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0000950123-04-006479.txt : 200405170000950123-04-006479.hdr.sgml : 2004051720040517162808ACCESSION NUMBER:0000950123-04-006479CONFORMED SUBMISSION TYPE:425PUBLIC DOCUMENT COUNT:26FILED AS OF DATE:20040517

SUBJECT COMPANY:

COMPANY DATA:COMPANY CONFORMED NAME:AVENTISCENTRAL INDEX KEY:0000807198STANDARD INDUSTRIAL CLASSIFICATION:PHARMACEUTICAL PREPARATIONS [2834]IRS NUMBER:000000000STATE OF INCORPORATION:I0FISCAL YEAR END:1231

FILING VALUES:FORM TYPE:425SEC ACT:1934 ActSEC FILE NUMBER:001-10378FILM NUMBER:04812811

BUSINESS ADDRESS:STREET 1:67917 STRASBOURGSTREET 2:CEDEX 9CITY:STRASBOURG FRANCESTATE:I0ZIP:00000BUSINESS PHONE:3314768123

MAIL ADDRESS:STREET 1:67917 STRASBOURGSTREET 2:CEDEX 9CITY:STRASBOURG FRANCESTATE:I0ZIP:00000

FORMER COMPANY:FORMER CONFORMED NAME:RHONE POULENC S ADATE OF NAME CHANGE:19930512

FILED BY:

COMPANY DATA:COMPANY CONFORMED NAME:SANOFI SYNTHELABO SACENTRAL INDEX KEY:0001121404STANDARD INDUSTRIAL CLASSIFICATION:PHARMACEUTICAL PREPARATIONS [2834]IRS NUMBER:133529324STATE OF INCORPORATION:DEFISCAL YEAR END:1231

FILING VALUES:FORM TYPE:425

BUSINESS ADDRESS:STREET 1:174 AVENUE DE FRANCECITY:PARISSTATE:I0ZIP:75013BUSINESS PHONE:33153774400

MAIL ADDRESS:STREET 1:174 AVENUE DE FRANCECITY:PARISSTATE:I0ZIP:75013

4251y93523fte425.htmFILED PURSUANT TO RULE 425

FILED PURSUANT TO RULE 425

Filed by Sanofi-Synthlabo
Pursuant to Rule165 and Rule425(a) under the United States Securities Act of 1933,
as amended

Subject Company: Aventis
Commission File No.001-10378
Date: May17, 2004

On May17, 2004, Hans-Peter Spek, Sanofi-Synthelabos Executive VicePresident Operations, gave the following presentation in New York.

In connection with the proposed acquisition of Aventis, Sanofi-Synthlabohas filed with the United States Securities and Exchange Commission (SEC), aregistration statement on Form F-4 (File no: 333-112314), which includes aprospectus/offer to exchange and related exchange offer materials, to registerthe Sanofi-Synthlabo ordinary shares (including Sanofi-Synthlabo ordinaryshares represented by Sanofi-Synthlabo ADSs) to be issued in exchange forAventis ordinary shares held by holders located in the United States and forAventis ADSs held by holders wherever located and has also filed with the SEC aStatement on ScheduleTO. Investors and holders of Aventis securities arestrongly advised to read the registration statement and the prospectus/offer toexchange, the related exchange offer materials and the Statement on ScheduleTO, and any other relevant documents filed with the SEC, as well as anyamendments and supplements (including any supplement relating toSanofi-Synthlabos revised offer), because they contain important information.Investors and holders of Aventis securities may obtain free copies of theregistration statement, the prospectus/offer to exchange and related exchangeoffer materials, and the Statement on ScheduleTO, as well as other relevantdocuments filed with the SEC, at the SECs web site at www.sec.gov. Theprospectus/offer to exchange and other transaction-related documents are beingmailed to Aventis securityholders eligible to participate in the U.S. offer andadditional copies may be obtained for free from MacKenzie Partners, Inc., theinformation agent for the U.S. offer, at the following address: 105, MadisonAvenue, New York, New York 10016; telephone 1-(212) 929-5500 (call collect) or1-(800) 322-2885 (toll-free call); e-mail proxy@mackenziepartners.com. Inconnection with its revised offer, Sanofi-Synthelabo intends to distribute asupplement to the prospectus/offer to exchange as soon as practicable.

