Participating Interest in Sanofi/Synthélabo

In accordance with article 2 of regulation no. 88-02 of the Commission des Opérations de Bourse (COB), following the declaration made by L'OREAL on 25 May 1999 to the Conseil des Marchés Financiers in application of articles 356-1 et. seq. of the Law of 24 July 1966 that the threshold levels of equity and voting rights in Sanofi-Synthélabo had been exceeded, and following the merger of Sanofi-Synthélabo with the companies Sanofi and Synthélabo, L'OREAL wishes to point out that:

In the present circumstances, L'OREAL is not considering increasing its participating interest in Sanofi-Synthélabo. However, L'OREAL does not rule out the possibility of acquiring shares in Sanofi-Synthélabo within the limits authorised by the provisions of the shareholder pact signed with Elf-Aquitaine on 9 April 1999 and described in the prospectus issued in connection with the flotation of Sanofi-Synthélabo, approved by the COB on 15 April 1999 under the number 99-399.

L'OREAL and Elf-Aquitaine jointly hold a controlling interest in Sanofi-Synthélabo with 54.8% of equity and 69.1% of voting rights in the company.

L'OREAL is represented on the Board of Directors of Sanofi-Synthélabo in accordance with the provisions of the shareholder pact mentioned above.