Brussels April 23, 2002

1

• 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

2
Welcome to the Solvay Analysts and
Investors Meeting
3
AGENDA

• INTRODUCTION  Looking at Solvay
  differently A. Michielsen, CEO of Solvay
• FINANCIAL REVIEWR. Degrève, CFO of Solvay
• FASTER DEVELOPMENT OF SPECIALTIES
• Acquisition of Ausimont boosting high value
  fluorinated activitiesMr. B. de Laguiche, Head
  of Corporate Planning
• Enhanced Specialty polymerss portfolioMr.
  Morici, General Manager of the SBU Specialty
  Polymers and performance compounds
• FASTER DEVELOPMENT OF PHARMACEUTICALSStrategic
  objectives J. Ernst, General Manager of the
  Pharmaceuticals sectorMore focused
  Pharmaceuticals RDW. Cautreels, Worldwide Head
  of RD Pharmaceuticals sector
• QUESTIONS/ANSWERS

4
Introduction looking at Solvay
differently A. Michielsen, CEO of Solvay
5
LOOKING AT SOLVAY DIFFERENTLYValues and
strategy, Solvays response to a changing world
2001 was a year that shook the world (...)
Solvay has successfully confronted this
situation, in the strength of its reaffirmed
values and its constantly honed strategy, a
strategy that is enabling the Group to resist
more effectively and to grow despite a sluggish
world economy (...) 2001 was a year of intense
activity,in which we achieved many important
things acquisitions, divestitures, partnerships
and other agreements.
Chairmens statement, Annual Report 2001
6
SOLVAYs STRATEGY in two basic directions

• strengthening our LEADERSHIPin all of our
  activities, by constantly developing their
  competitiveness and ability to innovate
• faster development of PHARMACEUTICALS and
  SPECIALTIES in the three other sectors,
  Chemicals, Plastics and Processing

• to reduce the cyclicality of our activities

7
MAJOR STRATEGIC MOVESin 2001 and early 2002

• Investment for faster development in
  Pharmaceuticals ? Intensive marketing and
  promotion of 5 new drugs? Acquisition of new
  products (e.g. Omacor, Anoheal,
  Incostop)? Alliance with TAP for the
  co-promotion of Androgel? Enlarged sales force
  through new commercial offices? Start of Phase
  III for Cilansetron and Tedisamil, clinical
  service agreement with Quintiles
• Investment for faster development in
  Specialties? Acquisition of Ausimont in
  fluorinated activities (in progress)? Transfer
  of High Performance polymers from BP to Solvay
  (Q4/01)? JV with Plastic Omnium for Automotive
  Fuel Systems operations (Inergy Automotive
  Systems)
• ? Acquisition of Cova Products (UK and USA) from
  LPW (as of 2002)
• Strengthening of leadership or
  Restructuring/divestment of non core
  activities? JVs with BP for HD-PE (Q4/01)? JV
  with KS in salt in Europe (as of 2002) ? Sale
  of PP activities to BP (Q4/01)? Decoration
  activities sold to LPW (already deconsolidated in
  2001)? Sale of the automotive Air Intake Systems
  to MannHummel (as of 2002)

8
FASTER DEVELOPMENT OF PHARMACEUTICALS?
commitment to develop our 4 therapeutic areas
hormone replacement therapies,
gastroenterology, psychiatry and cardiology

• Sales growth over the last 5 years 14/year
  worldwide (higher than industry average)
• Leading position in nichese.g. in laxatives,
  gastrointestinal enzymes, male and female
  hormone replacement therapies, vertigo, ...
• Sustained RD efforts, alone or with partners
• Doubling of sales forcebetween 1998 and 2000

9
FASTER DEVELOPMENT OF SPECIALTIESin Chemicals,
Plastics and Processingthrough internal and
external development(Fluorinated chemicals,
Specialty Polymers, Fuel Systems, )

• Reduced economic cyclicality
• Generally above-average earnings margins and
  returns on investment
• Very specific, high value added and strongly
  growing markets
• Major Research and Development programs, with
  regular launches of new products or qualities

10
THE ACQUISITION OF AUSIMONTFITS PERFECTLY
SOLVAYS STRATEGY
The acquisition of Ausimont is a unique
opportunity to strengthen our competitive
positions in fluorospecialties(doubling the size
of Solvays existing fluorospecialties)
11
LEADERSHIP in our markets
SOLVAY is among the leaders for about 85 of its
sales (75 in 2000)
Europe US World
Market position

• Hormone Replacement Therapy
• for women 4 2 2
• for men - 1 1
• Gastro-intestinal Enzymes 1 2 1Laxatives 2 - 4A
  ntispasmodics/IBS 1 - 1
• Antidepressants N1 in JapanVertigo (Ménières
  syndrome) 1 1
• Fluorinated products (after the acquisition of
  Ausimont) 2 2Advanced functional minerals
  among the world
  leaders
• Caprolactones
  among the world leaders
• Sodium bicarbonate 1 2
• Ultrapure hydrogen peroxide 2 4
• Ultrapure barium/strontium 1 2
• Specialty polymers
  among the world leaders
• Inergy (HDPE fuel systems) 1 1Films for
  medical use 1 1
• Swimming pool linings 1 1
• Soda ash 1 1Hydrogen peroxide 1 1Persalts 1 1
  Barium / Strontium carbonates 1 1Caustic
  soda 1 3PVC 2 4BP Solvay polyethylene
  (HDPE) 1 2Pipelife (pipes and
  fittings) 4 5Industrial films 2 4

