0001193125-20-205346.txt : 20200731 0001193125-20-205346.hdr.sgml : 20200731 20200731090102 ACCESSION NUMBER: 0001193125-20-205346 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 29 CONFORMED PERIOD OF REPORT: 20200731 FILED AS OF DATE: 20200731 DATE AS OF CHANGE: 20200731 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TOTAL SE CENTRAL INDEX KEY: 0000879764 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 000000000 STATE OF INCORPORATION: I0 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10888 FILM NUMBER: 201063869 BUSINESS ADDRESS: STREET 1: 2 PLACE JEAN MILLIER STREET 2: LA DEFENSE 6 CITY: COURBEVOIE STATE: I0 ZIP: 92400 BUSINESS PHONE: 33147444546 MAIL ADDRESS: STREET 1: 2 PLACE JEAN MILLIER STREET 2: ARCHE NORD COUPOLE/REGNAULT CITY: PARIS LA DEFENSE CEDEX STATE: I0 ZIP: 92078 FORMER COMPANY: FORMER CONFORMED NAME: TOTAL S.A. DATE OF NAME CHANGE: 20121204 FORMER COMPANY: FORMER CONFORMED NAME: TOTAL SA DATE OF NAME CHANGE: 20030508 FORMER COMPANY: FORMER CONFORMED NAME: TOTAL FINA ELF SA DATE OF NAME CHANGE: 20001010 6-K 1 d931861d6k.htm 6-K 6-K
Table of Contents

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

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

THE SECURITIES EXCHANGE ACT OF 1934

July 31, 2020

Commission File Number 001-10888

 

 

TOTAL SE

(Translation of registrant’s name into English)

 

 

2, place Jean Millier

La Défense 6

92400 Courbevoie

France

(Address of principal executive offices)

 

 

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

Form 20-F      Form 40-F  

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

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

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

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

 

 

TOTAL SE is providing on this Form 6-K a description of certain recent developments relating to its business.


Table of Contents

TABLE OF CONTENTS

 

SIGNATURES

EXHIBIT INDEX

Exhibit 99.1

   Coalition for the energy of the future: 11 major international companies join forces to accelerate the energy transition in transport and logistics (July 3, 2020)

Exhibit 99.2

   Results of the option to receive the final 2019 dividend in shares (July 14, 2020)

Exhibit 99.3

   Total announces the signing of Mozambique LNG project financing (July 17, 2020)

Exhibit 99.4

   TOTAL becomes a European Company (July 17, 2020)

Exhibit 99.5

   United Kingdom: Total Sells the Lindsey Refinery (July 27, 2020)

Exhibit 99.6

   Total and Indian Oil Form Joint Company in India to Offer High-Quality Bitumen Derivatives (July 27, 2020)

Exhibit 99.7

   Egypt: Total Announces Gas Discovery in Shallow Waters (July 28, 2020)

Exhibit 99.8

   Short term price revision and Climate Ambition: Total announces exceptional 8 B$ asset impairments including 7 B$ in Canadian oil sands (July 29, 2020)

Exhibit 99.9

   Second Quarter 2020 Results (July 30, 2020)

Exhibit 99.10

   Total Announces Third Significant Discovery in Block 58 Offshore Suriname (July 30, 2020)

Exhibit 99.11

   Total Gabon Divests its Portfolio of Mature Non-Operated Assets (July 30, 2020)

Exhibit 99.12

   Total maintains the second 2020 interim dividend at 0.66/share (July 30, 2020)


Table of Contents

EXHIBIT INDEX

 

Exhibit 99.1

   Coalition for the energy of the future: 11 major international companies join forces to accelerate the energy transition in transport and logistics (July 3, 2020)

Exhibit 99.2

   Results of the option to receive the final 2019 dividend in shares (July 14, 2020)

Exhibit 99.3

   Total announces the signing of Mozambique LNG project financing (July 17, 2020)

Exhibit 99.4

   TOTAL becomes a European Company (July 17, 2020)

Exhibit 99.5

   United Kingdom: Total Sells the Lindsey Refinery (July 27, 2020)

Exhibit 99.6

   Total and Indian Oil Form Joint Company in India to Offer High-Quality Bitumen Derivatives (July 27, 2020)

Exhibit 99.7

   Egypt: Total Announces Gas Discovery in Shallow Waters (July 28, 2020)

Exhibit 99.8

   Short term price revision and Climate Ambition: Total announces exceptional 8 B$ asset impairments including 7 B$ in Canadian oil sands (July 29, 2020)

Exhibit 99.9

   Second Quarter 2020 Results (July 30, 2020)

Exhibit 99.10

   Total Announces Third Significant Discovery in Block 58 Offshore Suriname (July 30, 2020)

Exhibit 99.11

   Total Gabon Divests its Portfolio of Mature Non-Operated Assets (July 30, 2020)

Exhibit 99.12

   Total maintains the second 2020 interim dividend at 0.66/share (July 30, 2020)


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 SE
Date: July 31, 2020   By:  

/s/ ANTOINE LARENAUDIE

    Name:     Antoine LARENAUDIE
    Title:     Group Treasurer
EX-99.1 2 d931861dex991.htm EX-99.1 EX-99.1

LOGO

 

Exhibit 99.1

July 3, 2020

Coalition for the energy of the future:

11 major international companies join forces to accelerate the energy transition in transport and logistics

 

   

AWS, Carrefour Group, CMA CGM Group, Cluster Maritime Français, Crédit Agricole Corporate and Investment Bank, Engie, Faurecia, Michelin, Schneider Electric, Total and Wärtsilä have formed an international coalition.

   

Nine concrete projects for developing energy solutions to accelerate the energy transition in transport and logistics.

At the Rencontres Économiques d’Aix-en-Provence, an economic forum attended by many organizations from around the world, 11 international groups have announced they have joined forces to form an international coalition open to new members. AWS, Carrefour Group, CMA CGM Group, Cluster Maritime Français, Crédit Agricole Corporate and Investment Bank, Engie, Faurecia, Michelin, Schneider Electric, Total and Wärtsilä are the existing members.

Common goals for the energy transition in transport and logistics

The Coalition aims to accelerate the development of energy sources and technologies to address the challenges posed by sustainable mobility in the transport and logistics industry by reducing emissions, fighting global warming and protecting biodiversity.

The 11 existing members are pooling their expertise in pursuit of three key goals to achieve genuine technological breakthroughs with tangible results by 2030:

   

Unlock a more extensive portfolio of clean energy sources,

   

Lower energy consumption per kilometer-equivalent of goods transported,

   

Eliminate a substantial proportion of emissions linked to transport and logistics.

Nine concrete projects devised by the nine working groups already set up

Over the past few months, the Coalition has established nine working groups with several dozen participants to devise nine concrete projects that will help shape the energy sources of the future:

   

Develop green hydrogen procurement solutions for the transport sector,

   

Develop biofuels for the various modes of transport,

   

Expand the use of biogas and synthetic gases in transport,

   

Replace fossil fuels with green energy across the supply chain,

   

Launch zero-emission vehicle pilot projects by the end of 2021,

   

Create a digital door-to-door route planning system that calculates the option with the lowest environmental impact,

   

Optimize the operational management and loading to step up the energy efficiency of each ton carried,

   

Make multimodal platforms more environmentally friendly for logistics applications,

   

Consolidate methods used to measure the impact of energy transition projects in transport and logistics.


LOGO

 

The Coalition was launched in late 2019 during the French Maritime Economy Conference (Assises de l’Economie de la Mer) and has received the backing of French President Emmanuel Macron.

The Coalition’s initial findings will be officially presented in January 2021 at the IUCN World Conservation Congress.

Julien GROUES, Managing Director of AWS in France, said:

“At AWS, we are committed to running our business in the most environmentally friendly way possible, and we aim to achieve 100% renewable energy use across Amazon by 2025 on the path to net zero carbon by 2040. Beyond our own commitment, we are also convinced that the power of AWS is an asset for freight and logistics companies to accelerate research and innovation in renewable energy and make informed decisions based on the analysis of large data sets. We are delighted to put our technological expertise at the service of the coalition.”

Alexandre BOMPARD, Chairman and Chief Executive Officer of the Carrefour Group, added:

“The food transition for all, which has become Carrefour’s “raison d’être”, will not happen without an energy transition. We are a committed player and have set ambitious objectives to fight global warming, through the promotion of cleaner means of transportation, and through our aspiration to build a food distribution model that, from producer to end consumer, is environmentally friendly. We are taking actions within the Group; but the challenges are so immense, so complex, that they are necessarily collective. It is the aim of this coalition to take up these challenges, that meet the expectations of citizens and chart a new path for our societies.”

Rodolphe SAADE, Chairman and Chief Executive Officer of the CMA CGM Group, stated:

“In view of the challenges facing the world, we must unite our strengths in order to accelerate the energy transition of the transport and logistics industry. I am delighted that 11 global corporations, leaders in their respective fields, have joined this initiative. CMA CGM will provide all its expertise and experience to this first large global multisectoral coalition, supported by the President of the French Republic, Emmanuel Macron. We are all fully mobilized to produce concrete short, medium-and-long-term solutions.”

Frédéric MONCANY DE SAINT-AIGNAN, President of Cluster Maritime Français, said:

“Gathering more than 430 companies, the French Maritime Cluster brings the expertise of the entire French maritime ecosystem to the “coalition for tomorrow’s energy”. Similarly, in partnership with the ADEME (French State Agency for Environment and Energy), with major maritime companies (first and foremost CMA CGM) and with all the members of the French Maritime Cluster, we are building up a “Vision for 2050 of the maritime industry ecological and energy transition”, in order to identify and create the necessary inclusive dynamics to help companies and regions in the required economic, technological and regulatory ruptures.”

Jacques RIPOLL, Chief Executive Officer of Crédit Agricole Corporate and Investment Bank, declared:

“Global action is urgently needed to address the climate challenges our planet is facing. The transport sector and all players involved in its value chain have a key role to play to lead a technological and ecological progress. As a global leader in transport finance, from ships to trains, Crédit Agricole CIB is very proud to support the Transport Coalition and the future generations to achieve a better and cleaner future.”

Jean-Pierre CLAMADIEU, Chairman of the Board of Engie, commented:

“The economic recovery plans and both public and private investments they will generate will structure our economies for many years to come. It is therefore essential to seize this opportunity to accelerate the decarbonization of all industries, particularly transportation. The coalition we are launching today is proof that solutions are within reach if we work in a coordinated manner and across the entire value chain. Tomorrow, they will be an asset for our companies and for the economy as a whole.”


LOGO

 

Patrick KOLLER, Chief Executive Officer of Faurecia, added:

“The objectives of the Coalition reflect our convictions through our “CO2Neutral” project and our sustainable mobility strategy. We are particularly committed to reach carbon neutrality for our facilities by 2025 with a global program of savings and of decarbonated energy use. With strong expertise in hydrogen technology and materials, we will play our full part within the Coalition to make the energy transition for transport a reality. This will require new technological solutions, which will emerge more quickly through the creation of open ecosystems and knowledge sharing.”

Florent MENEGAUX, President of the Michelin Group, stated:

“The Michelin teams are committed to making mobility more sustainable and working with all relevant partners, inside and outside the Movin’On ecosystem, to create and promote new solutions. By joining the Coalition for the energy of the future, the Group is taking another step in this direction. We want to seize this opportunity to share our experience and expertise, especially in hydrogen mobility, and accelerate the energy transition in transport.”

Jean-Pascal TRICOIRE, Chairman and Chief Executive Officer of Schneider Electric, said:

“At Schneider Electric, our commitment is to be the partner of our customers in their journeys toward sustainability and become carbon positive ourselves. We are proud to be part of the Coalition for the energy of the future, contributing to the energy transition in transportation and logistics thanks to our expertise in energy and automation digital solutions.”

Patrick POUYANNE, Chairman and Chief Executive Officer of Total, declared:

“Total shares the ambition to get to net-zero emissions by 2050, together with society, for its global business across its production and energy products used by its customers. By joining the Coalition for the energy of the future alongside major partners, we intend to support and accelerate the joint development of tangible energy solutions, therefore directly contributing to the reduction of carbon intensity of the transportation and logistics sectors.”

Jaakko ESKOLA, President and Chief Executive Officer of Wärtsilä, commented:

“The shipping industry’s transition to cleaner, more sustainable energy use is a movement in which we at Wärtsilä continue to play a leading role. Through the development of smart technologies, research into alternative future fuels, and our holistic approach to raising efficiencies in all aspects of shipping and port operations to create a Smart Marine Ecosystem, we have shown our commitment to promoting decarbonization. We are, therefore, proud to be part of this coalition which perfectly aligns with our purpose to enable sustainable societies with smart technology.”


LOGO

 

About AWS

For 14 years, Amazon Web Services has been the world’s most comprehensive and broadly adopted cloud platform. AWS offers over 175 fully featured services from data centers around the world. Millions of customers—including the fastest-growing startups, largest enterprises, and leading government agencies—trust AWS to power their infrastructure, become more agile, and lower costs.

About Carrefour Group

With a multi-format network of some 12,300 stores in more than 30 countries, the Carrefour Group is one of the world’s leading food retailers. Carrefour welcomes 105 million customers throughout the world and recorded revenue of 80.7 billion in 2019. It has more than 320,000 employees who help to make Carrefour the world leader in the food transition for everyone, providing everybody with access to high-quality, affordable food every day, in all locations.

For more information, visit www.carrefour.com, or find us on Twitter (@GroupeCarrefour) and LinkedIn (Carrefour).

About CMA CGM

Led by Rodolphe Saadé, the CMA CGM Group is a world leader in shipping and logistics.

Its 489 vessels serve more than 420 ports on five continents around the world and carried nearly 22 million TEUs (twenty-foot equivalent units) in 2019. With CEVA Logistics, a world leader in logistics services, CMA CGM handles more than 500,000 tons of airfreight and 1.9 million tons of inland freight every year.

CMA CGM is constantly innovating to offer customers new maritime, inland and logistics solutions.

Present on every continent and in 160 countries through its network of 755 offices and 750 warehouses, the Group employs 110,000 people worldwide, of which 2,400 in Marseille where its head office is located.

Press contact :

media@cma-cgm.com

Follow the CMA CGM Group on:

LOGO   LOGO   LOGO   LOGO   LOGO

About Cluster Maritime Français

Since 2006, the French Maritime Cluster has been promoting France’s maritime economy and supporting its key players.

The CMF consists of 430 members including shipowners, shipbuilding, marine equipments, ship maintenance, repair and conversion, ports, fishing operators, manufacturers, marine competitiveness clusters, the French Navy, marine and oceanographic research, water sports, yachting, education, shipping bankers, brokers, insurers, classification service providers, etc.

The French Maritime Cluster and its member companies aim to develop sustainable maritime activities

About Crédit Agricole Corporate and Investment Bank

Crédit Agricole CIB is the Corporate and Investment Banking arm of the Crédit Agricole Group, the world’s 12th largest bank in terms of Tier 1 capital (The Banker, July 2019). Nearly 8,000 employees in Europe, the Americas, Asia-Pacific, the Middle East and Africa support the bank’s clients in covering their financial needs around the world. Crédit Agricole CIB offers its large corporate and institutional clients a comprehensive range of products and services in capital markets, investment banking, structured finance, commercial banking and international trade sectors. A pioneer in the field of climate finance, the bank now occupies a leading position in this segment with a complete range of solutions for all of its customers. For many years Crédit Agricole CIB has been committed to sustainable development. It was the first French bank to sign the Equator Principles in 2003. Since 2012 it has also played a pioneering role in green bond markets by arranging public transactions for a wide array of issuers (supranational banks, corporates, local authorities, banks) and contributed to the drafting of the Green Bond Principles and Social Bond Guidance. Relying on the expertise of a dedicated sustainable finance team and on the strong support of all bankers, Crédit Agricole CIB is one of the most active banks in the green bond market.

For more information, please visit: www.ca-cib.fr

About Engie

Our group is a global reference in low-carbon energy and services. Our purpose (“raison d’être”) is to act to accelerate the transition towards a carbon-neutral world, through reduced energy consumption and more environmentally-friendly solutions, reconciling economic performance with a positive impact on people and the planet. We rely on our key businesses (gas, renewable energy, services) to offer competitive solutions to our customers. With our 170,000 employees, our customers, partners and stakeholders, we are a community of Imaginative Builders, committed every day to more harmonious progress.

Turnover in 2019: 60.1 billion Euros. The Group is listed on the Paris and Brussels stock exchanges (ENGI) and is represented in the main financial indices (CAC 40, DJ Euro Stoxx 50, Euronext 100, FTSE Eurotop 100, MSCI Europe) and non-financial indices (DJSI World, DJSI Europe and Euronext Vigeo Eiris - World 120, Eurozone 120, Europe 120, France 20, CAC 40 Governance).

About Faurecia

Founded in 1997, Faurecia has grown to become a major player in the global automotive industry. With almost 300 sites including 30 R&D centers and 115,500 employees in 37 countries, Faurecia is a global leader in its four areas of business: seating, interiors, Clarion Electronics and clean mobility. Faurecia has focused its technology strategy on providing solutions for the cockpit of the future and sustainable mobility. In 2019, the Group achieved total turnover of 17.8 billion. Faurecia is listed on the Euronext Paris stock exchange and is a component of the CAC Next 20 index.

For more information, please visit: www.faurecia.com


LOGO

 

About Michelin

Michelin, the leading tire company, is dedicated to enhancing its clients’ mobility, sustainably. A global mobility leader, Michelin designs, manufactures and distributes the right tire for every customer need and use, as well as services and solutions that improve the efficiency of transportation systems. Michelin also offers its customers opportunities for unique experiences during their trips and travels. In addition, Michelin is developing high-tech materials for use in a wide variety of applications. Headquartered in Clermont-Ferrand, France, Michelin is present in 170 countries, employs more than 127,000 people and operates 69 tire plants that together produced around 200 million tires in 2019. (www.michelin.com)

About Schneider Electric

At Schneider, we believe access to energy and digital is a basic human right. We empower all to make the most of their energy and resources, ensuring Life Is On everywhere, for everyone, at every moment.

We provide energy and automation digital solutions for efficiency and sustainability. We combine world-leading energy technologies, real-time automation, software and services into integrated solutions for Homes, Buildings, Data Centers, Infrastructure and Industries.

