Sanofi-Synthelabo Shareholder’S Pact Group

As questions have recently been raised about this matter, L'Oréal wishes to point out that a pact exists between Elf-Aquitaine and L'Oréal concerning the control of Sanofi-Synthélabo.

The pact stipulates that the two shareholders hold a 38.9% stake in Sanofi-Synthélabo, that the shares held by the two shareholders are non-transferrable for the duration of the pact, remaining in force until 2 December 2004.

As the recent public offer of exchange by Total for Elf-Aquitaine has been deemed non-hostile by the Elf-Aquitaine Board of Directors, the pact cannot be terminated by Elf-Aquitaine. L'Oréal for its part means to maintain the pact for the agreed period to preserve the stable control of Sanofi-Synthélabo.