The Board of Directors of Elf Aquitaine met today under the chairmanship of Pierre Vaillaud and took note of the European Commission’s approval for the merger between Elf Aquitaine and Totalfina. As a result of this decision, and according to prior preparatory measures, Pierre Vaillaud resigned his position as Chairman and CEO of the Group but remains a member of the board. Thierry Desmarest, Chairman and CEO of Totalfina, was elected to the Board of Elf Aquitaine and then as its Chairman and Chief Executive Officer.

The entire Elf Board paid tribute to Mr. Vaillaud for his efficient performance during the period of major importance for the merger between Elf and Totalfina.

Mr. Desmarest also personally expressed his thanks to Mr. Vaillaud and emphasized that "through his perfect knowledge of our business and our two companies, he has had the insight to direct and lead Elf Aquitaine in this turning point in the company’s history and to see to the necessary balance in the merger between Elf Aquitaine and Totalfina."

In recalling Mr. Vaillaud’s past responsibilities at Total and Technip, he expressed his deep gratitude for Mr. Vaillaud’s contribution to the constitution of the new group, "the world’s fourth largest oil and gas company, which, thanks to the quality of its teams and its technical excellence, will be one of the most dynamic actors in the petroleum industry."

Mr. Vaillaud said, "I am very pleased to have contributed to the preparation of the merger between the two companies, in accompanying the women and men of Elf Aquitaine to the threshold of this new adventure which will create a new giant international oil and gas group. I wish them every success. I am equally proud to have worked during these past 100 days so that Elf might continue to develop and invest in its future."

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Thierry Desmarest was born in 1945. He graduated from the Ecole Polytechnique and is an engineer in the Corps de Mines. He began his career in 1971 as an engineer at the Direction of Mines in New Caledonia, before becoming a technical adviser in the office of the Minister of Industry (1975-1978) and then in the office of the Minister of the Economy (1978-1980).

He joined Total in 1981 and took charge of Total Algeria. He held different positions at Total Exploration Production of which he became Senior Executive Vice President in 1989 and a member of the Executive Committee the same year. He was named Senior Executive Vice President of Upstream in January 1995. Since June of the same year, he has been Chairman and CEO of Total, which became Totalfina in June 1999, following the merger of Total and Petrofina.

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Since October 28, 1999, Totalfina (NYSE : TOT) holds approximately 95% of the share capital of Elf Aquitaine