We are committed to unleash the infinite possibilities of an open, global, innovative community that is passionate about our Meaningful Purpose, Inclusive and Empowered values.

www.se.com

 

LOGO  

Suivez-nous sur :

 

  LOGO

About Total

Total is a broad energy company that produces and markets fuels, natural gas and low-carbon electricity. Our 100,000 employees are committed to better energy that is more affordable, more reliable, cleaner and accessible to as many people as possible. Active in more than 130 countries, our ambition is to become the responsible energy major.

Media Relations: +33 1 47 44 46 99 l presse@total.com l @TotalPress

About Wärtsilä

Wärtsilä is a global leader in smart technologies and complete lifecycle solutions for the marine and energy markets. By emphasizing sustainable innovation, total efficiency and data analytics, Wärtsilä maximizes the environmental and economic performance of the vessels and power plants of its customers. In 2019, Wärtsilä’s net sales totaled EUR 5.2 billion with approximately 19,000 employees. The company has operations in over 200 locations in more than 80 countries around the world. Wärtsilä is listed on Nasdaq Helsinki.

Cautionary Note

This press release, from which no legal consequences may be drawn, is for information purposes only. The entities in which TOTAL S.A. directly or indirectly owns investments are separate legal entities. TOTAL S.A. has no liability for their acts or omissions. In this document, the terms “Total”, “Total Group” and Group are sometimes used for convenience. Likewise, the words “we”, “us” and “our” may also be used to refer to subsidiaries in general or to those who work for them.

This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TOTAL S.A. nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise.

EX-99.2 3 d931861dex992.htm EX-99.2 EX-99.2

Exhibit 99.2

 

LOGO

Press Release

Results of the option to receive the final 2019 dividend in shares

Paris, July 14, 2020 – The Shareholders’ Meeting of the Company, held on May 29, 2020, offered the option for shareholders to receive the final 2019 dividend of 0.68 euro per share in cash or in new shares of the Company.

The share price for the new shares to be issued in payment of the final 2019 dividend was set on May 29, 2020 at 28.80 euros. This price is equal to 90% of the average opening prices of the shares on Euronext Paris for the twenty trading days preceding the Shareholders’ Meeting, reduced by the net amount of the final dividend, and rounded up to the nearest euro cent.

The period to exercise the option ran from July 1st to July 10, 2020 included. At the end of the option period, 62% of rights were exercised in favour of receiving the payment for the final 2019 dividend in shares. As a result, 38,063,688 new shares will be issued, representing 1.46% of the Company’s share capital based on the share capital as of June 30, 2020.

The settlement and delivery of the new shares as well as their admission to trading on Euronext Paris will occur on July 16, 2020. The new shares will carry immediate dividend rights and be fully assimilated with existing TOTAL shares.

The cash dividend to be paid to the shareholders who did not elect to receive final 2019 dividend in shares amounts to 663 million euros and the date for the payment in cash is set from July 16, 2020.


About Total

Total is a broad energy Group, which produces and markets fuels, natural gas and low-carbon electricity. Our 100,000 employees are committed to better energy that is safer, more affordable, cleaner and accessible to as many people as possible. Active in more than 130 countries, our ambition is to become the responsible energy major.

* * * * *

Total contacts

Media Relations: +33 1 47 44 46 99 l presse@total.com l @TotalPress

Investors Relations: +44 (0)207 719 7962 l ir@total.com

CAUTIONARY NOTE

This press release, from which no legal consequences may be drawn, is for information purposes only. The entities in which TOTAL S.A. directly or indirectly owns investments are separate legal entities. TOTAL S.A. has no liability for their acts or omissions. In this document, the terms “Total”, “Total Group” and “Group” are sometimes used for convenience. Likewise, the words “we”, “us” and “our” may also be used to refer to subsidiaries in general or to those who work for them.

This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TOTAL S.A. nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise.

EX-99.3 4 d931861dex993.htm EX-99.3 EX-99.3

Exhibit 99.3

 

LOGO

Press Release

Total announces the signing of Mozambique LNG

project financing

Paris, July 17, 2020 – Total announces the signing of a 14.9 B$ senior debt financing agreement for Mozambique LNG. This project is the country’s first onshore LNG development. It includes the development of the Golfinho and Atum natural gas fields located in Offshore Area 1 concession and the construction of a two-train liquefaction plant with a total capacity of 13.1 million tons per annum.

Mozambique LNG represents a total post-FID investment of 20 B$. The project financing amounts to 14.9 B$, the biggest ever in Africa, and includes direct and covered loans from 8 Export Credit Agencies (ECAs), 19 commercial bank facilities, and a loan from the African Development Bank.

The ECAs participating in the financing include Export Import Bank of the United-States (US-Exim), Japan Bank for International Corporation (JBIC), Nippon Export and Investment Insurance (NEXI), UK Export Finance (UKEF), Servizi Assicurativi del Commercio Estero of Italy (SACE), Export Credit Insurance Corporation of South Africa (ECIC), Atradius Dutch State Business (Atradius), Export-Import Bank of Thailand (EXIM Thailand).

The signing of this large-scale project financing, less than one year after Total assumed the role of operator of Mozambique LNG, represents a significant achievement and a major milestone for the project,” declared Jean-Pierre Sbraire, Chief Financial Officer of Total. It demonstrates the confidence placed by the financial institutions in the long-term future of LNG in Mozambique. This key milestone has been reached thanks to the dedication of the Mozambique authorities and the financial partners of the project.

Total E&P Mozambique Area 1 Limitada, a wholly owned subsidiary of Total SA, operates Mozambique LNG with a 26.5% participating interest alongside ENH Rovuma Área Um, S.A. (15%), Mitsui E&P Mozambique Area1 Limited (20%), ONGC Videsh Rovuma Limited (10%), Beas Rovuma Energy Mozambique Limited (10%), BPRL Ventures Mozambique B.V. (10%), and PTTEP Mozambique Area 1 Limited (8.5%).


About Total

Total is a broad energy company that produces and markets fuels, natural gas and low-carbon electricity. Our 100,000 employees are committed to better energy that is safer, more affordable, cleaner and accessible to as many people as possible. Active in more than 130 countries, our ambition is to become the responsible energy major.

* * * * *

Total Contacts

Media Relations: +33 1 47 44 46 99 l presse@total.com l @TotalPress

Investor Relations: +44 (0)207 719 7962 l ir@total.com

Cautionary Note

This press release, from which no legal consequences may be drawn, is for information purposes only. The entities in which TOTAL S.A. directly or indirectly owns investments are separate legal entities. TOTAL S.A. has no liability for their acts or omissions. In this document, the terms “Total”, “Total Group” and Group are sometimes used for convenience. Likewise, the words “we”, “us” and “our” may also be used to refer to subsidiaries in general or to those who work for them.

This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TOTAL S.A. nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise.

EX-99.4 5 d931861dex994.htm EX-99.4 EX-99.4

Exhibit 99.4

 

LOGO

  
  
   LOGO

 

TOTAL becomes a European Company

Paris, July 17, 2020 – TOTAL S.A. announces that it has become TOTAL SE following its registration with the Trade and Companies Register of Nanterre as a European Company, which occurred on July 16, 2020. This registration was approved at the Shareholders’ Meeting, held on of May 29, 2020, and follows negotiations with employees’ representatives in 25 countries of the European Economic Area. On April 15, 2020, the members of the Special Negotiating Body approved and signed an agreement relating to the procedures for the involvement of employees in the European Company.

The Company will now be listed as TOTAL SE on stock markets trading its shares and American Depositary Shares. Its ISIN codes and mnemonics remain unchanged.

About Total

Total is a broad energy company that produces and markets fuels, natural gas and low-carbon electricity. Our 100,000 employees are committed to better energy that is more affordable, more reliable, cleaner and accessible to as many people as possible. Active in more than 130 countries, our ambition is to become the responsible energy major.

* * * * *

Total Contacts

Media Relations: +33 1 47 44 46 99 l presse@total.com l @TotalPress

Investor Relations: +44 (0)207 719 7962 l ir@total.com

Cautionary Note

This press release, from which no legal consequences may be drawn, is for information purposes only. The entities in which TOTAL SE directly or indirectly owns investments are separate legal entities. TOTAL SE has no liability for their acts or omissions. In this document, the terms “Total”, “Total Group” and Group are sometimes used for convenience. Likewise, the words “we”, “us” and “our” may also be used to refer to subsidiaries in general or to those who work for them.

This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TOTAL SE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise.

EX-99.5 6 d931861dex995.htm EX-99.5 EX-99.5

Exhibit 99.5

 

LOGO

Press Release

United Kingdom: Total Sells the Lindsey Refinery

Paris, July 27, 2020 – Total has signed an agreement to sell the Lindsey refinery and its associated logistic assets, as well as all of the related rights and obligations, to the Prax Group.

Located in Immingham (Lincolnshire) in England, the Lindsey refinery has an annual production capacity of 5.4 million tons. This acquisition will make Prax – an independent British group specialising in the trade and sale of oil products and in possession of a growing network of 150 service stations and numerous supply chain assets – more integrated and competitive in the United Kingdom and will secure its local supply.

This transaction is in line with our forward-looking strategy for Total’s European refining base, which involves focusing our investments on integrated refining and petrochemical platforms. Since the sale of our British retail network in 2011, the Lindsey refinery hasn’t been part of Total’s downstream system, it will be put to better use within the Prax Group; an independent player with a growing UK network. After considering several options for the future of the Lindsey site, Total chose the one that best protects local jobs,” commented Bernard Pinatel, President of Total Refining & Chemicals.

The sale should be finalized by the end of the year, once the conditions of the sale have been satisfied.

***

About Total

Total is a broad energy company that produces and markets fuels, natural gas and low-carbon electricity. Our 100,000 employees are committed to better energy that is safer, more affordable, cleaner and accessible to as many people as possible. Active in more than 130 countries, our ambition is to become the responsible energy major.

Total Contacts

Media Relations: +33 1 47 44 46 99 l presse@total.com l @TotalPress

Investor Relations: +44 (0)207 719 7962 l ir@total.com

Cautionary Note

This press release, from which no legal consequences may be drawn, is for information purposes only. The entities in which TOTAL SE directly or indirectly owns investments are separate legal entities. TOTAL SE has no liability for their acts or omissions. In this document, the terms “Total”, “Total Group” and Group are sometimes used for convenience. Likewise, the words “we”, “us” and “our” may also be used to refer to subsidiaries in general or to those who work for them.

This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment.


They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TOTAL SE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise.

EX-99.6 7 d931861dex996.htm EX-99.6 EX-99.6

Exhibit 99.6

 

LOGO

   LOGO

Press Release

Total and Indian Oil Form Joint Company in India

to Offer High-Quality Bitumen Derivatives

Mumbai, July 27, 2020 - Indian Oil Corporation, India’s largest refiner and marketer of petroleum products, and Total, broad energy company with headquarters in Paris, France, announce the formation of a 50:50 Joint Venture (JV) company that will manufacture and market high-quality bitumen derivatives and specialty products for the growing road-building industry in India.

Total is the leading bitumen manufacturer and supplier in Europe, while Indian Oil is the largest player in the Indian bitumen market. The two companies have already an established business relationship in India, notably in LPG and fuel additives businesses.

The new JV will combine the R&D and marketing strengths of both Indian Oil and Total to manufacture and market innovative bitumen formulations and superior quality products such as polymer-modified bitumen, crumb rubber modified bitumen, bitumen emulsions and other specialty products. The JV will set up manufacturing units across the country with cost-effective logistics solutions, keeping innovation, safety and sustainability at the helm of its operations. The JV will also explore possibilities to cater to other South Asian markets.

India is a strategic country for the future of Total and we are delighted by this partnership, yet another testimony of our commitment to this fast-growing market.” highlighted Patrick Pouyanné, Chairman and CEO of Total. “Today, Total is further cementing its longstanding business cooperation with IndianOil, into a strong and sustainable new partnership. With this agreement, we are pursuing the growth of businesses with key Indian energy players, adding to our ongoing developments in renewables, gas and power.”

Shrikant Madhav Vaidya, Chairman of IndianOil said: “The IndianOil-Total joint venture company would combine IndianOil’s credentials as India’s Flagship National Oil Company and the Total’s strength as an International Energy Major. This would cater to B2B customers involved in road infrastructure development, both in the government and private sectors and I am confident that this would start a revolution in road construction activities in the country by providing superior technology products at competitive prices”.

He added: “This joint venture company would bring in latest technologies and formulations for Polymer Modified Bitumen (PMB) and other fast-growing non-conventional derivatives such as Cold Mix & Micro Emulsion, Block Bitumen, etc. to the Indian market. The operations of this JV would commence by taking over an existing plant of Total at Jodhpur and subsequently set up new Greenfield plants”.


The Government of India has a strong focus on developing the country’s road infrastructure with mega projects like the ‘Bharatmala project’ which envisages development of 34,800 km of roads at an estimated investment of over Rs. 5 lakh crore in the first phase (equivalent to approximately 66 billion USD).

The demand for aggregate material and manufactured material for the highway construction and rehabilitation sector in India is very high, especially for good-quality bitumen derivatives. The IndianOil and Total JV will offer high-spec products using sustainable technologies.

About Total

Total is a broad energy company that produces and markets fuels, natural gas and low-carbon electricity. Our 100,000 employees are committed to better energy that is more affordable, more reliable, cleaner and accessible to as many people as possible. Active in more than 130 countries, our ambition is to become the responsible energy major.

About Total in India

With over 900 employees, Total is present in India since 1993. Through its fully owned subsidiary, Total operates in the chemical business (Hutchinson) and is active in LPG for domestic and commercial applications, lubricants for automotive & industrial applications, modified bitumen products and special fluids (Total Oil India Private Limited). The Group has also a growing presence in energy storage (SAFT) and solar energy (Total Solar India Private Limited).

Total’s Technical Center in Mumbai provides value added technical support in the areas of product development, product training and field-testing in Asian market. The Group has also established a Digital Innovation Center located in Pune, in partnership with Tata Consultancy Services (TCS) to develop revolutionary solutions and technologies for its refining activities.

More recently, as part of its strategy to further develop offers for the Indian market, Total has partnered from 2018 with the Adani Group through various joint ventures in Fuels, Gas and Renewables.

About Indian Oil

Indian Oil Corporation Ltd. is Ranked 117th among the world’s largest corporates in Fortune’s ‘Global 500’ listing. IndianOil’s business interests encompass the entire hydrocarbon value chain - from refining, pipeline transportation & marketing, to exploration & production of crude oil & gas, petrochemicals, gas marketing, alternative energy sources and globalization of downstream operations. With over 80 MMTPA refining capacity and 14,670 KM, cross-country pipelines network IndianOil accounts for nearly half of India’s petroleum products market share, with sales of about 89.696 MMT including export in the year 2019-20, through its network of over 55,000 customer touchpoints. IndianOil harbors global aspirations, with subsidiaries in Sri Lanka, Mauritius, the UAE, Singapore, Sweden, USA and The Netherlands. IndianOil has been actively pursuing diverse business interests, setting up over 20 joint ventures with reputed business partners from India and abroad to explore global opportunities.

* * * * *

Total contacts

Media Relations - India : +91 91364 42111 l kanchan.dahiya@total.com

Media Relations Total SE: +33 1 47 44 46 99 l presse@total.com l @TotalPress

Investor Relations: +44 (0)207 719 7962 l ir@total.com

IndianOil contacts

Media Relations : +91 8447744909 l jprasad1@indianoil.in

Cautionary note


This press release, from which no legal consequences may be drawn, is for information purposes only. The entities in which TOTAL SE. directly or indirectly owns investments are separate legal entities. TOTAL SE. has no liability for their acts or omissions. In this document, the terms “Total”, “Total Group” and Group are sometimes used for convenience. Likewise, the words “we”, “us” and “our” may also be used to refer to subsidiaries in general or to those who work for them.

This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TOTAL SE. nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise.

EX-99.7 8 d931861dex997.htm EX-99.7 EX-99.7

Exhibit 99.7

 

LOGO

Press Release

Egypt: Total Announces Gas Discovery

in Shallow Waters

Paris, July 28, 2020 – Total, bp and Eni (as the Operator) have made a gas discovery with the Bashrush well on the North El Hammad license, located eleven kilometers off the Egyptian coast.

The well encountered 102 meters net gas pay in high quality sandstones of the Abu Madi formation. A production test was conducted with flow rates of up to 32 million standard cubic feet of gas per day (MMscf/d), limited by testing facilities. It is estimated that future deliverability per well will be up to 100 MMscf/d, along with up to 800 barrels of condensate per day. Future plans foresee development through tie-in to nearby existing infrastructures.

We are very pleased to announce this discovery in Egypt. These results support our strategy to allocate a significant share of our exploration budget to the search of hydrocarbons in the vicinity of existing infrastructures, said Kevin McLachlan, Senior Vice President Exploration at Total.These resources have low development costs since they can rapidly be tie-in and put into production.

Total holds a working interest of 25% in the North El Hammad license, alongside operator ENI (37.5%) and BP (37.5%).


About Total

Total is a broad energy company that produces and markets fuels, natural gas and low-carbon electricity. Our 100,000 employees are committed to better energy that is safer, more affordable, cleaner and accessible to as many people as possible. Active in more than 130 countries, our ambition is to become the responsible energy major.

* * * * *

Total Contacts

Media Relations: +33 1 47 44 46 99 l presse@total.com l @TotalPress

Investor Relations: +44 (0)207 719 7962 l ir@total.com

Cautionary Note

This press release, from which no legal consequences may be drawn, is for information purposes only. The entities in which TOTAL SE directly or indirectly owns investments are separate legal entities. TOTAL SE has no liability for their acts or omissions. In this document, the terms “Total”, “Total Group” and Group are sometimes used for convenience. Likewise, the words “we”, “us” and “our” may also be used to refer to subsidiaries in general or to those who work for them.

This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TOTAL SE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise.

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/A, File No. 1-10888 available from us at TOTAL SE— Tour Coupole —2, place Jean Millier — Arche Nord Coupole/Regnault — 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-99.8 9 d931861dex998.htm EX-99.8 EX-99.8

Exhibit 99.8

 

LOGO

Press Release  

Short term price revision and Climate Ambition:

Total announces exceptional 8 B$ asset impairments

including 7 B$ in Canadian oil sands

Paris, July 29, 2020- For the calculation of impairment tests of its assets, Total set in 2019 a price scenario with a 2050 Brent price of 50$/b, in line with the “well below 2 °C” scenario of the IEA. This scenario is described in the Universal Registration Document (note 3 of Chapter 8).

