-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, KZF02Ar+6iAoTWORUWNwjf52dZ8MgCPB8+7IZRl9rgPmyXPFaiHnOBwPwM2JKrS8 VNIOi4gTC/jYWEBcsUMVIg== 0001419783-07-000002.txt : 20071206 0001419783-07-000002.hdr.sgml : 20071206 20071206121823 ACCESSION NUMBER: 0001419783-07-000002 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 21 CONFORMED PERIOD OF REPORT: 20071206 FILED AS OF DATE: 20071206 DATE AS OF CHANGE: 20071206 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TOTAL SA CENTRAL INDEX KEY: 0000879764 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10888 FILM NUMBER: 071288681 BUSINESS ADDRESS: STREET 1: 2 PLACE DE LA COUPOLE STREET 2: LA DEFENSE 92078 CITY: PARIS FRANCE STATE: I0 ZIP: 00000 BUSINESS PHONE: 2129693300 MAIL ADDRESS: STREET 1: 2 PLACE DE LA COUPOLE STREET 2: LA DEFENSE 92078 CITY: PARIS FRANCE STATE: I0 ZIP: 00000 FORMER COMPANY: FORMER CONFORMED NAME: TOTAL FINA ELF SA DATE OF NAME CHANGE: 20001010 FORMER COMPANY: FORMER CONFORMED NAME: TOTAL FINA SA DATE OF NAME CHANGE: 19990713 FORMER COMPANY: FORMER CONFORMED NAME: TOTAL DATE OF NAME CHANGE: 19960103 6-K 1 y01850e6vk.htm 6-K TOTAL
Table of Contents

 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13-a16 OR 15-d16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of: November 2007
Commission File Number: 1-10888
TOTAL S.A.
(Translation of registrant’s name into English)
2, place de la Coupole
92078 Paris La Défense Cedex
France
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F þ Form 40-F o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ___
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ___
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes o No þ
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- ___.
 
 

 


TABLE OF CONTENTS

SIGNATURES
EXHIBIT INDEX
EX-99.1 12 Deepwater Gulf of Mexico Blocks,USA
EX-99.2 Three Permits Northeast of Ichthys, Australian Offshore
EX-99.3 Bongkot Field, Thailand
EX-99.4 3rd Quarter 2007 Results, Total
EX-99.5 3rd Quarter 2007 Financial Results, Total Gabon
EX-99.6 Discovery, Mer Tres Profonde Sud Ultra-Deep Offshore Block, Congo
EX-99.7 Exploration License, Chile
EX-99.8 Photovoltech: New Production Line and Further Solar Energy Investment
EX-99.9 Total Energy & Education Seminar
EX-99.10 Total Serves French SME Development, China
EX-99.11 10% Interest in Canada's Joslyn Oil Sands Project Assigned to INPEX
EX-99.12 Sisi-Nubi Gas Fields Come on Stream, Indonesia


Table of Contents

SIGNATURES
     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
         
  TOTAL S.A.
 
 
Date: December 6, 2007  By:   /s/ Charles Paris de Bollardière    
 
    Name : Charles PARIS de BOLLARDIERE   
 
    Title : Treasurer   
 

 


Table of Contents

]

EXHIBIT INDEX
         
Ø
  EXHIBIT 99.1:   United States: Total Obtains 12 Deepwater Gulf of Mexico Blocks (October 19, 2007).
 
       
Ø
  EXHIBIT 99.2:   Australian offshore: Total acquires three permits northeast of Ichthys (October 26, 2007).
 
       
Ø
  EXHIBIT 99.3:   Thailand: Production Period Extended on Bongkot Field and New Development to be Launched (November 5, 2007).
 
       
Ø
  EXHIBIT 99.4:   Third Quarter 2007 Results (November 7, 2007).
 
       
Ø
  EXHIBIT 99.5:   Total Gabon – Third Quarter 2007 Financial Results (November 15, 2007).
 
       
Ø
  EXHIBIT 99.6:   New Discovery in the Mer Très Profonde Sud Ultra-Deep Offshore Block in the Congo (November 16, 2007).
 
       
Ø
  EXHIBIT 99.7:   Total enters in Chile with the award of one exploration license (November 21, 2007).
 
       
Ø
  EXHIBIT 99.8:   Photovoltech Inaugurates New Production Line and Approves Further Solar Energy (November 21, 2007).
 
       
Ø
  EXHIBIT 99.9   52 University Professors from Around the World Come to Paris for the Total Energy & Education Seminar (November 22, 2007).
 
       
Ø
  EXHIBIT 99.10:   Total Serves French SME Development in China through Its Local Business Support Programme (November 23, 2007).
 
       
Ø
  EXHIBIT 99.11:   Total assigns a 10% Interest in Canada’s Joslyn Oil Sands Project to INPEX (November 27, 2007).
 
       
Ø
  EXHIBIT 99.12:   Sisi-Nubi Gas Fields Come on Stream in Indonesia (November 29, 2007).
Ø
       

 

EX-99.1 2 y01850exv99w1.htm EX-99.1 12 DEEPWATER GULF OF MEXICO BLOCKS,USA exv99w1
 

(TOTAL LOGO)   News Release
Communiqué de Pressee

Exhibit 99.1
2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax: + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel. : + 33 (0) 1 47 44 37 76
Patricia MARIE
Tel. : + 33 (0) 1 47 44 45 90
Franklin BOITIER
Tél. : +33 (0)1 47 44 59 81
Christine de CHAMPEAUX
Tel. : + 33 (0) 1 47 44 47 49
Sandra DANTE
Tel. : + 33 (0) 1 47 44 46 07
Philippe GATEAU
Tel. : + 33 (0) 1 47 44 47 05
Elisabeth de REALS
Tel. : + 33 (0) 1 47 44 51 55
Burkhard REUSS
Tel. : + 33 (0) 1 47 44 21 19
Lisa WYLER
Tel. : +33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5 981 907 382,50 euros
542 051 180 R.C.S. Nanterre
www.total.com
     
     
     
     
     
United States: Total Obtains 12 Deepwater Gulf of Mexico Blocks
Paris, October 19, 2007 — Total announces that its wholly owned subsidiary, Total E&P USA Inc., was the high bidder on 12 deep and ultra-deep water exploration blocks in the Central and Eastern Gulf of Mexico Lease Sale 205.
Total E&P USA Inc. will operate five blocks in the Garden Banks area, three blocks in the Green Canyon and four blocks in Walkridge with a 100% working interest. All twelve leases are around 25 square kilometres each. Award of these blocks is subject to final approval by the Minerals Management Service.
This acquisition follows the acquisition of twenty blocks last year in the same areas of the Gulf of Mexico. It is in accordance with the company’s strategy to strengthen its portfolio in the Gulf of Mexico on focusing exploration efforts on prospects with high long-term potential.
Total E&P in the United States
Total has been present in exploration and production in the United States since 1957 and produced 15,000 barrels of oil equivalent per day in equity share in 2006. The Group has finalized beginning of 2006 an agreement to swap four onshore fields in the South of Texas against a 17% interest in the Tahiti field in the deep waters of the Gulf of Mexico.
Total sold its interest at the beginning of 2007 in the Camden Hills and Acacongua fields, as well as in the Canyon Express pipeline, wishing by these cessions to concentrate on exploration with high long-term potential.
* * * * * *
Total is one of the world’s major oil and gas groups, with activities in more than 130 countries. Its 95,000 employees put their expertise to work in every part of the industry – exploration and production of oil and natural gas, refining and marketing, gas trading and electricity. Total is working to keep the world supplied with energy, both today and tomorrow. The Group is also a first rank player in chemicals. www.total.com


 

EX-99.2 3 y01850exv99w2.htm EX-99.2 THREE PERMITS NORTHEAST OF ICHTHYS, AUSTRALIAN OFFSHORE exv99w2
 

(TOTAL LOGO)   News Release
Communiqué de Pressee

Exhibit 99.2
2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax: + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel. : + 33 (0) 1 47 44 37 76
Patricia MARIE
Tel. : + 33 (0) 1 47 44 45 90
Franklin BOITIER
Tél. : +33 (0)1 47 44 59 81
Christine de CHAMPEAUX
Tel. : + 33 (0) 1 47 44 47 49
Sandra DANTE
Tel. : + 33 (0) 1 47 44 46 07
Philippe GATEAU
Tel. : + 33 (0) 1 47 44 47 05
Elisabeth de REALS
Tel. : + 33 (0) 1 47 44 51 55
Burkhard REUSS
Tel. : + 33 (0) 1 47 44 21 19
Lisa WYLER
Tel. : +33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5 981 907 382,50 euros
542 051 180 R.C.S. Nanterre
www.total.com
     
     
     
     
     
Australian offshore: Total acquires three permits northeast of Ichthys
Paris, October 26, 2007 — Total announces the acquisition of a 40% interest in three exploration permits northeast of Ichthys on the Australian Browse Basin jointly with Inpex (60%, operator). These interests were held by ConocoPhillips. This acquisition is subject to the approval of the Australian authorities.
Covering a respective area of 1 628, 1 220 and 667 square kilometres, Blocks WA-341P, WA-343P and WA-344P are located roughly 200 kilometres offshore, in water depths varying from 50 to 250 metres.
These new acquisitions further illustrate Total’s commitment to strengthening its presence offshore the northwest of Australia, a region with rich gas reserves. The Group now has interests in 15 permits on Australia’s North West Shelf, most of them situated in Browse Basin, where the Group has a 24% interest in the WA-285P permit containing the Ichthys field. The Ichthys liquefied natural gas project, currently under study, should come on stream early next decade.
* * * * * *
Total is one of the world’s major oil and gas groups, with activities in more than 130 countries. Its 95,000 employees put their expertise to work in every part of the industry – exploration and production of oil and natural gas, refining and marketing, gas trading and electricity. Total is working to keep the world supplied with energy, both today and tomorrow. The Group is also a first rank player in chemicals. www.total.com


 

EX-99.3 4 y01850exv99w3.htm EX-99.3 BONGKOT FIELD, THAILAND exv99w3
 

(TOTAL LOGO)   News Release
Communiqué de Pressee

Exhibit 99.3
2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax: + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel. : + 33 (0) 1 47 44 37 76
Patricia MARIE
Tel. : + 33 (0) 1 47 44 45 90
Franklin BOITIER
Tél. : +33 (0)1 47 44 59 81
Christine de CHAMPEAUX
Tel. : + 33 (0) 1 47 44 47 49
Sandra DANTE
Tel. : + 33 (0) 1 47 44 46 07
Philippe GATEAU
Tel. : + 33 (0) 1 47 44 47 05
Elisabeth de REALS
Tel. : + 33 (0) 1 47 44 51 55
Burkhard REUSS
Tel. : + 33 (0) 1 47 44 21 19
Lisa WYLER
Tel. : +33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5 981 907 382,50 euros
542 051 180 R.C.S. Nanterre
www.total.com
     
     
     
     
     
Thailand: Production Period Extended on Bongkot Field and New Development to be Launched
Paris, November 5, 2007 — Total announces that the Thai authorities have approved the extension for ten years of the production period for Bongkot, the largest gas field in Thailand. Bongkot consists of Blocks B15, B16, and B17. With the extension, the Joint Venture partners are entitled to continue to produce gas and condensate from Block B15 until 2022 and from Blocks B16 and B17 until 2023.
Existing developments on Bongkot were concentrated in the northern part of the licence (Greater Bongkot North). The Bongkot Field currently produces approximately 600 million cubic feet per day of natural gas and 18,000 barrels per day of condensate (about 20% of national gas consumption in Thailand). Three new gas discoveries should enter production in 2009 in the Greater Bongkot North (GBN) zone, allowing to extend the production plateau of GBN.
After the success of four delineation wells drilled in 2007 in the Greater Bongkot South (GBS) zone, the Government decision to extend the production period should enable to launch a new development on this area in 2008 after an agreement is reached on the commercial terms on gas sales.
This development will consist of a production platform, a living quarters platform and a number of wellhead platforms. It should increase the production volume by 300 million cubic feet per day, which will push Bongkot production capacity to approximately 900 million cubic feet per day at the beginning of the next decade.
Bongkot has been on production since 1993, it is operated by PTT Exploration and Production Plc. (PTTEP), with a 44.45% interest. The remaining stakes are owned by Total (33.33%) and BG Asia Pacific Pte. Limited (22.22%).


 


 






2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax: + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel. : + 33 (0) 1 47 44 37 76
Patricia MARIE
Tel. : + 33 (0) 1 47 44 45 90
Franklin BOITIER
Tél. : +33 (0)1 47 44 59 81
Christine de CHAMPEAUX
Tel. : + 33 (0) 1 47 44 47 49
Sandra DANTE
Tel. : + 33 (0) 1 47 44 46 07
Philippe GATEAU
Tel. : + 33 (0) 1 47 44 47 05
Elisabeth de REALS
Tel. : + 33 (0) 1 47 44 51 55
Burkhard REUSS
Tel. : + 33 (0) 1 47 44 21 19
Lisa WYLER
Tel. : +33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5 981 907 382,50 euros
542 051 180 R.C.S. Nanterre
www.total.com
Total’s upstream in Thailand
The Group’s primary asset in Thailand is the Bongkot gas and condensates field (33.33%) where its share of production reached 41,000 barrels of oil equivalent per day in 2006.
Total is also active in power and cogeneration in Thailand and owns 28 % of Easter Power and Electric Company Ltd (EPEC) which has operated since 2003 the combined cycle gas power plant of Bang Bo, with a capacity of 350 MW
Total Exploration & Production in the Asia-Pacific Region
At 253,000 barrels of oil equivalent per day, the Asia-Pacific region accounted for 11% of the Group’s total production in 2006. Total is primarily active in Indonesia, where it has operated the Mahakam block with partner Inpex since 1970 and is one of the country’s leading producers of liquefied natural gas.
The Group recently strengthened and diversified its mining domain by taking new permits in Australia, Indonesia, Bangladesh and Vietnam. It also acquired a 24% stake in Australia’s Ichthys LNG project, in partnership with Inpex, and signed a contract with China National Petroleum Corporation to appraise, develop and produce natural gas resources in the South Sulige block in China.
* * * * * *
Total is one of the world’s major oil and gas groups, with activities in more than 130 countries. Its 95,000 employees put their expertise to work in every part of the industry – exploration and production of oil and natural gas, refining and marketing, gas trading and electricity. Total is working to keep the world supplied with energy, both today and tomorrow. The Group is also a first rank player in chemicals. www.total.com


 

EX-99.4 5 y01850exv99w4.htm EX-99.4 3RD QUARTER 2007 RESULTS, TOTAL exv99w4
 

(TOTAL LOGO)   News Release
Communiqué de Presse
Exhibit 99.4






2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax: + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel. : + 33 (0) 1 47 44 37 76
Patricia MARIE
Tel. : + 33 (0) 1 47 44 45 90
Franklin BOITIER
Tél. : +33 (0)1 47 44 59 81
Christine de CHAMPEAUX
Tel. : + 33 (0) 1 47 44 47 49
Sandra DANTE
Tel. : + 33 (0) 1 47 44 46 07
Philippe GATEAU
Tel. : + 33 (0) 1 47 44 47 05
Elisabeth de REALS
Tel. : + 33 (0) 1 47 44 51 55
Burkhard REUSS
Tel. : + 33 (0) 1 47 44 21 19
Lisa WYLER
Tel. : +33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5 981 907 382,50 euros
542 051 180 R.C.S. Nanterre
www.total.com
Paris, November 7, 2007
Third quarter 2007 adjusted net income
An increase of 4% to 4.13 billion dollars
1
A decrease of 3% to 3.00 billion euros
Main results 1-2
                     
Third quarter 2007 adjusted net income 3
    3.00     billion euros     -3 %
 
    4.13     billion dollars     +4 %
 
    1.32     euros per share     -2 %
 
    1.82     dollars per share     +5 %
 
                   
Nine months 2007 adjusted net income 3
    9.10     billion euros     -8 %
 
    12.23     billion dollars      
 
    3.99     euros per share     -6 %
 
    5.37     dollars per share     +2 %
 
                   
Nine months 2007 net income (Group share)
    9.58     billion euros      
Highlights since the start of the third quarter 2007

  Upstream production increased by 2.5% in the third quarter 20072
 
  Started production of Dolphin in Qatar and Snohvit in Norway
 
  Launched development of offshore field Ofon Phase II in Nigeria
 
  Agreement with Gazprom to study the development of Phase 1 of the giant Shtokman field in Russia
 
  Continued exploration success
  §   Significant discoveries on MTPS in Congo, on Blocks 32 and 14 in Angola, on Tormore in West of Shetlands area and on Mahakam in Indonesia
 
  §   Additional acreage in Nigeria, Australia, Vietnam and the Gulf of Mexico
  Agreements to divest interests in the Interconnector pipeline and the Milford Haven refinery in the UK
 
  Started construction of new desulphurization units at the Lindsey refinery in the UK and the Leuna refinery in Germany
 
