%	Operating income		1,308			1,391			-6%
	133			258			78			+71%	Equity in income (loss) of affiliates and other items		421			129			x3.3
	(173	)		(123	)		(134	)		+29%	Tax on net operating income		(404	)		(409	)		-1%
	534			495			398			+34%	Net operating income		1,325			1,111			+19%
	(28	)		(62	)		46			n/a	Adjustments affecting net operating income		(85	)		42			n/a
	506			433			444			+14%	Adjusted net operating income(a)		1,240			1,153			+8%
	190			258			243			-22%	Investments		887			745			+19%
	150			182			29			x5.2	Divestments		368			359			+3%
	205			185			209			-2%	Organic investments		485			543			-11%
	596			229			573			+4%	Cash flow from operations		1,138			1,414			-20%

^(a) Detail of adjustment items shown in the business segment information starting on page 22 of this exhibit.

The financial contribution of Marketing & Services continues to grow in a context of strong marketing margins, notably in Africa. Compared to a year ago, adjusted net operating income increased by 14% to $506 million in the third quarter of 2017 and by 8% to $1,240 million in the first nine months of 2017.

Adjusted net operating income for the Marketing & Services segment excludes any after-tax inventory valuation effect and special items. In the third quarter of 2017, the exclusion of the inventory valuation effect had a negative impact on the segment’s adjusted net operating income of $36 million compared to a positive impact of $33 million in the third quarter of 2016. The exclusion of special items in the third quarter of 2017 had a positive impact on the segment’s adjusted net operating income of $8 million compared to a positive impact of $13 million in the third quarter of 2016.

The segment’s cash flow from operating activities was $596 million in the third quarter of 2017, an increase of 4% compared to $573 million in the third quarter of 2016. Operating cash flow in the third quarter of 2017 excluding the change in working capital at replacement cost of $79 million ($65 million in the third quarter of 2016) was $517 million, an increase of 2% compared to $508 million in the third quarter of 2016.

In the first nine months of 2017, the segment’s cash flow from operating activities was $1,138 million, a decrease of 20% compared to $1,414 million in the first nine months of 2016. Operating cash flow in the first nine months of 2017 excluding the change in working capital at replacement cost of $(392) million ($(56) million in the first nine months of 2016) was $1,530 million, an increase of 4% compared to $1,470 million in the first nine months of 2016.

6

C. GROUP RESULTS  

Net income (Group share)

Net income (Group share) was $2,724 million in the third quarter of 2017, an increase of 39% compared to $1,954 million in the third quarter of 2016, and $7,610 million in the first nine months of 2017, an increase of 35% compared to $5,648 million in the first nine months of 2016.

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:

• $50 million in the third quarter of 2017, mainly due to the inventory effect; and

• $(96) million in the first nine months of 2017, including mainly an impairment of the Fort Hill project in Canada related to a cost increase and a gain on the sale of Atotech.

Adjusted net income was $2,674 million in the third quarter of 2017, an increase of 29% compared to the third quarter of 2016, and $7,706 million in the first nine months of 2017, an increase of 31% compared to the first nine months of 2016. The increase was the result of a higher contribution from Exploration & Production and the ongoing decrease in the Group’s breakeven.

The number of fully-diluted shares was 2,509 million on September 30, 2017.

Divestments — acquisitions

Asset sales were:

• $202 million in the third quarter of 2017, comprised mainly of the sale of LPG activities in Germany, compared to $91 million in the third quarter of 2016; and

• $3,120 million in the first nine months of 2017, essentially comprised of the sale of Atotech, the SPMR pipeline and LPG activities in Germany, compared to $1,448 million in the first nine months of 2016.

Acquisitions were:

• $513 million in the third quarter of 2017, essentially comprised of the bonus related to the certification of resources for Elk-Antelope in Papua New Guinea, compared to $1,018 million in the third quarter of 2016; and

• $1,163 million in the first nine months of 2017, essentially comprised of the bonus related to the certification of resources for Elk-Antelope, a 23% equity share in Tellurian, and a marketing and logistics network in East Africa, compared to $1,417 million in the first nine months of 2016.

Cash flow

The Group’s cash flow from operating activities was $4,363 million in the third quarter of 2017, a decrease of 8% compared to $4,740 million in the third quarter of 2016. The change in working capital at replacement cost in the third quarter of 2017, which is the (increase)/decrease in working capital of $(1,057) million as determined in accordance with IFRS adjusted for the pre-tax inventory valuation effect of $261 million, was $(796) million compared to $218 million in the third quarter of 2016. Operating cash flow excluding the change in working capital at replacement cost in the third quarter of 2017 was $5,159 million, an increase of 14% compared to $4,522 million in the third quarter of 2016. The Group’s net cash flow⁽²⁾ was $1,786 million in the third quarter of 2017 compared to $(594) million in the third quarter of 2016, mainly due to the decrease in net investments and the increase in operating cash flow before working capital changes.

⁽¹⁾ Details shown on pages 11 and 32-34 of this exhibit.

⁽²⁾ “Net cash flow” = operating cash flow before working capital changes – net investments (including other transactions with non-controlling interests).

7

In the first nine months of 2017, the Group’s cash flow from operating activities was $13,704 million, an increase of 44% compared to $9,503 million in the first nine months of 2016. The change in working capital at replacement cost in the first nine months of 2017, which is the (increase)/decrease in working capital of $(1,379) million as determined in accordance with IFRS adjusted for the pre-tax inventory valuation effect of $(97) million, was $(1,476) million compared to $(2,727) million in the first nine months of 2016. Operating cash flow excluding the change in working capital at replacement cost in the first nine months of 2017 was $15,180 million, an increase of 24% compared to $12,230 million in the first nine months of 2016. The Group’s net cash flow was $7,182 million in the first nine months of 2017 compared to $(599) million in the first nine months of 2016, mainly due to the nearly $3 billion increase in operating cash flow before working capital changes, the decrease in organic investments and the sale of Atotech.

D. SUMMARY AND OUTLOOK

The imbalance between supply and demand has decreased in recent months, and Brent rose above $55/b. Markets however should remain volatile given the uncertainties in supply, and inventories, while falling, remain high. In this context, the Group continues to reduce its breakeven point by reducing its operating costs with a target of $5 billion in savings by 2020 and increasing production by 5% per year until 2022.

In the Upstream, annual production growth should be approximately 5% in 2017, notably supported by the start-up of the giant Al Shaheen oil field in Qatar, and the ongoing ramp-up of Kashagan in Kazakhstan and Moho Nord in the Republic of the Congo. Yamal LNG in Russia is expected to begin producing by year-end. Finally, the acquisition of Maersk Oil is expected to be completed in the first quarter of 2018.

In the Downstream, refining margins are above $40/t at the beginning of the fourth quarter and the petrochemicals environment remains favorable. The Downstream is in line with its goal to generate approximately $7 billion of operating cash flow before working capital changes in 2017, having generated more than $5.1 billion in the first nine months.

The pre-dividend organic breakeven for the Group (excluding acquisitions-divestments) will be below $30/b in 2017 and should continue to fall to $20/b in 2019.

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;

8

• 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.

9

OPERATING INFORMATION BY SEGMENT

• Exploration & Production

3Q17		2Q17		3Q16		3Q17 vs 3Q16		Combined liquids and gas production by region (kboe/d)	9M17		9M16		9M17 vs 9M16
	730		746		720		+1%	Europe and Central Asia		761		759		—
	665		656		649		+2%	Africa		652		638		+2%
	592		514		529		+12%	Middle East and North Africa		547		522		+5%
	357		344		285		+25%	Americas		345		265		+30%
	237		240		261		-9%	Asia-Pacific		245		265		-8%
	2,581		2,500		2,443		+6%	Total production		2,550		2,449		+4%
	659		597		592		+11%	• Including equity affiliates		634		613		+3%
3Q17		2Q17		3Q16		3Q17 vs 3Q16		Liquids production by region (kb/d)	9M17		9M16		9M17 vs 9M16
	257		266		238		+8%	Europe and Central Asia		264		247		+7%
	517		505		524		-1%	Africa		503		518		-3%
	452		376		380		+19%	Middle East and North Africa		407		376		+8%
	138		126		118		+16%	Americas		130		105		+23%
	29		26		29		+1%	Asia-Pacific		28		31		-9%
	1,392		1,298		1,290		+8%	Total production		1,331		1,276		+4%
	311		244		249		+25%	• Including equity affiliates		273		251		+9%
3Q17		2Q17		3Q16		3Q17 vs 3Q16		Gas production by region (Mcf/d)	9M17		9M16		9M17 vs 9M16
	2,556		2,592		2,594		-1%	Europe and Central Asia		2,678		2,760		-3%
	663		679		617		+7%	Africa		685		592		+16%
	778		763		813		-4%	Middle East and North Africa		777		805		-3%
	1,228		1,223		927		+32%	Americas		1,207		889		+36%
	1,202		1,243		1,335		-10%	Asia-Pacific		1,258		1,351		-7%
	6,427		6,500		6,286		+2%	Total production		6,605		6,397		+3%
	1,798		1,829		1,831		-2%	• Including equity affiliates		1,880		1,932		-3%
3Q17		2Q17		3Q16		3Q17 vs 3Q16		Liquefied natural gas	9M17		9M16		9M17 vs 9M16
	2.95		2.64		2.74		+8%	LNG sales (a) (Mt)		8.56		8.24		+4%

^(a) Sales, Group share, excluding trading; 2016 data restated to reflect volume estimates for Bontang LNG in Indonesia based on the 2016 SEC coefficient.

• Downstream (Refining & Chemicals and Marketing & Services)

3Q17		2Q17		3Q16		3Q17 vs 3Q16		Refined product sales by region (kb/d)(a)	9M17		9M16		9M17 vs 9M16
	2,361		2,082		2,430		-3%	Europe		2,178		2,363		-8%
	544		586		537		+1%	Africa		593		545		+9%
	584		654		627		-7%	Americas		587		585		―
	678		735		567		+20%	Rest of world		720		681		+6%
	4,167		4,057		4,161		―	Total consolidated sales		4,078		4,174		-2%
	583		538		706		-17%	• Including bulk sales		579		707		-18%
	1,754		1,759		1,641		+7%	• Including trading		1,734		1,679		+3%

^(a) Includes share of TotalErg.

10

ADJUSTMENT ITEMS

• Adjustments to net income (Group share)

3Q17			2Q17			3Q16			in millions of dollars	9M17			9M16
	(123	)		(108	)		(98	)	Special items affecting net income (Group share)		5			(434	)
	―			125			(32	)	• Gain (loss) on asset sales		2,264			312
	(2	)		(54	)		(18	)	• Restructuring charges		(61	)		(22	)
	(74	)		(32	)		(33	)	• Impairments		(1,824	)		(211	)
	(47	)		(147	)		(15	)	• Other		(374	)		(513	)
	183			(310	)		(5	)	After-tax inventory effect: FIFO vs. replacement cost		(72	)		217
	(10	)		(19	)		(13	)	Effect of changes in fair value		(29	)		(15	)
	50			(437	)		(116	)	Total adjustments affecting net income		(96	)		(232	)

INVESTMENTS — DIVESTMENTS

3Q17			2Q17			3Q16			3Q17 vs 3Q16		in millions of dollars	9M17			9M16			9M17 vs 9M16
	3,060			3,949			4,082			-25%	Organic investments		9,953			12,756			-22%
	161			166			136			+18%	• Capitalized exploration		438			536			-18%
	153			443			135			+13%	• Increase in non-current loans		754			964			-22%
	(337	)		(153	)		(101	)		x3.3	• Repayment of non-current loans		(677	)		(502	)		+35%
	513			103			1,018			-50%	Acquisitions		1,163			1,417			-18%
	202			207			91			x2.2	Asset sales		3,120			1,448			x2.2
	(2	)		—			(107	)		n/a	Other transactions with non-controlling interests		(2	)		(104	)		n/a
	3,373			3,845			5,116			-34%	Net investments		7,998			12,829			-38%

NET-DEBT-TO-EQUITY RATIO

Current borrowings	09/30/2017			06/30/2017			09/30/2016
Current borrowings		11,206			13,070			13,383
Net current financial assets		(2,306	)		(3,377	)		(1,375	)
Net financial assets classified as held for sale		(2	)		(2	)		(81	)
Non-current financial debt		40,226			41,548			44,450
Hedging instruments of non-current debt		(626	)		(558	)		(1,089	)
Cash and cash equivalents		(28,583	)		(28,720	)		(24,801	)
Net debt		19,915			21,961			30,487
Shareholders’ equity – Group share		109,801			107,188			98,168
Estimated dividend payable		(1,826	)		(1,762	)		(1,629	)
Non-controlling interests		2,799			2,772			2,948
Adjusted shareholders’ equity		110,774			108,198			99,487
Net-debt-to-equity ratio		18.0	%		20.3	%		30.6	%

11

RETURN ON EQUITY

in millions of dollars	10/01/2016 – 09/30/2017			07/01/2016 – 06/30/2017			01/01/2016– 12/31/2016
Adjusted net income		10,244			9,661			8,447
Adjusted shareholders’ equity		105,130			103,734			96,929
Return on equity (ROE)		9.7	%		9.3	%		8.7	%

RETURN ON AVERAGE CAPITAL EMPLOYED

• 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).

• Twelve months ended June 30, 2017

in millions of dollars	Exploration & Production			Gas, Renewables & Power			Refining & Chemicals			Marketing & Services
Adjusted net operating income		4,529			479			3,931			1,584
Capital employed at 06/30/2016(a)		107,405			4,622			12,249			5,789
Capital employed at 06/30/2017(a)		108,618			5,363			10,957			6,937
ROACE		4.2	%		9.6	%		33.9	%		24.9	%

(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).

