Registration Document 2005 - Total.com

11
Special auditors’ report on regulated agreements
(Free translation of a French language original)
For the year ended December 31, 2005
To the Shareholders,
In our capacity as the statutory auditors of your Company, we hereby submit to you our report on regulated agreements.
Agreements authorized during the year
Our assignment is not to identify the existence of any such agreements but to inform you, on the basis of the information provided to us,
of the essential characteristics and terms of the agreements brought to our attention, without expressing an opinion on their usefulness or
appropriateness. Pursuant to Article 92 of the Decree of March 23, 1967, it is your responsibility to assess the interest of such agreements for
the purpose of approving them.
We hereby inform you that we have not been advised during the year of any agreement covered by Article L. 225-38 of the French Commercial
Code.
Agreements approved in prior years and continued during the year
Furthermore, pursuant to the Decree dated March 23, 1967, we have been informed that the following agreements, approved during previous
financial periods, continued in force during the last financial period.
with BNP Paribas and Société Générale
• Securities were granted by your company to a banking group, which included the banks BNP Paribas and Société Générale, to finance the
Sincor project in which Total Venezuela is participating.
The aggregate amount of this financing was estimated at $2.7 billion.
The end of the First Stage Completion reduced the secured amount from $2.7 billion to $43 million, representing $20.2 million for Total
Venezuela’s share.
•
•
Appendix 3 - TOTAL S.A.
Special auditors’ report on regulated agreements
Security for a loan for $243 million made to Oleoducto Central S.A. “Ocensa”.
Based on the repayments made, the loan outstanding at December 31, 2005 was $38,7 million.
A demand guarantee covering 16.7% of the amounts owed by TMR Energy Limited on a loan of $34.2 million.
The remaining balance of this loan has been reimbursed during the 2005 fiscal year.
We conducted our work in accordance with generally accepted standards in France; those standards require the due diligence necessary to
verify the consistency of the information provided to us with the basic documents from which that information is taken.
Paris La Défense, March 15, 2006
244 TOTAL - Registration Document 2005
The Statutory Auditors
KPMG AUDIT (Département de KPMG S.A.) ERNST & YOUNG AUDIT
René Amirkhanian Gabriel Galet - Philippe Diu