Given the drop in the oil price in 2020, Total decided to revise the price assumptions over the next years and selected the following profile for the Brent price: 35$/b in 2020, 40$/b in 2021, 50$/b in 2022, 60$/b in 2023; gas prices have been adjusted accordingly.

For the longer term, Total maintains its analysis that the weakness of investments in the hydrocarbon sector since 2015 accentuated by the health and economic crisis of 2020 will result by 2025 in insufficient worldwide production capacities and a rebound in prices. Beyond 2030, given technological developments, particularly in the transportation sector, Total anticipates oil demand will have reached its peak and Brent prices should tend toward the long-term price of 50$/b, in line with the IEA SDS scenario.

The average Brent price over the period 2020-2050 thus stands at 56.8$2020/b.

As a result of this short-term price revision, Total recognizes in the 2nd quarter 2020 an exceptional asset impairment charge of 2.6 B$, mainly on Canadian oil sands assets for 1.5 B$ and LNG assets in Australia for 0.8 B$, both being giant projects with high construction costs. These limited impacts (less than 2% of Total’s overall assets) reflect the strength of the Group’s balance sheet.

In addition, in line with its new Climate Ambition announced on May 5, 2020, which aims at carbon neutrality, Total has reviewed its oil assets that can be qualified as “stranded”, meaning with reserves beyond 20 years and high production costs, whose overall reserves may therefore not be produced by 2050. The only projects identified in this category are the Canadian oil sands projects Fort Hills and Surmont.

For impairment calculations, Total’s Board of Directors has decided to take into account only proven reserves on these 2 assets – unlike general practice which considers so-called proven and probable reserves. This leads to an additional exceptional asset impairment of 5.5 B$. Consequently, Total will only take into account for its proven and probable reserves in Canada the proved reserves. And the proved and probable reserves life of the Group is thus reduced from 19.0 to 18.5 years. In addition, Total will not approve any new project of capacity increase on these Canadian oil sands assets. Finally, still consistent with the Climate Ambition announced on May 5, 2020, Total decided to withdraw from the Canadian association CAPP considering the misalignment between their public positions and the Group’s ones.


Overall, the exceptional asset impairments that will therefore be taken into account in the 2nd quarter of 2020 amount to 8.1 B$, including 7 B$ on Canadian oil sands assets alone, impacting the gearing ratio of the Group by 1.3%.

About Total

Total is a broad energy Group, which produces and markets fuels, natural gas and low-carbon electricity. Our 100,000 employees are committed to better energy that is safer, more affordable, cleaner and accessible to as many people as possible. Active in more than 130 countries, our ambition is to become the responsible energy major.

* * * * *

Total Contacts

Media Relations: +33 1 47 44 46 99 l presse@total.com l @TotalPress

Investor Relations: +44 (0)207 719 7962 l ir@total.com

Cautionary Note

This press release, from which no legal consequences may be drawn, is for information purposes only. It contains information that was privileged until its release. The entities in which TOTAL SE directly or indirectly owns investments are separate legal entities. TOTAL SE has no liability for their acts or omissions. In this document, the terms “Total”, “Total Group” and Group are sometimes used for convenience. Likewise, the words “we”, “us” and “our” may also be used to refer to subsidiaries in general or to those who work for them.

This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TOTAL SE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise.

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/A, File No. 1-10888 available from us at TOTAL SE — Tour Coupole — 2, place Jean Millier — Arche Nord Coupole/Regnault — 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-99.9 10 d931861dex999.htm EX-99.9 EX-99.9

Exhibit 99.9

 

LOGO

Press Release

Total demonstrates resilience and maintains dividend

in exceptionally weak second quarter environment

 

         
        2Q20     

Change

vs 2Q19

     1H20     

Change    

vs 1H19    

   

Oil price - Brent ($/b)

     29.6      -57%      40.1      -39%    
   

European gas price - NBP ($/Mbtu)

     1.7      -59%      2.4      -54%    
   

Adjusted net income (Group share)1

                     
   

- in billions of dollars (B$)

     0.13      -96%      1.91      -66%    
   

- in dollars per share

     0.02      -98%      0.68      -67%    
   

DACF1 (B$)

     3.6      -49%      8.2      -41%    
   

Cash Flow from operations (B$)

     3.5      -44%      4.8      -52%    
 

Net income (Group share) of -8.4 B$ in 2Q20, considering the exceptional asset impairments of 8.1 B$2

Net-debt-to-capital ratio of 23.6% (excl. leases impact) at June 30, 2020

Hydrocarbon production of 2,846 kboe/d in 2Q20, a decrease of 4% compared to 2Q19

Second 2020 interim dividend set at 0.66 €/share

Paris, July 30, 2020 - Total’s Board of Directors met on July 29, 2020, under the chairmanship of CEO Patrick Pouyanné to approve the Group’s second quarter 2020 financial statements. On this occasion, Patrick Pouyanné said:

« During the second quarter, the Group faced exceptional circumstances: the COVID-19 health crisis with its impact on the global economy and the oil market crisis with Brent falling sharply to 30 $/b on average, gas prices dropping to historic lows and refining margins collapsing due to weak demand.

OPEC+ production restraint, however, has contributed to the market recovery since June, with an average Brent price above 40 $/b. The discipline with which the countries implemented the quotas reduced the Group’s production by close to 100 kboe/d in the second quarter to 2.85 Mboe/d, and the Group now anticipates full-year production in the range of 2.9-2.95 Mboe/d in 2020.

Due to the significant slowdown of the European economy during the lockdown, the Group’s retail networks observed an average decrease in petroleum products demand on the order of 30% during the quarter, and the utilization rate at its European refineries fell to around 60%. However, June saw a rebound of activity in Europe to 90% of pre-crisis levels for the retail networks and 97% for its gas and electricity marketing business.

In this historically difficult context, the Group demonstrates its resilience, reporting $3.6 billion of cash flow, positive adjusted net income and a level of gearing under control. These results are driven in particular by the outperformance of trading activities, once again demonstrating the relevance of Total’s integrated model, and by the effectiveness of the action plan put in place from the start of the crisis, notably the discipline on spend.

Taking into account this resilience, the Board of Directors maintains the second interim dividend at €0.66 per share and reaffirms its sustainability in a 40 $/b Brent environment.

This quarter shows once again the quality of the Group’s portfolio with a breakeven below 25 $/b, benefiting from the strategy to focus on assets with low production costs, notably in the Middle East. Active portfolio management continues with the sale of non-operated assets in Gabon and the Lindsey refinery in the United Kingdom.

In the midst of these short-term challenges, the Group is resolutely implementing its new climate ambition, announced on May 5, 2020 with the entry into a giant offshore wind project in the North Sea as well as the acquisition in Spain of a portfolio of 2.5 million residential gas and electricity customers plus electricity generation capacity. Investments in low-carbon electricity will be close to 2 B$ and account for nearly 15% of Capex in 2020. In line with this ambition, the Group reviewed the assets that could have been qualified as “stranded assets”. The only assets concerned are the Canadian oil sands projects and the Board of Directors has decided to impair these assets in Canada for $7 billion2

 

                                                         

1 Definition page 2

2 cf press release published on July 29, 2020

 

1


Highlights3

 

 

New Climate Ambition to achieve carbon neutrality by 2050

 

Joined the “Coalition for the Energy of the Future” with 10 major partners to accelerate the energy transition of transportation and logistics

 

Joined the “Getting to Zero Coalition” to contribute to the shipping industry’s decarbonization

 

Investment decision for the Northern Lights project in Norway for the transport and storage of CO2

 

 

Signed the external financing agreement for the Mozambique LNG project for $14.9 billion, the largest project financing in Africa

 

Extension of the LNG supply contract with Sonatrach for 2 Mt/y

 

Agreement with SSE Renewables to acquire a 51% stake in the 1,140 MW offshore wind project in the Scottish North Sea

 

Acquisition of EDP’s portfolio of 2.5 million residential customers and two natural gas-fired combined-cycle power plants, with a combined capacity of nearly 850 megawatts

 

 

Started up the second FPSO on the deep-offshore Iara field in Brazil

 

Discovery of Bashrush gas field in Egypt on North El Hammad permit

 

Third discovery (Kwaskwasi) on block 58 in Surinam

 

Sale of the portfolio of mature and non-operated assets in Gabon

 

 

Sale of the Lindsey refinery in the United Kingdom

 

Creation of a 50:50 JV with IndianOil to manufacture and market high-quality bitumen derivatives

 

 

Adoption by the Group of statutes to become a European Company

Key figures4

 

    2Q20      1Q20      2Q19     

    2Q20    

vs
2Q19

    

In millions of dollars, except effective tax rate,

earnings per share and number of shares

     1H20      1H19   

1H20    

vs    

1H19    

           821      2,300      3,589      -77%     

Adjusted net operating income from business segments

     3,121      7,002    -55%    
  (209)      703      2,022      ns     

    Exploration & Production

     494      3,744    -87%    
  326      913      429      -24%     

    Integrated Gas, Renewables & Power

     1,239      1,021    +21%    
  575      382      715      -20%     

    Refining & Chemicals

     957      1,471    -35%    
  129      302      423      -70%     

    Marketing & Services

     431      766    -44%    
  11      658      457      -98%     

Contribution of equity affiliates to adjusted net income

     669      1,071    -38%    
  -6.8%      30.0%      33.0%            

Group effective tax rate5

     24.3%      36.9%     
  126      1,781      2,887      -96%     

Adjusted net income (Group share)

     1,907      5,646    -66%    
  0.02      0.66      1.05      -98%     

Adjusted fully-diluted earnings per share (dollars)6

     0.68      2.07    -67%    
  0.02      0.60      0.94      -98%     

Adjusted fully-diluted earnings per share (euros)**

     0.62      1.84    -66%    
  2,598      2,601      2,625      -1%     

Fully-diluted weighted-average shares (millions)

     2,598      2,622    -1%    
                                                  
  (8,369)      34      2,756      ns     

Net income (Group share)

     (8,335)      5,867    ns    
                                                  
  2,201      2,523      3,028      -27%     

Organic investments7

     4,724      5,811    -19%    
  721      1,102      402      +79%     

Net acquisitions8

     1,823      709    x2.6    
  2,922      3,625      3,430      -15%     

Net investments9

     6,547      6,520    -    
  3,148      4,016      6,707      -53%     

Operating cash flow

before working capital changes10

     7,164      12,740    -44%    
  3,647      4,528      7,208     

-49%

    

Operating cash flow before working capital changes w/o financial charges (DACF)11

     8,175      13,744    -41%    
  3,479      1,299      6,251      -44%     

Cash flow from operations

     4,778      9,880    -52%    

From 2019, data take into account the impact of the new rule IFRS16 “Leases”, effective January 1, 2019.

* Average €-$ exchange rate: 1.1014 in the second quarter 2020 and 1.1020 in the first half 2020.

                                               

3 Certain transactions referred to in the highlights are subject to approval by authorities or to other conditions as per the agreements.

4 Adjusted results are defined as income using replacement cost, adjusted for special items, excluding the impact of changes for fair value; adjustment items are on page 12.

5 Tax on adjusted net operating income / (adjusted net operating income – income from equity affiliates – dividends received from investments – impairment of goodwill + tax on adjusted net operating income).

6 In accordance with IFRS rules, adjusted fully-diluted earnings per share is calculated from the adjusted net income less the interest on the perpetual subordinated bond

7 Organic investments = net investments excluding acquisitions, asset sales and other operations with non-controlling interests.

8 Net acquisitions = acquisitions – assets sales – other transactions with non-controlling interests (see page 12).

9 Net investments = Organic investments + net acquisitions (see page 12).

10 Operating cash flow before working capital changes, is defined as cash flow from operating activities before changes in working capital at replacement cost, and effective second quarter 2019 including organic loan repayments from equity affiliates, and effective first quarter 2020 including capital gain from renewable projects sale. The inventory valuation effect is explained on page 14. The reconciliation table for different cash flow figures is on page 12.

11DACF = debt adjusted cash flow, is defined as operating cash flow before working capital changes and financial charges.

 

2


Key figures of environment and Group production

 

  >  

Environment* – liquids and gas price realizations, refining margins

 

      2Q20      1Q20      2Q19     

2Q20

vs
2Q19

           1H20      1H19     

1H20    

vs    
1H19    

    
   29.6      50.1      68.9      -57%   

Brent ($/b)

     40.1      66.0      -39%      
   1.8      1.9      2.5      -30%   

Henry Hub ($/Mbtu)

     1.8      2.7      -33%      
   1.7      3.1      4.1      -59%   

NBP ($/Mbtu)

     2.4      5.2      -54%      
     2.1      3.6      4.9      -57%   

JKM ($/Mbtu)

     2.9      5.8      -50%        
   23.4      44.4      63.7      -63%   

Average price of liquids ($/b)

Consolidated subsidiaries

     33.8      61.2      -45%      
   2.61      3.35      3.82      -32%   

Average price of gas ($/Mbtu)

Consolidated subsidiaries

     2.99      4.16      -28%      
     4.40      6.32      5.69      -23%   

Average price of LNG ($/Mbtu)

Consolidated subsidiaries and equity affiliates

     5.42      6.42      -16%        
                                                         
     14.3      26.3      27.6      -48%   

Variable cost margin - Refining Europe, VCM ($/t)

     21.0      30.6      -31%        

* The indicators are shown on page 15.

The average LNG sales price fell by 30% in the second quarter 2020 compared to the previous quarter. The share of volumes sold at spot prices increased in the second quarter 2020 compared to the first quarter of 2020 due to deferrals of LNG liftings by long-term contract buyers, while the average selling price of long-term LNG contracts LNG terms decreased by only 16% due to the delayed impact of lower oil prices.

 

  >  

Production*

 

      2Q20      1Q20      2Q19     

2Q20

vs

2Q19

           1H20      1H19     

1H20    

vs    

1H19    

    
     2,846      3,086      2,957      -4%   

Hydrocarbon production (kboe/d)

     2,966      2,951      -        
   1,315      1,448      1,407      -7%   

            Oil (including bitumen) (kb/d)

     1,381      1,416      -2%      
   1,531      1,638      1,549      -1%   

            Gas (including condensates and associated NGL) (kboe/d)

     1,584      1,535      +3%      
                                                         
     2,846      3,086      2,957      -4%   

Hydrocarbon production (kboe/d)

     2,966      2,951      -        
   1,553      1,699      1,624      -4%   

            Liquids (kb/d)

     1,626      1,627      -      
     7,045      7,560      7,309      -4%   

            Gas (Mcf/d)**

     7,302      7,238      +1%        

* Group production = EP production + iGRP production.

** 2Q19 and 1H19 data restated

Hydrocarbon production was 2,846 thousand barrels of oil equivalent per day (kboe/d) in the second quarter 2020, a decrease of 4% year-on-year, comprised of:

 

-5% due to OPEC+ quotas, notably in the United Arab Emirates, Nigeria, Angola and Kazakhstan, as well as voluntary reductions in Canada and disruptions in Libya.

 

-1% due to gas demand in the context of the pandemic.

 

+1% due to lower prices.

 

+4% due to the start-up and ramp-up of new projects, notably Culzean in the United Kingdom, Johan Sverdrup in Norway, Iara in Brazil and Tempa Rossa in Italy.

 

-3% due to the natural decline of fields.

 

3


Analysis of business segments

Integrated Gas, Renewables & Power (iGRP)

 

  >  

Liquefied natural gas (LNG) production and sales and low carbon electricity

 

      2Q20      1Q20      2Q19     

2Q20

vs
2Q19

   Hydrocarbon production for LNG      1H20        1H19     

1H20      

vs      
1H19      

     520      552      559      -7%   

iGRP (kboe/d)

     536      538      -      
   66      73      73      -10%   

        Liquids (kb/d)

     69      70      -      
     2,471      2,611      2,680      -8%   

        Gas (Mcf/d)*

     2,541      2,570      -1%      
                                                     
      2Q20      1Q20      2Q19      2Q20
vs
2Q19
   Liquefied Natural Gas in Mt      1H20      1H19     

1H20      

vs      
1H19      

     10.4      9.8      8.5      +22%   

Overall LNG sales

     20.2      16.3      +24%      
   4.3      4.7      4.1      +7%   

        incl. Sales from equity production**

     9.0      7.8      +15%      
     8.7      7.8      6.7      +29%   

        incl. Sales by Total from equity production and third party purchases

     16.5      12.7      +30%      

* 2Q19 and 1H19 data restated

** The Group’s equity production may be sold by Total or by the joint ventures.

 

      2Q20      1Q20      2Q19     

2Q20

vs
2Q19

   Low carbon electricity      1H20      1H19     

1H20      

vs      
1H19      

     5.1      3.0      2.6      +97%    Gross renewables installed capacity (GW)*      5.1      2.6      +97%      
     2.9      2.9      2.4      +23%    Net low carbon power production (TWh)**      5.9      5.0      +16%      
     5.9      5.9      5.5      +7%    Clients gas and power - BtB and BtC (Million)*      5.9      5.5      +7%      
     26.7      47.8      27.4      -3%    Sales gas and power - BtB and BtC (TWh)      74.5      75.3      -1%      

* Capacity at end of period.

** Solar, wind, biogas, hydroelectric and CCGT plants.

Hydrocarbon production for LNG was stable in the first half compared to last year.

Total LNG sales increased by 22% in the second quarter compared to last year, notably due to an increase in trading activities. For the first half, total sales increased by 24% year-on-year for the same reason and thanks to the ramp-up of Yamal LNG and Ichthys plus the start-up of the first two Cameron LNG trains in the US.

Gross installed renewable power generation capacity rose to 5.1 GW in the second quarter, a strong 97% increase year-on-year, notably thanks to the acquisition in India of 50% of a portfolio of more than 2 GW from the Adani Group.

The Group continues to implement its strategy to integrate along the gas and electricity chain in Europe and has seen the number of its gas and electricity customers grow during the quarter to 5.9 million, a 7% increase compared to a year ago. Sales of gas and electricity decreased by 3%, impacted by lower demand linked to the lockdown in Europe.