Pharmaceuticals
Specialties
Chemicals Plastics Processing
Essentials
12
COMPETITIVE ESSENTIALSthe success of the Solvay
groups Essentialslies both in their history and
their characteristics? all are essential to our
daily lives

• Leadership position
• A clear and flexible structure including Joint
  ventures/ Partnerships in highly competitive
  essentials
• Salt (with KS), PVC (with BASF and
  TotalFinaElf), HD-PE (with BP)
• Production capacity optimizationin line with the
  evolution of the demand
• Divestment in commodities where Solvay does not
  have a long-term competitive or leadership
  position
• Polypropylene ( 12 in the world), Decoration
  (non profitable activities)

13
HIGHER PROPORTION OFPHARMACEUTICALS AND
SPECIALTIES
In of Group EBIT

• Accelerated shiftto higher margin Specialties
  with the acquisitionof Ausimont
• More efficient and more competitiveEssentials

Pharmaceuticalsand Specialties
Essentials
1995
2001
2006
14
COMPETITIVENESS IMPROVEMENT - EBIT by employee -
X2.4
EUR/employee
21,350
8,800
1991
2001
() 1,997 employees of Ausimont not included
15
CLEAR FINANCIAL OBJECTIVES

• Average annual growth of 10 of net current
  earnings
• To increase dividend whenever possible and, if
  possible, not to decrease it
• ROE (Return on Equity) of 15 as soon as possible

16
NET DIVIDEND2001/97 14no dividend cut
since more than 15 years
EUR/share
1.70
1.70
1.65
1.55
1.49
Interim dividend readjusted in 2000
17
UNLOCKING SHAREHOLDER VALUE
GROWING VISIBILITY and POTENTIALof
PHARMACEUTICALS and SPECIALTIES SIGNIFICANT
POTENTIAL SHAREHOLDER VALUE INCREASE FROM THE
CURRENT MARKET CAPITALISATION
18
SOLVAY SHARES PERFORMANCES
FREE FLOAT of 74 Increased average daily volume
and velocity Included in Euronext 100 index,
international indexes (MSCI, )
(April 15, 2002)
19
2001 HIGHLIGHTS

• Net current earnings of EUR 403 M (- 7) ? with
  H2/01 higher (10) than H2/00
• (2001 EBIT vs 2000 EBIT) ??
  PHARMACEUTICALS 51 ? CHEMICALS 23
  ?? PLASTICS -70 ? PROCESSING stable
• Implementation of our strategy for change in 2001
  ? faster growth in Pharmaceuticals and
  Specialties? development of our competitive
  position in Essentials? strengthening of our
  leadership in all activities

20
PERFORMANCES BY SECTOR- in of Groups EBIT
2001 -
Chemicals 46 (EUR 286 M)
Pharmaceuticals 32 (EUR 203 M)
Processing 11 (EUR 68 M)
Plastics 11 (EUR 70 M)
Total EBIT 2001 EUR 628 M
21
2001 EBIT BY SECTOR

• CHEMICALS
• (46 of 2001 EBIT)
• ? Sales 6
• ? Importance of Specialties,
• growth in soda ash and caustic soda and
  continued improvement of competitiveness

• ?PHARMACEUTICALS
• (32 of 2001 EBIT)
• ? Sales 14 ( 27 in N. America) ? record
  EBIT 51
• ? success of recently launched drugs

• ?PLASTICS (11 of 2001 EBIT)? results hit by
  difficult conditions on US market
• ? poor results in HD-PE? decrease in PVC, with
  Europe and Asia better than Mercosur
• PROCESSING (11 of 2001 EBIT)? sale of non core
  activities? resilience to difficult markets
  conditions? growth in industrial films? 10
  increase of sales of Inergy

23
51
- 70
stable
2000 2001
2000 2001
2000 2001
2000 2001
Chemicals
Plastics
Processing
Pharmaceuticals
22
PROSPECTS
The Group will benefit in 2002 from the fruits
of the strategy it has followed for several
years. The beginning of the year 2002 is still
marked by uncertainty concerning the short-term
future of the world economy even though the first
signs of recovery start to be noticeable for
several products.
Press release of March 22, 2002
23
Financial review R. Degrève, CFO of Solvay
24
2001 HIGHLIGHTS
2001 2001 H1/01 H2/01 M EUR vs 2000 vs H1/00 vs
H2/00 SALES 8 725 - 2 2 - 5 Gross
margin 2444 - -6 7 EBIT 628 - 6 - 18
10 Net debt expenses -90 8 10 7 Taxes -135
10 -28 35 Net current earnings 403 - 7 -
18 10 Net earnings 403 - 7 - 19
10 Depreciation 522 - 5 - 10 - 1 Cash
Flow 925 - 6 - 14 3
25
2001 NET DEBT EXPENSES 8

• 13 increase of average net debt
• significant increase of cash, following the EMTN
  issue of EUR 700 M
• the purchase of 1,024,600 Solvay shares(EUR 60
  M) to cover the stock option plan
• partially compensated by the decrease of short
  and long term interests
• Remark
• Argentinian devaluation
• ? EUR 11 M charges covered by an existing
  provision for exchange risks

26
AVERAGE TAX RATE DECREASE? down to 25 in 2001
(vs 35 in 1997)? 26-27 sustained on average
27
2001 NET EXTRAORDINARY ITEMS
M EUR
Gross extraordinary income 235 1. Sale of
Polypropylene to BP and the combiningof our HDPE
activity with that of BP 2. Capital gain on
the contribution to BarrLaboratories of our
interest in Duramed 3. Reversals of provisions
no longer needed and others Gross
extraordinary charges - 217 1. Charges and
provisions for shut-downs and restructurings -
Restructurings in Pharma (RD and production) -
Shutdown of perborates in the USA 2. Loss on sale
of the decoration activities 3. Others Ta
x impact - 18
0
28
FINANCIAL IMPACT OF THE BP TRANSACTION (as from
October 1, 2001)

