Following the Material Fact (Hecho Relevante

Following the Material Fact (Hecho Relevante) communicated by Elf Aquitaine (Elf) and
Banco Santander Central Hispano, S.A. (Santander) on 2 August 2006 (number 69321), both
parties, pursuant to article 82 of the 24/1988 Act, of 28 July, on the Securities Market (Ley
24/1988, de 28 de julio, del Mercado de Valores), hereby communicate to the Securities
Market Commission (Comisión Nacional del Mercado de Valores or CNMV) the following
RELEVANT INFORMATION
On 13 October 2006 Elf has received a notice from the EU Commission communicating
clearance of the concentration arising from the acquisition by Elf of shares representing
4.35% of the share capital of Compañía Española de Petróleos, S.A. (Cepsa). Consequently,
Santander has sold to Elf 11,650,893 shares of Cepsa for a price of 52,960,000 euros.
Upon completion of the transaction, Elf holds a 48.83% of Cepsa and Santander holds a
30.66% of Cepsa.
Upon completion of this transaction, Elf and Odival, S.A., on the one hand, and Santander
and Riyal, S.L., on the other hand, definitively terminate the arbitration proceedings between
them, and to such effects they will soon submit a joint application to the arbitral tribunal.
Sincerely,
Madrid / Paris, 16 October 2006
__________________________________
Ms. Christine Souchet,
in the name and on behalf of Elf Aquitaine
MA179847/5 110622-0019
_____________________________________
Mr. José Manuel de Araluce,
in the name and on behalf of Banco Santander
Central Hispano, S.A.