Document:

<PAGE>
                                                                    Exhibit 10.5

                               EUR 16,000,000,000
                               FACILITY AGREEMENT

                               dated 26 April 2004

                                       for

                                SANOFI-SYNTHELABO

                                   arranged by

                                   BNP PARIBAS

                          MERRILL LYNCH CREDIT PRODUCTS

                           as Mandated Lead Arrangers

                                      with

                                   BNP PARIBAS
                                 acting as Agent

                     [FRESHFIELDS BRUCKHAUS DERINGER LOGO]

<PAGE>

                                    CONTENTS

<TABLE>
<CAPTION>
CLAUSE                                                                                                PAGE
<S>    <C>                                                                                            <C>
1.     Definitions and interpretation....................................................................2
2.     The Facilities...................................................................................17
3.     Purpose..........................................................................................17
4.     Conditions of Utilisation........................................................................18
5.     Utilisation......................................................................................23
6.     Optional Currencies..............................................................................26
7.     Repayment........................................................................................27
8.     Prepayment and cancellation......................................................................28
9.     Interest.........................................................................................36
10.    Interest Periods.................................................................................39
11.    Changes to the calculation of interest...........................................................40
12.    Fees.............................................................................................41
13.    Tax gross up and indemnities.....................................................................43
14.    Increased costs..................................................................................46
15.    Other indemnities................................................................................47
16.    Mitigation by the Lenders........................................................................48
17.    Costs and expenses...............................................................................49
18.    Representations..................................................................................50
19.    Information undertakings.........................................................................53
20.    Financial covenants..............................................................................55
21.    General undertakings.............................................................................56
22.    Events of Default................................................................................61
23.    Changes to the Lenders...........................................................................66
24.    Changes to the Obligors..........................................................................69
25.    Role of the Agent and the Mandated Lead Arrangers................................................71
26.    Conduct of business by the Finance Parties.......................................................76
27.    Sharing among the Finance Parties................................................................76
28.    Payment mechanics................................................................................78
29.    Set-off..........................................................................................80
30.    Notices..........................................................................................80
31.    Calculations and certificates....................................................................82
32.    Partial invalidity...............................................................................82
33.    Remedies and waivers.............................................................................82
34.    Confidentiality..................................................................................83
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
CLAUSE                                                                                                PAGE
<S>    <C>                                                                                            <C>
35.    Amendments and waivers...........................................................................84
36.    Governing law....................................................................................85
37.    Enforcement - Jurisdiction of French courts......................................................85
38.    Election of domicile.............................................................................85
</TABLE>

<PAGE>

THIS AGREEMENT is dated 26 April 2004 and made between:

(1)   SANOFI-SYNTHELABO, a French company whose registered office is at 174
      avenue de France, 75013 Paris, registered under identification number 395
      030 844 RCS Paris (the "COMPANY");

(2)   BNP PARIBAS, a French company whose registered office is at 16 boulevard
      des Italiens, 75009 Paris, registered under identification number 662 042
      449 RCS Paris and MERRILL LYNCH CREDIT PRODUCTS, a limited liability
      company registered under the laws of the State of Delaware whose
      registered office is at Corporation Trust Center, 1209 Orange Street,
      Wilmington, DE 19801, USA, as mandated lead arrangers, underwriters and
      joint-book runners (whether acting individually or together the "MANDATED
      LEAD ARRANGERS");

(3)   BNP PARIBAS, a French company whose registered office is at 16 boulevard
      des Italiens, 75009 Paris, registered under identification number 662 042
      449 RCS Paris and MERRILL LYNCH CREDIT PRODUCTS, a limited liability
      company registered under the laws of the State of Delaware whose
      registered office is at Corporation Trust Center, 1209 Orange Street,
      Wilmington, DE 19801, USA, as lenders (the "ORIGINAL LENDERS");

(4)   BNP PARIBAS, a French company whose registered office is at 16 boulevard
      des Italiens, 75009 Paris, registered under identification number 662 042
      449 RCS Paris, as agent of the other Finance Parties (the "AGENT"); and

(5)   BNP PARIBAS, a French company whose registered office is at 16 boulevard
      des Italiens, 75009 Paris, registered under identification number 662 042
      449 RCS Paris, as presenting bank for the purpose of Clause 5
      (Utilisation) only (the "PRESENTING BANK").

IT IS AGREED as follows:

                                    SECTION 1
                                 INTERPRETATION

1.    DEFINITIONS AND INTERPRETATION

1.1   DEFINITIONS

      In this Agreement:

      "ACCESSION LETTER" means a document substantially in the form set out in
      Schedule 6 (Form of Accession Letter).

      "ACCEPTED SHARES" means the Shares which are to be acquired by the Company
      following the definitive tendering to the Offer of such Shares by their
      holders.

      "ACQUISITION" means the acquisition of the Shares in accordance with the
      Offer.

      "ACQUISITION LOAN" means a Facility A Loan, a Facility B Loan or a
      Facility C Acquisition Loan.

                                      -2-
<PAGE>

      "ACQUISITION PAYMENT" means a payment of the amount of cash consideration
      (determined by reference to the cash consideration payable per Shares
      under the Offer in respect of Accepted Shares) required to be paid by or
      on behalf of the Company under the Offer on the Settlement Date relating
      to Accepted Shares.

      "ADDITIONAL BORROWER" means Target provided that it accedes to this
      Agreement and any company which becomes an Additional Borrower in
      accordance with Clause 24 (Changes to the Obligors).

      "ADDITIONAL COST RATE" has the meaning given to it in Schedule 4
      (Mandatory Cost formulae).

      "ADDITIONAL OFFER" means any (i) additional offer resulting from the
      reopening of the Original Offer for additional acceptances which may be
      initiated by the Company following the Original Offer period in accordance
      with the provisions of article 5-2-3-1 of the Reglement General du CMF or
      (ii) distinct offer (offre publique simplifiee) made by the Company for
      all of the then outstanding Shares of the Target following the Original
      Offer period in accordance with the provisions of Chapter 3 of Titre III
      of the Reglement General du CMF.

      "ADDITIONAL OFFER RESULT NOTICE" means a notice published by the AMF of
      the final outcome of any Additional Offer (avis de resultat) specifying
      (amongst other things) the number of Shares that have been tendered to the
      Offer by their holders and which are to be acquired by the Company
      pursuant to the Additional Offer.

      "ADDITIONAL OFFER SETTLEMENT DATE" means the date on which an Acquisition
      Payment is to be made in respect of any Additional Offer.

      "AFFILIATE" means, in relation to any person, a Subsidiary of that person
      or a Holding Company of that person or any other Subsidiary of that
      Holding Company.

      "AGENT'S SPOT RATE OF EXCHANGE" means the Agent's spot rate of exchange
      for the purchase of the relevant currency with the Base Currency in the
      Paris foreign exchange market at or about 11:00 a.m. on a particular day.

      "AMF" means the Autorite des marches financiers.

      "ANNOUNCEMENT DATE" means the date of filing of the Original Offer with
      the AMF, i.e. 26 January 2004.

      "AUTHORISATION" means an authorisation, consent, approval, resolution,
      licence, exemption, filing, notarisation or registration.

      "AVAILABILITY PERIOD" means (in each case, subject to Clause 8.4
      (Mandatory Cancellation)):

      (a)   in relation to Facility A, the period from and including the date of
            this Agreement to and including the Facility A Final Maturity Date;

      (b)   in relation to Facility B, the period from and including the date of
            this Agreement to and including the Facility B Final Maturity Date;
            and

      (c)   in relation to Facility C, the period from and including the date of
            this Agreement to and including the Facility C Final Maturity Date.

                                      -3-
<PAGE>

      "AVAILABLE COMMITMENT" means, in relation to a Facility, a Lender's
      Commitment under that Facility minus:

      (a)   the Base Currency Amount of its participation in any outstanding
            Loans under that Facility; and

      (b)   in relation to any proposed Utilisation, the Base Currency Amount of
            its participation in any Loans that are due to be made under that
            Facility on or before the proposed Utilisation Date, other than, in
            relation to Facility C only, that Lender's participation in any
            Facility C Loans that are due to be repaid or prepaid on or before
            the proposed Utilisation Date.

      "AVAILABLE FACILITY" means, in relation to a Facility, the aggregate for
      the time being of each Lender's Available Commitment in respect of that
      Facility.

      "BASE CURRENCY" means Euro.

      "BASE CURRENCY AMOUNT" means, in relation to a Loan, the amount specified
      in the Utilisation Request delivered by a Borrower (or, as the case may
      be, by the Presenting Bank) for that Loan (or, if the amount requested is
      not denominated in the Base Currency, that amount converted into the Base
      Currency at the Agent's Spot Rate of Exchange on the date which is three
      Business Days before the Utilisation Date or, if later, on the date the
      Agent receives the Utilisation Request) adjusted to reflect any repayment,
      prepayment, consolidation or division of the Loan.

      "BORROWER" means the Company or any Additional Borrower unless it has
      ceased to be a Borrower in accordance with Clause 24 (Changes to the
      Obligors).

      "BREAK COSTS" means the amount (if any) by which:

      (a)   the interest (calculated without taking into account the Facility A
            Margin, the Facility B Margin, or, as applicable, the Facility C
            Margin) which a Lender should have received for the period from the
            date of receipt of all or any part of its participation in a Loan or
            Unpaid Sum to the last day of the current Interest Period in respect
            of that Loan or Unpaid Sum, had the principal amount or Unpaid Sum
            received been paid on the last day of that Interest Period;

      exceeds:

      (b)   the amount which that Lender would be able to obtain by placing an
            amount equal to the principal amount or Unpaid Sum received by it on
            deposit with a leading bank in the Relevant Interbank Market for a
            period starting on the Business Day following receipt or recovery
            and ending on the last day of the current Interest Period.

      "BUSINESS DAY" means a day (other than a Saturday or Sunday) on which
      banks are open for general business in London and Paris, and:

      (a)   (in relation to any date for payment or purchase of a currency other
            than euro) the principal financial centre of the country of that
            currency; or

      (b)   (in relation to any date for payment or purchase of euro) any TARGET
            Day.

                                      -4-
<PAGE>

      "COMMITMENT" means a Facility A Commitment, a Facility B Commitment or a
      Facility C Commitment.

      "COMPLIANCE CERTIFICATE" means a certificate substantially in the form set
      out in Schedule 8 (Form of Compliance Certificate).

      "COMPANY'S CONSIDERATION SHARES" means the new shares of the Company to be
      offered to Target shareholders in consideration of the Shares tendered to
      the Offer pursuant to the terms thereof.

      "CONFIDENTIAL INFORMATION" means any information to be delivered by the
      Company pursuant to Clauses 19 (Information Undertakings) and 21.8 (Offer)
      but excludes information that (a) is or becomes public knowledge other
      than as a direct or indirect result of any breach by any Finance Party of
      this Agreement or (b) is known by the Finance Parties (or any of them)
      before the date the information is disclosed to such Finance Party(ies) by
      the Company or is lawfully obtained by any Finance Party after that date,
      other than from a source which is connected with the Company and which, in
      either case, as far as the relevant Finance Party is aware, has not been
      obtained in violation of, and is not otherwise subject to, any obligation
      of confidentiality.

      "CONFIDENTIALITY UNDERTAKING" means a confidentiality undertaking
      substantially in the form set out in Schedule 10 (Form of Confidentiality
      Undertaking).

      "CONSOLIDATED SUBSIDIARY" means any company which is consolidated by way
      of "integration globale" in the audited consolidated financial statements
      of the Company from time to time.

      "DEFAULT" means an Event of Default or any event or circumstance specified
      in Clause 22 (Events of Default) which would (with the expiry of a grace
      period, the giving of notice, the making of any determination under the
      Finance Documents or any combination of any of the foregoing) be an Event
      of Default.

      "ENGAGEMENT LETTER" means the engagement letter dated on or about the date
      of this Agreement between the Mandated Lead Arrangers and the Company in
      relation to the Facility.

      "EURIBOR" means, in relation to any Loan in euro:

      (a)   the applicable Screen Rate; or

      (b)   (if no Screen Rate is available for the Interest Period of that
            Loan) the arithmetic mean of the rates (rounded upwards to four
            decimal places) as supplied to the Agent at its request quoted by
            the Reference Banks to leading banks in the European interbank
            market,

      as of the Specified Time on the Quotation Day for the offering of deposits
      in euro for a period comparable to the Interest Period of the relevant
      Loan.

      "EVENT OF DEFAULT" means any event or circumstance specified as such in
      Clause 22 (Events of Default).

      "FACILITY" means Facility A, Facility B and/or Facility C as the case may
      be.

      "FACILITY A" means the term loan facility made available under this
      Agreement as described in Clause 2 (The Facilities).

                                      -5-
<PAGE>

      "FACILITY A COMMITMENT" means:

      (a)   in relation to an Original Lender, the amount in the Base Currency
            set opposite its name under the heading "Facility A Commitment" in
            Part II of Schedule 1 (The Original Parties) and the amount of any
            other Facility A Commitment transferred to it under this Agreement;
            and

      (b)   in relation to any other Lender, the amount in the Base Currency of
            any Facility A Commitment transferred to it under this Agreement,

      to the extent not cancelled, reduced or transferred by it under this
      Agreement.

      "FACILITY A FINAL MATURITY DATE" means the date on which all the Facility
      A Loans shall be repaid in full, being the Facility A Original Final
      Maturity Date or, upon exercise of the First Extension Option, the
      Facility A First Extended Final Maturity Date or upon the exercise of the
      Second Extension Option, the Facility A Second Extended Final Maturity
      Date.

      "FACILITY A FIRST EXTENDED FINAL MATURITY DATE" means 25 July 2005 (or if
      that Day is not a Business Day, the preceding Business Day).

      "FACILITY A LOAN" means a loan made or to be made under Facility A or the
      principal amount outstanding for the time being of that loan.

      "FACILITY A MARGIN" means the margin applicable to Facility A Loan as
      determined in accordance with Clause 9.1 (Facility A Calculation of
      Interest).

      "FACILITY A ORIGINAL FINAL MATURITY DATE" means 24 January 2005 (or if
      that Day is not a Business Day, the preceding Business Day).

      "FACILITY A SECOND EXTENDED FINAL MATURITY DATE" means 25 January 2006 (or
      if that Day is not a Business Day, the preceding Business Day).

      "FACILITY B" means the term loan facility made available under this
      Agreement as described in Clause 2 (The Facilities).

      "FACILITY B COMMITMENT" means:

      (a)   in relation to an Original Lender, the amount in the Base Currency
            set opposite its name under the heading "Facility B Commitment" in
            Part II of Schedule 1 (The Original Parties) and the amount of any
            other Facility B Commitment transferred to it under this Agreement;
            and

      (b)   in relation to any other Lender, the amount in the Base Currency of
            any Facility B Commitment transferred to it under this Agreement,

      to the extent not cancelled, reduced or transferred by it under this
      Agreement.

      "FACILITY B LOAN" means a loan made or to be made under Facility B or the
      principal amount outstanding for the time being of that loan.

      "FACILITY B MARGIN" means the margin applicable to Facility B Loan as
      determined in accordance with Clause 9.2 (Facility B Calculation of
      Interest).

                                      -6-
<PAGE>

      "FACILITY B FINAL MATURITY DATE" means 25 January 2007 (or if that Day is
      not a Business Day, the preceding Business Day).

      "FACILITY C" means the multicurrency revolving loan facility made
      available under this Agreement as described in Clause 2 (The Facilities).

      "FACILITY C ACQUISITION LOAN" means a loan made or to be made under
      Facility C or the principal amount outstanding for the time being of that
      loan for the purpose of financing an Acquisition Payment.

      "FACILITY C COMMITMENT" means:

      (a)   in relation to an Original Lender, the amount in the Base Currency
            set opposite its name under the heading "Facility C Commitment" in
            Part II of Schedule 1 (The Original Parties) and the amount of any
            other Facility C Commitment transferred to it under this Agreement;
            and

      (b)   in relation to any other Lender, the amount in the Base Currency of
            any Facility C Commitment transferred to it under this Agreement,

      to the extent not cancelled, reduced or transferred by it under this
      Agreement.

      "FACILITY C FINAL MATURITY DATE" means 25 January 2009 (or if that Day is
      not a Business Day, the preceding Business Day).

      "FACILITY C LOAN" means a loan made or to be made under Facility C or the
      principal amount outstanding for the time being of that loan.

      "FACILITY C MARGIN" means the margin applicable to Facility C Loan as
      determined in accordance with Clause 9.3 (Facility C Calculation of
      Interest).

      "FACILITY OFFICE" means the office or offices notified by a Lender to the
      Agent in writing on or before the date it becomes a Lender (or, following
      that date, by not less than five Business Days' written notice) as the
      office or offices through which it will perform its obligations under this
      Agreement.

      "FEE LETTER" means any letter or letters dated on or about the date of
      this Agreement between the Mandated Lead Arrangers and the Company (or the
      Agent and the Company) setting out any of the fees referred to in Clause
      12 (Fees).

      "FINANCE DOCUMENT" means this Agreement, the Engagement Letter, any Fee
      Letter, any Accession Letter, any Guarantee, any Resignation Letter and
      any other document designated as such by the Agent and the Company.

      "FINANCE PARTY" means the Agent, a Mandated Lead Arranger or a Lender.

      "FINANCIAL INDEBTEDNESS" means any indebtedness for or in respect of:

      (a)   moneys borrowed;

      (b)   any amount raised by acceptance under any acceptance credit
            facility;

      (c)   any amount raised pursuant to any note purchase facility or the
            issue of bonds, notes, debentures, loan stock or any similar
            instrument;

                                      -7-
<PAGE>

      (d)   the amount of any liability in respect of any lease or hire purchase
            contract which would, in accordance with GAAP, be treated as a
            finance or capital lease;

      (e)   receivables sold or discounted (other than any receivables to the
            extent they are sold on a non-recourse basis);

      (f)   any amount raised under any other transaction (including any forward
            sale or purchase agreement) having the commercial effect of a
            borrowing;

      (g)   any derivative transaction entered into in connection with
            protection against or benefit from fluctuation in any rate or price
            (and, when calculating the value of any derivative transaction, only
            the marked to market value shall be taken into account);

      (h)   any counter-indemnity obligation in respect of a guarantee,
            indemnity, bond, standby or documentary letter of credit or any
            other instrument issued by a bank or financial institution; and

      (i)   the amount of any liability in respect of any guarantee or indemnity
            for any of the items referred to in paragraphs (a) to (h) above.

      "FIRST EXTENSION OPTION" means the option available to the Company to
      request pursuant to clause 7.1(b) that the date on which all Facility A
      Loans shall be repaid in full be extended until the Facility A First
      Extended Final Maturity Date.

