The Board of Directors of Elf Aquitaine met today and reviewed the favorable results for the first half of 1999. These results will be published in a separate news release tomorrow, August 24.

The Board also noted with satisfaction the decision taken by the Conseil des Marchés Financiers (CMF), announced in front of the Court of Appeals, to postpone the closing date of TotalFina's offer for Elf to at least eight days following the court's decision, which is expected toward the end of October.

The Board also noted with regret the appeal made by TotalFina to the Court of Appeals aimed at disallowing Elf's offer for TotalFina. The Court is expected to make a decision on this appeal around mid-October. Then, the CMF will be able to set the closing date of Elf's offer.

Taking into account this new timetable for both offers, the Elf Board has decided to set the Extraordinary Shareholders' Meeting for October 15. In contrast to the planned date of September 3, this new date allows for all shareholders to be informed in a clearer and more complete manner, and facilitate their participation at the meeting.

This new shareholders' meeting date will have no effect on the general timetable of the exchange tender offers.

Elf's Board of Directors will meet again in due course to finalize the resolutions to be submitted at the October 15 shareholders' meeting.