-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, SRbFTPE770e8ubvVcET55zxY5jDhCXERz229IFI/rwT/JRfL9nsPXv8UQ02uz71R y9UgEWZCNnVUP4Xg8nY/dA== 0000950123-10-082873.txt : 20100901 0000950123-10-082873.hdr.sgml : 20100901 20100901095316 ACCESSION NUMBER: 0000950123-10-082873 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 20 CONFORMED PERIOD OF REPORT: 20100831 FILED AS OF DATE: 20100901 DATE AS OF CHANGE: 20100901 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TOTAL SA CENTRAL INDEX KEY: 0000879764 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10888 FILM NUMBER: 101051431 BUSINESS ADDRESS: STREET 1: 2 PLACE DE LA COUPOLE STREET 2: LA DEFENSE 92078 CITY: PARIS FRANCE STATE: I0 ZIP: 00000 BUSINESS PHONE: 2129693300 MAIL ADDRESS: STREET 1: 2 PLACE DE LA COUPOLE STREET 2: LA DEFENSE 92078 CITY: PARIS FRANCE STATE: I0 ZIP: 00000 FORMER COMPANY: FORMER CONFORMED NAME: TOTAL FINA ELF SA DATE OF NAME CHANGE: 20001010 FORMER COMPANY: FORMER CONFORMED NAME: TOTAL FINA SA DATE OF NAME CHANGE: 19990713 FORMER COMPANY: FORMER CONFORMED NAME: TOTAL DATE OF NAME CHANGE: 19960103 6-K 1 y03313e6vk.htm FORM 6-K e6vk
Table of Contents

 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13-a16 OR 15-d16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the months of: June 17, 2010 to August 30, 2010
Commission File Number: 1-10888
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 þ       Form 40-F o
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 the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes o       No þ
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-_____.
 
 

 


TABLE OF CONTENTS

SIGNATURES
EX-99-1: Total and Amyris to build a strategic partnership for biomass-based fuels and chemicals
EX-99.2: Hydrocarbon discovery on the OML 136, Nigeria
EX-99.3: SAUDI ARAMCO TOTAL Refining and Petrochemical Company (SATORP) completes US$8.5 Billion project financing for Jubail Refinery
EX-99.4: Total Acquires an Interest in the Block 72, Yemen
EX-99.5: Total acquires a 20% interest in an exploration block in the pre-salt area of the Santos Basin, Brazil
EX-99.6: Douai Court of Appeals Issues Ruling on the Flanders Refinery
EX-99.7: Total signs an agreement to acquire UTS Corporation with its 20% interest in the Canadian Fort Hills project
EX-99.8: Exploration & Production Announces New Appointments for Michael Borrell, Arnaud Breuillac, Ladislas Paszkiewicz and Michel Seguin
EX-99.9: A sixth major oil discovery on deep offshore Block 15/06, Angola
EX-99.10: Total acquires an Interest in Block 1 in the Joint Development Zone, Nigeria - Sao Tomi and Principe
EX-99.11: Islay Development Approved, North Sea
EX-99.12: Second Quarter 2010 Results
EX-99.13: Total Launches CLOV Development on Block, Angola


Table of Contents

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: August 31, 2010  By:   /s/ Jérôme Schmittt    
    Name:   Jérôme SCHMITT   
    Title:   Treasurer   

 


Table of Contents

         
EXHIBIT INDEX
         
Ø   EXHIBIT 99.1   Total and Amyris to build a strategic partnership for biomass-based fuels and chemicals (June 23, 2010)
 
       
Ø   EXHIBIT 99.2   Nigeria: Hydrocarbon discovery on the OML 136 (June 24, 2010)
 
       
Ø   EXHIBIT 99.3:   SAUDI ARAMCO TOTAL Refining and Petrochemical Company (SATORP) completes US$8.5 Billion project financing for Jubail Refinery (June 25, 2010)
 
       
Ø   EXHIBIT 99.4:   Yemen : Total Acquires an Interest in the Block 72 (June 30, 2010)
 
       
Ø   EXHIBIT 99.5:   Brazil: Total acquires a 20% interest in an exploration block in the pre-salt area of the Santos Basin (June 30, 2010)
 
       
Ø   EXHIBIT 99.6:   Douai Court of Appeals Issues Ruling on the Flanders Refinery (June 30, 2010)
 
       
Ø   EXHIBIT 99.7:   Total signs an agreement to acquire UTS Corporation with its 20% interest in the Canadian Fort Hills project in view of reorganizing its oil sands portfolio (July 7, 2010)
 
       
Ø   EXHIBIT 99.8:   Exploration & Production Announces New Appointments for Michael Borrell, Arnaud Breuillac, Ladislas Paszkiewicz and Michel Seguin (July 8, 2010)
 
       
Ø   EXHIBIT 99.9:   Angola: A sixth major oil discovery on deep offshore Block 15/06 (July 13, 2010)
 
       
Ø   EXHIBIT 99.10:   Nigeria — Sao Tomé and Principe: Total acquires an Interest in Block 1 in the Joint Development Zone (July 15, 2010)
 
       
Ø   EXHIBIT 99.11:   North Sea: Islay Development Approved (July 15, 2010)
 
       
Ø   EXHIBIT 99.12:   Second Quarter 2010 Results (July 30, 2010)
 
       
Ø   EXHIBIT 99.13:   Angola: Total Launches CLOV Development on Block 17 (August 11, 2010)

 

EX-99.1 2 y03313exv99w1.htm EX-99-1: TOTAL AND AMYRIS TO BUILD A STRATEGIC PARTNERSHIP FOR BIOMASS-BASED FUELS AND CHEMICALS exv99w1
Exhibit 99.1
(AMYRIS LOGO)                    (TOTAL LOGO)
Total and Amyris
to build a strategic partnership for biomass-based fuels and chemicals
Emeryville, California, USA and Paris, France, June 23, 2010 — Total, a major international oil and gas company, and Amyris Inc., which operates an industrial synthetic biology platform, announced today a strategic partnership encompassing Total’s investment in Amyris and a wide-spectrum master development and collaboration agreement.
Total has agreed to acquire approximately 17% equity interest in Amyris on a fully diluted basis, and will have the right to appoint a member of the Amyris Board of Directors.
Under their collaboration agreement, Total and Amyris R&D teams will work together to develop new products and build biological pathways to produce and commercialize renewable fuels and chemicals.
The partnership combines Amyris’ industrial synthetic biology platform and emerging Brazilian production capacity with Total’s technological know-how, industrial scale-up capabilities and access to markets.
“Biotechnology offers new perspectives on the conversion of biomass into molecules for biofuels and green chemistry,” emphasized Philippe Boisseau, President, Total Gas & Power. “Amyris is one of the most promising start-ups in the emerging white biotechnology field. Its technology platform is a powerful accelerator for the development of industrial production routes for several of our markets. This partnership is a milestone for Total, as we aim to become an important player in this domain.”
“Our partnership with Total represents a significant shift forward for Amyris,” said John Melo, Chief Executive Officer of Amyris. “Through our existing relationships and accomplishments, we have built Amyris to be an integrated renewable products company combining technology, production and commercialization. Now, with Total, we have a powerful ally to help us bring that vision to scale and expand our horizons to new products and new technologies.”
***

 


 

About the technology
Amyris has developed advanced microbial engineering and screening technologies which modify the way microorganisms process sugar. Amyris is using this technology to develop renewable chemical and transportation fuel products. Amyris operates laboratories and a pilot plant in California and a pilot plant and demonstration facility in Brazil.
(GRAPHIC)
***
About Amyris
Amyris is building an integrated renewable products company applying industrial synthetic biology to genetically modify microorganisms to serve as living factories. Amyris designs these microorganisms to produce defined molecules for use as renewable chemicals and transportation fuels. Amyris Brasil S.A., a subsidiary of Amyris, oversees the establishment and expansion of Amyris’s production in Brazil, including SMA Indústria Química S.A., its joint venture with Usina São Martinho, one of the largest sugar and ethanol producers in Brazil. In addition, Amyris is building fuels distribution capabilities in the United States through its subsidiary, Amyris Fuels LLC.
More information about Amyris and its subsidiaries is available at www.amyris.com or www.amyrisbrasil.com.
About Total
Total is one of the world’s major oil and gas groups, with activities in more than 130 countries. Its 96,000 employees put their expertise to work in every part of the industry – exploration and production of oil and natural gas, refining and marketing, gas & power and trading. Total is working to keep the world supplied with energy, both today and tomorrow. The Group is also a first rank player in chemicals.
As an energy producer and provider, Total is striving to diversify its supply to help meet growing energy demand in the long term. The Group is notably investing and actively taking part in a number of R&D projects in renewable energies, such as solar and biomass. www.total.com
***

 


 

For more information, please contact:
Amyris:
Erin Kinsella
+1 (510) 597-4713
kinsella@amyris.com
Total:
Frédéric Texier
+33 1 47 44 38 16
frederic.texier@total.com
***
Forward-Looking Statements:
This press release contains forward-looking statements, including quotations from Amyris management and statements relating to Amyris’ expectations regarding a strategic partnership arrangement. You should not place undue reliance on these forward-looking statements because they involve many risks and uncertainties that are, in some cases, beyond our control and that could materially affect actual results. Factors that could materially affect actual results include our ability to meet contract-specific technical, development and commercial milestones, and other risks that can be found in Amyris’ Registration Statement on Form S-1 dated June 22, 2010, as amended, particularly under the caption “Risk Factors.” Amyris expressly disclaims any intent or obligation to update these forward-looking statements except as required by law.

 

EX-99.2 3 y03313exv99w2.htm EX-99.2: HYDROCARBON DISCOVERY ON THE OML 136, NIGERIA exv99w2
     
Exhibit 99.2
   
(TOTAL LOGO)
  (NEWS RELEASE LOGO)

TOTAL
2, place Jean Millier
La Défense 6
92 400 Courbevoie France
Fax : + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel.: + 33 (0) 1 47 44 37 76
Paul FLOREN
Tel.: + 33 (0) 1 47 44 45 91
Sonia CERQUEIRA
Tel.: +33 (0) 1 47 44 47 05
Michaël CROCHET-VOUREY
Tel.: + 33 (0) 1 47 44 81 33
Sandra DANTE
Tel.: + 33 (0) 1 47 44 46 07
Ava PEREZ
Tel.: + 33 (0) 1 47 44 64 65
Florent SEGURA
Tel.: + 33 (0) 1 47 44 31 38
Phénélope SEMAVOINE
Tel.: + 33 (0) 1 47 44 76 29
Frédéric TEXIER
Tel.: + 33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5,871,057,210 euros
542 051 180 R.C.S. Nanterre
www.total.com
Nigeria: Hydrocarbon discovery on the OML 136
Paris, June 24, 2010 - Total announces that its subsidiary, Total Exploration & Production Nigeria Ltd, in association with Conoil Producing Limited, has discovered hydrocarbons in the central portion of the Oil Mining Lease OML 136, offshore Western Nigeria.
The Agge-3B.T1 well aimed at exploring an undrilled compartment of the Agge structure. It was located in a water depth of 140 metres and reached a total depth of 2,710 metres. The well discovered several gas bearing reservoirs totaling a gross thickness in excess of 150 metres. A production test performed over the lower intervals yielded a production of 21 million cubic feet of gas per day on a 36/64’’ choke. Studies are ongoing to assess further development options for the Agge-3B.T1 well, together with other discoveries on the block.
Total Exploration & Production Nigeria Ltd is a 40% partner in the OML 136 license, in association with Conoil Producing Limited (60%), operator.
Total’s commitment to local communities
Total is committed to promoting the development of local communities through its activities and actively encourages the use of Nigerian resources wherever possible, over and above local regulations.
The Akpo project, with production started in 2009, in which Total displayed its expertise to ensure sustainable development of the country’s energy resources in the deep offshore, has generated more than 11 million man-hours in Nigeria and will generate up to an overall total of 15 million man-hours in Nigeria by the time it is complete.
The Usan project will follow suit with approximately 60% of man-hours planned in Nigeria. The basic engineering studies for the Egina field on Oil Mining Lease (OML) 130 are performed in Nigeria. The Group will continue to develop the expertise of Nigerian companies in deep offshore project-related work. This is particularly the case in the Niger Delta region, from which more than half of Total’s Nigerian employees originate and where the majority of the Group’s operations in the country are located.
Total Exploration & Production Nigeria
Total has been operating in exploration and production in Nigeria for close to 50 years. Total’s operated production in Nigeria comes from the OML 58, 99, 100 and 102 as part of a joint venture with NNPC. The main fields are Obagi, Obite, Amenam-Kpono, Ofon and Odudu. Total also operates OML 130, which contains the Akpo deep water development that started production in March 2009.


 


 

TOTAL
2, place Jean Millier
La Défense 6
92 400 Courbevoie France
Fax : + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel.: + 33 (0) 1 47 44 37 76
Paul FLOREN
Tel.: + 33 (0) 1 47 44 45 91
Sonia CERQUEIRA
Tel.: +33 (0) 1 47 44 47 05
Michaël CROCHET-VOUREY
Tel.: + 33 (0) 1 47 44 81 33
Sandra DANTE
Tel.: + 33 (0) 1 47 44 46 07
Ava PEREZ
Tel.: + 33 (0) 1 47 44 64 65
Florent SEGURA
Tel.: + 33 (0) 1 47 44 31 38
Phénélope SEMAVOINE
Tel.: + 33 (0) 1 47 44 76 29
Frédéric TEXIER
Tel.: + 33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5,871,057,210 euros
542 051 180 R.C.S. Nanterre
www.total.com
Total has other significant equity production in Nigeria from its interests in non-operated ventures, particularly the NNPC/SPDC/TEPNG/NAOC joint venture (10%) and SNEPCO JV which includes the Bonga field (12.5%).
Developing the country’s deep offshore resources is one of the Group’s main growth drivers in Nigeria. The development of the OML 138 Usan field, Total’s second development in deep offshore Nigeria, was launched in early 2008 and the field is expected to come on stream in 2012. The basic engineering studies of Egina field, located near Akpo on OML 130 are also underway.
Total, a major player in the gas industry in Nigeria targeting the export market as well as the domestic market, holds a 15% interest in Nigeria LNG, and actively promotes the Brass LNG project (of which Total holds a 17%).
In 2009 the Group’s equity production in Nigeria amounted to 235,000 barrels of oil equivalent per day representing around 10% of the Group’s global equity production. In Africa, in addition to Nigeria, Total also produces in Algeria, Libya, Angola, Cameroon, Gabon, the Republic of Congo.
*******
Total is one of the world’s major oil and gas groups, with activities in more than 130 countries. Its 96,000 employees put their expertise to work in every part of the industry – exploration and production of oil and natural gas, refining and marketing, gas & power and trading. Total is working to keep the world supplied with energy, both today and tomorrow. The Group is also a first rank player in chemicals. www.total.com


 

EX-99.3 4 y03313exv99w3.htm EX-99.3: SAUDI ARAMCO TOTAL REFINING AND PETROCHEMICAL COMPANY (SATORP) COMPLETES US$8.5 BILLION PROJECT FINANCING FOR JUBAIL REFINERY exv99w3
Exhibit 99.3
(TOTAL LOGO)   (AUDI ARAMCO LOGO)
PRESS RELEASE
SAUDI ARAMCO TOTAL Refining and Petrochemical Company (SATORP)
COMPLETES US$8.5 BILLION PROJECT FINANCING FOR JUBAIL REFINERY
DHAHRAN, SAUDI ARABIA AND PARIS, FRANCE
June 25, 2010 - SAUDI ARAMCO TOTAL Refining and Petrochemical Company (SATORP), a company that is 62.5% owned by Saudi Aramco and 37.5% owned by TOTAL signed on June 24, 2010, the finance documents for US$8.5 billion of senior project finance facilities that have been secured for the Jubail refinery.
The availability of the financing marks another important step in the progress of this 400,000 barrels per day world-class, full conversion refinery in Jubail, Saudi Arabia, which is scheduled to be operational in 2013.
Finances totalling US$8.5 billion were secured from multiple sources including US$4.01 billion from the Public Investment Fund and Export Credit Agencies (covered and direct), and US$4.49 billion from commercial financial institutions.
The senior loan facilities have a tenor of 16 years with an all in pricing of 1.85% (above LIBOR) for the US Dollar commercial and Export Credit Agencies (ECA) covered loan facilities.
The financing has been very well received by a diverse group of local, regional and international banks, with commitments received for over US$13.5 billion.
The International Initial Mandated Lead Arrangers are:
Credit Agricole - CIB; Société Générale; Kfw - IPEX Bank; Deutsche Bank; HSBC; Bank of Tokyo-Mitsubishi UFJ; Mizuho Corporate Bank; Standard Chartered Bank; Sumitomo Mitsui Banking Corporation; Export Development Canada; Arab Bank; Barclays; Citibank; JP Morgan; Royal Bank of Scotland; Arab Petroleum Investments Corporation; and Gulf International Bank.
The Saudi Arabian Initial Mandated Lead Arrangers are:
Banque Saudi Fransi; Riyad Bank; Samba Financial Group; Arab National Bank; Saudi British Bank; National Commercial Bank; Al Rajhi Bank; Alinma Bank; Saudi Hollandi Bank; Islamic Development Bank; Bank Al-Jazira; and Saudi Investment Bank.
Participation from Export Credit Agencies includes the following:
Korea Export Insurance Corporation (KEIC); Compañía Española de Seguros de Crédito a la Exportación (CESCE); Export-Import Bank of Korea (K-EXIM); Compagnie Française d’Assurance pour le Commerce Extérieur (COFACE); Japan Bank for International Cooperation (JBIC); Nippon Export and Investment Insurance (NEXI); and Euler Hermes Kreditversicherungs-AG (Hermes).
Credit Agricole CIB and Banque Saudi Fransi have acted as financial advisors to SATORP and Allen & Overy as SATORP’s international and local legal counsel.

 


 

Société Générale has acted as Documentation Bank on the conventional tranche and Crédit Agricole CIB as Documentation Bank for the Islamic Tranche. Linklaters LLP has acted as lenders’ international legal counsel and Abdulaziz H. Fahad as lenders’ local legal counsel.
When completed, the refinery will be one of the most advanced refineries in the world and will process Arabian Heavy crude. Its products will fulfil the most stringent specifications, to meet the rising demand for environmentally-friendly fuels.
The full-conversion refinery will maximize production of diesel and jet fuels and will also produce 700,000 metric tons per year (t/y) of paraxylene, 140,000 t/y of benzene and 200,000 t/y of polymer-grade propylene.
The synergies between Saudi Aramco and TOTAL lie in the fact that both companies bring knowledge and expertise to the joint venture company. Saudi Aramco’s crude oil supply is located near Jubail, a world-class industrial area and TOTAL is an international oil company with a fully integrated value chain and a global presence.
****
About Saudi Aramco
Owned by the Saudi Arabian Government, Saudi Aramco is a fully-integrated, global petroleum enterprise, and a world leader in exploration and producing, refining, distribution, shipping and marketing. The company manages proven reserves of 260 billion barrels of oil and manages the fourth-largest gas reserves in the world, 263 trillion cubic feet. In addition to its headquarters in Dhahran, Saudi Arabia, Saudi Aramco has affiliates, joint ventures and subsidiary offices in China, India, Japan, the Netherlands, the Republic of Korea, Singapore, the United Arab Emirates, the United Kingdom and the United States. For more information, go to www.saudiaramco.com
About Total
Total is one of the world’s major oil and gas groups, with activities in more than 130 countries. Its 96,000 employees put their expertise to work in every part of the industry – exploration and production of oil and natural gas, refining and marketing, gas and power and trading. Total is working to keep the world supplied with energy, both today and tomorrow. The Group is also a first rank player in chemicals. For more information, go to www.total.com
****
For further media information:
Saudi Aramco
Neville Roome
Phone: +966 3 874-5350
E-mail: neville.roome@aramco.com
TOTAL
Michael Crochet-Vourey
Phone: + 33 14 744-8133
Email: michael.crochet-vourey@total.com

 

EX-99.4 5 y03313exv99w4.htm EX-99.4: TOTAL ACQUIRES AN INTEREST IN THE BLOCK 72, YEMEN exv99w4
Exhibit 99.4
(TOTAL LOGO)   (NEWS RELEASE LOGO)

TOTAL
2, place Jean Millier
La Défense 6
92 400 Courbevoie France
Fax : + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel.: + 33 (0) 1 47 44 37 76
Paul FLOREN
Tel.: + 33 (0) 1 47 44 45 91
Sonia CERQUEIRA
Tel.: +33 (0) 1 47 44 47 05
Michaël CROCHET-VOUREY
Tel.: + 33 (0) 1 47 44 81 33
Sandra DANTE
Tel.: + 33 (0) 1 47 44 46 07
Ava PEREZ
Tel.: + 33 (0) 1 47 44 64 65
Florent SEGURA
Tel.: + 33 (0) 1 47 44 31 38
Phénélope SEMAVOINE
Tel.: + 33 (0) 1 47 44 76 29
Frédéric TEXIER
Tel.: + 33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5,871,057,210 euros
542 051 180 R.C.S. Nanterre
www.total.com
Yemen: Total Acquires an Interest in the Block 72
Paris, June 30, 2010 - Total announces the acquisition of a 36% interest in the Block 72 production sharing agreement in Yemen. Operated by DNO Yemen AS (DNO), the 1,821-square-kilometre license is located in the southern part of the Masila Basin. The acquisition is subject to the approval of Yemen’s Ministry of Oil and Mineral Resources.
Total and the original partners – DNO, TG Holdings Yemen Inc., Ansan Wikfs (Hadramaut) Limited and The Yemen Company (TYC) – plan to drill an exploration well in the fourth quarter of this year.
With this acquisition, Total pursues its exploration and production activities in Yemen, in high-potential geological basins that offer a close fit with existing projects.
Total Exploration & Production in Yemen
Present in Yemen since 1987, Total currently has local operated production of 60,000 barrels of oil equivalent per day. The Group holds production interests in the country’s two main oil basins, as operator of East Shabwa Block 10 in the Masila Basin with a 28.57% interest and as a partner with a 15% stake in Jannah Block 5 in the Marib Basin.
In addition, Total has onshore exploration interests through the acquisition of a 40% interest in Blocks 69 and 71 in 2007 and a 30.9% interest in Block 70 in 2008. Total became the operator of Block 70 in 2010, increasing its stake to 50.1%.
Total is also the main shareholder (39.62%) in Yemen LNG, which operates a liquefaction plant in Balhaf, on the southern coast. The plant started production in 2009 and is supplied by feed gas from Block 18 in central Yemen’s Marib region via a 320-kilometre gas pipeline. The two trains have a total production capacity of 6.7 million metric tons of liquefied natural gas (LNG) per year.
In Yemen, as in all countries where Total operates, the Group is committed to developing the local oil industry while recruiting and providing professional training to local workers. In doing so, Total has strengthened the local economy. In addition, Total has made of Hygiene, Safety and Environment awareness a top priority.
*******
Total is one of the world’s major oil and gas groups, with activities in more than 130 countries. Its 96,000 employees put their expertise to work in every part of the industry – exploration and production of oil and natural gas, refining and marketing, gas & power and trading. Total is working to keep the world supplied with energy, both today and tomorrow. The Group is also a first rank player in chemicals. www.total.com


EX-99.5 6 y03313exv99w5.htm EX-99.5: TOTAL ACQUIRES A 20% INTEREST IN AN EXPLORATION BLOCK IN THE PRE-SALT AREA OF THE SANTOS BASIN, BRAZIL exv99w5
Exhibit 99.5
(TOTAL LOGO)   (NEWS RELEASE LOGO)

TOTAL
2, place Jean Millier
La Défense 6
92 400 Courbevoie France
Fax : + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel.: + 33 (0) 1 47 44 37 76
Paul FLOREN
Tel.: + 33 (0) 1 47 44 45 91
Sonia CERQUEIRA
Tel.: +33 (0) 1 47 44 47 05
Michaël CROCHET-VOUREY
Tel.: + 33 (0) 1 47 44 81 33
Sandra DANTE
Tel.: + 33 (0) 1 47 44 46 07
Ava PEREZ
Tel.: + 33 (0) 1 47 44 64 65
Florent SEGURA
Tel.: + 33 (0) 1 47 44 31 38
Phénélope SEMAVOINE
Tel.: + 33 (0) 1 47 44 76 29
Frédéric TEXIER
Tel.: + 33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5,871,057,210 euros
542 051 180 R.C.S. Nanterre
www.total.com
Brazil: Total acquires a 20% interest in an exploration block
in the pre-salt area of the Santos Basin
Paris, June 30, 2010 – Total announces the acquisition of a 20% interest from Shell in the BM-S-54 license in the Santos Basin. Shell holds the remaining 80% and keeps the operatorship. This acquisition is subject to approval from the Brazilian authorities.
The offshore block, located about 200 kilometres south of Rio de Janeiro, covers an area of 700 square kilometres in water depth of approximately 2,000 metres.
This acquisition is part of Total’s strategy to increase its presence in exploration and production activities in Brazil. “This stake in a block close to the very prolific block BM-S-11, where the Tupi, Iara and Iracema oil fields were discovered, will enable Total to participate in the promising exploration of the pre-salt area of the Santos Basin” stated Marc Blaizot, Senior vice President, Geosciences at Total Exploration & Production.
Exploration drilling is planned for later this year, subject to approval by the National Agency of Petroleum (ANP) and The Brazilian Institute of Environment and Renewable Natural Resources (IBAMA).
Total in Brazil
Total is present in Brazil in several industrial segments through its affiliates Total E&P do Brasil, Total Gás e Electricidade do Brasil, Total Lubrificantes, Hutchinson, Cray Valley, Bostik and Atotech, and employs more than 2,500 people in the country. Total owns 9.7% of the Bolivia-Brasil (TBG) and 25% of the TSB (Transportadora Sulbrasileira de Gás S.A.) gas pipes.
Total has been present in exploration activities during the 70’s with Petrobras, and more recently, in 1999, the Group entered in the deep offshore blocks BFZ-2 and BC-2. In 2001, Total was successful in discovering Xerelete in the BC-2 block, an heavy oil field located by 2,400 metres of water depth in the Campos Basin. Total holds a 41.2% in this block, of which Petrobras is the operator since 2005. A Declaration of Commerciality for this field was submitted to the National Petroleum Agency in August 2007.
*******
Total is one of the world’s major oil and gas groups, with activities in more than 130 countries. Its 96,000 employees put their expertise to work in every part of the industry — exploration and production of oil and natural gas, refining and marketing, gas & power and trading. Total is working to keep the world supplied with energy, both today and tomorrow. The Group is also a first rank player in chemicals. www.total.com


EX-99.6 7 y03313exv99w6.htm EX-99.6: DOUAI COURT OF APPEALS ISSUES RULING ON THE FLANDERS REFINERY exv99w6
     
Exhibit 99.6
   
(TOTAL LOGO)
  (NEWS RELEASE LOGO)

