The Group Elf Aquitaine reported first half 2000 net income of 2,099 million euros. The first half 1999 net income was 1,639 million euros, including the exceptional gain related to the merger of Sanofi and Synthelabo. Operating income rose to 3,622 million euros in the
2000 first half versus 997 million euros in the 1999 first half.

Changes in the economic environment had a strong impact on results. The average Brent oil price rose sharply to $26.9/b in the 2000 first half from the $13.4/b average price in the 1999 first half. The dollar strengthened against the euro by 13.5%, $0.96/euro in the 2000 first half versus $1.09/euro in the 1999 first half. For the first six months of the year, European refining margins increased to $18.5/t in 2000 from $9.4/t in 1999.

Investments were 1,486 million euros in the first half 2000 compared to 1,801 million euros in the first half 1999. In the first half 2000, gross investments for the business segments were split 73% for Upstream, 8% for Downstream and 19% for Chemicals. Divestments rose to
440 million euros in the first half 2000 from 210 million euros in the first half 1999.

At June 30, 2000, TOTAL FINA ELF held 95.38 % of the voting rights of Elf Aquitaine. The public exchange offer for the shares of Elf Aquitaine launched by TOTAL FINA ELF closed on September 1, 2000. The results of the offer will be released on September 14, 2000.

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 The impact of the new fiscal measures announced by the French Government will be estimated after the specific terms are known.