• Accounting issues
• HDPE JV consolidated proportionnally (Europe
  50, USA 51)through 12/31/2001
• Specialty polymers from BP fully consolidated
• Goodwill on acquired specialty polymers charged
  to Groups equity
• Solvay polypropylene sold to BP deconsolidated in
  2001
• In cash
• Cash payment from BP of EUR 80 M
• Sale of forex exchange position EUR 22 M
• Extraordinary items
• Gain on sale of HDPE to BP partially offset by
• goodwill on the acquisition of 50 of BP HDPE
  business
• PP operational losses

29
FINANCIAL IMPACT OF THE ACQUISITION and FINANCING
OF AUSIMONT ON SOLVAYs ACCOUNTS in 2001

• No impact on PL
• Impact on Balance Sheet
• The acquisition
• Ausimonts assets and liabilities are integrated
• a payable of EUR 1.3 Bn to Montedison is recorded
• a goodwill of EUR 759 M charged to equity
• The Financing
• Solvay Finance Jersey, a wholly owned and
  consolidated subsidiary issued EUR 800 M
  preferred shares in 2001? recorded as receivable
  from preferred shareholders
• Solvays interest in joint ventures with BP
  integrated on an equity basis

30
FINANCIAL IMPACT OF THE ACQUISITION and FINANCING
OF AUSIMONT ON SOLVAYs ACCOUNTS in 2002

• Impact on PL
• the acquisition as of 1st January 2002
  consolidation of Ausimont
• the financing as of date of closingcost of the
  preferred shares to be reflected in the minority
  interest (preferred dividend rate EURIBOR 90
  Bpts)
• Impact on Balance Sheet as of the date of
  closing
• the preferred shares (EUR 800 M) will be paid ?
  receivables from preferred shareholders to
  disappear? cash will be recorded
• the debt to Montedison (EUR 1.3 Bn) will be paid
  through ? the cash (EUR 800 M) from the
  preferred shares? available cash (EUR 500 M)
• interest in HDPE joint ventures with BP
  consolidated according to the equity method as of
  Jan 1, 2002

31
STRONG FINANCIAL MANAGEMENT

• Moderate NET DEBT/EQUITY ratio thanks to solid
  financial structure? Solvays commitment not to
  exceed durably 35
• Strong RATINGS reflecting
• the Groups solid financial position
• increased development pace of non cyclical
  Specialties in Chemicals, Plastics and
  Pharmaceuticals

32
NET DEBT TO EQUITYSolvays commitment not to
exceed durably 35
proforma
33
INVESTMENTS AND RD PROGRAMS(including 2002
budget)
M EUR
RD expenses
2,968
of which 65 for Pharmaceuticals

• Acquisition ofAusimont
• BP s Specialty polymers (exchange of assets)

1,234
1,264
1,172
932
Capitalexpenditures Acquisitions
34
MOTIVATION OF MANAGERSstock option plan for 300
senior managers worldwide

• In 1999
• strike price of EUR 76.14
• to be exercised between 02/2003 and 12/2007
• In 2000
• strike price of EUR 58.21
• to be exercised between 02/2004 and 12/2008
• In 2001
• strike price of EUR 62.25
• to be exercised between 02/2005 and 12/2009
• 97 subscribed on average
• COVERAGE BY A SHARE BUY BACK PROGRAM
• in total 1,500,000 shares(1.8 of total
  shares) about EUR 92 M

35
ADOPTION OF IAS QUARTERLY REPORTINGfor
consolidated financial statements

• IAS will be used starting January 1, 2003
• 2002 financial statements will be presented under
  current accounting standards and under IAS
• Quarterly statements will be issued starting
  first quarter 2003 with comparisons to the
  corresponding quarter of the previous year

36
FASTER DEVELOPMENT OF SPECIALTIES Acquisition of
Ausimont boosting high value fluorinated
activitiesMr. B. de Laguiche, Head of Corporate
Planning Specialty polymersMr. Morici, General
Manager ofthe SBU Specialty Polymers and
Performance Compounds
37

• Acquisition of Ausimont boosting high value
  fluorinated activities
• approved by the EU
• subject to US regulatory approval
• Mr. B. de Laguiche,Head of Corporate Planning

38
ACQUISITION PROCESS OF AUSIMONT where are we now ?

• Agreement signed with Montedison in December 21,
  2001
• Antitrust Clearance
• the EU Commission approved on April 9, 2002
• the US FTC expected soon
• 3 compulsory divestments (in the next 180 days
  after closing)
• Ausimont hydrogen peroxide at Bussi (Italy)
• Ausimont perborates at Bussi (Italy)
• Solvay PVDF / VF2 activities carried on from
  Decatur, Alabama (USA)
• Integrity of Ausimonts activities in fluorinated
  products is preserved
• Financing
• Available cash EUR 500 M
• EUR 800 M structured financing
• Closing expected soon after the FTC approval

39
ANTI-TRUST CLEARANCES

• Remedies approved by EU
• and submitted to the US authorities
• (to be realized in the next 180 days after
  closing)
• Hydrogen peroxide at Bussi (Italy)
• Perborates at Bussi (Italy) (already in JV with
  Degussa)
• Solvay PVDF and VF2 activities carried on from
  Decatur, Alabama (USA)