TOTAL
2, place Jean Millier
La Défense 6
92 400 Courbevoie France
Fax : + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel.: + 33 (0) 1 47 44 37 76
Paul FLOREN
Tel.: + 33 (0) 1 47 44 45 91
Sonia CERQUEIRA
Tel.: +33 (0) 1 47 44 47 05
Michaël CROCHET-VOUREY
Tel.: + 33 (0) 1 47 44 81 33
Sandra DANTE
Tel.: + 33 (0) 1 47 44 46 07
Ava PEREZ
Tel.: + 33 (0) 1 47 44 64 65
Florent SEGURA
Tel.: + 33 (0) 1 47 44 31 38
Phénélope SEMAVOINE
Tel.: + 33 (0) 1 47 44 76 29
Frédéric TEXIER
Tel.: + 33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5,871,057,210 euros
542 051 180 R.C.S. Nanterre
www.total.com
Douai Court of Appeals Issues Ruling on the Flanders Refinery
Paris, June 30, 2010 - Total has been appraised of the ruling issued today by the French Douai Court of Appeals.
The employee information and consultation process on the proposed changes at the Flanders refinery, which was ongoing at the time of the Court of Appeals hearing on May 28, was completed on June 24 after the employee representatives submitted their opinion.
The completion of the information and consultation process allows Total to proceed with the permanent shutdown of refining operations at the facility in Dunkirk. The Court of Appeals’ ruling does not bar this.
However, in the same ruling, the Court of Appeals contradicts this by ordering Total to resume refining operations at the Flanders site.
In light of this paradoxical and complex legal situation, Total intends to explore the various options available, as soon as possible, to obtain the necessary clarifications, in compliance with the law and in the interests of all parties.
It should be noted that the shutdown of refining operations in Dunkirk came at a time of sharply declining petroleum product demand in France, the rest of Europe and the United States, and that many stakeholders, both public and private, support such a reduction.
*******
Total is one of the world’s major oil and gas groups, with activities in more than 130 countries. Its 96,000 employees put their expertise to work in every part of the industry – exploration and production of oil and natural gas, refining and marketing, gas & power and trading. Total is working to keep the world supplied with energy, both today and tomorrow. The Group is also a first rank player in chemicals. www.total.com


EX-99.7 8 y03313exv99w7.htm EX-99.7: TOTAL SIGNS AN AGREEMENT TO ACQUIRE UTS CORPORATION WITH ITS 20% INTEREST IN THE CANADIAN FORT HILLS PROJECT exv99w7
Exhibit 99.7
(TOTAL LOGO)   (NEWS RELEASE)

TOTAL
2, place Jean Millier
La Défense 6
92 400 Courbevoie France
Fax : + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel.: + 33 (0) 1 47 44 37 76
Paul FLOREN
Tel.: + 33 (0) 1 47 44 45 91
Sonia CERQUEIRA
Tel.: +33 (0) 1 47 44 47 05
Michaël CROCHET-VOUREY
Tel.: + 33 (0) 1 47 44 81 33
Sandra DANTE
Tel.: + 33 (0) 1 47 44 46 07
Ava PEREZ
Tel.: + 33 (0) 1 47 44 64 65
Florent SEGURA
Tel.: + 33 (0) 1 47 44 31 38
Phénélope SEMAVOINE
Tel.: + 33 (0) 1 47 44 76 29
Frédéric TEXIER
Tel.: + 33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5,871,057,210 euros
542 051 180 R.C.S. Nanterre
www.total.com
Total signs an agreement to acquire UTS Corporation with its 20%
interest in the Canadian Fort Hills project in view
of reorganizing its oil sands portfolio
Paris, 7 July, 2010 – Total E&P Canada Ltd., a Total subsidiary, has signed an agreement with UTS Energy Corporation (UTS) to acquire UTS Corporation with its main asset, a 20% interest in the Fort Hills mining project in the Athabasca region of the Canadian province of Alberta.
Under the terms of the agreement, UTS will transfer its assets, other than its Fort Hills interest, to a newly formed company and Total E&P Canada will pay a cash amount of 3.08 Canadian dollars (CAD) per share to acquire UTS. Taking into account the cash held by UTS and acquired by Total (CAD 355 million, equivalent to CAD 0.73 per share) the cost of the acquisition for Total amounts to approximately CAD 1.15 billion (ie CAD 2.35 per share).
UTS’s Board of Directors has unanimously recommended the agreement. Under a Plan of Arrangement, UTS will recommend that its shareholders approve Total’s acquisition of the company. UTS will publish the documents relating to the Plan of Arrangement shortly. The transaction is subject to regulatory approvals from the Canadian authorities and to the acceptance of the Plan of Arrangement by at least 66.67% of UTS’s shareholders attending a special shareholders meeting.
The Fort Hills project is operated by Canada’s Suncor Energy Inc. with a 60% interest, the remaining 20% held by Teck Resources Ltd. The most recent estimates put Fort Hills’ resources at around 3.4 billion barrels of bitumen, which will be recovered through open-pit mining. The project will be developed in two phases. The first phase of approximately 160,000 barrels per day has already obtained the necessary administrative approvals to launch the development in the near future with a target production start-up, as expected by Total, in 2015-2016.
The earn-in costs owed to UTS by its Fort Hills partners (approximately CAD 704 million) will be transferred to Total, which means that the net acquisition cost to Total for approximately 680 million barrels of resources is CAD 0.65 per barrel.
Parallel to this transaction, Total is considering divesting some of its interest in the Joslyn mine, while retaining its role as operator, with the objective of an approximately 50% stake.


 


 

TOTAL
2, place Jean Millier
La Défense 6
92 400 Courbevoie France
Fax : + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel.: + 33 (0) 1 47 44 37 76
Paul FLOREN
Tel.: + 33 (0) 1 47 44 45 91
Sonia CERQUEIRA
Tel.: +33 (0) 1 47 44 47 05
Michaël CROCHET-VOUREY
Tel.: + 33 (0) 1 47 44 81 33
Sandra DANTE
Tel.: + 33 (0) 1 47 44 46 07
Ava PEREZ
Tel.: + 33 (0) 1 47 44 64 65
Florent SEGURA
Tel.: + 33 (0) 1 47 44 31 38
Phénélope SEMAVOINE
Tel.: + 33 (0) 1 47 44 76 29
Frédéric TEXIER
Tel.: + 33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5,871,057,210 euros
542 051 180 R.C.S. Nanterre
www.total.com
Yves-Louis Darricarrère, President of Total Exploration and Production, declared: “Total is very pleased with this acquisition of a high-quality asset that will allow us to strengthen and reorganize our asset portfolio in the Canadian oil sands. With Suncor Energy Inc., we will benefit from the experience of a leading partner, whose expertise in the mining operation of oil sands is well recognized.
Total Exploration and Production in Canada
Total operates the Joslyn project with a 75% interest. Production potential of this mining project is currently estimated at 200,000 barrels per day.
Total also owns a 50% interest in the Surmont SAGD1 project. Phase 1 production began in 2007 and currently averages 20,000 barrels per day. Plateau production is expected to be 27,000 barrels per day. Phase 2 began recently, with production scheduled to start up in 2015, enabling Surmont’s total production to increase to around 110,000 barrels per day. Further development phases are under study.
Total also has a 50% interest in the Northern Lights project following the 2008 acquisition of Canada’s Synenco Energy.
*******
Total is one of the world’s major oil and gas groups, with activities in more than 130 countries. Its 96,000 employees put their expertise to work in every part of the industry — exploration and production of oil and natural gas, refining and marketing, gas & power and trading. Total is working to keep the world supplied with energy, both today and tomorrow. The Group is also a first rank player in chemicals. www.total.com
Cautionary Note to U.S. Investors — The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to separately disclose proved, probable and possible reserves that a company has determined in accordance with the SEC rules. We may use certain terms in this press release, such as resources, that the SEC’s guidelines strictly prohibit us from including in filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 20-F, File No. 1-10888 available from us at 2, place Jean Millier — La Défense 6 — 92078 Paris La Défense Cedex, France or at our website: www.total.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or on the SEC’s website: www.sec.gov.


 
1   Steam Assisted Gravity Drainage

 

EX-99.8 9 y03313exv99w8.htm EX-99.8: EXPLORATION & PRODUCTION ANNOUNCES NEW APPOINTMENTS FOR MICHAEL BORRELL, ARNAUD BREUILLAC, LADISLAS PASZKIEWICZ AND MICHEL SEGUIN exv99w8
     
Exhibit 99.8
   
(TOTAL LOGO)
  (NEWS RELEASE LOGO)

TOTAL
2, place Jean Millier
La Défense 6
92 400 Courbevoie France
Fax : + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel.: + 33 (0) 1 47 44 37 76
Paul FLOREN
Tel.: + 33 (0) 1 47 44 45 91
Sonia CERQUEIRA
Tel.: +33 (0) 1 47 44 47 05
Michaël CROCHET-VOUREY
Tel.: + 33 (0) 1 47 44 81 33
Sandra DANTE
Tel.: + 33 (0) 1 47 44 46 07
Ava PEREZ
Tel.: + 33 (0) 1 47 44 64 65
Florent SEGURA
Tel.: + 33 (0) 1 47 44 31 38
Phénélope SEMAVOINE
Tel.: + 33 (0) 1 47 44 76 29
Frédéric TEXIER
Tel.: + 33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5,871,057,210 euros
542 051 180 R.C.S. Nanterre
www.total.com
Exploration & Production Announces New Appointments
for Michael Borrell, Arnaud Breuillac, Ladislas Paszkiewicz and Michel Seguin
Paris, July 8, 2010 - The following appointments at Total Exploration & Production were effective as of July 1, 2010:
- Michael Borrell, previously Vice President, Caspian and Central Asia, is appointed Senior Vice President, Continental Europe and Central Asia.
- He succeeds Arnaud Breuillac, who is appointed Senior Vice President, Middle East, replacing Ladislas Paszkiewicz.
- Ladislas Paszkiewicz succeeds Michel Seguin as Senior Vice President, Americas.
- Michel Seguin is appointed Special Advisor to the President of Total Exploration & Production.
Messieurs Borrell, Breuillac & Paszkiewicz are members of the Management Committee of Total Exploration & Production.
Commenting on the appointments, Yves-Louis Darricarrère, President of Total Exploration & Production, said: “I would like to congratulate Michael Borrell, Arnaud Breuillac, Ladislas Paszkiewicz and Michel Seguin on their appointments. Their in-depth understanding of every aspect of the Exploration & Production business and their experience in senior positions in our strategic regions will allow them to successfully fulfill their new responsibilities.”
Michael Borrell is appointed Senior Vice President,
Continental Europe and Central Asia

Michael Borrell, 47, joined Total in 1985.
He held various Exploration & Production positions, notably in the United Kingdom, Argentina and Indonesia.
In 2006, Mr. Borrell was appointed President of Total Exploration & Production Canada. In September 2009, he was named Vice President, Caspian and Central Asia within the Continental Europe and Central Asia Division.


 


 

TOTAL
2, place Jean Millier
La Défense 6
92 400 Courbevoie France
Fax : + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel.: + 33 (0) 1 47 44 37 76
Paul FLOREN
Tel.: + 33 (0) 1 47 44 45 91
Sonia CERQUEIRA
Tel.: +33 (0) 1 47 44 47 05
Michaël CROCHET-VOUREY
Tel.: + 33 (0) 1 47 44 81 33
Sandra DANTE
Tel.: + 33 (0) 1 47 44 46 07
Ava PEREZ
Tel.: + 33 (0) 1 47 44 64 65
Florent SEGURA
Tel.: + 33 (0) 1 47 44 31 38
Phénélope SEMAVOINE
Tel.: + 33 (0) 1 47 44 76 29
Frédéric TEXIER
Tel.: + 33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5,871,057,210 euros
542 051 180 R.C.S. Nanterre
www.total.com
Arnaud Breuillac is appointed Senior Vice President, Middle East

Arnaud Breuillac, 51, joined Total in 1981. He held various Exploration & Production positions in France, Abu Dhabi, the United Kingdom, Indonesia, Angola as well as in the Refining Division in France.
From 2004 to 2006, he was Vice President Middle East Iran. In December 2006, he became a member of the Management Committee of the Exploration & Production Division, as Senior Vice President, Continental Europe and Central Asia.
Ladislas Paszkiewicz is appointed Senior Vice President, Americas

Ladislas Paszkiewicz, 47, joined Total in 1985 in the Finance Department, where he held a number of tax and finance-related positions. In 1992, he was appointed Head of Total’s Investor Relations Department in New York.
In 2000, Mr. Paszkiewicz was named Vice President, Investor Relations, before moving to Exploration & Production in 2004. In 2005, he was appointed General Manager of the Argentinian subsidiary Total Austral. He was appointed Senior Vice President, Middle East, in February 2007, member of the Management Committee of the Exploration & Production division.
Michel Seguin is appointed Special Advisor to the President
of Total Exploration & Production

Michel Seguin joined Total in 1972 and between 1973 and 1986 held operational positions in Dubai, Indonesia and Abu Dhabi, where he eventually became Chief Operating Officer of Total ABK.
Mr. Seguin subsequently headed Total subsidiaries in China and Egypt.
From 1992 to 1996, he was Vice President, Research & Development in Paris. He was then appointed Senior Vice President, Asia Middle East, a position he held until the end of 2005. In January 2006, he was named Senior Vice President, Americas.
*******
Total is one of the world’s major oil and gas groups, with activities in more than 130 countries. Its 96,000 employees put their expertise to work in every part of the industry — exploration and production of oil and natural gas, refining and marketing, gas & power and trading. Total is working to keep the world supplied with energy, both today and tomorrow. The Group is also a first rank player in chemicals. www.total.com


 

EX-99.9 10 y03313exv99w9.htm EX-99.9: A SIXTH MAJOR OIL DISCOVERY ON DEEP OFFSHORE BLOCK 15/06, ANGOLA exv99w9
Exhibit 99.9
(TOTAL LOGO)   (NEWS RELEASE LOGO)

TOTAL
2, place Jean Millier
La Défense 6
92 400 Courbevoie France
Fax : + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel.: + 33 (0) 1 47 44 37 76
Paul FLOREN
Tel.: + 33 (0) 1 47 44 45 91
Sonia CERQUEIRA
Tel.: +33 (0) 1 47 44 47 05
Michaël CROCHET-VOUREY
Tel.: + 33 (0) 1 47 44 81 33
Sandra DANTE
Tel.: + 33 (0) 1 47 44 46 07
Ava PEREZ
Tel.: + 33 (0) 1 47 44 64 65
Florent SEGURA
Tel.: + 33 (0) 1 47 44 31 38
Phénélope SEMAVOINE
Tel.: + 33 (0) 1 47 44 76 29
Frédéric TEXIER
Tel.: + 33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5,871,057,210 euros
542 051 180 R.C.S. Nanterre
www.total.com
Angola: A sixth major oil discovery on deep offshore Block 15/06
Paris, July 13, 2010 - Total announces that its subsidiary, TEPA (Block 15/06), Limited, and its partners have made a new oil discovery in Block 15/06 with the well Cabaça SE-1, in the Angolan deep-offshore.
The well, located in 470 metres of water depth and 100 kilometres from the Angolan shore line, encountered significant gross thickness oil bearing reservoirs in the Miocene series. Volumes estimates suggest that Cabaça SE could hold substantial volumes of oil in place, with a potential yet to be confirmed.
An appraisal well is planned to be drilled in the third quarter 2010 with the objective of delineating and testing this oil accumulation.
Cabaça SE-1 is the seventh exploration well drilled in Block 15/06 since the block award at the end of 2006. The eighth well of the exploration drilling campaign (Mpungi-1) is currently being drilled, and it will complete the work commitment of the first exploration period one and a half year in advance of the contractual period. The exploration effort of the Block 15/06 partnership has reached a remarkable rate of success with six commercial discoveries out of the seven prospects drilled to date. TEPA (Block 15/06), Limited, holds a 15% interest in the Block 15/06, operated by Eni.
Total Exploration & Production in Angola
Total is present in Angola since 1953. In Angola, Total operated 491,000 barrels oil equivalent per day (boe/d) in 2009, and its SEC* equity production amounted approximately 191,000 boe/d. This production comes essentially from Blocks 17, 0 and 14.
Deep offshore Block 17, operated by Total with a 40% interest, is Total’s principal asset in Angola. It is composed of four major zones: Girassol-Rosa and Dalia, which are currently producing; Pazflor, a project under development for a production start in 2011; and CLOV (based on the Cravo, Lirio, Orquidea and Violeta discoveries), a project for which the final investment decision should be taken soon.


 


 

TOTAL
2, place Jean Millier
La Défense 6
92 400 Courbevoie France
Fax : + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel.: + 33 (0) 1 47 44 37 76
Paul FLOREN
Tel.: + 33 (0) 1 47 44 45 91
Sonia CERQUEIRA
Tel.: +33 (0) 1 47 44 47 05
Michaël CROCHET-VOUREY
Tel.: + 33 (0) 1 47 44 81 33
Sandra DANTE
Tel.: + 33 (0) 1 47 44 46 07
Ava PEREZ
Tel.: + 33 (0) 1 47 44 64 65
Florent SEGURA
Tel.: + 33 (0) 1 47 44 31 38
Phénélope SEMAVOINE
Tel.: + 33 (0) 1 47 44 76 29
Frédéric TEXIER
Tel.: + 33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5,871,057,210 euros
542 051 180 R.C.S. Nanterre
www.total.com
Total is also the operator with a 30% stake in the ultra deep offshore Block 32, on which 12 discoveries were made, confirming the oil potential of the block. Pre-development studies for a first production zone in the central south eastern portion of the block are underway.
In addition, the Angola LNG project for the construction of a liquefaction plant near Soyo is designed to bring the country’s natural gas reserves to market. This project, on which Total holds a 13.6% stake, will be supplied, in a first step, by the associated gas from the fields on Blocks 0, 14, 15, 17 and 18. The plant is under construction with production expected to begin in 2012.
In Angola, as in all countries where Total operates, the Group is committed to developing the local oil industry while recruiting and providing professional training to local workers. Through its ambitious “Angolanisation” and technology transfer plans, Total has strengthened the local economy and made of Hygiene, Safety and Environment awareness a top priority. Total E&P Angola has developed a transparent and solid corporate social responsibility policy around three main axes: health, education (opening of four high schools in the provinces in 2009) and economic community development.
 
*   SEC: Securities and Exchange Commission of the United States
*******
Total is one of the world’s major oil and gas groups, with activities in more than 130 countries. Its 96,000 employees put their expertise to work in every part of the industry — exploration and production of oil and natural gas, refining and marketing, gas & power and trading. Total is working to keep the world supplied with energy, both today and tomorrow. The Group is also a first rank player in chemicals. www.total.com


 

EX-99.10 11 y03313exv99w10.htm EX-99.10: TOTAL ACQUIRES AN INTEREST IN BLOCK 1 IN THE JOINT DEVELOPMENT ZONE, NIGERIA - SAO TOMI AND PRINCIPE exv99w10
     
Exhibit 99.10
   
(TOTAL LOGO)
  (NEWS RELEASE LOGO)

TOTAL
2, place Jean Millier
La Défense 6
92 400 Courbevoie France
Fax : + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel.: + 33 (0) 1 47 44 37 76
Paul FLOREN
Tel.: + 33 (0) 1 47 44 45 91
Sonia CERQUEIRA
Tel.: +33 (0) 1 47 44 47 05
Michaël CROCHET-VOUREY
Tel.: + 33 (0) 1 47 44 81 33
Sandra DANTE
Tel.: + 33 (0) 1 47 44 46 07
Ava PEREZ
Tel.: + 33 (0) 1 47 44 64 65
Florent SEGURA
Tel.: + 33 (0) 1 47 44 31 38
Phénélope SEMAVOINE
Tel.: + 33 (0) 1 47 44 76 29
Frédéric TEXIER
Tel.: + 33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5,871,057,210 euros
542 051 180 R.C.S. Nanterre
www.total.com
Nigeria — Sao Tomé and Principe: Total acquires an Interest in Block 1
in the Joint Development Zone
Paris, July 15, 2010 — Total announces the signature of an agreement to acquire Chevron’s 45.9% interest in Block 1 in the Joint Development Zone (JDZ). Total will operate the block in partnership with Addax Petroleum JDZ 1 Limited, Dangote Energy Equity Resources and Sasol Exploration and Production Nigeria Limited. The JDZ is governed by a treaty signed by Nigeria and Sao Tomé and Principe in 2001 for a period of 45 years. This transaction is subject to approval by relevant authorities.
The license extends over an area of close to 700 square kilometres in water depths ranging from 1,600 to 1,800 meters. Within this licence, a discovery was made in 2006 (Obo-1 well). The proximity of the Total-operated licenses and facilities in Nigeria will enable cost reductions in developing the license’s resources.
This acquisition is in line with Total’s strategy of expanding its exploration and production operations in the Gulf of Guinea.
Total Exploration & Production in Africa
In 2009, Total’s equity production in Africa averaged close to 750,000 barrels of oil equivalent per day (including that of unconsolidated subsidiaries), accounting for 33% of the Group’s total production.
Africa is one of Total’s main production growth focuses. Most of its exploration and production operations are located in Gulf of Guinea countries — especially Nigeria and Angola — and in North Africa.
Deepwater developments are one of Total’s main growth areas in Africa. Development of the Group’s second deep offshore project in Nigeria, in the Usan field on the OML 138 permit, began in early 2008, with production scheduled to start up in 2012. Also in Nigeria, front-end engineering and design (FEED) for the Egina field in OML 130, near Akpo, is underway.
*******
Total is one of the world’s major oil and gas groups, with activities in more than 130 countries. Its 96,000 employees put their expertise to work in every part of the industry — exploration and production of oil and natural gas, refining and marketing, gas & power and trading. Total is working to keep the world supplied with energy, both today and tomorrow. The Group is also a first rank player in chemicals. www.total.com


EX-99.11 12 y03313exv99w11.htm EX-99.11: ISLAY DEVELOPMENT APPROVED, NORTH SEA exv99w11
     
Exhibit 99.11
   
(TOTAL LOGO)
  (NEWS RELEASE LOGO)

TOTAL
2, place Jean Millier
La Défense 6
92 400 Courbevoie France
Fax : + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel.: + 33 (0) 1 47 44 37 76
Paul FLOREN
Tel.: + 33 (0) 1 47 44 45 91
Sonia CERQUEIRA
Tel.: +33 (0) 1 47 44 47 05
Michaël CROCHET-VOUREY
Tel.: + 33 (0) 1 47 44 81 33
Sandra DANTE
Tel.: + 33 (0) 1 47 44 46 07
Ava PEREZ
Tel.: + 33 (0) 1 47 44 64 65
Florent SEGURA
Tel.: + 33 (0) 1 47 44 31 38
Phénélope SEMAVOINE
Tel.: + 33 (0) 1 47 44 76 29
Frédéric TEXIER
Tel.: + 33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5,871,057,210 euros
542 051 180 R.C.S. Nanterre
www.total.com
North Sea: Islay Development Approved
Paris, July 15, 2010 - Total announces that it has received approval from the United Kingdom Department of Energy and Climate Change (DECC) and the Norwegian Ministry of Petroleum & Energy (MPE) to develop its Islay gas field in the Northern North Sea, 440 kilometres north-east of Aberdeen.
The Islay field is located in Block 3/15 of the United Kingdom sector and partly across the median line in Blocks 29/6a and 29/6c of the Norwegian sector. Lying in a water depth of 120 metres, it has estimated reserves of near to 17 million barrels of oil equivalent and an estimated peak gas production rate of 2.5 million standard cubic metres per day plus associated condensates.
Total is the operator and sole owner of the Islay field as well as the Alwyn North, Dunbar, Grant, Ellon, Nuggets, Forvie North and Jura fields in the same region. Although a separate field, Islay is just 3 kilometres east of Jura and will be connected to Total’s Alwyn facility with first gas planned for the second half of 2011.
Yves-Louis Darricarrère, President of Total Exploration & Production, said: “We are delighted to have received the go-ahead to develop the Islay field. Along with our recently launched Laggan-Tormore, it forms the basis of an exciting portfolio of new production opportunities that is further strengthening Total’s presence in the North Sea and on the United Kingdom Continental Shelf.”
*******
Total is one of the world’s major oil and gas groups, with activities in more than 130 countries. Its 96,000 employees put their expertise to work in every part of the industry – exploration and production of oil and natural gas, refining and marketing, gas & power and trading. Total is working to keep the world supplied with energy, both today and tomorrow. The Group is also a first rank player in chemicals. www.total.com
Cautionary Note to U.S. Investors — The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to separately disclose proved, probable and possible reserves that a company has determined in accordance with the SEC rules. We may use certain terms in this press release, such as estimated reserves, that the SEC’s guidelines strictly prohibit us from including in filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 20-F, File No. 1-10888 available from us at 2, place Jean Millier — La Défense 6 — 92078 Paris La Défense Cedex, France or at our website: www.total.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or on the SEC’s website: www.sec.gov.


EX-99.12 13 y03313exv99w12.htm EX-99.12: SECOND QUARTER 2010 RESULTS exv99w12
Exhibit 99.12
(TOTAL LOGO)   (NEWS RELEASE LOGO)

2, place Jean Millier
La Défense 6
92 400 Courbevoie France
Tel. : 33 (1) 47 44 58 53
Fax : 33 (1) 47 44 58 24
Bertrand DE LA NOUE
Sandrine SABOUREAU
Laurent KETTENMEYER
Matthieu GOT
Robert HAMMOND (U.S.)
Tel. : (1) 713-483-5070
Fax : (1) 713-483-5629
TOTAL S.A.
Capital 5.871.057.210 euros
542 051 180 R.C.S. Nanterre
www.total.com
Paris, July 30, 2010
Second quarter and first half 2010 results
Board approves interim 2010 dividend of 1.14 €/share
Main results1-2

         
Second quarter adjusted net income3
  3.0 billion euros   +72%
 
  3.8 billion dollars   +60%
 
       
 
  1.32 euros per share   +71%
 
  1.68 dollars per share   +60%
 
       
First half adjusted net income3
  5.3 billion euros   +37%
 
  7.0 billion dollars   +36%
 
       
First half net income4
  5.7 billion euros   +28%
Highlights since the beginning of the second quarter 2010

  Upstream production of 2,359 kboe/d in the second quarter 2010, an increase of 8% compared to the second quarter 2009
 
  Started up Yemen LNG liquefaction Train II and Qatofin ethane cracker in Qatar
 
  Launched development of the Islay field in the North Sea
 
  New discoveries on deep-offshore Block 15/06 in Angola and OML 136 in Nigeria
 
  Signed an agreement to acquire UTS and its 20% interest in the Fort Hills heavy oil project in Canada
 
  Added exploration acreage through acquisition of interests in a block on the pre-salt area of the Santos Basin in Brazil, in two permits in the Arafura Sea in Indonesia, in Block 72 in Yemen and on the joint development zone between Nigeria, Sao Tomé and Principe
 
  Divested Upstream assets in Norway, Valhall and Hod, and in the Gulf of Mexico, Virgo and Matterhorn
 
  Divested the Specialty chemicals consumer products unit Mapa Spontex
 
  Continued to develop the new energies portfolio through :
    Equity investment and strategic partnership with Amyris for research and development to produce products from biomass
 
    Construction launched in Abu Dhabi of the largest concentrated solar energy plant in the world
 
    Equity investment in AE Polysilicon, a company which has developed advanced polysilicon production technology for solar panels
 
1   percent changes are relative to the same period 2009.
 
2   dollar amounts represent euro amounts converted at the average €-$ exchange rate for the period : 1.2708 $/€ in the 2nd quarter 2010, 1.3632 $/€ in the 2nd quarter 2009, 1.3829 $/€ in the 1st quarter 2010, 1.3268 $/€ in the 1st half 2010 and 1.3328 $/€ in the 1st half 2009.
 
3   adjusted net income = net income using replacement cost (Group share), adjusted for special items and excluding Total’s share of adjustments related to Sanofi-Aventis.
 