      "GAAP" means, in relation to any financial statements, generally accepted
      accounting principles in the jurisdiction in which the entity to which
      such financial statements relate is incorporated.

      "GROUP" means the Company and its Subsidiaries from time to time.

      "GUARANTEE" means a first demand guarantee (garantie a premiere demande)
      given by the Company in the form set out in Schedule 12 (Form of
      Guarantee).

      "GUARANTOR" means the Company in its capacity as guarantor under a
      Guarantee.

      "HOLDING COMPANY" means, in relation to a company or corporation, any
      other company or corporation in respect of which it is a Subsidiary.

      "INCREASED OFFER" means the offer for all the Shares of Target to be filed
      by the Company on the Increased Offer Announcement Date and pursuant to
      which the consideration offered to the holders of the Shares of Target
      will be higher than the consideration previously offered to such holders
      for all the Shares of Target pursuant the Original Offer filed on the
      Announcement Date.

      "INCREASED OFFER ANNOUNCEMENT DATE" means the date of filing of the
      Increased Offer with the AMF, which date shall be no later than 10
      Business Days following the signing of this Agreement unless otherwise
      agreed by the Lenders.

      "INFORMATION MEMORANDUM" means the document in the form approved by the
      Company concerning the Group which, at the Company's request and on its
      behalf, will be prepared in relation to this transaction and distributed
      by the Mandated Lead Arrangers to selected financial institutions for the
      purpose of the syndication of the Facility.

                                      -8-
<PAGE>

      "INTEREST PERIOD" means, in relation to a Loan, each period determined in
      accordance with Clause 10 (Interest Periods) and, in relation to an Unpaid
      Sum, each period determined in accordance with Clause 9.7 (Default
      interest).

      "LENDER" means:

      (a)   any Original Lender; and

      (b)   any bank or financial institution which has become a Party in
            accordance with Clause 23 (Changes to the Lenders),

      which in each case has not ceased to be a Party in accordance with the
      terms of this Agreement.

      "LIBOR" means, in relation to any Loan in an Optional Currency:

      (a)   the applicable Screen Rate; or

      (b)   (if no Screen Rate is available for the currency or Interest Period
            of that Loan) the arithmetic mean of the rates (rounded upwards to
            four decimal places) as supplied to the Agent at its request quoted
            by the Reference Banks to leading banks in the London interbank
            market,

      as of the Specified Time on the Quotation Day for the offering of deposits
      in the currency of that Loan and for a period comparable to the Interest
      Period for that Loan.

      "LOAN" means a Facility A Loan, a Facility B Loan or a Facility C Loan.

      "L'OREAL" means L'Oreal SA, a French company whose registered office is at
      14 rue Royale, 75008 Paris, registered under identification number 632 012
      100 RCS Paris.

      "MAJORITY LENDERS" means:

      (a)   if there are no Loans then outstanding, a Lender or Lenders whose
            Commitments aggregate more than 66 2/3% of the Total Commitments
            (or, if the Total Commitments have been reduced to zero, aggregated
            more than 66 2/3% of the Total Commitments immediately prior to the
            reduction); or

      (b)   at any other time, a Lender or Lenders whose participations in the
            Loans then outstanding aggregate more than 66 2/3% of all the Loans
            then outstanding.

      "MANDATORY COST" means the percentage rate per annum calculated by the
      Agent in accordance with Schedule 4 (Mandatory Cost formulae).

      "MARGIN ADJUSTMENT DATE" means the date falling six Months following the
      first Utilisation Date.

      "MATERIAL ADVERSE EFFECT" means a material adverse effect on (a) the
      financial condition or business of either the Company or the Group taken
      as a whole and (b) on the ability of the Company or the Obligors taken as
      a whole to perform and comply with their obligations under this Agreement
      and any other Finance Documents to which they are respectively party.

                                      -9-
<PAGE>

      "MATERIAL SUBSIDIARY" means, at any time, any Consolidated Subsidiary of
      the Company which is named in the list of Subsidiaries set out in Schedule
      13 (Material Subsidiaries) and, following the date of delivery of the
      Company's annual audited consolidated financial statements pursuant to
      Clause 19.1(a), any Consolidated Subsidiary of the Company whose net
      turnover (excluding turnover arising from intra-group transactions) is
      equal to or greater than 5 per cent. (5%) of the consolidated net turnover
      of the Group or whose net result (as set out in its relevant annual
      audited financial statements) for any of the last three financial years
      was equal to or greater than 5 per cent. (5%) of the Net Result of the
      Group for the corresponding financial year, such determination being made
      by reference to the most recent annual financial statements of that
      Consolidated Subsidiary, consolidated where applicable, used for the
      purpose of the most recent annual audited consolidated financial
      statements of the Company, as certified on the first and each subsequent
      date of delivery of the Company's annual audited consolidated financial
      statements for the time being of the Company and provided that (i) a
      joint-venture company whose voting rights are held equally or in almost
      equal proportion by the Company and another entity which is not a member
      of the Group shall constitute a Material Subsidiary only if it
      cumulatively exceeds both thresholds set out above in respect of net
      turnover and net result and (ii) all Material Subsidiaries together with
      the Company shall represent in aggregate not less than 75 per cent. or
      more of the consolidated net turnover or Net Result of the Group.

      "MONTH" means a period starting on one day in a calendar month and ending
      on the numerically corresponding day in the next calendar month, except
      that:

      (a)   (subject to paragraph (c) below) if the numerically corresponding
            day is not a Business Day, that period shall end on the next
            Business Day in that calendar month in which that period is to end
            if there is one, or if there is not, on the immediately preceding
            Business Day;

      (b)   if there is no numerically corresponding day in the calendar month
            in which that period is to end, that period shall end on the last
            Business Day in that calendar month; and

      (c)   if an Interest Period begins on the last Business Day of a calendar
            month, that Interest Period shall end on the last Business Day in
            the calendar month in which that Interest Period is to end.

      The above rules will only apply to the last Month of any period.

      "MOODY'S" means Moody's Investors Services (or any successor in title of
      similar standing).

      "NET RESULT" means the resultat net de l'ensemble consolide as set out in
      the Company's Original Financial Statements.

      "OBLIGOR" means a Borrower or the Guarantor.

      "OFFER" means the Original Offer and, as the case may be, the Additional
      Offer and/or the Squeeze-Out Offer.

      "OPTIONAL CURRENCY" means US dollars, Sterling and Japanese Yen.

                                      -10-
<PAGE>

       "ORIGINAL FINANCIAL STATEMENTS" means:

      (a)   in relation to the Company, its audited consolidated financial
            statements together with its audited financial statements for the
            financial year ended 31 December 2002.

      (b)   in relation to each Additional Borrower, its latest audited
            financial statements together with its latest audited consolidated
            financial statements (if any) available at the date of its
            accession.

      "ORIGINAL OFFER" means the offer for all of the Shares of Target filed by
      the Company on the Announcement Date, as amended pursuant to the Increased
      Offer (and as may be further amended in accordance with Clause 21.8
      (Offer) and includes any other increased offer (surenchere) made in
      accordance with such Clause 21.8 (Offer)).

      "ORIGINAL OFFER RESULT NOTICE" means a notice published by the AMF of the
      final outcome of the Original Offer (avis de resultat) specifying (amongst
      other things) whether the Original Offer has been successful and the
      number of Shares that have been tendered to the Offer by their holders and
      which are to be acquired by the Company pursuant to that Original Offer.

      "ORIGINAL OFFER SETTLEMENT DATE" means the date on which an Acquisition
      Payment is to be made in respect of the Original Offer.

      "PARTICIPATING MEMBER STATE" means any member state of the European
      Communities that adopts or has adopted the euro as its lawful currency in
      accordance with legislation of the European Union relating to Economic and
      Monetary Union.

      "PARTY" means a party to this Agreement.

      "PRESENTING BANK" means, in relation to the Offer, BNP Paribas as banque
      presentatrice providing the guarantee referred to in article 5-1-4 of the
      Reglement General du CMF.

      "QUALIFYING LENDER" has the meaning given to it in Clause 13 (Tax gross-up
      and indemnities).

      "QUOTATION DAY" means, in relation to any period for which an interest
      rate is to be determined:

      (a)   (if the currency is euro) two TARGET Days before the first day of
            that period;

      (b)   (if the currency is sterling), the first day of that period; or

      (c)   (for any other currency) two Business Days before the first day of
            that period,

      unless market practice differs in the Relevant Interbank Market for a
      currency, in which case the Quotation Day for that currency will be
      determined by the Agent in accordance with market practice in the Relevant
      Interbank Market (and if quotations would normally be given by leading
      banks in the Relevant Interbank Market on more than one day, the Quotation
      Day will be the last of those days).

                                      -11-
<PAGE>

      "REFERENCE BANKS" means, in relation to EURIBOR, the principal Paris
      offices of BNP Paribas, ABN AMRO and Royal Bank of Scotland. and, in
      relation to LIBOR, the principal office in London of BNP Paribas, ABN AMRO
      and Royal Bank of Scotland or such other banks as may be appointed by the
      Agent in consultation with the Company.

      "RELEVANT INTERBANK MARKET" means in relation to euro, the European
      interbank market and, in relation to any other currency, the London
      interbank market.

      "REPEATING REPRESENTATIONS" means each of the representations set out in
      Clause 18 other than those set out in Clauses 18.4 (Power and authority),
      18.10 (No Misleading information), 18.11 (Financial Statements).

      "RESERVATIONS" means any general principles of French law limiting rights
      and obligations arising under any agreement which are specifically
      referred to in the legal opinion to be delivered by Freshfields Bruckhaus
      Deringer to the Finance Parties.

      "RESIGNATION LETTER" means a letter substantially in the form set out in
      Schedule 7 (Form of Resignation Letter).

      "ROLLOVER LOAN" means one or more Facility C Loans:

      (a)   made or to be made on the same day that a maturing Facility C Loan
            is due to be repaid;

      (b)   the aggregate amount of which is equal to or less than the maturing
            Facility C Loan;

      (c)   in the same currency as the maturing Facility C Loan (unless it
            arose as a result of the operation of Clause 6.2 (Unavailability of
            a currency)); and

      (d)   made or to be made to the same Borrower for the purpose of
            refinancing a maturing Facility C Loan.

      "SCREEN RATE" means:

      (a)   in relation to EURIBOR, the percentage rate per annum determined by
            the Banking Federation of the European Union for the relevant
            period; and

      (b)   in relation, to LIBOR, the British Bankers Association Interest
            Settlement Rate for the relevant currency and period

      displayed on the appropriate page of the Telerate screen. If the agreed
      page is replaced or service ceases to be available, the Agent may specify
      another page or service displaying the appropriate rate after consultation
      with the Company and the Lenders.

      "SECOND EXTENSION OPTION" means the option available to the Company to
      request pursuant to clause 7.1(c) that the date on which all Facility A
      Loans shall be repaid in full be extended until the Facility A Second
      Extended Final Maturity Date.

      "SECURITY" means a mortgage, charge, pledge, lien or other security
      interest securing any obligation of any person or any other agreement or
      arrangement having a similar effect.

                                      -12-
<PAGE>

      "SELECTION NOTICE" means a notice substantially in the form set out in
      Part II of Schedule 3 (Requests) given in accordance with Clause 10
      (Interest Periods) in relation to a Facility A and Facility B.

      "SETTLEMENT ACCOUNT" means the account confirmed by the Presenting Bank to
      the Agent in the relevant Utilisation Request as being the account into
      which an Acquisition Payment is to be made.

      "SETTLEMENT DATE" means a date on which an Acquisition Payment is to be
      made.

      "SHARES" means all the issued shares of Target (including any shares in
      Target issued or to be issued whilst an Offer remains open for
      acceptance).

      "S&P" means Standard & Poors Rating Services, a division of The
      McGraw-Hill Inc (or any successor in title of similar standing).

      "SPECIFIED TIME" means a time determined in accordance with Schedule 11
      (Timetables).

      "SQUEEZE-OUT OFFER" means any offre publique de retrait followed by an
      offre publique de retrait obligatoire which might be made by the Company
      for all of the then outstanding Shares of the Target, following the
      completion of the Original Offer, or as the case may be, the Additional
      Offer.

      "SQUEEZE-OUT OFFER ACQUISITION PAYMENT" means a payment of the amount of
      cash consideration required to be paid by or on behalf of the Company
      under the Squeeze-Out Offer on a Squeeze-Out Settlement Date in respect of
      the Shares tendered to the Squeeze-Out Offer.

      "SQUEEZE-OUT SETTLEMENT DATE" means a date on which a Squeeze-Out
      Acquisition Payment is to be made.

      "SUBSIDIARY" means, in relation to any company, another company which is
      controlled by it within the meaning of article L.233-3 of the French Code
      de Commerce.

      "SYNDICATION DATE" means the date falling on the earlier of (i) the date
      upon which the Mandated Lead Arrangers notify the Company that the
      syndication of the Facility has been completed or (ii) 31 December 2004.

      "TARGET" means Aventis SA, a French company whose registered office is at
      16 avenue de l'Europe, 67300 Schiltigheim, registered under identification
      number 542 064 308 RCS Strasbourg.

      "TARGET" means Trans-European Automated Real-time Gross Settlement Express
      Transfer payment system.

      "TARGET DAY" means any day on which TARGET is open for the settlement of
      payments in euro.

      "TARGET GROUP" means Target and its Subsidiaries from time to time.

      "TAX" means any tax, levy, impost, duty or other charge or withholding of
      a similar nature imposed or collected by any country or State or by any
      local, national or

                                      -13-
<PAGE>

      supranational body, authority or organisation (including any penalty or
      interest payable in connection with any failure to pay or any delay in
      paying any of the same).

      "TOTAL" means Total SA, a French company whose registered office is at 2
      place de la Coupole, La Defense 6, 92400 Courbevoie, registered under
      identification number 542 051 180 RCS Nanterre.

      "TOTAL COMMITMENTS" means the aggregate of the Total Facility A
      Commitments, the Total Facility B Commitments and the Total Facility C
      Commitments, being EUR 16,000,000,000 at the date of this Agreement.

      "TOTAL FACILITY A COMMITMENTS" means the aggregate of the Facility A
      Commitments, being EUR 5,000,000,000 at the date of this Agreement.

      "TOTAL FACILITY B COMMITMENTS" means the aggregate of the Facility B
      Commitments, being EUR 5,500,000,000 at the date of this Agreement.

      "TOTAL FACILITY C COMMITMENTS" means the aggregate of the Facility C
      Commitments, being EUR 5,500,000,000 at the date of this Agreement.

      "TRANSFER AGREEMENT" means an agreement substantially in the form set out
      in Schedule 5 (Form of Transfer Agreement) or any other form agreed
      between the Agent and the Company.

      "TRANSFER DATE" means, in relation to a transfer, the later of:

      (a)   the proposed Transfer Date specified in the Transfer Agreement; and

      (b)   the date on which the Agent executes the Transfer Agreement.

      "UNPAID SUM" means any sum due and payable but unpaid by a Borrower under
      the Finance Documents.

      "UTILISATION" means a utilisation of a Facility.

      "UTILISATION DATE" means the date of a Utilisation, being the date on
      which the relevant Loan is to be made.

      "UTILISATION REQUEST" means a notice substantially in any of the forms set
      out in Part I of Schedule 3 (Requests).

      "VAT" means value added tax.

1.2   CONSTRUCTION

      (a)   Unless a contrary indication appears, any reference in this
            Agreement to:

            (i)   the "AGENT", any "MANDATED LEAD ARRANGER", any "FINANCE
                  PARTY", any "LENDER", any "OBLIGOR" or any "PARTY" shall be
                  construed so as to include its successors in title, permitted
                  assigns and permitted transferees;

            (ii)  "ASSETS" includes present and future properties, revenues and
                  rights of every description;

                                      -14-
<PAGE>

            (iii) "CORPORATE RECONSTRUCTION" includes in relation to any company
                  any contribution of part of its business in consideration of
                  shares (apport partiel d'actifs) and any demerger (scission)
                  implemented in accordance with articles L.236-1 to L.236-24 of
                  the French Code de Commerce;

            (iv)  a "FINANCE DOCUMENT" or any other agreement or instrument is a
                  reference to that Finance Document or other agreement or
                  instrument as amended or novated;

            (v)   "GROSS NEGLIGENCE" means "faute lourde";

            (vi)  a "GUARANTEE" includes any "cautionnement", "aval" and any
                  "garantie" which is independent from the debt to which it
                  relates;

            (vii) "INDEBTEDNESS" includes any obligation (whether incurred as
                  principal or as surety) for the payment or repayment of money,
                  whether present or future, actual or contingent;

            (viii) "MERGER" includes any fusion implemented in accordance with
                  articles L.236-1 to L.236-24 of the French Code de Commerce;

            (ix)  a "PERSON" includes any person, firm, company, corporation,
                  government, state or agency of a state or any grouping
                  (whether or not having separate legal personality) or two or
                  more of the foregoing;

            (x)   a "REGULATION" includes any regulation, rule, official
                  directive, request or guideline (whether or not having the
                  force of law) of any governmental, intergovernmental or
                  supranational body, agency, department or regulatory,
                  self-regulatory or other authority or organisation;

            (xi)  a "SECURITY INTEREST" includes any type of security (surete
                  reelle) and transfer by way of security;

            (xii) "SUCCESSFUL" means in relation to the Original Offer that the
                  conditions relating to such offer have been met (including the
                  condition relating to the acceptance of the Original Offer by
                  holders of Shares representing a minimum of 50% of the share
                  capital of Target) and that it will have a "suite positive"
                  within the meaning of article 5-2-3 of the Reglement General
                  du CMF;

            (xiii) "TRUSTEE, FIDUCIARY AND FIDUCIARY DUTY" has in each case the
                  meaning given to such term under any applicable law;

            (xiv) "WILFUL MISCONDUCT" means "dol";

            (xv)  a provision of law is a reference to that provision as amended
                  or re-enacted; and

            (xvi) unless a contrary indication appears, a time of day is a
                  reference to Paris time.

      (b)   Section, Clause and Schedule headings are for ease of reference
            only.

                                      -15-
<PAGE>

      (c)   Unless a contrary indication appears, a term used in any other
            Finance Document or in any notice given under or in connection with
            any Finance Document has the same meaning in that Finance Document
            or notice as in this Agreement.

      (d)   A Default (other than an Event of Default) is "CONTINUING" if it has
            not been remedied or waived and an Event of Default is "CONTINUING"
            if it has not been waived.