• Sales of aboutEUR 74 M in 2001
• Negligeable impact on EBIT (positivein the
  short term)

• several potential buyers

40
VALUATIONagreed price of EUR 1.3 bn (for debt
free company)

• Resulting from
• a thorough due diligence(incl. involvement of
  internal experts and external consultants, )
• a conservative business plan taking into account
  
• the effects of current economic slowdown
• synergies
• tax shield

41
FINANCING

• To be financed with
• the Groups available cash EUR 500 M
• a structured funding from a syndicate of banks
  EUR 800 M
• cash-in in advance the proceeds to be paid by
  BP if Solvay were to exercise its put option on
  its interest in the BP Solvay Polyethylene joint
  ventures (Europe and USA)

42
OVERVIEW of AUSIMONT

• Worldwide operations
• headquarters and research center in Italy (Milan)
• 7 production sites (Italy (4), USA (2) and
  Germany)
• About 2000 people (incl. 250 people in RD)
• 2001 sales EUR 566 M2001 EBITDA EUR
  160 M
• Mostly Fluorospecialties fluoroderivatives,
  fluorofluids, fluoropolymers fluoroelastomers

? EBITDA margin 28 in 2001
Focus on Specialties
43
WORLDWIDE PRESENCE OF AUSIMONT

• GERMANY
• Bitterfeld
• headcount 61
• production (H2O2)

UNITED STATES
ITALY

• PORTO MARGHERA
• headcount 184
• production (fluoroderivatives)

• Milan / Bollate
• headcount 346
• headquarter
• RD

• ORANGE TX
• headcount 58
• fluoropolymers (PTFE, ECTFE)

• SPINETTA
• MARENGO
• headcount 627
• production (Fluoroderivatives Fluoropolymers
• Fluorofluids Fluoroelastomers)

• THOROFARE NJ
• headcount 148
• 142 b feedstock for PVDF
• fluoropolymers (PVDF,
• VF2)
• fluoroelastomers (under construction)

Marshalltown Belle Mead

• BUSSI
• headcount 440
• production (oxygenated specialties, base
  chemicals)

44
AUSIMONTs SALES BY REGION
2000 sales EUR 580 M
EUROPE 50
NAFTA 32
FAR EAST 15
RoW 3
2001 not yet available
45
OVERVIEW OF SOLVAYS FLUORINATED BUSINESS

• FLUORODERIVATIVES
• 5 production sites (Germany, Spain, France,USA,
  Mexico) mine in Namibia (fluorspar - raw
  material)
• main RD center in Germany and Belgium
• about 1000 people
• 2001 sales EUR 344 M2001 EBITDA EUR 62 M
• N4 world, N2 Europe
• FLUOROPOLYMERS
• 2 production sites (France and USA)main RD
  center in Belgium
• about 120 people
• 2001 sales EUR 77 M2001 EBITDA EUR 24 M
• among the world leaders in PVDF

? EBITDA margin18 in 2001
? EBITDA margin 20 in 2001
? EBITDA margin31 in 2001
46
ACQUISITION OF AUSIMONT
complementarity with Solvay ? unique integrated
value chain
FROM RAW MATERIAL TO THE MARKETING OF
SOPHISTICATED FLUOROPRODUCTS
Hydrogen Fluoride
CHEMICALS FEEDSTOCK
Fluoroderivatives
fluorspar
Fluids
Marketing Distribution
Fluoropolymers
MONOMERS
Elastomers
Synergies across the Supply Chain, marketing and
general administration

• Complementarity of product portfolios
• First-class expertise in monomers
• Excellent integrated RD in fluorine chemistry
  and technologies
• product development
• process development
• Large scale plant and global competitive position

High barrier to entry Solvay Ausimont key
strengths
47
COMPLEMENTARITY OF PRODUCT PORTFOLIOS
Fluorspar
HF
Fluorcarbons Feedstocks,Inorganics
Intermediates
Fluoromaterials
Monomers
Fluorofluids
Other monomers
Refrigerant
MFA / PFA
TFE
HCFC 22
Semiconductors Telecommunications Wire and
cable Aerospace Automotive Construction Chemical/
Pharmaceutical Oil/gas industry
Foam blowing agent

HCFC 142b
PTFE
Foam blowing agent
HCFC 141 b
PVDF non-coating
Refrigerant
PVDF coating
HCFC 123
Pharma and agrochemicals
CF3
ECTFE
Pharma and firefighting
HFC 227
Elastomers
Refrigerant
HFC 143a
Refrigerant
HFC 134a
Refrigerant
HFC 125
Foam blowing agent
HFC 365 mfc
Solvay existing range
Electrical switch gear
SF 6
New from Ausimont
Etching Aluminium brazing
Inorganic specialties
(1) After completion of the current deal
48
COMPLEMENTARITY OF PRODUCT PORTFOLIOS

• Growing business
• Complementarity to Solvays existing products
  (e.g. elastomers in automotive)
• New business (fluids elastomers)
• Improved geographical split
• Access to new technologies and monomers for
  future product developments

• Strong position and cost competitive advantages
• Innovative business developments (e.g.
  industrialization of HFC 365mfc in France,
  Nokolok in automotive)

Cumulated Sales in M EUR
estimates
49
IN FLUOROPOLYMERS/MATERIALSN2 in the world
GLOBAL COMPETITIVE POSITION
Capacity 000 T/y (2000)
45
N2
26
23
18
15
14
9
8
1
0.7
0.3
Central Glass
Solvay/ Ausimont
Allied Signal
Dupont
Daikin
Dyneon
Atofina
Solvay
Kureha
Ausimont
Asahi
Source Solvays estimates
50
SOLVAY FLUORINATED BUSINESSAFTER THE ACQUISITION