****

Creating the n1 Pharmaceuticalgroup in Europe, n3 in the world

Sanofi-Synthelabo and Aventis

Hanspeter SPEK

Executive Vice-President,

Operations

Important Information
In connection with the proposed acquisition of Aventis, Sanofi-Synthlabo hasfiled with the United States Securities and Exchange Commission (SEC), aregistration statement on Form F-4 (File no: 333-112314), which includes aprospectus/offer to exchange and related exchange offer materials, to registerthe Sanofi-Synthlabo ordinary shares (including Sanofi-Synthlabo ordinaryshares represented by Sanofi-Synthlabo ADSs) to be issued in exchange forAventis ordinary shares held by holders located in the United States and forAventis ADSs held by holders wherever located and Sanofi-Synthlabo has alsofiled a Statement on ScheduleTO with the SEC. Investors and holders ofAventis securities are strongly advised to read the registration statement andthe prospectus/offer to exchange, the related exchange offer materials and theStatement on ScheduleTO, and any other relevant documents filed with the SEC,as well as any amendments and supplements (including the supplement relating tothe revised offers) to those documents, because they contain importantinformation. Investors and holders of Aventis securities may obtain freecopies of the registration statement, the prospectus/ offer to exchange andrelated exchange offer materials, and the Statement on ScheduleTO, as well asother relevant documents filed with the SEC, at the SECs web site atwww.sec.gov. The prospectus/offer to exchange and other transaction-relateddocuments are being mailed to Aventis securityholders eligible to participatein the U.S. offer and additional copies may be obtained for free from MacKenziePartners, Inc., the information agent for the U.S. offer, at the followingaddress: 105, Madison Avenue, New York, New York 10016; telephone 1-(212)929-5500 (call collect) or 1-(800) 322-2885 (toll-free call); e-mailproxy@mackenziepartners.com. In connection with the revised offers,Sanofi-Synthelabo intends to distribute a supplement to the prospectus/offer toexchange as soon as practicable.

In France, holders of Aventis securities are requested, with respect to theoffer, to refer to the prospectus supplement (note dinformationcomplmentaire), which has been granted visa number 04-384 by the Autorit desmarchs financiers (AMF) and which is available on the website of the AMF(www.amf-france.org) and without cost from: BNP Paribas Securities Services,GIS-Emetteurs, Service Logistique, Les Collines de lArche, 75450 Paris Cedex 9and to the recommendation statement (note dinformation en rponse) of Aventiswhen it is available.

The public offer to holders of Aventis ordinary shares located in Germany (theGerman Offer) is being made in accordance with applicable German law andpursuant to an offer document/sales prospectus, which is available free ofcharge at BNP Paribas Securities Services, Grneburgweg 14, D-60322 Frankfurtam Main (Fax: 069 - 152 05 277) and on the website of the Company(www.sanofi-synthelabo.com). Any decision to tender Aventis ordinary shares inexchange for Sanofi-Synthlabo ordinary shares under the German Offer must betaken exclusively with regard to the terms and conditions of the German Offer,as well as with regard to the information included in the offer document/salesprospectus, including any amendments and supplements thereto, issued inGermany.

The French Offer, the U.S. Offer and the German Offer are being made onsubstantially the same terms and completion of these offers is subject to thesame conditions. It is intended that the three offers will expire at the sametime.

This communication does not constitute an offer to purchase or exchange or thesolicitation of an offer to sell or exchange any securities of Aventis or anoffer to sell or exchange or the solicitation of an offer to buy or exchangeany securities of Sanofi-Synthlabo, nor shall there be any sale or exchange ofsecurities in any jurisdiction (including the United States, Germany, Italy andJapan) in which such offer, solicitation or sale or exchange would be unlawfulprior to the registration or qualification under the laws of such jurisdiction.Thedistribution of this communication may, in some countries, be restricted by lawor regulation. Accordingly, persons who come into possession of this documentshould inform themselves of and observe these restrictions. The solicitation ofoffers to buy Sanofi-Synthlabo ordinary shares (including Sanofi-Synthlaboordinary shares represented by Sanofi-Synthlabo ADSs) in the United Stateswill only be made pursuant to a prospectus and related offer materials thatSanofi-Synthlabo expects to send to holders of Aventis securities. TheSanofi-Synthlabo ordinary shares (including Sanofi-Synthlabo ordinary sharesrepresented by Sanofi-Synthlabo ADSs) may not be sold, nor may offers to buybe accepted, in the United States prior to the time the registration statementbecomes effective. No offering of securities shall be made in the UnitedStates except by means of a prospectus meeting the requirements of Section10of the United States Securities Act of 1933, as amended.