  Started up two expansion projects for petrochemicals at Qapco in Qatar and Daesan in Korea
 
  Partnership with Sonatrach to develop a petrochemicals complex in Algeria that includes an ethane cracker
The Board of Directors of Total, led by Chairman Thierry Desmarest, met on November 6, 2007 to review the third quarter 2007 accounts. Adjusted net income was 3,004 million euros (M), a decrease of 3% compared to the third quarter 2006. Commenting on the results, CEO Christophe de Margerie said :
 
1   dollar amounts represent euro amounts converted at the average exchange rate for the period (1.3738 $/ in the third quarter 2007, 1.2743 $/ in the third quarter 2006, 1.3481 $/ in the second quarter 2007, 1.3443 $/ in the first nine months 2007 and 1.2447 $/ in the first nine months 2006)
 
2   percent changes are relative to the third quarter 2006
 
3   adjusted net income = net income using replacement cost (Group share) adjusted for special items and excluding Total’s share of amortization of intangibles related to the Sanofi-Aventis merger. Third quarter 2007 net income (Group share) was 3,121 million euros


 


 









2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax: + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel. : + 33 (0) 1 47 44 37 76
Patricia MARIE
Tel. : + 33 (0) 1 47 44 45 90
Franklin BOITIER
Tél. : +33 (0)1 47 44 59 81
Christine de CHAMPEAUX
Tel. : + 33 (0) 1 47 44 47 49
Sandra DANTE
Tel. : + 33 (0) 1 47 44 46 07
Philippe GATEAU
Tel. : + 33 (0) 1 47 44 47 05
Elisabeth de REALS
Tel. : + 33 (0) 1 47 44 51 55
Burkhard REUSS
Tel. : + 33 (0) 1 47 44 21 19
Lisa WYLER
Tel. : +33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5 981 907 382,50 euros
542 051 180 R.C.S. Nanterre
www.total.com
« Compared to the third quarter 2006, the environment in the third quarter 2007 was mixed. While the Brent oil price increased by 7% to nearly 75 $/b, the dollar fell by 7% relative to the euro. The average natural gas price was weaker, primarily as a result of lower UK spot prices. European refining margins fell by 17% to a more moderate level. The environment for Chemicals remained generally satisfactory.
In this context, Total was the best performer among the majors. In dollars, adjusted net income increased by 4% compared to the same quarter a year ago. Total benefited from the return to production growth, the high quality of its asset portfolio, and its efforts to limit the impact of cost inflation. The return on average capital employed (ROACE) for Total was 24% over the past twelve months.
Total continues to deliver on its organic growth strategy and is demonstrating the confidence it has in creating long-term shareholder value by increasing the 2007 interim dividend by 15% in euros.
While market tensions tighten, Total reaffirms its commitment to contribute to satisfying energy demand over the long term, while giving a high priority to the preservation of the environment, safety and the acceptability of its operations with a responsible approach and strict respect of its Code of Conduct. »
Key figures and consolidated accounts of Total 4
                                                         
                        3Q07                       9M07
                        vs   in millions of euros,                   vs
3Q07   2Q07   3Q06   3Q06   except earnings per share and number of shares   9M07   9M06   9M06
 
  39,430       39,094       38,357       +3 %  
Sales
    115,567       117,369       -2 %
  5,770       5,756       6,352       -9 %  
Adjusted operating income from business segments
    17,255       19,712       -12 %
  3,000       3,081       3,079       -3 %  
Adjusted net operating income from business segments
    9,029       9,688       -7 %
  2,227       2,092       2,033       +10 %  
Upstream
    6,280       6,824       -8 %
  526       755       798       -34 %  
Downstream
    1,989       2,235       -11 %
  247       234       248          
Chemicals
    760       629       +21 %
  3,004       3,100       3,111       -3 %  
Adjusted net income
    9,096       9,848       -8 %
  1.32       1.36       1.35       -2 %  
Adjusted fully-diluted earnings per share (euros)
    3.99       4.24       -6 %
  2,272.6       2,278.4       2,302.3       -1 %  
Fully-diluted weighted-average shares (millions)
    2,277.3       2,320.4       -2 %
  3,121       3,411       2,419       +29 %  
Net income (Group share)
    9,581       9,543        
  2,590       2,690       2,667       -3 %  
Investments
    7,694       8,196       -6 %
  109       222       186       -41 %  
Divestments (at selling price)
    575       1,207       -52 %
  3,549       3,589       5,053       -30 %  
Cash flow from operations
    13,526       13,938       -3 %
  4,260       4,563       4,397       -3 %  
Adjusted cash flow from operations
    12,939       13,362       -3 %
 
4   adjusted income (adjusted operating income, adjusted net operating income and adjusted net income) is defined as income using replacement cost, adjusted for special items and excluding Total’s equity share of amortization of intangibles related to the Sanofi-Aventis merger; adjusted cash flow from operations is defined as cash flow from operations before changes in working capital at replacement cost; adjustment items are listed on page 15


2


 









2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax: + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel. : + 33 (0) 1 47 44 37 76
Patricia MARIE
Tel. : + 33 (0) 1 47 44 45 90
Franklin BOITIER
Tél. : +33 (0)1 47 44 59 81
Christine de CHAMPEAUX
Tel. : + 33 (0) 1 47 44 47 49
Sandra DANTE
Tel. : + 33 (0) 1 47 44 46 07
Philippe GATEAU
Tel. : + 33 (0) 1 47 44 47 05
Elisabeth de REALS
Tel. : + 33 (0) 1 47 44 51 55
Burkhard REUSS
Tel. : + 33 (0) 1 47 44 21 19
Lisa WYLER
Tel. : +33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5 981 907 382,50 euros
542 051 180 R.C.S. Nanterre
www.total.com
Third quarter 2007 results
  > Operating income
In the third quarter 2007, the average Brent price rose to 74.7 $/b, an increase of 7% compared to the third quarter 2006 and 9% compared to the second quarter 2007. Total’s average realized price of natural gas fell by 14% compared to the third quarter 2006 and by 2% compared to the second quarter 2007.
The European refining margin indicator (TRCV) was 23.9 $/t on average, a decrease of 17% compared to the third quarter 2006 and 44% compared to the particularly high margins of the second quarter 2007.
European petrochemical margins were higher compared to the third quarter 2006 and second quarter 2007, except for the margin for aromatics, which decreased substantially in the third quarter 2007.
The euro-dollar exchange rate was 1.37 $/ in the third quarter 2007 compared to 1.27 $/ in the third quarter 2006 and 1.35 $/ in the second quarter 2007, representing decreases of 7% and 2%, respectively, in the value of the dollar.
In this context, adjusted operating income from the business segments was 5,770 M, a decrease of 9% compared to the third quarter 20065 or, expressed in dollars, a decrease of 2%.
Adjusted net operating income from the business segments was to 3,000 M, or a decrease of 3% compared to the third quarter 2006.
Expressed in dollars, adjusted net operating income from the business segments was 4,121 M$, an increase of 5% compared to the third quarter 2006. Excluding the charge of 143 M for the increase in UK petroleum taxes related to the first half of 2006 from the third quarter 2006 results, the adjusted net operating income from the business segments expressed in dollars was stable compared to the third quarter 2006.
  > Net income
Adjusted net income was 3,004 M in the third quarter 2007 compared to 3,111 M in the third quarter 2006. This excludes the after-tax inventory effect, special items, and the Group’s equity share of the amortization of intangibles related to the Sanofi-Aventis merger.
    The after-tax inventory effect had a positive impact of 139 M in the third quarter 2007 and a negative impact of 478 M in the third quarter 2006.
 
    Special items had a positive effect on net income of 55 M in the third quarter 2007 and were comprised of 75 M for the equity share of a deferred tax adjustment by Sanofi-Aventis which was partially offset by a 20 M restructuring provision in Downstream. In the third quarter 2006, special items had a negative effect on net income of 132 M, composed primarily of a 71 M charge for deferred taxes related to the UK petroleum tax increase and special charges related to restructuring in the Chemicals segment.
 
    The Group’s share of the amortization of intangibles related to the Sanofi-Aventis merger had a negative impact on net income of 77 M in the third quarter 2007 and 82 M in the third quarter 2006.
Reported net income was 3,121 M compared to 2,419 M in the third quarter 2006.
The effective tax rate6 for the Group was 55.1% in the third quarter compared to 54.0% in the second quarter 2007 and 55.6% in the third quarter 2006.
 
5   there were no special items affecting operating income from the business segments in the third quarter 2007; in the third quarter 2006, special items were composed of charges in Chemicals
 
6   defined as: (tax on adjusted net operating income) / (adjusted net operating income – income from equity affiliates, dividends received from investments and impairments of acquisition goodwill + tax on adjusted net operating income)


3


 









2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax: + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel. : + 33 (0) 1 47 44 37 76
Patricia MARIE
Tel. : + 33 (0) 1 47 44 45 90
Franklin BOITIER
Tél. : +33 (0)1 47 44 59 81
Christine de CHAMPEAUX
Tel. : + 33 (0) 1 47 44 47 49
Sandra DANTE
Tel. : + 33 (0) 1 47 44 46 07
Philippe GATEAU
Tel. : + 33 (0) 1 47 44 47 05
Elisabeth de REALS
Tel. : + 33 (0) 1 47 44 51 55
Burkhard REUSS
Tel. : + 33 (0) 1 47 44 21 19
Lisa WYLER
Tel. : +33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5 981 907 382,50 euros
542 051 180 R.C.S. Nanterre
www.total.com
In the third quarter 2007, the Group bought back 9.4 million7 of its shares for 532 M.
Adjusted earnings per share, based on 2,272.6 million fully-diluted weighted-average shares, was 1.32 euros in the third quarter 2007, a decrease of 2% compared to the third quarter 2006.
Expressed in dollars, adjusted earnings per share rose to 1.82, an increase of 5% compared to the third quarter 2006.
  > Investments – divestments
Investments in the third quarter 2007 were 2,590 M compared to 2,667 M in the third quarter 2006. The third quarter 2007 investments include 94 M of acquisitions related primarily to new permits.
Divestments in the third quarter 2007 were 109 M.
Expressed in dollars, investments in the third quarter 2007 increased by 5% to 3.6 billion.
Net investments were 3.4 billion dollars (B$) in the third quarter 2007 compared to 3.2 B$ in the third quarter 2006.
  > Cash flow
Cash flow from operations was 3,549 M, a decrease of 30% compared to the third quarter 2006, mainly due to an increase in working capital.
Adjusted cash flow (cash flow from operations before changes in working capital at replacement cost) decreased by 3% to 4,260 M. Expressed in dollars, adjusted cash flow increased by 4% to 5.9 B$.
The net-debt-to-equity ratio was 24% at September 30, 2007 compared to 26% at June 30, 2007 and 26% at September 30, 20068, in line with the target range of the Group.
 
7   includes 2.4 million shares purchased to cover the program of restricted share grants for employees per the Board of Directors decision on July 17, 2007
 
8   calculations shown on page 16


4


 









2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax: + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel. : + 33 (0) 1 47 44 37 76
Patricia MARIE
Tel. : + 33 (0) 1 47 44 45 90
Franklin BOITIER
Tél. : +33 (0)1 47 44 59 81
Christine de CHAMPEAUX
Tel. : + 33 (0) 1 47 44 47 49
Sandra DANTE
Tel. : + 33 (0) 1 47 44 46 07
Philippe GATEAU
Tel. : + 33 (0) 1 47 44 47 05
Elisabeth de REALS
Tel. : + 33 (0) 1 47 44 51 55
Burkhard REUSS
Tel. : + 33 (0) 1 47 44 21 19
Lisa WYLER
Tel. : +33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5 981 907 382,50 euros
542 051 180 R.C.S. Nanterre
www.total.com
Nine months 2007 results
  > Operating income
Compared to the first nine months of 2006, the oil market environment for the first nine months of 2007 was marked by an average Brent price stable at 67 $/b and a 12% decrease in the average realized price for natural gas.
The European refining margin indicator increased by 8% to 33.3 $/t.
Petrochemical margins increased, with higher margins in Europe that were partially offset by lower margins in the US.
The euro-dollar exchange rate was 1.34 $/ compared to 1.24 $/ for the first nine months of 2006, representing a decline of 7% in the dollar.
In this context, adjusted operating income from the business segments was 17,255 M, a decrease of 12% compared to the first nine months of 20069.
Adjusted net operating income from the business segments was 9,029 M compared to 9,688 M for the first nine months of 2006, a decrease of 7%. The lower percentage decrease relative to the decrease in operating income is due in part to a larger contribution from equity affiliates.
Expressed in dollars, adjusted net operating income from the business segments was 12.1 B$, an increase of 1% compared to the first nine months of 2006.
  > Net income
Adjusted net income was 9,096 M compared to 9,848 M for the first nine months of 2006, a decrease of 8%. This excludes the after-tax inventory effect, special items, and the Group’s equity share of the amortization of intangibles related to the Sanofi-Aventis merger.
    The after-tax inventory effect had a positive impact on net income of 755 M in the first nine months of 2007 and 78 M in the same period last year.
 
    Special items had a negative impact on net income of 45 M in the first nine months of 2007 and 132 M in the first nine months of 200610.
 
    The Group’s share of the amortization of intangibles related to the Sanofi-Aventis merger had a negative impact on net income of 225 M in the first nine months of 2007 and 251 M in the same period last year.
Reported net income was 9,581 M compared to 9,543 M for the first nine months of 2006.
The effective tax rate for the Group was 54.4% in the first nine months of 2007 compared to 55.5% in the first nine months of 2006.
In the first nine months of 2007, the Group bought back 23.4 million of its shares11 for 1,287 M. The number of fully-diluted shares as of September 30, 2007 was 2,271.0 million compared to 2,278.6 million on June 30, 2007 and 2,294.6 million on September 30, 2006. The Group continued to buy back shares in October 2007, acquiring 4.0 million shares for 222 M.
Adjusted earnings per share, calculated based on 2,277.3 million fully-diluted weighted-average shares, declined by 6% to 3.99 euros from 4.24 euros in the first nine months of 2006, a lower percentage decrease than for adjusted net income thanks to the accretive effect of the share buybacks.
Expressed in dollars, adjusted earnings per share rose to 5.37, an increase of 2% compared to the first nine months of 2006.
 
9   there were no special items affecting operating income from the business segments in the first nine months of 2007; special items affecting operating income from the business segments had a negative impact of 177 M in the first nine months of 2006 ; detail of these elements shown on page 15 
 
10   calculations shown on page  15
 
11   includes 2.4 million shares purchased to cover the program of restricted share grants for employees per the Board of Directors decision on July 17, 2007


5


 









2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax: + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel. : + 33 (0) 1 47 44 37 76
Patricia MARIE
Tel. : + 33 (0) 1 47 44 45 90
Franklin BOITIER
Tél. : +33 (0)1 47 44 59 81
Christine de CHAMPEAUX
Tel. : + 33 (0) 1 47 44 47 49
Sandra DANTE
Tel. : + 33 (0) 1 47 44 46 07
Philippe GATEAU
Tel. : + 33 (0) 1 47 44 47 05
Elisabeth de REALS
Tel. : + 33 (0) 1 47 44 51 55
Burkhard REUSS
Tel. : + 33 (0) 1 47 44 21 19
Lisa WYLER
Tel. : +33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5 981 907 382,50 euros
542 051 180 R.C.S. Nanterre
www.total.com
  > Investments – divestments
Investments were 7,694 M compared to 8,196 M in the first nine months of 2006. Investments in the first nine months of 2007 included acquisitions of 161 M related primarily to new permits.
Divestments in the first nine months of 2007 were 575 M compared to 1,207 M in the first nine months of 2006. Divestments in the first nine months of 2007 include the sale of Canyon Express and the Aconcagua field in the Gulf of Mexico, certain interests in Norway, and targeted divestitures in Downstream and Specialty Chemicals.
Expressed in dollars, investments in the first nine months of 2007 were 10.3 billion compared to 10.2 billion in the same period last year.
Net investments in the first nine months of 2007 were 9.6 B$ compared to 8.7 B$ in the first nine months of 2006.
  > Cash flow
Cash flow from operations was 13,526 M, a decrease of 3% compared to the first nine months of 2006.
Adjusted cash flow (cash flow from operations before changes in working capital at replacement cost) was 12,939 M, a decrease of 3%.
Expressed in dollars, adjusted cash flow increased by 5% to 17.4 B$.
Net cash flow12 for the Group was 6,407 M compared to 6,949 M for the first nine months of 2006. Expressed in dollars, net cash flow for the Group was 8.6 B$, stable compared to the first nine months of 2006.
 