4   Group share ; net income (Group share) for the 2nd quarter 2010 was 3,101 M€.


 


 

The Board of Directors of Total, led by Chairman and CEO Christophe de Margerie, met on July 29, 2010 to review the Group’s second quarter and first half 2010 accounts.
Adjusted net income for the second quarter 2010 was 2,961 million euros (M€), an increase of 72% compared to the second quarter 2009 and 29% compared to first quarter 2010. Expressed in dollars, the increases were 60% and 19%, respectively.
The Board of Directors approved the 2010 interim dividend of 1.14 €/share for payment in November5, at the same level as the interim and final dividend payments for 2009.
Commenting on the results, Christophe de Margerie said :
«Our industry was marked by the accident in the second quarter on the Macondo well in the Gulf of Mexico. We are reminded once again that safety and the environment must remain our top priorities in this business. Total reacted immediately by launching a complete review of all its existing procedures and drilling operations, including the procedures to be implemented in the event of an accident. More generally, the Group is pursuing a particularly strict policy to put in place the necessary means to define and apply rigorous processes, by emphasizing the proper training and management of our teams.
In the second quarter, the economic environment for our activities was globally favorable with Brent trading around 75 $/b, refining margins at slightly higher levels and improved Chemicals environment compared to the first quarter 2010. However, natural gas prices were still depressed.
In this context, adjusted net income rose to 3.8 billion dollars (B$) in the second quarter 2010, a 60% increase compared to the second quarter 2009 and a 19% increase compared to the first quarter 2010, which is at the level of the best among the majors. In euros, the increase in adjusted net income was 72% and 29%, respectively, due to the appreciation of the dollar this quarter.
Cash flow from operations increased to 6.3 billion dollars, more than twice the level of the same quarter last year. As of June 30, 2010, the Group’s net-debt-to-equity ratio was 23%.
In addition to the generally favorable environment, these results reflect our strong operational performance and the growth in our activities. In particular, Upstream production grew by 8% compared to the second quarter 2009 and by 6% in the first half 2010 compared to the first half last year, essentially due to the ramp-ups on major projects started up in 2009.
In addition, the Group continued to expand its asset portfolio : in the Upstream, the agreement with UTS should allow Total to acquire 20% of the Fort Hills project in Canada and reconfigure its heavy oil portfolio there. The Group also acquired several exploration permits in Brazil, Indonesia, Yemen and the joint development zone between Nigeria, Sao Tomé and Principe. In the Downstream and Chemicals, completing the financing for the Jubail refinery and starting up the Qatofin cracker in Qatar are new steps in progressively repositioning the portfolio, with projects that are particularly robust and oriented toward growing markets. In new energies, the Group expanded its portfolio notably through an equity interest and strategic partnership in biomass and by launching the construction of a concentrated solar energy plant in Abu Dhabi.
Based on strong operational performance, a capacity to adapt to changes in the environment and a solid balance sheet, the Group approaches the second half of 2010 confidant in its outlook and its strategy for growth as an integrated major.»
¨ ¨ ¨
 
5   the ex-dividend date for the 2010 interim dividend will be November 12 and the payment date is November 17, 2010; for the ADR (NYSE :TOT) the ex-dividend date is November 9, 2010.


2


 

l Key figures6
                                                         
 
                        2Q10                         1H10  
                        vs     in millions of euros                   vs  
2Q10     1Q10     2Q09     2Q09     except earnings per share and number of shares   1H10     1H09     1H09  
 
  41,329       37,603       31,430       +31 %  
Sales
    78,932       61,471       +28 %
 
  5,461       4,506       3,044       +79 %  
Adjusted operating income from business segments
    9,967       6,659       +50 %
 
  2,960       2,283       1,678       +76 %  
Adjusted net operating income from business segments
    5,243       3,728       +41 %
 
  2,203       1,971       1,451       +52 %  
Upstream
    4,174       2,933       +42 %
  483       155       156       x3.1    
Downstream
    638       756       -16 %
  274       157       71       x3.9    
Chemicals
    431       39       x11.1  
 
  2,961       2,296       1,721       +72 %  
Adjusted net income
    5,257       3,834       +37 %
 
  1.32       1.02       0.77       +71 %  
Adjusted fully-diluted earnings per share (euros)
    2.34       1.72       +36 %
 
  2,242.5       2,242.7       2,235.6          
Fully-diluted weighted-average shares (millions)
    2,242.6       2,235.5        
 
 
  3,101       2,613       2,169       +43 %  
Net income (Group share)
    5,714       4,459       +28 %
 
  3,446       3,709       3,634       -5 %  
Investments7
    7,155       6,569       +9 %
 
  3,372       3,644       3,575       -6 %  
Investments including net investments in equity affiliates and non-consolidated companies7
    7,016       6,415       +9 %
 
  850       1,048       858       -1 %  
Divestments
    1,898       1,330       +43 %
 
  4,942       5,260       1,939       x2.5    
Cash flow from operations
    10,202       5,933       +72 %
 
  5,250       3,739       3,237       +62 %  
Adjusted cash flow from operations
    8,989       6,609       +36 %
 
 
                                                         
                        2Q10                         1H10  
                        vs     in millions of dollars 8                   vs  
2Q10     1Q10     2Q09     2Q09     except earnings per share and number of shares   1H10     1H09     1H09  
 
  52,521       52,001       42,845       +23 %  
Sales
    104,727       81,929       +28 %
 
  6,940       6,231       4,150       +67 %  
Adjusted operating income from business segments
    13,224       8,875       +49 %
 
  3,762       3,157       2,287       +64 %  
Adjusted net operating income from business segments
    6,956       4,969       +40 %
 
  2,800       2,726       1,978       +42 %  
Upstream
    5,538       3,909       +42 %
  614       214       213       x2 9    
Downstream
    846       1,008       -16 %
  348       217       97       x3.6    
Chemicals
    572       52       x11  
 
  3,763       3,175       2,346       +60 %  
Adjusted net income
    6,975       5,110       +36 %
 
  1.68       1.42       1.05       +60 %  
Adjusted fully-diluted earnings per share (dollars)
    3.11       2.29       +36 %
 
  2,242.5       2,242.7       2,235.6          
Fully-diluted weighted-average shares (millions)
    2,242.6       2,235.5        
 
 
  3,941       3,614       2,957       +33 %  
Net income (Group share)
    7,581       5,943       +28 %
 
 
  4,379       5,129       4,954       -12 %  
Investments7
    9,493       8,755       +8 %
 
  4,285       5,039       4,873       -12 %  
Investments including net investments in equity affiliates and non-consolidated companies7
    9,309       8,550       +9 %
 
  1,080       1,449       1,170       -8 %  
Divestments
    2,518       1,773       +42 %
 
  6,280       7,274       2,643       x2.4    
Cash flow from operations
    13,536       7,908       +71 %
 
  6,672       5,171       4,413       +51 %  
Adjusted cash flow from operations
    11,927       8,808       +35 %
 
 
6   adjusted income (adjusted operating income, adjusted net operating income and adjusted net income) is defined as income using replacement cost, adjusted for special items and excluding Total’s equity share of adjustments related to Sanofi-Aventis; adjusted cash flow from operations is defined as cash flow from operations before changes in working capital at replacement cost; adjustment items are on page 17.
 
7   including acquisitions.
 
8   dollar amounts represent euro amounts converted at the average €-$ exchange rate for the period.


3


 

l Second quarter 2010 results
   > Operating income
In the second quarter 2010, the Brent price averaged 78.2 $/b, an increase of 32% compared to the second quarter 2009 and 2% compared to the first quarter 2010. The average natural gas price, however, remained depressed, increasing by only 2% compared to the second quarter 2009 and decreasing by 5% compared to the first quarter 2010. The European refining margin indicator (ERMI) averaged 31.2 $/t in the second quarter 2010, an increase of 82% compared to the second quarter 2009 and 6% compared to the first quarter 2010. The environment for petrochemicals and specialty chemicals showed a net improvement, reflecting continued demand growth since the second half of 2009.
The euro-dollar exchange rate averaged 1.27 $/€ in the second quarter 2010 compared to 1.36 $/€ in second quarter 2009 and 1.38 $/€ in the first quarter 2010.
In this environment, the adjusted operating income from the business segments was 5,461 M€, an increase of 79% compared to the second quarter 20099. Expressed in dollars, the increase was 67%.
The effective tax rate10 for the business segments was 54% in the second quarter 2010 compared to 56% in the second quarter 2009, essentially due to the larger relative contribution of Downstream and Chemicals to the results.
Adjusted net operating income from the business segments was 2,960 M€ compared to 1,678 M€ in the second quarter 2009, an increase of 76%.
Expressed in dollars, adjusted net operating income from the business segments was 3.8 billion dollars (B$), an increase of 64% compared to the second quarter 2009.
   > Net income
Adjusted net income was 2,961 M€ compared to 1,721 M€ in the second quarter 2009, an increase of 72%. Expressed in dollars, adjusted net income increased by 60%.
This excludes the after-tax inventory effect, special items, and the Group’s equity share of adjustment items related to Sanofi-Aventis.
  The after-tax inventory effect had a positive impact on net income of 169 M€ in the second quarter 2010 and a positive impact of 788 M€ in the second quarter 2009.
  Special items had a positive impact on net income of 11 M€ in the second quarter 2010 and a negative impact on net income of 221 M€11 in the second quarter 2009.
  The Group’s share of adjustment items related to Sanofi-Aventis had a negative impact on net income of 40 M€ in the second quarter 2010 and a negative impact on net income of 119 M€ in the second quarter 2009.
Net income (Group share) was 3,101 M€ compared to 2,169 M€ in the second quarter 2009.
The effective tax rate9 for the Group was 53% in the second quarter 2010.
The Group did not buy back shares in the second quarter 2010.
Adjusted fully-diluted earnings per share, based on 2,242.5 million fully-diluted weighted-average shares, was 1.32 euros compared to 0.77 euros in the second quarter 2009, an increase of 71%.
 
9   special items affecting operating income from the business segments had a negative impact of 24 M€ in the 2nd quarter 2010 and a negative impact of 188 M€ in the 2nd quarter 2009.
 
10   defined as: (tax on adjusted net operating income) / (adjusted net operating income – income from equity affiliates, dividends received from investments and impairments of acquisition goodwill + tax on adjusted net operating income).
 
11   detail shown on page 17.


5


 

Expressed in dollars, adjusted fully-diluted earnings per share increased by 60% to 1.68 dollars.
   > Investments – divestments12
Investments, excluding acquisitions and including net investments in equity affiliates and non-consolidated companies, were 3.1 B€ (3.9 B$) in the second quarter 2010 compared to 3.1 B€ (4.2 B$) in the second quarter 2009.
Acquisitions were 305 M€ in the second quarter 2010, essentially comprised of interests in new energies and carried investments in the Barnett Shale in the United States.
Asset sales in the second quarter 2010 were 758 M€, essentially comprised of the sale of Mapa Spontex and sales of Sanofi-Aventis shares.
Net investments13 were 2.6 B€ (3.3 B$) in the second quarter 2010 compared to 2.8 B€ (3.8 B$) in the second quarter 2009.
   > Cash flow
Cash flow from operations was 4,942 M€ in the second quarter 2010 compared to 1,939 M€ in the second quarter 2009, reflecting essentially the increase in net income and a lower increase in working capital requirements. Expressed in dollars, cash flow from operations was 6.3 B$.
Adjusted cash flowfrom operations14 was 5,250 M€, an increase of 62% compared to the second quarter 2009. Expressed in dollars, adjusted cash flow from operations was 6.7 B$, an increase of 51%.
The Group’s net cash flow15 was 2,346 M€ compared to a negative 837 M€ in the second quarter 2009. Expressed in dollars, net cash flow was 3.0 B$ in the second quarter 2010 compared to a negative 1.1 B$ in the second quarter 2009.
 
12   detail shown on page 18.
 
13   net investments = investments including acquisitions and net investments in equity affiliates and non-consolidated companies – asset sales + net financing for employees related to stock purchase plans.
 
14   cash flow from operations at replacement cost before changes in working capital.
 
15   net cash flow = cash flow from operations + divestments – gross investments.


6


 

l First half 2010 results
   > Operating income
Compared to the first half 2009, the average Brent price increased by 50% to 77.3 $/b. The average natural gas price, however, decreased by 8%. The ERMI European refining margin indicator was 30.4 $/t compared to 23.8 $/t in the first half 2009. The environment for the petrochemicals and specialty chemicals improved significantly.
The euro-dollar exchange rate was 1.33 $/€, stable compared to the first half 2009.
In this context, the adjusted operating income from the business segments was 9,967 M€, an increase of 50% compared to the first half 200916.
The effective tax rate for the business segments was 55% in the first half 2010 compared to 54% in the first half 2009.
Adjusted net operating income from the business segments was 5,243 M€ compared to 3,728 M€ in the first half 2009, an increase of 41%.
This increase is lower than that of the adjusted operating income from the business segments essentially due to changes in other financial income and expenses and the effective tax rate.
Expressed in dollars, adjusted net operating income from the business segments increased by 40%.
   > Net income
Adjusted net income increased by 37% to 5,257 M€ from 3,834 M€ in the first half 2009. Expressed in dollars, adjusted net income increased by 36%.
This excludes the after-tax inventory effect, special items, and the Group’s equity share of adjustment items related to Sanofi-Aventis.
  The after-tax inventory effect had a positive impact on net income of 513 M€ in the first half 2010 and a positive impact of 1,115 M€ in the first half 2009.
  Special items had a positive impact on net income of 25 M€ in the first half 2010 and a negative impact on net income of 308 M€ in the first half 200917.
  The Group’s share of adjustment items related to Sanofi-Aventis had a negative impact on net income of 81 M€ in the first half 2010 and a negative impact on net income of 182 M€ in the first half 2009.
Net income (Group share) was 5,714 M€ compared to 4,459 M€ in the first half 2009.
The Group did not buy back shares in the first half 2010. On June 30, 2010, there were 2,243.6 million fully-diluted shares compared to 2,235.5 on June 30, 2009.
Adjusted fully-diluted earnings per share, based on 2,242.6 million weighted-average shares was 2.34 euros compared to 1.72 euros in the first half 2009, an increase of 36%.
Expressed in dollars, adjusted fully-diluted earnings per share was 3.11 compared to 2.29 in the first half 2009, an increase of 36%.
 
16   special items affecting operating income from the business segments had a negative impact of 74 M€ in the 1st half 2010 and a negative impact of 291 M€ in the 1st half 2009.
 
17   detail shown on page 17.


7


 

   > Investments – divestments18
Investments excluding acquisitions and including net investments in equity affiliates and non-consolidated companies, were 5.5 B€ (7.3 B$) in the first half 2010 compared to 5.8 B€ (7.8 B$) in the first half 2009.
Acquisitions were 1.5 B€ in the first half 2010, essentially comprised of the acquisition of assets in the Barnett Shale in the US and the Laggan Tormore project in the UK.
Asset sales in the first half 2010 were 1.7 B€, essentially comprised of sales of Sanofi-Aventis shares and the sale of Mapa Spontex.
Net investments19 were 5.3 B€ (7.0 B$) in the first half 2010, compared to 5.2 B€ (7.0 B$) in the first half 2009.
   > Cash flow
Cash flow from operations was 10,202 M€, an increase of 72% compared to the first half 2009.
Adjusted cash flow from operations20 was 8,989 M€, an increase of 36%. Expressed in dollars, adjusted cash flow from operations was 11.9 B$, an increase of 35%.
The Group’s net cash flow21 was 4,945 M€ compared to 694 M€ in the first half 2009. Expressed in dollars, net cash flow was 6.6 B$ in the first half 2010.
The net-debt-to-equity ratio was 22.7% on June 30, 2010 compared to 21.5% on March 31, 2010 and 24.7% on June 30, 200922, in line with the Group’s objectives.
 
18   detail shown on page 18.
 
19   net investments = investments including acquisitions and net investments in equity affiliates and non-consolidated companies – asset sales + net financing for employees related to stock purchase plans.
 
20   cash flow from operations at replacement cost before changes in working capital.
 
21   net cash flow = cash flow from operations + divestments – gross investments.
 
22   detail shown on page 19.


8


 

• Analysis of business segment results
Upstream
   > Environment – liquids and gas price realizations*
                                                         
 
                        2Q10                       1H10
                        vs                       vs
2Q10   1Q10   2Q09   2Q09       1H10   1H09   1H09
 
  78.2       76.4       59.1       +32 %  
Brent ($/b)
    77.3       51.7       +50 %
 
  74.8       74.2       54.8       +36 %  
Average liquids price ($/b)
    74.5       48.2       +55 %
  4.82       5.06       4.71       +2 %  
Average gas price ($/Mbtu)
    4.94       5.36       -8 %
 
  54.8       55.5       44.2       +24 %  
Average hydrocarbons price ($/boe)
    55.2       41.5       +33 %
 
 
*   consolidated subsidiaries, excluding fixed margin and buy-back contracts.
   > Production
                                                         
 
                        2Q10                       1H10
                        vs                       vs
2Q10   1Q10   2Q09   2Q09   Hydrocarbon production   1H10   1H09   1H09
 
  2,359       2,427       2,182       +8 %  
Combined production (kboe/d)
    2,393       2,252       +6 %
 
  1,327       1,373       1,328          
Liquids (kb/d)
    1,350       1,370       -1 %
  5,549       5,829       4,686       +18 %  
Gas (Mcf/d)
    5,689       4,821       +18 %
 
In the second quarter 2010, hydrocarbon production was 2,359 thousand barrels of oil equivalent per day (kboe/d), an increase of 8% compared to the second quarter 2009, essentially as a result of :
  +7.5% for production ramp-ups on new fields, net of the normal decline, and a lower level of turnarounds,
 
  +2% for lower OPEC reductions and an improvement in gas demand,
 
  +1% for lower levels of disruptions in Nigeria related to security issues,
 
  +0.5% for changes in the portfolio,
 
  -3% for the price effect23.
In the first half 2010, hydrocarbon production was 2,393 kboe/d, an increase of close to 6.5% compared to the first half 2009, essentially as a result of :
  +6.5% for production ramp-ups on new fields, net of the normal decline, and a lower level of turnarounds,
 
  +2% for lower OPEC reductions and an improvement in gas demand,
 
  +1% for lower levels of disruptions in Nigeria related to security issues,
 
  +0.5% for changes in the portfolio,
 
  -3.5% for the price effect23.
For the first half 2010, the ramp-up on new projects, net of the normal decline and lower level of turnarounds, provided the Group’s production growth.
 
23   impact of changing hydrocarbon prices on entitlement volumes.


9


 

   > Results
                                                         
 
                        2Q10                       1H10
                        vs                       vs
2Q10   1Q10   2Q09   2Q09   in millions of euros   1H10   1H09   1H09
 
  4,607       4,161       2,843       +62 %  
Adjusted operating income*
    8,768       5,735       +53 %
 
  2,203       1,971       1,451       +52 %  
Adjusted net operating income*
    4,174       2,933       +42 %
  271       335       176       +54 %  
includes income from equity affiliates
    606       403       +50 %
 
 
 
  2,723       3,143       2,664       +2 %  
Investments
    5,866       4,914       +19 %
 
  174       87       105       +66 %  
Divestments
    261       234       +12 %
 
  4,154       4,680       1,943       x2.1    
Cash flow from operating activities
    8,834       4,521       +95 %
 
  3,895       3,124       2,550       +53 %  
Adjusted cash flow
    7,019       5,229       +34 %
 
 
*   detail of adjustment items shown in the business segment information annex to financial statements.
Adjusted net operating income for the Upstream segment in the second quarter 2010 was 2,203 M€ compared to 1,451 M€ in the second quarter 2009, an increase of 52%.
Expressed in dollars, adjusted net operating income for the Upstream segment was 2.8 B$, an increase of 42% compared to the second quarter 2009, reflecting essentially the increase in both production and hydrocarbon prices.
The effective tax rate for the Upstream segment was 58%, compared to 60% in the first quarter 2010. The effective tax rate for the Upstream segment was 58% in the second quarter 2009.
Adjusted net operating income for the Upstream segment in the first half 2010 was 4,174 M€ compared to 2,933 M€ in the first half 2009, an increase of 42%.
Expressed in dollars, adjusted net operating income for the Upstream segment was 5.5 B$, an increase of 42% compared to the first half 2009, reflecting essentially the increase in both production and hydrocarbon prices.
The return on average capital employed (ROACE24) for the Upstream segment for the twelve months ended June 30, 2010 was 19% compared to 18% for the twelve months ended March 31, 2010 and the full year 2009.
The annualized second quarter 2010 ROACE for the Upstream segment was 21%.
 
24   calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 20.


10


 

Downstream
   > Refinery throughput and utilization rates*
                                                         
 
                        2Q10                       1H10
                        vs                       vs
2Q10   1Q10   2Q09   2Q09       1H10   1H09   1H09
 
  2,141       1,993       2,175       -2 %  
Total refinery throughput (kb/d)
    2,067       2,205       -6 %
 
  784       680       925       -15 %  
France
    732       910       -20 %
  1,110       1,050       1,024       +8 %  
Rest of Europe
    1,080       1,055       +2 %
  247       263       226       +9 %  
Rest of world
    255       240       +6 %
 
                               
Utilization rates
                       
  78 %     73 %     79 %          
Based on crude only
    75 %     80 %        
  83 %     77 %     84 %          
Based on crude and other feedstock
    80 %     85 %        
 
 
*   includes share of CEPSA.
Second quarter 2010 refinery throughput decreased by 2% compared to the second quarter 2009 but increased by 7% compared to the first quarter 2010.
Scheduled turnarounds in the second quarter 2010 affected the Rome and Lindsey refineries. Despite the Dunkirk refinery and a distillation unit at the Normandy refinery being stopped throughout the second quarter 2010, the improved reliability of the refineries and the relatively low level of scheduled turnarounds led to an increase in the utilization rate based on crude and other feedstock to 83% in the second quarter 2010 compared to 77% in the first quarter 2010 and 84% in the second quarter 2009.
In the first half 2010, refinery throughput decreased by 6% compared to the first half 2009, reflecting essentially the Dunkirk refinery and a distillation unit at the Normandy refinery being stopped.
   > Results
                                                         
 
                        2Q10               1H10
                        vs   in millions of euros           vs
2Q10   1Q10   2Q09   2Q09   (except the ERMI refining margin indicator)   1H10   1H09   1H09
 
  31.2       29.5       17.1       +82 %  
European refining margin indicator – ERMI ($/t)
    30.4       23.8       +28 %
 
  549       191       141       x3.9    
Adjusted operating income*
    740       932       -21 %
 
  483       155       156       x3.1    
Adjusted net operating income*
    638       756       -16 %
  44       14       28       +57 %  
includes income from equity affiliates
    58       61       -5 %
 
  562       456       825       -32 %  
Investments
    1,018       1,320       -23 %
 
  11       27       26       -58 %  
Divestments
    38       62       -39 %
 
  1,042       454       (28 )     n/a    
Cash flow from operating activities
    1,496       1,620       -8 %
 
  774       323       239       x3.2    
Adjusted cash flow
    1,097       1,173       -6 %
 
 
*   detail of adjustment items shown in the business segment information annex to financial statements.
The European refinery indicator averaged 31.2 $/t in the second quarter 2010, nearly double the 17.1 $/t average in the second quarter 2009.
Adjusted net operating income from the Downstream segment was 483 M€ in the second quarter 2010, compared to 156 M€ in the second quarter 2009.


11


 

Expressed in dollars, adjusted net operating income for the Downstream segment was 614 M$ compared to 213 M$ in the second quarter 2009, thanks to the strong performance of the refineries in an environment that was much more favorable than in the previous year.
Adjusted net operating income from the Downstream segment was 638 M€ in the first half 2010, a decrease of 16% compared to the first half 2009.
Expressed in dollars, adjusted net operating income for the Downstream segment was 846 M$, a decrease of 16% compared to the first half 2009 despite the improvement in refining margins. The decrease reflects essentially the less favorable conditions for supply optimization in 2010.
The ROACE25 for the Downstream segment for the twelve months ended June 30, 2010 was 6% compared to 4% for the twelve months ended March 31, 2010 and 7% for the full year 2009.
The annualized second quarter 2010 ROACE for the Downstream segment was 12%.
 
25   calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 20.


12


 

Chemicals
                                                         
 
                        2Q10                       1H10
                        vs                       vs
2Q10   1Q10   2Q09   2Q09   in millions of euros   1H10   1H09   1H09
 
  4,589       4,223       3,684       +25 %  
Sales
    8,812       6,902       +28 %
  2,794       2,532       2,164       +29 %  
• Base chemicals
    5,326       3,940       +35 %
  1,784       1,691       1,520       +17 %  
• Specialties
    3,475       2,962       +17 %
 
 
  305       154       60       x5.1    
Adjusted operating income*
    459       (8 )     n/a  
 
  274       157       71       x3.9    
Adjusted net operating income*
    431       39       x11.1  
  149       44       19       x7.8    
• Base chemicals
    193       (20 )     n/a  
  124       117       58       x2.1    
• Specialties
    241       74       x3.3  
 
 
  144       94       115       +25 %  
Investments
    238       294       -19 %
 
  328       6       8       x41.0    
Divestments
    334       14       x23.9  
 
  477       (90 )     280       +70 %  
Cash flow from operating activities
    387       458       -16 %
 
  418       228       114       x3.7    
Adjusted cash flow
    646       (20 )     n/a  
 
*   detail of adjustment items shown in the business segment information annex to financial statements.
In the second quarter 2010, petrochemical margins showed a net improvement over the second quarter 2009, driven by stronger margins in the Atlantic basin.
Sales for the Chemical segment were 4.6 B€.
Adjusted net operating income from the Chemicals segment increased to 274 M€ in the second quarter 2010 from 71 M€ in the second quarter 2009 due to the improved petrochemicals and specialties environment and the benefits realized through cost reduction.
In the first half 2010, adjusted net operating income from the Chemicals segment was 431 M€ compared to 39 M€ in the first half 2009. The increase resulted from the improvement in market conditions in 2010 as well as from the cost reduction efforts implemented over the course of the past years and the effective positioning of the Group’s Specialty chemicals during the recovery from the crisis.
The ROACE26 of the Chemical segment for the twelve months ended June 30, 2010 was 9% compared to 6% for the twelve months ended March 31, 2010 and 4% for the full year 2009.
The annualized second quarter 2010 ROACE for the Chemicals segment was 15%.
 
26   calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 20.


13


 

TOTAL S.A. – parent company accounts
Net income for TOTAL S.A., the parent company, was 2,941 M€ in the first half of 2010 compared to 3,240 M€ in the first half of 2009.
Summary and outlook
The ROACE for the Group for the twelve months ended June 30, 2010, was 14%, compared to 13% for the twelve months ended March 31, 2010 and the full year 2009. The annualized second quarter 2010 ROACE for the Group was 18%.
Return on equity for the twelve months ended June 30, 2010, was 17%.
Total will pay a 2010 interim dividend of 1.14 € per share27 on November 17, 201028.
Investments excluding acquisitions for 2010 are expected to be in line with the 2010 budget level of 18 B$.
The Group maintains its net-debt-to-equity objective range of 25-30% for year-end 2010.
As of June 30, 2010, the Group’s equity interest in Sanofi-Aventis, following progressive sales of the shares, was 5.7%. Effective July 1, 2010, Sanofi-Aventis will no longer be accounted for as an equity affiliate but will instead be treated as a financial asset available for sale in the line “Other investments” of the balance sheet. In the second quarter 2010, Sanofi-Aventis contributed 141 M€ to adjusted net operating income and its portion of the adjustment items was a negative 40 M€.
Since the third quarter 2010 began, oil prices have traded around 75 $/b, but European refining margins have pulled back sharply from the second quarter level. The environment for the Chemicals has remained globally comparable to that of the second quarter.
¨ ¨ ¨
To listen to CFO Patrick de la Chevardière’s conference call with financial analysts today at 15:00 (Paris time) please log on to www.total.com or call +44 (0)203 367 9453 in Europe or +1 866 907 5923 in the U.S. (access code : Total). A replay available will be available until August 12 and can be accessed through the website or by calling +44 (0)203 367 9460 in Europe or +1 877 642 3018 in the US (code : 270 381).
 
27   approved by the Board of Directors on July 29, 2010.
 
28   the ex-dividend date for the 2010 interim dividend is November 12, 2010 ; for the ADR (NYSE :TOT) the ex-dividend date is November 9, 2010.


