Meeting on May 26, 2000 under the Chairmanship of Thierry Desmarest, Elf Aquitaine shareholders adopted all resolutions proposed at the Combined Annual Meeting. The 1999 Elf Aquitaine accounts were approved as well as the payment of a cash dividend for 1999 of 2.80 euros (18.37 francs) per share, an increase of 22% from last year, to which a tax credit will be added in accordance with the regulations in force. The ex-dividend date for the shares will be June 14, 2000 and payment will occur from that date.

The approved resolutions included the following:

• Authorization granted to the Board of Directors to buy or sell shares of the company under the provisions of Article 217-2 of the July 24, 1966 law.

• Authorization granted to the Board of Directors to cancel shares of the company up to a limit of 10% of the share capital.

• Reduction of the term of the Directors on the Board to 3 years from 6 years.

• Ratification of the nomination and re-election as Director on the Board for three-year terms for:
  - Mr. Thierry Desmarest,
  - Mr. Henri Moulard,
  - Mr. Didier Peronnin,
  - Mr. Robert Castaigne.

• Ratification of the nomination as Director on the Board, until the Annual Meeting called to approve the 2001 accounts, of:
  Mr. Bruno Weymuller,
  Mr. Jean-Jacques Guilbaud.