                                      -16-
<PAGE>

                                    SECTION 2
                                 THE FACILITIES

2.    THE FACILITIES

2.1   THE FACILITIES

      Subject to the terms of this Agreement, the Lenders make available:

      (a)   to the Company only, a Euro term loan facility in an aggregate
            maximum amount equal to the Total Facility A Commitments;

      (b)   to the Company only, a Euro term loan facility in an aggregate
            maximum amount equal to the Total Facility B Commitments; and

      (c)   to the Company and the Additional Borrowers (subject to provisions
            of Clause 24.2 (Additional Borrowers)), a multicurrency revolving
            loan facility in an aggregate maximum amount equal to the Total
            Facility C Commitments.

2.2   FINANCE PARTIES' RIGHTS AND OBLIGATIONS

      (a)   The obligations of each Finance Party under the Finance Documents
            are several (conjointes et non solidaires). Failure by a Finance
            Party to perform its obligations under the Finance Documents does
            not affect the obligations of any other Party under the Finance
            Documents. No Finance Party is responsible for the obligations of
            any other Finance Party under the Finance Documents.

      (b)   The rights of each Finance Party under or in connection with the
            Finance Documents are separate and independent rights and any debt
            arising under the Finance Documents to a Finance Party from a
            Borrower shall be a separate and independent debt.

      (c)   A Finance Party may, except as otherwise stated in the Finance
            Documents, separately enforce its rights under the Finance
            Documents.

3.    PURPOSE

3.1   PURPOSE

      (a)   The Company shall apply all amounts borrowed by it under Facility A
            and Facility B towards the financing of the Acquisition Payment.

      (b)   The Company shall apply all amounts borrowed by it under Facility C
            towards:

            (i)   the financing of the Acquisition Payment;

            (ii)  the financing of the reasonable fees, costs and expenses
                  incurred by it in connection with the Offer;

            (iii) the financing of the general corporate purpose of the Group;

            (iv)  the refinancing of existing indebtedness of Target; or,

                                      -17-
<PAGE>

            (v)   any other purpose which may be agreed from time to time
                  between the Company and the Majority Lenders.

      (c)   Each Additional Borrower shall apply all amounts borrowed by it
            under Facility C towards:

            (i)   the financing of its general corporate purpose; and

            (ii)  the refinancing of its existing indebtedness.

3.2   MONITORING

      No Finance Party is bound to monitor or verify the application of any
      amount borrowed pursuant to this Agreement.

4.    CONDITIONS OF UTILISATION

4.1   INITIAL CONDITIONS PRECEDENT

      (a)   No Utilisation Request may be delivered unless the Agent has
            received all of the documents and other evidence listed in Part I of
            Schedule 2 (Conditions precedent to signing) in form and substance
            satisfactory to the Agent. The Agent shall notify the Company and
            the Lenders promptly upon being so satisfied.

      (b)   No Utilisation shall be made under any Facility unless the Original
            Offer is successful.

4.2   CONDITIONS PRECEDENT TO UTILISATION UNDER FACILITY A AND FACILITY B

      (a)   On each Original Offer Settlement Date, no Utilisation shall be made
            under Facility A or Facility B unless the Agent has received all of
            the documents and other evidence listed in Section 1 of Part II of
            Schedule 2 (Conditions precedent to Utilisation on each Original
            Settlement Date) in form and substance satisfactory to the Agent.
            The Agent shall notify the Company and the Lenders promptly upon
            being so satisfied.

      (b)   On each Additional Offer Settlement Date (if any), no Utilisation
            shall be made under Facility A or Facility B unless the Agent has
            received all of the documents and other evidence listed in Section 2
            of Part II of Schedule 2 (Conditions precedent to Utilisation on
            each Additional Offer Settlement Date) in form and substance
            satisfactory to the Agent. The Agent shall notify the Company and
            the Lenders promptly upon being so satisfied.

      (c)   On each Squeeze-Out Offer Settlement Date (if any), no Utilisation
            shall be made under Facility A or Facility B unless the Agent has
            received all of the documents and other evidence listed in Section 3
            of Part II of Schedule 2 (Conditions precedent to Utilisation on
            each Squeeze-Out Offer Settlement Date) in form and substance
            satisfactory to the Agent. The Agent shall notify the Company and
            the Lenders promptly upon being so satisfied.

      (d)   Following the expiry of the Certain Funds Period, no Utilisation
            shall be made under Facility A or Facility B if:

            (i)   an Event of Default or a Default is continuing or would result
                  from the proposed Loan;

                                      -18-
<PAGE>

            (ii)  any Repeating Representations to be made by the Company is
                  untrue in any material respects.

4.3   CONDITIONS PRECEDENT TO UTILISATION UNDER FACILITY C FOR THE PURPOSE OF
      FINANCING AN ACQUISITION PAYMENT

      (a)   No Utilisation shall be made under Facility C for the purpose of
            financing an Acquisition Payment unless and until Facility A and
            Facility B have been drawn in full.

      (b)   On each Original Offer Settlement Date, no Utilisation shall be made
            under Facility C for the purpose of financing an Acquisition Payment
            unless the Agent has received all of the documents and other
            evidence listed in Section 1 of Part II of Schedule 2 (Conditions
            precedent to Utilisation on each Original Settlement Date) in form
            and substance satisfactory to the Agent. The Agent shall notify the
            Company and the Lenders promptly upon being so satisfied.

      (c)   On each Additional Offer Settlement Date (if any), no Utilisation
            shall be made under Facility C for the purpose of financing an
            Acquisition Payment unless the Agent has received all of the
            documents and other evidence listed in Section 2 of Part II of
            Schedule 2 (Conditions precedent to Utilisation on each Additional
            Offer Settlement Date) in form and substance satisfactory to the
            Agent. The Agent shall notify the Company and the Lenders promptly
            upon being so satisfied.

      (d)   On each Squeeze-Out Offer Settlement Date (if any), no Utilisation
            shall be made under Facility C for the purpose of financing a
            Squeeze-Out Acquisition Payment unless the Agent has received all of
            the documents and other evidence listed in Section 3 of Part II of
            Schedule 2 (Conditions precedent to Utilisation on each Squeeze-Out
            Offer Settlement Date) in form and substance satisfactory to the
            Agent.

      (e)   Following the expiry of the Certain Funds Period, no Utilisation
            shall be made under Facility C for the purposes of financing an
            Acquisition Payment if:

            (i)   an Event of Default or a Default is continuing or would result
                  from the proposed Facility C Loan;

            (ii)  any Repeating Representations to be made by each Obligor is
                  untrue in any material respects.

4.4   CONDITIONS PRECEDENT TO UTILISATION UNDER FACILITY C FOR OTHER PURPOSES
      THAN FINANCING AN ACQUISITION PAYMENT

      (a)   No Utilisation shall be made under Facility C for any other purpose
            than the financing of an Acquisition Payment prior to the day on
            which the first Settlement Date occurs.

      (b)   No Utilisation shall be made under Facility C for any other purpose
            than the financing of an Acquisition Payment if:

                                      -19-
<PAGE>

            (i)   an Event of Default or a Default is continuing or would result
                  from the proposed Facility C Loan;

            (ii)  any Repeating Representations to be made by each Obligor is
                  untrue in any material respects.

4.5   CERTAIN FUNDS PERIOD

      (a)   Notwithstanding any term of this Agreement, during the Certain Funds
            Period, the Lenders shall not be entitled to:

            (i)   refuse to participate in or make available any Acquisition
                  Loan;

            (ii)  cancel a Commitment relating to any Acquisition Loan; or

            (iii) exercise any right of rescission or similar right or remedy
                  which it may have in relation to any Acquisition Loan,

            except as provided below in this Clause 4.5.

      (b)   Paragraph (a) does not apply if, in the opinion of the Majority
            Lenders:

            (i)   a Major Representation is not correct or will not be correct
                  immediately after the relevant Acquisition Loan is made; or

            (ii)  a Major Default is continuing or will result from the making
                  of the relevant Acquisition Loan.

      (c)   Paragraph (a) does not apply if:

            (i)   in respect of a Facility A Loan or a Facility B Loan, the
                  Company has not delivered all of the documents and other
                  evidence required to be delivered pursuant to clause 4.2
                  (Conditions Precedent to Utilisation under Facility A and
                  Facility B) in form and substance satisfactory to the Agent;

            (ii)  in respect of a Facility C Acquisition Loan, the conditions
                  precedent set out in clause 4.3(a), 4.3(b), 4.3(c) and 4.3(d)
                  have not been met.

      (d)   Nothing in this Clause 4.5 will affect the right of any Lender to
            refuse to participate in or make available any Acquisition Loan or
            to cancel a Commitment relating thereto if it is unlawful for such
            Lender to perform any of its obligations under the Finance
            Documents.

      (e)   Nothing in this Clause 4.5 will affect the rights of any Finance
            Party in respect of any Default which is continuing upon expiry of
            the Certain Funds Period irrespective of whether that Default
            occurred during the Certain Funds Period or not.

      (f)   In any case, the Company shall comply with the requirements set out
            in Clause 5 (Utilisation).

      (g)   In this Clause 4.5:

                                      -20-
<PAGE>

      "CERTAIN FUNDS PERIOD" means the period beginning on the date of this
      Agreement and ending 11 Months following the Announcement Date.

      "MAJOR BREACH" means a breach of:

            (i)   Clause 21.2 (Compliance with laws);

            (ii)  Clause 21.3 (Negative pledge) but excluding any breach by a
                  member of the Target Group;

            (iii) Clause 21.4 (Disposals);

            (iv)  Clause 21.8 (Offer),

      provided that in respect of paragraph (i), (ii) and (iii) above, such
      breach shall have or is reasonably likely to have a Material Adverse
      Effect.

      "MAJOR DEFAULT" means any of the following Events of Default:

            (i)   Clause 22.1 (Non-payment);

            (ii)  Clause 22.3 (Other obligations) but only insofar as it
                  constitutes a Major Breach;

            (iii) Clause 22.4 (Misrepresentation) but only insofar as it relates
                  to a Major Representation;

            (iv)  Clause 22.5 (Cross-Default) but only if it relates to a
                  payment default under the relevant Financial Indebtedness if
                  in excess of EUR 200,000,000 and incurred by a member of the
                  Group (excluding for the avoidance of doubt any member of the
                  Target Group) and the creditor of such Financial Indebtedness
                  has notified its intent to accelerate such Financial
                  Indebtedness; or,

            (v)   Clauses 22.6 (Insolvency) and 22.7 (Insolvency proceedings)
                  but only insofar as it relates to the Company, any of its
                  Material Subsidiaries or Target.

      "MAJOR REPRESENTATION" means any of the following representations
      contained in this Agreement:

            (i)   Clause 18.1 (Status);

            (ii)  Clause 18.2 (Binding Obligations);

            (iii) Clause 18.3 (Non-contravention with other obligations);

            (iv)  Clause 18.4 (Power and authority); or

            (v)   Clause 18.11 (a) and (b) (Financial Statements).

4.6   MAXIMUM NUMBER OF LOANS

      (a)   The Presenting Bank may deliver as many Utilisation Requests as
            necessary in relation to Acquisition Loans for the purpose of
            achieving payment of

                                      -21-
<PAGE>

            Acquisition Payment in accordance with timetables and prescriptions
            set out by any relevant market authority.

      (b)   A Borrower may not deliver a Utilisation Request if as a result of
            the proposed Utilisation 10 or more Facility C Loans (other than
            Facility C Acquisition Loans) would be outstanding.

      (c)   Any Loan made by a single Lender under Clause 6.2 (Unavailability of
            a currency) shall not be taken into account in this Clause 4.6.

                                      -22-
<PAGE>

                                    SECTION 3
                                   UTILISATION

5.    UTILISATION

5.1   UTILISATION UNDER FACILITY A AND FACILITY B

      (a)   Utilisation shall be made under Facility A and Facility B on a
            Settlement Date only and shall be made under each such Facility on a
            prorata basis (if such Utilisation is made prior to the Facility A
            Final Maturity Date).

      (b)   Facility A or Facility B may be utilised by delivery to the Agent,
            by no later than 3 Business Days prior to the relevant Settlement
            Date, of a duly completed Utilisation Request issued by the
            Presenting Bank.

      (c)   Each Utilisation Request is irrevocable and will not be regarded as
            having been duly completed unless:

            (i)   it identifies the Facility to be utilised;

            (ii)  the proposed Utilisation Date is a Settlement Date;

            (iii) the currency is the Base Currency;

            (iv)  the amount of the Utilisation is no greater than the Available
                  Facility;

            (v)   the proposed Interest Period complies with Clause 10 (Interest
                  Periods); and

            (vi)  it indicates the Settlement Account to which the relevant Loan
                  shall be paid.

      (d)   Only one Loan may be requested in each Utilisation Request.

      (e)   The amount of Utilisations made on a Settlement Date under Facility
            A and Facility B (to which shall be added, as the case may be, the
            amount of the Utilisation made in accordance with provisions of
            article 5.2 on the same date under Facility C) shall be equal to the
            amount of the Acquisition Payment to be made on such Settlement
            Date.

5.2   UTILISATION UNDER FACILITY C FOR THE PURPOSE OF FINANCING AN ACQUISITION
      PAYMENT

      (a)   Utilisation shall be made under Facility C for the purpose of
            financing an Acquisition Payment on a Settlement Date only.

      (b)   Facility C may be utilised for the purpose of financing an
            Acquistion Payment by delivery to the Agent, by no later than 3
            Business Days prior to the relevant Settlement Date, of a duly
            completed Utilisation Request issued by the Presenting Bank.

      (c)   Each Utilisation Request under Facility C issued for the purpose of
            financing an Acquisition Payment is irrevocable and will not be
            regarded as having been duly completed unless:

                                      -23-
<PAGE>

            (i)   the proposed Utilisation Date is a Settlement Date;

            (ii)  the currency is the Base Currency;

            (iii) the amount of the Utilisation is no greater than the Available
                  Facility;

            (iv)  the proposed Interest Period complies with Clause 10 (Interest
                  Periods).

            (v)   it indicates the Settlement Account to which the relevant
                  Facility C Acquisition Loan shall be paid.

      (d)   Only one Facility C Acquisition Loan may be requested in each
            Utilisation Request.

5.3   UTILISATION UNDER FACILITY C FOR OTHER PURPOSES THAN FINANCING AN
      ACQUISITION PAYMENT

      (a)   A Borrower may utilise Facility C for any other purposes than
            financing an Acquisition Payment by delivery to the Agent of a duly
            completed Utilisation Request no later than 3 Business Days prior to
            the relevant Utilisation Date.

      (b)   No Utilisation shall be made under Facility C for any other purposes
            than financing an Acquisition Payment prior to the day on which the
            first Settlement Date occurs.

      (c)   Each Utilisation Request issued for other purposes than financing an
            Acquisition Payment is irrevocable and will not be regarded as
            having been duly completed unless:

            (i)   the proposed Utilisation Date is a Business Day within the
                  Availability Period applicable to Facility C;

            (ii)  the currency of the Utilisation comply with Clause 5.3.(e);

            (iii) the amount of the Utilisation comply with Clause 5.3.(f); and

            (iv)  the proposed Interest Period complies with Clause 10 (Interest
                  Periods).

      (d)   Only one Loan may be requested in each Utilisation Request.

      (e)   The currency specified in a Utilisation Request must be the Base
            Currency or an Optional Currency.

      (f)   The amount of the proposed Facility C Loan must be in a minimum Base
            Currency Amount of EUR 100,000,000 (and, in integral multiple Base
            Currency Amounts of EUR 20,000,000) or, if less, the Available
            Facility.

      (g)   Unless otherwise agreed in writing by the Majority Lenders, no
            Utilisation by an Additional Borrower may take place if as a result
            of such Utilisation, the aggregate Facility C Loans in respect of
            such Additional Borrower would exceed (i) for Target, EUR
            5,500,000,000, and (ii) for any other

                                      -24-
<PAGE>

            Additional Borrower, the borrowing limit agreed by the Majority
            Lenders at the time of the accession to this Agreement of such
            Additional Borrower as provided for in Clause 24.2 (Additional
            Borrowers).

5.4   UTILISATION REQUEST BY THE PRESENTING BANK

      In relation to the financing of any Acquisition Payment and each time any
      such Acquisition Payment is requested to be paid in accordance with
      applicable timetables and prescriptions set out by any relevant market
      authority, Utilisation Requests shall be made solely by the Presenting
      Bank in accordance with Clauses 5.1 (Utilisation under Facility A and
      Facility B) and 5.2 (Utilisation under Facility C for the purpose of
      financing an Acquisition Payment).

      To that effect and in consideration of the Presenting Bank providing the
      guarantee referred to in article 5-1-4 of the Reglement General du CMF,
      the Company hereby irrevocably waives any rights to make any Utilisation
      for the purpose of financing any Acquisition Payment and delegates all
      such rights to the Presenting Bank which accepts such delegation and
      agrees to be a party to this Agreement for this sole purpose and, as the
      case may be, for the purposes of paragraph (b) of Clause 8.3 (Voluntary
      Cancellation).

      The Company agrees that delivery of an Utilisation Request by the
      Presenting Bank shall constitute a confirmation by the Company that each
      applicable condition to be satisfied on the date of this Utilisation
      Request pursuant to Clauses 4.1 (Initial conditions precedent) to 4.3
      (Conditions precedent to Utilisation under Facility C for the purpose of
      financing an Acquisition Payment) is satisfied on such date.

      In the event that the Presenting Bank does no longer act as banque
      presentatrice under the Additional Offer and/or, as the case may be, under
      the Squeeze-Out Offer, no Utilisation shall be made for the purpose of
      financing an Acquisition Payment under the Additional Offer and/or, as the
      case may be, under the Squeeze-Out Offer until and unless the credit
      institution acting as banque presentatrice under the Additional Offer
      and/or, as the case may be, under the Squeeze-Out Offer accedes to this
      Agreement and accepts to be bound by the provisions of this Clause 5
      (Utilisation).

5.5   LENDERS' PARTICIPATION

      (a)   If the applicable conditions set out in this Agreement have been
            met, each Lender shall make its participation in each Loan available
            by the Utilisation Date through its Facility Office.

      (b)   The amount of each Lender's participation in each Loan will be equal
            to the proportion borne by its Available Commitment to the Available
            Facility immediately prior to making the Loan.

      (c)   The Agent shall determine the Base Currency Amount of each Facility
            C Loan which is to be made in one Optional Currency and shall notify
            each Lender of the amount, currency and the Base Currency Amount of
            each Loan and the amount of its participation in that Loan, in each
            case by the Specified Time.

                                      -25-
<PAGE>

6.    OPTIONAL CURRENCIES

6.1   SELECTION OF CURRENCY

      A Borrower (or the Company on behalf of a Borrower) shall select the
      currency of a Facility C Loan (other than a Facility C Acquisition Loan)
      in a Utilisation Request.