 

4


  >  

Results

 

    2Q20    

 

  

    1Q20    

 

  

    2Q19    

 

  

2Q20

vs
2Q19

    

In millions of dollars

 

    

        1H20        

 

    

        1H19        

 

    

1H20

vs
1H19

    
326    913    429    -24%      Adjusted net operating income*      1,239      1,021      +21%  
(69)    248    195    ns     

including income from equity affiliates

     179      450      -60%    
                 
                                                
                 
618    646    442    +40%      Organic investments      1,264      935      +35%    
                 
433    1,137    159    x2.7      Net acquisitions      1,570      559      x2.8    
                 
1,051    1,783    601    +75%      Net investments      2,834      1,494      +90%    
                 
                                                
                 
555    852    869    -36%      Operating cash flow before working capital changes **      1,407      1,479      -5%    
                 
1,389    (489)    641    x2.2      Cash flow from operations **      900      1,533      -41%    

* Detail of adjustment items shown in the business segment information annex to financial statements.

** Excluding financial charges, except those related to leases.

Adjusted net operating income for the iGRP segment was $326 million in the second quarter 2020, down 24% year-on-year and operating cash flow before working capital changes decreased by 36% in the same period to $555 million. The results are mainly due to the sharp drop in gas prices compared to the second quarter 2019.

In the first half 2020, adjusted net operating income for the iGRP segment was $1,239 million, an increase of 21% compared to last year, notably due to the strong 24% growth in LNG sales.

Exploration & Production

 

  >  

Production

 

    2Q20    

 

  

    1Q20    

 

 

    2Q19    

 

  

2Q20

vs
2Q19

    

Hydrocarbon production

 

    

        1H20        

 

    

        1H19        

 

    

    1H20    

vs

1H19

               
2,326    2,534   2,398    -3%      EP (kboe/d)      2,430      2,413      +1%    
               
1,487    1,626   1,551    -4%     

Liquids (kb/d)

     1,557      1,557      -
4,574    4,949   4,629    -1%     

Gas (Mcf/d)

     4,761      4,668      +2%
    >    Results

    2Q20    

 

  

    1Q20    

 

 

    2Q19    

 

  

2Q20

vs
2Q19

    

In millions of dollars, except effective tax rate

 

    

1H20

 

    

1H19

 

    

1H20

vs

1H19

               
(209)    703   2,022    ns      Adjusted net operating income*      494      3,744      -87%
48    390   239    -80%     

including income from equity affiliates

     438      452      -3%
               
56.6%    59.6%   39.5%           Effective tax rate**      69.6%      44.0%       
               
                                           
               
1,112    1,572   1,995    -44%      Organic investments      2,684      3,953      -32%
               
311    (6)   204    +52%      Net acquisitions      305      242      +26%
               
1,423    1,566   2,199    -35%      Net investments      2,989      4,195      -29%
               
                                           
               
1,810    2,576   4,882    -63%      Operating cash flow before working capital changes ***      4,386      9,128      -52%
               
910    3,923   3,768    -76%      Cash flow from operations ***      4,833      7,704      -37%

* Details on adjustment items are shown in the business segment information annex to financial statements.

** Tax on adjusted net operating income / (adjusted net operating income - income from equity affiliates - dividends received from investments - impairment of goodwill + tax on adjusted net operating income).

*** Excluding financial charges, except those related to leases.

Exploration & Production adjusted net operating loss was $209 million in the second quarter compared to adjusted net operating income of $2,022 million a year ago due to the sharp drop in oil and gas prices and lower production. Operating cash flow before working capital changes was $1,810 million in the second quarter compared to $4,882 million a year earlier for the same reasons.

Exploration & Production adjusted net operating income fell to $494 million in the first half 2020 from $3,744 million in the first half 2019 due to the sharp drop in oil and gas prices. Operating cash flow before working capital changes was $4,386 million compared to $9,128 million in the first half 2019.

 

5


Downstream (Refining & Chemicals and Marketing & Services)

 

  >  

Results

 

    2Q20            1Q20            2Q19       

2Q20

vs
2Q19

   In millions of dollars            1H20                    1H19           

1H20

vs
        
1H19        

               
704    684    1,138    -38%    Adjusted net operating income*    1,388    2,237    -38%
               
                                    
               
457    277    557    -18%    Organic investments    734    876    -16%  
(20)    (30)    38    ns   

Net acquisitions

   (50)    (93)    ns
               
437    247    595    -27%    Net investments    684    783    -13%
               
                                    
               
1,488    1,064    1,432    +4%    Operating cash flow before working capital changes **    2,552    3,118    -18%
               
1,899    (1,582)    2,269    -16%    Cash flow from operations **    317    1,963    -84%

* Detail of adjustment items shown in the business segment information annex to financial statements.

** Excluding financial charges, except those related to leases.

Refining & Chemicals

 

  >  

Refinery and petrochemicals throughput and utilization rates

 

    2Q20            1Q20            2Q19       

2Q20

vs
2Q19

     Refinery throughput and utilization rate*              1H20                    1H19           

        1H20        

vs
1H19

1,249    1,444    1,595      -22%      Total refinery throughput (kb/d)      1,347    1,729    -22%  
205    255    447      -54%     

France

     230    520    -56%
595    756    679      -12%     

Rest of Europe

     676    751    -10%
449    433    469      -4%     

Rest of world

     441    458    -4%
               
59%    69%    77%             Utlization rate based on crude only**      64%    83%     

* Includes refineries in Africa reported in the Marketing & Services segment.

** Based on distillation capacity at the beginning of the year.

 

    2Q20            1Q20            2Q19       

2Q20

vs
2Q19

   Petrochemicals production and utilization rate              1H20                    1H19           

1H20

vs
        
1H19        

               
1,391    1,386    993    +40%    Monomers* (kt)      2,778    2,386    +16%  
1,193    1,202    1,127    +6%    Polymers (kt)      2,395    2,424    -1%
               
84%    83%    64%         Vapocracker utilization rate**      83%    75%     

* Olefins.

** Based on olefins production from steamcrackers and their treatment capacity at the start of the year.

Refinery throughput volumes decreased by 22% in the second quarter and in the first half of 2020 year-on-year, mainly due to prolonging the planned shutdown at Feyzin in France, the decision to not restart Grandpuits after a major turnaround given the drop in demand and the shutdown of the distillation unit at the Normandy platform following an incident at the end of 2019.

Monomer production was:

   

Up by a strong 40% in the second quarter compared to a year ago. In the second quarter 2019, it was 993 kt due to planned maintenance on the steamcrackers at Daesan in South Korea and Port Arthur in the United States.

   

Up 16% in the first half for the same reasons.

Polymer production was:

   

Up 6% in the second quarter 2020 compared to a year ago. It was 1,127 kt in the second quarter 2019 due to planned maintenance of the steamcracker upstream of the polymer units at Daesan in South Korea.

   

Stable in the first half for the same reasons and taking into account the closure of the polystyrene site at El Prat in Spain and the planned maintenance at the Qatofin platform in Qatar in the first quarter 2020.

 

6


  >  

Results

 

     2Q20    1Q20    2Q19   

2Q20

vs

2Q19

   In millions of dollars            1H20                    1H19           

    1H20    

vs

1H19

                 
    575    382    715    -20%    Adjusted net operating income*    957    1,471    -35%  
                 
                                        
                 
    302    168    353    -14%    Organic investments    470    593    -21%
                 
    (15)    (36)    (58)    ns    Net acquisitions    (51)    (182)    ns
                 
    287    132    295    -3%    Net investments    419    411    +2%
                 
                                        
                 
    996    674    806    +24%    Operating cash flow before working capital changes **    1,670    1,910    -13%
                 
    1,080    (1,183)    1,658    -35%    Cash flow from operations **    (103)    1,120    ns

* Detail of adjustment items shown in the business segment information annex to financial statements.

** Excluding financial charges, except those related to leases.

Refining & Chemicals adjusted net operating income decreased by 20% to $575 million in the second quarter 2020 compared to a year ago. The decrease was notably due to an even more severely degraded refining margin environment in the second quarter and low plant utilization of 59%, partially offset by resilient petrochemical margins and outperformance of the trading activities.

Operating cash flow before working capital changes was $996 million in the second quarter of 2020, up 24% year-on-year for the reasons above as well as the receipt in the second quarter of the dividend from HTC.

In the first half 2020, Refining & Chemicals adjusted net operating income was $1 billion, down 35% compared to a year ago, and operating cash flow before working capital changes decreased by 13% to $1.7 billion. This decrease was notably linked to the degraded refining margin environment in the first half and to the weak plant utilization rate of 64%, partially offset by resilient petrochemical margins and very good performance of the trading activities.    

Marketing & Services

 

  >  

Petroleum product sales

 

     2Q20    1Q20    2Q19   

2Q20

vs

2Q19

   Sales in kb/d*            1H20                    1H19           

1H20

vs

    1H19    

   

1,301

   1,656    1,860    -30%    Total Marketing & Services sales    1,478    1,848    -20%
 

740

   906    1,004    -26%   

Europe

   823    1,008    -18%
   

561

   750    856    -34%   

Rest of world

   656    840    -22%

* Excludes trading and bulk refining sales

Petroleum product sales volumes fell by 30% in the quarter and by 20% in the first half year-on-year notably due to the impact of the lockdown on demand.    

 

  >  

Results

 

     2Q20    1Q20    2Q19   

2Q20

vs

2Q19

   In millions of dollars            1H20                    1H19           

    1H20    

vs

1H19

                 
    129    302    423    -70%    Adjusted net operating income*    431    766    -44%
                 
                                        
                 
    155    109    204    -24%    Organic investments    264    283    -7%
                 
    (5)    6    96    ns    Net acquisitions    1    89    -99%
                 
    150    115    300    -50%    Net investments    265    372    -29%
                 
                                        
                 
    492    390    626    -21%    Operating cash flow before working capital changes **    882    1,208    -27%
                 
    819    (399)    611    +34%    Cash flow from operations **    420    843    -50%

* Detail of adjustment items shown in the business segment information annex to financial statements.

** Excluding financial charges, except those related to leases

Adjusted net operating income was $129 million in the second quarter 2020, a drop of 70% due to the decrease in volumes. It decreased by 44% in the first half compared to last year for the same reason.    

Operating cash flow before working capital changes was $492 million in the second quarter 2020 and $882 million in the first half.

 

7


Group results

 

  >  

Adjusted net operating income from business segments

Adjusted net operating income from the business segments was:

   

$821 million in the second quarter 2020, a decrease of 77% compared to a year ago due to lower Brent prices, natural gas prices and refining margins as well as the impact of the Covid-19 crisis on demand.

   

$3,121 million in the first half 2020, a decrease of 55% year-on-year for the same reasons.

 

  >  

Adjusted net income (Group share)

Adjusted net income (Group share) was:

   

$126 million in the second quarter 2020, compared to $2,887 million a year ago due to lower Brent prices, natural gas prices and refining margins as well as the impact of the Covid-19 crisis on demand.

   

$1,907 million in the first half 2020 for the same reasons.

Adjusted net income excludes the after-tax inventory effect, special items and the impact of effects of changes in fair value9.

Total net income adjustments10 were -$8,495 million in the second quarter 2020, including -$8,101 million for impairments.

The effective tax rate for the Group was -6.8% in the second quarter 2020, compared to 30% in the previous quarter. The negative rate is explained by the adjusted net operating loss in Exploration & Production, which has a high tax rate, and was not offset by the positive results in the Downstream, which has a lower tax rate.    

 

  >  

Adjusted fully-diluted earnings per share

Adjusted earnings per share was:

   

$0.02 in the second quarter 2020, calculated on the basis of a weighted average of 2,598 million fully-diluted shares, compared to $1.05 in the same period last year.

   

$0.68 in the first half 2020, calculated on the basis of a weighted average of 2,598 million fully-diluted shares, compared to $2.07 in the same period last year.

The number of fully-diluted shares was 2,605 million on June 30, 2020.

 

  >  

Acquisitions - asset sales

Acquisitions were:

   

$857 million in the second quarter 2020, comprised notably of finalizing the acquisition in India of 50% of a portfolio of installed solar activities from Adani Green Energy Limited as well as the acquisition of interests in Blocks 20 and 21 in Angola.

   

$2.5 billion in the first half 2020, comprised of the elements above as well as the finalization of the acquisition of 37.4% of Adani Gas Limited in India and the payment for a second tranche linked to taking the 10% stake in the Arctic LNG 2 project in Russia.

Asset sales were:

   

$136 million in the second quarter 2020.

   

$678 million in the first half 2020, comprised notably of the sales of Block CA1 in Brunei, the Group’s interest in the Fos Cavaou regasification terminal in France, and 50% of a portfolio of solar and wind assets from Total Quadran in France.

 

  >  

Net cash flow

Net cash flow11 for the Group was:

   

$226 million in the second quarter 2020 compared to $3.3 billion a year ago due to the decrease in operating cash flow before working capital changes in the context of sharply lower oil and gas prices. It remains positive thanks to the decrease in net investments.

   

$0.6 billion in the first half 2020 compared to $6.2 billion year-on-year due to the decrease in operating cash flow before working capital changes of $5.6 billion in the context of sharply lower oil and gas prices.

 

                                                                 

9 Adjustment items shown on page 12.

10 Details shown on page 12 and in the appendix to the financial statements.

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

 

8


  >  

Profitability

The return on equity was 7.5% for the twelve months ended June 30, 2020.

 

In millions of dollars

  

July 1, 2019

June 30, 2020

 

            

  

April 1, 2019

March 31, 2020

 

            

  

July 1, 2018

June 30, 2019

 

            

             

Adjusted net income

   8,214        11,079        13,125    
             

Average adjusted shareholders’ equity

   109,448        113,607        117,787    
             

Return on equity (ROE)

   7.5%        9.8%        11.1%    

The return on average capital employed was 7% for the twelve months ended June 30, 2020.

 

In millions of dollars

  

July 1, 2019

June 30, 2020

 

            

  

April 1, 2019

March 31, 2020

 

            

  

July 1, 2018

June 30, 2019

 

            

             

Adjusted net operating income

   10,125        13,032        15,087    
             

Average capital employed

   145,621        150,418        145,247    
             

ROACE

   7.0%        8.7%        10.4%    

Total SE accounts

Net income for Total SE, the parent company, was 4,710 million in the first half 2020 compared to 6,282 million a year ago.

2020 Sensitivities*

 

       
              Change           

Estimated impact on
adjusted

net operating income

 

  

    Estimated impact on    
cash flow from
operations

 

Dollar

   +/- 0.1 $ per     -/+ 0.1 B$    ~0 B$

Average liquids price**

   +/- 10 $/b    +/- 2.9 B$    +/- 3.3 B$

European gas price - NBP ($/Mbtu)

   +/- 1 $/Mbtu    +/- 0.35 B$    +/- 0.35 B$

Variable cost margin, European refining (VCM)

   +/- 10 $/t    +/- 0.5 B$    +/- 0.6 B$

* Sensitivities are revised once per year upon publication of the previous year’s fourth quarter results. Sensitivities are estimates based on assumptions about the Group’s portfolio in 2020. Actual results could vary significantly from estimates based on the application of these sensitivities. The impact of the $-€ sensitivity on adjusted net operating income is essentially attributable to Refining & Chemicals. Please find the indicators detailed page 15.

** In a 60 $/b Brent environment.

 

9


Summary and outlook

Oil prices strengthened since the beginning of June, reaching around 40 $/b, benefiting from strong compliance with the OPEC+ quotas and the decline of hydrocarbon production in the United States and Canada as well as a recovery in demand.

The oil environment, however, remains volatile, given the uncertainty around the extent and speed of the global economic recovery post-Covid-19.

The Group demonstrates discipline in the implementation of its 2020 action plan:

 

  -

Net investments below $14 billion,

 

  -

Savings of $1 billion on operating costs compared to 2019.

Total will continue to profitably grow in low carbon electricity, particularly in renewables, with close to $2 billion of investments in 2020.

In LNG, Total anticipates significant deferred liftings in the third quarter and expects the decline in oil prices observed in the second quarter to have an impact on long-term LNG contract prices in the second half of the year.

Considering the implementation of the OPEC+ quotas and the situation in Libya, the Group now expects 2020 production to be between 2.9 Mboe/d and 2.95 Mboe/d, with a low point in the third quarter during the summer season. The ramp up of Iara’s second FPSO in Brazil will contribute to production growth in the last part of the year. In the Downstream, high inventory levels continue to weigh on refining margins and utilization rates. In Marketing, activity in Europe returned to 90% of its pre-crisis level since June and the Group anticipates that it will remain at a comparable level in the coming months.

The Group’s priority is to generate a level of cash flow that allows it to continue to invest in profitable projects, to preserve an attractive shareholder return and to maintain a strong balance sheet. To this end, the Group’s teams are focused on the four priorities of HSE, operational excellence, cost reduction and cash flow generation.

* * * * *

To listen to the presentation by CEO Patrick Pouyanné and CFO Jean-Pierre Sbraire today at 12:30 (London time) please log on to total.com or call +44 (0) 207 192 8338 in Europe or +1 646 741 3167 in the United States (code: 7891345). To listen to the replay, please consult the website or call +44 (0) 333 300 9785 in Europe or +1 (917) 677 7532 in the United States (code: 7891345).