12   net cash flow = cash flow from operations + divestments — investments


6


 









2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax: + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel. : + 33 (0) 1 47 44 37 76
Patricia MARIE
Tel. : + 33 (0) 1 47 44 45 90
Franklin BOITIER
Tél. : +33 (0)1 47 44 59 81
Christine de CHAMPEAUX
Tel. : + 33 (0) 1 47 44 47 49
Sandra DANTE
Tel. : + 33 (0) 1 47 44 46 07
Philippe GATEAU
Tel. : + 33 (0) 1 47 44 47 05
Elisabeth de REALS
Tel. : + 33 (0) 1 47 44 51 55
Burkhard REUSS
Tel. : + 33 (0) 1 47 44 21 19
Lisa WYLER
Tel. : +33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5 981 907 382,50 euros
542 051 180 R.C.S. Nanterre
www.total.com
Analysis of business segment results
Upstream
  > Environment – liquids and gas price realizations *
                                                         
                        3Q07                       9M07
                        vs                       vs
3Q07   2Q07   3Q06   3Q06       9M07   9M06   9M06
 
  74.7       68.8       69.5       +7 %  
Brent ($/b)
    67.1       67.0        
  71.4       65.7       65.4       +9 %  
Average liquids price ($/b)
    63.8       63.4       +1 %
  4.83       4.94       5.59       -14 %  
Average gas price ($/Mbtu)
    5.16       5.84       -12 %
  55.4       52.5       53.2       +4 %  
Average hydrocarbons price ($/boe)
    51.7       52.6       -2 %
 
*   consolidated subsidiaries, excluding fixed margin and buy-back contracts
The increase in Total’s average realized liquids price was greater than the increase in the Brent price for both the third quarter and the first nine months of 2007 compared to the same periods in 2006.
The average realized price for Total’s natural gas was substantially lower in both the third quarter 2007 and the first nine months of 2007, mainly due to a sharp decline in the UK spot price.
  > Production
                                                         
                        3Q07                       9M07
                        vs                       vs
3Q07   2Q07   3Q06   3Q06   Hydrocarbon production   9M07   9M06   9M06
 
  2,352       2,322       2,294       +3 %  
Combined production (kboe/d)
    2,368       2,341       +1 %
  1,481       1,475       1,485          
Liquids (kb/d)
    1,502       1,503        
  4,741       4,599       4,411       +7 %  
Gas (Mcfd)
    4,707       4,568       +3 %
Hydrocarbon production was 2,352 thousand barrels of oil equivalent per day (kboe/d) in the third quarter 2007 compared to 2,294 kboe/d in the third quarter 2006, an increase of 2.5% mainly as a result of:
    +6.5% from net growth, primarily from start-ups and ramp-ups of new projects, such as Dalia, Rosa, Dolphin and Shah Deniz, partially offset by declines,
 
    -1.5% from the impact of the May 2007 fire on the Nkossa platform in Congo,
 
    -1% from the price effect13 and OPEC reduction,
 
    -1.5% from changes in the portfolio.
Excluding the price effect, OPEC reductions and portfolio changes, underlying production growth was 5% between the third quarter 2007 and third quarter 2006.
In the first nine months of 2007, the Group’s average production was 2,368 kboe/d, an increase of more than 1% compared to the same period last year, mainly as a result of :
    +4.5% from net growth, primarily from start-ups and ramp-ups of new projects, such as Dalia, Rosa, BBLT, Dolphin and Shah Deniz, partially offset by declines,
 
    -1% from the impact of the May 2007 fire on the Nkossa platform in Congo,
 
    -1.5% from the price effect13 and OPEC reduction,
 
    -1% from changes in the portfolio.
 
13   impact of changing hydrocarbon prices on entitlement volumes


7


 









2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax: + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel. : + 33 (0) 1 47 44 37 76
Patricia MARIE
Tel. : + 33 (0) 1 47 44 45 90
Franklin BOITIER
Tél. : +33 (0)1 47 44 59 81
Christine de CHAMPEAUX
Tel. : + 33 (0) 1 47 44 47 49
Sandra DANTE
Tel. : + 33 (0) 1 47 44 46 07
Philippe GATEAU
Tel. : + 33 (0) 1 47 44 47 05
Elisabeth de REALS
Tel. : + 33 (0) 1 47 44 51 55
Burkhard REUSS
Tel. : + 33 (0) 1 47 44 21 19
Lisa WYLER
Tel. : +33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5 981 907 382,50 euros
542 051 180 R.C.S. Nanterre
www.total.com
  > Results
                                                         
                        3Q07                       9M07
                        vs                       vs
3Q07   2Q07   3Q06   3Q06   in millions of euros   9M07   9M06   9M06
 
  4,861       4,440       5,000       -3 %  
Adjusted operating income *
    13,676       15,977       -14 %
  2,227       2,092       2,033       +10 %  
Adjusted net operating income *
    6,280       6,824       -8 %
  183       202       172       +6 %  
Includes income from equity affiliates
    560       470       +19 %
  1,981       2,109       2,073       -4 %  
Investments
    6,079       6,363       -4 %
  63       191       80       -21 %  
Divestments at selling price
    427       935       -54 %
  1,697       3,312       2,534       -33 %  
Cash flow
    9,344       9,736       -4 %
  3,297       3,011       3,099       +6 %  
Adjusted cash flow
    9,274       9,779       -5 %
 
*   detail of adjustment items shown in business segment information
Adjusted net operating income from the Upstream segment was 2,227 M in the third quarter 2007 compared to 2,033 M in the third quarter 2006, an increase of 10%. In the third quarter 2006, there was a 143 M charge for the increase in UK petroleum taxes related to the first half of 2006.
Expressed in dollars, adjusted net operating income increased by 18% compared to the third quarter 2006. Excluding the third quarter 2006 charge for the increase in UK petroleum taxes related to the first half of 2006, adjusted net operating income from the business segments in the third quarter 2007, expressed in dollars, increased by 10% compared to the third quarter 2006. This reflects mainly the benefits of higher oil and gas price realizations and the increase in production, partially offset by higher operating costs and higher amortization expenses linked to new start-ups.
The effective tax rate for the Upstream segment was 59.3% compared to 63.7% in the third quarter 2006 and 59.9% in the second quarter 2007. The third quarter 2006 charge for the increase in UK petroleum taxes related to the first half of 2006 had an impact of close to 3% on the effective tax rate.
The return on average capital employed (ROACE14) for the Upstream segment for the twelve months ended September 30, 2007 was 32% compared to 33% for the twelve months ended June 30, 2007.
 
14   calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 17


8


 









2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax: + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel. : + 33 (0) 1 47 44 37 76
Patricia MARIE
Tel. : + 33 (0) 1 47 44 45 90
Franklin BOITIER
Tél. : +33 (0)1 47 44 59 81
Christine de CHAMPEAUX
Tel. : + 33 (0) 1 47 44 47 49
Sandra DANTE
Tel. : + 33 (0) 1 47 44 46 07
Philippe GATEAU
Tel. : + 33 (0) 1 47 44 47 05
Elisabeth de REALS
Tel. : + 33 (0) 1 47 44 51 55
Burkhard REUSS
Tel. : + 33 (0) 1 47 44 21 19
Lisa WYLER
Tel. : +33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5 981 907 382,50 euros
542 051 180 R.C.S. Nanterre
www.total.com
Downstream
  > Refinery throughput and utilization rates
                                                         
                        3Q07                       9M07
                        vs                       vs
3Q07   2Q07   3Q06   3Q06   Refinery throughput (kb/d)   9M07   9M06   9M06
 
  2,471       2,354       2,533       -2 %  
Total refinery throughput (kb/d) *
    2,415       2,462       -2 %
  915       936       976       -6 %  
France
    947       922       +3 %
  1,253       1,112       1,257          
Rest of Europe*
    1,177       1,228       -4 %
  303       306       300       +1 %  
Rest of world
    291       312       -7 %
                               
Utilization rates
                       
  88 %     85 %     92 %          
Based on crude only
    86 %     88 %        
  92 %     87 %     94 %          
Based on crude and other feedstock *
    89 %     91 %        
 
*   includes share of Cepsa
In the third quarter 2007, there were planned partial turnarounds at the Normandy and Lindsey refineries.
A major turnaround of the steam-cracker at the Port Arthur refinery was started near the end of the third quarter 2006.
In the second quarter 2007, there were planned shutdowns for maintenance at the Donges, Antwerp, Vlessingen, Flanders and Rome refineries.
  > Results
                                                         
                        3Q07                       9M07
                        vs   in millions of euros                   vs
3Q07   2Q07   3Q06   3Q06   (except European refining margin indicator)   9M07   9M06   9M06
 
  23.9       42.8       28.7       -17 %  
European refining margin indicator — TRCV ($/t)
    33.3       30.9       +8 %
  566       1,004       1,002       -44 %  
Adjusted operating income *
    2,543       2,894       -12 %
  526       755       798       -34 %  
Adjusted net operating income *
    1,989       2,235       -11 %
  63       75       64       -2 %  
Includes income from equity affiliates
    201       206       -2 %
  381       401       383       -1 %  
Investments
    1,026       1,072       -4 %
  27       28       90       -70 %  
Divestments at selling price
    77       153       -50 %
  439       1 432       1,180       -63 %  
Cash flow
    3,776       3,365       +12 %
  743       999       1,142       -35 %  
Adjusted cash flow
    2,781       3,060       -9 %
 
*   detail of adjustment items shown in business segment information
Refining margins in the third quarter 2007 averaged 23.9 $/t, down 17% compared to the third quarter 2006 and down 44% compared to particularly high level of the second quarter 2007.
Adjusted net operating income from the Downstream segment was 526 M in the third quarter 2007 compared to 798 M in the third quarter 2006, a decrease of 34%.  The decrease reflects mainly the lower refining margins, the impact of a weaker dollar relative to the euro, and the lack of favorable market effects that benefited the Downstream segment in the third quarter 2006.
In percentage terms, the decrease in third quarter 2007 adjusted net operating income was lower than the decrease in adjusted operating income. For the nine months, the decrease in adjusted net operating income was in line with the decrease in adjusted operating income.
The ROACE for Downstream for the twelve months ended September 30, 2007 was 22% compared to 25% for the twelve months ended June 30, 2007.


9


 









2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax: + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel. : + 33 (0) 1 47 44 37 76
Patricia MARIE
Tel. : + 33 (0) 1 47 44 45 90
Franklin BOITIER
Tél. : +33 (0)1 47 44 59 81
Christine de CHAMPEAUX
Tel. : + 33 (0) 1 47 44 47 49
Sandra DANTE
Tel. : + 33 (0) 1 47 44 46 07
Philippe GATEAU
Tel. : + 33 (0) 1 47 44 47 05
Elisabeth de REALS
Tel. : + 33 (0) 1 47 44 51 55
Burkhard REUSS
Tel. : + 33 (0) 1 47 44 21 19
Lisa WYLER
Tel. : +33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5 981 907 382,50 euros
542 051 180 R.C.S. Nanterre
www.total.com
Chemicals
  > Results
                                                         
                        3Q07                       9M07
                        vs                       vs
3Q07   2Q07   3Q06   3Q06   in millions of euros   9M07   9M06   9M06
 
  4,856       5,070       4,849          
Sales
    14,921       14,503       +3 %
  3,071       3,202       3,135       -2 %  
Base chemicals
    9,424       9,120       +3 %
  1,785       1,868       1,713       +4 %  
Specialties
    5,497       5,382       +2 %
  343       312       350       -2 %  
Adjusted operating income *
    1 036       841       +23 %
  247       234       248          
Adjusted net operating income *
    760       629       +21 %
  140       110       155       -10 %  
Base chemicals
    439       318       +38 %
  99       124       87       +14 %  
Specialties
    316       299       +6 %
  200       173       202       -1 %  
Investments
    546       702       -22 %
  15       1       4       x4    
Divestments at selling price
    63       99       -36 %
  217       254       291       -25 %  
Cash flow
    578       247       +134 %
  300       302       329       -9 %  
Adjusted cash flow
    931       889       +5 %
 
*   detail of adjustment items shown in business segment information
Third quarter 2007 sales for the Chemicals segment were 4,856 M, stable compared to the third quarter 2006.
Adjusted net operating income for Base Chemicals was 140 M despite a substantial decline in the margins for aromatics in the quarter.
Specialties continue to benefit from global economic growth and performed well in the quarter, with a 14% increase in adjusted net operating income compared to the third quarter 2006.
The ROACE for the Chemicals segment for the twelve months ended September 30, 2007 was 14%, stable compared to the twelve months ended June 30, 2007.


10


 









2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax: + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel. : + 33 (0) 1 47 44 37 76
Patricia MARIE
Tel. : + 33 (0) 1 47 44 45 90
Franklin BOITIER
Tél. : +33 (0)1 47 44 59 81
Christine de CHAMPEAUX
Tel. : + 33 (0) 1 47 44 47 49
Sandra DANTE
Tel. : + 33 (0) 1 47 44 46 07
Philippe GATEAU
Tel. : + 33 (0) 1 47 44 47 05
Elisabeth de REALS
Tel. : + 33 (0) 1 47 44 51 55
Burkhard REUSS
Tel. : + 33 (0) 1 47 44 21 19
Lisa WYLER
Tel. : +33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5 981 907 382,50 euros
542 051 180 R.C.S. Nanterre
www.total.com
Summary and outlook
The ROACE for the twelve months ended September 30, 2007 was 24% at the Group level and 26% at the level of the business segments compared to 25% and 28% respectively for the twelve months ended June 30, 2007.
The return on equity for the twelve months ended September 30, 2007 was 29%.
The Group maintains its net-debt-to-equity ratio around its target range of 25-30%.
The investment program of approximately 16 B$ (excluding acquisitions) for 2007 is in line with the target.
Total will pay an interim dividend of 1 per share on November 16, 200715, a 15% increase compared to the 2006 interim dividend. Expressed in dollars, the increase is more than 25%.
In the Upstream segment, Total confirms its production growth target of 4% per year on average between 2006 and 2010 based on a projected Brent oil price environment of 60$/b. The growth will be driven mainly by seven major Total-operated projects, including three that have started producing recently and four that are being developed in line with expectations. The growth will be particularly high in the LNG business, where sales16 are expected to grow by 13% per year on average over the period.
In Refining, the Group is pursuing its strategy to upgrade its refining system by investing in more conversion and desulphurization capacity. Certain development projects, designed to supply growing markets, are currently under study.
In Petrochemicals, Total is pursuing its strategy to improve its competitiveness in Europe, to strengthen its position in Asia and to develop projects with ethane-based feedstock in the Middle East and North Africa.
Since the start of the fourth quarter 2007, oil prices have hit new record levels notably as a result of persistent tension on market supply. Refining margins have remained around the average of the third quarter 2007, and conversion margins have remained robust.
The return to growth in production confirmed during the third quarter, the successful execution of major projects, the strong management and investment discipline, and the success of exploration and negotiations for access to new reserves support the outlook of profitable growth of Total for the coming years and for the longer term.
¨ ¨ ¨
To listen to the conference call with CFO Robert Castaigne and financial analysts today at 15:00 (Paris time) please call +44 (0)207 098 0692 in Europe or +1 866 907 5923 in the US (access code : Total) or log on to the company website www.total.com. For a replay, dial +44 (0)207 075 3214 in Europe or 1 866 828 2261 in the US (code : 206514).
 
15   per the Board of Directors decision on September 4, 2007
 
16   Total share, excluding trading


11


 









2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax: + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel. : + 33 (0) 1 47 44 37 76
Patricia MARIE
Tel. : + 33 (0) 1 47 44 45 90
Franklin BOITIER
Tél. : +33 (0)1 47 44 59 81
Christine de CHAMPEAUX
Tel. : + 33 (0) 1 47 44 47 49
Sandra DANTE
Tel. : + 33 (0) 1 47 44 46 07
Philippe GATEAU
Tel. : + 33 (0) 1 47 44 47 05
Elisabeth de REALS
Tel. : + 33 (0) 1 47 44 51 55
Burkhard REUSS
Tel. : + 33 (0) 1 47 44 21 19
Lisa WYLER
Tel. : +33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5 981 907 382,50 euros
542 051 180 R.C.S. Nanterre
www.total.com
The September 30, 2007 notes to the consolidated accounts are available on the Total web site (www.total.com). This document may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, business, strategy and plans of Total. Such statements are based on a number of assumptions that could ultimately prove inaccurate, and are subject to a number of risk factors, including currency fluctuations, the price of petroleum products, the ability to realize cost reductions and operating efficiencies without unduly disrupting business operations, environmental regulatory considerations and general economic and business conditions. Total does not assume any obligation to update publicly any forward-looking statement, whether as a result of new information, future events or otherwise. Further information on factors which could affect the company’s financial results is provided in documents filed by the Group and its affiliates with the French Autorité des Marchés Financiers and the US Securities and Exchange Commission.
Business segment information is presented in accordance with the Group internal reporting system used by the Chief operating decision maker to measure performance and allocate resources internally. Due to their particular nature or significance, certain transactions qualified as “special items” are excluded from the business segment figures. In general, special items relate to transactions that are significant, infrequent or unusual. However, in certain instances, certain transactions such as restructuring costs or assets disposals, which are not considered to be representative of normal course of business, may be qualified as special items although they may have occurred within prior years or are likely to recur within following years.
The adjusted results of the Downstream and Chemical segments are also presented according to the replacement cost method. This method is used to assess the segments’ performance and ensure the comparability of the segments’ results with those of its competitors, mainly North American.
In the replacement cost method, which approximates the LIFO (Last-In, First-Out) method, the variation of inventory values in the income statement is determined by the average price of the period rather than the historical value. The inventory valuation effect is the difference between the results according to FIFO (First-In, First-Out) and replacement cost.
In this framework, performance measures such as adjusted operating income, adjusted net operating income and adjusted net income are defined as incomes using replacement cost, adjusted for special items and excluding Total’s equity share of the amortization of intangibles related to the Sanofi-Aventis merger. They are meant to facilitate the analysis of the financial performance and the comparison of income between periods.