12

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)
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
Third quarter 2016		1.12		45.9		41.4		3.45		25.5

(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.

13

CONSOLIDATED STATEMENT OF INCOME

TOTAL

(unaudited)

(M$) (a)	3rd quarter 2017			2nd quarter 2017			3rd quarter 2016
Sales		43,044			39,915			37,412
Excise taxes		(5,962	)		(5,433	)		(5,587	)
Revenues from sales		37,082			34,482			31,825
Purchases, net of inventory variation		(24,367	)		(23,398	)		(21,223	)
Other operating expenses		(6,108	)		(6,106	)		(5,469	)
Exploration costs		(181	)		(199	)		(274	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(3,035	)		(2,798	)		(2,936	)
Other income		404			570			290
Other expense		(67	)		(106	)		(351	)
Financial interest on debt		(368	)		(345	)		(268	)
Financial income and expense from cash & cash equivalents		(45	)		(37	)		(5	)
Cost of net debt		(413	)		(382	)		(273	)
Other financial income		204			285			265
Other financial expense		(164	)		(159	)		(154	)
Equity in net income (loss) of affiliates		500			310			531
Income taxes		(1,092	)		(472	)		(251	)
Consolidated net income		2,763			2,027			1,980
Group share		2,724			2,037			1,954
Non-controlling interests		39			(10	)		26
Earnings per share ($)		1.06			0.79			0.79
Fully-diluted earnings per share ($)		1.06			0.79			0.79

^(a) Except for per share amounts.

14

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

TOTAL

(unaudited)

(M$)	3rd quarter 2017		2nd quarter 2017		3rd quarter 2016
Consolidated net income	2,763		2,027		1,980
Other comprehensive income
Actuarial gains and losses	(129	)	32		(363	)
Tax effect	36		(12	)	47
Currency translation adjustment generated by the parent company	2,420		4,524		439
Items not potentially reclassifiable to profit and loss	2,327		4,544		123
Currency translation adjustment	(575	)	(1,218	)	(362	)
Available for sale financial assets	4		1		15
Cash flow hedge	116		(79	)	113
Share of other comprehensive income of equity affiliates, net amount	(209	)	(794	)	123
Other	—		(3	)	(3	)
Tax effect	(42	)	30		(41	)
Items potentially reclassifiable to profit and loss	(706	)	(2,063	)	(155	)
Total other comprehensive income (net amount)	1,621		2,481		(32	)
Comprehensive income	4,384		4,508		1,948
Group share	4,346		4,507		1,909
Non-controlling interests	38		1		39

15

CONSOLIDATED STATEMENT OF INCOME

TOTAL

(unaudited)

(M$) (a)	9 months 2017			9 months 2016
Sales		124,142			107,468
Excise taxes		(16,485	)		(16,410	)
Revenues from sales		107,657			91,058
Purchases, net of inventory variation		(71,752	)		(59,410	)
Other operating expenses		(18,380	)		(17,511	)
Exploration costs		(577	)		(1,004	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(10,412	)		(8,584	)
Other income		3,299			962
Other expense		(464	)		(554	)
Financial interest on debt		(1,044	)		(809	)
Financial income and expense from cash & cash equivalents		(93	)		6
Cost of net debt		(1,137	)		(803	)
Other financial income		717			768
Other financial expense		(483	)		(475	)
Equity in net income (loss) of affiliates		1,358			1,805
Income taxes		(2,257	)		(533	)
Consolidated net income		7,569			5,719
Group share		7,610			5,648
Non-controlling interests		(41	)		71
Earnings per share ($)		2.99			2.33
Fully-diluted earnings per share ($)		2.98			2.32

^(a) Except for per share amounts.

16

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

TOTAL

(unaudited)

(M$)	9 months 2017			9 months 2016
Consolidated net income		7,569			5,719
Other comprehensive income
Actuarial gains and losses		29			(576	)
Tax effect		(17	)		119
Currency translation adjustment generated by the parent company		7,884			1,967
Items not potentially reclassifiable to profit and loss		7,896			1,510
Currency translation adjustment		(1,993	)		(1,717	)
Available for sale financial assets		4			1
Cash flow hedge		150			145
Share of other comprehensive income of equity affiliates, net amount		(672	)		477
Other		—			—
Tax effect		(51	)		(44	)
Items potentially reclassifiable to profit and loss		(2,562	)		(1,138	)
Total other comprehensive income (net amount)		5,334			372
Comprehensive income		12,903			6,091
Group share		12,927			6,012
Non-controlling interests		(24	)		79

17

CONSOLIDATED BALANCE SHEET

TOTAL

(M$)	September 30, 2017 (unaudited)			June 30, 2017 (unaudited)			December 31, 2016			September 30, 2016 (unaudited)
ASSETS
Non-current assets
Intangible assets, net		14,891			14,119			15,362			14,916
Property, plant and equipment, net		113,491			112,659			111,971			113,433
Equity affiliates : investments and loans		22,130			21,705			20,576			20,870
Other investments		1,124			1,483			1,133			1,565
Non-current financial assets		626			558			908			1,089
Deferred income taxes		5,345			4,981			4,368			4,434
Other non-current assets		4,291			4,411			4,143			4,534
Total non-current assets		161,898			159,916			158,461			160,841
Current assets
Inventories, net		14,769			14,273			15,247			14,635
Accounts receivable, net		13,738			12,923			12,213			11,501
Other current assets		13,944			14,034			14,835			14,927
Current financial assets		2,579			3,618			4,548			1,755
Cash and cash equivalents		28,583			28,720			24,597			24,801
Assets classified as held for sale		997			421			1,077			1,045
Total current assets		74,610			73,989			72,517			68,664
Total assets		236,508			233,905			230,978			229,505
LIABILITIES & SHAREHOLDERS’ EQUITY
Shareholders’ equity
Common shares		7,806			7,797			7,604			7,849
Paid-in surplus and retained earnings		111,128			110,305			105,547			106,189
Currency translation adjustment		(8,675	)		(10,314	)		(13,871	)		(11,448	)
Treasury shares		(458	)		(600	)		(600	)		(4,422	)
Total shareholders’ equity - Group share		109,801			107,188			98,680			98,168
Non-controlling interests		2,799			2,772			2,894			2,948
Total shareholders’ equity		112,600			109,960			101,574			101,116
Non-current liabilities
Deferred income taxes		11,326			10,920			11,060			11,390
Employee benefits		4,384			4,127			3,746			4,247
Provisions and other non-current liabilities		17,140			16,924			16,846			17,320
Non-current financial debt		40,226			41,548			43,067			44,450
Total non-current liabilities		73,076			73,519			74,719			77,407
Current liabilities
Accounts payable		21,092			21,914			23,227			19,799
Other creditors and accrued liabilities		17,740			14,862			16,720			16,895
Current borrowings		11,206			13,070			13,920			13,383
Other current financial liabilities		273			241			327			380
Liabilities directly associated with the assets classified as held for sale		521			339			491			525
Total current liabilities		50,832			50,426			54,685			50,982
Total liabilities & shareholders’ equity		236,508			233,905			230,978			229,505

18

CONSOLIDATED STATEMENT OF CASH FLOW

TOTAL

(unaudited)

(M$)	3rd quarter 2017			2nd quarter 2017			3rd quarter 2016
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income		2,763			2,027			1,980
Depreciation, depletion, amortization and impairment		3,164			2,930			3,297
Non-current liabilities, valuation allowances and deferred taxes		(93	)		(50	)		(539	)
(Gains) losses on disposals of assets		(144	)		(151	)		94
Undistributed affiliates’ equity earnings		(110	)		501			(192	)
(Increase) decrease in working capital		(1,057	)		(268	)		265
Other changes, net		(160	)		(349	)		(165	)
Cash flow from operating activities		4,363			4,640			4,740
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions		(3,104	)		(3,323	)		(4,124	)
Acquisitions of subsidiaries, net of cash acquired		(472	)		(6	)		(1,119	)
Investments in equity affiliates and other securities		(181	)		(433	)		177
Increase in non-current loans		(153	)		(443	)		(135	)
Total expenditures		(3,910	)		(4,205	)		(5,201	)
Proceeds from disposals of intangible assets and property, plant and equipment		55			74			57
Proceeds from disposals of subsidiaries, net of cash sold		—			—			—
Proceeds from disposals of non-current investments		147			133			34
Repayment of non-current loans		337			153			101
Total divestments		539			360			192
Cash flow used in investing activities		(3,371	)		(3,845	)		(5,009	)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders		65			406			36
- Treasury shares		—			—			—
Dividends paid:
- Parent company shareholders		—			(1,462	)		—
- Non-controlling interests		(11	)		(61	)		(2	)
Issuance of perpetual subordinated notes		—			—			—
Payments on perpetual subordinated notes		—			(90	)		—
Other transactions with non-controlling interests		(2	)		—			(107	)
Net issuance (repayment) of non-current debt		400			290			3,127
Increase (decrease) in current borrowings		(3,717	)		(1,167	)		(909	)
Increase (decrease) in current financial assets and liabilities		1,182			979			257
Cash flow used in financing activities		(2,083	)		(1,105	)		2,402
Net increase (decrease) in cash and cash equivalents		(1,091	)		(310	)		2,133
Effect of exchange rates		954			1,504			15
Cash and cash equivalents at the beginning of the period		28,720			27,526			22,653
Cash and cash equivalents at the end of the period		28,583			28,720			24,801

19

CONSOLIDATED STATEMENT OF CASH FLOW

TOTAL

(unaudited)

(M$)	9 months 2017			9 months 2016
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income		7,569			5,719
Depreciation, depletion, amortization and impairment		10,754			9,393
Non-current liabilities, valuation allowances and deferred taxes		(340	)		(1,284	)
(Gains) losses on disposals of assets		(2,527	)		(321	)
Undistributed affiliates’ equity earnings		96			(708	)
(Increase) decrease in working capital		(1,379	)		(3,032	)
Other changes, net		(469	)		(264	)
Cash flow from operating activities		13,704			9,503
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions		(9,105	)		(12,364	)
Acquisitions of subsidiaries, net of cash acquired		(797	)		(1,241	)
Investments in equity affiliates and other securities		(1,137	)		(106	)
Increase in non-current loans		(754	)		(964	)
Total expenditures		(11,793	)		(14,675	)
Proceeds from disposals of intangible assets and property, plant and equipment		135			1,049
Proceeds from disposals of subsidiaries, net of cash sold		2,696			270
Proceeds from disposals of non-current investments		289			129
Repayment of non-current loans		677			502
Total divestments		3,797			1,950
Cash flow used in investing activities		(7,996	)		(12,725	)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders		486			40
- Treasury shares		—			—
Dividends paid:
- Parent company shareholders		(2,000	)		(2,127	)
- Non-controlling interests		(87	)		(77	)
Issuance of perpetual subordinated notes		—			1,950
Payments on perpetual subordinated notes		(219	)		(133	)
Other transactions with non-controlling interests		(2	)		(104	)
Net issuance (repayment) of non-current debt		746			3,681
Increase (decrease) in current borrowings		(6,297	)		(2,925	)
Increase (decrease) in current financial assets and liabilities		2,819			4,402
Cash flow used in financing activities		(4,554	)		4,707
Net increase (decrease) in cash and cash equivalents		1,154			1,485
Effect of exchange rates		2,832			47
Cash and cash equivalents at the beginning of the period		24,597			23,269
Cash and cash equivalents at the end of the period		28,583			24,801

20

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

TOTAL

(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 of the first 9 months 2016		—			—			5,648			—			—			—			5,648			71			5,719
Other comprehensive Income		—			—			(307	)		671			—			—			364			8			372
Comprehensive Income		—			—			5,341			671			—			—			6,012			79			6,091
Dividend		—			—			(4,872	)		—			—			—			(4,872	)		(77	)		(4,949	)
Issuance of common shares		63,971,645			179			2,524			—			—			—			2,703			—			2,703
Purchase of treasury shares		—			—			—			—			—			—			—			—			—
Sale of treasury shares (1)		—			—			(163	)		—			3,047,118			163			—			—			—
Share-based payments		—			—			81			—			—			—			81			—			81
Share cancellation		—			—			—			—			—			—			—			—			—
Issuance of perpetual subordinated notes		—			—			1,950			—			—			—			1,950			—			1,950
Payments on perpetual subordinated notes		—			—			(131	)		—			—			—			(131	)		—			(131	)
Other operations with non-controlling interests		—			—			(100	)		—			—			—			(100	)		(41	)		(141	)
Other items		—			—			31			—			—			—			31			72			103
As of September 30, 2016		2,504,029,528			7,849			106,189			(11,448	)		(110,920,640	)		(4,422	)		98,168			2,948			101,116
Net income from October 1 to December 31, 2016		—			—			548			—			—			—			548			(61	)		487
Other comprehensive Income		—			—			199			(2,423	)		—			—			(2,224	)		(7	)		(2,231	)
Comprehensive Income		—			—			747			(2,423	)		—			—			(1,676	)		(68	)		(1,744	)
Dividend		—			—			(1,640	)		—			—			—			(1,640	)		(16	)		(1,656	)
Issuance of common shares		26,667,602			72			1,029			—			—			—			1,101			—			1,101
Purchase of treasury shares		—			—			—			—			—			—			—			—			—
Sale of treasury shares (1)		—			—			—			—			1,550			—			—			—			—
Share-based payments		—			—			31			—			—			—			31			—			31
Share cancellation		(100,331,268	)		(317	)		(3,505	)		—			100,331,268			3,822			—			—			—
Issuance of perpetual subordinated notes		—			—			2,761			—			—			—			2,761			—			2,761
Payments on perpetual subordinated notes		—			—			(72	)		—			—			—			(72	)		—			(72	)
Other operations with non-controlling interests		—			—			2			—			—			—			2			(2	)		—
Other items		—			—			5			—			—			—			5			32			37
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 of the first 9 months 2017		—			—			7,610			—			—			—			7,610			(41	)		7,569
Other comprehensive Income		—			—			121			5,196			—			—			5,317			17			5,334
Comprehensive Income		—			—			7,731			5,196			—			—			12,927			(24	)		12,903
Dividend		—			—			(5,137	)		—			—			—			(5,137	)		(87	)		(5,224	)
Issuance of common shares		72,388,372			202			3,242			—			—			—			3,444			—			3,444
Purchase of treasury shares		—			—			—			—			—			—			—			—			—
Sale of treasury shares (1)		—			—			(142	)		—			2,209,716			142			—			—			—
Share-based payments		—			—			113			—			—			—			113			—			113
Share cancellation		—			—			—			—			—			—			—			—			—
Issuance of perpetual subordinated notes		—			—			—			—			—			—			—			—			—
Payments on perpetual subordinated notes		—			—			(223	)		—			—			—			(223	)		—			(223	)
Other operations with non-controlling interests		—			—			(7	)		—			—			—			(7	)		5			(2	)
Other items		—			—			4			—			—			—			4			11			15
As of September 30, 2017		2,502,754,234			7,806			111,128			(8,675	)		(8,378,106	)		(458	)		109,801			2,799			112,600