Forward-Looking Statements This communication contains forward-lookinginformation and statements about Sanofi-Synthlabo, Aventis and their combinedbusinesses after completion of the proposed acquisition. Forward-lookingstatements are statements that are not historical facts. These statementsinclude financial projections and estimates and their underlying assumptions,statements regarding plans, objectives and expectations with respect to futureoperations, products and services, and statements regarding future performance.Forward-looking statements are generally identified by the words expect,anticipates, believes, intends, estimates and similar expressions.Although Sanofi-Synthlabos management believes that the expectationsreflected in such forward-looking statements are reasonable, investors andholders of Aventis securities are cautioned that forward-looking informationand statements are subject to various risks and uncertainties, many of whichare difficult to predict and generally beyond the control of Sanofi-Synthlabo,that could cause actual results and developments to differ materially fromthose expressed in, or implied or projected by, the forward-looking informationand statements. These risks and uncertainties include those discussed oridentified in the public filings with the SEC made by Sanofi-Synthlabo andAventis, including those listed under Cautionary Statement ConcerningForward-Looking Statements and Risk Factors in the prospectus/offer toexchange included in the registration statement on Form F-4 thatSanofi-Synthlabo has filed with the SEC (File no: 333-112314).Sanofi-Synthlabo does not undertake any obligation to update anyforward-looking information or statements. You may obtain a free copy of theregistration statement and prospectus/offer to exchange and other publicdocuments filed with the SEC in the manner described above.

Investors and security holders may obtain a free copy of the Form 20-F filedwith the SEC on April2, 2004 and any other documents filed bySanofi-Synthlabo with the SEC at www.sec.gov as well as of the ReferenceDocument filed with the AMF on April2, 2004 N 04-0391 with the FrenchAutorit des Marchs Financiers at www.amf-france.org or directly fromSanofi-Synthlabo on our web site at: www.sanofi-synthelabo.com.

Explanatory Notes

Developed Sales. When we refer to developed sales of a product, we meanconsolidated sales, excluding sales of products to our alliance partners, butincluding those that are made through our alliances and which are not includedin our consolidated sales. These alliances are with Bristol-Myers Squibb onPlavix/Iscover (clopidogrel)and Aprovel/Avapro/Karvea (irbesartan), withFujisawa on Stilnox /Myslee (zolpidem), and with Organon on Arixtra(fondaparinux). Our alliance partners provide us with information regardingtheir sales in order to allow us to calculate developed sales. We believe thatdeveloped sales are useful measurement tool because they demonstrate trends inthe overall presence of our products in the market.

Comparable Sales. When we refer to the change in our sales on a comparablebasis, we mean that we exclude the impact of exchange rate fluctuations andchanges in Group structure(acquisitions and divestitures of entities and rights to products as well aschange in the consolidation percentage for consolidated entities). For any twoperiods, we exclude the impact of exchange rates by recalculating sales for theearlier period on the basis of exchange rates used in the later period. Weexclude the impact of acquisitions by including sales for a portion of theprior period equal to the portion of the current period during which we ownedthe entity or product rights based on sales information we receive from theparty from whom we make the acquisition. Similarly, we exclude sales in therelevant portion of the prior period when we have sold an entity or rights to aproduct.