• Proforma 2001 Sales of EUR 860 million
• Proforma 2001 EBITDA margin of 27 (20 before
  the acquisition of Ausimont)
• About 2,700 employees
• N1 in fluoroderivatives / fluids N2 in
  fluoropolymers (incl. elastomers)
• unique integrated supply chain from fluorspar in
  Namibia to marketing of sophisticated fluorinated
  products

51
IMPACT OF THE ACQUISTION OF AUSIMONT ON SOLVAY
GROUP

• high rated margin activities (fluorinated
  products)
• ? cyclicality and results sensitivity to economic
  evolution

52
Specialty polymersMr. Morici, General Manager
of the SBU Specialty Polymers and Performance
compounds
53
THE PLASTICS SECTORTarget boost growth and
reduce cyclicality
STRATEGY
1.Increasing presence in SPECIALTIES (100
owned)with the acquisition of high performance
engineering polymers (from BP, ) and the
fluorinated products of Ausimont ? about 70 of
Plastics EBIT 2.The Plastics Essentials are in
Joint ventures/alliances with first-class
partners to optimize competitiveness ? in
European PVC with BASF, TotalFinaElf ? in
HDPE with BP (to be recorded according to
the equity method as of Jan. 1 2002) 3.Withdrawal
from non-competitive PP business
BPs engineering polymers being integrated in
Q4/01 and without Ausimont
54
THE PLASTICS SECTOREssential and specialty
polymers - in of EBIT -
Essentials Specialty
Essentials Specialty
2001
1997
With BPs Specialty polymers as from Q4/01,
without Ausimont
55
PLASTICS 2001 SALES (- 13), EBIT (- 70)

• results hit by difficult conditions on US market
• poor results in HD-PE
• decrease in PVC, with Europe and Asia better than
  Mercosur

56
SOLVAYS PLASTICS PORTFOLIOwithout Ausimont
Polyamide-imide Liquid crystal
polymers Polyphenylsulfones Polyketones
compounds Polyethersulfones Polyphthalamide
Polysulfones Polyarylamide compounds Polysulfones
blends Polyvinylydene fluoride Polyphenylene
sulfide cpds

• Market size 4 Bn USD()
• growth rate 8-15
• price gt EUR 5 / kg

SPECIALTY POLYMERSAND PERFORMANCE COMPOUNDS

• Market size 35 Bn USD
• growth rate 6-8
• price gt EUR 1.5 / kg

Polyvinylidene chloride Crosslinked
polyethylene PP/elastomer compounds PVC blends
and alloys
JV in High Density Polyethylene (HD-PE) JV in
Polyvinylchloride (PVC)
ESSENTIAL POLYMERS

• Market size 115 Bn USD
• growth rate 1-5
• price lt EUR 1.5/kg

products from BP including fluoropolymers
57
SPECIALTY POLYMERS and PERFORMANCE COMPOUNDS

• Leading global position in niche
  markets(electronics, telecommunications,
  automotive, )
• Average sales of approximately EUR 900 M
• 13 manufacturing sites and 2 RD centers(USA
  Europe)
• Double-digit projected sales growth over the next
  5 years for high performance polymers
• Strong global marketing presenceNorth America
  (46 of sales), Europe (41), AsiaROW (13)

58
SPECIALTY POLYMERS Better geographic reach ?
strong organization in the US and Europe
After the transaction
Before the transaction
figures for specialty polymers only
59
SPECIALTY POLYMERS Serving high-added-value and
fast growing markets
Electricity electronics,wires
cables,telecommunications 20
Others 10
Food service(including barrier packaging) 14
Aircraft 3
Plumbing 5
Businessmachine 5
Automotive 13
Medical 9
Industrial uses 13
Appliances 9
- after the acquisition of BPs high performance
polymers -
60
MOST IMPORTANT LOCATIONS IN SPECIALTY POLYMERS
Greenville (South Carolina)
Oudenaarde (B)
Alpharetta (Georgia)
Brussels (B)
Decatur (Alabama)
Tavaux (F)
Rheinberg (D)
Atlanta (Georgia)
Production sites Compounding plants RD
sites Headquarters
Augusta Georgia)
Marietta (Ohio)
61
SPECIALTY POLYMERS
Ultra-High- Performance EP
Torlon
Kadel
High- Performance EP
Xydar
RadelR
Amodel
RadelA
Ixef
Udel
Primef
Solef
Crystalline
Amorphous
62
IXEF - SHAVER HEAD

• DEFECT FREE SURFACE
• EASY METALLISATION
• THIN WALL
• NARROW TOLERANCES
• HIGH STRENGTH

63
AMODEL (PPA)TURBO CHARGE AIR COOLER HOUSING

• Customer Needs
• continuous use at 190C (1000 hours)
• Amodel PPA Features
• cost reduction vs Alu
• weight reduction
• corrosion resistance
• better impact than PPS
• Customer Testing
• 1 mio cycles with 0.5 Hz up to 190C ramped and
  210C for short time
• Customer Results
• no leakage at any test

64
RADEL R (PPSU) - RADEL A (PES) MEDICAL
APPLICATIONS

• Material Radel R-5000
• Product Medical Tray
• Performance Requirements
• Repeated Sterilisation
• Chemical Resistance
• Impact Strength
• Stain resistance
• Numerous colours

• Material Radel A
• Product Dental Syringe Gun
• Performance Requirements
• Chemical Resistance
• Strength
• Mouldability
• FDA Recognition
• Repeated SterilisationCapabilities