12


 

2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax: + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel. : + 33 (0) 1 47 44 37 76
Patricia MARIE
Tel. : + 33 (0) 1 47 44 45 90
Franklin BOITIER
Tél. : +33 (0)1 47 44 59 81
Christine de CHAMPEAUX
Tel. : + 33 (0) 1 47 44 47 49
Sandra DANTE
Tel. : + 33 (0) 1 47 44 46 07
Philippe GATEAU
Tel. : + 33 (0) 1 47 44 47 05
Elisabeth de REALS
Tel. : + 33 (0) 1 47 44 51 55
Burkhard REUSS
Tel. : + 33 (0) 1 47 44 21 19
Lisa WYLER
Tel. : +33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5 981 907 382,50 euros
542 051 180 R.C.S. Nanterre
www.total.com
Main operating information by segment
Third quarter and first nine months 2007
l Upstream
                                                         
    3Q07           9M07
                        vs   Combined liquids and gas                   vs
3Q07   2Q07   3Q06   3Q06   production by region (kboe/d)   9M07   9M06   9M06
 
  628       644       674       -7 %  
Europe
    672       720       -7 %
  811       795       716       +13 %  
Africa
    797       717       +11 %
  18       21       17       +6 %  
North America
    22       12       +83 %
  252       247       250       +1 %  
Far East
    252       251        
  393       359       396       -1 %  
Middle East
    384       403       -5 %
  228       243       234       -3 %  
South America
    226       231       -2 %
  22       13       7       x3    
Rest of world
    15       7       x2  
  2,352       2,322       2,294       +3 %  
Total production
    2,368       2,341       +1 %
  317       310       342       -7 %  
Includes equity and non-consolidated affiliates
    322       339       -5 %
                                                         
      3Q07           9M07
                        vs                       vs
3Q07   2Q07   3Q06   3Q06   Liquids production by region (kb/d)   9M07   9M06   9M06
 
  313       315       354       -12 %  
Europe
    333       363       -8 %
  689       670       620       +11 %  
Africa
    680       626       +9 %
  11       15       7       +57 %  
North America
    14       3       x5  
  29       28       28       +4 %  
Far East
    29       29        
  322       308       345       -7 %  
Middle East
    324       351       -8 %
  107       130       124       -14 %  
South America
    113       124       -9 %
  10       9       7       +43 %  
Rest of world
    9       7       +29 %
  1,481       1,475       1,485          
Total production
    1,502       1,503        
  262       262       292       -10 %  
Includes equity and non-consolidated affiliates
    269       288       -7 %


13


 

2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax: + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel. : + 33 (0) 1 47 44 37 76
Patricia MARIE
Tel. : + 33 (0) 1 47 44 45 90
Franklin BOITIER
Tél. : +33 (0)1 47 44 59 81
Christine de CHAMPEAUX
Tel. : + 33 (0) 1 47 44 47 49
Sandra DANTE
Tel. : + 33 (0) 1 47 44 46 07
Philippe GATEAU
Tel. : + 33 (0) 1 47 44 47 05
Elisabeth de REALS
Tel. : + 33 (0) 1 47 44 51 55
Burkhard REUSS
Tel. : + 33 (0) 1 47 44 21 19
Lisa WYLER
Tel. : +33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5 981 907 382,50 euros
542 051 180 R.C.S. Nanterre
www.total.com
                                                         
      3Q07           9M07
                        vs                       vs
3Q07   2Q07   3Q06   3Q06   Gas production by region (Mcfd)   9M07   9M06   9M06
 
  1,710       1,785       1,738       -2 %  
Europe
    1,837       1,935       -5 %
  630       640       509       +24 %  
Africa
    604       478       +26 %
  32       33       48       -33 %  
North America
    36       48       -25 %
  1,251       1,228       1,240       +1 %  
Far East
    1,247       1,237       +1 %
  384       267       272       +41 %  
Middle East
    326       278       +17 %
  669       625       602       +11 %  
South America
    625       590       +6 %
  65       21       2       x33    
Rest of world
    32       2       x16  
  4,741       4,599       4,411       +7 %  
Total production
    4,707       4,568       +3 %
  289       255       266       +9 %  
Includes equity and non-consolidated affiliates
    286       272       +5 %
l Downstream
                                                         
      3Q07           9M07
                        vs                       vs
3Q07   2Q07   3Q06   3Q06   Refined products sales by region (kb/d)*   9M07   9M06   9M06
 
  2,305       2,185       2,268       +2 %  
Europe
    2,265       2,274        
  292       283       289       +1 %  
Africa
    286       271       +6 %
  403       170       319       +26 %  
Americas
    274       318       -14 %
  148       144       121       +22 %  
Rest of world
    144       133       +8 %
  3,148       2,782       2,997       +5 %  
Total consolidated sales
    2,969       2,996       -1 %
  790       1,010       774       +2 %  
Trading (balancing and export sales)
    878       806       +9 %
  3,938       3,792       3,771       +4 %  
Total refined products sales
    3,847       3,802       +1 %
 
*   includes equity share in Cepsa


14


 

2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax: + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel. : + 33 (0) 1 47 44 37 76
Patricia MARIE
Tel. : + 33 (0) 1 47 44 45 90
Franklin BOITIER
Tél. : +33 (0)1 47 44 59 81
Christine de CHAMPEAUX
Tel. : + 33 (0) 1 47 44 47 49
Sandra DANTE
Tel. : + 33 (0) 1 47 44 46 07
Philippe GATEAU
Tel. : + 33 (0) 1 47 44 47 05
Elisabeth de REALS
Tel. : + 33 (0) 1 47 44 51 55
Burkhard REUSS
Tel. : + 33 (0) 1 47 44 21 19
Lisa WYLER
Tel. : +33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5 981 907 382,50 euros
542 051 180 R.C.S. Nanterre
www.total.com
Adjustment items
l Adjustments to operating income from the business segments
                                         
3Q07   2Q07   3Q06    in millions of euros   9M07   9M06
 
          (122 )    Special items affecting operating income from the
 business segments
          (177 )
          (10 )     Restructuring charges           (33 )
          (50 )     Impairments           (50 )
          (62 )     Other           (94 )
210
    719       (681 )    Pre-tax inventory effect : FIFO vs. replacement cost     1,103       75  
210
    719       (803 )  
 Total adjustments affecting operating income from the business segments
    1,103       (102 )
l Adjustments to net income (Group share)
                                         
3Q07   2Q07   3Q06    in millions of euros   9M07   9M06
 
55
    (100 )     (132 )    Special items affecting net income (Group share)     (45 )     (132 )
75
          (2 )     Equity share of special items recorded by Sanofi-Aventis     75       (35 )
                Gain on asset sales           130  
(20)
          (80 )     Restructuring charges     (20 )     (139 )
          (32 )     Impairments           (32 )
    (100 )     (18 )     Other     (100 )     (56 )
(77)
    (72 )     (82 )  
 Adjustment related to the Sanofi-Aventis merger*
(share of amortization of intangible assets)
    (225 )     (251 )
139
    483       (478 )    After-tax inventory effect : FIFO vs. replacement cost     755       78  
117
    311       (692 )    Total adjustments to net income     485       (305 )
 
*   based on 13% participation in Sanofi-Aventis at 09/30/2007, 06/30/2007 and 09/30/2006


15


 

2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax: + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel. : + 33 (0) 1 47 44 37 76
Patricia MARIE
Tel. : + 33 (0) 1 47 44 45 90
Franklin BOITIER
Tél. : +33 (0)1 47 44 59 81
Christine de CHAMPEAUX
Tel. : + 33 (0) 1 47 44 47 49
Sandra DANTE
Tel. : + 33 (0) 1 47 44 46 07
Philippe GATEAU
Tel. : + 33 (0) 1 47 44 47 05
Elisabeth de REALS
Tel. : + 33 (0) 1 47 44 51 55
Burkhard REUSS
Tel. : + 33 (0) 1 47 44 21 19
Lisa WYLER
Tel. : +33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5 981 907 382,50 euros
542 051 180 R.C.S. Nanterre
www.total.com
Net-debt-to-equity ratio
                         
in millions of euros   9/30/2007   6/30/2007   9/30/2006
 
Current borrowings
    9,194       9,809       11,426  
Net current financial assets
    (10,870 )     (10,790 )     (10,899 )
Non-current financial debt
    15,103       15,045       12,994  
Hedging instruments of non-current debt
    (434 )     (287 )     (526 )
Cash and cash equivalents
    (2,812 )     (2,858 )     (2,575 )
Net debt
    10,181       10,919       10,420  
Shareholders equity
    42,818       43,657       41,761  
Estimated dividend payable*
    (906 )     (2,110 )     (2,756 )
Minority interests
    851       817       863  
Equity
    42,763       42,364       39,868  
Net-debt-to-equity ratio
    23.8 %     25.8 %     26.1 %
 
*   as of 9/30/2007, based on a 2007 dividend of 1.87 /share of 2.5 of par value, less the amount of the interim dividend of 1 /share or 2,252 M per the Board of Directors decision on 9/04/2007 to be paid 11/16/2007
2007 sensitivities *
                                 
                Impact on operating   Impact on net
    Scenario     Change   income (e)   operating income (e)
 
/ $
    1.25 $/     +0.1 $per     -2.2 B       -1.1 B  
Brent
    60 $/b       +1 $/b       +0.38 B       +0.15 B  
European refining margin indicator TRCV
    30 $/t       +1 $/t +       0.09 B       +0.06 B  
 
*   sensitivities revised once per year upon publication of the previous year fourth quarter results


16


 

2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax: + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel. : + 33 (0) 1 47 44 37 76
Patricia MARIE
Tel. : + 33 (0) 1 47 44 45 90
Franklin BOITIER
Tél. : +33 (0)1 47 44 59 81
Christine de CHAMPEAUX
Tel. : + 33 (0) 1 47 44 47 49
Sandra DANTE
Tel. : + 33 (0) 1 47 44 46 07
Philippe GATEAU
Tel. : + 33 (0) 1 47 44 47 05
Elisabeth de REALS
Tel. : + 33 (0) 1 47 44 51 55
Burkhard REUSS
Tel. : + 33 (0) 1 47 44 21 19
Lisa WYLER
Tel. : +33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5 981 907 382,50 euros
542 051 180 R.C.S. Nanterre
www.total.com
Return on average capital employed
l For the twelve months September 30, 2007
                                         
in millions of euros   Upstream   Downstream   Chemicals**   Sectors   Group***
 
Adjusted net operating income
    8,165       2,538       1,015       11,718       12,434  
Capital employed at 9/30/2006*
    24,561       11,431       7,257       43,249       50,371  
Capital employed at 9/30/2007*
    26,863       11,446       7,305       45,614       53,243  
ROACE
    31.8 %     22.2 %     13.9 %     26.4 %     24.0 %
 
*   at replacement cost (excluding after-tax inventory effect)
 
**   capital employed for Chemicals reduced for the Toulouse-AZF provision of 85 M pre-tax at 9/30/2006 and 139 M pre-tax at 9/30/2007
 
***   capital employed for the Group adjusted for the amount payable for the interim dividend (2,252M)
l For the full year 2006
                                         
in millions of euros   Upstream   Downstream   Chemicals**   Sectors   Group
 
Adjusted net operating income
    8,709       2,784       884       12,377       13,162  
Capital employed at 12/31/2005*
    23,522       11,421       6,885       41,828       49,341  
Capital employed at 12/31/2006*
    25,543       12,384       6,920       44,847       52,263  
ROACE
    35.5 %     23.4 %     12.8 %     28.6 %     25.9 %
 
*   at replacement cost (excluding after-tax inventory effect)
 
**   capital employed for Chemicals reduced for the Toulouse-AZF provision of 133 M pre-tax at 12/31/2005 and 176 M pre-tax at 12/31/2006 and for the Arkema-capital employed of 2,235 M at 12/31/2005.
l For the twelve months ended September 30, 2006
                                         
in millions of euros   Upstream   Downstream   Chemicals**   Sectors   Group
 
Adjusted net operating income
    8,956       3,034       951       12,941       13,680  
Capital employed at 9/30/2005*
    21,663       10,017       6,837       38,517       45,273  
Capital employed at 9/30/2006*
    24,561       11,431       7,257       43,249       50,371  
ROACE
    38.8 %     28.3 %     13.5 %     31.7 %     28.6 %
 
*   at replacement cost (excluding after-tax inventory effect)
 
**   capital employed for Chemicals reduced for the Arkema-capital employed of 2,268 M at 9/30/2005 and the Toulouse-AZF provision of 45 M pre-tax at 9/30/2005 and 85 M pre-tax at 9/30/2006


17


 

CONSOLIDATED STATEMENT OF INCOME
TOTAL
(unaudited)
                         
    3rd quarter     2nd quarter     3rd quarter  
(in millions of euros) (1)   2007     2007     2006  
 
Sales
    39,430       39,094       38,357  
Excise taxes
    (5,479 )     (5,595 )     (4,829 )
Revenues from sales
    33,951       33,499       33,528  
 
                       
Purchases, net of inventory variation
    (22,580 )     (21,385 )     (21,642 )
Other operating expenses
    (4,060 )     (4,139 )     (5,001 )
Exploration costs
    (135 )     (255 )     (159 )
Depreciation, depletion, and amortization of tangible assets and leasehold rights
    (1,310 )     (1,365 )     (1,299 )
 
 
                       
Operating income
                       
Corporate
    (114 )     (120 )     (122 )
Business segments *
    5,980       6,475       5,549  
 
 
                       
Total operating income
    5,866       6,355       5,427  
 
 
                       
Other income
    123       60       56  
Other expense
    (64 )     (102 )     (161 )
 
                       
Financial interest on debt
    (455 )     (447 )     (545 )
Financial income from marketable securities and cash equivalents
    324       337       381  
Cost of net debt
    (131 )     (110 )     (164 )
 
                       
Other financial income
    155       209       144  
Other financial expense
    (70 )     (74 )     (74 )
Income taxes
    (3,185 )     (3,292 )     (3,262 )
Equity in income (loss) of affiliates
    509       449       529  
 
Consolidated net income from continuing operations (Group without Arkema)
    3,203       3,495       2,495  
Consolidated net income from discontinued operations (Arkema)
                (13 )
 
Consolidated net income
    3,203       3,495       2,482  
 
Group share **
    3,121       3,411       2,419  
Minority interests
    82       84       63  
 
Earnings per share (euros)
    1.38       1.51       1.06  
 
Fully-diluted earnings per share (euros) ***
    1.37       1.50       1.05  
 
                       
 
  * Adjusted operating income from business segments
    5,770       5,756       6,352  
 
Adjusted net operating income from business segments
    3,000       3,081       3,079  
 
** Adjusted net income
    3,004       3,100       3,111  
 
*** Adjusted fully-diluted earnings per share (euros)
    1.32       1.36       1.35  
 
(1)   Except for earnings per share

 


 

CONSOLIDATED STATEMENT OF INCOME
TOTAL
(unaudited)
                 
    9 months     9 months  
(in millions of euros) (1)   2007     2006  
 
Sales
    115,567       117,369  
Excise taxes
    (16,440 )     (14,577 )
Revenues from sales
    99,127       102,792  
 
               
Purchases, net of inventory variation
    (63,674 )     (64,471 )
Other operating expenses
    (12,851 )     (14,923 )
Exploration costs
    (604 )     (420 )
Depreciation, depletion, and amortization of tangible assets and leasehold rights
    (3,975 )     (3,742 )
 
 
               
Operating income
               
Corporate
    (335 )     (374 )
Business segments *
    18,358       19,610  
 
Total operating income
    18,023       19,236  
 
 
               
Other income
    279       389  
Other expense
    (230 )     (404 )
 
               
Financial interest on debt
    (1,332 )     (1,260 )
Financial income from marketable securities and cash equivalents
    955       992  
Cost of net debt
    (377 )     (268 )
 
               
Other financial income
    492       451  
Other financial expense
    (211 )     (194 )
Income taxes
    (9,567 )     (10,719 )
Equity in income (loss) of affiliates
    1,427       1,349  
 
Consolidated net income from continuing operations (Group without Arkema)
    9,836       9,840  
Consolidated net income from discontinued operations (Arkema)
          (5 )
 