6.2   UNAVAILABILITY OF A CURRENCY

      (a)   If before the Specified Time on any Quotation Day:

            (i)   a Lender notifies the Agent that the Optional Currency
                  requested is not readily available to it in the amount
                  required; or

            (ii)  a Lender notifies the Agent that compliance with its
                  obligation to participate in a Loan in the Optional Currency
                  would contravene a law or regulation applicable to it,

            the Agent will give notice to the relevant Borrower to that effect
            by the Specified Time on that day. In this event, any Lender that
            gives notice pursuant to this Clause 6.2(a) will be required to
            participate in the Loan in the Base Currency (in an amount equal to
            that Lender's proportion of the Base Currency Amount or, in respect
            of a Rollover Loan, an amount equal to that Lender's proportion of
            the Base Currency Amount of the Rollover Loan that is due to be
            made) and its participation will be treated as a separate Loan
            denominated in the Base Currency during that Interest Period.

      (b)   Paragraph (a)(i) of this Clause 6.2 shall not apply in relation to
            Sterling or US Dollars.

6.3   AGENT'S CALCULATIONS

      Each Lender's participation in a Loan will be determined in accordance
      with paragraph (b) of Clause 5.5 (Lenders' participation).

                                      -26-
<PAGE>

                                    SECTION 4
                     REPAYMENT, PREPAYMENT AND CANCELLATION

7.    REPAYMENT

7.1   REPAYMENT OF FACILITY A LOANS

      (a)   The Company must repay the Facility A Loans in full on the Facility
            A Original Final Maturity Date (subject to the exercise of the First
            Extension Option in accordance with the provisions of paragraph (b)
            below and, as the case may be, of the Second Extension Option in
            accordance with the provisions of paragraph (c) below).

      (b)   The Company shall be entitled at any time between the date falling
            60 days and the date falling 30 days before the Facility A Original
            Final Maturity Date to request that the date on which the Facility A
            Loans shall be repaid in full shall be the Facility A First Extended
            Final Maturity Date by giving a notice in writing to the Agent to
            that effect.

            The First Extension Option shall be effective on the date of the
            Facility A Original Final Maturity Date provided that on such date:

            (i)   no Event of Default or Default is continuing or would result
                  from the exercise of the First Extension Option;

            (ii)  the Repeating Representations to be made by the Company are
                  true in all material respects; and

            (iii) the Company has paid the extension fee referred to in
                  paragraph (a) of Clause 12.4 (Extension Fee).

      (c)   To the extent that the Company has exercised the First Extension
            Option, The Company shall be entitled at any time between the date
            falling 60 days and the date falling 30 days before the Facility A
            First Extended Final Maturity Date to request that the date on which
            the Facility A Loans shall be repaid in full shall be the Facility A
            Second Extended Final Maturity Date by giving a notice in writing to
            the Agent to that effect.

            The Second Extension Option shall be effective on the date of the
            Facility A First Extended Final Maturity Date provided that on such
            date:

            (i)   no Event of Default or Default is continuing or would result
                  from the exercise of the Second Extension Option;

            (ii)  the Repeating Representations to be made by the Company are
                  true in all material respects; and

            (iii) the Company has paid the extension fee referred to in
                  paragraph (b) of Clause 12.4 (Extension Fee).

      (d)   The Company may not reborrow any part of Facility A which is repaid.

                                      -27-
<PAGE>

7.2   REPAYMENT OF FACILITY B LOANS

      (a)   The Company must repay the Facility B Loans in full on the Facility
            B Final Maturity Date.

      (b)   The Company may not reborrow any part of Facility B which is repaid.

7.3   REPAYMENT OF FACILITY C LOANS

      (a)   Each Borrower which has drawn a Facility C Loan shall repay that
            Facility C Loan on the last day of its Interest Period.

      (b)   Subject to the other terms of this Agreement, any amount repaid
            under paragraph (a) may be reborrowed.

      (c)   No Borrower may reborrow any part of Facility C following the
            Facility C Final Maturity Date.

8.    PREPAYMENT AND CANCELLATION

8.1   ILLEGALITY

      If it becomes unlawful in any applicable jurisdiction for a Lender to
      perform any of its obligations as contemplated by this Agreement or to
      fund or maintain its participation in any Loan:

      (a)   that Lender shall promptly notify the Agent upon becoming aware of
            that event;

      (b)   upon the Agent notifying the Company, the Commitment of that Lender
            will be immediately cancelled; and

      (c)   each Borrower shall repay that Lender's participation in the Loans
            made to that Borrower on the last day of the Interest Period for
            each Loan occurring after the Agent has notified the Company or, if
            earlier, the date specified by the Lender in the notice delivered to
            the Agent (being no earlier than the last day of any applicable
            grace period permitted by law).

8.2   CHANGE OF CONTROL OF THE COMPANY

      (a)   If any person (other than L'Oreal or Total) or group of persons
            acting in concert (other than a concert in which L'Oreal and/or
            Total have a majority stake) acquires more than 50% of the voting
            rights of the Company:

            (i)   the Company shall promptly notify the Agent upon becoming
                  aware of that event and shall consult with the Lenders for a
                  60 days period commencing on the date of the notification so
                  as to keep their respective Commitment outstanding following
                  the occurrence of that event;

            (ii)  at the end of such 60 days period, each Lender, by not less
                  than 15 days notice to the Company, may cancel its
                  participation in the Facilities and declare all its
                  participations in outstanding Loans, together with accrued
                  interest, and all other amounts accrued under the Finance
                  Documents immediately due and payable to it,

                                      -28-
<PAGE>

                  whereupon the participation of such Lenders in the Facilities
                  will be cancelled and all such outstanding amounts will become
                  immediately due and payable.

      (b)   For the purpose of paragraph (a) above "ACTING IN CONCERT" has the
            meaning given in article L.233-10 of the French Code de Commerce.

8.3   VOLUNTARY CANCELLATION

      (a)   The Company may, if it gives the Agent not less than 10 Business
            Days' (or such shorter period as the Majority Lenders may agree)
            prior notice, cancel the whole or any part (being a minimum amount
            of EUR 100,000,000) of an Available Facility. Any cancellation under
            this Clause 8.3, if in respect of either of Facility A or Facility
            B, shall be made under both Facility A and Facility B on a prorata
            basis as long as there remains any Available Commitment under either
            Facility. Any cancellation under this Clause 8.3 shall reduce the
            Commitments of the Lenders rateably under the Facility concerned.

      (b)   No cancellation shall be requested by the Company prior to the
            expiry of the Certain Funds Period without the prior written consent
            of the Presenting Bank. Notwithstanding paragraph (a) above, any
            such cancellation shall take effect immediately upon notice to the
            Agent.

8.4   MANDATORY CANCELLATION

      All Commitments shall be automatically cancelled if:

      (a)   the Increased Offer and the note d'information relating thereto is
            not filed with the AMF within 10 Business Days following the signing
            of this Agreement (unless otherwise agreed by the Lenders);

      (b)   at any time following the date hereof, the Company exercises any
            right it may have under any applicable regulation to withdraw the
            Original Offer;

      (c)   at any time following the date hereof, an Original Offer Result
            Notice is issued evidencing that the Original Offer has not been
            successful;

      (d)   no Original Offer Result Notice has been issued by the AMF prior to
            the end of a 11 Month period following the Announcement Date.

8.5   VOLUNTARY PREPAYMENT

      (a)   The Company may, if it gives the Agent not less than 10 Business
            Days' (or such shorter period as the Majority Lenders may agree)
            prior notice, prepay the whole or any part of the Facilities
            provided that amounts voluntary prepaid shall be applied in priority
            (i) towards the discharge of sums due under Facility A and Facility
            B on a prorata basis as long as any sums remain outstanding under
            both Facility A and Facility B or (ii) if no sums remain outstanding
            under Facility A, towards the discharge of sums due under Facility B
            (as long as any sums remains outstanding under Facility B). No
            Amounts shall be prepaid under Facility C unless and until no
            amounts remain outstanding under Facility A and Facility B.

                                      -29-
<PAGE>

      (b)   Each Facility shall be cancelled by an amount equal to the amount
            prepaid under such Facility.

8.6   RIGHT OF REPAYMENT AND CANCELLATION IN RELATION TO A SINGLE LENDER

      (a)   If:

            (i)   any sum payable to any Lender by an Obligor is required to be
                  increased under paragraph (c) of Clause 13.2 (Tax gross-up) or
                  under an equivalent provision of any Finance Document;

            (ii)  any Lender claims indemnification from the Company under
                  Clause 13.3 (Tax indemnity) or Clause 14.1 (Increased costs);
                  or

            (iii) the Additional Cost Rate calculated for any Lender in
                  accordance with Schedule 4 (Mandatory Cost Formulae) is
                  greater than zero,

            the Company may, whilst (in the case of paragraphs (i) and (ii)
            above) the circumstance giving rise to the requirement or
            indemnification continues or (in the case of paragraph (iii) above)
            that Additional Cost Rate is greater than zero, give the Agent
            notice of cancellation of the Commitment of that Lender and its
            intention to procure the repayment of that Lender's participation in
            the Loans.

      (b)   On receipt of a notice referred to in paragraph (a) above, the
            Commitment of that Lender shall immediately be reduced to zero.

      (c)   On the last day of each Interest Period which ends after the Company
            has given notice under paragraph (a) above (or, if earlier, the date
            specified by the Company in that notice), each Borrower to which a
            Loan is outstanding shall repay that Lender's participation in that
            Loan.

8.7   MANDATORY PREPAYMENT IN RELATION TO A SINGLE LENDER

      If it becomes unlawful for a Borrower to perform any of its obligations to
      any Lender under paragraph (c) of Clause 13.2 (Tax gross-up) or under an
      equivalent provision of any Finance Document,

      (a)   the Company shall promptly notify the Agent upon becoming aware of
            that event;

      (b)   that Borrower shall repay that Lender's participation in the Loans
            made to that Borrower on the last day of each Interest Period which
            ends after the Company has given notice under paragraph (a) above
            or, if earlier, the date specified by that Lender in a notice
            delivered to the Agent (being no earlier than the last day of any
            applicable grace period permitted by law).

8.8   MANDATORY PREPAYMENT BY AN ADDITIONAL BORROWER

      Any amount borrowed by an Additional Borrower shall be prepaid immediately
      upon such Additional Borrower ceasing to be a member of the Group or if it
      is or becomes unlawful for the Guarantor to perform any of its obligations
      under the related Guarantee.

                                      -30-
<PAGE>

8.9   MANDATORY PREPAYMENT DUE TO UNLAWFULNESS

      Any amount borrowed by a Borrower shall be prepaid immediately if it is or
      becomes unlawful for that Borrower to perform any of its obligations under
      any Finance Documents.

8.10  MANDATORY PREPAYMENT AND CANCELLATION FROM NET CASH PROCEEDS

      (a)   The Company (for itself or, as the case may be, on behalf of any
            Additional Borrower) shall, subject to paragraph (b), (c), (f), (g),
            and (h) below, prepay and cancel the Facilities by an amount equal
            to the amount of Net Cash Proceeds received by or for the account of
            any member of the Group.

      (b)   The obligation to prepay pursuant to this Clause 8.10 an amount
            equal to Net Disposal Proceeds received by any member of the Group
            shall apply only in respect of Net Disposal Proceeds received in any
            given financial year in aggregate in excess of EUR 2,000,000,000.
            Such prepayment shall be made on the last day of the Interest Period
            which expires immediately after 30 June each following year,
            starting from (and including) 30 June 2005.

      (c)   Any prepayment pursuant to this Clause 8.10 in respect of Net
            Securitisation Program Proceeds shall be made on the last day of the
            Interest Period which expires immediately after 30 June each
            following year, starting from (and including) 30 June 2005.

      (d)   Amounts to be prepaid pursuant to this Clause 8.10 shall be applied
            in priority towards (i) the prepayment of Facility A and Facility B
            on a prorata basis as long as any sums remain outstanding under both
            Facility A and Facility B and (ii) if no sum remains outstanding
            under Facility A, toward the prepayment of Facility B as long as any
            sums remain outstanding under Facility B. In both cases, if the
            amount to be prepaid exceeds the amounts outstanding under Facility
            A and Facility B, such excess shall be applied towards the
            prepayment of Facility C (up to the then outstanding amount under
            Facility C) and Commitment relating to Facility C shall be cancelled
            for an amount equal to such excess.

            If at the date of the prepayment to be made pursuant to this Clause
            8.10, no amounts remains outstanding under Facility A and Facility
            B, the amounts to be prepaid shall be applied entirely towards the
            prepayment of Facility C (up to the then outstanding amount under
            Facility C) and Commitment relating to Facility C shall be cancelled
            for an amount equal to such prepayment.

      (e)   The Company shall promptly and in any event within two Business Days
            notify the Agent forthwith of receipt by any member of the Group of
            any Net Disposal Proceeds.

      (f)   Prepayments shall not be required to be made pursuant to this Clause
            8.10, if and to the extent such prepayments cannot be funded
            otherwise than in breach of legal provisions regarding corporate
            interest, financial assistance and fiduciary duties of directors, if
            and to the extent that proceeds need to be upstreamed to the Company
            (unless the relevant Net Cash Proceeds has been received by an
            Additional Borrower which can use the said amount in

                                      -31-
<PAGE>

            prepayment of Loans made to it) by loan, cash transfer or dividend
            payment, where such upstreaming cannot lawfully be done, it being
            understood that in such case the Company shall make its best efforts
            to ensure that, to the extent possible, the prohibition to such
            upstreaming is overcome as soon as possible and that the
            corresponding prepayment shall be made immediately when it can be
            legally funded.

      (g)   If the Company notifies the Agent that, and establishes to the
            Agent's reasonable satisfaction that (a) a prepayment pursuant to
            this Clause 8.10 cannot be lawfully funded otherwise than by way of
            an intra-group loan causing the application of any applicable "thin
            capitalization rules" at the level of the relevant borrower and (b)
            that the application of such "thin capitalization rules" would
            result in an increase of the effective amount of tax payable by such
            borrower (excluding for the avoidance of doubt, any reduction of any
            tax losses of such borrower), then such prepayment shall not be
            required to be made pursuant to this Clause 8.10. The prepayment
            shall be made immediately when it can be funded otherwise than by
            way of an intra-group loan or when it can be funded otherwise than
            by way of an intra-group loan causing the application of any
            relevant "thin capitalization rules" in the conditions described
            above.

      (h)   If the Company notifies the Agent that, and establishes to the
            Agent's reasonable satisfaction that (a) a prepayment pursuant to
            this Clause 8.10 cannot be lawfully funded otherwise than by way of
            a distribution of dividends and that (b) such distribution of
            dividends cannot be made without triggering the effective payment,
            by the person making the distribution, of a Precompte (other than a
            Precompte which may be refunded on the basis of a double taxation
            agreement), then such prepayment shall not be required to be made
            pursuant to this Clause 8.10. The prepayment shall be made
            immediately when it can be funded otherwise than by a distribution
            of dividends or when it can be funded by way of distribution of
            dividends without triggering the payment of Precompte in the
            conditions described above.

      (i)   If the Company notifies the Agent that, and establishes to the
            Agent's reasonable satisfaction that (a) a prepayment pursuant to
            this Clause 8.10 cannot be lawfully funded otherwise than by way of
            a distribution of dividends and/or reserves and that (b) such
            distribution of dividends and/or reserves cannot be made without
            triggering the effective payment, by the person making the
            distribution, of the prelevement exceptionnel provided for by
            article 95 of the French Loi de Finance for 2004, then such
            prepayment shall not be required to be made prior to 1st January
            2006 provided that such prepayment shall be made as soon as
            practicable following such date.

      (j)   In this Clause,

            "NET CASH PROCEEDS" means any Net Disposal Proceeds or Net
            Securitisation Program Proceeds.

            "NET DISPOSAL PROCEEDS" means, in relation to any disposal of any
            asset (other than a disposal of current assets (actifs circulants)
            made in the ordinary course of business or disposal of assets made
            to the benefit of another member of the Group), any cash proceeds
            (or in the case of

                                      -32-
<PAGE>

            consideration paid by way of an issue of debt, bond or equity
            instrument delivered to the transferor, an equivalent amount
            thereto) thereof from time to time that are to be received by or for
            the account of any member of the Group net of:

            (i)   any tax liability arising from such disposal;

            (ii)  any reinvestment made out of such cash proceeds to the extent
                  that (a) such reinvestment is made no later than 30 June of
                  the year following the financial year during which such cash
                  proceeds have been received and (b) such reinvestment is made
                  in businesses, shares or other assets consistent with the
                  nature of business of the Company or the Group as carried on
                  at the date of this Agreement; and

            (iii) reasonable commissions, fees and expenses payable by any
                  member of the Group in connection with such disposal (without
                  limitation, including pursuant to earn out provisions and
                  taking into account the amount of any proceeds received in
                  respect of repayment or disposal of any intra group loan).

            but excluding:

            (a)   in the case of a disposal of a Subsidiary where liabilities to
                  third parties are assumed by other members of the Group as
                  part of the consideration for the sale of that Subsidiary,
                  such amount of the consideration received by the Group which
                  is attributable to that assumption;

            (b)   in the case of a disposal by a Subsidiary that is not a
                  wholly-owned Subsidiary, the pro rata share of such cash
                  proceeds attributable to the minority interests in that
                  Subsidiary; and

            (c)   in the case of a disposal effected by a Subsidiary, the
                  repayment of Financial Indebtedness related to the assets
                  subject to the disposal which are required to be repaid in
                  order to effect the disposal.

            "NET SECURITISATION PROGRAM PROCEEDS" means, in relation to any
            securitisation or trade receivables sale program entered into by any
            member of the Group, the amount, if any, by which the aggregate
            amounts utilised under such programs at the end of any financial
            year exceeds the aggregate amounts utilised under such programs at
            the end of the preceding financial year. It is understood that, in
            respect of any such programs entered into by Target and its
            Subsidiaries, and for the financial year in which the Company will
            gain the effective control of Target, the Net Securitisation Program
            Proceeds will include the amount, if any, by which the aggregate
            amounts utilised under such programs at the end of the relevant
            financial year exceeds the aggregate amounts utilised under such
            programs on the date on which the Company gained the effective
            control of Target. For the purposes of this Clause 8.10, the Company
            undertakes to notify the Agent, forthwith upon gaining the effective
            control of Target, of the aggregate amounts utilised under such
            programs and shall notify the Agent no later than 31 January each
            year of the aggregate amounts utilised under such programs at the
            end of the preceding two financial years and of the corresponding
            Net Securitisation Program Proceeds, if any.