65
RADEL R (PPSU) AIRCRAFT APPLICATIONS

• Application Aircraft Interiors
• Materials Radel R-7XXX Series
• Key Attributes
• Low Smoke and Toxicity
• Toughness
• Chemical Resistance
• Key Processes
• Injection Moulding
• Thermoforming

66
SOLEFMain characteristics and applications

• Off-shore applications
• High temperature stability
• Mechanical properies
• Wire and cables
• Flame retardancy
• CPI / plumbing applications
• Chemical resistance
• Automotive Capstocks
• Weatherability
• Semi-conductor market
• High purity

67
MOST IMPORTANT LOCATIONS IN PERFORMANCE COMPOUNDS
Brussels (Belgium)
Heidelberg Germany PP COMPOUNDS
Jemeppe (Belgium) PVC COMPOUNDS
Grand Prairie (Texas) PP COMPOUNDS
Roccabianca (Italy) HDPE COMPOUNDS
Auburn Hills (Michigan) PP COMPOUNDS
Chevigny (France) PVC COMPOUNDS
Mansfield (Texas) PP COMPOUNDS
Ferrara (Italy) PVC COMPOUNDS
Montornes (Spain) PVC COMPOUNDS
Compounding plants RD sites Headquarters
Sao Paulo (Brazil) PVC COMPOUNDS
68
PVC COMPOUNDS IN ELECTROTECHNICALEQUIPMENT

• Office automation - Ducts for electric cables
• Electrical housing and fuse boxes

Thanks to their high level of heat resistance and
their excellent mechanical and dielectric
properties, special compounds from the BENVIC
range are widely used in producing
electrotechnical equipment. Opaque and
transparent PVC electrical housings and boxes, in
various colours, offer an attractive surface
finish and good resistance to scratching. The
easy processing qualities of these PVC compounds
make it possible to design aesthetically pleasing
and functional shapes which blend in with their
surroundings
69
PP COMPOUNDS IN AUTOMOTIVE EXTERIOR TPO

• Examples
• Front Fascia DEXFLEX 810
• Cladding Package DEXFLEX 760
• Cargo Box SEQUEL 1880
• Rear Fascia DEXFLEX 810
• Over 70 Pounds of SEP TPO Per Vehicle

Versatile, recyclable thermoplastic polyolefins
used in a wide variety of injection-molded
interior, exterior and underhood automotive
applications
70
HDPE PIPE COMPOUNDS POLIDAN PEX
Silane crosslinkable HDPE compounds
Product
Application
Polidan T/A
All-plastic pipes composite PEX/Al/PEX pipes
Polidan T/A-HF
All-plastic FLEXIBLE pipes composite pipes
with EVOH
71
FASTER DEVELOPMENT OF PHARMACEUTICALSStrategic
objectives J. Ernst, General manager of the
Pharmaceuticals sectorMore focused
Pharmaceuticals RDW. Cautreels, Worldwide Head
ofRD Pharmaceuticals sector
72
Strategic objectives J. Ernst,General
Manager of the Pharmaceuticals sector
73
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

74
PHARMACEUTICALS SECTORTargets by 2005
10/y required to achieve EUR 2.5 Bn
World
15/y (23 in US)
75
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

76
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
77
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)

78
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

79
RECORD PHARMACEUTICALS EBIT IN 2001 51 EBIT
success of recently launched drugs
M EUR
203
134
30
2nd half
1st half
157
80
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
81
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

82
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)

83
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

84
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
85
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

86
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, )

87
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)

88
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

89
More focused Pharmaceuticals RDW. Cautreels,
Worldwide Head ofRD Pharmaceuticals sector
90
RD EFFECTIVENESS IMPROVEMENTS
Weesp (Nl), Hannover (D), Marietta and Chicago
(US), Tokyo (J)

• handle the improved output from biotechnology
  based discovery programsmore compounds in
  development ? New biotech platform implemented
• accelerate the development process by working
  more effectively with expert Clinical Research
  Organisations as partnersreduce  time to
  market  ? Quintiles agreement implemented
• concentrate one function on one site
• improve efficiency by avoiding duplications ?
  Implementation completed
• shift internal RD costs to external costs
  towards 50/50 as soon as possible(compared to
  60/40 in 2000)
• increased portfolio development spending ?
  Implementation completed (e.g. cilansetron)

RD EFFORTS MORE FOCUSED (not reduced)
91
STRATEGIC MILESTONES IN RD
Strategic Choices and Partnering intention to
register make and sell
Strategic Choices long-term strategy
Strategic Choices positioning
Programs
Projects
Products
D
POP
L
Clinical testing phase I II
Proof Of Principle available
Marketing and lifecycle management
Launch
Discovery
Clinical testing phase III
Animal studies
Registration submissions
92
AREAS OF RD FOCUS
Hormone Replacements
Cardiology
Gastroenterology
Psychiatry
Anxiety Depression Psychosis Parkinsons
Neurology
Arrhythmia Congestive Heart Failure Hypertension
Obesity
Motility Disorders Irritable Bowel
Syndrome Pancreatic Enzymes
Women HRT Endometriosis Men HRT
External collaborations
93
FOCUSED DISCOVERY EFFORTS

• Maintain efforts in
• Cardiology
• Gastroenterology AND integrate better with
  central nervous system
• Adapt efforts in Psychiatry
• reduce efforts in depression and anxiety
• reduce efforts in psychosis
• maintain efforts in Parkinson and Neurology
• Increase efforts in Women Health
• New niches being investigated in Mens health,
  neurology and obesity