14


 

This document does not constitute the Financial Report for the first half which will be separately published, in accordance with article L.451-1-2 III of the French Code monétaire et financier, and is available on our web site www.total.com or upon request at the company’s headquarters.
The June 30, 2010 notes to the consolidated financial statements are available on the Total web site (www.total.com). This document may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, business, strategy and plans of Total. Such statements are based on a number of assumptions that could ultimately prove inaccurate, and are subject to a number of risk factors, including currency fluctuations, the price of petroleum products, the ability to realize cost reductions and operating efficiencies without unduly disrupting business operations, environmental regulatory considerations and general economic and business conditions. Total does not assume any obligation to update publicly any forward-looking statement, whether as a result of new information, future events or otherwise. Further information on factors which could affect the company’s financial results is provided in documents filed by the Group and its affiliates with the French Autorité des Marchés Financiers and the United States Securities and Exchange Commission.
Business segment information is presented in accordance with the Group internal reporting system used by the Chief operating decision maker to measure performance and allocate resources internally. Due to their particular nature or significance, certain transactions qualified as “special items” are excluded from the business segment figures. In general, special items relate to transactions that are significant, infrequent or unusual. However, in certain instances, certain transactions such as restructuring costs or assets disposals, which are not considered to be representative of normal course of business, may be qualified as special items although they may have occurred within prior years or are likely to recur within following years.
The adjusted results of the Downstream and Chemical segments are also 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. The inventory valuation effect is the difference between the results according to FIFO (First-In, First-Out) and the replacement cost.
In this framework, performance measures such as adjusted operating income, adjusted net operating income and adjusted net income are defined as incomes using replacement cost, adjusted for special items and excluding Total’s equity share of the adjustment items related to Sanofi-Aventis. They are meant to facilitate the analysis of the financial performance and the comparison of income between periods.
Dollar amounts presented herein represent euro amounts converted at the average euro-dollar exchange rate for the applicable period and are not the result of financial statements prepared in dollars.
Cautionary Note to U.S. Investors — The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to separately disclose proved, probable and possible reserves that a company has determined in accordance with the SEC rules. We may use certain terms in this press release, such as resources, that the SEC’s guidelines strictly prohibit us from including in filings with the SEC. U.S. investors are urged to consider closely the disclosure in our annual report on Form 20-F, File No. 1-10888 available from us at 2, place Jean Millier — La Défense 6 — 92400 Courbevoie, France, or on our website: www.total.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or on the SEC’s website: www.sec.gov.


15


 

Operating information by segment
Second quarter and first half 2010
Upstream
                                                         
 
                        2Q10
vs
  Combined liquids and gas           1H10
vs
2Q10   1Q10   2Q09   2Q09   production by region (kboe/d)   1H10   1H09   1H09
 
  577       647       574       +1 %  
Europe
    612       629       -3 %
  752       746       713       +5 %  
Africa
    749       728       +3 %
  515       516       420       +23 %  
Middle East
    515       419       +23 %
  63       66       13       x4.8    
North America
    65       12       x5.4  
  184       172       193       -5 %  
South America
    178       189       -6 %
  246       254       248       -1 %  
Asia-Pacific
    250       251        
  22       26       21       +5 %  
CIS
    24       24        
 
  2,359       2,427       2,182       +8 %  
Total production
    2,393       2,252       +6 %
 
  434       415       342       +27 %  
Includes equity and non-consolidated affiliates
    425       346       +23 %
 
                                                         
 
                        2Q10
vs
              1H10
vs
2Q10   1Q10   2Q09   2Q09   Liquids production by region (kb/d)   1H10   1H09   1H09
 
  258       301       275       -6 %  
Europe
    280       297       -6 %
  611       620       600       +2 %  
Africa
    616       618        
  309       302       310          
Middle East
    305       312       -2 %
  30       32       11       x2.7    
North America
    31       10       x3.1  
  76       72       87       -13 %  
South America
    74       86       -14 %
  30       32       33       -9 %  
Asia-Pacific
    31       34       -9 %
  13       14       12       +8 %  
CIS
    13       13        
 
  1,327       1,373       1,328          
Total production
    1,350       1,370       -1 %
 
  298       284       289       +3 %  
Includes equity and non-consolidated affiliates
    291       291        
 


16


 

                                                         
 
                        2Q10
vs
              1H10
vs
2Q10   1Q10   2Q09   2Q09   Gas production by region (Mcf/d)   1H10   1H09   1H09
 
  1,689       1,940       1,639       +3 %  
Europe
    1,814       1,811        
  704       644       580       +21 %  
Africa
    675       566       +19 %
  1,098       1,188       609       +80 %  
Middle East
    1,143       591       +93 %
  191       188       9       x21.2    
North America
    190       9       x21.1  
  594       554       585       +2 %  
South America
    574       567       +1 %
  1,220       1,249       1,215          
Asia-Pacific
    1,234       1,219       +1 %
  53       66       49       +8 %  
CIS
    59       58       +2 %
 
  5,549       5,829       4,686       +18 %  
Total production
    5,689       4,821       +18 %
 
  737       709       285       x2.6    
Includes equity and non-consolidated affiliates
    723       293       x2.5  
 
 
                        2Q10
vs
              1H10
vs
2Q10   1Q10   2Q09   2Q09   Liquefied natural gas   1H10   1H09   1H09
 
  3.04       2.89       2.15       +41 %  
LNG sales* (Mt)
    5.93       4.30       +38 %
 
*   sales, Group share, excluding trading ; 1 Mt/y = approx. 133 Mcf/d ; 2009 data restated to reflect volume estimates for Bontang LNG in Indonesia based on the 2009 SEC coefficient.
Downstream
                                                         
 
                        2Q10
vs
                      1H10
vs
2Q10   1Q10   2Q09   2Q09   Refined products sales by region (kb/d)*   1H10   1H09   1H09
 
  1,881       1,949       1,979       -5 %  
Europe
    1,915       2,076       -8 %
  301       286       272       +11 %  
Africa
    294       275       +7 %
  115       147       161       -29 %  
Americas
    131       175       -25 %
  163       145       148       +10 %  
Rest of world
    154       138       +12 %
  2,460       2,527       2,560       -4 %  
Total consolidated sales
    2,494       2,664       -6 %
 
  1,526       990       1,092       +40 %  
Trading
    1,258       1,046       +20 %
 
 
  3,986       3,517       3,652       +9 %  
Total refined product sales
    3,752       3,710       +1 %
 
*   includes trading and share of CEPSA.


17


 

Adjustment items
Adjustments to operating income from business segments
                                         
 
2Q10   1Q10   2Q09   in millions of euros   1H10   1H09
 
  (24 )     (50 )     (188 )  
Special items affecting operating income from the business segments
    (74 )     (291 )
 
                 
• Restructuring charges
           
  (8 )           (105 )  
• Impairments
    (8 )     (105 )
  (16 )     (50 )     (83 )  
• Other
    (66 )     (186 )
 
  214       486       1,065    
Pre-tax inventory effect : FIFO vs. replacement cost
    700       1,542  
 
 
  190       436       877    
Total adjustments affecting operating income from the business segments
    626       1,251  
 
Adjustments to net income (Group share)
                                         
 
2Q10   1Q10   2Q09   in millions of euros   1H10   1H09
 
  11       14       (221 )  
Special items affecting net income (Group share)
    25       (308 )
 
  63       129       28    
• Gain on asset sales
    192       41  
  (10 )           (99 )  
• Restructuring charges
    (10 )     (105 )
  (6 )     (59 )     (71 )  
• Impairments
    (65 )     (71 )
  (36 )     (56 )     (79 )  
• Other
    (92 )     (173 )
 
  (40 )     (41 )     (119 )  
Equity shares of adjustments related to Sanofi-Aventis*
    (81 )     (182 )
 
  169       344       788    
After-tax inventory effect : FIFO vs. replacement cost
    513       1,115  
 
 
  140       317       448    
Total adjustments to net income
    457       625  
 
*   based on Total’s share in Sanofi-Aventis of 5.7% on 6/30/2010, 6.2% on 3/31/2010 and 9.7% on 6/30/2009.
Effective tax rates
                                         
 
2Q10   1Q10   2Q09   Effective tax rate*   1H10   1H09
 
  58.3 %     60.0 %     58.3 %  
Upstream
    59.1 %     58.2 %
  53.3 %     57.1 %     55.9 %  
Group
    55.0 %     53.9 %
 
*   tax on adjusted net operating income / (adjusted net operating income – income from equity affiliates, dividends received from investments, and impairments of acquisition goodwill + tax on adjusted net operating income).


18


 

Investments — Divestments
                                                         
 
                        2Q10                       1H10
                        vs                       vs
2Q10   1Q10   2Q09   2Q09   in millions of euros   1H10   1H09   1H09
 
  3,067       2,427       3,095       -1 %  
Investments excluding acquisitions*
    5,494       5,842       -6 %
  221       199       154       +44 %  
• Capitalized exploration
    420       382       +10 %
  170       111       23       x7.4    
§ Net investments in equity affiliates and non-consolidated companies
    281       248       +13 %
 
  305       1,217       480       -36 %  
Acquisitions
    1,522       573       x2.7  
 
  3,372       3,644       3,575       -6 %  
Investments including acquisitions*
    7,016       6,415       +9 %
 
  758       965       781       -3 %  
Asset sales
    1,723       1,140       +51 %
 
  2,596       2,661       2,776       -6 %  
Net investments**
    5,257       5,239        
 
                                                         
 
                        2Q10                       1H10
                        vs                       vs
2Q10   1Q10   2Q09   2Q09   expressed in millions of dollars***   1H10   1H09   1H09
 
  3,898       3,356       4,219       -8 %  
Investments excluding acquisitions*
    7,289       7,786       -6 %
  281       275       210       +34 %  
• Capitalized exploration
    557       509       +9 %
  216       154       31       x7.0    
§ Net investments in equity affiliates and non-consolidated companies
    373       331       +13 %
 
  388       1,683       654       -41 %  
Acquisitions
    2,019       764       x2.6  
 
  4,285       5,039       4,873       -12 %  
Investments including acquisitions*
    9,309       8,550       +9 %
 
  963       1,334       1,065       -10 %  
Asset sales
    2,286       1,519       +50 %
 
  3,299       3,680       3,784       -13 %  
Net investments**
    6,975       6,983        
 
*   includes net investments in equity affiliates and non-consolidated companies.
 
**   net investments = investments including acquisitions and net investments in equity affiliates and non-consolidated companies – asset sales + net financing for employees related to stock purchase plans.
 
***   dollar amounts represent euro amounts converted at the average €-$ exchange rate for the period.


19


 

Net-debt-to-equity ratio
                         
 
in millions of euros   6/30/2010   3/31/2010   6/30/2009
 
Current borrowings
    8,521       6,840       7,916  
Net current financial assets
    (1,225 )     (654 )     (123 )
Non-current financial debt
    22,813       19,727       19,640  
Hedging instruments of non-current debt
    (1,812 )     (1,212 )     (875 )
Cash and cash equivalents
    (14,832 )     (12,954 )     (14,299 )
 
Net debt
    13,465       11,747       12,259  
 
 
                       
 
Shareholders’ equity
    60,955       57,283       51,299  
Estimated dividend payable*
    (2,547 )     (3,821 )     (2,541 )
Minority interests
    858       1,083       963  
 
Equity**
    59,266       54,545       49,721  
 
 
                       
 
Net-debt-to-equity ratio
    22.7 %     21.5 %     24.7 %
 
*   June 30, 2010 based on the hypothesis of an annual dividend of 2.28 €/share
 
**   includes the 450 M€ impact in 2Q 2010 of the squeeze out of the Elf Aquitaine minority interest
2010 Sensitivities*
                                 
 
                    Impact on adjusted   Impact on adjusted
                    operating   net operating
    Scenario   Change   income(e)   income(e)
 
Dollar
    1.40 $/€     +0.1 $ per  €     -1.1 B€       -0.6 B€  
 
Brent
    60 $/b       +1 $/b       +0.25 B€/ 0.35 B$       +0.11 B€/ 0.15 B$  
 
European refining margins ERMI
    15 $/t       +1 $/t       +0.07 B€/ 0.10 B$       +0.05 B€/ 0.07 B$  
 
*   sensitivities are revised once per year upon publication of the previous year’s fourth quarter results. The impact of the €-$ sensitivity on adjusted operating income and adjusted net operating income attributable to the Upstream segment are approximately 80% and 75% respectively, and the remaining impact of the €-$ sensitivity is essentially in the Downstream segment.


20


 

Return on average capital employed
Twelve months ended June 30, 2010
                                         
     
in millions of euros   Upstream   Downstream   Chemicals   Segments   Group
     
Adjusted net operating income
    7,623       835       664       9,122       9,652  
Capital employed at 6/30/2009*
    35,385       13,939       6,915       56,239       62,294  
Capital employed at 6/30/2010*
    43,908       16,010       7,286       67,204       72,042  
     
ROACE
    19.2 %     5.6 %     9.4 %     14.8 %     14.4 %
     
*   at replacement cost (excluding after-tax inventory effect).
Twelve months ended March 31, 2010
                                         
     
in millions of euros   Upstream   Downstream   Chemicals   Segments   Group
     
Adjusted net operating income
    6,871       508       461       7,840       8,399  
Capital employed at 3/31/2009*
    35,027       13,095       7,175       55,297       61,688  
Capital employed at 3/31/2010*
    39,925       15,634       7,412       62,971       67,099  
     
ROACE
    18.3 %     3.5 %     6.3 %     13.3 %     13.0 %
     
*   at replacement cost (excluding after-tax inventory effect).
Full year 2009
                                         
     
in millions of euros   Upstream   Downstream   Chemicals**   Segments   Group
     
Adjusted net operating income
    6,382       953       272       7,607       8,226  
Capital employed at 12/31/2008*
    32,681       13,623       7,417       53,721       59,764  
Capital employed at 12/31/2009*
    37,397       15,299       6,898       59,594       64,451  
     
ROACE
    18.2 %     6.6 %     3.8 %     13.4 %     13.2 %
     
*   at replacement cost (excluding after-tax inventory effect).
 
**   capital employed for Chemicals reduced for the Toulouse-AZF provision of 256 M€ pre-tax at 12/31/2008


21

EX-99.13 14 y03313exv99w13.htm EX-99.13: TOTAL LAUNCHES CLOV DEVELOPMENT ON BLOCK, ANGOLA exv99w13
Exhibit 99.13
(TOTAL LOGO)   (NEWS RELEASE LOGO)

TOTAL
2, place Jean Millier
La Défense 6
92 400 Courbevoie France
Fax : + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel.: + 33 (0) 1 47 44 37 76
Paul FLOREN
Tel.: + 33 (0) 1 47 44 45 91
Sonia CERQUEIRA
Tel.: +33 (0) 1 47 44 47 05
Michaël CROCHET-VOUREY
Tel.: + 33 (0) 1 47 44 81 33
Sandra DANTE
Tel.: + 33 (0) 1 47 44 46 07
Ava PEREZ
Tel.: + 33 (0) 1 47 44 64 65
Florent SEGURA
Tel.: + 33 (0) 1 47 44 31 38
Phénélope SEMAVOINE
Tel.: + 33 (0) 1 47 44 76 29
Frédéric TEXIER
Tel.: + 33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5,871,057,210 euros
542 051 180 R.C.S. Nanterre
www.total.com
Angola: Total Launches CLOV Development on Block 17
Paris, August 11, 2010 — As operator of Block 17, Total announces the launch of development of the CLOV project and the awards of the principal contracts. This project is the fourth development pole in Angola’s deep offshore Block 17, after Girassol, Dalia and Pazflor.
Drilling will start in 2012 and first oil is expected in 2014.
Located approximately 140 kilometres from Luanda and 40 kilometres northwest of Dalia in water depths ranging from 1,100 to 1,400 metres, the CLOV development will lead to the four fields — Cravo, Lirio, Orquidea and Violeta — coming on stream. The proved and probable reserves are estimated at approximately 500 million barrels of oil.
Yves-Louis Darricarrère, President of Total Exploration & Production, declared: “After Girassol, Dalia and Pazflor, the launch of the CLOV development is a new milestone in Total’s long history in Angola demonstrating the technological capability that we have to successfully manage major projects”.
The overall development plan for CLOV uses technologies that have already proven effective on Girassol, Dalia and Pazflor. A total of 34 subsea wells will be tied back to the CLOV Floating Production, Storage and Offloading (FPSO) unit, which will have a processing capacity of 160,000 barrels of oil per day and a storage capacity of approximately 1.8 million barrels. The CLOV FPSO, through a unique processing and storage system, will produce two types of oil: one with a 32 to 35° API gravity from the Oligocene reservoirs (Cravo-Lirio) and the other, more viscous, with a 20 to 30° API gravity from the Miocene reservoirs (Orquidea-Violeta).
The installations have been designed to limit environmental impact. Measures include eliminating flaring under normal operating conditions, recovering heat from turbine exhaust and recovering vent gases.
A significant part of the CLOV development will be carried out in Angola, as part of Total’s commitment to increasing local content in its projects.
The Group’s wholly-owned subsidiary Total E&P Angola operates Block 17, with a 40% interest, alongside Statoil (23.33%), Esso Exploration Angola (Block 17) Limited (20%) and BP Exploration (Angola) Ltd. (16.67%).


 


 

TOTAL
2, place Jean Millier
La Défense 6
92 400 Courbevoie France
Fax : + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel.: + 33 (0) 1 47 44 37 76
Paul FLOREN
Tel.: + 33 (0) 1 47 44 45 91
Sonia CERQUEIRA
Tel.: +33 (0) 1 47 44 47 05
Michaël CROCHET-VOUREY
Tel.: + 33 (0) 1 47 44 81 33
Sandra DANTE
Tel.: + 33 (0) 1 47 44 46 07
Ava PEREZ
Tel.: + 33 (0) 1 47 44 64 65
Florent SEGURA
Tel.: + 33 (0) 1 47 44 31 38
Phénélope SEMAVOINE
Tel.: + 33 (0) 1 47 44 76 29
Frédéric TEXIER
Tel.: + 33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5,871,057,210 euros
542 051 180 R.C.S. Nanterre
www.total.com
Total Exploration & Production in Angola
Total has been present in Angola since 1953. In 2009, Total’s operated production in this country was 491,000 barrels oil equivalent per day (boe/d) and its SEC* equity production amounted to approximately 191,000 boe/d. This production comes essentially from Blocks 17, 0 and 14.
While Block 17 — with its four development poles — is Total’s main asset in Angola, the Group also operates the ultra-deep offshore Block 32, in which it holds a 30% stake. A dozen discoveries have confirmed the block’s potential for oil production, and conceptual development studies are underway for a first production area in the central southeastern part of the block.
In addition, Total holds a 13.6% stake in the Angola LNG project for the construction of a liquefaction plant near Soyo, designed to monetize the country’s natural gas reserves. This project will be supplied by the associated gas coming firstly from the fields on Blocks 0, 14, 15, 17 and 18. The plant is under construction with production expected to begin in 2012. Consequently, gas produced on CLOV will contribute to feed this plant.
In Angola, as in all countries where Total operates, the Group gives top priority to safety and environment and is committed to developing the Angolan oil industry through technology transfer program while recruiting and providing professional training to local workers. Total E&P Angola leads a transparent and solid corporate social responsibility policy around three main axes: health, education (opening of four high schools in the provinces in 2009) and economic community development.
* SEC: Securites and Exchange Commission of the United States
*******
Total is one of the world’s major oil and gas groups, with activities in more than 130 countries. Its 96,000 employees put their expertise to work in every part of the industry — exploration and production of oil and natural gas, refining and marketing, gas & power and trading. Total is working to keep the world supplied with energy, both today and tomorrow. The Group is also a first rank player in chemicals. www.total.com


 