Consolidated net income
    9,836       9,835  
 
Group share **
    9,581       9,543  
Minority interests
    255       292  
 
Earnings per share (euros)
    4.24       4.15  
 
Fully-diluted earnings per share (euros) ***
    4.21       4.11  
 
 
               
  * Adjusted operating income from business segments
    17,255       19,712  
 
Adjusted net operating income from business segments
    9,029       9,688  
 
** Adjusted net income
    9,096       9,848  
 
*** Adjusted fully-diluted earnings per share (euros)
    3.99       4.24  
 
(1)   Except for earnings per share

 


 

CONSOLIDATED BALANCE SHEET
TOTAL
                                 
    September 30,     June 30,     December 31,     September 30,  
    2007     2007     2006     2006  
(in millions of euros)   (unaudited)     (unaudited)           (unaudited)  
 
ASSETS
                               
 
                               
Non-current assets
                               
Intangible assets, net
    4,831       4,729       4,705       4,608  
Property, plant and equipment, net
    42,109       42,090       40,576       39,809  
Equity affiliates : investments and loans
    13,661       13,619       13,331       13,275  
Other investments
    1,343       1,385       1,250       1,635  
Hedging instruments of non-current financial debt
    434       287       486       526  
Other non-current assets
    1,756       1,801       2,088       2,204  
 
Total non-current assets
    64,134       63,911       62,436       62,057  
 
 
                               
Current assets
                               
Inventories, net
    12,580       12,009       11,746       11,531  
Accounts receivable, net
    18,200       17,024       17,393       16,981  
Prepaid expenses and other current assets
    7,142       7,155       7,247       7,182  
Current financial assets
    11,072       10,883       3,908       10,930  
Cash and cash equivalents
    2,812       2,858       2,493       2,575  
 
Total current assets
    51,806       49,929       42,787       49,199  
 
 
                               
Total assets
    115,940       113,840       105,223       111,256  
 
                               
LIABILITIES & SHAREHOLDERS’ EQUITY
                               
 
                               
Shareholders’ equity
                               
Common shares
    5,987       5,983       6,064       6,063  
Paid-in surplus and retained earnings
    45,052       44,238       41,460       41,367  
Cumulative translation adjustment
    (3,161 )     (1,885 )     (1,383 )     (501 )
Treasury shares
    (5,060 )     (4,679 )     (5,820 )     (5,168 )
 
Total shareholders’ equity — Group Share
    42,818       43,657       40,321       41,761  
 
 
                               
Minority interests
    851       817       827       863  
 
Total shareholders’ equity
    43,669       44,474       41,148       42,624  
 
Non-current liabilities
                               
Deferred income taxes
    7,555       7,442       7,139       7,133  
Employee benefits
    2,813       2,814       2,773       3,076  
Other non-current liabilities
    6,295       6,359       6,467       6,108  
 
 
                               
Total non-current liabilities
    16,663       16,615       16,379       16,317  
 
Non-current financial debt
    15,103       15,045       14,174       12,994  
 
Current liabilities
                               
Accounts payable
    14,841       14,418       15,080       13,338  
Other creditors and accrued liabilities
    16,268       13,386       12,509       14,526  
Current borrowings
    9,194       9,809       5,858       11,426  
Other current financial liabilities
    202       93       75       31  
 
Total current liabilities
    40,505       37,706       33,522       39,321  
 
Total liabilities and shareholders’ equity
    115,940       113,840       105,223       111,256  

 


 

CONSOLIDATED STATEMENT OF CASH FLOWS
TOTAL
(unaudited)
                         
    3rd quarter     2nd quarter     3rd quarter  
(in millions of euros)   2007     2007     2006  
 
CASH FLOW FROM OPERATING ACTIVITIES
                       
 
                       
Consolidated net income
    3,203       3,495       2,482  
Depreciation, depletion and amortization
    1,405       1,495       1,502  
Non-current liabilities, valuation allowances and deferred taxes
    235       315       67  
Impact of coverage of pension benefit plans
                 
(Gains) Losses on sales of assets
    (117 )     (66 )     (56 )
Undistributed affiliates equity earnings
    (306 )     1       (380 )
(Increase) decrease in operating assets and liabilities
    (921 )     (1,693 )     1,337  
Other changes, net
    50       42       101  
 
Cash flow from operating activities
    3,549       3,589       5,053  
 
                       
CASH FLOW USED IN INVESTING ACTIVITIES
                       
 
                       
Intangible assets and property, plant and equipment additions
    (2,458 )     (2,509 )     (2,275 )
Acquisitions of subsidiaries, net of cash acquired
                (25 )
Investments in equity affiliates and other securities
    (40 )     (47 )     (77 )
Increase in non-current loans
    (92 )     (134 )     (290 )
 
Total expenditures
    (2,590 )     (2,690 )     (2,667 )
Proceeds from sale of intangible assets and property, plant and equipment
    17       18       20  
Proceeds from sale of subsidiaries, net of cash sold
                 
Proceeds from sale of non-current investments
    26       64       75  
Repayment of non-current loans
    66       140       91  
 
Total divestitures
    109       222       186  
 
Cash flow used in investing activies
    (2,481 )     (2,468 )     (2,481 )
 
                       
CASH FLOW USED IN FINANCING ACTIVITIES
                       
 
                       
Issuance (repayment) of shares:
                       
- parent company’s shareholders
    48       10       10  
- treasury shares
    (491 )     (295 )     (1,085 )
- minority shareholders
    (2 )           2  
Cash dividends paid:
                       
- parent company’s shareholders
          (2,262 )      
- minority shareholders
    (2 )     (133 )      
Net issuance (repayment) of non-current debt
    321       1,309       682  
Increase (Decrease) in current borrowings
    (143 )     (135 )     (3,662 )
Increase (Decrease) in current financial assets and liabilities
    (517 )     138       (95 )
Other changes, net
                 
 
Cash flow used in financing activities
    (785 )     (1,368 )     (4,148 )
 
Net increase (decrease) in cash and cash equivalents
    283       (247 )     (1,576 )
Effect of exchange rates and changes in reporting entity
    (329 )     143       245  
Cash and cash equivalents at the beginning of the period
    2,858       2,962       3,906  
 
Cash and cash equivalents at the end of the period
    2,812       2,858       2,575  
 

 


 

CONSOLIDATED STATEMENT OF CASH FLOWS
TOTAL
(unaudited)
                 
    9 months     9 months  
(in millions of euros)   2007     2006  
 
CASH FLOW FROM OPERATING ACTIVITIES
               
 
               
Consolidated net income
    9,836       9,835  
Depreciation, depletion and amortization
    4,338       4,345  
Non-current liabilities, valuation allowances and deferred taxes
    523       244  
Impact of coverage of pension benefit plans
          (37 )
(Gains) Losses on sales of assets
    (258 )     (389 )
Undistributed affiliates equity earnings
    (635 )     (644 )
(Increase) decrease in operating assets and liabilities
    (516 )     501  
Other changes, net
    238       83  
 
Cash flow from operating activities
    13,526       13,938  
 
               
CASH FLOW USED IN INVESTING ACTIVITIES
               
 
               
Intangible assets and property, plant and equipment additions
    (7,090 )     (6,869 )
Acquisitions of subsidiaries, net of cash acquired
    (20 )     (105 )
Investments in equity affiliates and other securities
    (187 )     (200 )
Increase in non-current loans
    (397 )     (1,022 )
 
Total expenditures
    (7,694 )     (8,196 )
Proceeds from sale of intangible assets and property, plant and equipment
    107       329  
Proceeds from sale of subsidiaries, net of cash sold
           
Proceeds from sale of non-current investments
    109       164  
Repayment of non-current loans
    359       714  
 
Total divestitures
    575       1,207  
 
Cash flow used in investing activies
    (7,119 )     (6,989 )
 
               
CASH FLOW USED IN FINANCING ACTIVITIES
               
 
               
Issuance (repayment) of shares:
               
- parent company’s shareholders
    63       488  
- treasury shares
    (1,059 )     (3,171 )
- minority shareholders
    (2 )     15  
Cash dividends paid:
               
- parent company’s shareholders
    (2,262 )     (2,022 )
- minority shareholders
    (164 )     (230 )
Net issuance (repayment) of non-current debt
    2,734       1,807  
Increase (Decrease) in current borrowings
    2,364       5,911  
Increase (Decrease) in current financial assets and liabilities
    (7,485 )     (10,791 )
Other changes, net
           
 
Cash flow used in financing activities
    (5,810 )     (7,993 )
 
Net increase (decrease) in cash and cash equivalents
    597       (1,044 )
Effect of exchange rates and changes in reporting entity
    (278 )     (699 )
Cash and cash equivalents at the beginning of the period
    2,493       4,318  
 
Cash and cash equivalents at the end of the period
    2,812       2,575  
 
Nine months 2006 statement of cash flows includes the sub-group Arkema which has been spun-off on May 18, 2006.

 


 

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY
TOTAL
(unaudited)
                                                                         
                    Paid-in                                
                    surplus and     Cumulative                          
      Common shares issued   retained     translation       Treasury shares   Shareholders’     Minority     Total  
(in millions of euros)   Number     Amount     earnings     adjustment     Number     Amount     equity     interests     equity  
 
As of January 1, 2006
    615,116,296       6,151       37,504       1,421       (34,249,332 )     (4,431 )     40,645       838       41,483  
 
Net income for the first nine months
                9,543                         9,543       292       9,835  
Items recognized directly in equity
                159       (1,713 )                 (1,554 )     (29 )     (1,583 )
Total excluding transactions with shareholders
                9,702       (1,713 )                 7,989       263       8,252  
Four-for-one split of shares par value
    1,845,348,888                         (102,747,996 )                        
Spin-off of Arkema
                (2,045 )     (209 )                 (2,254 )     (8 )     (2,262 )
Dividend
                (2,022 )                       (2,022 )     (230 )     (2,252 )
Issuance of common shares
    11,750,640       29       453                         482             482  
Purchase of treasury shares
                            (64,295,684 )     (3,346 )     (3,346 )           (3,346 )
Sale of treasury shares (1)
                            4,678,367       151       151             151  
Share-based payments
                116                         116             116  
Transactions with shareholders
    1,857,099,528       29       (3,498 )     (209 )     (162,365,313 )     (3,195 )     (6,873 )     (238 )     (7,111 )
Cancellation of repurchased shares
    (47,020,000 )     (117 )     (2,341 )           47,020,000       2,458                    
As of September 30, 2006
    2,425,195,824       6,063       41,367       (501 )     (149,594,645 )     (5,168 )     41,761       863       42,624  
 
Net income for the fourth quarter
                2,225                         2,225       75       2,300  
Items recognized directly in equity
                (196 )     (882 )                 (1,078 )     (15 )     (1,093 )
Total excluding transactions with shareholders
                2,029       (882 )                 1,147       60       1,207  
Spin-off of Arkema
                (16 )                 16                      
Dividend
                (1,977 )                       (1,977 )     (96 )     (2,073 )
Issuance of common shares
    572,129       1       16                         17             17  
Purchase of treasury shares
                            (13,925,000 )     (749 )     (749 )           (749 )
Sale of treasury shares (1)
                            2,318,938       81       81             81  
Share-based payments
                41                         41             41  
Transactions with shareholders
    572,129       1       (1,936 )           (11,606,062 )     (652 )     (2,587 )     (96 )     (2,683 )
Cancellation of repurchased shares
                                                     
As of December 31, 2006
    2,425,767,953       6,064       41,460       (1,383 )     (161,200,707 )     (5,820 )     40,321       827       41,148  
 
Net income for the first nine months
                9,581                         9,581       255       9,836  
Items recognized directly in equity
                75       (1,778 )                 (1,703 )     (67 )     (1,770 )
Total excluding transactions with shareholders
                9,656       (1,778 )                 7,878       188       8,066  
Dividend
                (4,514 )                       (4,514 )     (164 )     (4,678 )
Issuance of common shares
    2,039,726       5       58                         63             63  
Purchase of treasury shares
                            (23,387,355 )     (1,287 )     (1,287 )           (1,287 )
Sale and grant of treasury shares (1)
                (82 )           8,288,463       313       231             231  
Share-based payments
                126                         126             126  
Transactions with shareholders
    2,039,726       5       (4,412 )           (15,098,892 )     (974 )     (5,381 )     (164 )     (5,545 )
Cancellation of repurchased shares
    (33,005,000 )     (82 )     (1,652 )           33,005,000       1,734                    
As of September 30, 2007
    2,394,802,679       5,987       45,052       (3,161 )     (143,294,599 )     (5,060 )     42,818       851       43,669  
 
(1)   Treasury shares related to the stock option purchase plans and restricted stock grants.

 


 

BUSINESS SEGMENT INFORMATION

TOTAL
(unaudited)
                                                 
3rd quarter 2007                                    
(in millions of euros)   Upstream     Downstream     Chemicals     Corporate     Intercompany     Total  
 
Non-Group sales
    4,143       30,430       4,856       1             39,430  
Intersegment sales
    5,453       1,124       326       58       (6,961 )      
Excise taxes
          (5,479 )                       (5,479 )
 
Revenues from sales
    9,596       26,075       5,182       59       (6,961 )     33,951  
Operating expenses
    (3,845 )     (25,000 )     (4,726 )     (165 )     6,961       (26,775 )
Depreciation, depletion, and amortization of tangible assets and leasehold rights
    (890 )     (288 )     (124 )     (8 )           (1,310 )
 
Operating income
    4,861       787       332       (114 )           5,866  
Equity in income (loss) of affiliates and other items
    309       76       6       262             653  
Tax on net operating income
    (2,943 )     (207 )     (100 )     12             (3,238 )
 
Net operating income
    2,227       656       238       160             3,281  
Net cost of net debt
                                            (78 )
Minority interests
                                            (82 )
 
Net income from continuing operations
                                            3,121  
Net income from discontinued operations
                                             
 
Net income
                                            3,121  
                                                 
3rd quarter 2007 (adjustments) (*)                                    
(in millions of euros)   Upstream     Downstream     Chemicals     Corporate     Intercompany     Total  
 
Non-Group sales
                                               
Intersegment sales
                                               
Excise taxes
                                               
 
Revenues from sales
                                               
Operating expenses
          221       (11 )                   210  
Depreciation, depletion, and amortization of tangible assets and leasehold rights
                                     
 
Operating income (1)
          221       (11 )                   210  
Equity in income (loss) of affiliates and other items (2)
          (34 )     (1 )     (2 )             (37 )
Tax on net operating income
          (57 )     3                     (54 )
 
Net operating income (1)
          130       (9 )     (2 )             119  
Net cost of net debt
                                             
Minority interests
                                            (2 )
 
Net income from continuing operations
                                            117  
Net income from discontinued operations
                                             
 
Net income
                                            117  
                                 
(*) Adjustments include special items, inventory valuation effect and equity share of amortization of intangible assets related to the Sanofi-Aventis merger
 
                               
(1) Of which inventory valuation effect
                               
On operating income
          221       (11 )      
On net operating income
          150       (9 )      
(2) Of which equity share of amortization of intangible assets
                               
related to the Sanofi-Aventis merger
                      (77 )
                                                 
3rd quarter 2007 (adjusted)                                    
(in millions of euros)   Upstream     Downstream     Chemicals     Corporate     Intercompany     Total  
 
Non-Group sales
    4,143       30,430       4,856       1             39,430  
Intersegment sales
    5,453       1,124       326       58       (6,961 )      
Excise taxes
          (5,479 )                       (5,479 )
 
Revenues from sales
    9,596       26,075       5,182       59       (6,961 )     33,951  
Operating expenses
    (3,845 )     (25,221 )     (4,715 )     (165 )     6,961       (26,985 )
Depreciation, depletion, and amortization of tangible assets and leasehold rights
    (890 )     (288 )     (124 )     (8 )           (1,310 )
 
Adjusted operating income
    4,861       566       343       (114 )           5,656  
Equity in income (loss) of affiliates and other items
    309       110       7       264             690  
Tax on net operating income
    (2,943 )     (150 )     (103 )     12             (3,184 )
 
Adjusted net operating income
    2,227       526       247       162             3,162  
Net cost of net debt
                                            (78 )
Minority interests
                                            (80 )
 
Adjusted net income from continuing operations
                                            3,004  
Adjusted net income from discontinued operations
                                             
 
Ajusted net income
                                            3,004  
                                                 
3rd quarter 2007                                    
(in millions of euros)   Upstream     Downstream     Chemicals     Corporate     Intercompany     Total  
 
Total expenditures
    1,981       381       200       28               2,590  
Divestitures at selling price
    63       27       15       4               109  
Cash flow from operating activities
    1,697       439       217       1,196               3,549  
 

 


 

BUSINESS SEGMENT INFORMATION

TOTAL
(unaudited)
                                                 
2nd quarter 2007                                    
(in millions of euros)   Upstream     Downstream     Chemicals     Corporate     Intercompany     Total  
 
Non-Group sales
    4,456       29,562       5,070       6             39,094  
Intersegment sales
    5,073       1,201       269       25       (6,568 )      
Excise taxes
          (5,595 )                       (5,595 )
 
