The 2002 results for Elf Gabon, which reported net income of
US $141.1 million, were approved at the General Meeting held today in Libreville.

The dividend for the year, net of withholding tax, was set at US $30 per share.

The Board of Directors of Elf Gabon met following the General Meeting and established the dividend payment terms :

• The US $30 per share will be paid as of June 24, 2003, in euros based on the European Central Bank US Dollar exchange rate on June 10, 2003, or against its rate in
  CFA Francs, (US $1 = € 0.8548) that is to say a payment of 25.64 euros per share.
  
  
• Payment will be made at the following banks :

  In Gabon - Union Gabonaise de Banque (UGB)

  In France - Crédit Lyonnais, BNP Paribas, Crédit Commercial de France, Crédit Industriel et Commercial, Crédit du Nord, Société Générale.

Conforming with the legislation in Gabon and the bilateral conventions between France and Gabon, the dividend will qualify for a limited tax credit of US $0.08 per share in France, corresponding to the amount withheld at the source in Gabon.

www.elf-gabon.com