TOTALFINA announced today that, following its Public Exchange Offer reopened from June 11 through July 2, it has received 1 019 578 shares and 186 140 American Depositary Shares (ADSs) representing a total of 1 038 192 PetroFina shares and 289 100 Warrants. TOTAL had launched the first period of the exchange offer on May 6 to acquire the PetroFina shares, ADSs and warrants it did not already own.

As a result, TOTALFINA now owns 23 168 488 PetroFina shares representing a 98.8% interest in PetroFina, and 4 140 500 Warrants, representing 93.2 % of the existing warrants.

In exchange for the PetroFina shares, ADSs and PetroFina warrants tendered to the offer, TOTALFINA is issuing 4 671 864 new TOTALFINA shares, to be listed on the Paris, London and Brussels stock exchanges, and 234 171 TOTALFINA warrants. The TOTALFINA ADSs and warrants exchanged for PetroFina ADSs and warrants will be listed on the New York Stock Exchange.

TOTALFINA does not intend to make a squeeze-out for the remaining PetroFina shares.

PetroFina shareholders will receive the shares due as a result of the reopened Public Exchange Offer on July 15.
TOTALFINA's 1998 dividend will be paid on July 19.