Source : Amadeus Database (Bureau van Dijk) Update :October, 2009October, 2009

ELF AQUITAINE
(COURBEVOIE, FRANCE)

2 PLACE JEAN MILLIER LA DEFENSE 6 Phone : +33 1 47444546 Operating revenue/Turnover (2008, mil USD) : n.a.

92400 COURBEVOIE Fax : +33 1 47447878 Net Income (2008, mil USD) : 5,085

FRANCE Date of incorporation : 10/10/1955 Employees (2008) : 6

This company is quoted.

BvDEP ID number :

FR552120784

NACE Rev. 1.1 code :

1110 : Extraction of crude petroleum and natural gas

Trade description :

Holding-Research and exploitation of mining beds (namely hydrocarbons).

Peer Group :


ILLUSTRATION OF THE EVOLUTION OF THREE KEY ITEMS

BALANCE SHEET(mil USD) 31/12/2008 31/12/2007 31/12/2006 31/12/2005 31/12/2004

12 months 12 months 12 months 12 months 12 months

Uncons. Uncons. Uncons. Uncons. Uncons.

   ASSETS

Current Assets 18,259 17,221 15,230 13,049 12,633

Cash & Equivalents 1 1 1 1 1

Receivables 0 0 0 0 1

Other Current Assets 18,258 17,219 15,228 13,048 12,631

Fixed & Other Assets 12,278 13,337 11,788 10,816 13,644

Tangible Fixed Assets 0 0 0 0 0

Other Assets 12,278 13,337 11,788 10,816 13,644

Total Assets 30,537 30,558 27,018 23,864 26,278

   LIABILITIES

Current Liabilities 1,457 79 284 301 410

Accounts Payable 4 7 14 17 22

Other Current Liabilities 1,453 72 270 284 388

Non-Current Liabilities 896 2,531 2,788 1,854 2,339

Long Term Debt 0 1,472 1,317 0 0

Other Liabilities 896 1,058 1,471 1,854 2,339

Shareholders' Funds 28,183 27,948 23,946 21,705 23,528

Total Liabilites & Shareholders' Funds 30,537 30,558 27,018 23,864 26,278

INCOME STATEMENT(mil USD) 31/12/2008 31/12/2007 31/12/2006 31/12/2005 31/12/2004

12 months 12 months 12 months 12 months 12 months

Uncons. Uncons. Uncons. Uncons. Uncons.

Operating Revenue / Turnover n.a. n.a. n.a. n.a. n.a.

Cost of Goods Sold n.a. n.a. n.a. n.a. n.a.

Operating Expenses -10 -25 -14 -12 -38

Operating Income -10 -25 -14 -12 -38

Financial P/L 4,389 4,064 3,710 3,153 1,644

Tax -276 -293 -349 -129 -65

Extraordinary & Other Items 981 611 -633 116 -42

Net Income 5,085 4,357 2,713 3,129 1,498

EMPLOYEES 6 n.a. n.a. n.a. n.a.

RATIOS 31/12/2008 31/12/2007 31/12/2006 31/12/2005 31/12/2004

Return on Shareholders Funds (%) 15.54 14.45 15.43 14.47 6.83

Return on total assets (%) 14.34 13.22 13.68 13.16 6.11

Return on Capital Employed (%) 15.33 13.49 14.00 13.46 6.35

Profit margin (%) n.a. n.a. n.a. n.a. n.a.

Current Ratio (x) 12.53 n.s. 53.54 43.38 30.81

Solvency ratio (%) 92.29 91.46 88.63 90.95 89.53

Shareholders liquidity ratio (%) 31.45 11.04 8.59 11.70 10.06

Assets / Employee (th USD) n.s. n.a. n.a. n.a. n.a.

Net Assets Turnover (x) n.a. n.a. n.a. n.a. n.a.