Revenues from sales
    9,529       25,168       5,339       31       (6,568 )     33,499  
Operating expenses
    (4,148 )     (23,244 )     (4,812 )     (143 )     6,568       (25,779 )
Depreciation, depletion, and amortization of tangible assets and leasehold rights
    (941 )     (297 )     (119 )     (8 )           (1,365 )
 
Operating income
    4,440       1,627       408       (120 )           6,355  
Equity in income (loss) of affiliates and other items
    397       72       14       59             542  
Tax on net operating income
    (2,745 )     (519 )     (123 )     51             (3,336 )
 
Net operating income
    2,092       1,180       299       (10 )           3,561  
Net cost of net debt
                                            (66 )
Minority interests
                                            (84 )
 
Net income from continuing operations
                                            3,411  
Net income from discontinued operations
                                             
 
Net income
                                            3,411  
                                                 
2nd quarter 2007 (adjustments) (*)                                    
(in millions of euros)   Upstream     Downstream     Chemicals     Corporate     Intercompany     Total  
 
Non-Group sales
                                               
Intersegment sales
                                               
Excise taxes
                                               
 
Revenues from sales
                                               
Operating expenses
          623       96                     719  
Depreciation, depletion, and amortization of tangible assets and leasehold rights
                                     
 
Operating income (1)
          623       96                     719  
Equity in income (loss) of affiliates and other items (2)
          6       1       (172 )             (165 )
Tax on net operating income
          (204 )     (32 )                   (236 )
 
Net operating income (1)
          425       65       (172 )             318  
Net cost of net debt
                                             
Minority interests
                                            (7 )
 
Net income from continuing operations
                                            311  
Net income from discontinued operations
                                             
 
Net income
                                            311  
                                 
(*) Adjustments include special items, inventory valuation effect and equity share of amortization of intangible assets related to the Sanofi-Aventis merger
 
                               
(1) Of which inventory valuation effect
                               
On operating income
          623       96        
On net operating income
          425       65        
(2) Of which equity share of amortization of intangible assets related to the Sanofi-Aventis merger
                      (72 )
                                                 
2nd quarter 2007 (adjusted)                                    
(in millions of euros)   Upstream     Downstream     Chemicals     Corporate     Intercompany     Total  
 
Non-Group sales
    4,456       29,562       5,070       6             39,094  
Intersegment sales
    5,073       1,201       269       25       (6,568 )      
Excise taxes
          (5,595 )                       (5,595 )
 
Revenues from sales
    9,529       25,168       5,339       31       (6,568 )     33,499  
Operating expenses
    (4,148 )     (23,867 )     (4,908 )     (143 )     6,568       (26,498 )
Depreciation, depletion, and amortization of tangible assets and leasehold rights
    (941 )     (297 )     (119 )     (8 )           (1,365 )
 
Adjusted operating income
    4,440       1,004       312       (120 )           5,636  
Equity in income (loss) of affiliates and other items
    397       66       13       231             707  
Tax on net operating income
    (2,745 )     (315 )     (91 )     51             (3,100 )
 
Adjusted net operating income
    2,092       755       234       162             3,243  
Net cost of net debt
                                            (66 )
Minority interests
                                            (77 )
 
Adjusted net income from continuing operations
                                            3,100  
Adjusted net income from discontinued operations
                                             
 
Ajusted net income
                                            3,100  
                                                 
2nd quarter 2007                                    
(in millions of euros)   Upstream     Downstream     Chemicals     Corporate     Intercompany     Total  
 
Total expenditures
    2,109       401       173       7               2,690  
Divestitures at selling price
    191       28       1       2               222  
Cash flow from operating activities
    3,312       1,432       254       (1,409 )             3,589  
 

 


 

BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)
                                                 
3rd quarter 2006                                    
(in millions of euros)   Upstream     Downstream     Chemicals     Corporate     Intercompany     Total  
 
Non-Group sales
    4,684       28,818       4,849       6             38,357  
Intersegment sales
    4,782       1,292       362       40       (6,476 )      
Excise taxes
          (4,829 )                       (4,829 )
 
Revenues from sales
    9,466       25,281       5,211       46       (6,476 )     33,528  
Operating expenses
    (3,631 )     (24,665 )     (4,823 )     (159 )     6,476       (26,802 )
Depreciation, depletion, and amortization of tangible assets and leasehold rights
    (835 )     (272 )     (183 )     (9 )           (1,299 )
 
Operating income
    5,000       344       205       (122 )           5,427  
Equity in income (loss) of affiliates and other items
    252       84       (94 )     252             494  
Tax on net operating income
    (3,304 )     (94 )     (25 )     108             (3,315 )
 
Net operating income
    1,948       334       86       238             2,606  
Net cost of net debt
                                            (111 )
Minority interests
                                            (63 )
 
Net income from continuing operations
                                            2,432  
Net income from discontinued operations
                                            (13 )
 
Net income
                                            2,419  
                                                 
3rd quarter 2006 (adjustments) (*)                                    
(in millions of euros)   Upstream     Downstream     Chemicals     Corporate     Intercompany     Total  
 
Non-Group sales
                                               
Intersegment sales
                                               
Excise taxes
                                               
 
Revenues from sales
                                               
Operating expenses
          (658 )     (95 )     (9 )             (762 )
Depreciation, depletion, and amortization of tangible assets and leasehold rights
                (50 )                   (50 )
 
Operating income (1)
          (658 )     (145 )     (9 )             (812 )
Equity in income (loss) of affiliates and other items (2)
          (5 )     (99 )     12               (92 )
Tax on net operating income
    (85 )     199       82       2               198  
 
Net operating income (1)
    (85 )     (464 )     (162 )     5               (706 )
Net cost of net debt
                                             
Minority interests
                                            14  
 
Net income from continuing operations
                                            (692 )
Net income from discontinued operations
                                             
 
Net income
                                            (692 )
                                 
(*) Adjustments include special items, inventory valuation effect and equity share of amortization of intangible assets related to the Sanofi-Aventis merger
 
                               
(1) Of which inventory valuation effect
                               
      On operating income
          (658 )     (23 )      
      On net operating income
          (464 )     (14 )      
(2) Of which equity share of amortization of intangible assets
related to the Sanofi-Aventis merger
                    (83 )
                                                 
3rd quarter 2006 (adjusted)                                    
(in millions of euros)   Upstream     Downstream     Chemicals     Corporate     Intercompany     Total  
 
Non-Group sales
    4,684       28,818       4,849       6             38,357  
Intersegment sales
    4,782       1,292       362       40       (6,476 )      
Excise taxes
          (4,829 )                       (4,829 )
 
Revenues from sales
    9,466       25,281       5,211       46       (6,476 )     33,528  
Operating expenses
    (3,631 )     (24,007 )     (4,728 )     (150 )     6,476       (26,040 )
Depreciation, depletion, and amortization of tangible assets and leasehold rights
    (835 )     (272 )     (133 )     (9 )           (1,249 )
 
Adjusted operating income
    5,000       1,002       350       (113 )           6,239  
Equity in income (loss) of affiliates and other items
    252       89       5       240             586  
Tax on net operating income
    (3,219 )     (293 )     (107 )     106             (3,513 )
 
Adjusted net operating income
    2,033       798       248       233             3,312  
Net cost of net debt
                                            (111 )
Minority interests
                                            (77 )
 
Adjusted net income from continuing operations
                                            3,124  
Adjusted net income from discontinued operations
                                            (13 )
 
Ajusted net income
                                            3,111  
                                                 
3rd quarter 2006                                    
(in millions of euros)   Upstream     Downstream     Chemicals     Corporate     Intercompany     Total  
 
Total expenditures
    2,073       383       202       9               2,667  
Divestitures at selling price
    80       90       4       12               186  
Cash flow from operating activities
    2,534       1,180       291       1,048               5,053  
 

 


 

BUSINESS SEGMENT INFORMATION
 
TOTAL
(unaudited)
                                                 
9 months 2007                                    
(in millions of euros)   Upstream     Downstream     Chemicals     Corporate     Intercompany     Total  
 
Non-Group sales
    13,833       86,793       14,921       20             115,567  
Intersegment sales
    15,269       3,568       827       125       (19,789 )      
Excise taxes
          (16,440 )                       (16,440 )
 
Revenues from sales
    29,102       73,921       15,748       145       (19,789 )     99,127  
Operating expenses
    (12,717 )     (69,551 )     (14,193 )     (457 )     19,789       (77,129 )
Depreciation, depletion, and amortization of tangible assets and leasehold rights
    (2,709 )     (876 )     (367 )     (23 )           (3,975 )
 
Operating income
    13,676       3,494       1,188       (335 )           18,023  
Equity in income (loss) of affiliates and other items
    976       202       43       536             1,757  
Tax on net operating income
    (8,372 )     (1,063 )     (371 )     95             (9,711 )
 
Net operating income
    6,280       2,633       860       296             10,069  
Net cost of net debt
                                            (233 )
Minority interests
                                            (255 )
 
Net income from continuing operations
                                            9,581  
Net income from discontinued operations
                                             
 
Net income
                                            9,581  
                                                 
9 months 2007 (adjustments) (*)                                    
(in millions of euros)   Upstream     Downstream     Chemicals     Corporate     Intercompany     Total  
 
Non-Group sales
                                               
Intersegment sales
                                               
Excise taxes
                                               
 
Revenues from sales
                                               
Operating expenses
          951       152                     1,103  
Depreciation, depletion, and amortization of tangible assets and leasehold rights
                                     
 
Operating income (1)
          951       152                     1,103  
Equity in income (loss) of affiliates and other items (2)
          (10 )     (1 )     (250 )             (261 )
Tax on net operating income
          (297 )     (51 )                   (348 )
 
Net operating income (1)
          644       100       (250 )             494  
Net cost of net debt
                                             
Minority interests
                                            (9 )
 
Net income from continuing operations
                                            485  
Net income from discontinued operations
                                             
 
Net income
                                            485  
                                 
(*) Adjustments include special items, inventory valuation effect and equity share of amortization of intangible assets related to the Sanofi-Aventis merger
 
                               
(1) Of which inventory valuation effect
                               
On operating income
          951       152      
On net operating income
          664       100      
(2) Of which equity share of amortization of intangible assets
                               
related to the Sanofi-Aventis merger
                      225
                                                 
9 months 2007 (adjusted)                                    
(in millions of euros)   Upstream     Downstream     Chemicals     Corporate     Intercompany     Total  
 
Non-Group sales
    13,833       86,793       14,921       20             115,567  
Intersegment sales
    15,269       3,568       827       125       (19,789 )      
Excise taxes
          (16,440 )                       (16,440 )
 
Revenues from sales
    29,102       73,921       15,748       145       (19,789 )     99,127  
Operating expenses
    (12,717 )     (70,502 )     (14,345 )     (457 )     19,789       (78,232 )
Depreciation, depletion, and amortization of tangible assets and leasehold rights
    (2,709 )     (876 )     (367 )     (23 )           (3,975 )
 
Adjusted operating income
    13,676       2,543       1,036       (335 )           16,920  
Equity in income (loss) of affiliates and other items
    976       212       44       786             2,018  
Tax on net operating income
    (8,372 )     (766 )     (320 )     95             (9,363 )
 
Adjusted net operating income
    6,280       1,989       760       546             9,575  
Net cost of net debt
                                            (233 )
Minority interests
                                            (246 )
 
Adjusted net income from continuing operations
                                            9,096  
Adjusted net income from discontinued operations
                                             
 
Ajusted net income
                                            9,096  
                                                 
9 months 2007                                    
(in millions of euros)   Upstream     Downstream     Chemicals     Corporate     Intercompany     Total  
 
Total expenditures
    6,079       1,026       546       43               7,694  
Divestitures at selling price
    427       77       63       8               575  
Cash flow from operating activities
    9,344       3,776       578       (172 )             13,526  
 

 


 

BUSINESS SEGMENT INFORMATION

TOTAL
(unaudited)
                                                 
9 months 2006                                    
(in millions of euros)   Upstream     Downstream     Chemicals     Corporate     Intercompany     Total  
 
Non-Group sales
    15,822       87,026       14,503       18             117,369  
Intersegment sales
    15,621       3,883       957       127       (20,588 )      
Excise taxes
          (14,577 )                       (14,577 )
 
Revenues from sales
    31,443       76,332       15,460       145       (20,588 )     102,792  
Operating expenses
    (13,013 )     (72,617 )     (14,281 )     (491 )     20,588       (79,814 )
Depreciation, depletion, and amortization of tangible assets and leasehold rights
    (2,453 )     (815 )     (446 )     (28 )           (3,742 )
 
Operating income
    15,977       2,900       733       (374 )           19,236  
Equity in income (loss) of affiliates and other items
    887       233       (121 )     592             1,591  
Tax on net operating income
    (9,995 )     (861 )     (153 )     192             (10,817 )
 
Net operating income
    6,869       2,272       459       410             10,010  
Net cost of net debt
                                            (170 )
Minority interests
                                            (292 )
 
Net income from continuing operations
                                            9,548  
Net income from discontinued operations
                                            (5 )
 
Net income
                                            9,543  
                                                 
9 months 2006 (adjustments) (*)                                    
(in millions of euros)   Upstream     Downstream     Chemicals     Corporate     Intercompany     Total  
 
Non-Group sales
                                               
Intersegment sales
                                               
Excise taxes
                                               
 
Revenues from sales
                                               
Operating expenses
          6       (58 )     (20 )             (72 )
Depreciation, depletion, and amortization of tangible assets and leasehold rights
                (50 )                   (50 )
 
Operating income (1)
          6       (108 )     (20 )             (122 )
Equity in income (loss) of affiliates and other items (2)
    195       23       (149 )     (191 )             (122 )
Tax on net operating income
    (150 )     8       87       6               (49 )
 
Net operating income (1)
    45       37       (170 )     (205 )             (293 )
Net cost of net debt
                                             
Minority interests
                                            7  
 
Net income from continuing operations
                                            (286 )
Net income from discontinued operations
                                            (19 )
 
Net income
                                            (305 )
 
                                 
(*) Adjustments include special items, inventory valuation effect and equity share of amortization of intangible assets related to the Sanofi-Aventis merger
 
                               
(1) Of which inventory valuation effect
                               
On operating income
          6       69        
On net operating income
          37       49        
(2) Of which equity share of amortization of intangible assets related to the Sanofi-Aventis merger
                      (253 )
                                                 
9 months 2006 (adjusted)                                    
(in millions of euros)   Upstream     Downstream     Chemicals     Corporate     Intercompany     Total  
 
Non-Group sales
    15,822       87,026       14,503       18             117,369  
Intersegment sales
    15,621       3,883       957       127       (20,588 )      
Excise taxes
          (14,577 )                       (14,577 )
 
Revenues from sales
    31,443       76,332       15,460       145       (20,588 )     102,792  
Operating expenses
    (13,013 )     (72,623 )     (14,223 )     (471 )     20,588       (79,742 )
Depreciation, depletion, and amortization of tangible assets and leasehold rights
    (2,453 )     (815 )     (396 )     (28 )           (3,692 )
 
Adjusted operating income
    15,977       2,894       841       (354 )           19,358  
Equity in income (loss) of affiliates and other items
    692       210       28       783             1,713  
Tax on net operating income
    (9,845 )     (869 )     (240 )     186             (10,768 )
 
Adjusted net operating income
    6,824       2,235       629       615             10,303  
Net cost of net debt
                                            (170 )
Minority interests
                                            (299 )
 
Adjusted net income from continuing operations
                                            9,834  
Adjusted net income from discontinued operations
                                            14  
 
Ajusted net income
                                            9,848  
                                                 
9 months 2006                                    
(in millions of euros)   Upstream     Downstream     Chemicals     Corporate     Intercompany     Total  
 
Total expenditures
    6,363       1,072       702       59               8,196  
Divestitures at selling price
    935       153       99       20               1,207  
Cash flow from operating activities
    9,736       3,365       247       590               13,938  
 

 


 

CONSOLIDATED STATEMENT OF INCOME (Impact of adjustments)
TOTAL
(unaudited)
                               
                        9 months
2006
 
9 months 2007                   Consolidated      
(in millions of euros)   Adjusted     Adjustments     statement of income   Adjusted  
 
Sales
    115,567             115,567     117,369  
Excise taxes
    (16,440 )           (16,440 )   (14,577 )
Revenues from sales
    99,127             99,127     102,792  
 
                             
Purchases, net of inventory variation
    (64,777 )     1,103       (63,674 )   (64,546 )
Other operating expenses
    (12,851 )           (12,851 )   (14,776 )
Exploration costs
    (604 )           (604 )   (420 )
Depreciation, depletion, and amortization of tangible assets and leasehold rights
    (3,975 )           (3,975 )   (3,692 )
 
 
                             
Operating income
                             
Corporate
    (335 )           (335 )   (354 )
Business segments
    17,255       1,103       18,358     19,712  
 
 
                             
Total operating income
    16,920       1,103       18,023     19,358  
 
Other income
    279             279     194  
Other expense
    (100 )     (130 )     (230 )   (202 )
 