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

21

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

3rd quarter 2017 (M$)	Exploration & Production			Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		2,121			2,903			18,923			19,086			11			—			43,044
Intersegment sales		5,665			286			6,592			207			89			(12,839	)		—
Excise taxes		—			—			(799	)		(5,163	)		—			—			(5,962	)
Revenues from sales		7,786			3,189			24,716			14,130			100			(12,839	)		37,082
Operating expenses		(3,632	)		(3,117	)		(23,110	)		(13,386	)		(250	)		12,839			(30,656	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,548	)		(51	)		(258	)		(170	)		(8	)		—			(3,035	)
Operating income		1,606			21			1,348			574			(158	)		—			3,391
Equity in net income (loss) of affiliates and other items		521			12			179			133			32			—			877
Tax on net operating income		(745	)		7			(379	)		(173	)		100			—			(1,190	)
Net operating income		1,382			40			1,148			534			(26	)		—			3,078
Net cost of net debt																				(315	)
Non-controlling interests																				(39	)
Net income - group share																				2,724
3rd quarter 2017 (adjustments) (a) (M$)	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
Equity in net income (loss) of 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$) (a)	Exploration & Production			Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		2,121			2,917			18,923			19,086			11			—			43,058
Intersegment sales		5,665			286			6,592			207			89			(12,839	)		—
Excise taxes		—			—			(799	)		(5,163	)		—			—			(5,962	)
Revenues from sales		7,786			3,203			24,716			14,130			100			(12,839	)		37,096
Operating expenses		(3,630	)		(3,085	)		(23,276	)		(13,437	)		(250	)		12,839			(30,839	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,491	)		(51	)		(258	)		(170	)		(8	)		—			(2,978	)
Adjusted operating income		1,665			67			1,182			523			(158	)		—			3,279
Equity in net income (loss) of affiliates and other items		523			27			167			138			32			—			887
Tax on net operating income		(749	)		3			(329	)		(155	)		100			—			(1,130	)
Adjusted net operating income		1,439			97			1,020			506			(26	)		—			3,036
Net cost of net debt																				(308	)
Non-controlling interests																				(54	)
Adjusted net income - group share																				2,674
Adjusted fully-diluted earnings per share ($)																				1.04
(a)  Except for earnings per share.
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

22

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

2nd quarter 2017 (M$)	Exploration & Production			Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		2,068			2,671			17,347			17,831			(2	)		—			39,915
Intersegment sales		5,118			274			6,016			169			90			(11,667	)		—
Excise taxes		—			—			(680	)		(4,753	)		—			—			(5,433	)
Revenues from sales		7,186			2,945			22,683			13,247			88			(11,667	)		34,482
Operating expenses		(3,547	)		(2,857	)		(21,918	)		(12,729	)		(319	)		11,667			(29,703	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,344	)		(40	)		(245	)		(158	)		(11	)		—			(2,798	)
Operating income		1,295			48			520			360			(242	)		—			1,981
Equity in net income (loss) of affiliates and other items		487			13			148			258			(6	)		—			900
Tax on net operating income		(512	)		(24	)		(142	)		(123	)		214			—			(587	)
Net operating income		1,270			37			526			495			(34	)		—			2,294
Net cost of net debt																				(267	)
Non-controlling interests																				10
Net income - group share																				2,037
2nd quarter 2017 (adjustments) (a) (M$)	Exploration & Production			Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		—			(27	)		—			—			—			—			(27	)
Intersegment sales		—			—			—			—			—			—			—
Excise taxes		—			—			—			—			—			—			—
Revenues from sales		—			(27	)		—			—			—			—			(27	)
Operating expenses		(117	)		(25	)		(411	)		(80	)		(64	)		—			(697	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(15	)		1			—			—			—			—			(14	)
Operating income (b)		(132	)		(51	)		(411	)		(80	)		(64	)		—			(738	)
Equity in net income (loss) of affiliates and other items		(4	)		(16	)		(53	)		121			—			—			48
Tax on net operating income		47			9			129			21			22			—			228
Net operating income (b)		(89	)		(58	)		(335	)		62			(42	)		—			(462	)
Net cost of net debt																				(7	)
Non-controlling interests																				32
Net income - group share																				(437	)
(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		—			—			(372	)		(54	)		—
On net operating income		—			—			(270	)		(45	)		—
2nd quarter 2017 (adjusted) (M$) (a)	Exploration & Production			Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		2,068			2,698			17,347			17,831			(2	)		—			39,942
Intersegment sales		5,118			274			6,016			169			90			(11,667	)		—
Excise taxes		—			—			(680	)		(4,753	)		—			—			(5,433	)
Revenues from sales		7,186			2,972			22,683			13,247			88			(11,667	)		34,509
Operating expenses		(3,430	)		(2,832	)		(21,507	)		(12,649	)		(255	)		11,667			(29,006	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,329	)		(41	)		(245	)		(158	)		(11	)		—			(2,784	)
Adjusted operating income		1,427			99			931			440			(178	)		—			2,719
Equity in net income (loss) of affiliates and other items		491			29			201			137			(6	)		—			852
Tax on net operating income		(559	)		(33	)		(271	)		(144	)		192			—			(815	)
Adjusted net operating income		1,359			95			861			433			8			—			2,756
Net cost of net debt																				(260	)
Non-controlling interests																				(22	)
Adjusted net income - group share																				2,474
Adjusted fully-diluted earnings per share ($)																				0.97
(a)   Except for earnings per share.
2nd quarter 2017 (M$)	Exploration & Production			Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Total expenditures		3,448			77			401			258			21			—			4,205
Total divestments		132			23			20			182			3			—			360
Cash flow from operating activities		2,504			(114	)		1,972			229			49			—			4,640

23

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

3rd quarter 2016 (M$)	Exploration & Production			Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		1,852			2,510			16,050			16,998			2			—			37,412
Intersegment sales		4,854			283			5,072			147			74			(10,430	)		—
Excise taxes		—			—			(875	)		(4,712	)		—			—			(5,587	)
Revenues from sales		6,706			2,793			20,247			12,433			76			(10,430	)		31,825
Operating expenses		(3,513	)		(2,754	)		(19,102	)		(11,829	)		(198	)		10,430			(26,966	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,479	)		(46	)		(251	)		(150	)		(10	)		—			(2,936	)
Operating income		714			(7	)		894			454			(132	)		—			1,923
Equity in net income (loss) of affiliates and other items		180			7			228			78			88			—			581
Tax on net operating income		(61	)		17			(197	)		(134	)		59			—			(316	)
Net operating income		833			17			925			398			15			—			2,188
Net cost of net debt																				(208	)
Non-controlling interests																				(26	)
Net income - group share																				1,954
3rd quarter 2016 (adjustments) (a) (M$)	Exploration & Production			Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		—			(116	)		—			—			—			—			(116	)
Intersegment sales		—			—			—			—			—			—			—
Excise taxes		—			—			—			—			—			—			—
Revenues from sales		—			(116	)		—			—			—			—			(116	)
Operating expenses		—			(15	)		4			(53	)		—			—			(64	)
Depreciation, depletion and impairment of tangible assets and mineral interests		—			—			—			—			—			—			—
Operating income (b)		—			(131	)		4			(53	)		—			—			(180	)
Equity in net income (loss) of affiliates and other items		(123	)		(68	)		16			1			—			—			(174	)
Tax on net operating income		175			25			(11	)		6			—			—			195
Net operating income (b)		52			(174	)		9			(46	)		—			—			(159	)
Net cost of net debt																				(6	)
Non-controlling interests																				49
Net income - group share																				(116	)
(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		—			—			4			(51	)		—
On net operating income		—			—			21			(33	)		—
3rd quarter 2016 (adjusted) (M$) (a)	Exploration & Production			Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		1,852			2,626			16,050			16,998			2			—			37,528
Intersegment sales		4,854			283			5,072			147			74			(10,430	)		—
Excise taxes		—			—			(875	)		(4,712	)		—			—			(5,587	)
Revenues from sales		6,706			2,909			20,247			12,433			76			(10,430	)		31,941
Operating expenses		(3,513	)		(2,739	)		(19,106	)		(11,776	)		(198	)		10,430			(26,902	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,479	)		(46	)		(251	)		(150	)		(10	)		—			(2,936	)
Adjusted operating income		714			124			890			507			(132	)		—			2,103
Equity in net income (loss) of affiliates and other items		303			75			212			77			88			—			755
Tax on net operating income		(236	)		(8	)		(186	)		(140	)		59			—			(511	)
Adjusted net operating income		781			191			916			444			15			—			2,347
Net cost of net debt																				(202	)
Non-controlling interests																				(75	)
Adjusted net income - group share																				2,070
Adjusted fully-diluted earnings per share ($)																				0.84
(a)   Except for earnings per share.
3rd quarter 2016 (M$)	Exploration & Production			Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Total expenditures		3,484			1,097			554			243			(177	)		—			5,201
Total divestments		105			33			21			29			4			—			192
Cash flow from operating activities		2,275			24			1,697			573			171			—			4,740

24

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

9 months 2017 (M$)	Exploration & Production			Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		6,292			8,771			54,844			54,215			20			—			124,142
Intersegment sales		16,331			869			18,954			650			284			(37,088	)		—
Excise taxes		—			—			(2,180	)		(14,305	)		—			—			(16,485	)
Revenues from sales		22,623			9,640			71,618			40,560			304			(37,088	)		107,657
Operating expenses		(10,866	)		(9,443	)		(67,906	)		(38,780	)		(802	)		37,088			(90,709	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(8,960	)		(163	)		(790	)		(472	)		(27	)		—			(10,412	)
Operating income		2,797			34			2,922			1,308			(525	)		—			6,536
Equity in net income (loss) of affiliates and other items		1,198			(20	)		2,780			421			48			—			4,427
Tax on net operating income		(1,696	)		(54	)		(877	)		(404	)		485			—			(2,546	)
Net operating income		2,299			(40	)		4,825			1,325			8			—			8,417
Net cost of net debt																				(848	)
Non-controlling interests																				41
Net income - group share																				7,610
9 months 2017 (adjustments) (a) (M$)	Exploration & Production			Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		—			(41	)		—			—			—			—			(41	)
Intersegment sales		—			—			—			—			—			—			—
Excise taxes		—			—			—			—			—			—			—
Revenues from sales		—			(41	)		—			—			—			—			(41	)
Operating expenses		(119	)		(146	)		(188	)		(44	)		(64	)		—			(561	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(1,926	)		(25	)		(50	)		—			—			—			(2,001	)
Operating income (b)		(2,045	)		(212	)		(238	)		(44	)		(64	)		—			(2,603	)
Equity in net income (loss) of affiliates and other items		(216	)		(94	)		2,168			121			—			—			1,979
Tax on net operating income		380			13			(9	)		8			22			—			414
Net operating income (b)		(1,881	)		(293	)		1,921			85			(42	)		—			(210	)
Net cost of net debt		—			—			—			—			—			—			(21	)
Non-controlling interests		—			—			—			—			—			—			135
Net income - group share		—			—			—			—			—			—			(96	)
(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		—			—			(79	)		(18	)		—
On net operating income		—			—			(56	)		(14	)		—
9 months 2017 (adjusted) (M$) (a)	Exploration & Production			Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		6,292			8,812			54,844			54,215			20			—			124,183
Intersegment sales		16,331			869			18,954			650			284			(37,088	)		—
Excise taxes		—			—			(2,180	)		(14,305	)		—			—			(16,485	)
Revenues from sales		22,623			9,681			71,618			40,560			304			(37,088	)		107,698
Operating expenses		(10,747	)		(9,297	)		(67,718	)		(38,736	)		(738	)		37,088			(90,148	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(7,034	)		(138	)		(740	)		(472	)		(27	)		—			(8,411	)
Adjusted operating income		4,842			246			3,160			1,352			(461	)		—			9,139
Equity in net income (loss) of affiliates and other items		1,414			74			612			300			48			—			2,448
Tax on net operating income		(2,076	)		(67	)		(868	)		(412	)		463			—			(2,960	)
Adjusted net operating income		4,180			253			2,904			1,240			50			—			8,627
Net cost of net debt																				(827	)
Non-controlling interests																				(94	)
Adjusted net income - group share																				7,706
Adjusted fully-diluted earnings per share ($)																				3.02
(a)   Except for earnings per share.
9 months 2017 (M$)	Exploration & Production			Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Total expenditures		9,312			491			1,024			887			79			—			11,793
Total divestments		584			27			2,784			368			34			—			3,797
Cash flow from operating activities		7,633			336			4,399			1,138			198			—			13,704

