The Board of Directors and the members of the Executive Committee of Elf Aquitaine have noted the comments by the Chairman of Total Fina published in the Wall Street Journal of August 2. According to the article, he would be prepared to hold direct discussions with the Board of Directors and the Executive Committee of Elf Aquitaine.

They feel that such an approach which the Chairman of Total Fina suggests is inappropriate. The Board and Executive Committee have reaffirmed their complete confidence and support for the Chairman of Elf Aquitaine and the industrial plan as unanimously approved by the Board of Directors.

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This document is neither an offer to exchange or sell nor a solicitation of an offer to exchange or buy any of the securities mentioned herein, and the Offer to which this document relates is not being made in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities laws of the jurisdiction.

This document may contain forward-looking statements with respect to the financial condition, results of operations, business, strategy and plans of the Elf Group. In particular, statements using the words "expects", "anticipates", and similar expressions, and statements with regards to management goals and objectives, expected or targeted production data, trends in results of operations, margins, or the expected benefits of the tender offer referred to herein are forward-looking in nature. Such statements are based on a number of assumptions that could ultimately prove inaccurate, and are subject to a number of risk factors, including currency fluctuations, the price of petroleum products, the ability to realize cost reductions and operating efficiencies without unduly disrupting business operations, environmental regulatory considerations and general economic and business conditions. The Group does not assume any obligation to update publicly any forward-looking statement, whether as a result of new information, future events or otherwise. Further information on factors which could affect the company's financial results is provided in documents filed with the Commission des Opérations de Bourse and the US Securities and Exchange Commission.