GRAPHIC 15 y03313y0331301.gif GRAPHIC begin 644 y03313y0331301.gif M1TE&.#EA<0!7`/<``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```````+`````!Q`%<```C_`/\)'$BPH,&# M"!,J7,BPH<.'$"-*G$BQHL6+&#-JW,BQH\>/($.*'$FRI,5DRU(B6UG)3K`. M!6H<6XDL&31E)G-"3,93X+)_E2R)Z5*C:R90YT\F4(3.>R:C-N89J'0\^ MM8H=HHE,:=.O"9EI*_-,V2=W7=*`Z5)N)DUER<#*+9CL61E(",S9ZT"BSM5* M-UTG,R&"IP[H: MD'BM_+F9Z&V*,0(4DK M.7(6F9?!(Q.T;-BY)U)2R^BA&0B5I"%"!!LX(8H5GHP0RB*BM(!&)8=HPXPS MSBCC84\T"6B1,M`D8^`_Q!0`!04L")#$+4T((A%.( M(E+4X3_(;*$',7N(D4$23C@1`P445`$+>:$<00(D<'FHI8=!8I2,,RM-LTP? M/HC`@A-)7.!#'6;($,H(P484G MK<#2B@`RN%,B3GEN%(U`7RASQSI0!,J""CY$HP MD4K$9P5E(/\)7J`9_&!/-%_@0@(%GI@"R#XMQ+`)`I!H@TPDV'WI##.$M?H0 MG_\<4@X/4,2"FPR#ZL$=`F8<00HI.\`(10TR?<'$%O]\"5>SSC94@1[*#+%! M#`+`XD0].?!`C!Z0')--*E680HHIGHQQBQTD(.!/@>D.V>Y#*1V21CHR)N+) M#V)L-MX$SW M6DJ(HD&B6N3@%ED;0Q,R4(-/Z&\._5O),VI@"16(0@AR2`0'Q+"!V#7P@>F+ M()$,A(Q/2$L&F,@'$@*1#Z[=X0F1@$`"_YI!Q&8L(QK-^$0Q9I`.#G"@'BOD M@3FVL<`$/`&"_9O&-/A5ATWT``E"&%D/,D`,(R[#B,A8QC2(9"0I(*``'?!! M%WR@``S\X@.C^,8V<`"!*\8PA)J9A!EXT(.2(0$33=A`'[X0`$I0(@#M6<8C MD?$-!`S!##.P1!W4\@%!M"$`<]B&%36G/H%,HR8%H$`.-,$/?GBB!Q1X11DJ M4`%>].$.6C@&`OJ`B@^4HA3O.$$M3D#,=QBS%$K`Q3&28;BH_8-+_ZA`M,S0 M`ROL8&`MD($E(-$&4"B!#208PA)0``08F),`-%C`#=:Y@`70X)T$L($'4M$& M9PH$FC\YA`4]L?\#0.R@!10@P1VLHXLE@,$>Z@@#$&[@!C>@H)U4P`(5U$E1 M5P#!`[JH)VN`-Z1E?`(5,KA%(H0`B"-,($)P`,>#U@#(T8AQ`6ZM1G7L(97B",;;B0U M`8BH`Q1B`*<+Y.!/:.`#`;#JBC<8P0);W6H<%FN!QG[U`7C`0UDG@(<5``$: M";"B6PT'5[DNA3AS,%PTL%$--O#@!U6H0@O$P`=9V``(KJ#!(`H1UC7_*$(1 MN1B$"QA`@-XZHK"`3;*@!*E#1!P0<0GI*6`(!QCJ!>$S@`:[( M!"ZL88TB^O<:T,U.-`R7`&A4H@,7:,0/&K$!+'""!BY8P0KHP`X7,-0-YV"# MAMFP7F(=XL.XB*\K5F`(0A#BOBZ8!23XZ]\B`CBZQ&'"N1`T`QE(H@42E:T% M5C!>5\QB":D@!B(0@0-I2",:8CIB`B#PA*QA$$O@$:3^ MZ\#L`&T+D"!!!G+0"&$PP`7L^(,?9`'D5.""_T?/>(87YL"5@?@WLPE@`Q4* M45_[/B`.*,#%^?*HF69TXX79P083*($`,/A`$@(01BXH#`0W9*(`Z3T?-.(\ MYSH+Y,Y+'@(*!E'?LC[``C900K]&H8TU&AK1Q%ER%E`1!C]@`09&R`4]/*`$ M00SY;@F(1C0Z(04I:,$+R$ZVLKVPY`0BD M,C`[4=A%%#Z@#GHXP@\V6`(WE>!A+T0!`D(,=C1"NVPOQ#G.U#CC%Y`AB#"` MUP7F],,)@`P-;F`#&89F;G;V"`)O&/,=2V!#'W`PAT\(X@YEB$)FX:WQ*,SA MT-O8QAQ&3@UJ5*,:VO^0QC*:_`5\M!0(?HCY/3Z@3&YDIAD+[$9VM`&--O3# MF\2"!`Z"F`!N*,,+\$[ZW7#P#(*LQ,C?R(;4L_$%(48B`+S@10U,^[W@ORA2^PYH@, MH<07!K+1@DSJ'ZPY?-\1/_A_,/*(T2@\0:3YC\@+1-B2/_Q``B#-PPL;\1-) M">(M?T3)$V12C:<\X5.RC`H`OO(5P/S*+\^LX46>]:SW24IB+^S;]YZ6!F'& M[J?&C,C'GET1.;P_KD")RFO>(,ROO$'\X0W.YWX9CU"#&@02`($P0P+:UT+_ M5**B#0E<81C:OP+S64/YGU3@"U?00/<)HH4`)$,;WM!`"4J@AB`P8_X0XWX" MD0(A<`6.IWH&D0)J8'K_H`;&\`@#\7F/$`(#T'B(EPS#,`#&4`9;4@W>T``O MH`,Z\`*VD`(&"'K2MPP!D`(#<((#<0T>X@VV\`(80`0D*`$`D'R3,BF/,``Z M8`R4,#P&\1/18`*TH`%Z4!`!X(,&R'K#\P4IH`,IT'R(UX-$X`N>XR%Q!@(*2 MQQJV@`ZVX`\%<04Z,`]7\'Z-UWS3,(.^T'B^0`0#_R`!RB`!('`\S@``%$B% M_R"(#6!]T;1R7^"#WE`0VF`-03`/M.`-QZ,,W@`'30<1)U<&(&``)F`"QJ`# M)1"),/8VU@`Z?7B%QT`,=P`-07``O=`+&G`(66`-WL<3PS`/+Q`$R@``!V`+ M5\`,%;!&RZ`,SP``OW``'1($T)`%!^`+VA`-*S$IVO`)`X`!<*!E`M$)TN`- MXD`.I?!>N,`+G3`*$3&)9F$,!Z`!9&`,M`"-N<@3QA,$`^``O>``!G`(91`$ M#5"#\]``EO)9;Z,%(8`!*4`&OD`+)2`!GI@2VLB-!Y`4QP,'O=``(+D229B. MZV@`[O@/1C8*JS`/Y-``I?\``+Q@9!%1!F7P"7!`!+0``-;@#0Z@`2BWC%$1 MC0=@`@W@B-Y0!B!H"T])D65`#4I9B0DY`+U@#!*`$E^0A-FXC=U(!@`P#+ZP M"@XP#&6P#.?X#RZ)`3!Y$^^H!=H`"I>P"AC0"^)P"0$`@`XQB<G#$%`"\8`!R8P#R;@#2]`!,,P#"FI#,?`F&4PF"\P#[U@`-2` M$H.@ER]0`J$($1X2!+;@ M`+0P`"9@"[3@`"&@!4HI-P#P`@UP!Y8Y#PEI"UE`F"90#65@D3RA#9QI#!@0 M`G?_4)K-(I)D:0L28`"T0`0-D`5E`9L_$9=S"2F=T`G9P`O0<`B"T`>E(`XZ M<`H1X2'#\`(:(`%!\`Q9H`8.0(A960::Z0O'``(:$)HI$`0-]P(F<`QE$!?_ M\#;.\`G0D`(3>0S:0`V$04O9"`VIJ07*H`$8<`!PP(%$$IOR69MM``55RD@P(TF(`&?(`%M6`*3H`Q?<$KH^`FV M0`1P<`AT^0^=T`^G0`X`H)\?=@HC&!&9^0*^X"''\`P@_Z`,PT`+MO`(*6&0 M(-"(4EH-S!`$:B!^T4"D!U":7FJ0_98I\[T.2WGD,`&`,1*`!GP";:Z0% M;CH/\RD0R"`%)8`!Y%`"'P`'XR`.!U`"$=$`#3```/"36M*H<#``2.BA$FJL M4PH5)9H,`1`"!U`!9NJA'J(!M`"A/,$N%5`-QQ`$X!`"SB"NAW`')A`"!@!) MR#!XV@`"(=`+WJ"GD/)(;7`)O8`!\]"OE0D*PUJLQUHW'J*LS%H!SJH!T*J, ME_<37T"!"*BMT,"MOE"J`U$!H$.N(5`7QY`8Z]JN*P&O\DJOM2D-W-`/X_`+ MXM`+JP`'/`D1Q&JLR%JPRK"LS5)*J0H+`-#`L)7GL!28A`.AK2W:K8?PK1>; ML>7J#*#CL>SJKB([K_6ZI\@@#=D``+NYLJOP`=@@#7O7M5[[M6`;MF([MF1; ..MF9[MFB;MFHK(`$!`#L_ ` end GRAPHIC 16 y03313y0331302.gif GRAPHIC begin 644 y03313y0331302.gif M1TE&.#EA2`!3`/<``/*;H_&T-B$:F*ZEU9VVXYAG/>UR??3':&UGO&1>N/.C MJOOLR[$%,O*\2^,K.O"+E&*+TNKI]>`1(N(A,E5WR/&4G.Z`BNET#3PUIN4Z M2?K:W5Z(T<,#)OG.T=T!%;>UWI"2D/?"Q^QK=OGY_/[Y^?[V]XJ&R?;->O[^ M_Z.ZY.R;`54-<$E$K=74[-\*'?C=I(&BV^UW@?G1U>ZD(^V@`+S-ZVQ)7>`3 M&.WR^?KFNVN1U/WM[O:UNK"16OSNTO/"6R@@G?C*SO'P^/WRW?_]^<2%(.I> M:N$:*]/=\=:0$?_\_'N=V?C;G^ZD"NKO^?>]PD-:NO;1@OK7VN0S0\/2[1X6 MF.N%!?[[]>3C\_[Y\.9`3G"5UN+J]^6?#?3U^^=$4O6LLHH*3_WTXMSE]2LG MH/6YOG!4GLW,Z?6QM_SHZ?GCM,[:\9N7T>VB!OO=W_OBY??4C7N&S%Q7M?[X M[.E99MK8[JO!YX9:2_"P*_;Y_/OHQ/WWZ>A17OC'RS9#K^E68GQYQ"83D/._ M4O'T^_S\_M7@\\/!Y.ZG$5!*K^^H%HZKWTQDO_SFZ/WR\^^K'?SEYZ^LVNMB M;DUJPNA-6OG@K>=(538OH]0!&CLKE=\%&%5/L-S<\"\AB44^JK/&Z>^N)_G4 MU_O@XOKZ_/WO\.`.(()^QO[\]]:<(NV@`O_^_/7W_/WS]/C8EZ2@U92PX(>F MW>7L^'>:V(^+S/?#R"\WJ=Z6"_2GK:`&/>J?!&$,9\P"'^$5)O>_Q.4X1_SJ M[/[W^/K[_L"^XO?8E8"@V\O)YW67UO?7E<>F8-_-N6N(NNE;3.Z%:D1.L^:^ M=<_)W3PJ?^(C*M+0ZN0O/N,G-\MO1/+R^<.1M/"'D.=8&>5-)/&W/W".TN;FY;&PV^"@&OO[_.=*5^A(5EP_ M:7(+7.$?$/OY]M_G]N&8";?)ZK[&YZ!3BJJ7I9*NX#T0@/*?I_?(K.K,E_?K M\.[M]UR&T!L3E]X`$____R'Y!```````+`````!(`%,```C_`/\)'$BPH,&# M!NNT0M")3+^'FA+((N8-H<6+&#,:1"$DFCD3"1H^[-<)$0(VP>H(T`*.S[0CN^+*C7OD"+4PN>R-!6+.2]JJ MC7@8^.+@""D/_A(K7NS/Q24.#&ZQLQ?H(89@?O]>W0$F4H8CF1B+'NWO,8,P M*RHGB(9-,\9&LV)D<(&8M&W&'BZ=7@&$3037%AG9^N/BMG'2EV[E,L.-$'"# M:0#T.DZ=-(/YS`BAH^S$'0&8CT$\@*MW!0FV@>D)(& MHU65,\ZEMFJ*:Z`."%U4J^DA#;`R!$NR6/)4 M(&&D.IH(:52E2@JGJ(MI`%'XD(4IJ;"4`!!/&;L"`Z-I$!QPC5[%!S4!Q@D_"VR82:6B11".4$` M/Z=,C&DB@C#QKE4F."5S/YC,HP5C.`<%"PS\])`N#8X<<(VH5HV@B0!'/X3( M`!5,LUC3+G$Q##\@])S(`0L068?11R,0C10&U$QV2V;S$_4Y/[3_G58V;"#< M=16R1$`"#]#8?#=+>?.3S#'6"$0$P56-@`C77?/USQ7XB)/8!&X(U3@_Q:P! MS!XO'""&4.ALTO5(>L="A2A9J*&G&E>TM$\IKS\D M"S(_'**"%8G%X`O)GO#.SP9+U`#\-0U\,LX).0B+$1;ROBY`#Y\<@@H-5K3C M3QDN!I7'&M;S`\$P-7AQQ0(_Z!J`(">@A`^*9Q`A0*)C1UM'$=:'J?;M@A'0 M:DDV8*&#^D%@"79PPC\6,*LVM,$1_^L3)?0@,('400[)ZT))"RQB96\0`LF",::5A#M@[FA5>(89:="&"RP#0L`9A"(X MV4 M"N0#LC!$!'06"QTP$Z9OA$`L"("#;-A4(%@P`2):L0\O(($`6P"J%6VI`T44 MXJ@%.0,"!("!4IC#$!^(`T>EVCL[C`&K!LG&&5!8!0&XM0I5``(9_``%271R M":Z(QSORD`TSH74@(VB!"8[X3@$`0:Y`H,4Z%2H/6#@!!ZH@A%__2A!18.$# M"2!#-74"!!8`PAR;J`AE-8*"$9P!$B9``"(Z@8'6(D(.@&##!UJPDM'_"B4" M9_C``%K!VZ_68:*V#:YPATOY_Y!!$$)`W>I:-P0R MB-]S4V2<#'0`NO_@[FV\"]X.S.()3Y!/8AQP#_0^H0./*(,%OJ`%+8@``-\E M@08LP-_^^O<>Y1$(*!Z`I(*4X`DB,``/@D*"7S@X"-/Q1R\ZX.!&E"$=1Y"` M"UR0"5+LP@$&D$$9)$#B$IMX$DKZ!QK2(0%23`,,9@I%#$AQ!#J@1081S@`H M!,(+/AS&!96@PQ^DP>$)B$`&1DBR`XHC@0PD&1PNZ@,=2&&S:?`@P&XP0&,F M<>,<[Y@$%9!`8\`1@@X$`0UTX/`40-&!-D=B_Q?^F(8%VJP!)81"!*")47&\ M:Z,L;[G+M]NQ+V+0'VFDX2PD`(#8)A"$@<1`1=*XQT!^`8X)^$,:%>#!'Q(C M`BDHP<\NX+)5.`(O&#$#G:@@1CLP@/3@.4_'GUI6?]BRK:IQ"S\G`EI M2$'9HPCW*%@BA2^4^A^VF(8',N$`<"@``$8X@@=JZ0"@T"EA M,%JXQ_0((@,^V/?5;ZB`$>K+]/JNO.4O'XC,:6YSG.M\(`K@N0%&]G/Z"KT@ 41;?O+$RM]*8S';QH3[O:T1X0`#L_ ` end GRAPHIC 17 y03313y0331303.gif GRAPHIC begin 644 y03313y0331303.gif M1TE&.#EA6`*L`/<``&*..,V42[*J,?7PSG1K*')G3(B(ATY%%T:,H5Y*>_.CUA4(1`+!C1< MG_7LMU!FE8R7KVUVEN^S:VI71TUP+XI7*59'(65.%]K*<%=SJGAE,S4T-=JX M>7EY,30F$ST2;:KJ$5$'W)J&)6**(JJ.+G,H5=YN(J'138S)79( M(99Y5:B)6?KZ]$=$-5=42'AV8U=5-(2)GMBU:)J66"@I+V5(-+B7-X9I*-?- MNV9W,C0H)->L=Y:HM=O+I>*82&EJ=IN4*%1KI$AKM826-D)8CU99:8F&6?#O MZ>B[D+J*5C8E",2X?%\W%IMC**^[RG5I8,5\+\2V7U5)1#8X128A"(=J6*2: M)IZK;MO9IMWGMLO.UIB6@DE*3;Z&./'`J4ISM9EJ1M;.RA86'EID:^SBETA4 M(I9Y*:.;GT&ES*;S%UZVMKM[>W\>\,H%:0CA!375*-"DR-&%C3\2; MD1PA+C$I,I=K4Z1^:C8R"*>[O;:MM5TY(Z:VJ:2E3LO6RZ>'*8B6G*MG'A,<[6K0```/___R'Y!```````+`````!8`JP```C_`/\)'$BPH,&# M"!,J7,BPH<.'$"-*G$BQHL6+&#-JW,BQH\>/($.*'$FRI,F3*%.J7,FRIO8,.*'4NVK-FS-RV`<>``@ENW7-JU*]7N[0>W#N3.U3OW&[UO M:MARX=*C,+O#8'H<@A"77JD=7.Q^R'(7[XYV@0/G98L7PN3/$-Y`V!PY-(1C M#HK=0LNZM>NG1TI]>O*$0Y\&3\@4<&&JP.TH#1I`THV'$YY>R/$4_Q&"3!$R M'#CLF.XK\`X-&OJ0Z<6I%QDZM.MP_WA2I\\3.F0^[79>)$^!]Y"P]9D?*DHH M#?7[0+)7P!ZD^/JYIT`X)UD`00=QQ!%-'&3@($0<1HB!C!-Q*"'/&1UL@@N% M$$9C!`.;,%#&'7><(8\>>I3X(3)B&)&@$=&(`2(#.!3PH!A.,(`,,@PX$:;<,`I9YP33+""(7?FB><**]0YQAAP`*HE#81NJ0(- MF+CSVJ(";5'``5.,,PX!W,AP@`@YG(!`!V88`>(!!!3A$L,8P)I`C#CCBF("`)[VH4:`&XN"`PP,UB",. M-^#@T,&VXB"Q!@D""(!!!P0\(/`#&/3[2JEK'&NJ.-IV@`,!X!`@<0<5]%L! M-Z_HL`8W$H-3#BT"@^-Q.=QP(P[!_SK\`#@/E$%`MA4\0*F\)IA@K`X10$`- M2GNPX#,-*JB`PM!$%PT$"D=[J300C##=]--0I\)(F%17+:;56)-9-9UUVNEU MGW7"L\XB7*H`1-".I*TV)JLQ^IJCP\0@MPDQ'"L"$B>(P`TL'5#_P4T,F)Y` M1`[.Z(`$WB><$$,-W'A1!7A%2*".0"9".#!RI1R`_L#'8S@P0'.()#P&AIG:R_$)4M/`+4"C$``[J9ROX8S[3Y, M_,PFX&"M[=S*W('S'3Q0LC@1T,W]`;3X@"!XQ@)H^(P%BQ!:T1:8-*0Y,&E+ MB^#2GN8T1DP-'JG`H`8S"`]&=-""(.1:U_I$P@D8BFQ!4T':5*@V%;#-;:\Y M`B3(T3^ZB4`$.LA&XJ`UCD#4P&8Z\$3B_PZ'!"&>P!^>,($2IE`#(8"'/!J( MPA.T!$+)%H#A]DE"H)0:L@$(0B=M@Y&K$-LSA0;/&B@ MP758TYE,6P<0:#"&.JU@#WP*9Y^VA$(5)!`(CF"AVFK1-ABR9A8-"%(5:E`` M)=P!`4$7U5E:\DK&,8"-X@*DTI@-G(($\0IQ$(]C]M+D"/SE+FZ00X\*8T,;!(@2=?1L M#WCUF0(9.#0(HH`1#_12*K393#"!R9D6-*S8FBFVP3XS@\^\IMB`H$T@3+.; M7P,GG]0Q`02:,X$I5.<*V>G.UAS!`4%(K1"J4,\SX"UN_#S`,#Q!A,3_L8(( M`CUBXN0@-VXXD38Y8@`#HH`,*VK.!X"HJ!0L*H4Z^``+31@""6)@B3\T+@*C M-$$$Q@6.0;B+6N\2ASQ\2D8];I$@D0?8 M5O0*R3%(CB`".4A?4W-`@!'\2Y,0@UC$Y.H!E$8,5`_4$$$:SA_P!-_,X4HR!<9'B``*VC`D49 M0($E%&()2YA$$#A'A2D@S%"`/!N"`>2%1 M@#L@(08[L&E)W(&/%V"X'..CEE3%L;%9VFM@`:->P4APJJ4V%0DOPX"[I"JS MV-E+6S%XL.YJZ#^-B0,``'@U56EFLP.^@L,'7Q8F)&L+#65&QDJ_GCQ]Z8FNN`=P<)M8AGDLT1NN@$,/;]"S]\ MP0_[UH4*6$`#!!H\M"IXA"-84`M%6?DL1]!`&(Q@!BI4H0I*.$,.$)`$\-!! M"#5@@JC.?+C:ZO;3(O\X@&\?](0)]4@,'3!!KX;0A`50@`(WR/F?F^"#0`3" M4DR(%G9Q9RRRFD`/VXBO.."J+'L4@39T@`0'[!$#(H`:'8`L-120'0>5XH`< MKO-`)#&@K3G2+Y+H*YRI#H?)?]7W7?6M5BBY!V'^0=@$B$,"#F8)/F;'P`0/ ML!TKQ=&(1K@O>A+;QAMVQFUPLY@&+D:!BX$)P2XA36G.'/(SQ<;CSM,@LM0D MU(Y%/\UI%HH&;1H#/!:Q)5VH.7&V37,VLJ&/5AC9R`=702*"!@W2/OS*#:#" M$(9@!%74@*0@3:UJO?"'D0?8&9Y0\ZIXV]LJB(Z*$W("!L!A*HE6=`E=J$3_ MSF\`Z(I/P1(QB(`2N-&[9R5L;DL7QS88_68]%*`(">4R@\IPKAAH0-0D\0YO MX`;(5G@"\S#]TC1`4&^@=WJ>IX2$`@D#`FN"J+\P?I!SL=8`0C@"VZ%@-(8`Q!0%$W_U<(.0$0F-Y2T,V8Q.% M3^B$]%@F3SB/]TB/]U@H9-.$W+0(P/!ZB9-FI(($7_`#+""&$S"&OG1`B3`! MYF`!:U@6$3<$3D!\2>`%'Q4#@S8$J94$4Q`#0J0O"8,$K.`/;!8!0E`LT@,. M)!`'&"!'FQ1$2N`#30`(%/_0!9`8B7Q``59@!C*PC,""74N%+`FC1/(P2CH` M4@50!63P!*9HBJ*T!B)0`QH0CB0Q"V_0"`!`,L4S+_MC`FW`@&0W`F99/G-$ M`MY2@5#0EN4`+'N7/-OB,#^%`01@.$M52C;#/:B2.'U"C@@ M!B&V5OTR`FCP`.0@`PX`!CE(CN4(;A.0-D$8A(Z`3BA@-E[")4?(>J>G)8&R MC_GHC_X(A=1$-OU89%<(>VDF.,_X!80@#2RP#"NVD+CG2WM@#FHXD6$Q`)4P M!'4P!%20!$J``*I(G$_@D7F(`*.B,=PC1&RV!D(0"(<6/O7B+K3`:IZ``%5` M6C]%&#P:0(]Y3%@R4_;22Z#8);5TB_E8ST8@`;CX``)@!+C2)G@Q@(3 MH$*:*33M^*.=V27P*)J!$BB"DII*J(^%`BBLV8]_\B>NIX5JE@VLD`U(0`AR M@`??$`LKH`XJAHX-V9L2"9QB,0N5$`55E`3(B0"6(`141`<8&0'X1`0:(P+0 MMT,U$'-YM%T&.FGBE2I,T(A8$`#@5PF2H'-+D)Y3,`R>_U@L2UE6!$`+[N*G M\Y)3.+$O.!ZB.":U`J;;27$8`#I@:?Q1(!R:.B`.`&LZ28 M!K9K;=`&$""9)V$+ZN`-WE"9"]EDDH>99K.9F^F99L,EK#F:3WJD\LB$3-BD MK/0LTD((I`)WF`+$B`!WM"EAG".>960I/";9.H59FH%3G"'55!2 M3&`$Q.FP01`(9'0"GB`'?*DJ1,`-05`#,6`,2K0[XA`EN^()N4!S32`%@#9^ M-U`)7=`$#X``E&`JR+)Q)T,Q"O^R(#@P"$'U9DI0`*\2G@P@!M=I,T$7!)5P M!("D`:@Z"%2EG:DV>!A``O+R1ODS/!I&"]428KW#57@$EA$S,8*7,*44K)=4 M+K>J`]MPK$DG+]1#`/+R`ME(,?WR+U,E,3@P#;QTK;'@#3H8L`3'H\!D-H)[ MA&=3KJ$IFD4&KW_"3>S:N*?W9*+932P@KU+*A5?J#&N@`+:PN1*@@]YP#!+0 M,P<$#;U)L`7+%0.0!F+@G%7P45Y`G,/G*8;F"9Z0`WZ(.'(@!$&`7650`S@0 M)2'+:LY`!')`!Q<5`'V6-(+<"D#\`[+YO M`(`D80NQ$`O\:E<'E$*2ATZ%>S;NVJ1+BEE^LKB#TKA:DJY80F\)-W!0NH6C M0@1>*`=R<`9%,!@)P`6VT*^@ZVVCRP(1>;I@8:;#AX?)*0-",`18,'P1*Z>D MXF9K)SA>T&5_\`!#P")"T!\Y6P9K0%MG4`>3@`4H"XGG60@]:030B02H4D0Z MH`0/0`)DYP0[@@PX*U\F(`/VR0'!,01"0`!`-P53(`2C>E/L_[)3U$@OQ$,. M%!8SB)=@)A/)%AP(@2=VV:+)_,L_\Q4Q@7<^;W;`RY,[\J-)JL1*I12I`!`' MAS2W*V.@XL`&E:#!(U$,_+JOWB"Z*81./AHT1TAO)QRYW90G7;.X_ZB$5@AE MH=4*"7<-G=`)C]!D`2DXK'!;5VJQ2L`!'P`&JW`$6]`#N$P/"I!D2M8*+$!E M2/P52LQE5<`$"#`.9N`$6%"<5""QJ6*[%WL"RIMS?+`$31`(E$`J,%0B`= MOA!/_6,,$*4$-1`$$("T-Q4*X["KVO]E5./S2I0B,05:H(,7.\,3/OAKP133 M/!Z`78X6/N]B+`>0*HO&1U\ETHU<,C%%`%$;>#ZU5O_BMMNE70Y@RR*!RQZL MK[L,#>F$<.9D3@5'A59(3JQ'<'^R#(9`#(9@",NP#"L\<`6G>T'S"-=@"C\0 MS;H0V/EF`\#@!W[0"2%@"E]P6ZR`!%VHPV>@!V3@`""0`E=@!U=P!(+@`)"0 M`2'PV<]@"AF0`%6VSEHAG*E%!U4@`@A``EI4G!U0`T$9G9.4*D2@!$;@0T%0 M.;AA!`T``940"LA0#CK`D4-PQBFKLEV`!68P!4MY*NJU!K!3+50D`'G,)`\S M#C5`!]+1`!K_X`140#IK8`Q_H`2Y\`0O72`-8#PEXU,'Z"Z']`#ELD>')K9O M9E:40E7`0M4`,SRR%DG]LUW`PC$$X*%T*@XS30XH\X+:I0?D4#.O8+N"%RWC M0]3<0HTUXP",9Q()T+D2H*^&T#,IA"4I=(97L@+$,$X(5'"$@B5V$M?$<`QT M/0$&E`C7X`BM\`B!#\H`W:8-C:@`0Z+`?:0`B$H`TB8`-R@*4V\.0_ MP`DA4``8)--@`5^_[:RA5`( M74`!@$`%<@,X.%3<-4`%9;DC.H(K1N`^0O`$P:$!6*!]-:#29Y0+58#>`'I3 M#7!2)6,M?BAK`! MM;`'!7>&+*ZC=G(,Q+`/U"`!V*``K7`-U\`+@MWC_F:06*H-M*D-.F"Q1:[# M":,/!A_ES-$+>0`)#G`(`Y#E=O`/5[#E(%`)G(8'+W4'O5#F9KX59AHDP?`' MW^E3,L`$TN)@HS(,MUM;!P`Z2;#;6'#21?_0`(4!`4$[#C&@"C2'LCJI#@ MZYJ,!HS$@C$`#B.`"[-$+LH>"EAW$N+\X=O.P;@)#1,@UV@(U[AI"+5`##2. MA@6$9-!@`,MP#-0P`%H)";T@#VM@`T`.Y/_^!4/^!;1ID-H@\$6^!J9/(OH@ M`C^0^U*>`47@`/V`Y1%O!P,P`%RN`=N1(AK/\1V?%6W8`?,D`IZ@!