                                      -33-
<PAGE>

            "PRECOMPTE" means the "precompte" as defined in article 223 sexies
            of the French Code General des Impots, or any equivalent tax in any
            jurisdiction or replacing the above provided in each case that such
            tax is a final liability and is not refundable.

8.11  MANDATORY PREPAYMENT AND CANCELLATION FROM NET DEBT ISSUE PROCEEDS

      (a)   The Company shall, subject to paragraph (b) and (e) below, prepay
            and cancel Facility A and Facility B by an amount equal to the
            amount of Net Debt Issue Proceeds received by or for the account of
            any member of the Group.

      (b)   The obligation to prepay pursuant to this Clause 8.11 an amount
            equal to Net Debt Issue Proceeds received by any member of the Group
            shall apply only in respect of Net Debt Issue Proceeds received in
            aggregate in excess of EUR 1,000,000,000 following the date of this
            Agreement and until amounts outstanding under Facility A and
            Facility B are reduced to two thirds of the aggregate of the Total
            Facility A Commitment and the Total Facility B Commitment at the
            date of this Agreement.

      (c)   Amounts to be prepaid pursuant to this Clause 8.11 shall be applied
            towards the prepayment of Facility A and Facility B on a prorata
            basis as long as any sums remain outstanding under both Facility A
            and Facility B.

      (d)   Any prepayment pursuant to this Clause 8.11 shall be made on the
            last day of the Interest Period which expires immediately after the
            date of receipt by any member of the Group of any Net Debt Issue
            Proceeds.

      (e)   Paragraph (f), (g), (h) and (i) of Clause 8.10 (Mandatory Prepayment
            and Cancellation from Net Cash Proceeds) shall apply mutatis
            mutandis in respect of prepayment to be made pursuant to this Clause
            8.11.

      (f)   In this Agreement:

            "DEBT ISSUE" means any issue of bonds or notes (including
            convertible bonds and other equity-linked debt instruments), debt
            securities (excluding for the avoidance of doubt, billets de
            tresorerie or commercial paper with a tenor of less than one year)
            or other capital markets instruments of any kind by any member of
            the Group whether to the public, one or more private places or
            otherwise and whether or not listed on any stock exchange.

            "NET DEBT ISSUE PROCEEDS" means, in relation to any Debt Issue, any
            cash proceeds that are to be received by or for the account of any
            member of the Group net of reasonable commissions, fees and expenses
            payable by any member of the Group in connection with such Debt
            Issue.

8.12  RESTRICTIONS

      (a)   Any notice of cancellation or prepayment given by any Party under
            this Clause 8 shall be irrevocable and, unless a contrary indication
            appears in this Agreement, shall specify the date or dates upon
            which the relevant cancellation or prepayment is to be made and the
            amount of that cancellation or prepayment.

                                      -34-
<PAGE>

      (b)   Any prepayment under this Agreement shall be made together with
            accrued interest on the amount prepaid and, subject to any Break
            Costs, without premium or penalty.

      (c)   No Borrower may reborrow any part of Facility A or Facility B which
            is prepaid.

      (d)   The Borrowers shall not repay or prepay all or any part of the Loans
            or cancel all or any part of the Commitments except at the times and
            in the manner expressly provided for in this Agreement.

      (e)   No amount of the Total Commitments cancelled under this Agreement
            may be subsequently reinstated.

      (f)   If the Agent receives a notice under this Clause 8 it shall promptly
            forward a copy of that notice to either the Company or the affected
            Lender, as appropriate.

                                      -35-
<PAGE>

                                    SECTION 5
                              COSTS OF UTILISATION

9.    INTEREST

9.1   FACILITY A CALCULATION OF INTEREST

      (a)   The rate of interest on each Facility A Loan for each Interest
            Period shall be the percentage rate per annum which is the aggregate
            of the applicable:

            (i)   Facility A Margin;

            (ii)  EURIBOR; and

            (iii) Mandatory Cost, if any.

      (b)   The Facility A Margin shall be equal to 0.40% in respect of each
            Interest Period commencing prior to the Margin Adjustment Date.

      (c)   The Facility A Margin applicable to any Interest Period commencing
            on or following the Margin Adjustment Date shall be equal to the
            average of the percentage rates per annum set below opposite the
            credit rating assigned respectively by S&P and Moody's on the long
            term unsecured and unsubordinated debt or on the Facility itself (as
            agreed between the Company and the Mandated Lead Arrangers) of the
            Company on the first day of such Interest Period:

<TABLE>
<CAPTION>
RATINGS ASSIGNED BY S&P AND MOODY'S                       MARGIN (%)
<S>                                                       <C>
AA-/Aa3 or above                                             0.35
A+/A1 or A/A2                                                0.40
A-/A3                                                        0.45
BBB+/Baa1 or below or no rating                              0.525
</TABLE>

9.2   FACILITY B CALCULATION OF INTEREST

      (a)   The rate of interest on each Facility B Loan for each Interest
            Period shall be the percentage rate per annum which is the aggregate
            of the applicable:

            (i)   Facility B Margin;

            (ii)  EURIBOR; and

            (iii) Mandatory Cost, if any.

      (b)   The Facility B Margin shall be equal to 0.45% in respect of each
            Interest Period commencing prior to the Margin Adjustment Date.

      (c)   The Facility B Margin applicable to any Interest Period commencing
            on or following the Margin Adjustment Date shall be equal to the
            average of the percentage rates per annum set below opposite the
            credit rating assigned respectively by S&P and Moody's on the long
            term unsecured and

                                      -36-
<PAGE>

            unsubordinated debt or on the Facility itself (as agreed between the
            Company and the Mandated Lead Arrangers) of the Company on the first
            day of such Interest Period:

<TABLE>
<CAPTION>
RATINGS ASSIGNED BY S&P AND MOODY'S                              MARGIN (%)
<S>                                                              <C>
AA-/Aa3 or above                                                 0.40

A+/A1 or A/A2                                                    0.45

A-/A3                                                            0.50

BBB+/Baa1 or below or no rating                                  0.575
</TABLE>

9.3   FACILITY C CALCULATION OF INTEREST

      (a)   The rate of interest on each Facility C Loan for each Interest
            Period is the percentage rate per annum which is the aggregate of
            the applicable:

            (i)   Facility C Margin;

            (ii)  EURIBOR or, in relation to any Loan in an Optional Currency,
                  LIBOR; and

            (iii) Mandatory Cost, if any.

      (b)   The Facility C Margin shall be equal to 0.50% in respect of each
            Interest Period commencing prior the Margin Adjustment Date.

      (c)   The Facility C Margin applicable to any Interest Period commencing
            on or following the Margin Adjustment Date shall be equal to the
            average of the percentage rates per annum set below opposite the
            credit rating assigned respectively by S&P and Moody's on the long
            term unsecured and unsubordinated debt or on the Facility itself (as
            agreed between the Company and the Mandated Lead Arrangers) of the
            Company during such Interest Period:

<TABLE>
<CAPTION>
RATINGS ASSIGNED BY S&P AND MOODY'S                              MARGIN (%)
<S>                                                              <C>
AA-/Aa3 or above                                                 0.45

A+/A1 or A/A2                                                    0.50

A-/A3                                                            0.55

BBB+/Baa1 or below or no rating                                  0.625
</TABLE>

9.4   GENERAL PROVISIONS REGARDING MARGIN ADJUSTMENTS

      If there is a change of the credit rating assigned by S&P or Moody's
      during an Interest Period, for the purpose of determining the applicable
      rate of interest, such change shall take effect for each Loan on the next
      Interest Period in respect thereto.

                                      -37-
<PAGE>

9.5   ADJUSTMENT OF THE MARGIN UPON REPAYMENT AND CANCELLATION OF MORE THAN 50%
      OF THE TOTAL COMMITMENT

      Each of the applicable Facility A Margin, Facility B Margin and Facility C
      Margin determined in accordance with the provisions of Clause 9.1 to 9.4
      above shall be reduced by 0.05% per annum following the date on which more
      than 50% of the Total Commitments as of the date of this Agreement has
      been repaid and/or cancelled. Such change shall take effect for each Loan
      on the next Interest Period in respect thereto.

9.6   PAYMENT OF INTEREST

      The Borrower to which a Loan has been made shall pay accrued interest on
      that Loan on the last day of each Interest Period.

9.7   DEFAULT INTEREST

      (a)   If a Borrower fails to pay any amount payable by it under a Finance
            Document on its due date, interest shall accrue to the fullest
            extent permitted by law on the overdue amount from the due date up
            to the date of actual payment (both before and after judgment) at a
            rate which, subject to paragraph (b) below, is 1% (one per cent.)
            higher than the rate which would have been payable if the overdue
            amount had, during the period of non-payment, constituted a Loan in
            the currency of the overdue amount for successive Interest Periods,
            each of a duration selected by the Agent (acting reasonably). Any
            interest accruing under this Clause 9.7 shall be immediately payable
            by the Borrower on demand by the Agent.

      (b)   If any overdue amount consists of all or part of a Loan which became
            due on a day which was not the last day of an Interest Period
            relating to that Loan:

            (i)   the first Interest Period for that overdue amount shall have a
                  duration equal to the unexpired portion of the current
                  Interest Period relating to that Loan; and

            (ii)  the rate of interest applying to the overdue amount during
                  that first Interest Period shall be 1% (one per cent.) higher
                  than the rate which would have applied if the overdue amount
                  had not become due.

      (c)   Default interest (if unpaid) arising on an overdue amount will be
            compounded with the overdue amount only if, within the meaning of
            Article 1154 of the French Code Civil, such interest is due for a
            period of at least one year, but will remain immediately due and
            payable.

9.8   NOTIFICATION OF RATES OF INTEREST

      The Agent shall promptly notify the Lenders and the relevant Borrower of
      the determination of a rate of interest under this Agreement.

9.9   EFFECTIVE GLOBAL RATE (TAUX EFFECTIF GLOBAL)

      For the purposes of Articles L313-1 et seq, R 313-1 and R313-2 of the Code
      de la Consommation, the Parties acknowledge that by virtue of certain
      characteristics of the Facility (and in particular the variable interest
      rate applicable to Loans and the Borrower's right to select the currency
      and the duration of the Interest Period of each

                                      -38-
<PAGE>

      Loan) the taux effectif global cannot be calculated at the date of this
      Agreement. However, the Company acknowledges that it has received from the
      Agent a letter containing an indicative calculation of the taux effectif
      global for each Facility, based on figured examples calculated on
      assumptions as to the taux de periode and duree de periode set out in the
      letter. The Parties acknowledge that that letter forms part of this
      Agreement.

10.   INTEREST PERIODS

10.1  SELECTION OF INTEREST PERIODS

      (a)   Each Interest Period shall have a duration of one Month until:

            (i)   in respect of Facility A Loans and Facility B Loans only, the
                  Agent receives a Selection Notice requesting another duration
                  in accordance with the provisions of paragraph (b) below; or,

            (ii)  in respect of any Loan, the Borrower shall select another
                  duration in accordance with the provisions of paragraph (c)
                  below.

      (b)   The Company may not send the Selection Notice to the Agent prior to
            the Syndication Date. The Company shall select pursuant to the
            Selection Notice an Interest Period duration under Facility A Loans
            and Facility B Loans of two, three or six Months (or any other
            duration agreed between the Agent (acting on the instruction of all
            the Lenders) and the Company). The selected Interest Period duration
            shall apply to all Interest Periods relating to Facility A Loans and
            Facility B Loans until the Facility A Final Maturity Date and the
            Facility B Final Maturity Date respectively.

      (c)   Following the Syndication Date, any Utilisation Request delivered to
            the Agent may select an Interest Period duration of one, two, three
            or six Months (or any other period agreed between the Agent (acting
            on the instruction of all the Lenders)) and the Company. Utilisation
            Request delivered prior to the Syndication Date shall not select an
            Interest Period duration other than one Month.

      (d)   Each Interest Period for a Loan shall start on the Utilisation Date
            and each successive Interest Period shall commence on the last day
            of the previous one.

      (e)   The first Interest Period of any Facility A Loan shall end on the
            last day of all other outstanding Facility A Loans (if any).

      (f)   The first Interest Period of any Facility B Loan shall end on the
            last day of all other outstanding Facility B Loans (if any).

      (g)   An Interest Period for a Loan shall not extend beyond the final
            maturity date applicable to the Facility to which it relates.

10.2  NON-BUSINESS DAYS

      If an Interest Period would otherwise end on a day which is not a Business
      Day, that Interest Period will instead end on the next Business Day in
      that calendar month (if there is one) or the preceding Business Day (if
      there is not).

                                      -39-
<PAGE>

10.3  CONSOLIDATION OF LOANS

      If two or more Interest Periods:

            (i)   relate to Loans made under the same Facility and in the same
                  currency;

            (ii)  end on the same date; and

            (iii) are made to the same Borrower,

      those Loans will be consolidated into, and treated as, a single Loan on
      the last day of the Interest Period.

11.   CHANGES TO THE CALCULATION OF INTEREST

11.1  ABSENCE OF QUOTATIONS

      Subject to Clause 11.2 (Market disruption), if EURIBOR or, if applicable,
      LIBOR is to be determined by reference to the Reference Banks but a
      Reference Bank does not supply a quotation by the Specified Time on the
      Quotation Day, the applicable EURIBOR or LIBOR shall be determined on the
      basis of the quotations of the remaining Reference Banks.

11.2  MARKET DISRUPTION

      (a)   If a Market Disruption Event occurs in relation to a Loan for any
            Interest Period, then the rate of interest on each Lender's share of
            that Loan for the Interest Period shall be the rate per annum which
            is the sum of:

            (i)   the Margin;

            (ii)  the rate notified to the Agent by that Lender as soon as
                  practicable and in any event before interest is due to be paid
                  in respect of that Interest Period, to be that which expresses
                  as a percentage rate per annum the cost to that Lender of
                  funding its participation in that Loan from whatever source it
                  may reasonably select; and

            (iii) the Mandatory Cost, if any, applicable to that Lender's
                  participation in the Loan.

      (b)   In this Agreement "MARKET DISRUPTION EVENT" means:

            (i)   at or about noon on the Quotation Day for the relevant
                  Interest Period the Screen Rate is not available and none or
                  only one of the Reference Banks supplies a rate to the Agent
                  to determine EURIBOR or, if applicable, LIBOR for the relevant
                  currency and Interest Period; or

            (ii)  before close of business in Paris on the Quotation Day for the
                  relevant Interest Period, the Agent receives notifications
                  from a Lender or Lenders (whose participations in a Loan
                  exceed 30 per cent. of that Loan) that the cost to it of
                  obtaining matching deposits in the Relevant Interbank Market
                  would be in excess of EURIBOR or, if applicable, LIBOR.

                                      -40-
<PAGE>

11.3  ALTERNATIVE BASIS OF INTEREST OR FUNDING

      (a)   If a Market Disruption Event occurs and the Agent or the Company so
            requires, the Agent and the Company shall enter into negotiations
            (for a period of not more than thirty days) with a view to agreeing
            a substitute basis for determining the rate of interest.

      (b)   Any alternative basis agreed pursuant to paragraph (a) above shall,
            with the prior consent of all the Lenders and the Company, be
            binding on all Parties.

11.4  BREAK COSTS

      (a)   Each Borrower shall, within three Business Days of demand by a
            Finance Party, pay to that Finance Party its Break Costs
            attributable to all or any part of a Loan or Unpaid Sum being paid
            by that Borrower on a day other than the last day of an Interest
            Period for that Loan or Unpaid Sum.

      (b)   Each Lender shall, as soon as reasonably practicable after a demand
            by the Agent, provide a certificate confirming the amount of its
            Break Costs for any Interest Period in which they accrue.

12.   FEES

12.1  COMMITMENT FEE

      (a)   The Company shall pay to the Agent (for the account of each Lender),
            in respect of each Facility for its Availability Period, a fee in
            the Base Currency computed at the rate of:

            (i)   0.125 per cent. per annum on the Lenders' aggregate Available
                  Commitment under each Facility from the date of this Agreement
                  until 25 July 2004;

            (ii)  0.15 per cent. per annum on the Lenders' aggregate Available
                  Commitment under each Facility during the period commencing on
                  26 July 2004 and ending on the expiry of the Certain Funds
                  Period;

            (iii) 40 per cent. of the applicable margin (as determined for each
                  Facility in accordance with the provisions of Clause 9
                  (Interest)) on the Lenders' Available Commitment under each
                  Facility following the expiry of the Certain Funds Period.

      (b)   The commitment fee will be calculated on the basis of the actual
            number of days elapsed in a year of 360 days.

            For each Facility, the accrued commitment fee is payable on the last
            day of each successive period of three Months which ends during the
            relevant Availability Period, on the last day of the Availability
            Period and on the cancelled amount of the relevant Lender's
            Commitment at the time the cancellation is effective.

12.2  UPFRONT FEE

      The Company shall pay to the Mandated Lead Arrangers an upfront fee in the
      amount and at the times agreed in a Fee Letter.

                                      -41-
<PAGE>

12.3  AGENCY FEE

      The Company shall pay to the Agent (for its own account) an agency fee in
      the amount and at the times agreed in a Fee Letter.

12.4  EXTENSION FEE

      (a)   Upon the exercise by the Company of the First Extension Option, the
            Company shall pay on or prior to the Facility A Original Final
            Maturity Date to the Agent (for the account of each Lender under the
            Facility A) an extension fee equal to 0.025 per cent. of the total
            Facility A Commitment on the date of the Facility A Original Final
            Maturity Date.

      (b)   Upon the exercise by the Company of the Second Extension Option, the
            Company shall pay on or prior to the Facility A First Extended Final
            Maturity Date to the Agent (for the account of each Lender under the
            Facility A) an extension fee equal to 0.025 per cent. of the total
            Facility A Commitments on the date of the Facility A First Extended
            Final Maturity Date.

                                      -42-
<PAGE>

                                    SECTION 6
                         ADDITIONAL PAYMENT OBLIGATIONS

13.   TAX GROSS UP AND INDEMNITIES

13.1  DEFINITIONS

      (a)   In this Agreement:

            "PROTECTED PARTY" means a Finance Party which is or will be subject
            to any liability, or required to make any payment, for or on account
            of Tax in relation to a sum received or receivable (or any sum
            deemed for the purposes of Tax to be received or receivable) under a
            Finance Document.

