Brussels April 23, 2002

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• LOOKING AT SOLVAY DIFFERENTLY
• STRATEGIC STRENGTH to be a less cyclical
  company in the current economic uncertainty
• FLUORINATED SPECIALTIES ACQUISITION OF AUSIMONT
• approved by the EU
• subject to US regulatory approval

• Brussels - April 23, 2002
• Analysts and Investors Meeting

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Strategic objectives J. Ernst,General
Manager of the Pharmaceuticals sector
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STRATEGIC OBJECTIVES BY 2006

• Double-digit EBIT growth onwards
• EBIT margin of at least 15
• Sales above EUR 2.5 Bn in 2005(versus EUR 1.8 Bn
  in 2001)
• ROI of at least 20 from 2004 onwards

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PHARMACEUTICALS SECTORTargets by 2005
10/y required to achieve EUR 2.5 Bn
World
15/y (23 in US)
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PHARMACEUTICALS STRATEGY

• ORGANIC GROWTH in 4 therapeutic
  areasACQUISITIONS of new Products/ new
  CompaniesRD DEVELOPMENT, alone or with partners
• ?Develop a long term sustainable portfolio
  strategy
• SALES FORCE increase, alone or with partners?
  Maximize value creation through partnership and
  alliances
• Alliances in research, development,
  manufacturing, commercial activities
• Global licensing and acquisition organization
• GEOGRAPHICAL EXPANSION of our products and our
  territories? Provide for adequate geographical
  coverage
• want to have 50 of our sales in NAFTA countries
• defend strong position in Western Europe
• expand to Central- and Eastern Europe and Latin
  America
• Rationalization
• Reorganization of international RD outsourcing
• Administrative costs
• Rationalize manufacturing operations

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MAINTAIN WORLDWIDE LEADERSHIP

• Europe US World Solvay
• (11) Worldwide
• Market
• Share
• Hormone Replacement Therapy
• Female 4 2 2 9
• Male - 1 1 22
• Digestives/Enzymes 1 2 1 33
• Laxatives 2 - 4 6
• Antispasmodics/IBS 1 - 1 28
• Antidepressants N1 in Japan n.s.
• Vertigo (Ménières disease) 1 1 39

only sold in the US IMS data
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PHARMACEUTICALS ISSUES

• Mid-size company
• maintain worldwide leadership in specific
  segments
• achieve growth and retain focus
• Success of recently launched new drugs
• Success of new compounds in the RD pipeline
  (cilansetron and others)
• Succes of reorganization (RD, manufacturing)
• Geographical expansion (Nafta, Central- and
  Eastern Europe)

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MAJOR ACHIEVEMENTS SINCE LAST MEETING

• Organic growth in 4 therapeutic areas and
  geographical expansion
• Strong Sales (14) and EBIT (53) growth in
  2001with sales in USACanada 27 in EUR
• Intensive marketing and promotion of 5 new drugs
• New indications / products / marketing rights
• Acquisition of Omacor (cardio), Anoheal
  Incostop (gastro)
• Approval of Pantoloc in Canada for the treatment
  of symptomatic gastro-esophageal reflux disease
  (GERD)
• Marketing approval (NL) for an innovative
  production method for influenza vaccines
  licensing agreement with West Pharmaceuticals
  (US) for an intranasal influenza vaccine
• Transfer of Teveten Rights in the US to Biovail
• Sales force increase, alone or with partners
• Alliance with TAP for the co-promotion of
  Androgel
• Enlarged sales force through new commercial
  offices
• RD effectiveness
• Start of Phase III for Cilansetron (IBS) and
  Tedisamil (arrythmia)
• Clinical service agreement with Quintiles
• Promising results for SLV306 for the treatment of
  hypertension and congestive heart failure
• RD reorganization implemented

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RECORD PHARMACEUTICALS EBIT IN 2001 51 EBIT
success of recently launched drugs
M EUR
203
134
30
2nd half
1st half
157
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GROWTH THROUGH ORGANIC DEVELOPMENT 14 SALES IN
2001
Success of recently launched drugs
2001 M EUR vs 2000

• Estratest 199 38
• Androgel 129 n.s.
• Prometrium 66 35
• (Cenestin (Duramed) 36 140)

2001 vs 2000
M EUR
HRT 646 38 GASTRO 507 12 CARDIO 150
42 PSY 356 - 19

• Creon 131 11
• Pantoloc 84 55
• Rowasa 55 17
• Dicetel 41 22

• Physiotens 46 18
• Teveten 35 127
• Aceon 21 X7

• Luvox (world) 147 -46? US
  down? Japan up
• Serc 77 6
• Marinol 65 X3

marketed since June 2000 2000 sales EUR 29 M
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SUCCESS OF ANDROGEL IN THE US
EUR 129 M in 2001

• First testosterone gel (easy-to-use skin
  application) used for the treatment of male
  hypogonadism or low testosterone
• Marketed in the US by Unimed Pharmaceuticals
  since June 2000
• A first step into male Hormone Replacement
  Therapies
• Complementary to Solvays current female HRT
  portfolio
• Peak sales potential of EUR 250 M