A remarkable drug portfolio in high-growth therapeutic categories:cardiovascular/ thrombosis, oncology, diabetes, CNS, internal medicine,human vaccines

A group deeply anchored in Europe, with a strong and growing presencein all major markets, including the US

A dynamic sales and marketing policy, tailored to specific needs / opportunities,products and countries

Optimised financial and human resources to develop new molecules fromresearch and sustained growth in the medium and long term

A strategic project leading to the creation of the n1pharmaceutical company in Europe and n3 in the World

The integration of teams will respect existing local cultures and focus on acompelling industrial project to create a platform for strong, sustainable andprofitable growth

An Offer recommended by Aventis' SupervisoryBoard - Key terms of the Agreement

Company name:

Sanofi-Aventis

17 members, including Jean-Francois Dehecq asChairman and CEO

- 8 members appointed by Aventis, including a German Vice Chairman of the Board

- 8 members appointed by Sanofi-Synthelabo

In addition to the 3 existing specialised committees(Audit, Compensation, Scientific), creation of aStrategic Committee. There will be parity ofrepresentation on these committees.

Chaired by Jean-Francois Dehecq, who will appoint anequal number of representatives from Sanofi-Synthelabo and Aventis.

Board of Directors:

Management Committee:

Withdrawal of the Aventis' EGM resolution proposals relating to the Plavix warrants and to the limitation of voting rights, and termination of all legal actions.

Sanofi-Synthelabo IMS developed sales Sanofi-Synthelabo IMS sales

Aventis IMS sales

(1) Based on IMS 2003 data

Setting the Scene: Sanofi-Synthelabo and Aventis inthe Global Pharmaceutical Industry (IMS Sales)

Sales(1) ( bn)

0

5

10

15

20

25

30

35

40

45

Pfizer

GSK

Sanofi-

Synthelabo/Aventis

Merck

J&J

Novartis

AstraZeneca

Aventis

BMS

Roche

Abbott

Wyeth

Eli Lilly

Sanofi-Synthelabo

Amgen

Sanofi-Synthelabo

Aventis

2003 Sales

2003 Net income margin(1)

Market capitalisation(3)

Headcount(4)

Main therapeuticcategories

8.0 bn consolidated

10.5 bn developed

17.8 bn consolidated

16.8 bn in core business(2)

25.7%

17.4% for core business(2)

40 bn

41 bn

More than 33,000

More than 70,000

Cardiovascular, thrombosis,central nervous system (CNS),oncology and internal medicine

Thrombosis, allergy, oncology,cardiovascular, diabetes andvaccines

Combining Sanofi-Synthelabo and Aventis...

(1) Net income before exceptional items and goodwill amortisation

(2) Prescription drugs and human vaccines, as well as Aventis 50% stake in Merial and its corporate activities

(3) Based on non diluted share capital (excluding treasury shares) and on the average of Sanofi-Synthelabo'sand Aventis closing share price weighted by volumes during the month ended 21 January 2004 (inclusive)

(4) As of 31 December 2003

Note: Global R&D budget of 4.2 bn proforma 2003 consolidated for core business

25.5 bn proforma 2003 consolidated sales for corebusiness

5.6% world market share

R&D budget among top 3 in world

Group headquarters in France, important operations inGermany and the US, and a direct presence in Japan

....To Create n1 Pharmaceutical Groupin Europe, n3 in the World

First positions in key therapeutic categories: cardiovascular/thrombosis,oncology, diabetes, CNS, internal medicine, vaccines

Sanofi-Synthelabo's strengths :

R&D productivity

Broad-based R&D pipeline with potential major launches

Capacity to manage mature products and to achieve strong growth in all regions

Aventis' strengths :

Significant R&D resources

Product life-cycle management (LCM) expertise

Large US sales infrastructure

Direct presence in Japan

Leverage Complementary Strengths...

A Large Portfolio of High-Growth Drugs

(1) Based on IMS 2003 data (2) IMS Consolidated sales of 0.9bn and growth of 43% (3) IMS Consolidated sales of 0.6bn and growth of 27%

(2)

Immunology Hematology Urology Diabetes Thrombosis Oncology CNS Women's Health Musculo-Skeletal Respiratory Hormonal Cardiovascular Sensory Organs Anti-infectives GI/Metabolism Dermatology 0.19 0.168 0.167 0.165 0.162 0.159 0.141 0.117 0.112 0.106 0.095 0.091 0.088 0.061 0.058 0.049