            "QUALIFYING LENDER" means:

            (i)   in relation to a Borrower which is formed under the laws of
                  France or is treated as resident in France for tax purposes, a
                  Lender which:

                  (A)   has its Facility Office in France; or

                  (B)   fulfils the conditions imposed by French law taking into
                        account, as the case may be, any double taxation
                        agreement in force (subject to the completion of any
                        necessary procedural formalities), in order for a
                        payment not to be subject to (or as the case may be, to
                        be exempt from) any Tax Deduction; or,

                  (C)   a Treaty Lender;

            (ii)  or, in relation to a Borrower other than a Borrower referred
                  to in paragraph (i) above, a Lender which:

                  (A)   has its Facility Office in the jurisdiction in which
                        that Borrower is formed or (if different) in the
                        jurisdiction (or jurisdictions) in which that Borrower
                        is treated as resident for tax purposes; or

                  (B)   fulfils the conditions imposed by the laws of the
                        jurisdiction or jurisdictions mentioned in paragraph (A)
                        above taking into account, as the case may be, any
                        double taxation agreement in force (subject to the
                        completion of any necessary procedural formalities), in
                        order for a payment not to be subject to (or as the case
                        may be, to be exempt from) any Tax Deduction; or,

                  (C)   a Treaty Lender.

            "TAX CREDIT" means a credit against, relief or remission for, or
            repayment of any Tax.

            "TAX DEDUCTION" means a deduction or withholding for or on account
            of Tax from a payment under a Finance Document.

                                      -43-
<PAGE>

            "TAX PAYMENT" means an increased payment made by an Obligor to a
            Finance Party under Clause 13.2 (Tax gross-up) or a payment under
            Clause 13.3 (Tax indemnity).

            "TREATY LENDER" means a Lender which is entitled to a payment under
            a double taxation agreement (subject to the completion of any
            necessary procedural formalities) without a Tax Deduction.

      (b)   Unless a contrary indication appears, in this Clause 13 a reference
            to "determines" or "determined" means a determination made in the
            absolute discretion of the person making the determination.

13.2  TAX GROSS-UP

      (a)   Each Borrower shall make all payments to be made by it without any
            Tax Deduction, unless a Tax Deduction is required by law.

      (b)   The Company shall promptly upon becoming aware that a Borrower must
            make a Tax Deduction (or that there is any change in the rate or the
            basis of a Tax Deduction) notify the Agent accordingly. Similarly, a
            Lender shall notify the Agent promptly on becoming so aware in
            respect of a payment payable to that Lender. If the Agent receives
            such notification from a Lender it shall promptly notify the Company
            and that Borrower.

      (c)   If a Tax Deduction is required by law to be made by a Borrower, the
            amount of the payment due from that Borrower shall be increased
            (subject to Clause 8.7 (Mandatory prepayment in relation to a single
            Lender)) to an amount which (after making any Tax Deduction) leaves
            an amount equal to the payment which would have been due if no Tax
            Deduction had been required.

      (d)   A Borrower is not required to make an increased payment to a Lender
            under paragraph (c) above for a Tax Deduction from a payment of
            interest on a Loan, if on the date on which the payment falls due:

            (i)   the payment could have been made to the relevant Lender
                  without a Tax Deduction if it was a Qualifying Lender, but on
                  that date that Lender is not or has ceased to be a Qualifying
                  Lender other than as a result of any change after the date it
                  became a Lender under this Agreement in (or in the
                  interpretation, administration, or application of) any law or
                  double taxation agreement, or any published practice or
                  concession of any relevant taxing authority; or,

            (ii)  the relevant Lender is a Treaty Lender and the Borrower making
                  the payment is able to demonstrate that the payment could have
                  been made to the Lender without the Tax Deduction had that
                  Lender complied with its obligations under paragraph (h)
                  below.

      (e)   Paragraph (d)(i) above shall not apply if a Tax Deduction arises in
            respect of a Loan made to an Additional Borrower which is not French
            tax resident.

      (f)   If a Borrower is required to make a Tax Deduction, that Borrower
            shall make that Tax Deduction and any payment required in connection
            with that Tax Deduction within the time allowed and in the minimum
            amount required by law.

                                      -44-
<PAGE>

      (g)   Within thirty days of making either a Tax Deduction or any payment
            required in connection with that Tax Deduction, the Borrower making
            that Tax Deduction shall deliver to the Agent for the Finance Party
            entitled to the payment evidence reasonably satisfactory to that
            Finance Party that the Tax Deduction has been made or (as
            applicable) any appropriate payment paid to the relevant taxing
            authority.

      (h)   A Treaty Lender and each Obligor which makes a payment to which that
            Treaty Lender is entitled shall co-operate in completing any
            procedural formalities necessary for that Obligor to obtain
            authorisation to make that payment without a Tax Deduction.

13.3  TAX INDEMNITY

      (a)   The Company shall (within three Business Days of demand by the
            Agent) pay to a Protected Party an amount equal to the loss,
            liability or cost which that Protected Party determines will be or
            has been (directly or indirectly) suffered for or on account of Tax
            by that Protected Party in respect of a Finance Document.

      (b)   Paragraph (a) above shall not apply:

            (i)   with respect to any Tax assessed on a Finance Party:

                  (A)   under the law of the jurisdiction in which that Finance
                        Party is incorporated or, if different, the jurisdiction
                        (or jurisdictions) in which that Finance Party is
                        treated as resident for tax purposes; or

                  (B)   under the law of the jurisdiction in which that Finance
                        Party's Facility Office is located in respect of amounts
                        received or receivable in that jurisdiction,

            if that Tax is imposed on or calculated by reference to the net
            income received or receivable (but not any sum deemed to be received
            or receivable) by that Finance Party; or

            (ii)  to the extent a loss, liability or cost:

                  (A)   is compensated for by an increased payment under Clause
                        13.2 (Tax gross-up); or

                  (B)   would have been compensated for by an increased payment
                        under Clause 13.2 (Tax gross-up) but was not so
                        compensated solely because one of the exclusions in
                        paragraph (d) of Clause 13.2 (Tax gross-up) applied.

      (c)   A Protected Party making, or intending to make a claim under
            paragraph (a) above shall promptly notify the Agent of the event
            which will give, or has given, rise to the claim, following which
            the Agent shall notify the Company.

      (d)   A Protected Party shall, on receiving a payment from an Obligor
            under this Clause 13.3, notify the Agent.

                                      -45-
<PAGE>

13.4  TAX CREDIT

      If an Obligor makes a Tax Payment and the relevant Finance Party
      determines that:

      (a)   a Tax Credit is attributable to that Tax Payment; and

      (b)   that Finance Party has obtained, utilised and retained that Tax
            Credit,

      the Finance Party shall pay an amount to the Obligor which that Finance
      Party determines will leave it (after that payment) in the same after-Tax
      position as it would have been in had the Tax Payment not been made by the
      Obligor.

13.5  STAMP TAXES

      The Company shall pay and, within three Business Days of demand, indemnify
      each Finance Party against any cost, loss or liability that Finance Party
      incurs in relation to all stamp duty, registration and other similar Taxes
      payable in respect of any Finance Document.

13.6  VALUE ADDED TAX

      (a)   All consideration expressed to be payable under a Finance Document
            by any Party to a Finance Party shall be deemed to be exclusive of
            any VAT. If VAT is chargeable, on any supply made by any Finance
            Party to any Party in connection with a Finance Document, that Party
            shall pay to the Finance Party (in addition to and at the same time
            as paying the consideration) an amount equal to the amount of the
            VAT.

      (b)   Where a Finance Document requires any Party to reimburse a Finance
            Party for any costs or expenses, that Party shall also at the same
            time pay and indemnify the Finance Party against all VAT incurred by
            the Finance Party in respect of the costs or expenses to the extent
            that the Finance Party reasonably determines that it is not entitled
            to credit or repayment of the VAT.

14.   INCREASED COSTS

14.1  INCREASED COSTS

      (a)   Subject to Clause 14.3 (Exceptions) the Company shall, within three
            Business Days of a demand by the Agent, pay for the account of a
            Finance Party the amount of any Increased Costs incurred by that
            Finance Party or any of its Affiliates as a result of (i) the
            introduction of or any change in (or in the interpretation,
            administration or application of) any law or regulation or (ii)
            compliance with any law or regulation made after the date of this
            Agreement.

      (b)   In this Agreement "INCREASED COSTS" means:

            (i)   a reduction in the rate of return from the Facility or on a
                  Finance Party's (or its Affiliate's) overall capital;

            (ii)  an additional or increased cost; or

                                      -46-
<PAGE>

            (iii) a reduction of any amount due and payable under any Finance
                  Document,

      which is incurred or suffered by a Finance Party or any of its Affiliates
      to the extent that it is attributable to that Finance Party having entered
      into its Commitment or funding or performing its obligations under any
      Finance Document.

14.2  INCREASED COST CLAIMS

      (a)   A Finance Party intending to make a claim pursuant to Clause 14.1
            (Increased costs) shall notify the Agent of the event giving rise to
            the claim, following which the Agent shall promptly notify the
            Company.

      (b)   Each Finance Party shall, as soon as practicable after a demand by
            the Agent, provide a certificate indicating the event giving rise to
            the claim and confirming the amount of its Increased Costs.

14.3  EXCEPTIONS

      Clause 14.1 (Increased costs) does not apply to the extent any Increased
      Cost is:

      (a)   attributable to a Tax Deduction required by law to be made by an
            Obligor;

      (b)   compensated for by Clause 13.3 (Tax indemnity) (or would have been
            compensated for under Clause 13.3 (Tax indemnity) but was not so
            compensated solely because one of the exclusions in paragraph (b) of
            Clause 13.3 (Tax indemnity) applied);

      (c)   compensated for by the payment of the Mandatory Cost; or

      (d)   attributable to the wilful breach by the relevant Finance Party or
            its Affiliates of any law or regulation.

15.   OTHER INDEMNITIES

15.1  CURRENCY INDEMNITY

      (a)   If any sum due from a Borrower under the Finance Documents (a
            "SUM"), or any order, judgment or award given or made in relation to
            a Sum, has to be converted from the currency (the "FIRST Currency")
            in which that Sum is payable into another currency (the "SECOND
            CURRENCY") for the purpose of:

            (i)   making or filing a claim or proof against the Borrower;

            (ii)  obtaining or enforcing an order, judgment or award in relation
                  to any litigation or arbitration proceedings,

            that Borrower shall as an independent obligation within three
            Business Days of demand, indemnify to the extent permitted by law
            each Finance Party to whom that Sum is due against any cost, loss or
            liability arising out of or as a result of the conversion including
            any discrepancy between (A) the rate of exchange used to convert
            that Sum from the First Currency into the Second Currency and (B)
            the rate or rates of exchange available to that person at the time
            of its receipt of that Sum.

                                      -47-
<PAGE>

      (b)   Each Borrower waives any right it may have in any jurisdiction to
            pay any amount under the Finance Documents in a currency or currency
            unit other than that in which it is expressed to be payable.

15.2  OTHER INDEMNITIES

      The Company shall (or shall procure that an Obligor will), within three
      Business Days of demand, indemnify each Finance Party against any cost,
      loss or liability incurred by that Finance Party as a result of:

      (a)   the occurrence of any Event of Default;

      (b)   a failure by an Obligor to pay any amount due under a Finance
            Document on its due date, including without limitation, any cost,
            loss or liability arising as a result of Clause 27 (Sharing among
            the Finance Parties);

      (c)   funding, or making arrangements to fund, its participation in a Loan
            requested by a Borrower in a Utilisation Request but not made by
            reason of the operation of any one or more of the provisions of this
            Agreement (other than by reason of default or negligence by that
            Finance Party alone); or

      (d)   a Loan (or part of a Loan) not being prepaid in accordance with a
            notice of prepayment given by a Borrower or the Company.

15.3  INDEMNITY TO THE AGENT

      The Company shall promptly indemnify the Agent against any cost, loss or
      liability incurred by the Agent (acting reasonably) as a result of:

      (a)   investigating any event which it reasonably believes is a Default;
            or

      (b)   acting or relying on any notice, request or instruction which it
            reasonably believes to be genuine, correct and appropriately
            authorised.

16.   MITIGATION BY THE LENDERS

16.1  MITIGATION

      (a)   Each Finance Party shall, in consultation with the Company, take all
            reasonable steps to mitigate any circumstances which arise and which
            would result in any amount becoming payable under or pursuant to, or
            cancelled pursuant to, any of Clause 8.1 (Illegality), Clause 13
            (Tax gross-up and indemnities) Clause 14 (Increased costs) or
            Schedule 4 (Mandatory Cost formulae) including (but not limited to)
            transferring its rights and obligations under the Finance Documents
            to another Affiliate or Facility Office.

      (b)   Paragraph (a) above does not in any way limit the obligations of any
            Obligor under the Finance Documents.

16.2  LIMITATION OF LIABILITY

      (a)   The Company shall indemnify each Finance Party for all costs and
            expenses reasonably incurred by that Finance Party as a result of
            steps taken by it under Clause 16.1 (Mitigation).

                                      -48-
<PAGE>

      (b)   A Finance Party is not obliged to take any steps under Clause 16.1
            (Mitigation) if, in the opinion of that Finance Party (acting
            reasonably), to do so might be prejudicial to it.

17.   COSTS AND EXPENSES

17.1  TRANSACTION EXPENSES

      The Company shall promptly on demand pay the Agent and the Mandated Lead
      Arrangers the amount of all costs and expenses (including legal fees)
      reasonably incurred by any of them in connection with the negotiation,
      preparation, printing, execution and syndication of:

      (a)   this Agreement and any other documents referred to in this
            Agreement; and

      (b)   any other Finance Documents executed after the date of this
            Agreement.

17.2  AMENDMENT COSTS

      If (a) an Obligor requests an amendment, waiver or consent or (b) an
      amendment is required pursuant to Clause 28.9 (Change of currency), the
      Company shall, within three Business Days of demand, reimburse the Agent
      for the amount of all costs and expenses (including legal fees) reasonably
      incurred by the Agent in responding to, evaluating, negotiating or
      complying with that request or requirement.

17.3  ENFORCEMENT COSTS

      The Company shall, within three Business Days of demand, pay to each
      Finance Party the amount of all costs and expenses (including legal fees)
      incurred by that Finance Party in connection with the enforcement of, or
      the preservation of any rights under, any Finance Document.

                                      -49-
<PAGE>

                                    SECTION 7
               REPRESENTATIONS, UNDERTAKINGS AND EVENTS OF DEFAULT

18.   REPRESENTATIONS

      Each Obligor makes the representations and warranties set out in this
      Clause 18 to each Finance Party in relation to itself and (where
      applicable) its Subsidiaries on the date it enters into the relevant
      Finance Document to which it is a party.

18.1  STATUS

      (a)   It is a corporation, duly incorporated and validly existing under
            the law of its jurisdiction of incorporation.

      (b)   It and each of its Material Subsidiaries has the power to own its
            assets and carry on its business as it is being conducted.

18.2  BINDING OBLIGATIONS

      The obligations expressed to be assumed by it in each Finance Document
      are, subject to any Reservations, legal, valid, binding and enforceable
      obligations.

18.3  NON-CONTRAVENTION WITH OTHER OBLIGATIONS

      The entry into and performance by it of, and the transactions contemplated
      by, the Finance Documents do not and will not contravene to any extent
      which is material as regards the Finance Documents with:

      (a)   any law or regulation applicable to it;

      (b)   its and each of its Material Subsidiaries' constitutional documents;
            or

      (c)   any agreement or instrument binding upon it or any of its Material
            Subsidiaries or any of its or any of its Material Subsidiaries'
            assets.

18.4  POWER AND AUTHORITY

      It has the power to enter into, perform and deliver, and has taken all
      necessary action to authorise its entry into, performance and delivery of,
      the Finance Documents to which it is a party and the transactions
      contemplated by those Finance Documents.

18.5  VALIDITY AND ADMISSIBILITY IN EVIDENCE

      All Authorisations required:

      (a)   to enable it lawfully to enter into, exercise its rights and comply
            with its obligations in the Finance Documents to which it is a
            party; and

      (b)   to make the Finance Documents to which it is a party admissible in
            evidence in its jurisdiction of incorporation save as set out in any
            Reservations,

      have been obtained or effected and are in full force and effect.

                                      -50-
<PAGE>

18.6  GOVERNING LAW AND ENFORCEMENT

      (a)   The choice of French law as the governing law of the Finance
            Documents will be recognised and enforced in its jurisdiction of
            incorporation.

      (b)   Any judgment obtained in France in relation to a Finance Document
            will be recognised and enforced in its jurisdiction of
            incorporation.

18.7  DEDUCTION OF TAX

      It is not required under the law of its jurisdiction of incorporation to
      make any Tax Deduction from any payment it may make to any Qualifying
      Lender (to the extent that such Qualifying Lenders has complied with all
      necessary procedural formalities applicable to it) under any Finance
      Document.

18.8  NO FILING OR STAMP TAXES

      Under the law of its jurisdiction of incorporation it is not necessary
      that the Finance Documents be filed, recorded or enrolled with any court
      or other authority in that jurisdiction or that any stamp, registration or
      similar tax be paid on or in relation to the Finance Documents or the
      transactions contemplated by the Finance Documents save as set out in any
      Reservations.

18.9  NO DEFAULT

      (a)   No Event of Default is continuing or can reasonably be expected to
            result from the making of any Utilisation.

      (b)   No other event or circumstance is outstanding which constitutes a
            default under any other agreement or instrument which is binding on
            it or any of its Material Subsidiaries or to which its (or its
            Material Subsidiaries') assets are subject which might reasonably be
            expected to have a Material Adverse Effect.

18.10 NO MISLEADING INFORMATION

      (a)   Any factual information provided by any member of the Group for the
            purposes of the Information Memorandum will, to the best of the
            Company's knowledge, be true and accurate in all material respects
            as at the date it was provided or as at the date (if any) at which
            it is stated.

      (b)   The financial projections contained in the Information Memorandum
            will be prepared on the basis of recent historical information and
            on the basis of reasonable assumptions.

      (c)   No information will be given or omitted by any member of the Group
            that results in the information contained in the Information
            Memorandum being untrue or misleading in any material respect.

      (d)   The representation made in this Clause 18.10 is made by the Company
            only.

                                      -51-
<PAGE>

18.11 FINANCIAL STATEMENTS

      (a)   Its Original Financial Statements were prepared in accordance with
            GAAP consistently applied unless expressly disclosed to the Agent in
            writing to the contrary before the date of this Agreement.

      (b)   Its Original Financial Statements (in conjunction with the notes
            thereto) fairly represent its financial condition and operations
            (consolidated in the case of the Company) during the relevant
            financial year unless expressly disclosed to the Agent in writing to
            the contrary before the date of this Agreement.

      (c)   There has been no material adverse change in its business or
            financial condition (or the business or consolidated financial
            condition of the Group, in the case of the Company) since the date
            of closing of the financial year to which those Original Financial
            Statements relate.