                             
Financial interest on debt
    (1,332 )           (1,332 )   (1,260 )
Financial income from marketable securities and cash equivalents
    955             955     992  
Cost of net debt
    (377 )           (377 )   (268 )
 
                             
Other financial income
    492             492     451  
Other financial expense
    (211 )           (211 )   (194 )
Income taxes
    (9,219 )     (348 )     (9,567 )   (10,670 )
Equity in income (loss) of affiliates
    1,558       (131 )     1,427     1,464  
 
Consolidated net income from continuing operations
    9,342       494       9,836     10,133  
Consolidated net income from discontinued operations
                    14  
 
Consolidated net income
    9,342       494       9,836     10,147  
Group share
    9,096       485       9,581     9,848  
Minority interests
    246       9       255     299  
                               
                        3rd quarter
2006
 
3rd quarter 2007                   Consolidated      
(in millions of euros)   Adjusted     Adjustments     statement of income   Adjusted  
 
Sales
    39,430             39,430     38,357  
Excise taxes
    (5,479 )           (5,479 )   (4,829 )
Revenues from sales
    33,951             33,951     33,528  
 
                             
Purchases, net of inventory variation
    (22,790 )     210       (22,580 )   (20,961 )
Other operating expenses
    (4,060 )           (4,060 )   (4,920 )
Exploration costs
    (135 )           (135 )   (159 )
Depreciation, depletion, and amortization of tangible assets and leasehold rights
    (1,310 )           (1,310 )   (1,249 )
 
Operating income
                             
Corporate
    (114 )           (114 )   (113 )
Business segments
    5,770       210       5,980     6,352  
 
Total operating income
    5,656       210       5,866     6,239  
 
Other income
    123             123     55  
Other expense
    (34 )     (30 )     (64 )   (9 )
 
                             
Financial interest on debt
    (455 )           (455 )   (545 )
Financial income from marketable securities and cash equivalents
    324             324     381  
Cost of net debt
    (131 )           (131 )   (164 )
 
                             
Other financial income
    155             155     144  
Other financial expense
    (70 )           (70 )   (74 )
Income taxes
    (3,131 )     (54 )     (3,185 )   (3,460 )
Equity in income (loss) of affiliates
    516       (7 )     509     470  
 
Consolidated net income from continuing operations
    3,084       119       3,203     3,201  
Consolidated net income from discontinued operations
                    (13 )
 
Consolidated net income
    3,084       119       3,203     3,188  
Group share
    3,004       117       3,121     3,111  
Minority interests
    80       2       82     77  

 


 

CONSOLIDATED STATEMENT OF INCOME (Impact of adjustments)
TOTAL
(unaudited)
                               
                        9 months
2005
 
9 months 2006                   Consolidated      
(in millions of euros)   Adjusted     Adjustments     statement of income   Adjusted  
 
Sales
    117,369             117,369     99,042  
Excise taxes
    (14,577 )           (14,577 )   (15,503 )
Revenues from sales
    102,792             102,792     83,539  
 
                             
Purchases, net of inventory variation
    (64,546 )     75       (64,471 )   (50,399 )
Other operating expenses
    (14,776 )     (147 )     (14,923 )   (12,424 )
Unsuccessful exploration costs
    (420 )           (420 )   (277 )
Depreciation, depletion, and amortization of tangible assets and leasehold rights
    (3,692 )     (50 )     (3,742 )   (3,593 )
 
 
                             
Operating income
                             
Corporate
    (354 )     (20 )     (374 )   (254 )
Business segments
    19,712       (102 )     19,610     17,100  
 
Total operating income
    19,358       (122 )     19,236     16,846  
 
Other income
    194       195       389     88  
Other expense
    (202 )     (202 )     (404 )   (105 )
 
                             
Financial interest on debt
    (1,260 )           (1,260 )   (844 )
Financial income from marketable securities and cash equivalents
    992             992     650  
Cost of net debt
    (268 )           (268 )   (194 )
 
                             
Other financial income
    451             451     297  
Other financial expense
    (194 )           (194 )   (194 )
Income taxes
    (10,670 )     (49 )     (10,719 )   (8,908 )
Equity in income (loss) of affiliates
    1,464       (115 )     1,349     1,249  
 
Consolidated net income from continuing operations
    10,133       (293 )     9,840     9,079  
Consolidated net income from discontinued operations
    14       (19 )     (5 )   133
 
Consolidated net income
    10,147       (312 )     9,835     9,212  
Group share
    9,848       (305 )     9,543     8,951  
Minority interests
    299       (7 )     292     261  
                               
                        3rd quarter
2005
 
3rd quarter 2006                   Consolidated      
(in millions of euros)   Adjusted     Adjustments     statement of income   Adjusted  
 
Sales
    38,357             38,357     37,055  
Excise taxes
    (4,829 )           (4,829 )   (5,206 )
Revenues from sales
    33,528             33,528     31,849  
 
                             
Purchases, net of inventory variation
    (20,961 )     (681 )     (21,642 )   (20,603 )
Other operating expenses
    (4,920 )     (81 )     (5,001 )   (3,721 )
Unsuccessful exploration costs
    (159 )           (159 )   (113 )
Depreciation, depletion, and amortization of tangible assets and leasehold rights
    (1,249 )     (50 )     (1,299 )   (1,213 )
 
 
                             
Operating income
                             
Corporate
    (113 )     (9 )     (122 )   (89 )
Business segments
    6,352       (803 )     5,549     6,288  
 
Total operating income
    6,239       (812 )     5,427     6,199  
 
Other income
    55       1       56     3  
Other expense
    (9 )     (152 )     (161 )   (28 )
 
                             
Financial interest on debt
    (545 )           (545 )   (314 )
Financial income from marketable securities and cash equivalents
    381             381     254  
Cost of net debt
    (164 )           (164 )   (60 )
 
                             
Other financial income
    144             144     98  
Other financial expense
    (74 )           (74 )   (76 )
Income taxes
    (3,460 )     198       (3,262 )   (3,399 )
Equity in income (loss) of affiliates
    470       59       529     458  
 
Consolidated net income from continuing operations
    3,201       (706 )     2,495     3,195  
Consolidated net income from discontinued operations
    (13 )           (13 )   31  
 
Consolidated net income
    3,188       (706 )     2,482     3,226  
Group share
    3,111       (692 )     2,419     3,126  
Minority interests
    77       (14 )     63     100  

 

EX-99.5 6 y01850exv99w5.htm EX-99.5 3RD QUARTER 2007 FINANCIAL RESULTS, TOTAL GABON exv99w5
 

(TOTAL GABON LOGO)
Exhibit 99.5
A limited company incorporated in Gabon with a Board of directors and share capital of $76,500,000
Headquarters: Boulevard Hourcq — Port-Gentil BP 525, The Republic of Gabon
www.total-gabon.com
Registered in Port-Gentil: 2000 B 00011
PRESS RELEASE
Third-Quarter 2007 Financial Results
Port-Gentil — November 15, 2007
Nine months 2007 Main Financial Indicators
         
(in $ million)   Nine months 2007
Sales
    1,039.2  
Funds generated from operations
    376.3  
Capital expenditure
    256.5  
Net income
    259.5  
Sales Comparison

                                 
(in $ million)   Q3 2007   Q2 2007   Q1 2007   Q3 2006
Sales
    333.3       363.1       342.9       220.7  
                 
    Nine months   Nine months
(in $ million)   2007   2006
Aggregate sales
    1,039.2       936.5  


Production

Crude oil production from Total Gabon interests1
 
(1)   Including the tax oil reverting to the Republic of Gabon under production sharing contracts.
(thousands of barrels per day)
(GRAPH)


 


 

Crude oil production from fields operated by Total Gabon
(thousands of barrels per day)
(GRAPH)


 


 

    Third-Quarter and nine months 2007 results
 
    Net Income
 
    Total Gabon’s net income for the first nine months of 2007 amounted to $259.5 million.
 
    Sales
 
    The selling price of the crude oil (Mandji and Rabi Light) marketed by Total Gabon averaged $61.84 per barrel in the first nine months of 2007, compared to $61.78 in the prior-year period. Third-quarter sales rose to $333.3 million, versus $220.7 million in the same period in 2006. The strong increase can be attributed to the fact that crude inventories were high at September 30, 2006 and were not sold until the following month. Sales for the first nine months of 2007 stood at $1,039.2 million, compared with $936.5 million for the first nine months of 2006. The sales figure for the first nine months of 2007 was boosted by additional revenue from third party transportation operations.
 
    Production
 
    Total Gabon’s net share of operated and non-operated oil produced (including the tax reverting to the Republic as per the profit sharing contracts) amounted to 64.7 thousand barrels per day in the first nine months 2007, compared to 67.6 thousand barrels per day in the first nine months of 2006. The 4.3% decrease in production can be attributed primarily to the natural decline of fields, which was not fully offset by new production or well workovers. The availability of facilities remained similar to that in 2006.
 
    Capital Expenditure
 
    At $256.5 million, capital expenditure related to oil operations in the first nine months of 2007 includes primarily the expenditure related to the beginning of Anguille field redevelopment project, works on Port-Gentil Ocean and Torpille fields and the signature bonus for the renewal of the ‘Convention d’Etablissement’.
 
    Funds generated from operations
 
    Funds generated from operations at September 30, 2007 stood at $376.3 million.

 


 

    Third-Quarter 2007 Highlights
 
    Operated Activities
 
    Renewal of the ‘Convention d’Etablissement’
 
    Total Gabon’s ‘Convention d’Etablissement’ was renewed for a further 25 years with the July 5, 2007 signature of Supplemental Agreement 31. The ‘Convention d’Etablissement’ defines, among other things, the legal and tax system governing Total Gabon’s concessions, operating licenses and crude transportation installations. The system was thoroughly updated to promote exploration and development of oil and gas resources (in particular through additional development of mature fields), and to support oil and gas production in Gabon.
 
    The main provisions to encourage exploration and development spendings will apply in full effective January 1, 2008 and partly to the capital expenditure since July 1, 2007.
 
    Mature Fields
 
    Total Gabon is continuing to implement a major reservoir study and development program that mainly covers the fields in the Mandji asset. The studies will assess the residual potential of producing fields and surrounding areas and evaluate the processes and technologies that could profitably enhance the recovery rate.
 
    In this framework and particularly for the first phase of the Anguille field redevelopment, Total Gabon is pursuing a significant drilling and well workover program. In the third quarter, two wells were worked over and four new wells drilled, two of them in the Anguille field.
 
    To ensure the production of these additional reserves, Total Gabon has engaged, on top of the regular installations and equipment maintenance program, a sustained inspection and refurbishment program to ensure the long-term viability of its installations. During the third quarter, work continued on commissioning new digital operating systems for facilities.
 
    Exploration for New Reserves
 
    Total Gabon’s exploration operations on new and recently acquired acreage encompassed:
 
  Continuing preparations for the 2,000-kilometer 2D seismic survey scheduled for early 2008 on the Diaba license.
 
  Engineering design studies for drilling and associated stimulation for the well scheduled for early 2008 on the Aloumbe license.
 
    Non-Operated Activities (Rabi-Kounga Field)
 
    Geosciences studies to prepare a new phase for further development of the Rabi-Kounga field moved forward satisfactorily in third-quarter 2007.
 
    Conducted alongside these medium and long-term studies, the new drilling program begun in the first half of 2007 resumed in late August with the drilling of a new well.
 
    In addition, a systematic review of Rabi-Kounga’s installations and operating procedures led to an action plan designed to improve their reliability, nominal capacity and operability.
 
T www.total-gabon.com
 
    Contact Presse : Patricia MARIE : + 33 (0) 1 47 44 45 90

 

EX-99.6 7 y01850exv99w6.htm EX-99.6 DISCOVERY, MER TRES PROFONDE SUD ULTRA-DEEP OFFSHORE BLOCK, CONGO exv99w6
 

     
(TOTAL LOGO)   News Release
Communiqué de Pressee
     
Exhibit 99.6

2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax: + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel. : + 33 (0) 1 47 44 37 76
Patricia MARIE
Tel. : + 33 (0) 1 47 44 45 90
Franklin BOITIER
Tél. : +33 (0)1 47 44 59 81
Christine de CHAMPEAUX
Tel. : + 33 (0) 1 47 44 47 49
Sandra DANTE
Tel. : + 33 (0) 1 47 44 46 07
Philippe GATEAU
Tel. : + 33 (0) 1 47 44 47 05
Elisabeth de REALS
Tel. : + 33 (0) 1 47 44 51 55
Burkhard REUSS
Tel. : + 33 (0) 1 47 44 21 19
Lisa WYLER
Tel. : +33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5 981 907 382,50 euros
542 051 180 R.C.S. Nanterre
www.total.com
     
     
     
New Discovery in the Mer Très Profonde Sud Ultra-Deep Offshore Block
in the Congo
Paris, November 16, 2007 — Total announces a new oil discovery in the ultra-deep offshore Mer Très Profonde Sud (MTPS) block, which lies approximately 185 kilometres offshore the Republic of the Congo in a water depth of 2,120 metres.
Drilled to a total depth of 4,110 metres, the Persée Nord Est Marine-1 discovery well found six oil reservoir levels in the Miocene.
Following Andromède in 2000, Pégase Nord in 2004, Aurige Nord in 2006 and Cassiopée Est in 2007, this new drilling success is the fifth oil discovery in the MTPS permit. It strengthens Total’s exploration strategy in the Republic of the Congo, aimed at building an economically viable development cluster in this ultra-deepwater permit.
Field development studies for the cluster will begin once the related resources are assessed.
Awarded in May 1997, the MTPS block extends over more than 5,000 square kilometres, with water depths ranging from 1,300 to 3,000 metres. Through its subsidiary Total E&P Congo, Total is the operator with a 40% interest, alongside partners ENI Congo (30%) and Esso Exploration and Production Congo (Mer Très Profonde Sud) Limited (30%).
Total in the Congo
Present in the Republic of the Congo since 1968, Total has operated half of the exploration wells drilled in the Congo, brought 11 of the 17 producing fields on stream and discovered 65% of the initially identified reserves. The Kikouala, Yangga, Sendji and Tchibouela developments drove the ramp-up of production in the country in the 1980s. This positive momentum was sustained over the following decade with a very active exploration strategy and continuous investment in developing new shallow offshore fields. The Nkossa field, with the largest concrete barge FPU ever built, was brought on stream in 1996, marking a major milestone for Total (operator, 53.5%) in terms of production growth in Congo.
In recent years, Total has leveraged its comprehensive expertise to enhance recovery from mature fields and stem their natural decline. It has also successfully accessed deepwater reservoirs and will bring the Congo’s first deep offshore field, Moho-Bilondo, on stream in 2008. Operated by Total with a 53.5% interest, the field is expected to produce roughly 90,000 barrels in 100% per day at plateau. In addition, Total is continuing work to appraise three oil reservoirs discovered in the northern area of the Moho-Bilondo permit in spring 2007.
* * * * * *
Total is one of the world’s major oil and gas groups, with activities in more than 130 countries. Its 95,000 employees put their expertise to work in every part of the industry — exploration and production of oil and natural gas, refining and marketing, gas trading and electricity. Total is working to keep the world supplied with energy, both today and tomorrow. The Group is also a first rank player in chemicals. www.total.com


EX-99.7 8 y01850exv99w7.htm EX-99.7 EXPLORATION LICENSE, CHILE exv99w7
 

(TOTAL)   News Release
Communiqué de Pressee
     
Exhibit 99.7

2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax: + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel. : + 33 (0) 1 47 44 37 76
Patricia MARIE
Tel. : + 33 (0) 1 47 44 45 90
Franklin BOITIER
Tél. : +33 (0)1 47 44 59 81
Christine de CHAMPEAUX
Tel. : + 33 (0) 1 47 44 47 49
Sandra DANTE
Tel. : + 33 (0) 1 47 44 46 07
Philippe GATEAU
Tel. : + 33 (0) 1 47 44 47 05
Elisabeth de REALS
Tel. : + 33 (0) 1 47 44 51 55
Burkhard REUSS
Tel. : + 33 (0) 1 47 44 21 19
Lisa WYLER
Tel. : +33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5 981 907 382,50 euros
542 051 180 R.C.S. Nanterre
www.total.com





Total enters in Chile with the award of one exploration license
Paris, November 21, 2007 — Total announces that it has been awarded the Otway exploration license it applied for under the 2007 Exploration Licensing Round of the Chile’s Minister of Mine.
Total will have a 100% interest in Otway Block. Covering an area of 5,965 square kilometres, this block is located in the foothills domain of the Magallanes Basin, immediately West to Punta Arenas, and around 160 kilometres West to onshore installations of Total Austral in Tierra del Fuego (Argentina).
Under the terms of the contract, which should be signed in the coming months, Phase 1 of exploration will be launched in 2008 and will include 1,500 square kilometres of 3D seismic acquisition followed by the drilling of two wells.
Total’s entry into Chile is in line with its strategy of diversifying its exploration assets.
Total Exploration & Production in South America:
At 225,000 barrels of oil equivalent per day, the South America region accounted for almost 10% of the Group’s total production in 2006. Total is primarily active in Argentina, where it is one of the country’s leading operators of natural gas production and in Venezuela. It also has interests in Bolivia, Columbia, Brazil and Trinidad.
* * * * * *
Total is one of the world’s major oil and gas groups, with activities in more than 130 countries. Its 95,000 employees put their expertise to work in every part of the industry – exploration and production of oil and natural gas, refining and marketing, gas trading and electricity. Total is working to keep the world supplied with energy, both today and tomorrow. The Group is also a first rank player in chemicals. www.total.com