25

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

9 months 2016 (M$)	Exploration & Production			Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		5,563			6,449			46,555			48,897			4			—			107,468
Intersegment sales		12,572			703			14,760			487			225			(28,747	)		—
Excise taxes		—			—			(2,760	)		(13,650	)		—			—			(16,410	)
Revenues from sales		18,135			7,152			58,555			35,734			229			(28,747	)		91,058
Operating expenses		(10,512	)		(7,146	)		(54,407	)		(33,897	)		(710	)		28,747			(77,925	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(7,254	)		(108	)		(750	)		(446	)		(26	)		—			(8,584	)
Operating income		369			(102	)		3,398			1,391			(507	)		—			4,549
Equity in net income (loss) of affiliates and other items		1,350			121			617			129			289			—			2,506
Tax on net operating income		454			1			(852	)		(409	)		87			—			(719	)
Net operating income		2,173			20			3,163			1,111			(131	)		—			6,336
Net cost of net debt																				(617	)
Non-controlling interests																				(71	)
Net income - group share																				5,648
9 months 2016 (adjustments) (a) (M$)	Exploration & Production			Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		—			(248	)		—			—			—			—			(248	)
Intersegment sales		—			—			—			—			—			—			—
Excise taxes		—			—			—			—			—			—			—
Revenues from sales		—			(248	)		—			—			—			—			(248	)
Operating expenses		(691	)		(15	)		246			(20	)		—			—			(480	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(200	)		—			—			—			—			—			(200	)
Operating income (b)		(891	)		(263	)		246			(20	)		—			—			(928	)
Equity in net income (loss) of affiliates and other items		206			(76	)		(61	)		(20	)		—			—			49
Tax on net operating income		648			52			(86	)		(2	)		—			—			612
Net operating income (b)		(37	)		(287	)		99			(42	)		—			—			(267	)
Net cost of net debt																				(17	)
Non-controlling interests																				52
Net income - group share																				(232	)
(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		—			—			315			(10	)		—
On net operating income		—			—			219			1			—
9 months 2016 (adjusted) (M$) (a)	Exploration & Production			Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		5,563			6,697			46,555			48,897			4			—			107,716
Intersegment sales		12,572			703			14,760			487			225			(28,747	)		—
Excise taxes		—			—			(2,760	)		(13,650	)		—			—			(16,410	)
Revenues from sales		18,135			7,400			58,555			35,734			229			(28,747	)		91,306
Operating expenses		(9,821	)		(7,131	)		(54,653	)		(33,877	)		(710	)		28,747			(77,445	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(7,054	)		(108	)		(750	)		(446	)		(26	)		—			(8,384	)
Adjusted operating income		1,260			161			3,152			1,411			(507	)		—			5,477
Equity in net income (loss) of affiliates and other items		1,144			197			678			149			289			—			2,457
Tax on net operating income		(194	)		(51	)		(766	)		(407	)		87			—			(1,331	)
Adjusted net operating income		2,210			307			3,064			1,153			(131	)		—			6,603
Net cost of net debt																				(600	)
Non-controlling interests																				(123	)
Adjusted net income - group share																				5,880
Adjusted fully-diluted earnings per share ($)																				2.42
(a)   Except for earnings per share.
9 months 2016 (M$)	Exploration & Production			Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Total expenditures		11,252			1,339			1,295			745			44			—			14,675
Total divestments		1,369			137			73			359			12			—			1,950
Cash flow from operating activities		4,971			(194	)		2,839			1,414			473			—			9,503

26

Consolidated Financial Statements as of September 30, 2017

Adjustment items by business segment

(M$)

ADJUSTMENTS TO OPERATING INCOME

(M$)		Exploration & Production			Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Total
3rd quarter 2017	Inventory valuation effect		—			—			210			51			—			261
	Effect of changes in fair value		—			(14	)		—			—			—			(14	)
	Restructuring charges		(2	)		—			—			—			—			(2	)
	Asset impairment charges		(57	)		—			—			—			—			(57	)
	Other items		—			(32	)		(44	)		—			—			(76	)
Total			(59	)		(46	)		166			51			—			112
3rd quarter 2016	Inventory valuation effect		—			—			4			(51	)		—			(47	)
	Effect of changes in fair value		—			(18	)		—			—			—			(18	)
	Restructuring charges		—			(15	)		—			—			—			(15	)
	Asset impairment charges		—			—			—			—			—			—
	Other items		—			(98	)		—			(2	)		—			(100	)
Total			—			(131	)		4			(53	)		—			(180	)
9 months 2017	Inventory valuation effect		—			—			(79	)		(18	)		—			(97	)
	Effect of changes in fair value		—			(41	)		—			—			—			(41	)
	Restructuring charges		(42	)		—			—			—			—			(42	)
	Asset impairment charges		(1,926	)		(25	)		(50	)		—			—			(2,001	)
	Other items		(77	)		(146	)		(109	)		(26	)		(64	)		(422	)
Total			(2,045	)		(212	)		(238	)		(44	)		(64	)		(2,603	)
9 months 2016	Inventory valuation effect		—			—			315			(10	)		—			305
	Effect of changes in fair value		—			(21	)		—			—			—			(21	)
	Restructuring charges		(19	)		(15	)		—			—			—			(34	)
	Asset impairment charges		(200	)		—			—			—			—			(200	)
	Other items		(672	)		(227	)		(69	)		(10	)		—			(978	)
Total			(891	)		(263	)		246			(20	)		—			(928	)
ADJUSTMENTS TO NET INCOME, GROUP SHARE
(M$)		Exploration & Production			Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Total
3rd quarter 2017	Inventory valuation effect		—			—			154			29			—			183
	Effect of changes in fair value		—			(10	)		—			—			—			(10	)
	Restructuring charges		—			(2	)		—			—			—			(2	)
	Asset impairment charges		(56	)		(18	)		—			—			—			(74	)
	Gains (losses) on disposals of assets		—			—			—			—			—			—
	Other items		—			(11	)		(28	)		(8	)		—			(47	)
Total			(56	)		(41	)		126			21			—			50
3rd quarter 2016	Inventory valuation effect		—			—			22			(27	)		—			(5	)
	Effect of changes in fair value		—			(13	)		—			—			—			(13	)
	Restructuring charges		—			(18	)		—			—			—			(18	)
	Asset impairment charges		—			(33	)		—			—			—			(33	)
	Gains (losses) on disposals of assets		(32	)		—			—			—			—			(32	)
	Other items		84			(75	)		(12	)		(12	)		—			(15	)
Total			52			(139	)		10			(39	)		—			(116	)
9 months 2017	Inventory valuation effect		—			—			(56	)		(16	)		—			(72	)
	Effect of changes in fair value		—			(29	)		—			—			—			(29	)
	Restructuring charges		(12	)		(10	)		(39	)		—			—			(61	)
	Asset impairment charges		(1,697	)		(77	)		(50	)		—			—			(1,824	)
	Gains (losses) on disposals of assets		—			—			2,139			125			—			2,264
	Other items		(144	)		(89	)		(73	)		(26	)		(42	)		(374	)
Total			(1,853	)		(205	)		1,921			83			(42	)		(96	)
9 months 2016	Inventory valuation effect		—			—			219			(2	)		—			217
	Effect of changes in fair value		—			(15	)		—			—			—			(15	)
	Restructuring charges		(4	)		(18	)		—			—			—			(22	)
	Asset impairment charges		(129	)		(33	)		(49	)		—			—			(211	)
	Gains (losses) on disposals of assets		326			—			—			(14	)		—			312
	Other items		(230	)		(184	)		(71	)		(28	)		—			(513	)
Total			(37	)		(250	)		99			(44	)		—			(232	)

27

Reconciliation of the information by business segment
with consolidated financial statements

TOTAL

(unaudited)

3rd quarter 2017 (M$)	Adjusted			Adjustments (a)			Consolidated statement of income
Sales		43,058			(14	)		43,044
Excise taxes		(5,962	)		—			(5,962	)
Revenues from sales		37,096			(14	)		37,082
Purchases, net of inventory variation		(24,585	)		218			(24,367	)
Other operating expenses		(6,073	)		(35	)		(6,108	)
Exploration costs		(181	)		—			(181	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,978	)		(57	)		(3,035	)
Other income		238			166			404
Other expense		(65	)		(2	)		(67	)
Financial interest on debt		(361	)		(7	)		(368	)
Financial income and expense from cash & cash equivalents		(45	)		—			(45	)
Cost of net debt		(406	)		(7	)		(413	)
Other financial income		204			—			204
Other financial expense		(164	)		—			(164	)
Equity in net income (loss) of affiliates		674			(174	)		500
Income taxes		(1,032	)		(60	)		(1,092	)
Consolidated net income		2,728			35			2,763
Group share		2,674			50			2,724
Non-controlling interests		54			(15	)		39

^(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

3rd quarter 2016 (M$)	Adjusted			Adjustments (a)			Consolidated statement of income
Sales		37,528			(116	)		37,412
Excise taxes		(5,587	)		—			(5,587	)
Revenues from sales		31,941			(116	)		31,825
Purchases, net of inventory variation		(21,176	)		(47	)		(21,223	)
Other operating expenses		(5,452	)		(17	)		(5,469	)
Exploration costs		(274	)		—			(274	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,936	)		—			(2,936	)
Other income		284			6			290
Other expense		(155	)		(196	)		(351	)
Financial interest on debt		(262	)		(6	)		(268	)
Financial income and expense from cash & cash equivalents		(5	)		—			(5	)
Cost of net debt		(267	)		(6	)		(273	)
Other financial income		265			—			265
Other financial expense		(154	)		—			(154	)
Equity in net income (loss) of affiliates		515			16			531
Income taxes		(446	)		195			(251	)
Consolidated net income		2,145			(165	)		1,980
Group share		2,070			(116	)		1,954
Non-controlling interests		75			(49	)		26

^(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

28

Reconciliation of the information by business segment
with consolidated financial statements

TOTAL

(unaudited)

9 months 2017 (M$)	Adjusted			Adjustments (a)			Consolidated statement of income
Sales		124,183			(41	)		124,142
Excise taxes		(16,485	)		—			(16,485	)
Revenues from sales		107,698			(41	)		107,657
Purchases, net of inventory variation		(71,514	)		(238	)		(71,752	)
Other operating expenses		(18,057	)		(323	)		(18,380	)
Exploration costs		(577	)		—			(577	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(8,411	)		(2,001	)		(10,412	)
Other income		552			2,747			3,299
Other expense		(181	)		(283	)		(464	)
Financial interest on debt		(1,023	)		(21	)		(1,044	)
Financial income and expense from cash & cash equivalents		(93	)		—			(93	)
Cost of net debt		(1,116	)		(21	)		(1,137	)
Other financial income		717			—			717
Other financial expense		(483	)		—			(483	)
Equity in net income (loss) of affiliates		1,843			(485	)		1,358
Income taxes		(2,671	)		414			(2,257	)
Consolidated net income		7,800			(231	)		7,569
Group share		7,706			(96	)		7,610
Non-controlling interests		94			(135	)		(41	)

^(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

9 months 2016 (M$)	Adjusted			Adjustments (a)			Consolidated statement of income
Sales		107,716			(248	)		107,468
Excise taxes		(16,410	)		—			(16,410	)
Revenues from sales		91,306			(248	)		91,058
Purchases, net of inventory variation		(59,663	)		253			(59,410	)
Other operating expenses		(17,128	)		(383	)		(17,511	)
Exploration costs		(654	)		(350	)		(1,004	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(8,384	)		(200	)		(8,584	)
Other income		627			335			962
Other expense		(274	)		(280	)		(554	)
Financial interest on debt		(792	)		(17	)		(809	)
Financial income and expense from cash & cash equivalents		6			—			6
Cost of net debt		(786	)		(17	)		(803	)
Other financial income		768			—			768
Other financial expense		(475	)		—			(475	)
Equity in net income (loss) of affiliates		1,811			(6	)		1,805
Income taxes		(1,145	)		612			(533	)
Consolidated net income		6,003			(284	)		5,719
Group share		5,880			(232	)		5,648
Non-controlling interests		123			(52	)		71

^(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

29

TOTAL

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE FIRST NINE MONTHS OF 2017

(unaudited)

1) Accounting policies

The interim consolidated financial statements of TOTAL S.A. and its subsidiaries (the Group) as of September 30, 2017 are presented in U.S. dollars and have been prepared in accordance with International Accounting Standard (IAS) 34 “Interim Financial Reporting”.

The accounting policies applied for the consolidated financial statements as of September 30, 2017 do not differ significantly from those applied for the consolidated financial statements as of December 31, 2016 which have been prepared on the basis of IFRS (International Financial Reporting Standards) as adopted by the European Union and IFRS as issued by the IASB (International Accounting Standards Board). New texts or amendments which were mandatory for the periods beginning on or after January 1, 2017 did not have a material impact on the Group’s consolidated financial statements as of September 30, 2017.

As for accounting standards applicable for annual periods starting from January 1, 2018:

• As indicated in the December 31, 2016 Notes to the Consolidated Financial Statements, the expected impacts of the application of standard IFRS 15 “Revenue from Contracts with Customers” are not significant for the Group.

• The impacts of the application of standard IFRS 9 “Financial Instruments” are currently under review, especially for the impairment of financial assets.