18.12 PARI PASSU RANKING

      Its payment obligations under the Finance Documents rank at least pari
      passu with the claims of all its other unsecured and unsubordinated
      creditors, except for obligations mandatorily preferred by law applying to
      companies generally.

18.13 NO PROCEEDINGS PENDING OR THREATENED

      No litigation, arbitration or administrative proceedings of or before any
      court, arbitral body or agency which, if adversely determined, might
      reasonably be expected to have a Material Adverse Effect have (to the best
      of its and of its directors' knowledge and belief) been started or
      threatened against it or any of its Material Subsidiaries.

18.14 REPETITION

      Subject to Clause 18.15 (Non-Applicability), the Repeating Representations
      are deemed to be made by each Obligor by reference to the facts and
      circumstances then existing on:

      (a)   the date of each Utilisation Request and the first day of each
            Interest Period; and

      (b)   in the case of an Additional Borrower, the day on which the company
            becomes (or it is proposed that the company becomes) an Additional
            Borrower.

18.15 NON-APPLICABILITY

      (a)   The representations set out in Clauses 18.1(b) (Status), 18.3
            (Non-conflict with other obligations), 18.9 (No Default), 18.10 (No
            Misleading Information), 18.11 (Financial Statements) and 18.13 (No
            proceedings pending or threatened) do not apply in relation to:

            (i)   any member of the Target Group until 180 days after the date
                  when Target became a Subsidiary of the Company; and

                                      -52-
<PAGE>

            (ii)  any company (other than a member of the Target Group) becoming
                  a member of the Group until 90 days after the date when that
                  company became a member of the Group.

      (b)   Notwithstanding the provisions of paragraph (a) above, the
            representations set out in Clauses 18.1(b) (Status) and 18.3
            (Non-conflict with other obligations) (together, for the avoidance
            of doubt, with all Repeating Representations which are not mentioned
            in paragraph (a) above and the representation set out in Clause 18.4
            (Power and authority)) shall apply immediately in relation to any
            member of the Group which becomes an Additional Borrower.

19.   INFORMATION UNDERTAKINGS

      The undertakings in this Clause 19 remain in force from the date of this
      Agreement for so long as any amount is outstanding under the Finance
      Documents or any Commitment is in force.

19.1  FINANCIAL STATEMENTS

      The Company shall supply to the Agent in sufficient copies for all the
      Lenders:

      (a)   as soon as the same become available, but in any event within 90
            days after the end of each of its financial years:

            (i)   its audited consolidated financial statements for that
                  financial year; and

            (ii)  the audited financial statements of each Borrower for that
                  financial year; and

      (b)   as soon as the same become available, but in any event within 90
            days after the end of each half of each of its financial years:

            (i)   its consolidated financial statements for that financial half
                  year; and

            (ii)  the financial statements of each Borrower for that financial
                  half year.

19.2  COMPLIANCE CERTIFICATE

      (a)   The Company shall supply to the Agent, with each set of financial
            statements delivered pursuant to paragraph (a)(i) or (b)(i) of
            Clause 19.1 (Financial statements), a Compliance Certificate setting
            out (in reasonable detail) computations as to compliance with Clause
            20 (Financial covenants) as at the date as at which those financial
            statements were drawn up.

      (b)   Each Compliance Certificate shall be signed by the Chief Executive
            Officer (directeur general) or the Chief Financial Officer
            (directeur financier) of the Company.

                                      -53-
<PAGE>

19.3  REQUIREMENTS AS TO FINANCIAL STATEMENTS

      (a)   Each set of financial statements delivered by the Company pursuant
            to Clause 19.1 (Financial statements) shall be certified by a
            director of the relevant company as fairly representing its
            financial condition as at the date as at which those financial
            statements were drawn up.

      (b)   The Company shall procure that each set of financial statements of a
            Borrower delivered pursuant to Clause 19.1 (Financial statements) is
            prepared using applicable GAAP, accounting practices and financial
            reference periods consistent with those applied in the preparation
            of the Original Financial Statements for that Borrower (or, where
            applicable, its latest annual financial statements delivered to the
            Agent in accordance with this Clause 19) provided that, in relation
            to the Company's consolidated financial statements, if any changes
            has occurred in relation to applicable GAAP, accounting practices or
            reference period, the Company shall notify the same to the Agent and
            the Company's auditors shall deliver to the Agent:

            (i)   a description of any change necessary for those consolidated
                  financial statements to reflect the GAAP, accounting practices
                  and reference periods upon which the Company's Original
                  Financial Statements (or, where applicable, its latest annual
                  consolidated financial statements delivered to the Agent in
                  accordance with this Clause 19) were prepared; and

            (ii)  sufficient information, in form and substance as may be
                  reasonably required by the Agent, to enable the Lenders to
                  determine whether Clause 20 (Financial covenants) has been
                  complied with and make an accurate comparison between the
                  financial position indicated in those consolidated financial
                  statements and the Company's Original Financial Statements
                  (or, where applicable, its latest annual consolidated
                  financial statements delivered to the Agent in accordance with
                  this Clause 19).

            Any reference in this Agreement to those financial statements shall
            be construed as a reference to those financial statements as
            adjusted to reflect the basis upon which the Original Financial
            Statements (or, where applicable, its latest annual financial
            statements delivered to the Agent in accordance with this Clause 19)
            were prepared.

19.4  INFORMATION: MISCELLANEOUS

      The Company shall supply to the Agent (in sufficient copies for all the
      Lenders, if the Agent so requests):

      (a)   all information documents (excluding for the avoidance of doubt
            notices of shareholders' meetings) dispatched by the Company to its
            shareholders (or any class of them) or its creditors generally at
            the same time as they are dispatched and the Company shall procure
            that the same documents will be delivered to the Agent in relation
            to Target as long as Target remains listed;

      (b)   promptly upon becoming aware of it, available information as to the
            existence of any litigation, arbitration or administrative
            proceedings which are current, threatened or pending against any
            member of the Group, and

                                      -54-
<PAGE>

            which might, if adversely determined, be reasonably be expected to
            have a Material Adverse Effect; and

      (c)   promptly, such further information regarding the financial condition
            of any Obligor as any Finance Party (through the Agent) may
            reasonably request.

19.5  NOTIFICATION OF DEFAULT

      (a)   Each Borrower shall notify the Agent of any Default (and the steps,
            if any, being taken to remedy it) promptly upon becoming aware of
            its occurrence (unless that Borrower is aware that a notification
            has already been provided by another Borrower).

      (b)   Promptly upon a request by the Agent, the Company shall supply to
            the Agent a certificate signed by two of its directors
            (administrateurs) on its behalf certifying that no Default is
            continuing (or if a Default is continuing, specifying the Default
            and the steps, if any, being taken to remedy it).

19.6  NOTIFICATION OF RATING CHANGE

      For the purpose of determining the applicable margin in accordance with
      the provisions of Clause 9 (Interest), the Company shall notify the Agent
      of any change of a rating on its long term unsecured and unsubordinated
      debt (or, as the case may be, on the Facility itself) assigned either by
      S&P or Moody's immediately upon becoming aware of the same.

19.7  NOTIFICATION OF TRANSFER OF INTELLECTUAL PROPERTY RIGHTS WITHIN THE GROUP

      The Company undertakes to notify the Agent of any sale, lease, transfer or
      other disposal (other than trough a licence) of any intellectual property
      rights made by any Obligor in the benefit of any member of the Group which
      is not an Obligor.

20.   FINANCIAL COVENANTS

      (a)   The Company shall procure that on each Test Date (as from 30 June
            2004 until and including 31 December 2008), the ratio of Net Debt to
            EBITDA in respect of the Group on a consolidated basis for the
            Relevant Period is no greater than 2.5 : 1.

      (b)   The Company shall procure that on each Test Date (as from and
            including 30 June 2005 until and including 31 December 2008), the
            Gross Debt of its Subsidiaries on a consolidated basis (without
            taking into account any financial borrowing arising under Facility
            C) shall at no time represent more than 1.0 times the EBITDA for the
            Relevant Period.

      (c)   So as to meet as soon as possible the ratio set out in paragraph (b)
            above, the Company undertakes to make its best efforts to refinance
            indebtedness of Target incurred prior to the date on which the
            Company notifies the Agent that it has the effective control of
            Target (which date shall not be later than 3 Months following the
            date on which Target becomes a Subsidiary of the Company), by way of
            indebtedness incurred by the Company or incurred by Target under
            Facility C.

      (d)   In this Clause 20:

                                      -55-
<PAGE>

            "GROSS DEBT" means financial borrowings, whether short or long term,
            including all capital lease obligations as such concepts are defined
            in the notes to the Original Financial Statements of the Company.

            "NET DEBT" means Gross Debt after deduction of the total of cash,
            cash equivalents and marketable securities held by the Company, as
            provided in the consolidated balance sheet at each Test Date.

            "EBITDA" means for each Relevant Period, consolidated operating
            profit of the Group, as defined under accounting principles
            applicable to the Company's Original Financial Statements, plus, as
            applicable to the Relevant Period (if the following charges have
            been deducted to obtain operating profit, ie without double
            counting):

            (i)   any amortization and depreciation charges, be it of tangible
                  or intangible assets including goodwill,

            (ii)  any purchase IPR&D charge as evaluated by an independent
                  expert in accordance with applicable GAAP,

            (iii) any impact of inventory step up upon adjustment of inventory
                  valuation to fair market value for the opening of the accounts
                  of the Group following the acquisition of Target as required
                  by GAAP,

            (iv)  any restructuring charge directly incurred in connection with
                  the Acquisition, such charges to be incurred in 2004 and 2005
                  only and not to exceed EUR 1,000,000,000 in any of these
                  years.

            "RELEVANT PERIOD" means each twelve Month rolling basis period
            ending on a Test Date.

            "TEST DATE" means 30 June and 31 December of each calendar year.

      (d)   The financial covenants contained in this Clause 20 will be tested
            on each Test Date by reference to the latest consolidated financial
            statement delivered to the Agent in accordance with Clause 19.1
            (Financial Statements).

21.   GENERAL UNDERTAKINGS

      The undertakings in this Clause 21 remain in force from the date of this
      Agreement for so long as any amount is outstanding under the Finance
      Documents or any Commitment is in force and are subscribed by each Obligor
      in relation to itself and where applicable its Subsidiaries.

21.1  AUTHORISATIONS

      Each Obligor shall promptly:

      (a)   obtain, comply with and do all that is necessary to maintain in full
            force and effect; and

      (b)   supply certified copies to the Agent of,

                                      -56-
<PAGE>

      any Authorisation required under any law or regulation of its jurisdiction
      of incorporation to enable it to perform its obligations under the Finance
      Documents and to ensure the legality, validity, enforceability or
      admissibility in evidence in its jurisdiction of incorporation of any
      Finance Document (subject to the Reservations).

21.2  COMPLIANCE WITH LAWS

      (a)   Each Obligor shall comply in all respects with all laws to which it
            may be subject, if failure so to comply would materially impair its
            ability to perform its obligations under the Finance Documents.

      (b)   The Company shall comply in all respect with all material applicable
            laws to which it may be subject in relation with the Offer.

21.3  NEGATIVE PLEDGE

      (a)   No Obligor shall (and the Company shall ensure that no other member
            of the Group will) create or permit to subsist any Security over any
            of its assets.

      (b)   No Obligor shall (and the Company shall ensure that no other member
            of the Group will):

            (i)   sell, transfer or otherwise dispose of any of its assets on
                  terms whereby they are or may be leased to or re-acquired by
                  an Obligor or any other member of the Group;

            (ii)  sell, transfer or otherwise dispose of any of its receivables
                  on recourse terms (other than pursuant to securitisation
                  programs of the Company's Group existing on the date hereof
                  and of Target Group existing on the date the Company notifies
                  the Agent that it has the effective control of Target (which
                  date shall not be later than 3 Months following the date on
                  which Target becomes a Subsidiary of the Company) and provided
                  that the cash proceeds thereof is applied toward the mandatory
                  prepayment of the Facilities where required in accordance with
                  Clause 18.10 (Mandatory prepayment and cancellation from Net
                  Cash Proceeds);

            (iii) enter into any arrangement under which money or the benefit of
                  a bank or other account may be applied, set-off or made
                  subject to a combination of accounts; or

            (iv)  enter into any other preferential arrangement having a similar
                  effect,

      in circumstances where the arrangement or transaction is entered into
      primarily as a method of raising Financial Indebtedness or of financing
      the acquisition of an asset.

      (c)   Paragraphs (a) and (b) above do not apply to:

            (i)   any Security disclosed in the Original Financial Statements or
                  listed in Schedule 9 (Existing Security) except to the extent
                  the principal amount secured by that Security exceeds the
                  amount stated in that Schedule;

                                      -57-
<PAGE>

            (ii)  any netting or set-off arrangement entered into by any member
                  of the Group in the ordinary course of its banking
                  arrangements or cash management (including hedging policies
                  made in accordance with sound commercial practices on the
                  basis of the existing Group policies) ;

            (iii) any lien arising by operation of law and in the ordinary
                  course of trading;

            (iv)  any Security over or affecting any asset acquired by a member
                  of the Group after the date of this Agreement if:

                  (A)   the Security was not created in contemplation of the
                        acquisition of that asset by a member of the Group;

                  (B)   the principal amount secured has not been increased in
                        contemplation of, or since the acquisition of that asset
                        by a member of the Group; and

                  (C)   the Security is removed or discharged within 9 Months of
                        the date of acquisition of such asset if not otherwise
                        permitted under this Clause 21.3;

            (v)   any Security over or affecting any asset of any company which
                  becomes a member of the Group after the date of this
                  Agreement, where the Security is created prior to the date on
                  which that company becomes a member of the Group, if:

                  (A)   the Security was not created in contemplation of the
                        acquisition of that company;

                  (B)   the principal amount secured has not increased in
                        contemplation of or since the acquisition of that
                        company; and

                  (C)   the Security is removed or discharged within 9 Months of
                        that company becoming a member of the Group if not
                        otherwise permitted under this Clause 21.3;

            (vi)  any Security created in favour of a claimant or defendant in
                  any action of the court or tribunal before whom such action is
                  brought as security for costs or expenses where any member of
                  the Group is actively prosecuting or defending such action by
                  appropriate proceedings in the bona fide interests of the
                  Group;

            (vii) any Security created pursuant to any order of attachment,
                  distraint, garnishee order, arrestment, adjudication or
                  injunction or interdict restraining disposal of assets or
                  similar legal process arising in connection with court
                  proceedings, provided the same are not, in the opinion of the
                  Majority Lenders, adverse to their interests;

                                      -58-
<PAGE>

            (viii) any Security for taxes or assessments that are being actively
                  contested in good faith by appropriate proceedings and for
                  which adequate provisions are being maintained to the extent
                  required by applicable principles;

            (ix)  any Security (a SUBSTITUTE SECURITY) which replaces any other
                  Security permitted pursuant to this Clause and which secures
                  an amount not exceeding the principal amount secured by such
                  permitted Security at the time it is replaced together with
                  any interest accruing on such amounts from the date such
                  Substitute Security is created or arises any fees or expenses
                  incurred in relation thereto provided that the existing
                  Security to be replaced is released and all amounts secured
                  thereby paid or otherwise discharged in full at or prior to
                  the time of such Substitute Security being created or arising;

            (x)   any Security securing indebtedness the principal amount of
                  which (when aggregated with the principal amount of any other
                  indebtedness which has the benefit of Security given by any
                  member of the Group other than any permitted under paragraphs
                  (i) to (vii) above) does not exceed EUR 100,000,000 (or its
                  equivalent in another currency or currencies) until the final
                  Original Offer Settlement Date and EUR 250,000,000 (or its
                  equivalent in another currency or currencies) thereafter.

21.4  DISPOSALS

      (a)   No member of the Group may enter into a single transaction or a
            series of transactions (whether related or not) to sell, lease,
            transfer or otherwise dispose of any asset (other than current
            assets), unless:

            (i)   such transaction is made on arms' length for fair
                  consideration (taking into account timing and other
                  constraints which may arise, as the case may be, in relation
                  to disposals required by any anti-trust authority);

            (ii)  the Net Disposal Proceeds resulting from such transaction are
                  applied towards the mandatory prepayment of the Facilities
                  where required pursuant to Clause 8.10 (Mandatory prepayment
                  and cancellation from Net Cash Proceeds).

      (b)   The Company shall not sell, lease, transfer or otherwise dispose of
            (other than through a licence and for fair consideration) any
            intellectual property rights generating a significant source of
            income or likely to generate a significant source of income during
            the duration of this Agreement to any member of the Group unless
            such transfer is made in compliance with the general policy of the
            Group as regards intellectual property rights and the transferee
            agrees to grant a first demand guarantee up to the maximum amount
            legally possible (in a form satisfactory to the Lenders and based on
            the terms and conditions consistent with those of the Guarantee) for
            the benefit of the Lenders securing all or part of the obligations
            of the transferor under the Finance Documents.

                                      -59-
<PAGE>

21.5  ACQUISITION

      (a)   As long as all commitments under Facility A and Facility B have not
            been entirely cancelled and/or repaid, the Company shall ensure that
            the aggregate amount in enterprise value of acquisitions and
            investments in business, shares or other assets made by it or any
            member of the Group during such period will not exceed EUR
            10,000,000,000 provided that neither the Acquisition nor acquisition
            or investment made within the ordinary course of business shall be
            taken into account for the purpose of determining whether the above
            threshold has been met.

      (b)   The Company shall ensure that no acquisition or investments made by
            it or any other member of the Group will have a Material Adverse
            Effect.

21.6  MERGER

      No Obligor shall (and the Company shall ensure that no other member of the
      Group will) enter into any amalgamation, merger or corporate
      reconstruction other than under a solvent liquidation or reorganisation
      involving (i) members of the Group only or (ii) members of the Group and
      third parties for the purpose of achieving an acquisition authorised
      pursuant to Clause 21.5 (Acquisition) provided in each case that if any
      member of the Group involved in any such amalgamation, merger or corporate
      reconstruction is an Obligor, such Obligor shall be the surviving entity.

21.7  CHANGE OF BUSINESS

      The Company shall procure that no substantial change is made to the
      general nature of the business of the Company or the Group from that
      carried on at the date of this Agreement.

21.8  OFFER

      (a)   The terms (including the price) and conditions of the Increased
            Offer shall be agreed between the Company and the Original Lenders
            prior to the Increased Offer Announcement Date.