* * * * *

Total contacts

 

Media Relations:

  

+33 1 47 44 46 99 l presse@total.com l @TotalPress

Investors Relations:    

  

+44 (0) 207 719 7962 l ir@total.com

 

10


Operating information by segment

 

  >  

Group production (Exploration & Production + iGRP)

 

2Q20    1Q20    2Q19   

2Q20

vs

2Q19

  

Combined liquids and gas

production by region (kboe/d)

       1H20            1H19       

1H20

vs

1H19

1,032    1,097    997    +3%    Europe and Central Asia    1,064    993    +7%
653    701    686    -5%    Africa    677    691    -2%
641    681    703    -9%    Middle East and North Africa    661    695    -5%
314    372    358    -12%    Americas    343    365    -6%
206    235    214    -4%    Asia-Pacific    220    207    +6%
               
2,846    3,086    2,957    -4%    Total production    2,966    2,951    -
699    753    750    -7%   

includes equity affiliates

   726    730    -
                    
2Q20    1Q20    2Q19   

2Q20

vs

2Q19

   Liquids production by region (kb/d)    1H20    1H19   

1H20

vs

1H19

381    404    328    +16%    Europe and Central Asia    392    340    +15%
514    555    549    -6%    Africa    534    545    -2%
494    516    546    -9%    Middle East and North Africa    505    534    -5%
127    178    160    -20%    Americas    153    168    -9%
37    47    41    -10%    Asia-Pacific    42    40    +5%
               
1,553    1,699    1,624    -4%    Total production    1,626    1,627    -
199    214    225    -12%   

includes equity affiliates

   207    221    -6%
                    
2Q20    1Q20    2Q19   

2Q20

vs

2Q19

   Gas production by region (Mcf/d)    1H20    1H19   

1H20

vs

1H19

3,506    3,734    3,639    -4%    Europe and Central Asia    3,620    3,532    +2%
706    746    703    -    Africa*    726    749    -3%
818    912    866    -6%    Middle East and North Africa    865    885    -2%
1,047    1,092    1,107    -5%    Americas    1,069    1,104    -3%
968    1,076    994    -3%    Asia-Pacific*    1,022    968    +6%
               
7,045    7,560    7,309    -4%    Total production*    7,302    7,238    +1%
               
2,698    2,905    2,868    -6%   

includes equity affiliates*

   2,802    2,762    +1%
* 2Q19 and 1H19 data restated
    >     Downstream (Refining & Chemicals and Marketing & Services)

 

    2Q20         1Q20        2Q19     

2Q20

vs

2Q19

   Petroleum product sales by region (kb/d)        1H20            1H19       

1H20

vs

1H19

1,449    1,771    2,018    -28%    Europe    1,610    2,020    -20%
463    683    751    -38%    Africa    573    705    -19%
861    766    846    +2%    Americas    814    842    -3%
433    444    536    -19%    Rest of world    439    576    -24%
3,208    3,663    4,152    -23%    Total consolidated sales    3,435    4,143    -17%
366    497    535    -32%   

Includes bulk sales

   432    546    -21%
1,541    1,510    1,757    -12%   

Includes trading

   1,525    1,749    -13%
                    
2Q20    1Q20    2Q19   

2Q20

vs

2Q19

   Petrochemicals production* (kt)    1H20    1H19   

1H20

vs

1H19

1,275    1,272    1,318    -3%    Europe    2,547    2,734    -7%
637    664    475    +34%    Americas    1,301    1,089    +19%
672    652    327    x2.1    Middle-East and Asia    1,324    987    +34%

* Olefins, polymers

 

11


Adjustment items to net income (Group share)

 

             

    2Q20    

       1Q20            2Q19        In millions of dollars        1H20            1H19          
             
  (8,321)    (334)    (56)    Special items affecting net income (Group share)    (8,655)    (70)     
-    -    -   

Gain (loss) on asset sales

   -    -   
(20)    (80)    (31)   

Restructuring charges

   (100)    (33)   
(8,101)    -    (57)   

Impairments

   (8,101)    (57)   
(200)    (254)    32   

Other

   (454)    20     
             
(94)    (1,414)    (28)    After-tax inventory effect : FIFO vs. replacement cost    (1,508)    360     
(80)    1    (47)    Effect of changes in fair value    (79)    (69)   
                               
             
(8,495)    (1,747)    (131)    Total adjustments affecting net income    (10,242)    221     

Investments - Divestments

 

                 

    2Q20    

       1Q20            2Q19       

2Q20

vs
2Q19

   In millions of dollars          1H20              1H19       

1H20

vs
1H19

     
2,201    2,523    3,028    -27%    Organic investments ( a )    4,724    5,811    -19%   
162    135    185    -12%   

capitalized exploration

   297    417    -29%   
733    279    370    +98%   

increase in non-current loans

   1,012    500    x2   
(58)    (117)    (254)    ns   

repayment of non-current loans, excluding organic loan repayment from equity affiliates*

   (175)    (388)    ns   
(47)    (105)    -    ns   

change in debt from renewable projects (Group share)

   (152)    -    ns   
                 
857    1,644    614    +40%    Acquisitions ( b )    2,501    1,284    +95%     
136    542    212    -36%    Asset sales ( c )    678    575    +18%   
22    61    -    ns    change in debt from renewable projects (partner share)    83    -    ns   
                 
-    -    -    ns    Other transactions with non-controlling interests ( d )    -    -    ns     
                 
2,922    3,625    3,430    -15%    Net investments ( a + b - c - d )    6,547    6,520    -     
                 
(41)    7    (99)    ns    Organic loan repayment from equity affiliates* ( e )    (34)    (99)    ns     
                 
69    166    -    ns    Change in debt from renewable projects financing ** ( f )    235    -    ns     
                 
22    24    -    ns    Capex linked to capitalized leasing contracts ( g )    46    -    ns     
                 
2,928    3,774    3,331    -12%    Cash flow used in investing activities ( a + b - c + e + f -g)    6,702    6,421    +4%     

* Effective second quarter 2019, organic loan repayments from equity affiliates are defined as loan repayments from equity affiliates coming from their cash flow from operations.

** Change in debt from renewable projects (Group share and partner share).

Cash flow

 

  2Q20  

     1Q20        2Q19     

2Q20

vs
2Q19

   In millions of dollars        1H20            1H19       

1H20

vs

1H19

     
3,647    4,528    7,208    -49%    Operating cash flow before working capital changes w/o financials charges (DACF)    8,175    13,744    -41%   
(499)    (512)    (501)    ns   

Financial charges

   (1,011)    (1,004)    ns   
3,148    4,016    6,707    -53%    Operating cash flow before working capital changes ( a )    7,164    12,740    -44%   
431    (884)    (317)    ns   

(Increase) decrease in working capital

   (453)    (3,287)    ns   
(42)    (1,796)    (40)    ns   

Inventory effect

   (1,838)    526    ns   
(17)    (44)    -    ns   

capital gain from renewable projects sale

   (61)    -      
(41)    7    (99)    ns   

Organic loan repayment from equity affiliates

   (34)    (99)    ns   
                 
3,479    1,299    6,251    -44%    Cash flow from operations    4,778    9,880    -52%     
                 
                                         
                 
2,201    2,523    3,028    -27%    Organic investments ( b )    4,724    5,811    -19%     
                 
947    1,493    3,679    -74%    Free cash flow after organic investments, w/o net asset sales ( a - b )    2,440    6,929    -65%     
                 
                                         
                 
2,922    3,625    3,430    -15%    Net investments ( c )    6,547    6,520    -     
                 
226    391    3,277    -93%    Net cash flow ( a - c )    617    6,220    -90%     

 

12


Gearing ratio*

 

 

In millions of dollars

 

  

 

        06/30/2020    

 

 

 

    03/31/2020    

 

 

 

    06/30/2019    

 

Current borrowings

   16,154   18,521   16,221

Net current financial assets

   (6,159)   (6,412)   (3,110)

Net financial assets classified as held for sale

   -   -   -

Non-current financial debt

   61,540   48,896   45,394

Non-current financial assets

   (2,431)   (1,133)   (771)

Cash and cash equivalents

   (29,727)   (21,634)   (26,723)

Net debt (a)

   39,377   38,238   31,011

of which leases

   7,383   7,309   7,015

Shareholders’ equity - Group share

   101,205   112,006   116,862

Non-controlling interests

   2,334   2,428   2,362

Shareholders’ equity (b)

   103,539   114,434   119,224
              

        

 

Net-debt-to-capital ratio = a / (a + b)

   27.6%   25.0%   20.6%
 

        

 

Net-debt-to-capital ratio excluding leases

   23.6%   21.3%   16.8%
 

*The net-debt-to-capital ratios include the impact of the new IFRS 16 rule, effective January 1, 2019.

Return on average capital employed

 

  >

Twelve months ended June 30, 2020

 

           

In millions of dollars

 

  

Exploration &
Production

 

 

Integrated Gas,
Renewables &
Power

 

 

Refining &
Chemicals

 

 

Marketing &
Services

 

      

Group    

 

Adjusted net operating income

   4,259   2,607   2,489   1,318      10,125    

Capital employed at 06/30/2019*

   90,633   37,290   12,300   8,535      148,617    

Capital employed at 06/30/2020*

   79,096   43,527   12,843   8,366      142,625    

ROACE

   5.0%   6.5%   19.8%   15.6%      7.0%    

 

  >

Twelve months ended March 31, 2020

 

           

In millions of dollars

 

  

Exploration &
Production

 

  

Integrated Gas,
Renewables &
Power

 

  

Refining &
Chemicals

 

  

Marketing &
Services

 

       

Group    

 

Adjusted net operating income

   6,490    2,710    2,629    1,612       13,032    

Capital employed at 03/31/2019*

   90,051    37,235    13,153    8,255       148,463    

Capital employed at 03/31/2020*

   85,622    44,236    12,878    8,764       152,374    

ROACE

   7.4%    6.7%    20.2%    18.9%       8.7%    

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

 

13


This document does not constitute the Financial Report for the first half of 2020 which will be separately published, in accordance with article L. 451-1-2 III of the French Code monétaire et financier, and will be available on the Total website total.com. This press release presents the results for the second quarter and half-year 2020 from the consolidated financial statements of TOTAL SE as of June 30, 2020. It contains information that was privileged until its release. The limited review procedures by the Statutory Auditors are underway. The notes to the consolidated financial statements (unaudited) are available on the Total website total.com.

This document may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, notably with respect to the financial condition, results of operations, business activities and industrial strategy of TOTAL. This document may also contain statements regarding the perspectives, objectives and goals of the Group, including with respect to climate change and carbon neutrality (net zero emissions). An ambition expresses an outcome desired by the Group, it being specified that the means to be deployed do not depend solely on TOTAL. These forward-looking statements may generally be identified by the use of the future or conditional tense or forward-looking words such as “envisions”, “intends”, “anticipates”, “believes”, “considers”, “plans”, “expects”, “thinks”, “targets”, “aims” or similar terminology. Such forward-looking statements included in this document are based on economic data, estimates and assumptions prepared in a given economic, competitive and regulatory environment and considered to be reasonable by the Group as of the date of this document.

These forward-looking statements are not historical data and should not be interpreted as assurances that the perspectives, objectives or goals announced will be achieved. They may prove to be inaccurate in the future, and may evolve or be modified with a significant difference between the actual results and those initially estimated, due to the uncertainties notably related to the economic, financial, competitive and regulatory environment, or due to the occurrence of risk factors, such as, notably, the price fluctuations in crude oil and natural gas, the evolution of the demand and price of petroleum products, the changes in production results and reserves estimates, the ability to achieve cost reductions and operating efficiencies without unduly disrupting business operations, changes in laws and regulations including those related to the environment and climate, currency fluctuations, as well as economic and political developments, changes in market conditions, loss of market share and changes in consumer preferences including those due to epidemics such as Covid-19. Additionally, certain financial information is based on estimates particularly in the assessment of the recoverable value of assets and potential impairments of assets relating thereto.

Neither TOTAL nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. Further information on factors, risks and uncertainties that could affect the Group’s business, financial condition, including its operating income and cash flow, reputation or outlook is provided in the most recent version of the Universal Registration Document which is filed by the Company with the French Autorité des Marchés Financiers and the annual report on Form 20-F/A filed with the United States Securities and Exchange Commission (“SEC”).

Financial information by business segment is reported in accordance with the internal reporting system and shows internal segment information that is used to manage and measure the performance of TOTAL. In addition to IFRS measures, certain alternative performance indicators are presented, such as performance indicators excluding the adjustment items described below (adjusted operating income, adjusted net operating income, adjusted net income), return on equity (ROE), return on average capital employed (ROACE), gearing ratio and operating cash flow before working capital changes. These indicators are meant to facilitate the analysis of the financial performance of TOTAL and the comparison of income between periods. They allow investors to track the measures used internally to manage and measure the performance of the Group.

These adjustment items include:

(i) Special items

Due to their unusual nature or particular significance, certain transactions qualified as “special items” are excluded from the business segment figures. In general, special items relate to transactions that are significant, infrequent or unusual. However, in certain instances, transactions such as restructuring costs or asset disposals, which are not considered to be representative of the normal course of business, may be qualified as special items although they may have occurred within prior years or are likely to occur again within the coming years.

(ii) Inventory valuation effect

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

In the replacement cost method, which approximates the LIFO (Last-In, First-Out) method, the variation of inventory values in the statement of income is, depending on the nature of the inventory, determined using either the month-end price differentials between one period and another or the average prices of the period rather than the historical value. The inventory valuation effect is the difference between the results according to the FIFO (First-In, First-Out) and the replacement cost.

(iii) Effect of changes in fair value

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

IFRS requires that trading inventories be recorded at their fair value using period-end spot prices. In order to best reflect the management of economic exposure through derivative transactions, internal indicators used to measure performance include valuations of trading inventories based on forward prices.

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

Furthermore, TOTAL enters into derivative instruments to risk manage certain operational contracts or assets. Under IFRS, these derivatives are recorded at fair value while the underlying operational transactions are recorded as they occur. Internal indicators defer the fair value on derivatives to match with the transaction occurrence.

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

Euro amounts presented for the fully adjusted-diluted earnings per share represent dollar amounts converted at the average euro-dollar (€-$) exchange rate for the applicable period and are not the result of financial statements prepared in euros.

Cautionary Note to U.S. Investors – The SEC 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 SEC rules. We may use certain terms in this press release, such as “potential reserves” or “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/A, File N° 1-10888, available from us at 2, place Jean Millier – Arche Nord Coupole/Regnault - 92078 Paris-La Défense Cedex, France, or at our website total.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or on the SEC’s website sec.gov.

 

14

EX-99.10 11 d931861dex9910.htm EX-99.10 EX-99.10

Exhibit 99.10

 

LOGO

Press Release

Total Announces Third Significant Discovery

in Block 58 Offshore Suriname

Paris, July 30, 2020 – Total and Apache Corporation have made a significant third discovery with the Kwaskwasi-1 well, in Block 58 off the coast of Suriname. This follows previous discoveries at Maka Central in January and Sapakara West in April.

The well was drilled by a water depth of about 1.000 meters and encountered a total of 278 meters net pay of hydrocarbons, which comprises 149 meters net in good quality Campano-Maastrichtian (composed of 63 meters of high quality oil and 86 meters of volatile oil & gas condensates reservoirs), along with 129 meters of net hydrocarbon pay in Santonian reservoirs, where further wireline logging is ongoing to confirm the quality of the fluids.

“We are very pleased to announce a third discovery in a row, following the two oil discoveries at Maka Central and Sapakara West this year,” said Kevin McLachlan, Senior Vice President Exploration at Total. “This very encouraging results confirm our exploration strategy in this prolific zone, which targets large volumes of resources at low development costs.”

The Kwaskwasi-1 exploration well was drilled by Apache, as operator with 50% working interest, and with Total as the JV partner with 50% working interest. The next and fourth exploration well will be drilled back to back on the Keskesi prospect. Total will take over as operator of the Block after the drilling of the fourth well

In early 2021, an appraisal campaign will be carried out to better characterize the 2020 discoveries, along with an additional exploration campaign.


LOGO

About Total

Total is a broad energy company that produces and markets fuels, natural gas and low-carbon electricity. Our 100,000 employees are committed to better energy that is safer, more affordable, cleaner and accessible to as many people as possible. Active in more than 130 countries, our ambition is to become the responsible energy major.

*  *  *  *  *


LOGO

Press Release

Total Contacts

Media Relations: +33 1 47 44 46 99 l presse@total.com l @TotalPress

Investor Relations: +44 (0)207 719 7962 l ir@total.com

Cautionary Note

This press release, from which no legal consequences may be drawn, is for information purposes only. The entities in which TOTAL SE directly or indirectly owns investments are separate legal entities. TOTAL SE has no liability for their acts or omissions. In this document, the terms “Total”, “Total Group” and Group are sometimes used for convenience. Likewise, the words “we”, “us” and “our” may also be used to refer to subsidiaries in general or to those who work for them.

This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TOTAL SE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise.

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/A, File No. 1-10888 available from us at TOTAL SE— Tour Coupole — 2, place Jean Millier — Arche Nord Coupole/Regnault — 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-99.11 12 d931861dex9911.htm EX-99.11 EX-99.11

Exhibit 99.11

 

LOGO

Press Release  

Total Gabon Divests its Portfolio of

Mature Non-Operated Assets

Paris, July 30, 2020 – Total announces that its 58% owned affiliate Total Gabon has signed an agreement with Perenco to divest its interests in seven mature non-operated offshore fields, along with its interests and operatorship in the Cap Lopez oil terminal. The transaction remains subject to approval by the Gabonese authorities.

The price to be paid by Perenco will be between $290 million and $350 million, depending on future Brent prices. The production divested by Total Gabon amounted to approximately 8,000 SEC barrels of oil per day in 2019.

“This transaction demonstrates our ability to high grade Total E&P’s portfolio by monetizing mature fields with high breakeven point,” commented Arnaud Breuillac, President Exploration & Production at Total. “We remain fully committed to Gabon through our operated production clusters at Anguille-Mandji and Torpille-Baudroie-Mérou, where we continue to maximize value for all stakeholders.”

 

 
List of assets included in the transaction
Area   Field  

Total Gabon’s

Interests

 

Total Gabon’s

interest after the

transaction

  Operator

Grondin

  Grondin   65.275%   0%   Perenco Oil & Gas Gabon
  Gonelle   65.275%   0%
  Barbier   65.275%   0%
  Mandaros   65.275%   0%

Torpille

  Girelle   65.275%   0%
  Pageau   65.275%   0%
  Hylia   37.5%   0%

Cap Lopez oil terminal

  100%   0%   Total Gabon


About Total Gabon

Total has been operating in Gabon for more than 90 years and is a major player in the country’s upstream and downstream businesses. In 2019, Total Gabon’s SEC production came to around 33,000 barrels of oil equivalent per day.

About Total

Total is a broad energy company that produces and markets fuels, natural gas and low-carbon electricity. Our 100,000 employees are committed to better energy that is safer, more affordable, cleaner and accessible to as many people as possible. Active in more than 130 countries, our ambition is to become the responsible energy major.