The preparation of financial statements in accordance with IFRS for the closing as of September 30, 2017 requires the executive management to make estimates, assumptions and judgments that affect the information reported in the Consolidated Financial Statements and the Notes thereto.

These estimates, assumptions and judgments are based on historical experience and other factors believed to be reasonable at the date of preparation of the financial statements. They are reviewed on an on-going basis by management and therefore could be revised as circumstances change or as a result of new information.

Different estimates, assumptions and judgments could significantly affect the information reported, and actual results may differ from the amounts included in the Consolidated Financial Statements and the Notes thereto.

The main estimates, judgments and assumptions relate to the estimation of hydrocarbon reserves in application of the successful efforts method for the oil and gas activities, the impairment of assets, the employee benefits, the asset retirement obligations and the income taxes. These estimates and assumptions are described in the Notes to the Consolidated Financial Statements as of December 31, 2016.

Furthermore, when the accounting treatment of a specific transaction is not addressed by any accounting standard or interpretation, the management applies its judgment to define and apply accounting policies that provide information consistent with the general IFRS concepts: faithful representation, relevance and materiality.

30

2) Changes in the Group structure

2.1) Main acquisitions and divestments

Gas, Renewables & Power

• In January 2017, TOTAL acquired a 23% interest in the company Tellurian to develop an integrated gas project in the United States for an amount of $207 million.

Refining & Chemicals

• On January 31, 2017, TOTAL closed the sale of Atotech to the Carlyle Group for an amount of $3.2 billion.

Marketing & Services

• On March 28, 2017, TOTAL announced the closing of the acquisition of the assets of Gulf Africa Petroleum Corporation in Kenya, Uganda and Tanzania.

2.2) Divestment projects

Exploration & Production

• In February 2017, TOTAL has signed an agreement with Perenco for the sale of interests and the transfer of operatorship in various mature assets in Gabon. The transaction is subject to the publication in the Official Journal of the decrees signed by the President of the Republic of Gabon. The assets and liabilities have been classified in the consolidated balance sheet as at September 30^th, 2017 respectively in “assets classified as held for sale” for an amount of $431 million (mainly tangible assets for an amount of $356 million) and “liabilities directly associated with the assets classified as held for sale” for an amount of $352 million.

• On September 4, 2017 TOTAL announced the sale to Kuwait Foreign Petroleum Exploration Company (KUFPEC) of its remaining 15% interest in the Gina Krog field in Norway. The assets and liabilities have been classified in the consolidated balance sheet as at September 30^th, 2017 respectively in “assets classified as held for sale” for an amount of $564 million (mainly tangible assets for an amount of $525 million) and “liabilities directly associated with the assets classified as held for sale” for an amount of $169 million.

31

3) Adjustment items

Description of the business segments

Financial information by business segment is reported in accordance with the internal reporting system and shows internal segment information that is used to manage and measure the performance of TOTAL and which is reviewed by the main operational decision-making body of the Group, namely the Executive Committee.

Total has put in place a new organization fully effective since January 1, 2017, structured around four business segments following the creation of the Gas, Renewables & Power segment, alongside the Exploration & Production, Refining & Chemicals and Marketing & Services segments.

Certain figures for the year 2016 have been restated in order to reflect the new organization with four business segments.

Adjustment items

Performance indicators excluding the adjustment items, such as adjusted operating income, adjusted net operating income, and adjusted net income are meant to facilitate the analysis of the financial performance and the comparison of income between periods.

Adjustment items include:

(i) Special items

Due to their unusual nature or particular 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, transactions such as restructuring costs or assets disposals, which are not considered to be representative of the normal course of business, may be qualified as special items although they may have occurred within prior years or are likely to occur again within the coming years.

(ii) The inventory valuation effect

The adjusted results of the Refining & Chemicals and Marketing & Services segments are presented according to the replacement cost method. This method is used to assess the segments’ performance and facilitate the comparability of the segments’ performance with those of its competitors.

In the replacement cost method, which approximates the LIFO (Last-In, First-Out) 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 prices differential between one period and another or the average prices of the period rather than the historical value. The inventory valuation effect is the difference between the results according to the FIFO (First-In, First-Out) and the replacement cost.

(iii) Effect of changes in fair value

The effect of changes in fair value presented as adjustment items reflects for some transactions differences between internal measure of performance used by TOTAL’s management and the accounting for these transactions under IFRS.

IFRS 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 based on forward prices.

Furthermore, TOTAL, in its trading activities, enters into storage contracts, which future effects are recorded at fair value in Group’s internal economic performance. IFRS precludes recognition of this fair value effect.  

The adjusted results (adjusted operating income, adjusted net operating income, adjusted net income) are defined as replacement cost results, adjusted for special items and the effect of changes in fair value.

The detail of the adjustment items is presented in the table below.

32

ADJUSTMENTS TO OPERATING INCOME

(M$)		Exploration & Production			Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Total
3rd quarter  2017	Inventory valuation effect		—			—			210			51			—			261
	Effect of changes in fair value		—			(14	)		—			—			—			(14	)
	Restructuring charges		(2	)		—			—			—			—			(2	)
	Asset impairment charges		(57	)		—			—			—			—			(57	)
	Other items		—			(32	)		(44	)		—			—			(76	)
Total			(59	)		(46	)		166			51			—			112
3rd quarter  2016	Inventory valuation effect		—			—			4			(51	)		—			(47	)
	Effect of changes in fair value		—			(18	)		—			—			—			(18	)
	Restructuring charges		—			(15	)		—			—			—			(15	)
	Asset impairment charges		—			—			—			—			—			—
	Other items		—			(98	)		—			(2	)		—			(100	)
Total			—			(131	)		4			(53	)		—			(180	)
9 months 2017	Inventory valuation effect		—			—			(79	)		(18	)		—			(97	)
	Effect of changes in fair value		—			(41	)		—			—			—			(41	)
	Restructuring charges		(42	)		—			—			—			—			(42	)
	Asset impairment charges		(1,926	)		(25	)		(50	)		—			—			(2,001	)
	Other items		(77	)		(146	)		(109	)		(26	)		(64	)		(422	)
Total			(2,045	)		(212	)		(238	)		(44	)		(64	)		(2,603	)
9 months 2016	Inventory valuation effect		—			—			315			(10	)		—			305
	Effect of changes in fair value		—			(21	)		—			—			—			(21	)
	Restructuring charges		(19	)		(15	)		—			—			—			(34	)
	Asset impairment charges		(200	)		—			—			—			—			(200	)
	Other items		(672	)		(227	)		(69	)		(10	)		—			(978	)
Total			(891	)		(263	)		246			(20	)		—			(928	)

33

ADJUSTMENTS TO NET INCOME, GROUP SHARE

(M$)		Exploration & Production			Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Total
3rd quarter  2017	Inventory valuation effect		—			—			154			29			—			183
	Effect of changes in fair value		—			(10	)		—			—			—			(10	)
	Restructuring charges		—			(2	)		—			—			—			(2	)
	Asset impairment charges		(56	)		(18	)		—			—			—			(74	)
Gains (losses) on disposals of assets			—			—			—			—			—			—
	Other items		—			(11	)		(28	)		(8	)		—			(47	)
Total			(56	)		(41	)		126			21			—			50
3rd quarter 2016	Inventory valuation effect		—			—			22			(27	)		—			(5	)
	Effect of changes in fair value		—			(13	)		—			—			—			(13	)
	Restructuring charges		—			(18	)		—			—			—			(18	)
	Asset impairment charges		—			(33	)		—			—			—			(33	)
Gains (losses) on disposals of assets			(32	)		—			—			—			—			(32	)
	Other items		84			(75	)		(12	)		(12	)		—			(15	)
Total			52			(139	)		10			(39	)		—			(116	)
9 months 2017	Inventory valuation effect		—			—			(56	)		(16	)		—			(72	)
	Effect of changes in fair value		—			(29	)		—			—			—			(29	)
	Restructuring charges		(12	)		(10	)		(39	)		—			—			(61	)
	Asset impairment charges		(1,697	)		(77	)		(50	)		—			—			(1,824	)
Gains (losses) on disposals of assets			—			—			2,139			125			—			2,264
	Other items		(144	)		(89	)		(73	)		(26	)		(42	)		(374	)
Total			(1,853	)		(205	)		1,921			83			(42	)		(96	)
9 months 2016	Inventory valuation effect		—			—			219			(2	)		—			217
	Effect of changes in fair value		—			(15	)		—			—			—			(15	)
	Restructuring charges		(4	)		(18	)		—			—			—			(22	)
	Asset impairment charges		(129	)		(33	)		(49	)		—			—			(211	)
Gains (losses) on disposals of assets			326			—			—			(14	)		—			312
	Other items		(230	)		(184	)		(71	)		(28	)		—			(513	)
Total			(37	)		(250	)		99			(44	)		—			(232	)

34

4) Shareholders’ equity

Treasury shares (TOTAL shares held by TOTAL S.A.)

As of September 30, 2017, TOTAL S.A. holds 8,378,106 of its own shares, representing 0.33% of its share capital, detailed as follows:

• 8,346,397 shares allocated to TOTAL share grant plans for Group employees; and

• 31,709 shares intended to be allocated to new TOTAL share purchase option plans or to new share grant plans.

These shares are deducted from the consolidated shareholders’ equity.

Dividend

A 2017 first interim dividend of €0.62 per share, decided by the Board of Directors on April 26, 2017 has been paid in cash or in new shares on October 12, 2017 (the ex-dividend date was September 25, 2017). The share price of new shares has been set at €41.12 per share by the Board of Directors on September 20, 2017. This price is equal to the average opening price on Euronext Paris for the 20 trading days preceding this Board of Directors meeting, reduced by the amount of the first interim dividend, with a 5% discount, rounded up to the nearest cent. On October 12, 2017, 25,633,559 shares have been issued at a price of €41.12 per share.

A 2017 second interim dividend of €0.62 per share, decided by the Board of Directors on July 26, 2017, would be paid on January 11, 2018 (the ex-dividend date will be December 19, 2017).

A 2017 third interim dividend of €0.62 per share, decided by the Board of Directors on October 26, 2017, would be paid on April 9, 2018 (the ex-dividend date will be March 19, 2018).

Earnings per share in Euro

Earnings per share in Euro, calculated from the earnings per share in U.S. dollars converted at the average Euro/USD exchange rate for the period, amounted to €0.90 per share for the 3^rd quarter 2017 (€0.71 per share for the 2^nd quarter 2017 and €0.71 per share for the 3^rd quarter 2016). Diluted earnings per share calculated using the same method amounted to €0.90 per share for the 3^rd quarter 2017 (€0.71 per share for the 2^nd quarter 2017 and €0.71 per share for the 3^rd quarter 2016).

Earnings per share are calculated after remuneration of perpetual subordinated notes.

35

Other comprehensive income

Detail of other comprehensive income showing items reclassified from equity to net income is presented in the table below:

(M$)	9  months 2017					9  months 2016
Actuarial gains and losses				29					(576	)
Tax effect				(17	)				119
Currency translation adjustment generated by the parent company				7,884					1,967
Items not potentially reclassifiable to profit and loss				7,896					1,510
Currency translation adjustment				(1,993	)				(1,717	)
- unrealized gain/(loss) of the period		(1,910	)				(1,488	)
- less gain/(loss) included in net income		83					229
Available for sale financial assets				4					1
- unrealized gain/(loss) of the period		4					1
- less gain/(loss) included in net income		—					—
Cash flow hedge				150					145
- unrealized gain/(loss) of the period		400					248
- less gain/(loss) included in net income		250					103
Share of other comprehensive income of equity affiliates, net amount				(672	)				477
- unrealized gain/(loss) of the period		(680	)				494
- less gain/(loss) included in net income		(8	)				17
Other				—					—
Tax effect				(51	)				(44	)
Items potentially reclassifiable to profit and loss				(2,562	)				(1,138	)
Total other comprehensive income, net amount				5,334					372

36

Tax effects relating to each component of other comprehensive income are as follows:

	9  months 2017									9  months 2016
(M$)	Pre-tax amount			Tax effect			Net amount			Pre-tax amount			Tax effect			Net amount
Actuarial gains and losses		29			(17	)		12			(576	)		119			(457	)
Currency translation adjustment generated by the parent company		7,884			—			7,884			1,967			—			1,967
Items not potentially reclassifiable to profit and loss		7,913			(17	)		7,896			1,391			119			1,510
Currency translation adjustment		(1,993	)		—			(1,993	)		(1,717	)		—			(1,717	)
Available for sale financial assets		4			(1	)		3			1			—			1
Cash flow hedge		150			(50	)		100			145			(44	)		101
Share of other comprehensive income of equity affiliates, net amount		(672	)		—			(672	)		477			—			477
Other		—			—			—			—			—			—
Items potentially reclassifiable to profit and loss		(2,511	)		(51	)		(2,562	)		(1,094	)		(44	)		(1,138	)
Total other comprehensive income		5,402			(68	)		5,334			297			75			372

5) Financial debt

The Group issued bonds during the first nine months of 2017:

- Bond 1.250% 2017-2024 (GBP 250 million)

The Group reimbursed bonds during the first nine months of 2017:

- Bond 4.875% 2012-2017 (AUD 100 million)

- Bond 1.500% 2012-2017 (USD 1,000 million)

- Bond 1.000% 2014-2017 (USD 500 million)

- Bond 4.700% 2007-2017 (EUR 300 million)

- Bond 4.125% 2012-2017 (AUD 150 million)

- Bond 1.550% 2012-2017 (USD 1,500 million)

- Bond 2.250% 2012-2017 (NOK 1,450 million)

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

6) Related parties

The related parties are principally equity affiliates and non-consolidated investments. There were no major changes concerning transactions with related parties during the first nine months of 2017.