EX-99.8 9 y01850exv99w8.htm EX-99.8 PHOTOVOLTECH: NEW PRODUCTION LINE AND FURTHER SOLAR ENERGY INVESTMENT exv99w8
 

         
(TOTAL LOGO)
  (IMEC LOGO)   (SVEZ LOGO)
Exhibit 99.8

Photovoltech Inaugurates New Production Line
and Approves Further Solar Energy Investment
(PHOTOVOLTECH LOGO)















Total
Philippe Gateau
+33 (0)1 47 44 47 05
philippe.gateau@total.com
Suez
Caroline Lambrinidis
+33 (0)1 40 06 66 54
caroline.lambrinidis@suez.com
IMEC
Katrien Marent
+32 (0)16 28 18 80
katrien.marent@imec.be
Photovoltech
Johan Nijs
+32 (0)16 80 58 51
johan.nijs@photovoltech.be
Tienen, Belgium, November 21, 2007 — Photovoltech, a European leader in photovoltaic cell production, today inaugurated a new production line at a ceremony attended by Kris Peeters, Minister-President of Flanders, Christophe de Margerie, C.E.O. of Total, and Gérard Mestrallet, Chairman and C.E.O. of SUEZ. Built at a cost of 30 million, the new line raises Photovoltech’s total production capacity to 80 MWp1 a year from 20 MWp. The company is owned by Total, SUEZ and Imec2.
Taking advantage of the opportunity provided by the inauguration, Photovoltech also announced a further investment of 45 million to increase total production capacity to 140 MWp by 2009. Around 60 jobs will be created.
“Ambitious photovoltaic solar energy plans are critical for the planet,” said Christophe de Margerie. “Photovoltech is one of the pillars on which we intend to build a world-class business across the entire photovoltaic solar energy chain.”
“Renewable energies are a priority for Europe and for SUEZ,” commented Gérard Mestrallet. “They will help to respond to the key challenge of the future—delivering reliable, environmentally friendly, competitively-priced energy. Photovoltech’s solar energy expertise is an invaluable asset for our Group.”
The strong growth outlook for solar energy in Europe means that Photovoltech can confidently continue to increase its photovoltaic cell production capacity, which is expected to give the company a 4% to 5% share of the global market in 2015.
Photovoltech was created in December 2001 by Total, SUEZ (through Electrabel) and Imec, which today hold respective interests of 47.8%, 47.8% including Soltech’s stake, and 4.4%. The photovoltaic cells are manufactured using Imec-developed technology. Photovoltech reported revenue of 40 million in 2006.
1. MWp:   A peak megawatt is equivalent to one million peak watts. The peak watt is the unit used to measure the standardized power output of a photovoltaic cell or module under standard test conditions.
 
2. Imec:   Interuniversity MicroElectronics Center, Europe’s leading independent research center in the field of microelectronics.


EX-99.9 10 y01850exv99w9.htm EX-99.9 TOTAL ENERGY & EDUCATION SEMINAR exv99w9
 

(TOTAL LOGO)
 
Exhibit 99.9
  News Release
Communiqué de Pressee

2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax: + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel. : + 33 (0) 1 47 44 37 76
Patricia MARIE
Tel. : + 33 (0) 1 47 44 45 90
Franklin BOITIER
Tél. : +33 (0)1 47 44 59 81
Christine de CHAMPEAUX
Tel. : + 33 (0) 1 47 44 47 49
Sandra DANTE
Tel. : + 33 (0) 1 47 44 46 07
Philippe GATEAU
Tel. : + 33 (0) 1 47 44 47 05
Elisabeth de REALS
Tel. : + 33 (0) 1 47 44 51 55
Burkhard REUSS
Tel. : + 33 (0) 1 47 44 21 19
Lisa WYLER
Tel. : +33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5 981 907 382,50 euros
542 051 180 R.C.S. Nanterre
www.total.com





52 University Professors From Around The World Come To Paris
For the Total Energy & Education Seminar
Paris, November 22, 2007 — From November 25 to 30, Université Total will welcome for the first time 52 professors from 44 universities in 21 countries* for a week of conferences and discussions on energy and education. The participants, most of whom specialize in scientific fields related to energy, or in economics or management, will share their views with some 20 Total senior executives and outside experts.
Issues to be addressed during the seminar include the future of energy, climate change, relations between universities and companies in the area of research and the impact of globalization on education and human resources management. “We devised this innovative program in response to a request from a handful of professors,” explains Nathalie Fokart, Director of Université Total. “Very quickly we realized that there was strong demand in both the academic and corporate worlds for an opportunity to exchange views on these major issues and discuss future skills requirements.”
The Total Energy & Education Seminar builds on existing initiatives launched by Total to help its subsidiaries around the world develop their relations with universities, which are a key training ground for Total’s businesses. One example is the Total Summer School for university students, founded in 2006. The Summer School’s second session, in July 2007, attracted 102 students of 24 different nationalities for a week of discussion on the future of energy, climate change and corporate social responsibility.
Says Jean-Jacques Guilbaud, President of Human Resources & Corporate Communications at Total: “These new forums for discussion with students and teachers make an important contribution to the Group’s international development. Total now recruits nearly 70% of its managers outside France, from more than 80 different countries. To be an employer of choice in these countries and integrate diversity into the highest levels of management, we need to be constantly aware of people’s expectations and perceptions of our enterprise.”
 
*21 countries will be represented at the first Total Energy and Education Seminar: Algeria, Angola, Argentina, Canada, China, France, Germany, India, Indonesia, Iran, Iraq, Italy, Libya, Nigeria, Norway, Russia, South Africa, Spain, Turkey, United Kingdom and Venezuela.
* * * * *
The Total Energy & Education Seminar is a programme of Université Total (www.universite.total.com). Total founded a corporate university in 2005 to create forums for reflection and discussion on issues that can have an impact on the future of its businesses and to strengthen its ties with the academic world.
* * * * * *
Total is one of the world’s major oil and gas groups, with activities in more than 130 countries. Its 95,000 employees put their expertise to work in every part of the industry — exploration and production of oil and natural gas, refining and marketing, gas trading and electricity. Total is working to keep the world supplied with energy, both today and tomorrow. The Group is also a first rank player in chemicals. www.total.com


EX-99.10 11 y01850exv99w10.htm EX-99.10 TOTAL SERVES FRENCH SME DEVELOPMENT, CHINA exv99w10
 

(TOTAL LOGO)
 
Exhibit 99.10
  News Release
Communiqué de Pressee

2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax: + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel. : + 33 (0) 1 47 44 37 76
Patricia MARIE
Tel. : + 33 (0) 1 47 44 45 90
Franklin BOITIER
Tél. : +33 (0)1 47 44 59 81
Christine de CHAMPEAUX
Tel. : + 33 (0) 1 47 44 47 49
Sandra DANTE
Tel. : + 33 (0) 1 47 44 46 07
Philippe GATEAU
Tel. : + 33 (0) 1 47 44 47 05
Elisabeth de REALS
Tel. : + 33 (0) 1 47 44 51 55
Burkhard REUSS
Tel. : + 33 (0) 1 47 44 21 19
Lisa WYLER
Tel. : +33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5 981 907 382,50 euros
542 051 180 R.C.S. Nanterre
www.total.com





Total Serves French SME Development in China
through Its Local Business Support Programme
Paris, November 23, 2007 — On Sunday, November 25 in Beijing, Total will join the French Chamber of Commerce and Industry in China (CCIFC) in announcing the winners of the 2007 SMEs in China Awards (Prix PME-Chine). Created to encourage the development of French small and medium-sized enterprises (SMEs) in China, the awards recognize the boldness, professionalism and perseverance of SMEs and entrepreneurs that have successfully launched sustainable businesses in the country.
Total is sponsoring a new award this year to recognize a second business or entrepreneur. The winner will receive the Group’s help, including office facilities and accommodation, in pursuing development projects. This is just one of several methods that Total has adopted to help drive economic growth in its host regions.
In China, Total already hosts VIE* co-op placement participants from seven French SMEs that will also be able to take advantage of the Group’s presence at Ubifrance’s France-China Forum on November 26 and 27 to raise their profiles. In addition, a business and prospecting mission in September allowed six French SMEs from the nutrition, health and wellness industry to improve their knowledge of the market and evaluate export opportunities and potential partnerships with Chinese companies. Similarly, Total will soon be offering support to Chinese SMEs planning to set up business in France.
These initiatives are the backbone of the local business support programme that Total created to help SMEs start up or expand in its host countries or regions. In the last two years, Total has helped more than 600 SMEs worldwide by providing them with technological, financial or international expansion assistance. Today, in addition to initiatives in France, the local business support program actively backs SMEs in Angola, Cambodia and the Congo, and has projects underway in Belgium, Germany and Italy.
 
* Volunteer for International Experience
* * * * * *
Total is one of the world’s major oil and gas groups, with activities in more than 130 countries. Its 95,000 employees put their expertise to work in every part of the industry – exploration and production of oil and natural gas, refining and marketing, gas trading and electricity. Total is working to keep the world supplied with energy, both today and tomorrow. The Group is also a first rank player in chemicals. www.total.com
Total has been present in China for 28 years, and is active in exploration and production, especially for natural gas, refining and marketing, and chemicals. Total currently has 30 companies and 4,000 employees in China. www.cn.total.com


EX-99.11 12 y01850exv99w11.htm EX-99.11 10% INTEREST IN CANADA'S JOSLYN OIL SANDS PROJECT ASSIGNED TO INPEX exv99w11
 

(TOTAL LOGO)
 
Exhibit 99.11
  News Release
Communiqué de Pressee

2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax: + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel. : + 33 (0) 1 47 44 37 76
Patricia MARIE
Tel. : + 33 (0) 1 47 44 45 90
Christine de CHAMPEAUX
Tel. : + 33 (0) 1 47 44 47 49
Sandra DANTE
Tel. : + 33 (0) 1 47 44 46 07
Philippe GATEAU
Tel. : + 33 (0) 1 47 44 47 05
Elisabeth de REALS
Tel. : + 33 (0) 1 47 44 51 55
Burkhard REUSS
Tel. : + 33 (0) 1 47 44 21 19
Lisa WYLER
Tel. : +33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5 981 907 382,50 euros
542 051 180 R.C.S. Nanterre
www.total.com




Total assigns a 10% Interest in Canada’s Joslyn Oil Sands
Project to INPEX
Paris, November 27, 2007 - Total today announces that it has assigned a 10% interest in the Joslyn project to INPEX Canada, a subsidiary of Japanese oil company INPEX Corporation.
Located around 60 kilometres northwest of Fort McMurray in the Athabasca region of the Canadian province of Alberta, the Joslyn oil sands project is operated by Total. The first phase of the Joslyn project entered commercial production in late 2006, the bitumen is recovered using steam assisted gravity drainage (SAGD) technology, which involves injecting steam deep into the oil sands. Production should reach 10,000 barrels per day at plateau by 2009.
At the same time, work is under way to prepare the mining operations phase, with production scheduled to begin by the middle of next decade. An application for the first 100,000 barrels of bitumen per day of the surface mining project was submitted to the regulatory agencies in February 2006. The production potential of the surface mining phases and of SAGD technology is currently estimated at 230 000 barrels per day by the end of next decade.
The assignment of a 10% interest to INPEX covers the production lease and the associated pipeline system. INPEX also has a right to participate in the construction of the upgrader announced by Total in May 2007.
“Total is delighted to be working with INPEX again. We have partnered for more than 30 years, especially in Indonesia and Australia,” said Yves-Louis Darricarrère, President, Total Exploration & Production. “This latest venture offers us an additional advantage for the development of our projects in Alberta and bolsters our partnership with INPEX.”
Under this agreement, the Joslyn project partners will be Total (operator, 74%), INPEX Canada, Ltd. (10%), EnerMark Inc. (15%) and Laricina Energy Ltd. (1%).
Total in Canada
Total also has a 50% interest in the Surmont lease, which is being developed using SAGD technology. Phase 1 production will start by the end of the year, rising to 100,000 barrels per day in phase 2 by 2012. Future phases are also under study, which should lift production above 200,000 barrels per day.


 


 







2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax: + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel. : + 33 (0) 1 47 44 37 76
Patricia MARIE
Tel. : + 33 (0) 1 47 44 45 90
Christine de CHAMPEAUX
Tel. : + 33 (0) 1 47 44 47 49
Sandra DANTE
Tel. : + 33 (0) 1 47 44 46 07
Philippe GATEAU
Tel. : + 33 (0) 1 47 44 47 05
Elisabeth de REALS
Tel. : + 33 (0) 1 47 44 51 55
Burkhard REUSS
Tel. : + 33 (0) 1 47 44 21 19
Lisa WYLER
Tel. : +33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5 981 907 382,50 euros
542 051 180 R.C.S. Nanterre
www.total.com
In addition, Total has interests in neighboring blocks and has initiated the process to build an upgrader in the Edmonton area. Phase 1 of the upgrader should produce 130,000 barrels per day of light sweet synthetic crude and could be commissioned before 2015.
* * * * * *
Total is one of the world’s major oil and gas groups, with activities in more than 130 countries. Its 95,000 employees put their expertise to work in every part of the industry – exploration and production of oil and natural gas, refining and marketing, gas trading and electricity. Total is working to keep the world supplied with energy, both today and tomorrow. The Group is also a first rank player in chemicals. www.total.com


 

EX-99.12 13 y01850exv99w12.htm EX-99.12 SISI-NUBI GAS FIELDS COME ON STREAM, INDONESIA exv99w12
 

(TOTAL LOGO)

Exhibit 99.12
  News Release
Communiqué de Pressee

2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax: + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel. : + 33 (0) 1 47 44 37 76
Patricia MARIE
Tel. : + 33 (0) 1 47 44 45 90
Christine de CHAMPEAUX
Tel. : + 33 (0) 1 47 44 47 49
Sandra DANTE
Tel. : + 33 (0) 1 47 44 46 07
Philippe GATEAU
Tel. : + 33 (0) 1 47 44 47 05
Elisabeth de REALS
Tel. : + 33 (0) 1 47 44 51 55
Burkhard REUSS
Tel. : + 33 (0) 1 47 44 21 19
Lisa WYLER
Tel. : +33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5 981 907 382,50 euros
542 051 180 R.C.S. Nanterre
www.total.com





Sisi-Nubi Gas Fields Come on Stream in Indonesia
Paris, November 29, 2007 — Total announces that phase 1 of the Sisi-Nubi gas fields offshore East Kalimantan in Indonesia has come on stream. Lying roughly 25 kilometres from the Mahakam Delta in 60 to 90 metres water depths, the two fields are located in the Total-operated Mahakam and Tengah blocks.
This first phase development of Sisi-Nubi includes the installation of three wellhead platforms, a reception facility and a subsea pipeline gathering network, all completed on schedule and within budget. Gas and condensate is then sent to the existing Tunu processing centre. From there gas is then piped to the Bontang LNG plant and condensates to the export terminal at Senipah.
Both fields are characterised by multiple layers of poorly consolidated sands, and the 27 development wells to be drilled to complete phase 1 require advanced drilling techniques. Development drilling started in September 2007 and will enable to reach production plateau of some 350 million cubic feet per day (10 million cubic metres per day) within the next 18 months. Further development phases are foreseen later to extend the plateau period.
Total operates nearly 2.6 billion cubic feet per day of gas production from the Mahakam block. Output will be maintained at this level at least through the early years of the next decade thanks to Sisi-Nubi’s production. The Mahakam block is also a top-tier oil and condensate producer, with output of nearly 90,000 barrels per day.
Total operates the Sisi-Nubi fields with a 47.9% interest, alongside INPEX (47.9%) and Pertamina (4.2%).
Present in Indonesia since 1968, Total is the country’s leading gas producer. Production has grown steadily since 1999, and the Group’s operated production now supplies 80% of the feed gas for the Bontang liquefaction plant from the Mahakam block with the Tambora, Tunu and Peciko gas fields.
* * * * * *
Total is one of the world’s major oil and gas groups, with activities in more than 130 countries. Its 95,000 employees put their expertise to work in every part of the industry – exploration and production of oil and natural gas, refining and marketing, gas trading and electricity. Total is working to keep the world supplied with energy, both today and tomorrow. The Group is also a first rank player in chemicals. www.total.com


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-----END PRIVACY-ENHANCED MESSAGE-----