* * * * *

Total Contacts

Media Relations: +33 1 47 44 46 99 l presse@total.com l @TotalPress

Investor Relations: +44 (0)207 719 7962 l ir@total.com

Cautionary Note

This press release, from which no legal consequences may be drawn, is for information purposes only. The entities in which TOTAL SE directly or indirectly owns investments are separate legal entities. TOTAL SE has no liability for their acts or omissions. In this document, the terms “Total”, “Total Group” and Group are sometimes used for convenience. Likewise, the words “we”, “us” and “our” may also be used to refer to subsidiaries in general or to those who work for them.

This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TOTAL SE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise.

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/A, File No. 1-10888 available from us at TOTAL SE— Tour Coupole — 2, place Jean Millier — Arche Nord Coupole/Regnault — 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 d931861dex9912.htm EX-99.12 EX-99.12

Exhibit 99.12

 

LOGO

Press Release  

 

Total maintains the second 2020 interim dividend at €0.66/share

Paris, July 30, 2020 – The Board of Directors met on July 29, 2020, and declared the distribution of the second 2020 interim dividend at 0.66/share, stable compared to the first 2020 interim dividend. This interim dividend will be paid in cash exclusively, according to the following timetable:

 

    

Shareholders

  

ADS holders

Ex-dividend date    January 4, 2021    December 30, 2020
Payment date    January 11, 2021    January 25, 2021


About Total

Total is a broad energy Group, which produces and markets fuels, natural gas and low-carbon electricity. Our 100,000 employees are committed to better energy that is safer, more affordable, cleaner and accessible to as many people as possible. Active in more than 130 countries, our ambition is to become the responsible energy major.

* * * * *

Total contacts

Media Relations: +33 1 47 44 46 99 l presse@total.com l @TotalPress

Investors Relations: +44 (0)207 719 7962 l ir@total.com

Cautionary note

This press release, from which no legal consequences may be drawn, is for information purposes only. The entities in which TOTAL SE directly or indirectly owns investments are separate legal entities. TOTAL SE has no liability for their acts or omissions. In this document, the terms “Total”, “Total Group” and “Group” are sometimes used for convenience. Likewise, the words “we”, “us” and “our” may also be used to refer to subsidiaries in general or to those who work for them.

This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TOTAL SE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise.

GRAPHIC 14 g931861dsp00025.jpg GRAPHIC begin 644 g931861dsp00025.jpg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end GRAPHIC 15 g931861dsp00025a.jpg GRAPHIC begin 644 g931861dsp00025a.jpg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

#5JSK3=2H[MEB@S"@ H * "@ H * "@ H * "@ H * "@ H * " 3@ H * "@ H * "@ H * "@#_V0$! end GRAPHIC 16 g931861g0729065220099.jpg GRAPHIC begin 644 g931861g0729065220099.jpg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end GRAPHIC 17 g931861g0729065220396.jpg GRAPHIC begin 644 g931861g0729065220396.jpg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end GRAPHIC 18 g931861g0729065220708.jpg GRAPHIC begin 644 g931861g0729065220708.jpg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g931861g0729065221021.jpg GRAPHIC begin 644 g931861g0729065221021.jpg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end GRAPHIC 20 g931861g0729065221629.jpg GRAPHIC begin 644 g931861g0729065221629.jpg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end GRAPHIC 21 g931861g0729070731118.jpg GRAPHIC begin 644 g931861g0729070731118.jpg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end GRAPHIC 22 g931861g0729070731348.jpg GRAPHIC begin 644 g931861g0729070731348.jpg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end GRAPHIC 23 g931861g0731080126407.jpg GRAPHIC begin 644 g931861g0731080126407.jpg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end GRAPHIC 24 g931861g36u32.jpg GRAPHIC begin 644 g931861g36u32.jpg M_]C_X 02D9)1@ ! 0$ 8 !@ #_X1#R17AI9@ 34T *@ @ ! $[ ( M - (2H=I 0 ! (6)R= $ : 0T.H< < @, /@ M &UL;G,Z9&,](FAT=' Z M+R]P=7)L+F]R9R]D8R]E;&5M96YT#IX;7!M971A/@T*(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" * M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @(" \/WAP86-K970@ M96YD/2=W)S\^_]L 0P '!04&!00'!@4&" <'" H1"PH)"0H5#Q ,$1@5&AD8 M%1@7&QXG(1L=)1T7&"(N(B4H*2LL*QH@+S,O*C(G*BLJ_]L 0P$'" @*"0H4 M"PL4*AP8'"HJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ M*BHJ*BHJ*BHJ*BHJ_\ $0@ / #, P$B (1 0,1 ?_$ !\ $% 0$! 0$! M ! @,$!08'" D*"__$ +40 (! P,"! ,%!00$ !?0$" P $ M$042(3%!!A-180'EZ@X2%AH>( MB8J2DY25EI>8F9JBHZ2EIJ>HJ:JRL[2UMK>XN;K"P\3%QL?(R;GZ.GJ\?+S]/7V]_CY^O_$ !\! ,! 0$! 0$! 0$ ! M @,$!08'" D*"__$ +41 (! @0$ P0'!00$ $"=P ! @,1! 4A,08205$' M87$3(C*!"!1"D:&QP0DC,U+P%6)RT0H6)#3A)?$7&!D:)BH*#A(6&AXB)BI*3E)66 MEYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN+CY.7F MY^CIZO+S]/7V]_CY^O_: P# 0 "$0,1 #\ ^D:**J:GJMAHUDUWJMW%:P+G MYY&QN."< =2< \#).*"HQE-\L5=ENBO-O$?Q:T@6QMM OYUF=>;M=/\ -6/( M(P%=X_F!P!P%&-"3^Y?GK^!]+T5\_^'?C1XBTF_8^*5_M:RDVC,:) M$\//++M4!N"?E;&2!R.<^[:;J5GK&FP:AIEPES:W"[HY4Z$?T(/!!Y!!!YJZ ME&4$I733ZK5'GOGA-TZD7&2Z-69:HHHK$84444 %%%% !1110 4444 %%%% M!1110 4444 %%%% !1110!E^(]>M?#6A7&I7KJ!&I$4;-@S28.U!P>3CT.!D M] :\0NM(\<^/;E]1FL;J:,XDB60B&%%<<>4'(!&%'(SG@DDG)]0\?7$=M>:+ M+^\>ZCEDDMT8@P!@H!D92#N=<_)TP23['FR^IZ[=A"T]Y+DD+DD)DC)]%'3T M%>/F6-^K2C!Q;.)$(/7 M@CTR,=#GFC#^WJZSIN*]4_PLCU'Q*Z3][EGZ)K\;L^6:],^$_C=-*FC\.:@K M?9KF;_1)02?*D; V8[*3SQT8DGJ2/*[W6EN]7N[J.U2W@GG>2."/&(59LA!@ M $ <=!4T:T?W'91Q^6<1472B_>71Z27FN_G;YGUS7G M?_"Z_#G_ #Y:I_WZC_\ CE=GX>NIK[PQI=W=/YD]Q9PRR/@#12QW30@0.@7:$0]U//S&L%4J.7*CZ>ME M644<,L5-2Y7;KWV/1/"_Q#TGQ;JDECIMO>12QPF8F=$"[0RCLQY^85U=>0ZH M-#^$6J;]&%Y?ZM=VK*([J1?*BC+<.=J D[D^Z#T!R1QGG;WXM^++N8/!=6]D MH7!C@MU*DYZ_/N.?QQQTK3VW+I/<\IY%+&2]I@E:FUHY/_AV?0%%>":7\8/$ MUE-F_>WU&)F4LLL0C8*#R%*8P3ZD-C XZY[Q_B=#?^!-2UG1;?9?:?Y(EM[I M2RJ7=5R"I&X?>P>#\O('>HUH,XL1D.-P\DFDTVE=/2[=E?JM?([^BO#?^%U^ M(_\ GRTO_OU)_P#'*/\ A=?B/_GRTO\ []2?_'*7MX&_^K68=E]Y[E17E/@S MXH:UXB\766E7MK81P7'F;FAC<,-L;,,$N1U [5WGBOQ-:^$]"?4;Q&E.X1PQ M)UDD()"Y[#@DGT'O'#R5Y2V2\]/T-JBO"H?C-XB75$ MN)X;-[8*%>U2,JK?-DL&)+!L<=2/]DU[)H6NV'B/28M1TN7S(7X93PT;=U8= MB/\ C((-*%2,]C3'93BL#%2JK1]5K\F:-%E>4)YK@6^^ M1-VP%'.X#.,@J.N1[&L[X6>+]5\46VH1:P\4KV?E[9ECV,^\OG=CCC: , ?C M3YUSQW]%%%6><%%%% 'E_Q2@F@UVPOE(QJ+E8L">)QU+ GYU+,,-P!G'7BMSQCX=7Q M%H;1QC%W!F2W( RS8^YD] WU'(![5XS;W%WI.HK- TEM=V[GMAD8<$$'\00? MH:[_ *G3QM%.+Y:D=$[?@^Z_I'FO%5,%7?,N:G+5K_+S/<+3Q+I-Y'N2]CB( M ++,=A&>W/!_#-]CMY>?RZG9C,5@I89SP\WS/3E: MU7]?/H3MHDNE^[^\VX7E1P^(>+K3MR M[+J^^GX=M?([[PQ#);^$='AGC:*6.QA1T=2&5A& 00>AK4HHKSEHK%U)\\W- M]7<^=OBE_P E*U7_ +8_^B4KT7X*?\B7=_\ 80?_ -%QUD?$SX>ZKJ.N3Z[H ML7VM)8U,\ ?]X&52"57 R-JKP"6))P*W_A#IU[IGA&ZAU*SN+25KYW"3Q-&Q M7RXQG!'3@_E7+"+55W/M,GJ?9_ &GZ9:>#--FTN"W1KBUC:>6+!:23'S;FZDABPP> MG(XZ5SOQ#^&DGB&\;6-#=5OV7$\$KD+-M7"E3V;@+@X!X.1@Y\]TVS\?>&KE MH]+LM9M_+D;='%;O)"S8VD[<%&X'7GH".U&M.;;1I/V.:Y;2HTJJC*"5TW;9 M6^[L]3TKXOZ9ITW@V74+A8H[Z"2,02X4/)\V#'DC)&&=MH[C/8UQGP4_Y'2[ M_P"P>_\ Z,CK%NM$\=>)]01=0L-6N969V3[7&T<:$\M@OA4!QT&!P .U>L_# MWP'_ ,(?;3S7LL5QJ-SA6:,96- >%4D \\$]!P..,D5YU.9(FO*EEV52PLZJ MG.6R72]OP)?BE_R375?^V/\ Z.2O)/A;_P E*TK_ +;?^B7KV3XAZ?=:IX!U M.TT^!KBX9498TY9@LBL<#N< \=3T'->7_#3PSKEIX^L;N\TB\MK>!96DDG@: M-0#&RCE@,G+#@<]^@-.HG[5&645J< M-I9'P3M51DG Y/ KYN\8^*[KQ9KLEU-(PM(V9;2$C CCSQD9/S' ).3S[ > MP_%>'4[OP8MII%M<7+3W2+-'!"9&,8#-T ) W*G/X=Z\]\#_ SN=1R>,;U(( !SWR5HK\0!3&,9P3@EL$D#@5OA_P",)/"6NCS-IT^\ M9$NPP.54$X<$ G*[B<=QD=<$>D?\*4\.?\_NJ?\ ?V/_ .-UP?C+X=7NB:ZM MOH%GJ6I6;PK()%MVD*-D@J648)XST'##ZG.4)QM*QZN&QV7XR,\+*I*7-=^] M;\-%:VZ.\^-?_(EVG_803_T7)6%\#;J%+W6;1GQ/+'%*B8/*J6#'/3@NOYUJ M:?X>U/QG\*8=(U>*XTV_TZ;;;->17GLG@OQGH% MS#<0Z7?PSG=Y?>JDVIJ:1Q8.G0G@*N6SJI23?7?6Z M:[K3Y'T?17SM_P 7&_ZFC_R8KU;X7_VU_P (Q)]+U*ZO\ 08&U MK3;EY)Q"4WS6%]6\1[7LK26&W95<7%U$\4;*P)4J6&6!QU4' MJ,]:]VHKOGF;:]R-OG<\^.5P3]Z1Y[I'PLBC>.76KSSLI5?OL]"E0IT5[B"BBB IL3<**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH __]D! end GRAPHIC 25 g931861sp023.jpg GRAPHIC begin 644 g931861sp023.jpg M_]C_X 02D9)1@ ! 0$ 8 !@ #_X1#R17AI9@ 34T *@ @ ! $[ ( M - (2H=I 0 ! (6)R= $ : 0T.H< < @, /@ M &UL;G,Z9&,](FAT=' Z M+R]P=7)L+F]R9R]D8R]E;&5M96YT#IX;7!M971A/@T*(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" * M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @(" \/WAP86-K970@ M96YD/2=W)S\^_]L 0P '!04&!00'!@4&" <'" H1"PH)"0H5#Q ,$1@5&AD8 M%1@7&QXG(1L=)1T7&"(N(B4H*2LL*QH@+S,O*C(G*BLJ_]L 0P$'" @*"0H4 M"PL4*AP8'"HJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ M*BHJ*BHJ*BHJ*BHJ_\ $0@ *@,* P$B (1 0,1 ?_$ !\ $% 0$! 