37

7) Other risks and contingent liabilities

TOTAL is not currently aware of any exceptional event, dispute, risks or contingent liabilities that could have a material impact on the assets and liabilities, results, financial position or operations of the Group.

Alitalia

In the Marketing & Services segment, a civil proceeding was initiated in Italy, in 2013, against TOTAL S.A. and its subsidiary Total Aviazione Italia Srl before the competent Italian civil court. The plaintiff claims against TOTAL S.A., its subsidiary and other third parties, damages that it estimates to be nearly €908 million. This proceeding follows practices that had been condemned by the Italian competition authority in 2006. The parties have exchanged preliminary findings. The existence and the assessment of the alleged damages in this procedure involving multiple defendants remain contested.

Blue Rapid and the Russian Olympic Committee – Russian regions and Interneft

Blue Rapid, a Panamanian company, and the Russian Olympic Committee filed a claim for damages with the Paris Commercial Court against Elf Aquitaine, alleging a so-called non-completion by a former subsidiary of Elf Aquitaine of a contract related to an exploration and production project in Russia negotiated in the early 1990s. Elf Aquitaine believed this claim to be unfounded and opposed it. On January 12, 2009, the Commercial Court of Paris rejected Blue Rapid’s claim against Elf Aquitaine and found that the Russian Olympic Committee did not have standing in the matter. On June 30, 2011, the Court of Appeal of Paris dismissed as inadmissible the claim of Blue Rapid and the Russian Olympic Committee against Elf Aquitaine, notably on the grounds of the contract having lapsed. The judgment of the Court of Appeal of Paris is now final and binding following two decisions issued on February 18, 2016 by the French Supreme Court to put an end to this proceeding.

In connection with the same facts, and fifteen years after the aforementioned exploration and production contract was rendered null and void (“caduc”), a Russian company, which was held not to be the contracting party to the contract, and two regions of the Russian Federation that were not even parties to the contract, launched an arbitration procedure against the aforementioned former subsidiary of Elf Aquitaine that was liquidated in 2005, claiming alleged damages of $22.4 billion. The arbitral tribunal issued its decision on June 19, 2017 and entirely dismissed this claim.

The Group has lodged a criminal complaint to denounce the fraudulent claim of which the Group believes it is a victim and, has taken and reserved its rights to take other actions and measures to defend its interests.

FERC

The Office of Enforcement of the U.S. Federal Energy Regulatory Commission (FERC) began in 2015 an investigation in connection with the natural gas trading activities in the United States of Total Gas & Power North America, Inc. (TGPNA), a U.S. subsidiary of the Group. The investigation covered transactions made by TGPNA between June 2009 and June 2012 on the natural gas market. TGPNA received a Notice of Alleged Violations from FERC on September 21, 2015. On April 28, 2016, FERC issued an order to show cause to TGPNA and two of its former employees, and to TOTAL S.A. and Total Gas & Power Ltd., regarding the same facts. TGPNA contests the claims brought against it.

A class action has been launched to seek damages from these three companies and was dismissed by a judgment of the U.S. District court of New York issued on March 15, 2017. The claimants appealed this judgment.

Yemen

Due to the security conditions in the vicinity of Balhaf, Yemen LNG, in which the Group holds a stake of 39.62%, stopped its commercial production and export of LNG in April 2015, when it declared Force Majeure to its various stakeholders. The plant is in a preservation mode.

38

8) Information by business segment

9 months 2017 (M$)	Exploration & Production			Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		6,292			8,771			54,844			54,215			20			—			124,142
Intersegment sales		16,331			869			18,954			650			284			(37,088	)		—
Excise taxes		—			—			(2,180	)		(14,305	)		—			—			(16,485	)
Revenues from sales		22,623			9,640			71,618			40,560			304			(37,088	)		107,657
Operating expenses		(10,866	)		(9,443	)		(67,906	)		(38,780	)		(802	)		37,088			(90,709	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(8,960	)		(163	)		(790	)		(472	)		(27	)		—			(10,412	)
Operating income		2,797			34			2,922			1,308			(525	)		—			6,536
Equity in net income (loss) of affiliates and other items		1,198			(20	)		2,780			421			48			—			4,427
Tax on net operating income		(1,696	)		(54	)		(877	)		(404	)		485			—			(2,546	)
Net operating income		2,299			(40	)		4,825			1,325			8			—			8,417
Net cost of net debt																				(848	)
Non-controlling interests																				41
Net income - group share																				7,610

9 months 2017 (adjustments)(a) (M$)	Exploration & Production			Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany		Total
Non-Group sales		—			(41	)		—			—			—			—		(41	)
Intersegment sales		—			—			—			—			—			—		—
Excise taxes		—			—			—			—			—			—		—
Revenues from sales		—			(41	)		—			—			—			—		(41	)
Operating expenses		(119	)		(146	)		(188	)		(44	)		(64	)		—		(561	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(1,926	)		(25	)		(50	)		—			—			—		(2,001	)
Operating income  (b)		(2,045	)		(212	)		(238	)		(44	)		(64	)		—		(2,603	)
Equity in net income (loss) of affiliates and other items		(216	)		(94	)		2,168			121			—			—		1,979
Tax on net operating income		380			13			(9	)		8			22			—		414
Net operating income  (b)		(1,881	)		(293	)		1,921			85			(42	)		—		(210	)
Net cost of net debt																			(21	)
Non-controlling interests																			135
Net income - group share																			(96	)
(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		—			—			(79	)		(18	)		—
- On net operating income		—			—			(56	)		(14	)		—

39

9 months 2017 (adjusted) (M$)(a)	Exploration & Production			Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		6,292			8,812			54,844			54,215			20			—			124,183
Intersegment sales		16,331			869			18,954			650			284			(37,088	)		—
Excise taxes		—			—			(2,180	)		(14,305	)		—			—			(16,485	)
Revenues from sales		22,623			9,681			71,618			40,560			304			(37,088	)		107,698
Operating expenses		(10,747	)		(9,297	)		(67,718	)		(38,736	)		(738	)		37,088			(90,148	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(7,034	)		(138	)		(740	)		(472	)		(27	)		—			(8,411	)
Adjusted operating income		4,842			246			3,160			1,352			(461	)		—			9,139
Equity in net income (loss) of affiliates and other items		1,414			74			612			300			48			—			2,448
Tax on net operating income		(2,076	)		(67	)		(868	)		(412	)		463			—			(2,960	)
Adjusted net operating income		4,180			253			2,904			1,240			50			—			8,627
Net cost of net debt																				(827	)
Non-controlling interests																				(94	)
Adjusted net income - group share																				7,706
Adjusted fully-diluted earnings per share ($)																				3.02
(a) Except for earnings per share.

9 months 2017 (M$)	Exploration & Production		Gas, Renewables & Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Total expenditures		9,312		491		1,024		887		79		—		11,793
Total divestments		584		27		2,784		368		34		—		3,797
Cash flow from operating activities		7,633		336		4,399		1,138		198		—		13,704

40

9 months 2016 (M$)	Exploration & Production			Gas, Renewables & Power			Refining &   Chemicals			Marketing &   Services			Corporate			Intercompany			Total
Non-Group sales		5,563			6,449			46,555			48,897			4			—			107,468
Intersegment sales		12,572			703			14,760			487			225			(28,747	)		—
Excise taxes		—			—			(2,760	)		(13,650	)		—			—			(16,410	)
Revenues from sales		18,135			7,152			58,555			35,734			229			(28,747	)		91,058
Operating expenses		(10,512	)		(7,146	)		(54,407	)		(33,897	)		(710	)		28,747			(77,925	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(7,254	)		(108	)		(750	)		(446	)		(26	)		—			(8,584	)
Operating income		369			(102	)		3,398			1,391			(507	)		—			4,549
Equity in net income (loss) of affiliates and other items		1,350			121			617			129			289			—			2,506
Tax on net operating income		454			1			(852	)		(409	)		87			—			(719	)
Net operating income		2,173			20			3,163			1,111			(131	)		—			6,336
Net cost of net debt																				(617	)
Non-controlling interests																				(71	)
Net income - group share																				5,648

9 months 2016 (adjustments)(a) (M$)	Exploration & Production			Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate		Intercompany		Total
Non-Group sales		—			(248	)		—			—			—		—		(248	)
Intersegment sales		—			—			—			—			—		—		—
Excise taxes		—			—			—			—			—		—		—
Revenues from sales		—			(248	)		—			—			—		—		(248	)
Operating expenses		(691	)		(15	)		246			(20	)		—		—		(480	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(200	)		—			—			—			—		—		(200	)
Operating income(b)		(891	)		(263	)		246			(20	)		—		—		(928	)
Equity in net income (loss) of affiliates and other items		206			(76	)		(61	)		(20	)		—		—		49
Tax on net operating income		648			52			(86	)		(2	)		—		—		612
Net operating income(b)		(37	)		(287	)		99			(42	)		—		—		(267	)
Net cost of net debt																		(17	)
Non-controlling interests																		52
Net income - group share																		(232	)
(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		—			—			315			(10	)		—
- On net operating income		—			—			219			1			—

41

9 months 2016 (adjusted) (M$)(a)	Exploration & Production			Gas, Renewables & Power			Refining & Chemicals			Marketing &   Services			Corporate			Intercompany			Total
Non-Group sales		5,563			6,697			46,555			48,897			4			—			107,716
Intersegment sales		12,572			703			14,760			487			225			(28,747	)		—
Excise taxes		—			—			(2,760	)		(13,650	)		—			—			(16,410	)
Revenues from sales		18,135			7,400			58,555			35,734			229			(28,747	)		91,306
Operating expenses		(9,821	)		(7,131	)		(54,653	)		(33,877	)		(710	)		28,747			(77,445	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(7,054	)		(108	)		(750	)		(446	)		(26	)		—			(8,384	)
Adjusted operating income		1,260			161			3,152			1,411			(507	)		—			5,477
Equity in net income (loss) of affiliates and other items		1,144			197			678			149			289			—			2,457
Tax on net operating income		(194	)		(51	)		(766	)		(407	)		87			—			(1,331	)
Adjusted net operating income		2,210			307			3,064			1,153			(131	)		—			6,603
Net cost of net debt																				(600	)
Non-controlling interests																				(123	)
Adjusted net income - group share																				5,880
Adjusted fully-diluted earnings per share ($)																				2.42

^(a) Except for earnings per share.

9 months 2016 (M$)	Exploration & Production		Gas, Renewables & Power			Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Total expenditures		11,252		1,339			1,295		745		44		—		14,675
Total divestments		1,369		137			73		359		12		—		1,950
Cash flow from operating activities		4,971		(194	)		2,839		1,414		473		—		9,503

42

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
Equity in net income (loss) of 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
Equity in net income (loss) of 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			—

43

3rd quarter 2017 (adjusted) (M$)(a)	Exploration & Production			Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		2,121			2,917			18,923			19,086			11			—			43,058
Intersegment sales		5,665			286			6,592			207			89			(12,839	)		—
Excise taxes		—			—			(799	)		(5,163	)		—			—			(5,962	)
Revenues from sales		7,786			3,203			24,716			14,130			100			(12,839	)		37,096
Operating expenses		(3,630	)		(3,085	)		(23,276	)		(13,437	)		(250	)		12,839			(30,839	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,491	)		(51	)		(258	)		(170	)		(8	)		—			(2,978	)
Adjusted operating income		1,665			67			1,182			523			(158	)		—			3,279
Equity in net income (loss) of affiliates and other items		523			27			167			138			32			—			887
Tax on net operating income		(749	)		3			(329	)		(155	)		100			—			(1,130	)
Adjusted net operating income		1,439			97			1,020			506			(26	)		—			3,036
Net cost of net debt																				(308	)
Non-controlling interests																				(54	)
Adjusted net income - group share																				2,674
Adjusted fully-diluted earnings per share ($)																				1.04

^(a) Except for earnings per share.                                                        

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

44

3rd quarter 2016 (M$)	Exploration & Production			Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		1,852			2,510			16,050			16,998			2			—			37,412
Intersegment sales		4,854			283			5,072			147			74			(10,430	)		—
Excise taxes		—			—			(875	)		(4,712	)		—			—			(5,587	)
Revenues from sales		6,706			2,793			20,247			12,433			76			(10,430	)		31,825
Operating expenses		(3,513	)		(2,754	)		(19,102	)		(11,829	)		(198	)		10,430			(26,966	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,479	)		(46	)		(251	)		(150	)		(10	)		—			(2,936	)
Operating income		714			(7	)		894			454			(132	)		—			1,923
Equity in net income (loss) of affiliates and other items		180			7			228			78			88			—			581
Tax on net operating income		(61	)		17			(197	)		(134	)		59			—			(316	)
Net operating income		833			17			925			398			15			—			2,188
Net cost of net debt																				(208	)
Non-controlling interests																				(26	)
Net income - group share																				1,954

3rd quarter 2016 (adjustments)(a) (M$)	Exploration & Production			Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate		Intercompany		Total
Non-Group sales		—			(116	)		—			—			—		—		(116	)
Intersegment sales		—			—			—			—			—		—		—
Excise taxes		—			—			—			—			—		—		—
Revenues from sales		—			(116	)		—			—			—		—		(116	)
Operating expenses		—			(15	)		4			(53	)		—		—		(64	)
Depreciation, depletion and impairment of tangible assets and mineral interests		—			—			—			—			—		—		—
Operating income(b)		—			(131	)		4			(53	)		—		—		(180	)
Equity in net income (loss) of affiliates and other items		(123	)		(68	)		16			1			—		—		(174	)
Tax on net operating income		175			25			(11	)		6			—		—		195
Net operating income(b)		52			(174	)		9			(46	)		—		—		(159	)
Net cost of net debt																		(6	)
Non-controlling interests																		49
Net income - group share																		(116	)
(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		—			—			4			(51	)		—
- On net operating income		—			—			21			(33	)		—