^]\.G\' MLX+#5,[(AS5@!D[_U`=8T``.,`_S\!9IP``>(`-38`18,)[E*7XY=W--\$-$ MKP/GVBDT;+/XP9 M-6[DV-%CQEFE9)@0]Z`"#G#<5')+&8%D(P$C,%1H@P'#"`$".IB(P$V<.'`R M.SSPR9(;`1PW.Y"HP,\-`#>-!F$0X*$#`94U"#S@6L%#5:\>;-KLX-*$B0-K M=(#+B0$'T5@E:M M'F52D"'$M59YL'$99>>*EC[EQ,E;(T>.LR]?D)Q6C03)%T)(`5]!2*X8*<*H*`P+&J?_D(O!^L,$;\'I(@`N^^)*@ MG6\@BZR57O)H!X)V[.E45#SPX`0/%TR5IY<"L*EDE"NN&"64.%"ZS9G7D'`F MAUQC<^T+'>1`P+;<3%A##SVT:>8+;9K5AY,R.(!@@%B5N\*Y%+0`X9`&]%!+ MC^S,$V^#;LBUP+P--LBHLO)NJ2P#<>.5=UZ.9NECB@ATH&2-`I)0(BT=($(OXP@HH.HEA"@S3F$48#"#ZH9!,C")"!"C.::"*`+BJT\`8,FPA$ M"24^5$*&<4CH8"D3&0AE$PVBB.*)#L"I@0P#&T`1`U@KK4K,:2>7(BC4K2=5VHJ$L(>Z M,RP,KJ(SR@C(4?M*GY0@B:4'Q+$M+=LB>(`$`7`1BP02/F`4/'\RL.6['O+B MPI:^N+@T#SRD*;4X2#B`Q)X"["&C`%,]1!4//:5-P+E9JL05A%`<*\%T/+K2C M=[L$3`GA>P4@)<^`#!3XIYL0K"DO@_+IV?Y]^,,[XHD(8J#$DS\Z$"((`I2( M00?[G*`9O/*$?8C`C2%TH`X:>)@O.%"$-'Q@!A-2`A3FA##9@@ M@RD0K0I"J,(#&B"D\/CA!`HP'W?>X8HV;.,L>N*32LZB-:[I3&U:T1)./""E MLW1@34-)R5&V`C8JWFDFL,"22I3TQD$,@A;@>$N8SA(!<1!`',.RC0[6P(VW MQ.EE6U&<>$[PA6]`C@MZJ9Q?VJ&`S.&A%ZP2'1FJ,`@R"*$,9]`#)SFA!]3U MH@RL^\`H1N&*&82"'WZ2!Z_V@SMM\"H'LI2-'(*U!A$(3P1Z*``G./&]$#S" M'@HH!1>R(`I7I"!6T'O.$5+0@S(@0`?@TE[\/%(,8/^&0`$2*,\Y0F"`?R1` M&NXC#_L4D$AKIE.=]2*#-$^@@R08X0DN2D($UG`PA!&A&?;Q!Q*J8`0C1($! M2TC##HIPH`]8C`$U.,`%`;$`"?&A0A^D0!.H,)(/E8$;4WC951X@!B>\,"%1 M$$,%'A"C)W!@!PUH@A'*HJ,:)"$)0A!"$FK``;J$1QO^8(4-U+6=`;A"$1%( MBPG`D9*48,TV6P/`(+@RD*/NJ0,5J,8("'"6`Y##`R,X"9_.J+8RFI$`4\V9 MF?"(QQ=LC1];71,&VD"",$G)=W/]XP.HR.K%(/H0"GS,X`VQJP`X MO*6#W2$!=ZO!5=>ZUBA` ML"U[^.X,V0./+<0WGO)Y0P(22,!/Q\,7C-@B`^@4#_F:N$[PKG,+!2C@"9A@ MAB$\@0XU)6H.3I!/(O!3!T&`A1&6\+!*[&!B"9W!)IP0`4K$`!88;`(%*/!! M/FR"`@LPPQ1BP(0_E&&$+`S$GJ@04@UL`AG(<((1*L"-,I`AAPUP:2`LR(U` M!&)_["5##\2S4W^<(`3I M9!P0H(8A8YR!!'0'L6I00S'J/"DNM`,292A#ZB1,QRN]C95G6,,=[I"ZU-DC M#GW8<"-,"[!=O=(UL0V8;!`@@@.(0`2[,8$2[B"/3.!6MRQ8AB&J.PM1:``+ ME7!%])PS`!``EPSU*P,8JMF=$/AAQM`-03$-\!@!?G,/[[?AMH1?VH40-AC`$.M#!IE-` M@"?>VPQ6O/>],>C`A3.!L\,/:' M#79M%PO,0!$/,-8:A@6F*UUIK![(.-CL](`KC64$#]`/$9#`ECC-)&YI7DE/ MCJ(2')`)*^)0@CB@0B4/**,-%7C9VV02IBB!`^A].\`#K((54P01ZB$`9KB0&7&R8`=%X0)^K8QW,RH//@[A2'.+` MC;BH)0<&0T(LU2(;0L!6TV-C_-VU;./L6E@D!^PS@[`PPQIOA(_[QP_E- MC#0F'-[0IG:*P;Z-A,,:H==FG(D/?7"'GUY'($,!#Q"$;O>V^3WE9$6,3 M"($*`GU8@1JP;QAVP+T'D+_`JX$+B*(``0"$H&$"E`F1H1F(MS$"9)`9,>B# M&7H\;G@`(7"\.'@9HB(S`@B$!V`8D(L`#LB"%_,'$O0'4PBLNHB$2I@YP/$C M`MB2"HA!DQHK*M.*K2BR+;D)<5"M'#`!(_N*-:D`$AB(*"G"*#,[#-`3.QH$ M-Y"%$6"80/,J/,&`HK":-R(`#ZB`)UFSM>N.MFNY<^".'9"[N;.%.T.L/'B% M`S@+'(@&_V28@1E`)3$0AQAX!60A#7WX-,SB,U%JPP<@EM-XC6R`K6"1@QSX M`M/0M#O0AQ]H1$;,PQ_XI4=(A$0P#'6@KBV`@#BH@BC0@FMYM2/0@A28!0C@ M`)I*@"/(O1ASFO#(IO+YA_+)@'-HA7,X!U\+@<<0O7,@G]!SG.?K/6OP!E]+ M/F>SANG2B&XPA?`Y!P4(@41JQLKH/?&;1O,X`@Y`@!R(@""@@VT,`BHP,00@ M`D_`E6;PA&;P!R)0@@<(@@%YF"<0ADJ0H(L1`VZ(+V/0D2E0!@P2`((#A`9C M`A.`B#+`%P)(@CMY&0Q`AI$2@YOI@)^@HPJX0*Q8@QP@LPCXN?\DX(8U+(6< M6KD2C+$?N`L5G#FL^B,9=)NW``>DX#JN>YD8M`F9.``D,*J9&`@M>IVJHD!(=QV`8(0"+P^,(3 M\)[M*(4&D#LZL[L$4(,BZ*,<*X,*<`,&D(5&J!T_L@W<*#0]1):I$0>]HPU< MDH-)$P'3D(/DZ4M]^,M&#$Q4.8=)3`3=#+-=`'.>`%O[2!3NC+Y-&' M3GA$3M`(@R>``.=QCEDX@BS@`#(H`QT8!F>(`>:ZS!+4 MA^?"M5W4""9"I_(Q'UD4'VNP18S`/ECT!G4A'W*"-O(Q@$)%S=B,5&WZ1>,, M5?%`SAA0!2-`OX4)A"DX@%D:%M\Q(#DX`R6H`P;``BQX@@9(@TK8U9KQ@F$P MAG\ZU>9,@CV)N`A```3H-(:K@8L<'*_``".@N`T3`S'8"1/PNP>H,A,(Q^C$ M-*;,-``2@5*PRF<+3',]5U/0AR\L01NX-H^P@%(@AQ))2K&`D:/$"B:QB2$$ M.B:#T3_T,;'``9:P&A-XP;CA"J\Z*CL2!R?A"JC#A6IPBX$HSSU12?\S,XFD MW-"EV!)#X;H'8(.YT(@-.%>2;40%X(4#)<'-K(LB^(1YV($BI;LBA01D*0VW MG#S?*9C8PHV][#R?S4/K"(Z^'-,Q)5.C11[`_*506TT6,(#=R@XX_:S*P+"Z@$-!"+EQD3',"CK2"R0AF!^S2CM_FP&/C0JD&C,BF1!WVJ M;,6:)=F:0>"[L^"&MJB:-'(RI""!*'RJF\@)H4@E@^`["&U4S&:S,^C*"'Y(M4]8'%5L@()0Y)@JEU M`%]H`.OY`]3%`A`BJ$+8A!HQ@W'P3Y31J-HM$2,8@9#BL)`2@YD@A[TK!W`8 M!,JBR(K$W!`1%!UPMQS`J8TP!0$68%8PA;#5B%GX`%"(B9F8JKX96)>DBA'` M&HN5JK$8"BPQ,Y4`.JQ(BHXJLC2+4*9Z@7(X"]M`@_EUFZ=Z$F'N"8*M49PP ME!%0A$+*"&]890%NU[K(!!-!3JS,P?(`UO"E5AZ#=BXX&8Q'FW8X.0A MVDXXTTZX@WTNVA(&AG_VRQ/^2SGX2Q&X`XCP`J.!8A8HO3TPM5LX$B^H`?^* M?@+72P$'T`-*X)TYOH/J`H\0.%`_<&7NV`#6W`@)0(S;C+-P,(#`&C9G^P=K MB^EIPXC/Y&)MBNF-L(!P^,S@RPAK>#LT'NJ.&"\$Z``G``0G<`(,`,$I$25C\;+(8++*.(@J3.(FM@8(7&(1R<`D= M,`$/$,I:3M\H^Q)N@)N4N(F9X+)IX%%O1NP`1N+_C\@$3B@`#HB%N:LS+A#+ M.]!+T_@"/]"&YCZ>$N:%Z`;3HT7:#NY+@,YN@+8!$A8!X#CH,X"()%"%(/"! M(2@"RM`MIXT%J-4`+^`&+Y@"(?B``3B"!O@#2N`5W\F!K]V"C)``4S`%/`CP M`1=P`O>>]SM0Q1YJ!4@$=[T+,'Y%HIYPC5@%%Z`$$MAC0%`&]?R?'-B7_YG. M_J#H.ZFI&O`"NZ+/:!`";)S521CK+L"W-+@O$&HPW>"DLXB!"9PJD*ID3,ZY M&HB6/J#6:(B#9CZ`&)B"FP.H("PB%<5"3JKC!GS#8 MK:J`O?D)E;!801,[8<;E_P\K6!R\"H8E"Z![`3BG&P_WL9P0B]=.LY\XT3%) M2I]$T1RM!P<@UV^>A`"8A.9$[T0H/=-;@028 M!0O0`)N*J228%A!H@!,W`53G;\O\!WT@]`.U`1045=$41ES+S66G<*)>!4Z@ MA$`P`C,`FAJ0`59%`@0`F(/)@3^H@H(4V%6O@BJ(@RK!@5\(-+YX5,'WODD6[DZ03J/MI2 M)P2V5T0EJ`'RM@)$X(,NN`7=. ML/(#C)>-JW[\\+(*#)BVKU9Y\?I*UH:-3FC7K@5F0XX<0H3._/E3)0B6``&Z MM`AP(4P@&*J*9+*F@,6>/2L2_\RRH"')G!I!ZJ0!<8A.#25_1'"6T=2J5[-N[?HU[-BR9].N;;LU.DZ43$08%R%&QQR>=*SIZ.P$D3\% MO)B(X=QN@4'2R\DC@B0)!0I+NMPH5.B&)#Z;L`R90LD3`D+#="!98T(<@0J- MHO$3TR?.(!P%6@[!PH!!%$Y@($0,ED20A!!TT$'&)P4H(0(2)YQ@3S%%F5(: MAD%]H4!1%C2P#3<$E"2`0R]Y<.(((1%@`F_B1%!11-R`(]%%(34TP@@FY+"& M12R!(\X#*4($SHP1&-E!BAAAU$$$Q('S@$3@5`"1(B-4\$`-!(#3TI`#0<0- M&Q!00__43AF:R1,KYVR06A%>%/"),.WLH(8:/10SCP@2$O'%6%RRR_VQ1 MP`$RQ'#``1TA81T"!ZS!W@E(N%!%%7JL(4\N2BCA0B]Z>.L,$7HTD=UWA2Q1 MB"25\+'$)$$P04DV"`B'Q'`LBI.??-'@4$89/];001,,;+($`T88D003,GA1 M!1W"%/%)+@7H(0(1$O9BBX6^GFD*ASE94,I[W."`(PD//(#_0P4Q8S!"2@^P M:"2,$<'7D(T8T3S.`7J4TY)"*H^04=$NFL!-BB/A(!!&#[RXD(PN!OD0`14M MU!)%X$#D,AL.@$&FR&;Z\4UJ!7#V1R;S**4&5$5PG`T11&3S1:%?:04HWX%^ ME=6A60$CUQDNG!$#!VE@D:D5B'01`!54^&"%Y)CZ$,0GYV30"C2(K6#++%O0 MP<2J2GA!A@9TG"$"7(3D0(@G^A2S)DZCE1T4*PHDD"SOO?O^._!%'=$'@CC4 M($X,.N1`A"=K7+O\"8340(80-9C@9AEZN%"&$B:LD0,"K@9`0;M+I''##7Q0 M,$02(N20`R4Y\(O$`3C3@@/^@Q`L_XZ+!)C!``4VH0$G#,$(-6""$FJ@"C)< MK``N4,(9"'$"?Q#!'KLCRH5N5YH3V(!V_[!`*-ZSC4&XP0-12LB61%0!EOEK M:RQAB`>NY#*2K%``)/!7#7YT$H=\R441,$&0*I"0A)!$(#B0R$(T$H&9X0!* M%*E(#KG!HAX]8!QB(YL&2V.#8!$E$ZLKW">*,`^X^6(>QA"!)?25@[M]X2O: MZ).A`O5&/Y7%#X0`AAQ$<+@[5*$.58#!)"11@AM@BCR`F1P6L-`$*V3*!RXX MQSE"T(I$),866Q`$&<3E!7']86.W0@(2LD&WZ-G"@[W*XD]8D8'@L;*5KGSE M:H[0@,D\0?\(U4N>)\!WK0B=0`0%L&4-DN`P'`@!$F3@EA(0(`,K8($"7?A. M=]!W@R50S@L(N*;\ZB8'$RBA8"_#`20&YJ")=,`)#%C"PJ)@A"`<<`I)"$(5 M&N2"!\8@!Q/4!@?&AD%4DN8$)?M@`TSP`BA``0#\^"'_J!8BDGA`)5O#WQ'C M(Y*6/&!&%L&``$8PCAAHS6I>4@C_>+-"B"BD!CUZFD1@)(YQI(@$"ZE(0B5B M`@+,;`1MF`8$!(%%?O[D!,TH2A%RP0D1/".,\_!%,8JQ@V#,P1)IU!?=OO#& MK5#U3U;ERJ`(`9<741`MXXA1T)?**5H>.H3&YP#EHY]+&2-=834 M<:`(QZP!<)!`'(-D`SEVX58-Z*#.)S2@`4\X;168$(AU<:<0E8"`)+JS!`J8 MX8#.BL&MK!.#-1S`!&4@`P[(@)\"A*L&@:!"$]"Y!`T44`A3F((7J*"@3[@@ M%]P3@2R1I&)+#A(*3D:&CXPIIR4Z;L\ M\<,/@%J`/^CC#[F`TSR*X0M?,/6:"'CJ_QJ_0`BJLCA07@&&BD70"XUYP0AU M\,$0TK`$*B0A#$$HH"HD%8"WJD\*9_7!%"PA`DZ$X!R33`0T#."-9&3!BWKX M0PRNIP1"U$U"7C[!84UI87^<0!L>C"R:TZQFX35`",+X1!4RHR_-=L03K#A! M#KP*3XI%(0H-\(4&-/"$("AA#D%P)A^Z`!G':W(RT`B`$7$=*8XPL`1*2*C&KRL)!X@0`Q>Q"*:=N"E,G`>-V`R M1)@""4K@8!&+8O]```$,Q(DN:C#-CE8!-#P@ISO]+BNLP:9&&8,3NS`J4DG\ MAZK@A#HT M0`,.:(`!90`#UJ(O#6:'@!0F;H4DR&`*-`/KUAHHQR``<%[_#`R1 M2,H.T=/:*\6)F*`#)!K)C+0&^@[,K`+@;LY'GN:!$:"!`!'@[XRTI.PMX2Q$ M$D&)!R"J8"0V-(8O:YF8WLU35OS``//^@S'.8.]/'%7$\\C%''8QA^W/`08P M8`("[K;B+Z@X+EQEPM6K8+H?T\'(BQM"$-A9A2=@H3N,Y$L7\N^#`R+@/*^S M@3Z8PC-`4H2060P@"+?4`0W2`0T&"`G(@`Q0 M`19T0:*971H4@B\H#A8$0:2Y'=S)@(@(1!Q$_T,TQ`$V8$,9]$+V3($1_,\Y MH5/#8$D@=,`0T&`1%$`#S@HOQ9H&1!Y.3-[R*4`X%$4D:(!$B4%*#`36%$U" M/,V(5$!*10`:S)?+%(U"=0#KQ9"U9)D)'``X-%2*+**5Q(CJ+<1[K%"2T(Q# MN`P.I)#*9!36@(V[4=B8?8$^J(8P*`$G&$.'<<(Y",.(]4`A3,(]^``S7`(, M3,$<3,'WK9'X$8(O_0$"()`JU,$0S&(8\-@0L-4PQM\[W4`)E``?2,$2+&,) MM,`-!$'\8-/[Z(`VI,4/Z,(UA(`IZ`(OD!]Q9%F#Z$-GD1F939#-U0X%VH#. MC6!K)(`IT`/1$84")/]"!IR9*RG`!\Y&`AR=F@V`!@2#+76`"DX+$31#&:8+ MMWQ8`]1!_!G!$(B!$8R#)02"%60''Q2"V7&D+Z1='4!&VW$#<\0`-PAB&V"` M&*QD'_0!)$!"'MC#[9F!.5&`POP'!@1"%_9'%#P!G%4!-P!'=O&$"&A`=TD> MO$E#".BC!50""6!$2IA!S%1`R\R0)0JB&9#;CT@1D@2?EF`BZ+T$!G##U&79 M#T5`0\&$("Z)0KE(I/W+"P"`&:CE0(3$E1``_F`)39T>2[1$F$P83E083]G` M*HFB%T"?/AB#,>R"*OI"#TC"6_T%##25)<0`#%B3<.2+,?Q!Q2E!Q87!)$#_ M3A)XG]OUV#!B`;U@00E\P#+R026D`&PN8Q3\@1*0%AUL1L"IF%2!!2%\`1)\ M@0[<@7,PP1\,51E^V3K^PRE9F#[(&SRV1C%D0`;L2DY8`SV@S6-E@`+4HVQ( M)])!UBQHP%U43P0@0';5S9WQA+8T8`T(0P,(0RX$00.H4P[*@!&,ST8"H=FE MG10880S(@!)(A+,<%QI@A!@X`3(@`R3$`23T00&``Q4`PG\LS"90@!,D6"`8 M@1-@@0;4P66IH#VE8PR<8<@H5C9D6&I$0B6T04/AP@-PE$L\!$DTFT"`Q`@H M4?_03(*AD!V&7@<<`!&(P(MLA`E4R4@HQ!+:7D4P_Y@X````O$"Y451"L)[3 M8(WIDA,%SC6FK!$%:^>!&SD`)N$(*?,`'#,``I(`D?(`HS$#7 M'4()8$$2_($<@!(>:95G7.J.*&8,&$-)`!X"K2N:KS1=(_A&!.?,.UAH-AX`0] M9$`(A,"NXD3026=AMI(LT?]!$)R:#.B`E[$"K,5:QF2,>P9#'Z6!!IQ:#$S! MNE#`1DJ!V0TA2%9!9;I=24X!";R$&7@`,B!H'T0#&1B3B&!`X"G,)C#`")"` M3@*>!F#!$[2*U)BGGGB""6C`%I0H/VG#O+KA#`@`+@A`&YC`*[P(ESP$"0BB MS!S-1BR$D:1E$PW1$,&,!SP`>[S">QPB6B(-U>`EE-P,_V1>>0T)DF[-2\2, M(++>@\5,7S[`!W"I)RK6#W"1:DP"#$"?"#`!$^R"*J@B*J`"W-(M$SB5)3!! MCQ&G8BK!4+[M:0["F[_9* MI_.5+TZ$0^MZ@P4XKW;&:B2!KZ]*IS58P\T&SQ8T0*M46SWI"1'\9Q`(PPYTJ!#H('(M0/[I)\."9#+)0&?^)S=0`4;,GA@@0Q^(01Q4`/4\ M`!6,P'\HC!::`0$<5W\P0`/00:L(000\8#,,0QF0**UE_Q$HNJT;?@`H9$1, M72T>K@1(F-`4480)M`$NQ!`.#,*67&5#$(`..(._%`<)C,!*/)&,N`R1LDCF M`<"7*!35U(A=0L0([&Q(+"W:JBWV*A;)M48=Q"WT>4$N_`%C^D+>2D$8[`+= M&@/WA0%DT*T2;$H8H%48,%(8S*(7J$(00-HD/(X5F`$6\$'G*JJB'@($C,(1 MI(`HB((KN$()S`"EJH(J5`$><`(>:$X&9`(7#$`IY)$A>\&_$4(HT=RH^H,< MS,[-\=0)F$("IX8!@*_S'6L(&H#T^FKR2FD,(2(`!%(8!M&$B6(,](/^P_OX#]>JJJ^*CK!9%*[PJ/:]2]FIGR82` M-WB#=0:P\O: MTOY(@1%)!#C/&I0#`$S)2WV>1=!4B@R$BV``'EO)2J0M47S#\A$"$Z<&'<#` M+M1%Q1S_9C!(0MX6@@\P\BX8P]_.08]%`-U.P04$P05D2ACX`!TD@1>@=A!8 MP1!<0@"T0!=DQPVX0N::\J%"@**F``@<-Z&60!?LGQ>X`!ZTJ[Q:`Q>`01YL MBQ@ZRNKT9K^FHPT4P\Q.H&*QPA:YAG9BI_4:@#ITPS=`JRV<`Q<=[ZWN\S=( M`-&!L\[1@V&TH:S6MW76]S>TX;.^]S9WJ_.%@_"BC3>L-YEX9[(>;\_U:JQ: M@Y3]PS<$<$.7#`*/;^MB[SG,:L_!*H7OL[HJ@`1`ZRO)4JL$0O+43>PV`V&= MP!WDPL30P1,HB##4`68\2R``0G9T`:DE&A_,"P74@1=4)C<\_Y=SG&0'_+08 M1$%+Q@&#.ET'F(&$XO#(EFP@D(!$AM430$JU-=X)#,<:1$`#H.$_/$(V-,,7 ML$*:KWF;L[D-3-!/^,$[?K4&%-$E*E2,7*U+N%26\8^">8`LN(&3.JF2R`?R M^$NAR]<('!&P1426O(P).$,.I(-4.A%BJ\Q(D$#+I%0%X`(NX(BZ38-DYX0$ M9`.;JWFJN[FJFZI/F()SL@9\'N8?D,$3%#*:YJTD^,#WT:U3R<`%\+IF3T$8 MR"+CPJDJ0$J0G4)>^(`4%.HRIL``A.ZBC@*L)*JB8FX)Q)9;K5U=Y#(DX:-V M5A8'6,S%?$(FN``GZ(,^`(,H2?!G4/^GJV=1[^8J:W3#,YPO]FJG`=!W/>(J MR-Q"`./WJQK`+72#!?R#!+AK07L#/=A"`O!CPFO.[C#K=J[K=A;P*CG9[M@" M_GI#-W"GKEH#=H:@`MQ""%0O3E!\M$HX__:J`9P#AW@\VMQ"(IP#V@B=R/]# M]/Y<.$A`SYDXO\-5IG5+*YQ(DHB8I\SSC(!"`J%%K;GA.E$$:! M>D;9U`>8>6QD@)SWA#Z@:&O0@1=LMB&7MDDC,@B@@A3D@_9Q'PRD%17DPA3, M[AQDPJ,@J("-RM;^R$<0G%+PA*,OFRD#_Q2`'!DNA+66&PRT-"#R7P@%$KZ9 M"G'10,=OW3+L_-=*`4-;&;R-Q*B`:3<#&3(8@$DOX[FJ_PR88AI._Z4W`S^3 MVCJ'-<.Y$"*+>OOF\5]/:RM1>I.*IY53O7OY:CS2(`D!&3J(>$*2`PF1$XL) MN2A3Q4F4)W4:[-A1!0$")K"J+:#@F<(F"J.M!,HLHT:-"#%B3.G0`0.&$6+$ M]'D2)PZD)V2J5#'3A,$F/J*=3*L1"):1R$.2O.:V1O%B'0@.Q.``IN]>;1%/ MF$K*UT(E4!YP$`#'#3T!].(BB%M/H()L`17$B0/W@)8X'```N'&#S`W^`-#C M@`,BP,"#"G`(Y($11H@-0@SBD\^##K@Q@9O8<'@@/6X(^!`'#QX@H(,/1ZRO M@A$$P$4``13Y0)#L]#HAHA]^V"`[%T384?\$8WQ$8!$"*\+898A)3CEE"3Y*<,45+&9(88`!4B"SA`]$(3*%0PY) M`81#^+!B$@JPN(!**WRHPH40,D@D$:K:&66'/_[(Y0]C.'E&H&<0,??0A MY(P$;L%('XHTI*NC4CJF)UM2F88ODH$6E,F*R1AIK;@VG%645H$O&>/DZ`A(3(CC`$R(.R\&3Q?PY M09\"O*AAB"B"$*+_#@WF\2('SH M,3HC&A_R`X\,9.0D&R*(R(:0'HWY0Y@ACT!EDDO""`.&&JAT,DI+@@C`"D1\ M\"(-/J3PTI4S75GB`S)3&&44$#XXA$@B#Y&DA!NZZ&()Y:VXX()[[K'B_Q,\ MSCDG$6L248"+633P\0\1$^`^D^>,+IO_PWU[",YX2F4AJ5/O0U^*C M-0%<"!S@J`$WV"-*4M8G`B:(`3D\\*`'@`.5XM#:@SHPHO20*#X5&%%\!L8TMNE.,%4%@#.'1)#@C$2(B2.X$?5)B='YR`%8MIF(_F$#HB ME4`*JKC$)>90S@N)`(*WAAC7A9H!L6&,DM8HJ1#71C(SC-2#=TFE.9HJ2G M#0SJ3GL*TY\RA*9'Q4C_J+)5U)IJA*=*!>I(>.H4G@ZUJD)MY%8WD`D1$`:) MB%',OQ"@A!@AS!`PK4UPA$(#.JU`'/%D,$9R`@!FC+ MQ`XAA[03_,"E3`L%">(FS&"6Z#SH\1L!`@<;%8U@-:A,)8;6TQYQF,`$*6); M)H';`19A0#VD1`\W_":;N'E`0KU\@.#BXR`$82!PKSPF`*``!6&"@QR.:^02 M0X#`>/T@FR?(1F8R8PP?H`(51RA2/F`0ABG`X!+W"``BL)"+.?A`$]&[@!<@ M_V!/,!TB=[N[00I<\8$/'.$*:S(3G"01`"FTH`L6;F<8`H!."^>B3]B#ADRX M,`HN",,+""`$`C0Z/B283P3Z`,9![C#2()Z#.]:PQU9YW&,?/Z4H/Q;RD(5X MA#R(K[-(4"*-D*"$"XDM"0]8JQ#*,!TE)"$0@2`!+&!!!2-0H08R6`-G=="Q MOTZ!!,%T;FULH]@BF+5C*G,"("1;`4)20@>J/"(1Y*`#)/1K,4A`)&M,4(2B M"1$8_W+52QL0`1(@R&X24A#=ION:#>%`/B,@9-#0%C3FJD>5JGR``#``6U*F M,@:C'D$%I,:>^MRG`UICD8,4]!H(M0BZ3@O%(8)_1\<`]$=$%VJ."#8MPL"%#J"#S>K_@!P=&($B6+UINQ'NE"H?A]PYY)[Z5(U$LH[; MU.VFHA5AP%XM(J9T:0O=$8VC$N@8+RM$*"-]+#L'QF`"E';ABR&!H`70VR\/ M$(&(`-PC#'.PA";VVP(KY&()(#@3@QE\`R-@`00E<-.Z2U""(M7A$JJH]D(# MG(M=S(%*[-0WO\_1*V@8@`O]R,(AYA&^A/OH#.8C1$&`81"1OL]H$O='-K3Q M_'_[QEY<6R'``!"0Y.OX@P@'"IH>PF<#_].`5#J,`A*$.L``!$;!E`,$, M:B`'_L43@&8-J$/+7L,(Q&"PQ*`"XL`(=L,$J","'B`^&L%NZ,/^UH`U8D!\ M-(<%_[=N.JJ#-<1.B+X@&SI!5YBF`<3&/98+!VBIMN)C0]ZF`QZ-;<9L#1Z@ ME5HI;CH``4P`NCXDN7Q+;%IDU7!@N4B);BI@14A-/UK$"UE$$0@@M#P`%U9- MF(@)TP0`%D8D'1P`.X2(%?0!7N)%V7JFV8YHO4('OFZ`G5K/#P-`$V)O#F)G M`5H`"V!@$KZ$P8Q/%`IA$M+`^(2/3`[A!J3`2<+`!\Y)$S0A$RW*&&!`>KI` M"AXJ`WK%'K"O'WK@$';`&,:G3`$T0@&&A."K!`"O]\(0V6@`*:P&*0 MX%^\;CHB@`#2S,OZ(`HPD)APHPP08`TP!&OB@`0;@0"4P*S@:JUJ0`G6@#!8 M@0CL1U^F@S6J@P-.0HCT(2^,Q@(:@!QV,+8(X+8:#T(J0&MT"6N`D!M2I$+2 M3"(]0!S*@1\49&/*P:]^*P*H,#9\*3U$T`LA;PU(`+IBS95J`)8(@(L>!