CNS

Stilnox/Ambien(r), Copaxone(r)

Thrombosis

Plavix(r), Lovenox(r)

Cardiovascular

Aprovel/Avapro(r), Delix(r)

Oncology

Eloxatin(r), Taxotere(r)

Diabetes

Lantus(r), Amaryl(r)

Urology

Xatral(r) / Xatral OD(r)

Vaccines(1)

Source: IMS 2002 Global Analyser

Note: the dark blue bars indicate main focus of Sanofi-Synthelabo and Aventis

(1) Historic growth rate for the global vaccines industry is estimated at 12% (Source: AventisInvestor Presentation 26th September, 2003)

Sanofi-Synthelabo Products / Aventis Products

Key Marketed Products in Fast GrowingCategories

CAGR 99-02 (%)

Source : Sanofi-Synthelabo and Aventis Company Information, and Equity Research

R&D Portfolio and Budget to SupportLong-Term Growth

Sanofi-Synthelabo Products / Aventis Products

Cost synergies resulting mainlyfrom optimized structures

Sales synergies mainly generatedby improved growth from Aventis'products on markets outside of theUS

Restructuring costs (non-recurring) of approximately 2bnbefore tax

Annual Pre-tax Synergies

1.0

1.6

0.2

0.5

1.0

1.5

2.0

2004

2005

2006

10%

60%

100%

( bn)

Efficient Integration Translating intoSignificant Synergies

Total expected synergies represent 6.4% of proforma 2002 core business sales

An agreement leading

to a business combinationimplemented

by Sanofi-Synthelabo,

one of the top performingcompanies in the industry

(1) Source : IMS/GERS - World : USA + Europe (18 countries) + Japan

Sanofi-Synthelabo : one of the best trackrecords in the industry

Top 20 pharmaceutical groups with double digit sales growth (1)

2000

TAKEDA

EISAI

MERCK & CO

J&J

GSK

PFIZER

AMGEN

AVENTIS

BMS

WYETH

LILLY

SANOFI-SYNTHELABO

ASTRA ZENECA

26.6%

20.8%

19.6%

16.4%

13.1%

12.8%

12.6%

12.5%

12.0%

11.6%

10.5%

10.4%

10.0%

2001

J&J

WYETH

EISAI

TAKEDA

MERCK & CO

AVENTIS

SANOFI-SYNTHELABO

PFIZER

AMGEN

GSK

SCHERING AG

BOEHRINGER ING.

ASTRA ZENECA

ABBOTT

LILLY

NOVARTIS

BMS

25.5%

24.2%

19.4%

18.7%

18.3%

18.3%

16.6%

16.6%

16.2%

16.1%

15.9%

15.2%

15.0%

11.3%

11.2%

10.5%

10.4%

2002

AMGEN

J&J

NOVARTIS

SANOFI-SYNTHELABO

AVENTIS

BOEHRINGER ING.

PFIZER

EISAI

30.6%

18.6%

15.4%

13.4%

13.2%

12.6%

11.7%

11.5%

2003

AMGEN

SANOFI-SYNTHELABO

NOVARTIS

BOEHRINGER ING.

EISAI

J&J

ABBOTT

ROCHE

LILLY

TAKEDA

36.0%

19.4%

17.5%

13.4%

13.0%

12.9%

12.0%

11.8%

11.7%

10.0%

Consolidated sales : 2,193 m or + 18.4 %

Developed sales : 2,826 m or + 27.1 %

Consolidated sales : 394 m + 39.2 %

Developed sales : 884 m + 63.4 %

Consolidated sales : 188 m + 16.8 %

Developed sales : 324 m + 20.4 %

Consolidated sales : 345 m + 16.6 %

Consolidated sales : 256 m + 53.3 %

Consolidated sales by region

Europe: + 10.9 %

USA: + 34.2 %

Other countries: + 25.7 %

....confirmed by a remarkable Q1 2004

(1) Excluding impact of exchange rate fluctuations and change in group structure

(1) Excluding impact of exchange rate fluctuations and change in group structure

(1) Excluding impact of exchange rate fluctuations and change in group structure

(1) Excluding impact of exchange rate fluctuations and change in group structure

(1) Excluding impact of exchange rate fluctuations and change in group structure

Q1 2004 sales growth on a comparable basis(1)