45

3rd quarter 2016 (adjusted) (M$)(a)	Exploration & Production			Gas, Renewables & Power			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		1,852			2,626			16,050			16,998			2			—			37,528
Intersegment sales		4,854			283			5,072			147			74			(10,430	)		—
Excise taxes		—			—			(875	)		(4,712	)		—			—			(5,587	)
Revenues from sales		6,706			2,909			20,247			12,433			76			(10,430	)		31,941
Operating expenses		(3,513	)		(2,739	)		(19,106	)		(11,776	)		(198	)		10,430			(26,902	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,479	)		(46	)		(251	)		(150	)		(10	)		—			(2,936	)
Adjusted operating income		714			124			890			507			(132	)		—			2,103
Equity in net income (loss) of affiliates and other items		303			75			212			77			88			—			755
Tax on net operating income		(236	)		(8	)		(186	)		(140	)		59			—			(511	)
Adjusted net operating income		781			191			916			444			15			—			2,347
Net cost of net debt																				(202	)
Non-controlling interests																				(75	)
Adjusted net income - group share																				2,070
Adjusted fully-diluted earnings per share ($)																				0.84

^(a) Except for earnings per share.                                                        

3rd quarter 2016 (M$)	Exploration & Production		Gas, Renewables & Power		Refining & Chemicals		Marketing & Services		Corporate			Intercompany		Total
Total expenditures		3,484		1,097		554		243		(177	)		—		5,201
Total divestments		105		33		21		29		4			—		192
Cash flow from operating activities		2,275		24		1,697		573		171			—		4,740

46

9) Reconciliation of the information by business segment with consolidated financial statements

9 months 2017 (M$)	Adjusted			Adjustments(a)			Consolidated statement of income
Sales		124,183			(41	)		124,142
Excise taxes		(16,485	)		—			(16,485	)
Revenues from sales		107,698			(41	)		107,657
Purchases net of inventory variation		(71,514	)		(238	)		(71,752	)
Other operating expenses		(18,057	)		(323	)		(18,380	)
Exploration costs		(577	)		—			(577	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(8,411	)		(2,001	)		(10,412	)
Other income		552			2,747			3,299
Other expense		(181	)		(283	)		(464	)
Financial interest on debt		(1,023	)		(21	)		(1,044	)
Financial income and expense from cash & cash equivalents		(93	)		—			(93	)
Cost of net debt		(1,116	)		(21	)		(1,137	)
Other financial income		717			—			717
Other financial expense		(483	)		—			(483	)
Equity in net income (loss) of affiliates		1,843			(485	)		1,358
Income taxes		(2,671	)		414			(2,257	)
Consolidated net income		7,800			(231	)		7,569
Group share		7,706			(96	)		7,610
Non-controlling interests		94			(135	)		(41	)

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

9 months 2016 (M$)	Adjusted			Adjustments(a)			Consolidated statement of income
Sales		107,716			(248	)		107,468
Excise taxes		(16,410	)		—			(16,410	)
Revenues from sales		91,306			(248	)		91,058
Purchases net of inventory variation		(59,663	)		253			(59,410	)
Other operating expenses		(17,128	)		(383	)		(17,511	)
Exploration costs		(654	)		(350	)		(1,004	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(8,384	)		(200	)		(8,584	)
Other income		627			335			962
Other expense		(274	)		(280	)		(554	)
Financial interest on debt		(792	)		(17	)		(809	)
Financial income and expense from cash & cash equivalents		6			—			6
Cost of net debt		(786	)		(17	)		(803	)
Other financial income		768			—			768
Other financial expense		(475	)		—			(475	)
Equity in net income (loss) of affiliates		1,811			(6	)		1,805
Income taxes		(1,145	)		612			(533	)
Consolidated net income		6,003			(284	)		5,719
Group share		5,880			(232	)		5,648
Non-controlling interests		123			(52	)		71

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

47

3rd quarter 2017 (M$)	Adjusted			Adjustments(a)			Consolidated statement of income
Sales		43,058			(14	)		43,044
Excise taxes		(5,962	)		—			(5,962	)
Revenues from sales		37,096			(14	)		37,082
Purchases net of inventory variation		(24,585	)		218			(24,367	)
Other operating expenses		(6,073	)		(35	)		(6,108	)
Exploration costs		(181	)		—			(181	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,978	)		(57	)		(3,035	)
Other income		238			166			404
Other expense		(65	)		(2	)		(67	)
Financial interest on debt		(361	)		(7	)		(368	)
Financial income and expense from cash & cash equivalents		(45	)		—			(45	)
Cost of net debt		(406	)		(7	)		(413	)
Other financial income		204			—			204
Other financial expense		(164	)		—			(164	)
Equity in net income (loss) of affiliates		674			(174	)		500
Income taxes		(1,032	)		(60	)		(1,092	)
Consolidated net income		2,728			35			2,763
Group share		2,674			50			2,724
Non-controlling interests		54			(15	)		39

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

3rd quarter 2016 (M$)	Adjusted			Adjustments(a)			Consolidated statement of income
Sales		37,528			(116	)		37,412
Excise taxes		(5,587	)		—			(5,587	)
Revenues from sales		31,941			(116	)		31,825
Purchases net of inventory variation		(21,176	)		(47	)		(21,223	)
Other operating expenses		(5,452	)		(17	)		(5,469	)
Exploration costs		(274	)		—			(274	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,936	)		—			(2,936	)
Other income		284			6			290
Other expense		(155	)		(196	)		(351	)
Financial interest on debt		(262	)		(6	)		(268	)
Financial income and expense from cash & cash equivalents		(5	)		—			(5	)
Cost of net debt		(267	)		(6	)		(273	)
Other financial income		265			—			265
Other financial expense		(154	)		—			(154	)
Equity in net income (loss) of affiliates		515			16			531
Income taxes		(446	)		195			(251	)
Consolidated net income		2,145			(165	)		1,980
Group share		2,070			(116	)		1,954
Non-controlling interests		75			(49	)		26

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

48

10) Post-closing and other events

On October 6, 2017 the French Constitutional Council declared unconstitutional the 3% additional contribution to income tax in France on distributed amounts.

The Group will draw the accounting consequences of this decision in the fourth quarter of 2017.

49

EX-99.2

Exhibit 99.2

RECENT DEVELOPMENTS

TOTAL announces its 2017 third interim dividend

The Board of Directors of TOTAL S.A. met on October 26, 2017, and approved a 2017 third interim dividend of €0.62 per share. This interim dividend, unchanged compared to the proposed 2017 first and second interim dividends, is payable in euro according to the following timetable:

• ex-dividend date: March 19, 2018;

• record date: March 16, 2018; and

• payment date in cash or shares issued in lieu of cash: April 9, 2018.

The Board of Directors will meet on March 14, 2018, to:

• declare the 2017 third interim dividend;

• offer, under the conditions set by the fourth resolution of the Combined Shareholders’ Meeting of May 26, 2017, the option for shareholders to receive the 2017 third interim dividend in cash or in new shares of the Company;

• set the issuance price of the new shares with a discount between 0% and 10% based on the average opening price on the Euronext Paris for the 20 trading days preceding the Board of Directors’ meeting, and reduced by the amount of the 2017 third interim dividend;

• set the period for shareholders to elect to receive the payment in new shares from March 19, 2018 to March 28, 2018, both dates inclusive; and

• authorize the payment of the dividend in cash or the delivery of shares issued in lieu of the dividend in cash on April 9, 2018.

Holders of TOTAL’s American Depositary Receipts (“ADRs”) will receive the 2017 third interim dividend in dollars based on the then-prevailing exchange rate according to the following timetable:

• ADR ex-dividend date: March 15, 2018;

• ADR record date: March 16, 2018; and

• ADR payment date in cash or shares issued in lieu of cash: April 16, 2018.

Registered ADR holders may also contact JP Morgan Chase Bank for additional information. Non-registered ADR holders should contact their broker, financial intermediary, bank or financial institution for additional information.

TOTAL enters the petroleum product retail sector in Mexico

On October 12, 2017, TOTAL S.A. (together with its subsidiaries and affiliates, “TOTAL” or the “Group”) announced that it had entered into an agreement with GASORED, a group of service station owners, to rebrand a network of around 250 service stations in and around Mexico City under the TOTAL brand.

Present in Mexico since 1982, TOTAL is aiming to capitalize on the deregulation of the country’s fuel sales and supply market to significantly expand its activities there.

The first TOTAL-branded stations will open by the end of the year, with deployment continuing in 2018 and 2019. The TOTAL-branded outlets will offer consumers and business customers the company’s full lineup of fuels and lubricants, as well as a broad range of products and services.

France: Total Solar and SunPower successful in solar rounds

On October 12, 2017, TOTAL announced that it continues to actively help drive the growth of solar power in France through a strong industrial commitment via its affiliates Total Solar, which develops projects, and SunPower, which supplies solar panels.

On the occasion of the second call for tenders for buildings and small carports, Total Solar, in partnership with the Groupe Carré, was awarded 70 projects totaling the capacity of more than 32 megawatts, or 22% of the allocated capacity.

SunPower will provide more than 500 megawatts of its SunPower® E-Series and X-Series solar panels for the 2017 winning various calls for tenders.

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Results of the option to receive the 2017 first interim dividend in shares

The Board of Directors of TOTAL met on September 20, 2017, and declared a 2017 first interim dividend of €0.62 per share and offered, under the conditions set by the fourth resolution at the Combined Shareholders’ Meeting of May 26, 2017, the option for shareholders to receive the 2017 first interim dividend in cash or in new shares of the Company.

The period for exercising the option ran from September 25, 2017 to October 4, 2017. At the end of the option period, 68.5% of rights were exercised in favor of receiving the payment for the 2017 first interim dividend in shares.

25,633,559 new shares were issued, representing 1.0% of the Company’s share capital on the basis of the share capital of September 30, 2017. The share price for the new shares issued as payment of the 2017 first interim dividend was set at €41.12 on September 20, 2017. The price was equal to the average opening price on Euronext Paris for the twenty trading days preceding the meeting of the Board of Directors on September 20, 2017, reduced by the amount of the 2017 first interim dividend, with a 5% discount.

The settlement and delivery of the new shares as well as their admission to trading on Euronext Paris occurred on October 12, 2017. The shares carried dividend rights immediately and were fully assimilated with existing shares already listed.

The remaining cash dividend paid to shareholders who did not elect to receive the 2017 first interim dividend in shares amounted to €487 million and was paid on October 12, 2017.

Guinea: TOTAL reinforces its exploration in West Africa

On October 9, 2017, TOTAL and the National Office of Petroleum of Guinea (ONAP) announced the signature of a Technical Evaluation Agreement to study deep and ultra-deep offshore areas located off the coast of Guinea Conakry, covering approximately 55,000 square kilometers.

According to the terms of this agreement, TOTAL will have a year to assess the potential of the basin on the basis of existing data. At the end of this period, the Group will select three licenses to start an exploration program. As part of the agreement, TOTAL will also train ONAP staff to develop their technical skills in exploration and production.

TOTAL targets French residential market with natural gas and green power 10% cheaper than regulated tariffs

On October 5, 2017, TOTAL announced that it is expanding in the residential gas and power distribution market in France with the introduction of Total Spring, a natural gas and green power offering that is 10% cheaper than regulated tariffs.

Total Spring answers the needs of French consumers who want to reduce their energy bills and to access premium customer service. Total Spring leverages the TOTAL brand’s reputation for quality service, its reliability and the Group’s ambition to grow its power production from natural gas and renewable energies (solar, wind).

Statoil, Shell and TOTAL enter CO₂ storage partnership

On October 2, 2017, the partners announced the signing of a partnership agreement to mature the development of carbon storage on the Norwegian continental shelf (NCS). The project is part of the Norwegian authorities’ efforts to develop full-scale carbon capture and storage in Norway.

In June, Gassnova awarded Statoil the contract for the first phase of the project. Norske Shell and Total E&P Norge are now entering as equal partners while Statoil will lead the project. All the partners will contribute people, experience and financial support.

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The first phase of this CO₂ project could reach a capacity of approximately 1.5 million tons per year. The project will be designed to accommodate additional CO₂ volumes aiming to stimulate new commercial carbon capture projects in Norway, Europe and more globally across the world. In this way, the project has the potential to be the first storage project site in the world receiving CO₂ from industrial sources in several countries.

The storage project will store CO₂ captured from onshore industrial facilities in Eastern Norway. This CO₂ will be transported by ship from the capture facilities to a receiving terminal located onshore on the west coast of Norway. At the receiving terminal, CO₂ will be transferred from the ship to intermediate storage tanks, prior to being sent through a pipeline on the seabed to injection wells east of the Troll field on the NCS. There are three possible locations for the receiving terminal; a final selection will be made later this year.

The objective for the project, which is supported by Gassnova and other relevant governmental stakeholders, is to stimulate necessary development of CCS so the long-term climate targets in Norway and the EU can be reached. The collaboration will form the basis for establishing a further partnership for the construction and operational phases.

TOTAL signs agreement with Chevron on exploration in deepwater Gulf of Mexico

On September 22, 2017, TOTAL announced that its subsidiary, TOTAL E&P USA, INC. (“Total E&P USA”), has entered into an agreement to capture 7 prospects operated by CHEVRON U.S.A. INC. (“Chevron”) in the deepwater Gulf of Mexico (“GoM”). The agreement covers 16 blocks.