External collaborations
94
GROWTH THROUGH A SPECIALIZED RD PROGRAM
Hormone replacement therapies 23 (Women
HRT, Men HRT, Endometriosis)
Gastroenterology 29 (Irritable Bowel Syndrome,
Delayed Gastric Emptying, Gastro
Esophageal Reflux Disease)
Psychiatry 31 (Anxiety Depression, Psychosis,
Parkinson)
Cardiology 17 (Ischaemic Heart Disease,
Congestive Heart Failure, Hypertension)
- in of pharma RD expenses in 2001 EUR 222 M
95
R D SUMMARY
Gastro-
CNS
HRT
Cardiology
Enterology
3(IBS (2), Enzyme Insufficiency)
2 (Parkinsons, Psychosis)
Pre-Clinical
2 (Hypertension/CHF)
7
Phase I
3 (Psychosis)
3
Phase II
4 (Parkinsons, Psychosis, Pain/ Spasticity,
Depression)
2(Motility Disorders, enzyme insufficiency)
7
1 (Hypertension/CHF)
2 (IBS, Enzyme Insufficiency)
1(OCD/Social anxiety disorders)
3 (female HRT, male HRT)
Phase III
3 (arrhytmia, hypertension)
9
Total26 7 10 3 6
Hormone Replacement Therapy, Irritable
Bowel Syndrome, Obsessive Compulsive
Disorder
96
PSYCHIATRYportfolio
Proof of principle
Registration
Research
Depression OCD OCD/Social Anxiety
Disorders Chemotherapy Appetite Multiple
Sclerosis
LUVOX
fluvoxamine CR
THC (MARINOL)

THC (MARINOL)
DU127090
Schizophrenia Psychosis Parkinsons Schizophreni
a Psychosis Schizophrenia Psychosis Schizophre
nia Psychosis Schizophrenia Psychosis
SLV308
SLV310
SLV313
SLV314
SLV319
preclinical SLV318
97
PSYCHIATRY
Proof of principle
Registration
Research
DEPRESSION EU/JPNOCD
US/EU/JPN SAD JPNOCD/SAD
US/EU
LUVOX immediate release
fluvoxamine CR

• ELAN manufacture CR formulation
• SOLVAY trademark for CR (to be decided)
• positive pivotal studies with CR in both OCD
  Social Anxiety Disorders (SAD)
• submission 2002 US, 12 months delay for
  validation of manufacturing
• SAD Japan started

• launch date 2003 onwards
• peak sales potential under 100 MEUR

98
PSYCHIATRY
Proof of principle
Registration
Research
Cancer chemotherapy appetite stimulation
THC (MARINOL)
THC (MARINOL)
Multiple Sclerosis

• cannabinoid receptor agonist, tetrahydrocannabinol
  (THC)
• launched in US for appetite stimulation in
  HIV/AIDS and nausea/vomiting in cancer
  chemotherapy
• 2002 start European registrations in HIV/AIDS
  and nausea/vomiting
• 2002 start aerosol formulation (global) with
  Inhale Therapeutic Systems
• multiple sclerosis clinical studies ongoing in
  relief of pain and spasticity

99
PSYCHIATRY
Proof of principle
Registration
Research
DU127090
DU127090
SCHIZOPHRENIA/ PSYCHOSIS
SLV310 Phase II decision 2002
SLV313
DU127090
SLV314
SLV319

• Launch date 2006
• Peak sales potential above 250 MEUR

• DU127090
• Solvay Pharma/Lundbeck partner development and
  marketing
• Partial D2 antagonist with additional 5HT1A
  agonism
• Proof of principle as antipsychotic is ongoing
• Solvay/Lundbeck like early phase II results,
  deciding to continue - start in May 2002
• SLV310/313/314/319
• different mechanism mixes D2, 5HT1A, SSRI
• SLV310 Phase II decision in 2002
• SLV 313/314/319 into phase I now
• SLV318 preclinical

100
PSYCHIATRY
Proof of principle
Registration
Research
SLV308
PARKINSONS

• SLV308
• Partial D2 agonist plus 5HT1A agonism plus
  alpha-1 / alpha-2 agonism
• Parkinsons first target co-morbid depression
• Proof of principle studies on motor and mood
  disorders ongoing
• Co-development Japan with Meiji-Seika
• Backup SLV318 a preclinical potential candidate

101
PSYCHIATRY
Proof of principle
Registration
Research
DEPRESSION
DU125530

• Is a potent, full 5HT1A antagonist
• Atypical potential antidepressant
• Early clinical findings confirm antagonism in man
  with opposite effects to buspirone, an agonist,
  on night time temperature and sleep
• Licensed to NEUROKORR, Berlin for the indication
  Alzheimers disease

102
CARDIOLOGYportfolio
Proof of principle
Registration
Research
PHYSIOTENS EU
HYPERTENSION
TEVETEN EU / US
ACEON US
HYPERTENSION
TEVETENHCT
moxonidine HCT
CHF/ HYPERTENSION
SLV306
ARRHYTHMIAS
tedisamil IV-PO
Preclinical SLV316, SLV320
103
CARDIOLOGY
Proof of principle
Registration
Research
CHF/ HYPERTENSION
SLV306

• Dual endopeptidase inhibitor NEP(1) ECE(1)
• Selectively inhibits hSEP target (patent filed)
• discovered with Innogenetics
• Concept proven in both animals and man
• Clinical proof of principle achieved for both
  uses
• SLV306 is the front runner of this class
• Development and marketing partnerships under
  consideration
• (1) neutral endopeptidase (NEP) endothelin
  converting enzyme (ECE)