$&$ M245*[0&$C=@@)P02(8@^K[/&AP@H07-V81*D0!):@/4"8`'VJ_4"P$F"I)VD MQPNP@`\D`4PJX08D80:PH`M*`'F&)`4D`0O"(`G"H$FL#1$VT0?^0#/L[<*Z MH'I"H/H2X?H.$'?I$Q&],Q@V@+ MR(#%.LL812`U`-`%"B``7T&C_B`(K,`:I2`-1C,-NF`!S&`*B.`;#VD8R.@! M/J8"GJ`/D($VA,D(XD`)$$D)RH"Z<(/5!D8)EE$(YJ@*RF`-AJ$9HH,(#BEH M"H0)9#`HSP%R+"`4QL$\_":4X&-%9DT)!:`:ALMOJ$LV*J0\I@L(!\$-V`8' M:$$DUP.X9HF7DLM$,(`*/2`"UB`"Q@&XF&EP-N2W4D0,2-`F1Z`,=8D-(.`- M(:^!"J!D#C!10T>1W_XD M$?*`>_82`AK@#R@A)@$!#G!=KS0R*@ M`LHP-D"2;@3'D\Q@LEX!0X#K`7ZUF+B!%AHA0'"`EU*$U#J`#?_$*X@2P.SB M12@?U!*,0?F"(3,F84,#H`5,(1M$(!.*(!,R``\X`0\L)8A"X+3FT$M7EF5YD8B,$@`#*0!SZ*A`FE0Z$8;&J@`E$H%\>0M"HXZRH M`U3=3U0IS3PG3S;00!P[``W.XR7+LP;_KH:8C`D]`N<%:)6[NNL%!H%$2``^ MN'/R!`=:"31N!``-@.O4W@:,).0!!J$1S"97E4L+1P`-'N"9>+$3_F4QLL%; M+6P2\L$2$2D*1)#JH%`D`50$PKJ"(1(($+LL`!TN!B(?3@5,Q)SR$3 M\J`(\H`#PD&J9$0:6`$8?,R$/((>5-9HCB5;L^."?LP`1L4Q6V*K`)C'B"A? M?":;'N($].`)GD!0KY8,R"`.W$H'E,`'Y)1?15,*I&`2AL`+*`&TN,&LFI!$ M@ND"Q2`:)`TW_U1C'%ZC`CHP&J)A<,K@L@(A"9)`".B`#'`X%V)`!_SE!)!` M!(*&-1#)T.1/5$,$NB`-04B-`'0PE;C!06H).\V#`#3W0Z*&`'P-`"J`/Y+) M;'(I-CRIM5ZKD[Q0`#H`['XK!L:!/K=FU<(3!P9A$.J#/:#8::8!`AY'_K;5 M9XP!>J!'%60O=L\5PQ"A!9;RD-/`!:3@3&X@]@96>C:17$O@]2:A$!`!]E2! M"I!$$\[50WF`!^XA'WZ4>0G9>O_@&4*@%8C4`([!>RUV%W+@ZC1*X5IL?&+L M',(!_>3%5'PL`:I"'2S`3V;*%JX4J4HB`_Q71FXA)GPL);9TJV[!%O_RMR]: M0IGEI2AV&3)[(3IFUA\(X1,6N`Z,0&7(H`!P(`[T(`:JX$2%=DZE8`E\H1I] M(`8HH:]28S5"4",OL&JC80.-P%&Y@8V,8`@*2P,8P`G8)C]3(ZWH@`ZJP*QX M!G7M;@(+9#J*./X2D@3,>`N=9D3.(Y3$H4$>Y-)F*UG?.#N#U=<\(`[Z@U;# MV$&XX0`>`!?*,(DA+57+L(D[M4"":^K8QE5?PSS8XP!820#:`$%-=XE.P!,^ M<0Y4`9-E[P(TU)0#($9YH!"DP`LTP-U:5UXU@1DN@1E*>1+T2Q0GP0>"H$EH M+RH]%!$N8`YP]!1F=T,O0!5<@&3/X1&T8F+_N<`!(&`'$,N"SY:4E M.&ZK5@$/>F9F3T`)*I4.GJ`W'KAKQ5`)@@`+**`+WAF#L6`2A"`S(J`&DD`U MW+$Y,,"$C8!J26#25KBN["H*L$`#-H$!2FT&"FC.6`-%I)$IJX"6#4\'\")M#!!I'A#DE77LO/20L2ZHJ$[M^8Y M\@P'W(`*X<;Q0*$1=@UM@(O!Q1%!:@D*@TF7PC8"R%`1DEK^;.`A6($0#@4& M`H$9I$<5+"$?I,"0_Y$'$,,2H>YA=^_A1O/!&.;@`J`W'W"TVYCW]1KJ'GQ@ MOZQ-H3@1=:+O7$'Y`G8A#%P`#^SR$1ZA*-KA@!Y(T%T2`29FT*`_;9T[@ M"XKY%V$"+I;BF@=(FS6"'C)`LHT&LSF[D4*HM'GL%A)@J++C*K9J*M1Z1@>!:PQ'H)8"YSR$ZP%,``G;``W8H`H`[$8M@<2A!P;RH4JHT!\NC@Q`XZ!>1Y3ML089X M0E=<"".^H7^?XB=N@H8DVP#@12KLXBGH`;4EX.93A2_<0E<48"A@7N/F\"U0 M`NC580[=(B/"(>D;Z";B`BL2('\P(H2F7D8D8-&VJAL<8HD>@@A$(+$XH,]Q M^!."H`^,(`+^0!4FH0DH0'GH-!N7(`"&@`F:3E+_53V-N($W`QW3=VT0+HL$ MJ.`WN+$)EH`!&&`$C"`09D:NDF"[JP`?QXRU?]CN-LOK,L'B,CH4*%H?3>"Z M(M)58V-P8$/28H,`Q.%42:W68F-%A,D-9('VW>",VE%LF!T*4$EL2A`'U$X]6$L`K/"U#E2/XR\$.J$7#,"<9T;@I0=C8>#"SA5Y,&QV M)6$2F``415GV?C0,:OQTC@0&E)?'>>!=213'\61U#/:3X=42F`#$K*<7T@(I M`,*!0`B"4#GX)((2I6Q$&A(Y`?'$%UL;_EF\B#&CQHT<-V:PEL#BMW,*0H0P M$,YBA@P6PUDSF8%>N'`A_YZ%L&8@08AOW?[IM/;OEH(,)D%:5."MHK=S(3.8]^-*G@ED4)1$,H@)I!@0&F&1*4/)GRGS6>0<]^M9B`K#6Q/LL& M)7HN@X&.&26$H,8UF,>!3H,H483(J.$#"X4N70HM M65*HRQ(L02PAB%"E2ID_,4PH<0T.A^Q!M,&)DS&%BC(S3;`P^$T!T(@.W")$ MF)(D"!TR5;S$$.'I\`DBS7+H0-(028X,7`1[_VZA$@$3"-8PR4.;3%C"1"XNX'%.7N?T MHH!`#D@BB"!9<."%,0A00@1###UT@A\25&1CI1V%=9$U&2PUE"TJ`?7/242% MI4`X]&0@@3BFI;/WSD5\*O/6-`5.5 MQ-(_YQA@P$DG^<64I\"&T--*$GPCDT_2O(2L!/\48U?_*YJ2E)9@"LQE*4:$ M&<8N$3%4\40#CS6P@[Q1Q#%%!*H,@8444BSQ;QHWA(9%(`C$4$-J99AP0&LQ MR%.&/63@,$@9Y>AA@@PD[&:&$TTP0$%P]]40`6[<)$>&$%[H<4`.D$;4#!+8 M0>1)#KVHD6[.%FA``@X+.NB@A@1PTX$``HQ0`0XDJ$A"!2@^4`,XQ740("Y& M'XT!#O1U()O4#VA8`S<$E`.A'J]8>*'6#\RWMGX.1K"@"1%4X/2%=-.RC3CJ M/<#-VC/VDW/.&?P@C33:U(Q;($-,HHHEV5@21@"2\]"%Y/[ZH.@<^80!0Y9A M?,[Y%$SL,D48]UPPYST!^'#)_SWW=,X$#!><R6`:3AB*=!31S2A=$LW%OQS*OP!,"._#%#G:@`0T\@1LQX$80K!``+/3+7S<8&`6&((,#**$*0JB"$EJSH%>8 MP&(%L(P@49SM-$SFM'&9H@@`DR(W94(00E"S$$5KD/=/5@WASE0`@%4 M)UI$&`,%_SN3WC) M0SM"$2\(].`0/7``!\Z0@X4P"E+^F%XM+166;UC$`-8`S/B,DB-OY>4B>MD+ M004*+`EX"U@RN=ZP)'J1#5JD&WI1`$0W4@RO9"0L$_5H-YK_15"#JN062.;F=K$+_R^`"0:YD-T%W,2F`"Q`$Z:*\GU.``,D@"5:TPB7ZEH1"% MN,%HIK!6+Q@11$I<4!DLUL=7O"(&PT``-V!!A8Z!;`F;H(`3G$"%<7QQ"E,( MQ!A5]AP=>/^""(:IF0ZDV6N=F$`Y,)"H!"QQ$Z`7TV9"&&M3(^,P60S#" M@6<=)!OYP-8$HJ4L"6#;']U^+;)[9*T)1'"`HL66:U];&V;O$P,98(ANQ(F0 M/,11'[J1@`00T$*I`Z.+$S0C!/8H@`M*QH0+^``&.3"&E;![W6].%YV6F*Z6 M8+>+9^8"3/F0T^S(B0C6=>Z;LKL'?0]^`2S5FPGZ/0,>>N&GX7&@!DD01AKD M"8$B&&/!^7191"1%O6]SI!L2QK$"I'$2AS[#H%A01ND^E0I4&8HIJ`L8(@P/S$(:]C,"- M`S`A"&^6(%`HY@UID1=L MER[=$&81@00U8&9/0`=5\`D-H`%/E2]50`6GT!N?,64`9, M,%81D#?BT'AE\$0,;3`"":(V6@.,&])(IC5)J+0>)``U]-$A7%,! M`3(>$3)P<_`'7K`+9L0$S#!.:A(G M9\(,N]-=EZ`)`5"!]15O_,@$`'@&9\`)??*!I0`)HC,%JK`##L`%#:!@'-<0 MA_%@ZH@1Y],2$^0_%B%C7F8!5M:&Y_!1,QD.7G81X4"3_Q`.0343:7%S'Y41 M&.1E"8!EX4`]M]"3"4`I3.EE2MD2074+/%F4,^83Y3*3^6,!+]D__]/_E?D3 M%T960H41$3I0!480!T(@!-P@!#&D`49@'(1H!;WQ+U*059X1!5-0)$K`#4<4 M`67`>(-`,;1Q,2"R!DS0`6VP&X``'$O``$V@")H'1DE`!4F0&D?4(SEP`H:1 M`W+0,*3W1K6H`]RADKI8":!P'\VF-C4`7$33?9/D`=RG6Q7P`.(`#LH(2OSA M?1'PC01`,MS02!>"C,/&6=T8(+/)C7S$G-S@63#B25HSCMW(B]&Y(<)UFBIQ M!Z;0"_;0"WKP!Z/C!7+0$#GP/)JC.X1`D?4&@'>R"[E0!25I"?E@<#QP"J:3 M)IHP!T3P3?E`@0?7`CR0<-]4D2NH7S_`"4TA_SP@"`D)@4Y5T$(.P"/[=)+2 M\X+9N16MD"SITBPG`140-BQ8B:$CJA(V54LF5%0Q\`!)`#7<4`-&$`K((`;@ MH M1!RM-IU3%%M)PP8?X&W9V0MW<`?DI@=G$`,'8`PB\!!$H(+W.%W?Q)"DHRC& M,#JJD`N*4B0%5R<74/\EFG`/]Y6`MAJ1])4[\J8H"[8+?["=P/,G]L"1QK!= ME"`"+O`)18`0YMDHT]&9*8FA"114E1(K7ZB3_X0M(DJB&(J#VUJ'9ND/2'`R MQ1$#"!,-?6`$.'``GL!6A8BC5H`%G\&C38!G""`W,1`!82,#Y(`#I`0`%,-' MKR!%DF=%P!&E3M!%DW:E1H"991"J"$!ZG1:+NZ-Z"Y8=2!!'V1D),]`&7],A M'8*,WIB;XK""HM5KO.@!C0``CW5[(U`-`N`!?&.H:P,.MF4"'H`,\$%KRX@# M&`!(]'&<)5(B#K(VAK1(F+1:BG0A*+)MEHJA!:`/=]"=TG`'SY%/$9$#(L#_ MCP"(J@OW!SUB#-!4!2*@GLE470:'")IP3:>#)9JC.N,$H`&0#_S(GB+0;ARH M#^NTH!Q`!H.W@@N&`&@!`4@!(V``TJP:0=0:54$"("P`"$3'$9@#$AP,`=P&L`92T:*`W$0L(-` M(G(3")[H!(X)I73%1243`8'P`%2``7SU!VM`L=A15&^T.RZC'6QT`MG@"7B` MB[EX:JE5?$U#G-Q`IZ*EO*AG:"/`#VX``.=[OFXP22,@#FM`-,!%'[00`>7Q M`HW`#Z;5'NUA!L`V')=$2$&S(J34,X34(-Q(-*E$_P)H(+79>0YW\`-XX)WR M(`+7D0W36YXJR*JP"H"$*P*[4`4(2`31-4VU.DYN8ET$1Y]S>W`\8+?X!8"* MPI[&X,`FP13G8`_T0`85&:HBP,/Z<`8\C+85;*:$P`D)(*Z4B\1)K,1SM"[E MN@;+I;PB\`=E0!MEL`8G@`3&$&V)U@0+4`U>#`C*4`,I2+$ZL(G0]P"TU0B- M8+OE@(DQ,`Z)-@(?H[IT-0)M0*5*4&DP0@4/<$3*ZZ73X0QEO&D+AAT-P0K2 M<+TPN#.Q$:>+-$K<()JH9QX','HFT(S1X`;F"P";'"`X<,E3)!M?LS`+8GLO MT$A6-4,(A[Q@ZEF/(O`\.?`'K^HRV[4+/J`*T]1O"\`,"M>09@*1=%LGJI!, M93N04ARL9Z`/^O`#)E$3(0"">>`"!5``YY`)]5P`]9P)+O`#'B`&&,#&.""82C"\&&`&(^`$<`6\^!$!T<8-5RH?-0`B/2('2.!& MHD6QY6F>:T0$>$!TZKA8D>4@9?!93O,A,@.^X6L"X"#+.&`@ZHLT!&#)J$=9 MP,G_6KC)6N70>.4@2/E!#@>@:6O0(I0D'[2&2G2#`0&RRABRC4PK-N&'CH*` MH><@!U5+S/(@!PLF!PB0S`^1#>II"1R'``V!?W^``-G`70L6._E@37-B)0#X MGCZ`V9F-V9/@`P;HV?(#'H&JO`=@ MUME@&,ZK`X1`!#5SR*+5#$3ML95`"PY2`P6L1TF+`S$0_S/.,`QO-#<7`JDU M@$KS:\9Q\ZD_XS?3V4=P8P+.X`S(U2"(:C7W\4D!RQ]60S>OS#5QRD=`$P'C MT&UY+0(V<`?2@`=WL-..C00,P0JF9ZH`*-CJ^9X'F`O!$`P'^`?A!0-A4%YB MH@I5`)^N:H!>X`7PZ8=50`:M[=I77@0*D,_HK`NF\`R/T`J)(!;VH`=WP`G2 MP`G!;`/ZL`::^L/(?0=W/J*D\`,G$`-LB8EF%0-G@'J:1@DU M0-U5-`0=(`1)4`/CD"^B.AT-L8F_]5IB(`85(`2V-M/I444CP`"^05/EP/F\5?3H;)GI./9@?]Z.6"]V1D>:##7VLM9N<8-KV![V^`,.@`. MM[PB]($BD@QY<9/5FL4W;],@X[@-RZT#L>0@U@?76`-;J3P<)B))MXQ:!2PV MY$`.+9Z=(6`#O!#C6`NMV2`SZDX(10Y>X#6V(G`&'BSD]9X+^J5?X>4%?Z`$ M4&Z`+@#P`9\+-5``6FIN\BS/YP#P>*`'G(#.ZNSE,*$`D%!N(>!P1)%SW?D) M9%!N9^`"]L`)^L"X>$[R):]^\?`#GN":28`#0D`&!?!G.(#3KIL,)E&`"<.HT).T!M%L#"W,`:0Q;+]T$'K,>?*,#)^`)L6@>HI4# MPS#HD$+_!+^.`'+@"3;>$,.0KG"TR.HW>[B'`"0C`Z,0M!,M1`$7Z(3KP!U40!#Y`KU@09Y#9 M!)>Y*.5QCTKP6:_E`?QP(03?1^0`(T9P[0#AQ(D'#!VX':,B!@B1B=4 M^"=3GDR9,A0X=T9?IQ^FGOT.D2>/'CE?LK%*K!B)8B)(/+$BTHR(#5L;`%_' MGEW[=N[=O7\''[[EE@(Q:M10XH4,F?\"=(Q@>'!`A)VV(,.$&KQPH8P" M M95)J+0_DJLE,(0U:$@=PGK0)!S8?D&K$-5Z@&8<%1_"8!`*TPDI$$U+^42F9 M=EYS+:-Q]IA-^!X@(<&19P(G`G+:`2-CE0+]Q0]@;)###Q,57;14!"C)@6QC M"&DN46/FZ`Q3&-BVQ#310B/$$F/^<&$7$9H3C;+EB%C4.46_D&,W_UE-H54X M?5@Y(5$_OB!$&SGDD$H.5.70PX4"N#C6:L\_!SUT9X_@X`\E7,!;U&P[2$(K M):I090@*L!AB$BS\&R((+PID0H889)`A@AHJ4#`:#QJ!<)`R&%IC&W#`^9&6 M!\H1)X(8#C@@!B4**.`,)U\*2)**+2@@]4CE(]*#T`0QU(7T.PA"'CW>]F(^C`."+`I!^A22;Y MB\!3R,$T-LV))G+RP-#$08(WN44N$7"`_$*'-4%IC6MR\`3@&I4#2SPF&X1P M30P3DP,1<(H);/.,9TK30]:$IH><"M5J1/]PASM8CA"3>XSE+*<#0N@#5KQ! MW`]J)0\;^,$/O(`5$YGX`S$R40]GT$,QK",Z-K;1C6]DR2V*X#U.X$%4ZC&" M$"(`DEP(@0I6:((5;#=(.N3"&#JP1`28<(`(""\M8O"`\1KQ(WN4P2%3$4<9 MBK*RJ&0$)'@K@`ON4(`J@(]&"E-1^QJ2$!@U3@I`'`;T@%O( M@0.VS*0F0-)33N*BE0H1`$I0(EX%#N"A-;R"A#C+GYG2LA8,$&`0(,/F`XYB M3#U$0!Q:B<$$?\2-")B`A+F<"5)V`D$Z/<`!LP1=H%CQBQ9N;7*6653=2"4' M$>`3"3ADPA_^0*G_74RA4G]034)74[C2/(809^"$J#BAC\GI8PTBH*@^EJ@/ MC1;F!UCLC3WR<`X\_$`7)OT!'N[`"4Z4\0ZJD<,=J@-'FM;4IL[:0A[.X(*= MXHT.3WB"$!#"!-A9@5RU<\+M)D$')8PMG+\3GLDBV8CC10@'>GC(4S()#N5% M10>4&$8,F!`![G'B#)FH01DBL$P2561%)VB&#D[TJV`U;@W+9"0'5/@Y"^3A M5[83;CAM`5YS(!W.<`KNH(ACW'K+%&2$\Z<9).6D>`M MV^0&.;KBI*S\K)ROT$DN=7:4#@@`%^AT)SP_9PKDT).>@P$&12U#-H="_R8Q M_^2G0!%Z!F/$8(BNZ2%QD5N:THB&I5;D!1AA]0.(HE%4+M#'UCK!&UWHXAFW MF2BL8.6]A:[J(G(@D1QF>E/VMM>]S\I$#/#PAS/^`1)/@$0-=(``)23!!_[Q M@0_*U9\A5,$8E$!`\'Y7$Q(0CZH8H!<.*CF^_0ZK#!?6@SQ(A6#M>8%[WBM` M>M:ZAHBYM2+-01$24.D)$7W(!+(,75\5$@-P$(4;@K638TMFE&!F5D%FF%)E MQ;&5"+BLLMKX&VQHA&#W\XL"-[P5UJ$.= M4]5<.@9EH`,=RJ.#&'@A#.4:@H"Q,+LAJ(()`F)DNQA,/`A'N``/N)=43*"' M"Y>#>J\8T0&84(-AU?GE8`Y/B0I,E M.;!_%702-TA`$+S@<@05&,==8R`.REK6FT@!F9T\X"29ZYG86Q@0T6!+1O`Z(1A+G/G4HF- MSI-B@AA!>_$+P'!!+H(Q"2G0002$N")WGV$//`1K M(SP\PS(30@@=^"HB1/"TJ*4^=9NN(A.NND,,7""$*IB`$I1@PA1>G;MRW6X( M23@P$8:!/0$%#T$_0@,:<#"(@A]\[7K(I)$&,8AM(/OK!Y!!>ES@FA"/=9G# MH(2*_+%XQC=^\43(P3`DCX`#%*$',>8`&]SR`,,:TP0^YE;+R!E5CRDI97)J MPS@:QHT%54!/Y.R*,!^P$PP"H@TEFAY9UX^!1CDP@MW\&)T M__V0-7JRXHE_X'D0?OYHP^DB!)G`@Z(X4JH[L!+R'5$.12&$]:*Z`C3`S[F% M=CB'V2B"(FB`=F@`]B@`!TR#"M2`-("`#Z@$#8C`["'$BR%/D!!#4!!;&`/>R"#)^"`!N"`3"B"4N``';S!`L`# M4_B!WI`5:9"&(^R-7N`>[B&#'T2'&-,`-FB:<2"'<2"`+V$#4!``14`#FJ@) M"A!$>KK8MK(<(HC'[J MN,&@I^C2+=[B"&.P!,VP!`28@PL(@``+`QA0!2OP`>P*1=M:OS/+AA.0`SJ0 M@F"(C)#;KB/\+A?X*D9QD4;)!@2(F+1)$3E0HP.$QFA<%@NP@`W8@".XA2.P M@%F8A2W8@"TX@B,8@%D(QUD8@',,QR-8A2U@QR-HQW3DQGCL1G9\1VR4QRV8 M1W!,QR.X1G<,1WK<@F18A6X@R&X8R`THR&3HAF\$R'#\-,^)!%&0P3Z@R(I\ M`FQ@@!G8!`U@@%#H@RCH@R>HR"A@@)#L`V0`R4W8!`:P!Q%$AI4,26P028J, M@IID@$W0R%!@`)MD`([4`&3_X$B0E$%LP`=L0$&1A(0"<,*6)`-DT$B4C()0 M<$J-Y`!T6`71N41,G*=L^`+;PJW"0*\<`#E>H"=.1!LBH(1$\1;P8X8YR(P` M:(%)\($D<+4@^`13Z`2R_`6]O$5!N2$O*"3'"+E'ZP1=,(5>*(-;*Q4D$`$] M:`V0T`,3\,3&T<5GE,;+Q,SOB(3-Y$P[X,S/C(0K",U(\,S2M(!(.$W0W,P! MV$S1?(=W^,S4Y,S7C`38E$W5!,W3I,;=Y,W>I$;4!$[2%)UW.((L,$XPR((> MR`(N6,XL$`51,,[H!`/F7$XPZ(?IS`+D-$XM6,YC8$Y!,,X$,$[EU$XP`(/G MA,[C_S3/Z)1.XWR#]X1/Y.2"^70`+E`#YH3.]33.Y[S.6[``K-3*XZ`G-/N" MP;BYK>&HW;@^7@@Y%-D(!,N,5;R`MX&!>T"$>PB#76""Y[*!Z`*&OO3*`G4? M+S`&)"!,D+.!'^"$7E`")DA%[W,!/7"-EVHT5,FV$+"%8LC,'>71'O71'P72 M2SP.K7R^KBQ08$!0*_(#;=`%&]`&7D`5CCA%573 M/OV<3JB(`/V%BS/2(RT,?;@^;5!4&X@(2N`42X"!*V4&3?^P4$3P@7S8!U-6/(@2_H4"1E MOTYHOUP95.20E#U#@L$`H^VBE7-PS-"0"-B`"!23F&Q[!B[045Z%UWB5UWD5 M-1M(I;=Z*V`]`6!UOMOR@UQ\J\9!,&.0`6;P@4NX`$I]5BN8`H08UIF+KNW" MUFW52O=Q@1(%Q9N3V";Z.CD%G/(!G'2ES'.0`(RAUY-%V915V661`%*H!7,P MAY>-V7"H!9JU69DUAW"(AW#(V7W_"(>?_=EX6`5V6(5_+%H02,=56(5PZ(9X MZ`92Z`9S($A2((68K867[0:@-<@M6(6=C5JF+Q90=T8`>F!=JT]5F@ M]<]N6-FWA=NXE=N5H`=O^`9UP%MO4`=OB`5O\-N_]=M8B`4)(%S"M=N_+04) M<``'@`!4D(3'1054`($20`4(<(!V*-S,S5%;,(2^70'"[=O![8$>4`/,!5U; ML`4)0-W+W8$=:`=OD(!V>%UOF-W8I5T)^`9C88>YY=W>]=W?!=[@%=[A)=[B M-=[C1=[D5=[E9=[F==[GA=[HE=[II=[JM=[KQ=[LU=[MY=[N]=[O!=_PS9AO M,`#Q-5\V_^J&!&`^JTG?;OC/>4W?<.B<95E([;``]_53@E2`;_@&.**'\@V' M;W#;\ZU>V+55T#'<`997`SY@EFW@Z^@&`Y`?>NC?/#4`OUT)_EV);A!@E?@& M;V`)#/X'#58)!#+9&DZC&-;J%;IC?GUW??T@`_$V)<-BK M`*:'^D6)6U#?E1CBE$@`^85&"Z!@DUC(A_P''EYAE(C?'4Z`-0H'`U``IM68 M(C8)(59@'+8&^=E?@OS1!+A@EE"`_S6`\OV'"RZ&#*"'*";(;U``;U#@"*:' M6U"`"U9B!5"`SM'@-49A"?AB%G9>W'U@#J[@-]XKOY4`+$8)N_\U`!*V6\(] MB4DN9)/8`+\U``FPCBL.AT>NX).@!W7(9*D+!SOV"_[U9)-0`-SMY"_&71#^ M!P4(@;\=X0K>9%IFX@_>7R:V8P.@AUC8XQ\EX98(X`K&8NN@9%JVY).H8[<% M91S.`#Q5B6@#K^AV+HX'(V MZ&ZP9&$6X&,A8R8>X'_.X6[XY7^880OXV7^0`%H68H*#NF4R`!L MOF1Z*&J3.&9H/F.EGCH)"(&?-@`X-HDU[E_"==MR=MM-M@YO>&7KL.21/HE_ M_F)!7ND._HNCSLR@1HFK7HDS3@FQYE]>SFHV;HDEAF2UUFGI+0:<'F$VKNC_ M/6`@#NJ*-N,H/HES.`?&ANJ6;F.]1FDLS@#*+D!O.`=X#H>Z=>JKIH<&?FJ3 MD``%L(:-]F"F#NF'3.P!%N0(9NQNYE&_AN83;F,%Z.(T-HF/M@#<)EL_AUES!QFGUYC MIE8`4P#F`Y1L89C!<;B!(#OM1[@8G;J^<9LE#AFSS;G$@=A M!W_PXWUDRB[M.-YN'U?A<,!J'$[C*Q;NE`;N?[A?.E9AH59HM?YH'#[C^\7B M;_!IJB-(,P?H`8[@_77F!M[N9M&N;H<_^(\LQ, M@&)`XMVN8BY&B2/.=$UGB8I^XA3/\N?=\I18XU3FY6FFZ_4V]>LH];CN7]CU MX/PV8SN_3#W?86'&;M)N8(V>Y+B.]%Y?:BM'YM$.]6(W=NUUZ'<^]F67VP2X M;&8'#_6&]FE/62'.:6K']FS7]FWG]F[W]F\']W`7]W$G]W(W]W-']W17]W5G M]W9W]W>']WB7][A%\8SQAM">]WQ/WH4T`&L89?4U8U5F8C\FZI569:9]XS;7 M9&^P!H$/;E[.VM?6:,%FXDGVAEL^B25/B4UN>+Q.8PFH](D?\0&?;WTW^>'= M9/"&]5HN7UPN\`%F^`!O8U4FX9!><%LM\`/_/NIO\.P61XF7'WB]%N&:+VOP M?N8$^`;(_O`L/OFF!]Y!7V$RYFHF_F2!7_F3(-P-$.@5OFD#<%\RUNJN_F3& M_E^5?F*V+O!/JV@-YO6O=U_RC>)P9@E,=_JZC]MVWF-:GN:48.A,_G%AWWCI M5NC@WN,#[FS&QF(G7V@.AV#!;V"X]N`[M_O)AUO"S7LF3H0;MH6&9NM^9WF5 MJ'$_YF4__OC=IOC;5OQBX'!B7VF$=OS:EO&4^.!OP42/VXU=W0I+F2>CGM^-N(VUWTBS^HC/Y893G.Y7FZ5P&#JMOWLGU>Q M/FWA]FH4;H5S<-MV_Y[D^DYO.V9KT^YE$]9K.CYM-@9KK%>`1`!VO.]DR*_E M(8=G.GYV@/CW[YL"!0GH91#XSUM!A00-)%`H<2+%BA8O8LRH<2/'CAX_@@PI M>OVLMO%!!$5VOIF4^'+F#UQRA2( MDZ=/B;>^&4@*5*C$!!