MEDIAN VALUES OF THE PEER GROUP 2008 2007 2006 2005 2004

Operating Revenue / Turnover (th USD) 527,894 481,082 397,124 340,891 282,930

Operating Income (th USD) 117,650 111,834 83,217 77,396 47,059

Net Income (th USD) 74,224 84,161 61,457 56,235 32,565

Return on shareholders funds (%) 42.26 35.69 40.12 42.12 31.57

Return on capital employed (%) 23.57 26.68 28.73 31.68 21.92

ILLUSTRATION OF THE EVOLUTION OF KEY RATIOS

BOARD MEMBERS & OFFICERS

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Name Title

CHRISTOPHE JACQUIN DE MARGERIE Chairman

PHILIPPE JAFFRE Director

PIERRE VAILLAUD Director

HENRI MOULARD Director

DIDIER PERONNIN Director

ROBERT CASTAIGNE Director

BRUNO WEYMULLER Director

JEAN-JACQUES GUILBAUD Director

CHRISTOPHE JACQUIN DE MARGERIE Director

SHAREHOLDERS

BvDEP Independence Indicator: D Help

Current definition of the UO :

path of min 25.01% of control, known shareholders

This is a quoted company.

The companies underlined and displayed in blue - bold are available on Amadeus.

	Shareholder name	Country	Type	Ownership		Source		Company Inform.
	Shareholder name	Country	Type	Direct (%)	Total (%)	Source ident.	Date of inform	Closing Date	Op. Revenue (mil USD)*	Total Assets (mil USD)
Global and Domestic Ultimate Owner (qualification: UO+)
-	TOTAL SA	FR	C	99.50	n.a.	VD	08/2009	=	223,132	164,651

Shareholders
1.	TOTAL SA	FR	C	99.50	n.a.	SE	08/2009	=	223,132	164,651

* For an insurance company the corresponding value is the Gross Premium Written and for a bank it is the Operating Income (memo).

SUBSIDIARIES (Roll-up structure)

Current definition of the UO :

path of min 25.01% of control, known shareholders

Filters :

No filter

The companies underlined and displayed in blue - bold are available on Amadeus.

The companies underlined and displayed in dark - bold are available on other BvDEP Databases.