0$! M ! @,$!08'" D*"__$ +40 (! P,"! ,%!00$ !?0$" P $ M$042(3%!!A-180'EZ@X2%AH>( MB8J2DY25EI>8F9JBHZ2EIJ>HJ:JRL[2UMK>XN;K"P\3%QL?(R;GZ.GJ\?+S]/7V]_CY^O_$ !\! ,! 0$! 0$! 0$ ! M @,$!08'" D*"__$ +41 (! @0$ P0'!00$ $"=P ! @,1! 4A,08205$' M87$3(C*!"!1"D:&QP0DC,U+P%6)RT0H6)#3A)?$7&!D:)BH*#A(6&AXB)BI*3E)66 MEYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN+CY.7F MY^CIZO+S]/7V]_CY^O_: P# 0 "$0,1 #\ ^D:@N+VUM,?:KB*#/3S'"Y_. MIZ\I\;0^ M0\8O%KEAJ&N:HL(#V]HKRK;ID]0I 4_K30F>H_:8/+63SH]C?= M;>,'\:<\T<94.ZJ6.%!8#)]J^=M(LVO_ (=^/-,TIKL6^D7B76FQ3EA+"%^; M:0>?X>E:GQ!U"\\1/H>JZ7.^S1=+CUB81MU8L.#CKP#Q56N9_&WQ3M;[3928M'T<2Q$-A1 M/,A*Y]<<5RVAZ?X3TJ5;7XEZ1J-EXA:Z+2:K)O\ *E??E6613@#IQ2Y0N?0E M%1VYC-K$86WQ[!L;.:=Q''&"S,QP !4M>3_&F/Q#)I ML?V)=VD@DS"(?.#_ +7MUK*K4=.#DE<[LOPBQF)C0E6>8X\]96 RS?2O!]6^(OBCQ=\0(X=)U1]/BDNE@M8T/R)SC+>M>J? M"L_\6EO_ "SEP9^GKLKYKL!<->V_V$.;LS#R0GWM^[C'XU[620C5I2J2W_S, M,]A'#8R="FK1B[?"[36M0N(KZZLY4CNQ&FQ;A6.#@=CWKI_# MOB+3_$VBPZGI,XFMY1ZC*GN#Z&OG'XBCXE'0K8^. O\ 9X==IAVX#XXWX[U: M^!B>)O\ A*2^C _V02?MQE'[L\<8/][Z5I/ P^K.IS*Z[;>AYJK/VG*D?3.: M*3M2UXQUAFD)XK%\3>*],\*6<-QJK2GSY!%%%!$9))&] HY-8'_"UO#4MI?- M=C4;,6L'G2KR/::!%&K+PUY< E%/L! M]X_E6!>_#%M>/F>)=?OKUSUCC(CC'T K:O?&_AW2?#MGK%Q?(+&[V+;L@W%R MV, #\>:35/'V@Z-K6GZ5?W+I;3Y%C8 MGI\V.AK9T?QSH.NQZE)87RD:6[)=AQM,>W.20>W!YK1TYI7:.+F1T5%9?AWQ M%I_BG1(M5T>5I;28L$=EVYP<'C\*U*EIIV90$XJO)-7DT? M2?/@C$DSR+&@/0$GJ?85D^([]DLP+?6[&R)7$EP[*S 8YVBJ4)6NE<<;.7*W M;U+UYXHM],4OJ4T$"#LSX8_A56T^(>@7EPL,-T:YZT,3!G55L8?LMA!!G<8D"9/? JU6BO;4\IVO MH%%%%,049YHIL@+(0#@D8!H \\\5_$"^&MGP_P"$;?[1J ;;)-C<$^@_J:@M M-.\2>&5E\2>)-?21(XF+V@7ASV4'L<^E5O"VHZ+X,UC5T\1.]KJF:I(AO0H6OBKQ/IEWIFOZG M=2/I^I3-B$_="YY^E2^+=3O+W5(X/$.L)-;M,/L^GZ3U<$\%V[?2B[T_Q1XK MT2*+^S%T[1-/3?"KKB0JH_,G%;OPDL_#ES!88F_N4?O?_ #T5;ZUE:K8$&VGF7'9FR/UI2PM.WNU!T\PQ%_WE+[ MO^&.[S1FL.QU#4%PM]"'']]!@C\*V8Y%D7*_D:XI0<7J>I3JQJ*Z_$?FDS1G MBN<\0>,[/0KFSM!%)=W=XY6.*(J,;<;B22 ,9J8QE)V1JW97.DS15(:K9^8L M4EU DY S"TJAP3VQFIOMEOA3Y\6&;:OSCEO0>_M19A=$^:,U5;4;-5E+7<"B M$XD)D'R?7GBB34;*&W6:6[@2%_NR-(H5OH<\T6871:HK-CUNV>^N[=]T2VJJ MSS28$9!Z$'-6[:\M[M2UK/%.HZF-PP'Y4.+6X7)Z***0S-U[6HM!TI[V:.28 M@A8X8QEI&/116.GBN\L+JTB\06$=NEXX1)8)PXC8_P +@XP>W%3^)KA;?6-# M:YD6"U6Z9WG0);;*J9[@'/S8(( 'IUH ZFZU_2K*_BLKN^AAN)?NH[@?_JJ[!<17,0EM MY$E0]&1@0?Q%>=?V?9Z]I4MIHUC/?W0G99M3NE"HTH/S/G^+\!77>%?#L/AK M1UM(6+NQWRMG@N>3@=A0!MT44A[?6@!LDT<,9>5U1!R68@ ?C5>UU2POF*V= MY!.PZB.0,1^5<]\0M&O-=\,-::?,D'M6TOP_?3'6-!.DZ MM:VK,ICSMF4?C6;G9V9P5<4Z550DK+N>KR3QQ1M)*X1%&69C@ ?6E2:.6-9( MF#HPR&4Y!%>W%'/KJ+Z]'F5T[-7V\['I^:-PKS&R\=^(?[(T[6K MNVLA875R+=EC!WY)(R.>.E23?$'4I+R[GTZU26RM9_)\@0.TTH'!((X'T-'M M$/Z_1MU^X]%CNX)9'CCE1I(_OHK E?J.U'VJ 7'D>:GG;=WE[ANQZX]*\T;Q M6-&FURXT_3XA=37D<<>[(+LR@_/SQBH)=6U#0_&\VJ>(X[=Y[?2RP%J" PW< M#GWI>T1'U^/;KKV2/5]PHR*\\TCQMJ\UQ"+VU26*ZA9T>"%P(&P2 Y/!'N*N M>%/$?B3Q$UE=FQMHM-;*SR$X8L.A49Z52FGH;1QE.325[OR.XH)Q161XCU.X MTS37DL(%GNF&(E=@J@^K$]JIR45=G?3@ZDE&.[-;-+FO#?$>H?$F[L)+J40) M;1?O-U@X_=CU]ZZKX5>/V\3:8;#59O,U.V7)<+CS4]?K4QJ0G&\6>C6RNO2I MNHG&26_*[M>JZ'H^:,UQ=Y\4M T^X,-['J$3[RB[[-@'(/\ #GK6QI?BW3=4 MMFG4S6<:-M/VV/R2?INZU2:9RSP6)A!3E!I>ANYI,U6&HV9@$_VN'RCQO\P; M<_6D35+*60)'>6[.WW56523^M,PY)]BWFC-0_:8C-Y0EC\W&=FX;L?2@7,)G M\@2IYV,[-W./7%!-F344#I10(**** G%4-4UW3-%MS/JM[#:Q@9S*X&?H.] M8?Q \9P^#?#KW9VO>2YCM8B/O/ZGV%>2^!8O^$V\?QWWBB9;J909@CG"DCHJ MCT'I751P[G!U).T4<5?%*G.-):R9[#IWBS2]8S-:0730 X6X:$A&]Q[5JK(@ MO8O(;6II"G[1 MVN<_X,\!WWAW5]>N-2U%;^+6=DDH*88R8(?\.>!5'P/\,KOP_I>OV>LW<=V- M1!@MRG_+. A5/'7FNIB\9::&V70FMI.XDCJZOB;2&7/VQ/R-91S##2O^\7W MI%RPE:.\']QR?P]\!ZEX,\-ZE;S7T4NI74A,=P%)5%5=L8([X%9&K>&_B/XH MT]M!\1WFAKI4[!;BY@5A*Z Y^4'@'BN\G\7Z/&,"X,C>B(235*9SK+?:C8R+ M9JI+-*Y5B/90:F>84]J34GY?\"Y4<)-:U$XK^O0W]-M(M.TNVLK%XY5#HX(93W%4M>UB'0="O-3N59H[6%I"JC).!TKD8?B+/IEO--XNTIM/10 MC1FW82[@PSZ\8'6NF-**,G))[FCX?\,+X9O;[3[-"=)O09$7J8W(PP^A' M2OG[7? _B+P5\0D_LJPDNA'P[UV8+V^&OR0NGT'BJOUJ7 MM*C][OW&^*-$UCQIX+L-$U2&.TNKR5)+YHB2L**YKCX_BE NKW0NM/G338F\N*95W22,%#,=G90#G-;&G_ M !"T34YXXK'[5*97=$(AX9E7<1GZ"LIPK\O);3YU5%8?ASQ;IOBB&63 M3%N D9&3-$4W>X]:W*Y91<79FJ=SAOB+:ZA'?>'];TZPDU!=+O#)-;P_?*LA M7('?&:P/$VMZ[XS\+ZS967A.ZM8?LJA9;H8D=]X.U0.HP*]7(S2;:UC5Y4M- M40XW/$=7^$]Q9:#>RQF:]BA>"32;+.?LQ9U,O'\O:H]0\)>-_$2^(KFTM+&" MVU QPP+>%EGC2 #85P,#+ FO<\4G2K6*FEJA>S1Y1J]MXAU#POX.UZ;2Y9K_ M $6X66^LU&)&Q\I*C\,U)XAU;7?'GA[6-)T_PM=6<;V1*37V$9I RD(H&>N# M7J?:FR2I$C/(P55&22<8J/;=;#Y==SQ>YU/Q3JYT.ST73=3P3GCK1I7PMOKZ$7*-)IGVJ]N(]6BS@W=MYA9 /?CKZ&O4X-:BU2Y>' M26\U8VQ+/_ /8'N:UPN !5+%2M[JL.5'E?O'(?"W3+G1_ L-G>6K6LD<\V(F M_A7>=OZ8KL>U)C%+6,Y.4G)C2LK%+4].@U2S:WN,[3R"IY!]:Y&;X4Z-=2%K MV2>9?[F[ -;GBBWUB>*T;06VRPS>8P+85P!]T^U8%K;^-;&&*VC(G^9S)-*R MMG=G^5;TG.,;QE8B35[-&UIGA>TT6W^S:-:0VL9/\(Y/U-:DUG-!I,T6GN%N MF0[';INQ7+75CXJ2ZD,4TDR,I"J& 5F^4Y/<=^E2E/&D<+/')#+(0,1L% &1 MS^(XIRBY.[DB5))6L5HH=6M)+2XTRSO 8B3=+.V[S#CDJ/KTJ26X\6S\L)(D MPDF(D 9>3E??M5MK#Q%>QZ4]W*$DB#M<;&V@G;\H(!ZYJ&4>,UDBCA,;*T(\ MV0A?E<^GTJ[W["?S'Z//XOGU*(:F$BM1,WF8CY*CH!['UKL!]:XJ2]\40RSV MLB%[HQ-]D,2KM?!^\Y['IQ3]._X2R/5+5[R)/)EDSU+36.%)QG S7,:GF^L6_CK4YY8I]'T>YMED/E&8$G;GC]* MJ66F>-].;=8Z!H4+'N%)-:7AZP/C.ZU+4-IQ4 MWC'3?^$?\!WB6%Y>8,J%3).S%!GH#UQ5$%=KSXG,"#8:3@C!R6YJ;PK8^*;/ M7@^HZ/I-G:R ^;):@AR6*^NX6L2S06DQ1B>.>HIV@R2Z M=\08;5!?:;:3VY_T:^E,GG/G^'DXI@>E4AXI:3%06IQ2N8Y0L.UHSZCVS72:YX:CU6>*\@G>TO MH1B.>,]!Z$=Q4-AHNLQ72/>ZE!)&IY$=N%9OJ<5Z-.=!4TK+;6^]_6QXE:GB M76;3>^C6UNUKKSZ,QM$\;SMJ,L&M1B.!IWBAN57"@@_=/Y4^\\9W-HVJB.-) MVANDM[51T)(R42Q.#AHB.G-7SX-R;:MM^>YG[+,8PC%2OOKVTV_R95NM3U/39(QK'B"WMKA MU#>2EME0/K5RY\4(NK6)M[Y7M9('D9%CSYFT<\]J>WAK6Y8OL\^LQO!C9N," MF3;Z9Q4Z^#;.&]L)(/EALX7B,9YW[AR32SCU&\U.WTV"X)^S1"'>7 ]370^$==)PM"V^G MDON_4VPE/$1JISOMK?5-_?\ H7L5Q.N^"(-5\8Z3=26,,NGPB:2<,3GS6QM. M/PKML4N*XHS<'='L-75CQ+4/A[KCZ\JQZ1;RNFL)>_VJ9F#-#NSMQZ@<8Z<5 MJCPAXDFUNUT^2VACT_3]4EU&.]$AS*&)(7;CKDUZOBC!K;ZU/L9^RB>,3_#/ M7/\ A K2*".(:HNH-=7R&0G[2N3@9/4XQBIW\"W]KH^AF+0SJ%M9M/YFF7=R M6*,[ B0'C/3IT&:]@Q1@_C1]9G:PG25SRSQ#X+US4;C5I[:VC,4[6DJVIE(6 M58_OQ$]OZUL_#KP_?:-=:S<7FG1Z;#>3K)!;1N6"#:!^?%=U@TM3*O*4>5E1 MII.XG:L;Q%XHTSPQ9"YU:X\I6SL &2YQT%;1Z5XAX_\ 'VM6OBZY72S$^E:= M)%#*CVXL1 M$>\DD!CU8@8_&NPM/B#X-L[6*VM-1CCAC&U$4' 'I7F4/CC7+>'Q%J>HQ69M M[)%C@MA:+\LTA^1>G. #FK6I^+-4TZ_T;1=3ELM-:XM5GN]1DL58Y;D!1C%= MWU*-[?K_ , Y/K4K7_3_ ()8E\9Z/:W%S+]MWB.:0F5(RS-N8,D@'?!&"/2J MFG^(=)\3K*FLZBNEZ0LAV0X/GL2FV,-I9ZE''!$H1% / J?_ (6;X4_Z"T?Y M&O/;GQE)IGB3PWI]_S0EMQ.Q!A?3%6=7\:2KXHUXZ9!:C2M' ML@0OV13YL[X"#D<\FH^JQOL^^_R[%?6)6W7W?\$[C_A9WA09)U:/ Z\&NIM; MF.\M8[BW;?%*H=&]0:\$\-^+/$VH^*;7P[>K:&[FN8VD;[$@$<.-S#./3%>_ M1H$4*H &, 8K#%4%1:2_,UH5755V9VO:#:>(=/^R7_F! P=6B?:RL.A!K(T M[P#I5A=37,TES?S2Q&$O=2;MJ'J!75$&DVGVKCY4W9[;)EGQZD^N!6=B:/+*,:<=/+\!Z0-JG@C3HM8M@LWV[?'Y;"(,5R0QZXS6C'H5A'JUXL%Y M>:<)HUGND@F B8MUQD<5T&HZ%'>65O!"RQ?9W#I\@(Z8Y&/>H[OPW#>Q3+<2 ML3-$D;;/E V]",?RI\IJL,X[J]DOP1B7?ACPW/IEU)*(/"FAIJ\R7=Y<7MS):>7(EQ)NS%Z\"MD>' EG;1Q3A);=BRML!4YZY%6 MI='62_DN/,P)8/)D7 Y]_:A178T5!;N"N86G:'I\,,,=OJU]1 T2C;@]>G3BLWX->$Y+2&QU9[=HI/)V01Q1C"J.PK6HH0HQHTI:7N]%\E\@H5:L: MDJDE:ZMN_F><_%JVGEO/#$T,+O'%?_O"BYVYVXS6;XN%K;?$9[CQO;SW.C-" M%L=@)1&[[@.]>N-&&^\ 1Z$4DD"2KB1$?_>7-<[AK<]G#YE[*$*;CI%-:.SU M=]'T9Y-X+T72]>U/6A:6$P\,.J&"&?(!F'5E'IBLSP38Z?HVB:[KUWISO=:= MVI$L:A8U"CT Q2&!"I&Q<'J,=:7(:2S:4N=-/EERZ7Z+?[ M^IX4EGXILHT\6S:=.=363[1-<^9\K0?\\]GTK7N]>ATCXI6_BF^@N5TN^TU5 MC=$)PQ'0C\*]?\L%=I *XQBF^0A4!D0@= 5'%');J7+-XU'[]);..CZ.VG7; MH9OA[Q%9>);%KS33(8E6Z'\0M*"VU==5^ MS^6\?R^1][>>?[@)S5"/Q?KFD:?XBN)FC%U,B7VD&0EU:V9]OS#/# ]J"#9^ M+_@:^\7Z5:3Z0P:[L'9A"3@2 XR![UY+8^"_%,UQ''#IMW;74+Y2:/Y3&WKF MO5;+Q-XJU'3-=DLKVPFCTU=T5^(#LE(4EH\9Z@C&?>LR3QSXLL?!>A:WJ$MJ M+352KW-]#:EEL$(XRN23D]^U=E'%RI0<+71P8C!0K5%4NTUV-/PK\.=2>>'4 M?'&IS:A<1,&AMR_R*?\ :X&37I: *, # Q7E>M>/-9TVU#6%_8ZA&-$EOU MNDB^65U?"X&>F.HKLKG6I(OAZ-5N3^_DLD?Y/ES(ZC '_ B*XN6*=XJQWIRL ME)W.DHKBOAMK-Q>Z5=:;JYQK&G3;;M Q8?-\RD$]B*[6F G>C&:6B@"M/8VM MSD7%O')[L@)JBWA?2&;/V./\!6O16$\/1J.\XI_(TC5J05HR:*5OI-A:X\BT MB4]CL&:M[1C&./2G45I"G""M%6)E*4G=L0#%*:**LDK7]E!J5A/97D8D@GC, MYRNF^ M=,TJ662WGNV:2S^Q9>7.(^V/<9-5C\,M".BV.FYN-E@Q,,N_+@'JN<=#79T4 M_;5+WN+DC;8XN7X8Z++%*IGO%:2;S3()OF&1M8 XZ$<&I#\-]&35A?VLEU:L MN"D<,N$0[=I('J17844_;U?Y@Y(]C+T#0K;PYH\>FV+2/!&25,K989.<9K4H MHK)MMW9:T"BBBD 5SWC*V\07NCM:^&9;>">4;7FE$E\4B&//.)&<_J*Z/3_AHQN4N/$FOW^L,O)AD;;$3[ MKGFN]HK&-"$3T:N;8JK?5*_9)?I<@MK:&UMTAMHDBB085$4 ?2IJ6BMSRFV MW=A1110 F*,4M% "8HQ2T4 )BBEHH ;M&![6XU674= M-OKO2KF;_7&U;"R>Y!XS2/X&M)=!N-+N+Z]G^TNKRSRR;G)'IV%=313%8YG6 M/!<&K7]M>)J-Y93VT7E(]NP!*_Y%&E>";6PU=-2NKZ\U&YB7;$UT^X1_0>M= M-10%@HHHI#"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *KFQM6S MNMH3N;<)93_RT" -^=3"EHI#"BBB@ /-)BEHH **** "BBB@ HHHH **** "B MBB@ HHHH **** "BBB@ ZUS7C7P9;^,]-M;2XNY;0VUTDZRQ ;B!D%/H0<&N MEHH X;7/AM%J>M76IV.HR6,MS8BS*(@*J,\N.GS%?E^E%Y\+]*DN=(DL)&M( M].8AX\%Q/&5 *')X'&?K700,G_'L[@AMGL> MN*++PIJ>D^%])TC2M6B T^#R)/M%MYB3CW&1BNMHH \T'P@B6TN(H]6=#=6< M]O)MA&T-*^XLHSP!V%:C>!+^]TJPTG6M:6[TZT:/=#';^69E0< D,>^#^%=O G10!S&F>"[?1?%AUC2YF@BFM1;SVI!8.01M?=G.1R.?6NGHHH __9 end GRAPHIC 26 g931861sp07.jpg GRAPHIC begin 644 g931861sp07.jpg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

