Elf has been informed of a takeover offer by Total Fina for the shares of Elf. This offer has not been the subject of any study or discussions with Elf's management and is therefore considered as being hostile.

Elf does not believe this takeover to be in the best interests of its shareholders. Elf management has continued to successfully follow a clear strategy over the past several years directed toward the creation of value and the development of the company's core businesses. As a result, the value of Elf shares has doubled in three years.

The Board of Directors of Elf has been informed of this development and is scheduling a meeting to discuss it as soon as possible. Elf will publish a news release following the meeting.