The Netherlands Arbitration Institute (NAI) delivered  today its decision to both parties, Santander Central Hispano (SCH) and  Total, in the arbitration.

Total acknowledges the work of the arbitrators appointed by the NAI in their analysis of this litigation and is satisfied with the principal decisions of the award :

• SCH’s failure to comply with its contractual and legal obligation to act in good faith ;
  
• the return to Total of its 8.31 % interest in Cepsa currently held via Somaen Dos, a holding company in which SCH and Total are shareholders ;
  
• the recognition of Total’s right to exercise its call option against SCH over 4.35 % of Cepsa at a price estimated today at below 5 euros per share ;

The award rendered by the NAI will be supplemented in due course by a decision concerning notably the damages to be borne by SCH.

Total is very satisfied to be the shareholder of reference of Cepsa, the 2nd Spanish oil and gas company and plans to continue to support the development of this company.