Within the framework of the European Commission’s decision on February 9, 2000, which authorized the merger between TotalFina and Elf Aquitaine, TotalFinaElf made a certain number of commitments, applicable exclusively in France, concerning asset disposals.

To date, the following operations have already received approval by the Commission:

• the disposal of interests in pipelines and certain refined petroleum product storage facilities,
• the opening up to third parties of the supply infrastructure for the Lyon and Toulouse airports,
• the disposal of 70 service stations bearing the two groups’ brand names which are located on freeways.

TotalFinaElf announced today that the European Commission has approved the consortium proposed by the Group for the disposal of the activities of Elf Antargaz in France and the associated logistical assets.

This consortium is composed of the following partners:

• PAI Europe III, a mutual fund managed by Paribas Affaires Industrielles Management (70%), one of the leading private equity operators in Europe;

• UGI Corporation, a leader in the distribution of liquefied petroleum gas (LPG) in the US and already established in Europe (20%);

• Medit, a leader in ground transportation and LPG logistics in Italy (10%).

The entire operation is subject to the conclusion of all definitive agreements.

With this transaction, TotalFinaElf will have fulfilled its asset disposal commitments regarding the European Commission’s request for merger approval. The disposal of a storage depot in Port La Nouvelle is in the process of being finalized.