The associated prospects are located in two promising plays and areas of the GoM: Wilcox in Central GoM next to the Anchor discovery, and Norphlet in Eastern GoM nearby to the Appomattox discovery. Total E&P USA’s participation in these wells will be between 25% and 40%.The first of these wells was spudded late July 2017 on the Ballymore prospect in Mississippi Canyon.

TOTAL expands its energy efficiency business with the acquisition of GreenFlex

On September 19, 2017, TOTAL announced that it is to acquire GreenFlex, a French company specialized in energy efficiency.

Founded in 2009, GreenFlex is one of the European leaders in its sector, with more than 600 clients. The company is forecasting revenues of more than €350 million in 2017 and employs 230 people. GreenFlex combines data intelligence and equipment management and financing to help clients manage their energy consumption efficiently.

The acquisition will accelerate the expansion of TOTAL’s energy efficiency offering, over and above the growth of its affiliates BHC Energy in France and Tenag in Germany. TOTAL intends to offer its customers integrated solutions, from optimization of energy needs and sources and finding financing solutions to energy management and emissions measurement and reduction.

The transaction is expected to close in the fourth quarter of 2017, once it has been approved by the relevant regulatory authorities.

TOTAL partners with EREN Renewable Energy to expand its renewable business

On September 19, 2017, TOTAL announced the signature of an agreement with EREN Renewable Energy (“EREN RE”) to accelerate its growth in the production of power from renewable sources. TOTAL will acquire an indirect interest of 23% in EREN RE by subscribing to a capital increase for an amount of €237.5 million. The agreement also gives TOTAL the possibility to take over control of EREN RE after a period of 5 years.

Founded in 2012, EREN RE has developed a diversified asset base (notably wind, solar and hydro) representing a global installed gross capacity of 650 MW in operation or under construction. Its ambition is to achieve a global installed capacity of more than 3 GW within 5 years. The capital increase

3

subscribed by TOTAL will enable EREN RE to cover its financing needs to accelerate its development in the coming years.

The completion of this transaction remains subject to the approval of the relevant competition authorities.

TOTAL's stake in EREN RE complements the Group’s portfolio of renewable energy businesses. In particular, EREN RE, which will be renamed Total Eren upon completion of the transaction, will allow TOTAL to enter the wind power generation segment. Development of EREN RE's solar farm business will be mainly focused on emerging countries where the demand for electricity is growing.

TOTAL has been active in solar energy since 2011 as the majority shareholder in SunPower. In 2017, the Group also set up its own affiliate, Total Solar, in order to develop solar power plants in developed countries and distributed solar systems for industrial and commercial customers (B2B). SunPower, which manufactures and markets the world’s most efficient photovoltaic solar panels, worldwide, will focus its development activities on distributed generation in the B2C and B2B markets in the United States.

TOTAL divests its remaining 15% interest in Gina Krog field in Norway to KUFPEC

On September 4, 2017, TOTAL announced that it had signed an agreement to divest its remaining 15% interest in the Gina Krog field in Norway to Kuwait Foreign Petroleum Exploration Company (KUFPEC). This agreement builds on the 2016 transaction between TOTAL and KUFPEC concerning Norwegian North Sea assets, which included a 15% interest in Gina Krog. The overall consideration for both deals will total $617 million.

Upon completion of the sale, TOTAL will no longer have an interest in the Gina Krog field, while KUFPEC will have a 30% stake alongside Statoil (58.7%, operator), PGNiG Upstream International (8%) and Aker BP (3.3%). The Gina Krog oil and gas field started production in June 2017.

UK: TOTAL starts-up production of the Edradour & Glenlivet fields in the West of Shetland

On August 30, 2017, TOTAL announced the start-up of production from the Edradour & Glenlivet gas and condensate fields, located in about 300 to 435 meters of water in the West of Shetland area, close to the Laggan-Tormore fields that came on stream in February 2016. The Edradour and Glenlivet development will bring additional production capacity of up to 56,000 barrels of oil equivalent a day (boe/d).

The Edradour and Glenlivet development consists of a 35 kilometer tie-back of three subsea wells to the existing Laggan-Tormore production system, which include the 143 kilometer pipeline and the onshore Shetland Gas Plant. Following treatment at the gas plant, the gas is exported to the UK mainland via the Shetland Island Regional Gas Export System (SIRGE) and FUKA pipeline, and will serve the UK domestic market. The condensates are exported via the Sullom Voe Terminal.

Total E&P UK operates Edradour & Glenlivet with a 60% interest alongside partners DONG E&P (UK) Limited (20%) and SSE E&P UK Limited (20%).

TOTAL acquires Maersk Oil for $7.45 billion in a share and debt transaction

On August 21, 2017, TOTAL announced that the Boards of TOTAL and A.P. Møller – Mærsk have both approved the acquisition of 100% of the equity of the E&P company Maersk Oil & Gas A/S (Maersk Oil), a wholly-owned subsidiary of A.P. Møller – Mærsk A/S, by TOTAL in a share and debt transaction.

Under the agreed terms, A.P. Møller – Maersk will receive consideration of $4.95 billion in TOTAL shares and TOTAL will assume $2.5 billion of Maersk Oil’s debt. TOTAL will issue to A.P. Møller – Maersk A/S, 97.5 million shares, based on the average TOTAL share price on the 20 business days prior to August 21 (signing date), which will represent 3.75% of the enlarged share capital of TOTAL. Underpinning this share-based partnership, subject to TOTAL shareholders’ approval, TOTAL has also offered the possibility of a seat on its Board of Directors to A.P. Møller Holding A/S, main shareholder of A.P. Møller – Mærsk.

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The proposed transaction is subject to the applicable legally required consultation and notification processes for employee representatives and to approvals by the relevant regulatory authorities. The transaction is expected to close in the first quarter of 2018 and has an effective date of July 1, 2017.

The combination with Maersk Oil offers TOTAL an exceptional overlap of upstream businesses globally which will enhance TOTAL’s competitiveness and value in many core areas, in particular through some high quality growing assets and through the delivery of synergies. Specifically the transaction will bring the following benefits to TOTAL:

• significant OECD reserves, contributing to TOTAL’s continuous balancing of country risks of its portfolio to enhance shareholder value;

• the addition of 160 kboe/d of mainly liquids production in 2018, acquired at an average price of $46 k/boepd, offering high margins with an estimated free cash flow break-even of less than $30/b and growing to more than 200 kboe/d by the early 2020’s further strengthening TOTAL’s leading production growth outlook;

• TOTAL expects to generate operational, commercial and financial synergies of more than $400 million per year, in particular by the combination of assets of TOTAL and Maersk Oil in North Sea, an area of excellence for both companies; and

• the transaction is immediately accretive to both earnings and cash flow per share underpinning TOTAL’s dividend profile.

At the closing of the transaction, in order that TOTAL’s shareholders benefit from the accretive impact of the acquisition of Maersk Oil on earnings and cash flow, the Board of Directors of TOTAL will consider removing the discount offered on the scrip dividend.

Key Themes of Transaction

Acquisition transforms TOTAL’s North West Europe outlook.

• This transaction will make TOTAL the second largest operator in the NW Europe offshore region, which is the 7^th largest oil and gas producing region globally. Post completion, TOTAL will operate over 500 kboe/d (gross) production in this region.

• The transaction strengthens TOTAL’s existing North Sea offshore producing business in the UK and Norway. The addition of Maersk Oil’s world class assets, including the operated UK gas field Culzean (49.99% Working Interest), close to the Elgin-Franklin hub operated by TOTAL, and its stake in the giant Johan Sverdrup oil development (8.44% Working Interest) in Norway, will bolster TOTAL’s production profile in these countries.

• The transaction adds a new production hub with Maersk Oil’s operatorship and 31.2% ownership of the DUC producing assets in Denmark with net production in 2018 estimated at around 60 kboe/d. Maersk Oil has been the leading operator in Denmark for almost 50 years. The pooling of TOTAL’s and Maersk Oil’s technology and operating expertise will optimize the long-term value potential of the DUC assets to the benefit of Denmark and TOTAL shareholders.

The transaction also will strengthen other core TOTAL regional businesses due to clear complementary positions between TOTAL and Maersk Oil, including:

• consolidating TOTAL’s US Gulf of Mexico presence with the Maersk Oil interest in the Jack development in the Wilcox formation;

• becoming the second largest IOC in Algeria by production;

• complementing TOTAL’s leading East Africa position via Maersk Oil’s Kenya assets;

• strengthening of TOTAL’s Kazakh business via addition of operated production;

• benefiting of potential upsides in Angola and Brazil; and

• pooling of TOTAL and Maersk Oil’s geological and operational expertise in the Middle East - North Africa Region.

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6

EX-99.3

Exhibit 99.3

RATIO OF EARNINGS TO FIXED CHARGES

(unaudited)

The following table shows the ratios of earnings to fixed charges for TOTAL S.A. and its subsidiaries and affiliates (collectively, “TOTAL” or the “Group”), computed based on information used in the preparation of our consolidated financial statements in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board and as adopted by the European Union, for the nine months ended September 30, 2017 and 2016 and the fiscal years ended December 31, 2016, 2015, 2014, 2013 and 2012.

	Nine Months Ended September 30,		Years Ended December 31,
	2017	2016	2016	2015	2014	2013(a)	2012(b)
For the Group (IFRS)	7.45	5.26	4.53	4.76	10.91	19.57	24.35

(a)	Figures for 2013 have been restated pursuant to the retrospective application of the accounting interpretation IFRIC 21 from January 1, 2014.
(b)	Figures for 2012 have been restated pursuant to the retrospective application of the revised accounting standard IAS 19 from January 1, 2013.

Earnings for the computations above under IFRS were calculated by adding pre-tax income from continuing operations before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees, fixed charges and distributed income of equity investees. Fixed charges for the computations above consist of interest (including capitalized interest) on all indebtedness, amortization of debt discount and expense and that portion of rental expense representative of the interest factor.

1

CAPITALIZATION AND INDEBTEDNESS OF TOTAL

(unaudited)

The following table sets out the unaudited consolidated capitalization and long-term indebtedness, as well as short-term indebtedness, of the Group as of September 30, 2017, prepared on the basis of IFRS. Currency amounts are expressed in U.S. dollars (“dollars” or “$”) or in euros (“euros” or “ € ”).

	At September 30, 2017
	(in millions of dollars)
Current financial debt, including current portion of non-current financial debt
Current portion of non-current financial debt		4,513
Current financial debt		6,693
Current portion of financial instruments for interest rate swaps liabilities		105
Other current financial instruments — liabilities		168
Financial liabilities directly associated with assets held for sale		—
Total current financial debt		11,479
Non-current financial debt		40,226
Non-controlling interests		2,799
Shareholders’ equity
Common shares		7,806
Paid-in surplus and retained earnings		111,128
Currency translation adjustment		(8,675	)
Treasury shares		(458	)
Total shareholders’ equity — Group share		109,801
Total capitalization and non-current indebtedness		152,826

As of September 30, 2017, TOTAL S.A. had an authorized share capital of 3,408,205,161 ordinary shares with a par value of €2.50 per share, and an issued share capital of 2,502,754,234 ordinary shares (including 8,378,106 treasury shares from shareholders’ equity).

As of September 30, 2017, approximately $837 million of the Group’s non-current financial debt was secured and approximately $39,389 million was unsecured, and all of the Group’s current financial debt of $6,693 million was unsecured. As of September 30, 2017, TOTAL had no outstanding guarantees from third parties relating to its consolidated indebtedness. Since September 30, 2017, Total Capital International, a wholly-owned Group affiliate, has issued non-current financial debt of €1.5 billion (or approximately $1.8 billion using the €/$ exchange rate on October 20, 2017 of €1 = $1.1770 as released by the Board of Governors of the Federal Reserve System on October 23, 2017), with €0.5 billion of that debt maturing in 7 years and €1.0 billion maturing in 12 years. For more information about TOTAL’s commitments and contingencies, see Note 13 of the Notes to TOTAL’s audited Consolidated Financial Statements in its Annual Report on Form 20-F for the year ended December 31, 2016, filed with the Securities and Exchange Commission on March 17, 2017.

Except as disclosed herein, there have been no material changes in the consolidated capitalization, indebtedness and contingent liabilities of TOTAL since September 30, 2017.

2

EX-99.4

Exhibit 99.4

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(unaudited)

	Nine Months Ended September 30,						Years Ended December 31,
(Amounts in millions of dollars)	2017			2016			2016			2015			2014		2013			2012
Net income(a)		7,610			5,648			6,196			5,087			4,244		11,228			13,648
Income tax expenses(a)		2,257			533			970			1,653			8,614		14,767			16,747
Non-controlling interests		(41	)		71			10			(301	)		6		293			188
Equity in income of affiliates (in excess of)/less than dividends received		96			(708	)		(643	)		(311	)		29		(775	)		272
Interest expensed		750			511			734			742			536		656			649
Estimate of the interest within rental expense		407			358			543			477			406		357			334
Amortization of capitalized interest		158			129			161			174			160		135			205
Total(a)		11,237			6,542			7,971			7,521			13,995		26,661			32,043
Interest expensed		750			511			734			742			536		656			649
Capitalized interest		352			375			481			362			341		349			333
Estimate of the interest within rental expense		407			358			543			477			406		357			334
Preference security dividend requirements of consolidated subsidiaries		—			—			—			—			—		—			—
Fixed charges		1,509			1,244			1,758			1,581			1,283		1,362			1,316
Ratio of earnings to fixed charges(a)		7.45			5.26			4.53			4.76			10.91		19.57			24.35

^(a)   Figures for 2013 have been restated pursuant to the retrospective application of the accounting interpretation IFRIC 21 from January 1, 2014, and figures for 2012 have been restated pursuant to the retrospective application of the revised accounting standard IAS 19 from January 1, 2013.