• co-promotion agreement with TAP in the US to
  reinforcesales force to Primary Care and urology
  physicians

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GOOD DEVELOPMENT OF ACEON AND TEVETEN
(ANTIHYPERTENSIVES) in CARDIOLOGY

• Aceon
• 2001 US sales EUR 21 M (X7 vs 2000)
• marketed only in the USA by Solvay
  Pharmaceuticals
• Peak sales potential (in the USA) EUR 50-100 M
• Teveten
• 2001 worldwide sales EUR 35 M (127 vs
  2000) of which USA EUR 8 M
• already marketed in more than 20 countries
  worldwide and will continue launching it in the
  other countries
• Peak sales potential (excluding USA) EUR
  100-150 M
• ?March 2002 transfer of Teveten Rights in the
  US to Biovail
• to work together to optimize the Teveten brand
  globally
• to form a joint business development committee to
  discuss future clinical and product development
  opportunities
• Solvay is fully committed to the development of
  its cardiology franchise (including Aceon,
  Teveten, Physiotens new compounds such as
  Tedisamil, SLV 306)

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DEVELOPMENT OF LUVOX

• Sales (M EUR) 2001 2001/2000 USA 53 -71
  Japan 39 5 (15 in YEN) Europe 55 2 TO
  TAL 147 -21
• JAPAN strong performance(first SSRI introduced
  on this market)
• EUROPE stable performance
• USA Strong generic competition since January
  1, 2001

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GROWTH THROUGH GEOGRAPHICAL EXPANSIONfocus on
NAFTA ? 50 of total Pharma sales by 2005
In of total pharma sales
ROW NAFTA
ROW NAFTA
ROW NAFTA
1996
2001
2006
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GROWTH THROUGH GEOGRAPHICAL EXPANSIONdrivers for
growth in NAFTA

• Hormone Replacement Therapies
• AndroGel co-promotion with TAP Pharmaceuticals
• Estratest mainly and strongly defend the
  product
• Cardiology
• Aceon focused promotional resources
• Gastroenterology
• Pantoloc sustained growth in Canada
• cilansetron Phase III clinical trials with
  Quintiles(expected launch in 2004)
• Psychiatry
• Marinol expand to new clinical indication
• Luvox development of Luvox CR
• continue to optimize current commercial
  network(Solvay Pharmaceuticals and Unimed
  Pharmaceuticals)
• co-promotion opportunities to maximize product
  potentials

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GROWTH THROUGH EXPANSION OF COMMERCIAL NETWORK
SALES FORCE

• Around 2,500 medical representatives
• in Solvay Pharmaceuticals companies
• In the Americas about 1,000 sales
  representatives
• With a majority in the US through -
  establishment of a primary care network-
  twofold increase of medical representatives
  between 1998 and 2000- acquisition of Unimed
  Pharmaceuticals Inc
• Acquisition of Sintofarma in Brazil
• In Central and Eastern Europe
• New commercial offices all around the world
• Additional sales force of a certain number of
  partners TAP Pharmaceuticals, Meiji Seika,
  Fujisawa, )

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GROWTH THROUGH ALLIANCES WITH SOUND PARTNERS IN
CO-PROMOTION/LICENSES

• USA
• Androgel with TAP Phamaceutical Co
• CANADA
• Pantoloc with Altana
• Teveten with Fournier
• EUROPE
• Germany with Aventis for Teveten
• Spain with Roche for Cilazapril
• Italy with Upjohn for Frontal
• with Almirall/Prodesfarma for Dumirox
  /Almotrex
• ASIA
• Japan with Meiji and Fujisawa for Luvox
• Japan with Amano and with Meiji for Creon
• China with Hexal (hostpartnership)

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GROWTH THROUGH NEW IN-LICENCING

• CARDIOLOGY OMACOR
• registered product from Pronova Biocare
• prescription-only concentrated omega 3 PUFA fish
  oils product for prevention of secondary
  myocardial infarct
• good clinical results in 11000 patients
• GASTROENTEROLOGY ANOHEAL
• phase III anal fissures product from SLA Pharma
  UK
• GASTROENTEROLOGY INCOSTOP
• phase III anal incontinence product from SLA
  Pharma UK

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FORWARD LOOKING STATEMENT
To the extent that any statements made in this
presentation contain information that is not
historical, these statements are essentially
forward-looking. The achievement of
forward-looking statements contained in this
presentation is subject to risks and
uncertainties because of a number of factors,
including general economic factors, interest rate
and foreign currency exchange rate fluctuations
changing market conditions, product competition,
the nature of product development, impact of
acquisitions and divestitures, restructurings,
products withdrawals regulatory approval
processes and other unusual items. Consequently,
actual results may differ materially from those
expressed or implied by such forward-looking
statements. Forward-looking statements can be
identified by the use of words such as "expects,"
"plans," "will," "believes," "may," "could"
"estimates," "intends", "targets", "objectives",
"potential", and other words of similar meaning.
Should known or unknown risks or uncertainties
materialize, or should our assumptions prove
inaccurate, actual results could vary materially
from those anticipated. The Company undertakes no
obligation to publicly update any forward-looking
statements"
and Innovation