Consolidated sales by product

Top 10 products: + 26.5 %

Rest of portfolio: + 3.4 %

Indicative timetable for the Offer

AMF's approval notification (3 February) and visa (12 February) relating to the initial offer

Opening of the initial offer in France (17 February), in Germany (15 March) and in the UnitedStates (12 April)

Submission to European (9 March) and American (5 April) competition authorities

Meeting with Aventis' employee representatives and trade unions (8 April)

Announcement of the sale of Fraxiparine(r) and Arixtra(r) to Glaxo-Smithkline for 453m(1) (13 April)

Phase I ruling by European antitrust authorities (26 April)

AMF's approval notification (4 May) and visa (7 May) relating to new improved friendly offer

Request for Additional Information from the Federal Trade Commission (5 May)

Opening of new improved friendly offer in France (12 May) ; offers ongoing in Germany andUnited States

Sanofi-Synthelabo Extraordinary General Meeting (23 June)

(1) Sale subject to the success of the Sanofi-Synthelabo Offer for Aventis and the approval of the relevant competition authorities

Closing of the Offer is planned for end Q2 2004

US New Dimensions

+21.4%

+11.1%

+35.4%

+24.4%

+19.3%

+22.4%

Sales Trends of both companies . . .

Aventis Sales, EUR Bn2

Sanofi-Synthelabo +AventisSales, EUR Bn1,2

Sanofi-Synthelabo Sales, EUR Bn1

Sources:

1: Internal developed Sales on a comparable basis

2: Internal published sales on a comparable basis

US Combined Sales of 10 EUR Bn

....from very strong portfolio . . .

New portfolio is combined with fast growing best in class products

TOP 10 products represent 85% of local presence in 2003

4 US blockbusters . . .

.. . . Plus two more potential blockbusters in Oncology

SOURCE : IMS / MiIDAS (10 channels) MAT 12/2003

Top 10

Class

sales

% portf.

Growth

1

SASY dev

PLAVIX

PLATELET AGGR.INHIBITORS

1 812 272

19,3%

38,6%

2

AVENTIS

ALLEGRA

ANTIHISTAMINES SYSTEMIC

1 633 355

17,4%

4,6%

3

SASY

STILNOX

HYPNOTICS & SEDATIVES

1 263 088

13,5%

22,8%

4

AVENTIS

LOVENOX

ANTICOAGULANTS,INJECT.