	Subsidiary name	Coun- try	Ownership				Source		Company Inform.
	Subsidiary name	Coun- try	Direct (%)	Total (%)	Level of own.	Status	Source ident.	Date of inform	Closing Date	Op. Revenue (mil USD)*	Total Assets (mil USD)
1.	155294 CANADA INC	CA	100.00	100.00	1	-	ST	01/2006	n.a.	n.a.	n.a.
2.	AQUITAINE OIL CORP.	US	100.00	100.00	1	-	ST	01/2006	n.a.	n.a.	n.a.
3.	ELF ANTARGAZ INTERNATIONAL	FR	100.00	100.00	1	-	SC	09/2009	=	<0.5	33
4.	ELF AQUITAINE FERTILISANTS	FR	100.00	100.00	1	-	SC	09/2009	=	n.a.	189
5.	ELF ATOCHEM NORTH AMERICA INC	CA	100.00	100.00	1	-	ST	01/2006	n.a.	n.a.	n.a.
6.	ELF ATOCHEM S.A.	FR	100.00	100.00	1	-	ST	01/2006	n.a.	n.a.	n.a.
7.	ELF EXPLORATION PRODUCTION (ELF EP)	FR	100.00	100.00	1	-	SC	09/2009	=	163	3,423
8.	ODIVAL	FR	100.00	100.00	1	-	SC	09/2009	><	n.a.	1,563
9.	SOCAP INTERNATIONAL	BA	100.00	100.00	1	-	SC	09/2009	n.a.	n.a.	n.a.
10.	SOCAP INTERNATIONAL LIMITED	JM	100.00	100.00	1	-	SC	09/2009	n.a.	n.a.	n.a.
11.	SOFAX BANQUE	FR	100.00	100.00	1	-	AR	12/2008	><	63	4,930
12.	SOGELFA	FR	100.00	100.00	1	-	SC	09/2009	><	n.a.	1
13.	TOTAL AFRICA SA	FR	100.00	100.00	1	-	SC	09/2009	=	<0.5	155
14.	TOTAL E & P CONGO SA	CG	100.00	100.00	1	-	SC	09/2009	><	n.a.	n.a.
15.	TOTAL E & P FRANCE	FR	100.00	100.00	1	-	SC	09/2009	><	733	937
16.	TOTAL GAZ ET ELECTRICITE HOLDINGS FRANCE	FR	100.00	100.00	1	-	SC	09/2009	=	14	896
17.	TOTAL TURKIYE	TR	100.00	100.00	1	-	SC	09/2009	n.a.	n.a.	n.a.
18.	TOTAL UNION OCEANE SA	FR	100.00	100.00	1	-	SC	09/2009	=	n.a.	97
19.	TOTSA TOTAL OIL TRADING SA	CH	100.00	100.00	1	-	SC	09/2009	=	28	n.a.
20.	TOTAL (AFRICA) LIMITED	GB	-	100.00	1	-	AR	12/2008	=	n.a.	19
21.	BOSTIK HOLDING SA	FR	99.00	n.a.	1	-	SC	09/2009	=	n.a.	649
22.	TOTAL EXPLORATION ET PRODUCTION CAMEROUN SA	CM	75.00	n.a.	1	-	SC	09/2009	><	n.a.	n.a.
23.	TOTAL GABON	GA	58.00	n.a.	1	-	SC	09/2009	><	1,552	1,508
24.	ROSIER	BE	56.86	n.a.	1	-	RS	12/2008	=	443	160
25.	SITUS UMWELT- UND SICHERHEITS GMBH	DE	50.00	n.a.	1	-	VC	08/2009	><	n.a.	<0.5
26.	COMPANIA ESPANOLA DE PETROLEOS SA	ES	-	48.00	1	-	SC	09/2009	><	31,406	13,897
27.	TOTAL RAFFINAGE MARKETING	FR	39.00	n.a.	1	-	SC	09/2009	=	61,983	13,098
28.	TOTAL E & P HOLDINGS	FR	34.00	n.a.	1	-	SC	09/2009	=	n.a.	4,435
29.	TOTAL HOLDINGS EUROPE	FR	29.00	n.a.	1	-	SC	09/2009	=	n.a.	10,395
30.	GREIF NIGERIA PLC	NG	16.48	n.a.	1	-	WW	12/2008	><	5	3
31.	SANOFI AVENTIS	FR	14.58	n.a.	1	-	SE	08/2009	=	40,878	100,184
32.	NORSEA GAS GESELLSCHAFT MIT BESCHR�NKTER HAFTUNG EMDEN	DE	7.94	n.a.	1	-	VC	08/2009	=	n.a.	2
33.	TOTAL NIGERIA PLC	NG	5.00	n.a.	1	-	SC	09/2009	><	985	204
34.	ARKEMA	FR	NG	n.a.	1	-	SE	05/2008	=	7,892	6,225
35.	PREDSTAVITELSTVO FIRMY SOSYETE NASYONAL ELF AKITEN FRANTSIYA	RU	-	n.a.	1	-	CP	06/2009	n.a.	n.a.	n.a.
36.	SA DE LA RAFFINERIE DES ANTILLES (SARA)	FR	-	n.a.	1	-	AR	12/2008	><	1,147	575
37.	TOTAL PETROCHEMICALS FRANCE	FR	-	n.a.	1	-	AR	12/2008	=	6,030	2,950
38.	TOTAL SENEGAL SA	SN	-	n.a.	1	-	AR	12/2008	><	3,412	n.a.

* For an insurance company the corresponding value is the Gross Premium Written and for a bank it is the Operating Income (memo).