• Launch date 2006 Peak sales potential above
  250 MEUR

104
CARDIOLOGY
Proof of principle
Registration
Research
ARRHYTHMIAS
tedisamil IV-PO

• potassium channel blocker
• intravenous use to convert atrial fibrillation to
  sinus rhythm followed by oral use to maintain it
• proof of principle achieved
• earliest launch 2004 intravenous and 2006 oral
• Phase III decision November 2001

• Launch date 2004-2006
• Peak sales (IVPO) potential 100-250 MEUR

105
CARDIOLOGY
Proof of principle
Registration
Research
HYPERTENSION

• eprosartan plus hydrochlorothiazide (HCT)
  diuretic combinations
• angiotensin II receptor antagonist
• to be marketed everywhere when registrations and
  price agreementsachieved
• Solvay does the world, except US where it is
  licensed to Biovail
• FDA approval achieved, Europe ongoing

• Launch date 2002
• Peak sales potential under 100 MEUR

106
GASTROENTEROLOGY portfolio
Proof of principle
Registration
Research
IRRITABLE BOWELSYNDROME
COLOFAC EU
DICITEL EU
cilansetron US/EU
PANCREATICENZYMES
CREON EU/US
CREON JPN
gastric lipase
KC11458
MOTILITYDISORDERS
preclinical SLV317, SLV321
107
GASTROENTEROLOGY
Proof of principle
Registration
Research
IRRITABLE BOWELSYNDROME
COLOFAC EU
DICITEL EU
cilansetron US/EU

• cilansetron
• 5HT3 antagonist
• diarrhea-predominant IBS in men and women
• July 2001 decision to complete the phase III
  program
• Quintiles contract signed for clinical trials
• development and marketing commercial partnerships
  now open for discussion

• Launch date 2004
• Peak sales potential above 250 MEUR

108
Cilansetron Program

• Overview
• 7 studies
• 3 pivotal efficacy studies
• 4 long term safety studies
• In total more than 3500 patients to be randomized
• 6000 patients to be screened
• More than 500 study centers recruiting patients

109
Cilansetron Program

• AT ANYTIME SOMEWHERE IN THE WORLD SOMEBODY IS
  WORKING ON CILANSETRON
• 24 countries
• all five continents
• Africa (South-Africa)
• America (USA Canada)
• Asia (India Israel)
• Australia/Pacific (Australia New Zealand)
• Europe (17 countries)

110
Cilansetron Program

• Timelines
• First Patient included October 2001 (done!)
• Complete program Q3 2003
• Consequences
• 10 patients/calendar day to be entered
• 17 patients/calendar day to be screened

111
HORMONE REPLACEMENTS portfolio
Proof of principle
Registration
Research
ESTRATEST
US
FEMOSTON
EU
PRESOMEN
EU
ESTROGEL
US
EP PATCH
US
WOMENS HRT
EP GEL
US/EU
MENS HRT
ANDROGEL US

Evaluation testosterone for female use
112
HORMONE REPLACEMENTS
Proof of principle
Registration
Research
WOMENS HRT
ESTROGEL US

• New Drug Application submitted to FDA 1999

• Launch date 2003
• Peak sales potential under 100 MEUR

• Administrative issues holding up FDA processing

113
HORMONE REPLACEMENTS
Proof of principle
Registration
Research
WOMENS HRT
EP GEL US/EU

• Estradiol NETA (progestogen) gel
• Solvay has obtained licenses for US/Canada and
  Europe
• Clinical studies necessary to start
  full-development have been completed
• Stability of formulation and regulatory review
  of program size ongoing

• Launch date 2005 ?
• Peak sales potential under 100 MEUR

114
INFLUENZA VACCINES

• INFLUVAC our current product was manufactured
  by Fort Dodge/AHP. We bought the factory mid
  2001 in order to secure and expand manufacturing
• WEST PHARMACEUTICALS intranasal formulation
  technology license obtained mid 2001 for use with
  our INFLUVAC launch expected 2005. First data
  in-house
• BERNA collaboration in virosomes, submit
  registrations May 2002
• MDCK process approved by Dutch authorities mid
  2001, launch dates depend on future partnerships
  (or do in-house?)

115
RD PORTFOLIO ADDING VALUE FASTER

• Significant progress with in-house RD projects
• with Phase II III projects
• 5 phase I and 2 phase II decisions in 2002
• Creative use of skilled partners(e.g. Quintiles,
  Lundbeck, ...)
• Creative use of shelved project (e.g. DU 125530
  Neurokorr in Alzheimers disease)

116
CONCLUSION
117
CONCLUSION WE REAP THE BENEFITS OF OUR STRATEGY

• strengthening our LEADERSHIPin all of our
  activities, by constantly developing their
  competitiveness and ability to innovate
• faster development of PHARMACEUTICALS and
  SPECIALTIES in the three other sectors,
  Chemicals, Plastics and Processing

• to reduce the cyclicality of our activities

118
HIGHER PROPORTION OF SPECIALTIES AND
PHARMACEUTICALS
In of Group EBIT

• Accelerated shiftto higher margin Specialties
  with the acquisitionof Ausimont
• More efficient and more competitiveEssentials

Pharmaceuticalsand Specialties
Essentials
1995
2001
2005
119
THE RECENT STRATEGIC CHANGES ? growth prospects ?
high-margin activities? cyclicality and results
sensitivity to economic evolution
120
Visit our Internet site specifically designed for
Investors www.solvay-investors.com and become
member of our Shareholders Club
121
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