1 046 880

11,2%

18,1%

5

AVENTIS

TAXOTERE

ONCOLOGY

724 919

7,7%

26,7%

6

SASY dev

APROVEL

AIIRA

454 348

4,9%

25,1%

7

SASY

ELOXATINE

ONCOLOGY

391 021

4,2%

409,0%

8

AVENTIS

LANTUS

HUMAN INSULIN+ANALOGUES

329 124

3,5%

89,1%

9

AVENTIS

AMARYL

ORAL ANTIDIABETICS

209 352

2,2%

27,3%

10

AVENTIS

ANZEMET

ANTIEMETICS+ANTINAUSEANTS

162 354

1,7%

- -13,3%

TOTAL Products

9 753 928

100,0%

21,8%

MAT Dec-03

IMS Sales, EUR bn

....providing access to TOP 5

SOURCE : IMS / MiIDAS (10 channels) MAT 12/2003

2000

2001

2002

2003

1

PFIZER

17.2

1

PFIZER

19.7

1

PFIZER

22.2

1

PFIZER

24.2

2

GSK

10.8

2

GSK

13.1

2

GSK

14.6

2

GSK

15.3

3

BMS

8.2

3

J&J

10.3

3

J&J

12.3

3

J&J

13.9

4

MERCK & CO

8.2

4

MERCK & CO

9.9

4

MERCK & CO

10.5

4

MERCK & CO

11.4

5

J&J

8.0

5

BMS

9.1

5

ASTRAZENECA

8.9

5

SASY AVENTIS

9.8

6

ASTRAZENECA

6.8

6

ASTRAZENECA

8.0

6

BMS

8.1

5

BMS

8.5

7

LILLY

5.6

7

ABBOTT

6.2

7

ABBOTT

6.7

6

ASTRAZENECA

8.4

8

ABBOTT

5.5

8

LILLY

6.1

8

NOVARTIS

6.5

7

NOVARTIS

8.0

9

NOVARTIS

4.8

9

WYETH

6.0

9

WYETH

6.4

8

ABBOTT

7.7

10

SCHERING PLOUGH

4.8

10

NOVARTIS

5.4

10

LILLY

5.5

9

WYETH

6.8

11

WYETH

4.7

11

SCHERING PLOUGH

5.1

11

SCHERING PLOUGH

5.3

10

AMGEN

6.2

12

ROCHE

3.5

12

AVENTIS

4.1

12

AVENTIS

5.0

11

LILLY

6.1

13

AVENTIS

3.1

13

ROCHE

3.9

13

AMGEN

4.6

12

AVENTIS

5.6

14

AMGEN

3.1

14

AMGEN

3.5

14

ROCHE

4.3

13

ROCHE

5.0

15

BAYER

2.3

15

TAKEDA

2.7

15

TAKEDA

3.0

14

SASY DEV.

4.1

16

TAKEDA

2.1

16

BAYER

2.4

16

SASY DEV.

3.0

15

TAKEDA

3.4

17

SASY DEV.

1.6

17

SASY DEV.

2.3

17

BOEHRINGER INGEL

2.2

16

SCHERING PLOUGH

3.4

18

BOEHRINGER INGEL

1.4

18

BOEHRINGER INGEL

1.8

18

BAYER

2.1

17

BOEHRINGER INGEL

2.5

19

WATSON

1.2

19

MUNDI INT

1.4

19

FOREST

1.9

18

FOREST

2.4

20

MUNDI INT

1.1

20

FOREST

1.4

20

TEVA

1.7

19

TEVA

2.2

20

BAYER

2.1

New Headcount dimensions

Of which Sales Forces 2003

SaSy : 2 900

Aventis : 4 700

Total : 7 600

2001 2002 2003 03/01

SaSy : 3 500 3 900 4 500 +1 000

Aventis : 20 200 19 500 18 000 -2 200

Total : 23 700 23 400 22 500 -1 200

North American Headcount, 2001-2003

SOURCE : Published headcount, 2003

Major growth products: Plavix(r),Avapro(r), Eloxatin(r), Ambien(r),Taxotere(r), Lovenox(r)

Robust expected launchschedule: UroXatral, ZolpidemMR, Rimonabant, Dronedarone,Alvesco(r), Apidra(r), Genasense(r),Ketek(r), Vaccines

Strong R&D pipeline, notably inCNS and oncology

....Will all benefit from broad-based marketing and sales forces

And significant US Potential Hugo Victor x Pfizer 11.6 11.6 GSK 7.1 7.1 Sanofi/Aventis 4.6 2 6.6 Merck & Co. 6.5 6.5 Novartis 6.3 6.3 AstraZeneca 6 6 J&J 5.8 5.8 Abbott 5.1 5.1 Eli Lilly 4.6 4.6 Wyeth 4.6 4.6 BMS 4.4 4.4 Roche 2.6 2.6

Sanofi-Synthelabo

Aventis

US Sales Force ('000)

Source : Scott Levin Q1, 2003

US short term opportunities

Ketek(r) and UroXatral(r) larger Sales Forces ?

More opportunities on Plavix(r) & Avapro(r) ?

Prelaunch / Launch of Acomplia

Fight for Ambien CR(r)

Negotiating power in front of Managed Markets

Internal recommendations

Integration processes to follow a strict top-down approach. No initiative at localor functional levels until precise action plans have been announced bymanagement.

Maintain your business as usual.

Legal requirement : Sanofi-Synthelabo and Aventis must not exchangecompetitively sensitive business information (pricing data, strategic plans, etc.)until the offer closes.

Legal requirement : Sanofi-Synthelabo and Aventis must not coordinate theircurrent operations.

Keep yourself and your people motivated and focused by communicatingopenly and honestly.

Stay focused on your day-to-day business, your goals and continue to do yourjobs and serve our customers

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