(VA"NFL)LW"1*[WFHI=BS9LF;/HDVK=BW;MF[7XE3W M=B[=NG;OXLVK=Z];"5[YXN0K>##APH8/(TY\T4`&`XH?0XXL>3+ERH,9*["L M>3/GSIX_@PXM>C3ITJ9/HTZM>C7KUJY?PXXM>S;MVK9OX[YKIUL".[E_`_\/ M+OSQAA`&O(70*C"2O^;-,T]L&OV;P!"^$]CP_;'X\.[>O\NV$&*#@A`)%$@5 MB-[B^HG%O/W;X/A?B.3@[^//;SM!,8.W#)`W47N19-`".H5&(($S=UB7SC)A>!/`A,JT!Q\^I%8HHF%Q12"!?_8(9Z`/S$4GS^1 MK!=.6!D<\]X_&:RH@%;C_:.`8PT9\&!""MCR87PA,)?>B4]"&25;"7R#TX<' M"9A4>^.M]YZ![]V2$'/.#2F3-Q'A]$XGW=)]F1@4_? M))!!6!*U%^,&_MR"WBV$VI%<@U;](\&(S-&(IE9K52X40F;'P,>=0';XL\&= MGX(:JD86E!="!IYFN5R!'B[D3S<5*O`@5+?8H0^J09YG)IIR#2I3`KRJN"IT MHA);K*@MTA5.=L8RVZRS GRAPHIC 18 y03313y0331304.gif GRAPHIC begin 644 y03313y0331304.gif M1TE&.#EA7`!P`.8``!,*;/YG`?WEZ/PL,71KJOZ1,/W:XG2/O/Q\A?[VZ(F= MQ_X"`_ZI5)&*O?[/ENGI\_[8J/[^_4MRI_N6I/RYP5<#1/W5V/I18?S"R?ZV M:*@!(XZFR?YU"MC9ZOIF=/NQO$9LIE1-F?[W^/S*V?[R]/R+F++$VLG6Y?RD MJ?R1G#`OA?T5&O[EQ#1$EOJ$BOI,6:N[UQX5O[RWKQN,/P[0:FBR_[?M?[Y^40ZBM(!$/GZ_/M98?[MT_W"?/[]^"<@ M>_7X^CP05?[[_._O]GMQ>./B[_J>3%]]L]30Y8!ZL6):G\-.%>8"#.QB!5QQ ME?X$!IN5Q/CW^K2MT6AAHLK&X/O[_?\7`?``!OX)!S]:GL2_UOVPK"`(8,FO MH:NISIVPSK]^G?W-S["HS]MO&]#"O?]N`$9RI@\(9?\!`?___R'Y!``````` M+`````!<`'````?_@'^"@X2%AH>(AF=>2U\J,9"1,55?#3];4(F:FYR=GH(1 M6TLA*@!]IZBIIS%.8$L=6)^RL[1_:V@A,2I.O+PQJL``3DL/M<;'AC\$=%X/ M6<_/'6A@5<"I`"H-#Q'(W;1KFXM@IM:H3E[>Z9Y8!NT?*/!`%NT"$6=TU>6G M54L[ZO]_(I`0<"=.B2A1!BCTP:,A#X4#E$3QD,+.%3GZ^L0PXP\@L@A#/AS) ML<*'FP4+_*A+0<2K1HFR;L-SQ@*,JUK-G%[2AF2I$1["%_WJZ M&("VKMVU-OL`6`(.[B`L&**XL4NX[EJN3K[Z_4,B!8Z4A2.?%6/3C%.P(HX( ME+5B@X$,4`GQ"10(T M)D"+"!BD0-5K.6PXBP`O'"'"B(+,R(0#4V10P/^2/7#@)`=++IG!%!`P@005 MFD2`XQ$XF,;#!T1N$D$*'A@X2`0)L#`%`P78P,$>>P0`YYQTQ@FGDP5PD0$$ M+"2`Y2$1V%&!!FUP=D&,GY#`X)E(0,!%#W;6*>FD=`80@`T,.&#C(5_T(4<% M3PQ8EXJR8.%@0$A,`2FEK%)J0P$,9,`$"U(8`6@(J'Q**&%E',$3!`6T*BR< MEW+A`!.UAFE(%BJH\ND3A.5@YB<[Z/'FL)):"J6L2!BA;")PY`.,!F+4Y<,' MLD`!1Q+82KJME<9$8,8OY0PJ*E$+J/9)!T*T2R>FFCYHS!II9.3IKEA=0.T! M[+;+00]3=)O.&4X8?$K_!85>A<,G)Y"11[L%.(#$M[4\0([%5T!KU0KY;0*% M`AX/&W(")!MCAL6I@&J5&^AR\D`7,5-Z:092/+4&KCBC'^]A@P.+"?(#X*BHH,8@+LK->>*>?Z[%'AQ,4?H?9Q"`^BEN#3)$ M#G)3P(GBGW\N!!>;_F&$K4^I03G.#3@5`00UL+3"U8@07[P$=%@QB!13,/%4 M_P.[:[2Z(`YP$`!+`T!E@@3%?TY$'1U%P$*>#C"?3A85[QY",0G(P)L"P(:5 M1,$34(N?_$R0B8#<#V!7ZD8$Z$`OU)DA`8ZZUAX*J)(2>&(+1%"@_&!PAD$D M@`%P*L`46!`YNB$-=0"8`P,T"*<9J&0%PNO$#KH@PL])8`/>$X01IG"M`*BP M3W_ZQ!8J"+@@6$I2U?-##DCPB=B)4`+T&P05(-`#.<7I80R`@/XXH;ORA8%2 MUGC!\<^Q(!*C"A`#1L M50""@$N<=9)2,RB#"UIHB!U8,9A\Z$(=5OG(2+8J#$II8B`%R09I\40&P,3F MYT!P`!.L$DT.X((R@U"^/CPS6S,80#T&)C9UQH\(&RC"#1@53QM$:DXZ"&?2 M@C!.2!BLPK='@$"!J8IT*E2[H``3%*%@(24`"]:* M!)J5#@M%D$!8G;J]-[2@"@!H9CE"H)A"0$$&<5S-+^F*30G(M04JJ`(D]%H% M=*QA!SO8@@Q@H(`W!G8U,J`H8?TI5Q"\X;,M"&UHN["!#2B@"UT@`A$\6XL@LFR"A8LM"`'43`"B#&'S!M8*`;3JARUD%`/5V@EC#.$)P/EO<``;;Y:X(V7D"1X)7 M$`^H&`!"\(H2_L$*1=C`:DW)71"0M@/N?2\H?M`_782```@F0`BJ4(46O`$$ M,6SR,(FZWF*^7H!N3C^1`2\\(4-6TP%9NA`D"6X`S5\8<%Z M104`JN"$-"SAQTO^QPY^T``"@.$1D5!!&M+0`#A@-\MH3K.:U\SF-KOYS7". MLYSG3.,ZSGO?,YS[[^<]]-D`)!DWH0ANZT!'MQ!W0,Y*E""/=E@`!5YKSQ\$T(YV`,%K"SA"R0V`J)$#CRAEH#@A)*X2 MF7?"XN(F]Q^.P)("&4(`7G/#K`F!`90CX!"98XD'*`#O,B"@97^@N1]LS@F< MJV3",*M).6%*/K7C]YUS4Q\U13PFJ=G7N][Y[S<\%Z!S@F!`LB` MG>A&-\0(-.X'N0]B`G'#0B.FP M!`<7R/P%HL!W/QQ!E(1W^]5U+G4E^(CA#O>#&Q+]![&[A.R@0,&%K,*#'$I] M`+@V?!0N+@@+I+X]1P`"R2?`)?:=7A"N]P,H"2&`WZ/E!0:BM/*54(()6/_Z M$^#ZF5`0M\0+H@G;KLX*%N(:'&@?^7D'Q018D@/L8U]'*\$!NDBP[I7P@"'/ MEG8A2!!NQ,]=`$?0>>@V`=C3>NG'&(MW=>='""[P=:H1`4#@?$31;H9@&P-P M?W/7>T!Q( GRAPHIC 19 y03313y0331305.gif GRAPHIC begin 644 y03313y0331305.gif M1TE&.#EA.P#0`.8``+V[NK:TLRTI*`X+#)&.CIV:F:6BHH2"@M32T5124=#. MS?;V]:VKJLC&QN[M[%U:64U*2F9B8J">G<'`P'5ROIZ%E65>3BX3TZ M.N7DXVQI:;"NK6MH9^?EXY22D8J(B#4R,JFFI?/R\<;%Q&EE98B&A142$LS* MR8!^?9:3DIB6EG%N;=S;V>+AX9N8E\"^O7YZ>6!>71T:&K>VM20B(7AU=$1! M0=K9V).1D1H6%HZ,C,+`OT$^/=/1T,/!P+FXM]C6U='/S\O)R)>4D]W;VHR* MBBDE)=_=VS$N+N+@W]?5U,G'Q^OKZJNIIS@U-<[-S-G7ULW,RTA&1B`='<3# MPD9$1.CGYJ.@G^#?WNWLZT0_/N_O[HR(AM73T6-@7XZ,BTI(2!`-#D-`0+*P ML'IX=R\L+!H7&$5#1*NGI/KZ^?O[^_GX^/W]_9*/C_'P[_CX]_3S\ZFGINGH MYBXK*BXK*TI'2'-P<(*`?R,?'VIG9Z>DHSHX./7T]`<%!O___R'Y!``````` M+``````[`-````?_@'^"@X2%AH>(B8J%&D2.CY"1DI.4E94O@Q,S%YR=GI^@ MGB=^I*6FIZBH`YEHBZZ"`JFRLZ6K@A.MKXNQM+VGMG^XNKN^Q:3`PHEJ$@<[ M.(J\M%1A(7YB`@.RR+F(*7XU)P1_6`9KAM&R)5%_:7XG4#?:K(H#$G\=XEXZ M*.>T"4T/Z+3S8X.#O%O<#OG!<$_<'SY$^LW:`<:/@($0$!P,EM#0B08-!4$` M(5%6C@,6!UZ0LC$9(A,],.#[TZ=&CI*I-E09<-&/#A(F6G8LM`#-DR0E`ES0 MP00GJAD`R)1IL`&(AQE"796A%'PHLC7KZ:`K&'U!(3`W*43D4XT0`I?W:<$(3F9B&]I8B`\+-JBA\(7BX? M@E!""1HK@BJ0O$WK``,_-_[X?:!`N*$F7/TX$73$(2'\0B`HA^ MN$$$*1KHX4<$5?`WB!\-8'#$''^0T(,&-.90T?]L&?P6G(H(*2(&$&M8L8<@ M(`-BF+!>@P$8[ M)_S09*(N'2*'#J1@0H-\-(Z!1`HE#&2"!';J((,67X@30!YY;HJ*$2ND1$H% M0MCIQU@S_4&'/;Z>H@)*/?F10+&D#D7(``B$]$<8RWU'BPUD".M'``78^<47 M"R2;!!@TYM$`%AO\\(`36N1AYQ4U?+%%"DB@%D"@23`0QQ]LD)"`A5$JXL$8 MIK#`V&!^N9,-+9(.XD/_(1@`(8<0;M%20A%P52S(#"=808$$0BQ`S"P)(!'R MBH,`0,`#2;@SQAT%2-$6C6=,D*(O(AT%KM8M@P<(!14`CX(`P%\+"`!G,($X!*RRH]#$0)%"' M,4$/(L8."Y0@C@]GP.EM*CK0T,8?5\A03-Z"+*0M1//%P`4:,V"R(=H)(_*1 MMB/--\(#I7A!`=!I$V)""`XDFX<;HJU"1RD%I(>YHLHD0,<1#TA@QPP<*[U* M-&#(3G'IA(R0`B\G8-+Z'P&(X'P4.#@O@C=@O\*%`@RR)OWVTE.O"O%<.-]$ M_R%7X#7XV?QAD-@`6`SRPADSSHT^;Z6_(,8>#1Q`!0TX'"Q#%I!Z6>9,EX%! M="`#?2%"'QXVO^\-`,*\/@7DJ'D@&$ M0`8L`*'9?"$&1`WO@8*P``!V0+-L).$!8`"`!>7WEW6`"AY3LP`,77Q%@\[&N#](P`8J M"Z$(CT$\0>0A!H)0G`!`(IH*3."2F,QD%O%H"#\T9?],+.A`",P7QU1D``0@ MD(,%4(G*%;!A`\;B6`$&H+(0&(!&+`C`*<@`.DX6H@XO:$,'GI"<;I5R%HXX M10668*<&^(0@:C(F+&@!@AZ9X@$NF!H,-F`"&OF'$DRA#@Q-0AB^ MH!D]1HJD%_C-10.:49+^(0I\.($;#O?0FDJ4$&UH0`:H4(">IB(,G@*5%Q*C MS_XT@`03@,%',]`[<9(B`Q7_\H.K8"6KKS4U$4D%[>G7!4X2``S=XEKB(%4A7-"@%,$I6&`0X^*``2E( MP(:H4`$\F-G%I"#`M:S/C$&-5ID6)PC#)P"IZE5/Z:^<;XRIL`@$C4*>6-/H4;PJ7MH,M\%F#(]N)L>F]4 MW.!)4\]YTI4.!)*#0$=(K_0I,M""*&1R`IO\M[XG\@-PQYS;$RENUIT.=UE` M8$Q-/_C399&$(10`:E$+.9[](/#_@1<`\&? M-15)(,$"#&_Y8\OB`#CH`;_];7%C\_`#-\K[VQMO"CUP1O6F'[P8.!`!AMK> MPHA?/>3_J]A@=/X/#;(!!AX@;S30F^9T9WTI/B!UTFE=[*8H@1IA'WO/IZ(& M/)#!J5']^P;)8`1]8':SNP]L.IC__'1(=>FK#_R;XSSYNY=%"#X@@A?TDORS M$(,)%O`#$5CE!Z27>^S7?K-P`1B`:"&``E"V?M77(`2@`J<``1NG=D)G$FYP M"G:@!/@G"S+0!$RU#Q`8=K-F"OK'?_YW!0"X@=KP`/3W`BD$H((<\@>X1PHR$`56>`P.@')[,03F@83J1@H/T`;650I4P`%PD!U0J'Q^ M@`=]D`4T(`(3\`99@&AO&'\1:`1D,`$B4`8&U86]1G5\6(C/-X(O9H@ZMWBZ MUXB+]'B0Z'B,N'6+F(B\=HGP-XF(N(F6.#^2^(GH$XK0IXF,=XBF^(BB2$B5 M6(J@V(J*^(J86(:I&(/N1XJQ.(JPF(FRZ(FNJ(NS*'&SV(VV-8#BB`,(@0``.S\_ ` end GRAPHIC 20 y03313y0331306.gif GRAPHIC begin 644 y03313y0331306.gif M1TE&.#EAK0!'`/<```"*;%6:E"9*;VZ*L2^:AHR5KBPTK.?G[._\_VZLQ72H ML/__[X:HLTA.C=SS]O?W]U%PD+&Z[-GFZH_,S[>UU._S]09PA/?V_JWU]-O= M_`0*;O[W_C=UCN;R]>_XZ@%W>\C%^__]_R8V=]37[!!1<6:.F\G4^__^^_?[ M[\77Z._V_R5(@U5JJDY;=N?T_IRD^C-F<+K%[0P1J$U1T10CC>?]_R@I><>^ M^?O]^T^+H^;M]#`A?)FBVN?N_@-G>YFGR`"-<7[.R??[_X61[JFTRC>'AA07 MF6=QDKG(]\K*VKK!W%.PJ(66PC`^MV+%M??[]^WM\BDTA;K%R:V\V;C<246;MC:W??__Z2MRW9YI][M\D.FE^_N_35%A,S5W\7-Z`87EPXU M51(8AD5'HQ<*3O;V[R,HA_OZ^__[]Y6:W!(@IC$I@213@F9VI>_\]=[D]`&% M:][E_SPXLC`QA/O^_P&2OAUD?T-#MB$FH!B0B`9P8#(Y?_;]YVQVP/O[_S12APB#:R`?E_[W/ MU:+&VJW6V@B,<[.\Q0""=`0'FWZ'F__[^PUV:U5?E__^\V9KNOO[]TI2I!"( M=/O]]P-E9%-:N:?*RF9JJ.?H]__]]_K^\?7R]_[]Z9FXR=+C_@"/:_?^^Q58 M7,3EZ_+Z^]GP[_?Z^ZG=Z#@XE?O[\HZDVP""8ZK.YVARU#Q+S2\?#W]_?WYP4%1D-"?;*OW@B"8__[[\[CUA"@A"THJ=??[XZ-P(&\OWJ] MSG-QL)O=V___]__[_____R'Y!```````+`````"M`$<```C_`/\)'$BPH,&# M"!,J7,BPH4.&=P3V^Z=%R[^)_4[TPXCCXL43%S?VPX'QGT:/Z#2*7)GQH<_WEU8NWYR:> M/<'^$QSBB=K#B,_B.!$":<0[X6[VN]4/%DF2)RYG/,$YXTJ5&CNS7-GX7\?$ MJ%,_W.@/EQ`$#KBU>X"@0SMUZH3$T2U,2X5_[80)>;"!N)H'_AX07[X!UX;B MT*$_@))4M?7K!PVOD0.*"K)A[,*S_T,FGAV2\S%,3$$2`PF(]_!OO)=_H[Y] M$/;IWTAR(>E$[`"JMM$#!YQ"AB]DD)$(&8@HJ&`BB"1"B#B)B(.(.!AFJ.$9 MXISAX8<@@O@.!3T%:*)J**SQA`1PD*`(!S!P\L8;)*SPQ@HXYB@"&"M@(D(4 M0-IAAQM$VK##D4@BB<612^Z`!05Y773:B51:U<\#_PQ2PB0D?)-#`B3D0,(D M,\YHHP@LK"""FC_^:,.;-KAAY`YS[N!&DDI24%V5?%J%@S"]T)&##Q;XH,B+ MYW"0``<>3:C3&69^DSO1$15WD$$NA MK)+@JBZ>6>GG\;3'VM3ENJL M0UH(T44)A%I@P:&3*#+).6\\H\H``MCHC#,LB("("&@R80@\40BY*:?'?DJB M0&L\:Z]#_J":PR4??%`MH=H.4$()*3!1`B<"O%'"``@+8`@3`^S:;K&X/,DS"B@`01PEA)%$!6'XD\4]2APQA2J&.$,+&-F8(:0;=J3! M*=M$@R[WJ4+H$,`<`/!2"CBOI++$$CDX4<0P$R@0``.SE""%%%!D`84U4#Q` M1"V2Z&$"')8+J;:<=+*];#\W.6^T87:3!P"`,`<@Y*T4YK"$)0C@A%CD`P8/ M9``HI.$!86B,?U"0`Q%.H0W+$6)B/XN3'>STI.;Y[V-KH)OTCE$/:G3"''-8 M1],^$(MO%"$61?#%+TKP"U`@(`N_64,Q_Z`0!B%DH``_0`0B)*8IM<7)#4_J MW$0Z=L)GG:`BP0A`)_#`"P!X<8"E6$[1#BF`(@628((R+H4(3!2K4Z`R23]"$+!BB`?`@1)+F M%15#/HMN6LCB''C!"^H-\)?FZ`0&,!`[&!P"DZ(0Q2%*$(P.2$$""+B'%7IP M!!.HPFMZ@`07](`)0L3R28;Q'!5M22I$*K(3C'0D`$8!`'!TP@M!6$(^^!$` M?IPC'R50P,!J(/^%+&BA`Z0@A02XP`1$?,L0<.#!/FC1@"41@I;_(6>I<*E+ M+OX2`-3K1!6\@(%Z-J,(&"A"`'P1`!B(8A8*",,/&;#!4^Q"B=-`!"&X0(A] M-(`8^P!G2$PCT5*95"#@'.HPB7N>8@BY*`(^B##)";0"!C_*(,$ M$-"%,E9`-C]&04[S8I9E^81(NX$CG=#`AA<(L-2YUN,8U)C#'$8!A%($X;7Y M"(`^?"`F?90@%!`(A0"4`0$6Z(%7F`!2%![Z#[,NY'.&,=IIXDN0HOS#,/VK M"7S;VY%Z&:8P28%%T6S27Z7MTI$8\,(QL$&-!E/CB^;`:"FP<H#0\$(16!>`(J3,!QQ((Q5*4*,<<<(5/\($6>^``\Q@!2C];2]2)#V/ M!2Q@#1LY48U_W0])WV(!P0;P1$Z"CG[,@S+Q10I3M/`7H/1C%4,Q24V`[0]4 MM%<+"+#;+GDQ"CP`H=-?_&4D&]D')Z0B%;Y8PC=.MC)N+9,!-L(1V99HXB?T MH]F?:_%@:K)L>K6W))B]SBKFT=Y_-+J6`VF)CHOM$95,T2B^+M%8_)'LFB@- M&HQD)[K/O4Y'`H$7U/^HQQ*<`%H"I*)?U4I`#G0!@Q+\8@0?F)6C5!FX'.1="[P8I-Z`7L! M0CF56X_!16HT\MR=1G6`C`-@(PLOI[0-?B"*\"<,YV:J!+BC]H]D\ M7;-`D(T#HD=KZB$!NUFP,TXAQ$5C!>E',03R`"%,O29,V031!8(5H._D+45# MQS]^@P,LG4J1QS4W+R(I,`%*O"$=F@!&&@X_@)0L7BU6*0@3[#\J9YP`2&@X/N#@?K_ M"4QO>6!8WA\5:,5]BPV+@Z.@'VKP]S7\T8I3.;\=.'C"J="A2UX*%=U?E'95 M=@Q+U0ES4`H(2&_?,`P"8',STFK5T",B$`_^!G`=8PLCP6>K\`10H`HM0`3Q MH`I$<`'#YA38<0?X8`A=D`X2L`_X@`+H8`TFP7F9H08;L`D9P`.!P`6&L`6X MH`8I5!D@`0O]@`OXP`7MT`NMX&?`(`=-D`H MUPG08(#4DX#]\@TKLV$Y0"8XER.(0`&T1A*$I&.#(1#H@`ZU``_PL`5^``]^ MX`_^IGBK415U0`,9H`)A,`YU(`3X51!"X0])8`>`_[`,K*`*T_`%X:`Q_\5Q MV6!!&3N,#-$0"B0(F M:1B!(B!\$/=^&_=O#_`%7[`)W7`!P*`%QP=_R%$7#Q`7^%44=5$7/?>,AH%? M=4$4SWA?S+@43=`&*;!&IE`'[=!SA<&'_G`<4%``&I`&2#`(W;`!P[$&R+&, M_O!^W6`/T8``6G`!%R`@/&>`-C,`"?&`",!@!0__@"#/@"$AP!PA@`LP0"8,("8'`!O\`!4K`#*'P M??X0B'(@!",@`TUP=/]P!W0P!+)`"9&`!"Z0#64`"":``#:Q`6@0!S60#7S` M!X,0!W7Q"&U@$4G`#&S0"^TP`V-@!%!`&?6B2"!G;@6TBH#):4!P6J]G0.L` M#O16*(M2)CEBD1%'$-N&%$\09%*`!8M@!(M@"ESP&Q<@#8O@"E/P#AJP"%=@ M!3K@#X70`!I0!AH`"%RP`%)`"#2P"*,I`@6``!&@`9X@!G<`!QK0`$R!CC^0 M";>`"X%X#T(@!E*)):+7#BUP!1I0"1H@`-UP`X!0"4BH!?Y0'![0`AJ@`5?0 M`O3_@`X;X):&806_&3(&T`:5@`M!ED)9=`S^QTY2MH6K]W_V^7H'&(LJ@VIB MF`0Q?0`PV,`4=X`CCH`F;<`)&-`ZRT`YA,`(Q8`1EP`3J(`ME MH`1R8`@R$`D;``*+T`9\,`*48`H[(`0&!,`:, M)$.WES**<`YDH@AI*`)*\!8"(_]`#1L`' M1+`/-V`*,I`'ZA`)T5`&&7"AE3`"0A`(;3`# M->$'T?`#G%@';7`/%S`"8]`$%+*ACE# MN'0`,MQ`'=$`.LM`/%>`/ M"%`'E<`'&6`*!A`'<:`'BZ`)#]"B8\`*-<`(IE`&G\"OCR`&KSH&LH``""`) MX\`#[8"(ZXF.P#`AP`8X`"(&``-W@`AD@`WR@ M!2J``"Z0JGJ``%<0#1=0`P,P!GUK`B7*!PA`!'I``0Z`!(!``R90`[`Z`PY0 M`]I@!#R``"JP"4U``P>PJZ;0!`]0+QO@"C(P!+V@`FF`I/K(#34P!&,P!A'0 M"&U@"J,8`8``"%.@!65:LUL@`[+P#V1*#G4PKAM0$UF$#>OT:>F:O>LJF/>) MI_V">]G_T`"DT`4Z@`^FD`T=H`X= M(`G1,`X4H`79(`.GT`%,<+&X.0Y&8*H.T`,N4`-,0`.`4``2H`GA&KI,X`EP M$`85D`658`0=$$IM0`FFAPL6:P2@(`174`T2D`4Z0*'5L`B,T`C4V@9E4`MZ MT`8TT`450`,T,!=;0`YFP`U"L)[$T!^%H!=9E`H'&651=E%,C)]")6'?"W-L MV[8XDHN8F)$V(7&9\`1;<`7C8(_18`"`0`Z>,`YF,`AFX`EE0`[VX`<7T`Z; M8`:+8+6/(`-7D`:`T`9&D`9IX`F`W`9DO`AI\`AVF08T4`8&_U`)XU`&5U`& M>K`&A3`"&K`,0W$!G\`(C%P)?%P)]L"L$-P&8U`)9=`$R7#&1B`+4B`$N%"F M_M`.1#`&KN`/*E`-5T`,9/D/TRL!#!``!/#+P!S,PCS,Q/S+Y4``16`)1<`H M'``!S0P!Y*4,NGA6B[%H6E$,?_(%TI`%!_`%ZN``)A`&;E0#(Y`%(W`/:'`+ M[M`/*M`.M3`(>C`&FN`".M`#ZM`%*M`#P/@%4*`.$B`!8?`%N-`#87`/NGH! M`!->``72`'1M`$#J`"M:`##J`#@U`+4``% M'I`.ZB`']W`'F9`)A0#2Z=`+DB#+E/^E#K50"[BP"AUQ!QT0#,'@`$#M`!TP MU$1=U$9]U$;]!3J@`QT`!0Z@#B[@`AW0`T-=`1T@#2=@"ZU0X`YH((,68=V9X!8.[0^?8`(W8`(N@(_]\01J,(_.M@K]8'GXN`9HL`;/ M<>$@4.+-QI&9<.3T11:(01@Y!A.&H06>R!25=P%HH`42(`E[7;L$&Y&``7W``=H`%]U`7N"`,Z:"Y@+`( M;!"./8$*TR8$1@<8Q;!T%P#70P>$A:`BC79^(V&2Q($+U%=]Y-0*K:"F$HT* M:H`*=R`';K#KZ1$!?F`-J(`.P'``]#[L:M`.N&`-MV`-N(`+M08+:'``;%#' MY@<)>N`"T5X,:J`#P;J>K,`-PJ`&FX`+TB`!!R`<%"\-4-`.EL&!]`XH%2`- M!X`*."#NQ1#RTO``^B<-TE`+A:`&MN!MEO_E8F8!$@X@#F;:N0C0"^C0"B[@ M"-^)P*7+"(#`!D+0`$80!?EL/!I`#A*+`-R`J2[08FK@!YB)#"',$\QPQAKP M#DK`!FDPFN10">S0`)2@`>.@`8S@"*U=!C/0`WX.`O;PG:?0`_@PFLRK`L,X M7$_1<">`#@C@FX`P#5F%`'%0`=N@`77@#75@!-K0#42O#170`.1@!SUP"C:@ M`79@EP:`LI0P#BX@YJVP#^/0!HW0!)6@#L4QI08@"PT@!E?@!D,@")@Y!2(` MR'Q`Q]"C`#I8`9E\,%SL0%U M0`[><)9E(`U$9[7:4`,N`!!\?#G\7T*'340`0C2L% M6)&35:,&'T#&:KB"B*"!D2A(`)&#-.C/&`/JN%&2T4/FFGLRC-!Q,<@(*Q4( MFK31IJX&L3(=N.T"!&A*E(4N4HP9`PG!Q`81KK39IP6!NFCVC.H:5T;)/W0P M)4^F7/G?'9.8N5Q6&@D@8N#&FCDA=F!D'!%:2"H. M!%0QHL`7QFAC"CL\:0`!=D3B00M\C)C&A6EHH*2'0;[`YXH7>N`C"@TDD.\^ M**.$R9\#KGA'`PW:6,0,$[8P99$H$N%+FQK^`"2-;6,24- M!+8:1P>9'BC##!6T\&`#-D0"147F:@BDC"NVT?]`3>O&:4"=',O@(9T>IT%@ M"RQ;:*&`'M*(8IMWKG!%!RUDDO)45%$Z@(L6;!`'D7WNT2*=?0@11QQXQ/FA M3E7$N>(*3(Y`0(X&,+E"G#2$5:>!'7`Q*0E":,'AB07ZH8`0&XB8!A$_M-`" M"C<(`6,`1`A1`AY"6N`F#'$(V>(??`A119U>MA#AC'=.`4827S&!HX-O4Q7X MU">*N4"(+NCHH0OJBEE@=K'_V@62^_%G8*[OF^N.466-0H MY/E;A($EEU4VN&">7-8(09A;KFDE'#7\0:68?G"?!X<06NE]`11PN;UX'.[` MH14`*QQ+'Q6V+<:/A`FDX$RT648XGV=H&GW`'_.WM%A/LT!YEHD(< M%$XF=WC"!/NQ";*%+8(0U)H:CB@$"]ID:["0B4RF]<$J3O$)FT'!!!
-----END PRIVACY-ENHANCED MESSAGE-----