2 PLACE JEAN MILLIER LA DEFENSE 6	Phone :	+33 1 47444546	Operating revenue/Turnover (2008, mil USD) :	n.a.
92400 COURBEVOIE	Fax :	+33 1 47447878	Net Income (2008, mil USD) :	5,085
FRANCE	Date of incorporation :	10/10/1955	Employees (2008) :	6

BALANCE SHEET(mil USD)	31/12/2008	31/12/2007	31/12/2006	31/12/2005	31/12/2004
	12 months	12 months	12 months	12 months	12 months
	Uncons.	Uncons.	Uncons.	Uncons.	Uncons.
ASSETS
Current Assets	18,259	17,221	15,230	13,049	12,633
Cash & Equivalents	1	1	1	1	1
Receivables	0	0	0	0	1
Other Current Assets	18,258	17,219	15,228	13,048	12,631
Fixed & Other Assets	12,278	13,337	11,788	10,816	13,644
Tangible Fixed Assets	0	0	0	0	0
Other Assets	12,278	13,337	11,788	10,816	13,644
Total Assets	30,537	30,558	27,018	23,864	26,278

LIABILITIES
Current Liabilities	1,457	79	284	301	410
Accounts Payable	4	7	14	17	22
Other Current Liabilities	1,453	72	270	284	388
Non-Current Liabilities	896	2,531	2,788	1,854	2,339
Long Term Debt	0	1,472	1,317	0	0
Other Liabilities	896	1,058	1,471	1,854	2,339
Shareholders' Funds	28,183	27,948	23,946	21,705	23,528
Total Liabilites & Shareholders' Funds	30,537	30,558	27,018	23,864	26,278

INCOME STATEMENT(mil USD)	31/12/2008	31/12/2007	31/12/2006	31/12/2005	31/12/2004
	12 months	12 months	12 months	12 months	12 months
	Uncons.	Uncons.	Uncons.	Uncons.	Uncons.
Operating Revenue / Turnover	n.a.	n.a.	n.a.	n.a.	n.a.
Cost of Goods Sold	n.a.	n.a.	n.a.	n.a.	n.a.
Operating Expenses	-10	-25	-14	-12	-38
Operating Income	-10	-25	-14	-12	-38
Financial P/L	4,389	4,064	3,710	3,153	1,644
Tax	-276	-293	-349	-129	-65
Extraordinary & Other Items	981	611	-633	116	-42
Net Income	5,085	4,357	2,713	3,129	1,498

EMPLOYEES	6	n.a.	n.a.	n.a.	n.a.

RATIOS	31/12/2008	31/12/2007	31/12/2006	31/12/2005	31/12/2004
Return on Shareholders Funds (%)	15.54	14.45	15.43	14.47	6.83
Return on total assets (%)	14.34	13.22	13.68	13.16	6.11
Return on Capital Employed (%)	15.33	13.49	14.00	13.46	6.35
Profit margin (%)	n.a.	n.a.	n.a.	n.a.	n.a.
Current Ratio (x)	12.53	n.s.	53.54	43.38	30.81
Solvency ratio (%)	92.29	91.46	88.63	90.95	89.53
Shareholders liquidity ratio (%)	31.45	11.04	8.59	11.70	10.06
Assets / Employee (th USD)	n.s.	n.a.	n.a.	n.a.	n.a.
Net Assets Turnover (x)	n.a.	n.a.	n.a.	n.a.	n.a.

MEDIAN VALUES OF THE PEER GROUP	2008	2007	2006	2005	2004
Operating Revenue / Turnover (th USD)	527,894	481,082	397,124	340,891	282,930
Operating Income (th USD)	117,650	111,834	83,217	77,396	47,059
Net Income (th USD)	74,224	84,161	61,457	56,235	32,565
Return on shareholders funds (%)	42.26	35.69	40.12	42.12	31.57
Return on capital employed (%)	23.57	26.68	28.73	31.68	21.92


Name		Title

CHRISTOPHE JACQUIN DE MARGERIE		Chairman
PHILIPPE JAFFRE		Director
PIERRE VAILLAUD		Director
HENRI MOULARD		Director
DIDIER PERONNIN		Director
ROBERT CASTAIGNE		Director
BRUNO WEYMULLER		Director
JEAN-JACQUES GUILBAUD		Director
CHRISTOPHE JACQUIN DE MARGERIE		Director