)N X,S9_2LT17/AB::T\"^/;"'29&+ M1P7+Y,6>H%>NZ_\ #+PAXHU 7VN:.MS><]$8#O69_PH_P"'G_0O MG_P.N/\ XY76>8<7I(\+>&O"6N377B6WU/6=0A;S9V;))(^Z*L>"^?@/;D=# M='J/:NK_ .%'?#S_ *%\_P#@=D1682PBQLA#MQCWSG] M:BI%R@XHPQ%-U:4H+=HY>T\7V47A>-;N!9)$^183SNQW-5(?'L-NQ:'28D8C MJIQ74_\ "#^'O^@?_P"1Y/\ XJC_ (0;P[_T#_\ R/)_\57&Z6)TLU_7R/*E MAL>[6G%67]=#A=-OSJ?CB&\V!/.N$;;Z?,M>LUC6OA+1+*Y2>VLMDL9#*WFN <<$'/<^U;-;8>E*FGS/ GRAPHIC 27 g931861sp1.jpg GRAPHIC begin 644 g931861sp1.jpg M_]C_X 02D9)1@ ! 0$ 8 !@ #_X1#R17AI9@ 34T *@ @ ! $[ ( M - (2H=I 0 ! (6)R= $ : 0T.H< < @, /@ M &UL;G,Z9&,](FAT=' Z M+R]P=7)L+F]R9R]D8R]E;&5M96YT#IX;7!M971A/@T*(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" * M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @(" \/WAP86-K970@ M96YD/2=W)S\^_]L 0P '!04&!00'!@4&" <'" H1"PH)"0H5#Q ,$1@5&AD8 M%1@7&QXG(1L=)1T7&"(N(B4H*2LL*QH@+S,O*C(G*BLJ_]L 0P$'" @*"0H4 M"PL4*AP8'"HJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ M*BHJ*BHJ*BHJ*BHJ_\ $0@ .@#@ P$B (1 0,1 ?_$ !\ $% 0$! 0$! M ! @,$!08'" D*"__$ +40 (! P,"! ,%!00$ !?0$" P $ M$042(3%!!A-180'EZ@X2%AH>( MB8J2DY25EI>8F9JBHZ2EIJ>HJ:JRL[2UMK>XN;K"P\3%QL?(R;GZ.GJ\?+S]/7V]_CY^O_$ !\! ,! 0$! 0$! 0$ ! M @,$!08'" D*"__$ +41 (! @0$ P0'!00$ $"=P ! @,1! 4A,08205$' M87$3(C*!"!1"D:&QP0DC,U+P%6)RT0H6)#3A)?$7&!D:)BH*#A(6&AXB)BI*3E)66 MEYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN+CY.7F MY^CIZO+S]/7V]_CY^O_: P# 0 "$0,1 #\ ^D:**R/$OB6Q\+:.]_J#$C.V M.)2-TK>@_P \4FTE=FE.G.K-0@KM[&O6)K'B:PTV/8FH:8MR3C9=7JQ!1W)P M"?PQ^(KPCQ)X_P!=\2S.)[IK:U.0MK;L53'^UW;\?R%-)5VR*&'O773QU%KEK4_FM M'_DS/$\'5%[V%KZ]I+3[UJON9]=(ZR1J\;!T8 JRG((/<&EKRCX.>+4:Q_X1 MO4+D^;$)O]/EB79:V/WDB7NQ7H2Q]>V!CC-=G7D6EBZ\4:DYB^:>:1GD)/" GJ?8 MC^5<.83KT\,ZE&/,[I???7]/F=V7SBL1RRGRW3UV>EKJ_P#6ESH1XOM;9?+T M_1;>&(< # &/H!Q5B'46UM-L_A2"\B;JS(NTCZLN*V=*\*Z?IJJ[H+F<=9)! MD ^PZ#^=;=<>'PV/E[U>K;R27YV.BMBL-%_N87?=M_YW.)OOACX:UF$N^EOI MNZ^\VHI9+>9)H7:.6-@R.IP5(.00?6OIKP;KW_"2^ M$[/47 $SKLF [.IP?P.,_0U\[>#O"U]XD\/:S>V[9_LQ$=%(_P!9]XLH/J , M_IWKUWX),Q\(WJDY"WS8'I\B5YU3#RPN(=%NY]-F..P^<95'&TU:479I[J^Z M].J98^)W@O5?%LVFMI/D8MED$GFR;?O;<8X]C7GE_P#"CQ'IVFW-[@KZ#K(\6_\ (E:W_P!@^?\ ]%M43I1=Y,\_+L\Q>'C3PT+< MM[;=W_P3Y=KO?^%.>*/^G+_O^?\ "N"KZYKGHTU.]SZS/\TQ&7^S]C;WKWNN MUO\ ,\_^&GA'4?!L>JOK;6Z)<"(HR29 V[\YR!C[PK1_$[Q==ZUXCN=-BF9-.LI#$(E.!(ZG#,WKR#CV^M;GA_P""[WFG M176MZ@]L\J!Q;PH"R ],L>_MC\:UC-KW::V/$Q& HSBL=FE7EE.VD5Y+UZ;G MH-G\0?"E^P$&MVRDG \[,7_H8%=$CK(@>-@RL,AE.017C/B/X,R6&G37FB7[ M71A0NUO-'AF Z[2.I]L5E_"[QA=Z1X@MM(GF9]/O9!$(V.1%(WW2OID\'ZYJ ME5DI6FCEJ9-A<1AY8C+ZCER[I[_I^6I[!<>,_#EKJ:Q>7[ZO/&UU.\Q01 A2S%L=?>O+ MO&?AV/PMXDDTR&X:X1(T?>ZX)R,]*4ZE2.K1>!RK+,;)4Z=67-:[5OOZ'O?_ M G?A?\ Z#ME_P!_16CIFMZ;K22/I5[#=K&0',39VDUXYX,^%]KXH\-1:I-J M4UNTCNOEI&"!@XZYKTSP9X,A\&VUU#!>270N'5R70+MP".WUJX2G+5K0X78:,X4JK=2+M9K3?76QTI.!D\"L>T\6:!?ZA]AL]7M)KDG C6098^@]?PKS M/XI?$%KB:;P_HLN(4.V[G1N78=4!]!W]>G3KQ5_X/US1M M-=N8&A@F;*E20 M\/\ =9O[N>WX>HJ95K.T5<[<%P_&I1C/$U.24_A7^?\ D?3-,FFBMH))[B18 MHHU+O([850.22>PKA/AIX\_X22S_ +-U1P-3MTX;_GX0?Q?[P[_G].C\9_\ M(CZU_P!>,O\ Z":U4TX\R/"JX&I0Q2PU;1W2^_J@L/&7AW4[Y;.QU>VFN'.$ MC#8+'VSUK;KYF\!_\C]HW_7TM?3-32FYJ[.[.LMIY=6C3IMM-7U]0HHHK4\( M*\3DN;WP9XONOLF$:*1EV,/EDC)R 1Z8P:]LKD_&_A--=M5N[9DBOH0%!GJ4/ MI^GTJ=/&L<,IAU2PGMI1P0.$ M1I&E3,UQJ# 2_*5V1 Y/YG ^F:\$KK?$.DZAK&LSWRF$)(W[N(.?W:]EYZX] M>]2^$O"ELVN)+XFN1:V<(WX1#(TK=EP.@[G/T[U]#@H2PF#7M-9VN[=7V7Y? MB>1BJE/$XKW':.ROV[O\SK_"2W&B^#4L&;R5N&-Q<*."Q(& Q]E &.G6O4OA M]H1T#P?;P21&*:=FN)$/52W0'W"A0?I4?AS0M+FC2^2TNF (:*2\ 7=_M*@[ M>F?PKJJ^&PU'$^WJ8C%/WY/;>WD?:5<516%CA<,O<5M>]@K)\6 MX,UH*"2= M/G [_NVK6I&4,I5@"I&"".M=[U1PTY^SG&?9W/D>OKFO+];^"EG=W;3Z+J# M62.J_[IR"!['->H5A1A*%[GTW$&98?'QHRH/;FNK;7M_6A\P^,M.FT MOQEJEM<*5/VEY$)_B1CN4_D17OGA_P <:'KVGPRQ:A;PW#(/,MY9 CHW<8/4 M9[BG>*O!>E>+K=%U!&CGC&([F(@.H]/0CV/Z5YU<_ V]60_9-9@=,\>;"5(_ M(FI49TY-Q5T=53&9?FN&IPQ4W3G#RNO/\O([[Q-XXT30])N)#?V]Q<^61%;P MR!V=B.,@=!GN:\,\#:;-JGC?2H8%)V7"3.0/NHAW$_ICZD5VUM\#;MI!]LUJ M!$SSY4)8G\R*]%\+^#=)\)6[)IL;/-(,27$I!=QZ9[#V%'+.I).2LA0QN7Y7 MA:E/"S=2<^MK+^E?S-^OG[XN_P#)0KC_ *X1?^@U] UYWXU^%\OBGQ VJ6^I MI;EXU1HWA+8P,9!!K2M%RC9'EY!BZ.$Q;J5Y65FOR[%[X1_\D\MO^NTO_H1I M_P 3?%;>&O#7EV;[;Z^)BA/=%_B?\ 0![D5L>$?#O_"+>'(=+^T?:3&S,TFS M;DL<],FN<\=?#N]\8ZS#=IJD=O##"(TB:(M@Y))Z]\C\J&I*G9;A3J82MFLJ MU:7[OF;V>O8\3TE[FWU"&^@L!?>1)NV2QL\;,/[VTC/KC-=S>?$_Q5?V4UI= MZ#8RP3(4=&M)L$'_ ('7J?@SPTOA/PW'IOF)-+YC22RHNT.Q/!Q] !^%;U9Q MHR2WL>GC<_PU:O=T%-1V=VOGMH?*=G[>IP M0/P(/YU;\!^$[KPAI5Q8W-\EVDDWFIL0KL) !ZGV%.$)1DX]!9GF6$QN'IXE M:5HO;7:^U[?,\$\,:C%I'BK3;^YSY-O<(\F.RYY/X#FOHM/&'AN2,.NOZ8 P MR-UVBG\B>^%R"/SQ[5@-\#+H-\FN0 MD>IMR/\ V:IA&I3T2N=&.Q&4YKRU:E5PDE:UG_E8]-7Q7X>=PJ:]IC,QP +R M,DG\ZUJ\?M?@G>6]W#,=9@;RY%?'D'G!SZUZ=IU]JESJVI07^D?8K2WD1;.Z M^TK)]L4KEFV#E,'C!Z]:W@Y/XE8^8S"A@Z+C]5J<]]]+6-*HYX(KJWD@N$$D M4JE'0]&!&"*DHK0\T\F\6^&O'=K$T&EFU\1Z^23W M%<1:Z)XY=PDOA2Y=B>#CRQ^9XKZ0HKTJ683IQY>5'!5P-.I*[;/)]"^&6JWD M EUUXM-) /DQMYSCV)&%'X$UVFC^!-%TB191"UU.IR)+@AMI]AT_K7245A4Q ME:IN]/(UIX.C3U2U"BBBN0Z@HHHH **** "BBB@ HHHH **** "BBB@ HHHH / **** "BBB@ HHHH __9 end GRAPHIC 28 g931861sp4.jpg GRAPHIC begin 644 g931861sp4.jpg M_]C_X 02D9)1@ ! 0$ 8 !@ #_X1#R17AI9@ 34T *@ @ ! $[ ( M - (2H=I 0 ! (6)R= $ : 0T.H< < @, /@ M &UL;G,Z9&,](FAT=' Z M+R]P=7)L+F]R9R]D8R]E;&5M96YT#IX;7!M971A/@T*(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" * M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @(" \/WAP86-K970@ M96YD/2=W)S\^_]L 0P '!04&!00'!@4&" <'" H1"PH)"0H5#Q ,$1@5&AD8 M%1@7&QXG(1L=)1T7&"(N(B4H*2LL*QH@+S,O*C(G*BLJ_]L 0P$'" @*"0H4 M"PL4*AP8'"HJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ M*BHJ*BHJ*BHJ*BHJ_\ $0@ 0P#< P$B (1 0,1 ?_$ !\ $% 0$! 0$! M ! @,$!08'" D*"__$ +40 (! P,"! ,%!00$ !?0$" P $ M$042(3%!!A-180'EZ@X2%AH>( MB8J2DY25EI>8F9JBHZ2EIJ>HJ:JRL[2UMK>XN;K"P\3%QL?(R;GZ.GJ\?+S]/7V]_CY^O_$ !\! ,! 0$! 0$! 0$ ! M @,$!08'" D*"__$ +41 (! @0$ P0'!00$ $"=P ! @,1! 4A,08205$' M87$3(C*!"!1"D:&QP0DC,U+P%6)RT0H6)#3A)?$7&!D:)BH*#A(6&AXB)BI*3E)66 MEYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN+CY.7F MY^CIZO+S]/7V]_CY^O_: P# 0 "$0,1 #\ ^D:**CN+B&TMY+BZE2&&-=SR M2,%51ZDF@:3;LB2HKF[M[*$S7D\5O$.KRN%4?B:\ZUSXT:792/#HMI)J#*<> M:[>7&?IP2?R%<5?_ !5U'4+KS[C1M&E*C:AGMC*5'H"6X_#%9>VIIZL]VCP_ MF-:/,H6]7;\-SV>#Q=X;NIA#;>(-+FD)P$2\C)/T /-; ((!'(/0U\K:_J-I MX@7?)HUA870.?.T]#$&]=R9*GZC!]ZO^"_'6M^"[R)!/)?Z3D"6S3 MP?8'![CN.V"PU:/[N=I=GI^.QQ8G)\TPGO5:-X]XN_X;GTU14%E>0:C8P7EG M()8)XQ)&X_B4C(J>N?8\X**** "BBB@ HHHH **** "BBB@ HHHH **** "B MBB@ HHHH **** "O+_$^E>)?B)>^5IQ2QT&%L1R3N5^U$?\ +3:.2/[N>,<] MZ]&U.[AL-+N;JZ&88HRS+_>&.GX]*\XO]?U'5)=IE9(R<)!#D+],#K7F9CC( M82$7--WV2\O^'/9RCG55SI6YEU>MK]4N_P"1EGX)E.)O$=NC=Q]G_P#LZJ77 MP5UA4W:?J5C=#T8LA_#@C]:Z[3?!5]=J)+QA:(>S#+G\.WXUTMCX1TVR8./. MED'\;2%?_0<5SX>>(KZNCRKSE^ECV*F>8FB_X_,^W*O^!^9X!K'@KQ#H2L^H MZ7,L2YS-&!(@ [EESC\<5A5]0>*]270_!FJ7VY2RNK7IN=+IT-)W413Q%ES\T;C(Z'J#[$5]5:'?G M5/#^GW[##7-M'*P]"R@G]:YZ3DFX3W1R\1X2C&4,7A[E?V+]I^S%1YOVO9NRH;IL..OK65_PO7_J7?_)[_P"UUZ)>^$M U&\D MN[[2;6>XD(+R/'DM@8_D*\^^+7AK1M&\)VUQI>FV]K,U\B,\28)78YQ^8'Y4 MI^TBF[AE\LHQ$Z>'E0?,[)N[M>VKW&?\+U_ZEW_R>_\ M='_ O7_J7?_)[_ M .UUQ'PZL+74_'VG6FH0)<6\GF[XY!E6Q$Y'Z@&O=/\ A!/"_P#T K+_ +]" MH@ZLU=,[LRI9-E]94IT&VU?23[M?S>18\*Z[_P )-X9M=7^S?9OM&_\ =;]^ MW:[+UP,_=STK7KR?7OBE8^&\Z-X.T^!HK8LOFMD1*V^T5X78? M&3Q'8SA-4MK:\53AU:,Q/^8X'Y5Z=:^,+;7/!.H:SH1)GM[:5O)D7+1R*A(4 M@=><=.M5&K&6QPXO)<9A+.HE9NUT]#IJ*\,_X6CXW_Y\XO\ P#;_ !JN?C'X MI!P?L0(_Z8'_ !J?;P.Y<,XY[./W_P# />Z*\,'Q2\;$ BSB(/0BS;_&O7/" MNH7>J^%K&^U%0MS-'ND4+MP8[5NHUV>4?] MH=-OOVI.K%2Y2Z.2XVMAOK,(Z=NK7DOZ\CV"BD!#*&4@@C(([UQ_Q*\4:AX5 M\/076E>4)IK@1%I$W;1M8\#UX'6KE)15V>=AL//$UHT8;L[&BO-_ACXXU?Q1 MJ%[:ZN87$,0D1TCVD%ZOI=YX;UM[=V>.2)MT4JG&Y<\,#7;0PU'%PY)KWHNZ?;2QPX MC$5L+/VD/A:LU^)[9;ZO97,IA$PCG!PT,OR.#]#U_"KM>3V?C&SU6!+;Q5;L M9%&$OH!AQ_O#O^'Y5IR->:?ITVH:1KT=S80(7=A/CRU']Y6Z5Y.*6-PO0^9G&6-QGLZ>MW9>G?TZG?ZOIVGVOPGTG M3HHO,U&R3[1+*,?(7.YTSWQN[E(.0N.PR.<]N._'HE?"X*MB,3S8C$*SD]%Y'W.- MJ4J6%IX*D[J%W_7XA7G7QL_Y$JT_[""?^BY*]%KD/B;X>N_$?@\P:XMB5ECM)"C#JIVGG\.M>(?#.":U^*6FPW,3PRH9@T&>-HY%/=2,$?D:RH+W&CWN)9QCF-*;U2BG_ .3,^;/ 6FVN MK^.M,LM04/;O(S.C=&VHS 'V) %?2T<:11JD2*B*,*JC ^E?.GB/P?KG@C6 M1^A4X&.F['W3['K[UNVGQLUN&W"7=A9W$@&/,&Y,^Y ./RQ44 MIJG=2/0SG ULU<,1@Y*4;;7Z]_\ /KH=?\8-)L;CP=)J,D2"\MI$$U/YUA:_XO\0^/+B*S:'>BMNC MM+.-CD^I'))P:]1^&'@B?PQ93WNJ +?W:A?+!SY2#G!/J3U^@H7OU>:)G6A_ M9N3RPV)DG.6RO>VWY;G>U\GZE_R%;O\ Z[O_ .A&OK"OE'4T9=8O$*D,+AP5 M(Y!W'BGB.AGPC\=;T7ZGU-I__(,M?^N*?R%<_P"/?%\?A+03+&5:^N,I:QGU M[L1Z#(_,#O70V *Z;;!@01$H(/;@5\\?$G77USQM>$.3!:,;:$=@%."?Q;)_ M*M:D^2&AXV2Y?''8VT_ACJ_/LOG^1#X5TRT\2^)'E\1ZK!:VP;SKF6YN%C>8 MD_=!8\DGJ>WY5T/Q*T/PTL2:KX7U/325VQS65MIR9=%_T*1CU ZQ_@.1[9'85?\ C=_R*=C_ M -?P_P#0'KRO7=,N/!WC&:T@G8RV,RR0S8P2.&4_J*]G\2Z:WQ#^&UM-8JHN MG1+N!"<#> 0R9_%A]<546Y0<'NCEQE"AA_WG%_ _P#Y M_^O4?^A"O:J^8],U#7/ NN_:4MWM+H*T;1W,1 =<9+B<;BGB*%G%I=3W2BO+O OQ,UGQ/XIBT MV_MK&.%XW8M#&X;(&1U8C]*]1KIC-35T?(8W!5L%5]E6WM<*YOQO:6DVB^?J M%E)W7,T*_WU'<#NOISVP>DHK6$G"2DC@G%3BXL^>-1ET:V59M.U^Q MOK=^5(;RY!_O(V"*K*\4Z?(R2*?0@@UZ_K?PI\(Z[X] MR0/ES[XS5&R^"O@VTN%E:TN+DJ00LUPVW(]EQG\:]V.8T5'6]_1'B3RVHY>[ M9+YGE2>'[:_EV0::)I#_ Q1$D_E7H_@KP?KVGV?V=)VT73W?S'CC51+(3^& M1QQR>/2O1K.QM=.M5MK"VBMH$^['$@51^ J>N.OF$JBY4M//4ZJ.7QIOF!+:W2*,N548R[EF/N2>2:DHHKR]ST]@HHHH 88HVD61HU+K]UBO(_> M44 '7K5-]'TV1R\FG6CL>K- I)_2KE%!492C\+L106MO:ILMH(X5](T"C]*E MHHH$VV[L*B-M TWFF",R?WR@S^=2T4 FUL%5S869))M("3U)C%6** 4FM@HH MHH$0R6EM,^^6WBD;^\R FI$1(D"1JJ*.BJ, 4ZB@=VU81D5QAU##T(S4!L+, MG)M(/^_8_P *L44 I-;,ACM+:%P\5O$C#HRH :FHHH!MO<****!!1110 444 M4 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 #!__9 end GRAPHIC 29 g931861sp7.jpg GRAPHIC begin 644 g931861sp7.jpg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end