      (b)   The Company undertakes to carry out the Original Offer in accordance
            with the terms and conditions agreed with the Lenders and shall not,
            without the consent of the Majority Lenders, make, or agree to, any
            waiver or change of any condition precedent or term (including the
            price) of the Original Offer or take or permit to be taken any step
            or make any public statement as a result of which the terms
            (including the price) and/or conditions of the Original Offer are,
            or may be required to be, waived or changed, provided that no such
            consent shall be required in relation to any waiver or change of any
            term and/or condition of the Original Offer (i) relating to the
            duration of the Original Offer (when filed) and to any extension
            thereof or (ii) resulting from the withdrawal of the Original Offer
            decided by the Company.

      (c)   The Company undertakes to file the Increased Offer and the note
            d'information relating thereto with the AMF as soon as practicable
            and at the latest 10 Business Days following the date of this
            Agreement, failing which the Commitments of the Lenders under this
            Agreement shall be automatically cancelled in accordance with
            provisions of Clause 8.4 (Mandatory Cancellation).

                                      -60-
<PAGE>

      (d)   The Company may make an Additional Offer without the prior consent
            of the Majority Lenders as long as such Additional Offer is made on
            substantially the same terms and conditions as the Original Offer
            (save for such changes as are permitted without the prior Lenders'
            approval or as to which the Lenders have granted their consent
            pursuant to paragraph (b) above).

      (e)   The Company shall keep the Agent informed at all times of all
            proposed modifications, of all modifications and of all material
            developments in relation to the Offer (including where available,
            the levels of acceptance) and provide promptly, such further
            information or document as any Finance Party (through the Agent) may
            reasonably request in relation to the Offer.

      (f)   The Company shall conduct its business during the whole duration of
            the Original Offer in accordance with its strategy as publicly
            announced. In addition, during such period, the Company shall not
            proceed with any distribution of dividends for an amount greater
            than EUR 1,000,000,000.

21.9  TRANSFER OF NET CASH PROCEEDS

      Without prejudice to paragraphs (f) to (i) of Clause 8.10 (Mandatory
      prepayment and cancellation from Net Cash Proceeds), the Company shall
      (and shall ensure that any member of the Group will) make its best efforts
      to carry out any transfer of Net Cash Proceeds from any member of the
      Group to the Company for the purposes of allowing the Company to meet its
      obligations to proceed with early prepayment pursuant to such Clause 8.10
      (Mandatory prepayment and cancellation from Net Cash Proceeds).

21.10 DEBT ISSUE

      As long as amounts outstanding under Facility A and Facility B have not
      been reduced to two thirds of the aggregate of the Total Facility A
      Commitment and the Total Facility B Commitment at the date of this
      Agreement, no Debt Issue shall be made by any member of the Group other
      than the Company except where the Net Debt Issue Proceeds arising under
      such Debt Issue may be applied towards repayment of Facility A and
      Facility B in accordance with Clause 8.11 (d) (in particular as regards
      timing) without any delay, prohibition or exemption resulting from Clause
      8.11.(e).

21.11 NEW SUBSIDIARIES

      The undertakings set out in this Clause 21 shall not apply to any
      transaction, contract or arrangement to which any entity which becomes a
      member of the Group after the date of this Agreement was a party prior to
      it becoming a member of the Group (and which was not entered into in
      contemplation of its becoming a member of the Group) until 180 days after
      the date on which that entity becomes a member of the Group.

22.   EVENTS OF DEFAULT

      Each of the events or circumstances set out in Clause 22 is an Event of
      Default.

                                      -61-
<PAGE>

22.1  NON-PAYMENT

      An Obligor does not pay on the due date any amount payable pursuant to a
      Finance Document (except an amount the non-payment of which requires the
      Borrower to make a prepayment under Clause 8.7 (Mandatory prepayment in
      relation to a single Lender)) at the place at and in the currency in which
      it is expressed to be payable unless:

      (a)   its failure to pay is caused by administrative or technical error;
            and

      (b)   payment is made within 3 Business Days of its due date.

22.2  FINANCIAL COVENANTS

      Any requirement of Clause 20 (Financial covenants) is not satisfied.

22.3  OTHER OBLIGATIONS

      (a)   An Obligor does not comply with any provision of the Finance
            Documents (other than those referred to in Clause 22.1 (Non-payment)
            and Clause 22.2 (Financial covenants)).

      (b)   No Event of Default under paragraph (a) above in relation to Clauses
            21.1 (Authorisation) to 21.6 (Merger) will occur if the failure to
            comply is, in the opinion of the Majority Lenders, capable of remedy
            and is remedied within 15 Business Days of the earlier of (i) the
            Agent giving notice to the Company or (ii) the Company becoming
            aware of the failure to comply.

22.4  MISREPRESENTATION

      Any representation or statement made or deemed to be made by an Obligor in
      the Finance Documents or any other document delivered by or on behalf of
      any Obligor under or in connection with any Finance Document is or proves
      to have been incorrect or misleading in any material respect when made or
      deemed to be made.

22.5  CROSS DEFAULT

      (a)   Any Financial Indebtedness of any member of the Group is not paid
            when due nor within any originally applicable grace period.

      (b)   Any Financial Indebtedness of any member of the Group is declared to
            be or otherwise becomes due and payable prior to its specified
            maturity as a result of an event of default (however described)
            except as the case may be (a) where such declaration is being
            actively contested by the relevant member of the Group in good faith
            by the taking of appropriate proceedings before the competent
            courts, (b) the Company has provided to the Agent, within 10
            Business Days of such declaration, opinions from two leading
            international law firms that the relevant member of the Group has
            good grounds for taking such a position and a certificate stating
            that the relevant member of the Group has established adequate
            reserves in respect of such Financial Indebtedness if required under
            the applicable GAAP and (c) such declaration is waived or dismissed
            within twelve Months of such declaration.

                                      -62-
<PAGE>

      (c)   Any commitment for any Financial Indebtedness of any member of the
            Group is cancelled or suspended by a creditor of any member of the
            Group as a result of an event of default (however described) except
            as the case may be:

            (i)   (a) where such cancellation or suspension is being actively
                  contested by the relevant member of the Group in good faith by
                  the taking of appropriate proceedings before the competent
                  courts, (b) the Company has provided to the Agent, within 10
                  days of such declaration, opinions from two leading
                  international law firms that the relevant member of the Group
                  has good grounds for taking such a position and (c) such
                  cancellation or suspension is waived or dismissed within
                  twelve Months of such declaration, or

            (ii)  where such Financial Indebtedness is suspended only as a
                  result of an event of default (however described) which has
                  not yet been declared for the purpose of the cancellation of
                  such Financial Indebtedness and in respect of which the
                  relevant borrower has made a waiver request unless the related
                  Financial Indebtedness is cancelled and/or the relevant waiver
                  is not obtained within 10 Business Days following the
                  occurrence of the related event of default.

      (d)   Any creditor of any member of the Group becomes entitled to declare
            any Financial Indebtedness of any member of the Group due and
            payable prior to its specified maturity as a result of an event of
            default (however described) except, as long as such event of default
            has not been declared, where the relevant Borrower has made a waiver
            request and provided that the relevant waiver is obtained within 10
            Business Days following the occurrence of the related event of
            default.

      (e)   No Event of Default will occur under this Clause 22.5 if the
            aggregate amount of Financial Indebtedness or commitment for
            Financial Indebtedness falling within paragraphs (a) to (d) above is
            less than EUR 200,000,000 (or its equivalent in any other currency
            or currencies).

22.6  INSOLVENCY

      (a)   A Borrower or any Material Subsidiary is unable or admits inability
            to pay its debts as they fall due, suspends making payments on any
            of its debts or, by reason of actual or anticipated financial
            difficulties, commences negotiations with one or more of its
            creditors with a view to rescheduling any of its indebtedness.

      (b)   A Borrower or any Material Subsidiary which conducts business in
            France is in a state of cessation des paiements, or a Borrower or
            any Material Subsidiary becomes insolvent for the purpose of any
            insolvency law.

      (c)   A moratorium is declared in respect of any indebtedness of a
            Borrower or any Material Subsidiary.

22.7  INSOLVENCY PROCEEDINGS

      (a)   Any corporate action, legal proceedings or other procedure or step
            is taken in relation to:

                                      -63-
<PAGE>

            (i)   the suspension of payments, a moratorium of any indebtedness,
                  winding-up, dissolution, administration or reorganisation (by
                  way of voluntary arrangement, scheme of arrangement or
                  otherwise) of a Borrower or any Material Subsidiary other than
                  a solvent liquidation or reorganisation of any member of the
                  Group which is not an Obligor;

            (ii)  the appointment of a liquidator (other than in respect of a
                  solvent liquidation of a member of the Group which is not an
                  Obligor), receiver, administrator, administrative receiver,
                  compulsory manager or other similar officer in respect of a
                  Borrower or any Material Subsidiary or any of its assets;

            (iii) enforcement of any Security over any assets of a Borrower or
                  any Material Subsidiary in respect of claim(s) in excess in
                  aggregate of EUR 100,000,000; or

      (b)   any analogous procedure or step is taken in any jurisdiction.

      (c)   A Borrower or any Material Subsidiary commences proceedings for
            reglement amiable in accordance with articles L.611-3 to L.611-6 of
            the French Code de Commerce (or any analogous procedure is commenced
            in any relevant jurisdiction).

      (d)   A judgement for redressement judiciaire, cession totale de
            l'entreprise or liquidation judiciaire is entered in relation to the
            Company or any member of the Group under articles L.620-1 to L.628-3
            of the French Code de Commerce (or any analogous judgment is
            rendered in any relevant jurisdiction).

22.8  CREDITORS' PROCESS

      Any of the enforcement proceedings provided for in French law no.91-650 of
      9 July 1991, or any expropriation, attachment, sequestration, distress or
      execution affects any asset or assets of a member of the Group having an
      aggregate value of 100,000,000 and, in respect of conservatory proceedings
      only, is not discharged within 15 Business Days.

22.9  MATERIAL ADVERSE CHANGE

      A Material Adverse Effect occurs.

22.10 ACCELERATION

      On and at any time after the occurrence of an Event of Default which is
      continuing the Agent may without mise en demeure or any other judicial or
      extra judicial step, and shall if so directed by the Majority Lenders, by
      notice to the Company but subject to the mandatory provisions of articles
      L.620-1 to L.628-3 of the French Code de Commerce:

      (a)   cancel the Total Commitments whereupon they shall immediately be
            cancelled; and/or

      (b)   declare that all or part of the Loans, together with accrued
            interest, and all other amounts accrued or outstanding under the
            Finance Documents be

                                      -64-
<PAGE>

            immediately due and payable, whereupon they shall become immediately
            due and payable.

22.11 NEW SUBSIDIARIES

      Any event or circumstances which would otherwise constitute an Event of
      Default and which would exist only in relation to any entity becoming a
      member of the Group and which only:

      (a)   occurred or existed before the date on which such entity became a
            member of the Group; or

      (b)   arose as a result of such entity having become a member of the Group

      will not constitute an Event of Default or entitle the Agent, or entitle
      the Lenders to instruct the Facility Agent, to make a declaration under
      Clause 22.10 (Acceleration) unless the event or circumstances continue for
      a period of 180 days or such shorter period of time as may be provided for
      under Clause 18.15 (Non-Applicability) after the date on which such
      company becomes a member of the Group or such event or circumstances recur
      after the expiry of such period.

                                      -65-
<PAGE>

                                    SECTION 8
                               CHANGES TO PARTIES

23.   CHANGES TO THE LENDERS

23.1  ASSIGNMENTS AND TRANSFERS BY THE LENDERS

      (a)   Subject to this Clause 23, a Lender (the "EXISTING LENDER") may:

            (i)   assign any of its rights; or

            (ii)  transfer any of its rights (including such as relate to that
                  Lender's participation in each Loan) and obligations,

      to another bank or financial institution (the "NEW LENDER").

      (b)   The consent of the Finance Parties is hereby given to a transfer by
            an Existing Lender to a New Lender.

23.2  CONDITIONS OF ASSIGNMENT OR TRANSFER

      (a)   The consent of the Company is required for an assignment or transfer
            by a Lender, provided that:

            (i)   in the case of an assignment, no consent is required if the
                  assignment is to another Lender or an Affiliate of a Lender or
                  following the occurrence of an Event of Default which is
                  continuing, and

            (ii)  the Company hereby consents to a transfer to another Lender or
                  an Affiliate of a Lender.

      (b)   The consent of the Company to an assignment or transfer must not be
            unreasonably withheld or delayed. The Company will be deemed to have
            given its consent ten Business Days after the Lender has requested
            it unless consent is expressly refused by the Company within that
            time.

      (c)   The consent of the Company to an assignment or transfer must not be
            withheld solely because the assignment or transfer may result in an
            increase to the Mandatory Cost.

      (d)   A Lender may assign or transfer all of part of its Commitments in
            any of the Facilities on a non prorata basis between the Facilities.

      (e)   Any transfer and assignment shall be of a minimum amount of EUR
            10,000,000.

      (f)   An assignment will only be effective as among the Finance Parties on
            receipt by the Agent of written confirmation from the New Lender (in
            form and substance satisfactory to the Agent) that the New Lender
            has become entitled to the same rights and will assume the same
            obligations to the other Finance Parties as it would have been under
            if it was an Original Lender.

                                      -66-
<PAGE>

      (g)   A transfer will only be effective if the procedure set out in Clause
            23.5 (Procedure for transfer) is complied with.

      (h)   If:

            (i)   a Lender assigns or transfers any of its rights or obligations
                  under the Finance Documents or changes its Facility Office;
                  and

            (ii)  as a result of circumstances existing at the date the
                  assignment, transfer or change occurs, an Obligor would be
                  obliged to make a payment to the New Lender or Lender acting
                  through its new Facility Office under Clause 13 (Tax gross-up
                  and indemnities), Clause 14 (Increased Costs) or Schedule 4
                  (Mandatory Cost formulae).

      then the New Lender or Lender acting through its new Facility Office is
      only entitled to receive payment under those Clauses to the same extent as
      the Existing Lender or Lender acting through its previous Facility Office
      would have been if the assignment, transfer or change had not occurred.

23.3  ASSIGNMENT OR TRANSFER FEE

      The New Lender shall, on the date upon which an assignment or transfer
      takes effect, pay to the Agent (for its own account) a fee of EUR 1,000.

23.4  LIMITATION OF RESPONSIBILITY OF EXISTING LENDERS

      (a)   Unless expressly agreed to the contrary, an Existing Lender makes no
            representation or warranty and assumes no responsibility to a New
            Lender for:

            (i)   the legality, validity, effectiveness, adequacy or
                  enforceability of the Finance Documents or any other
                  documents;

            (ii)  the financial condition of any Obligor;

            (iii) the performance and observance by any Obligor of its
                  obligations under the Finance Documents or any other
                  documents; or

            (iv)  the accuracy of any statements (whether written or oral) made
                  in or in connection with any Finance Document or any other
                  document,

            and any representations or warranties implied by law are excluded.

      (b)   Each New Lender confirms to the Existing Lender and the other
            Finance Parties that it:

            (i)   has made (and shall continue to make) its own independent
                  investigation and assessment of the financial condition and
                  affairs of each Obligor and its related entities in connection
                  with its participation in this Agreement and has not relied
                  exclusively on any information provided to it by the Existing
                  Lender in connection with any Finance Document; and

                                      -67-
<PAGE>

            (ii)  will continue to make its own independent appraisal of the
                  creditworthiness of each Obligor and its related entities
                  whilst any amount is or may be outstanding under the Finance
                  Documents or any Commitment is in force.

      (c)   Nothing in any Finance Document obliges an Existing Lender to:

            (i)   accept a re-transfer from a New Lender of any of the rights
                  and obligations assigned or transferred under this Clause 23;
                  or

            (ii)  support any losses directly or indirectly incurred by the New
                  Lender by reason of the non-performance by any Obligor of its
                  obligations under the Finance Documents or otherwise.

23.5  PROCEDURE FOR TRANSFER

      (a)   Subject to the conditions set out in Clause 23.2 (Conditions of
            assignment or transfer) a transfer is effected in accordance with
            paragraph (b) below when the Agent executes an otherwise duly
            completed Transfer Agreement delivered to it by the Existing Lender
            and the New Lender. The Agent shall, as soon as reasonably
            practicable after receipt by it of a duly completed Transfer
            Agreement appearing on its face to comply with the terms of this
            Agreement and delivered in accordance with the terms of this
            Agreement, execute that Transfer Agreement.

      (b)   By virtue of the execution of a Transfer Agreement, as from the
            Transfer Date:

            (i)   to the extent that in the Transfer Agreement the Existing
                  Lender seeks to transfer its rights and obligations under the
                  Finance Documents, the Existing Lender shall be discharged to
                  the extent provided for in the Transfer Agreement from further
                  obligations towards each of the Obligors and the other Finance
                  Parties under the Finance Documents;

            (ii)  the rights and obligations of the Existing Lender with respect
                  to the Obligors shall be transferred to the New Lender, to the
                  extent provided for in the Transfer Agreement;

            (iii) the Agent, the Mandated Lead Arrangers, the New Lender and
                  other Lenders shall have the same rights and obligations
                  between themselves as they would have had had the New Lender
                  been an Original Lender with the rights and/or obligations to
                  which it is entitled and subject as a result of the transfer
                  and to that extent the Agent, the Mandated Lead Arrangers and
                  the Existing Lender shall each be released from further
                  obligations to each other under the Finance Documents; and

            (iv)  the New Lender shall become a Party as a "LENDER".

23.6  DISCLOSURE OF INFORMATION

      Any Lender may disclose to any of its Affiliates and any other person:

                                      -68-
<PAGE>

      (a)   to (or through) whom that Lender assigns or transfers (or may
            potentially assign or transfer) all or any of its rights and
            obligations under this Agreement;

      (b)   with (or through) whom that Lender enters into (or may potentially
            enter into) any sub-participation in relation to, or any other
            transaction under which payments are to be made by reference to,
            this Agreement or any Obligor; or

      (c)   to whom, and to the extent that, information is required to be
            disclosed by any applicable law or regulation,

      any information about any Obligor, the Group and the Finance Documents as
      that Lender shall consider appropriate if, in relation to paragraphs (a)
      and (b) above, the person to whom the information is to be given has
      entered into a Confidentiality Undertaking.

24.   CHANGES TO THE OBLIGORS

24.1  ASSIGNMENTS AND TRANSFER BY OBLIGORS

      No Borrower may assign any of its rights or transfer any of its rights or
      obligations under the Finance Documents.

24.2  ADDITIONAL BORROWERS

      (a)   The Company may request that any of its Subsidiaries (including
            Target and its Subsidiaries upon their becoming a member of the
            Group) becomes an Additional Borrower. That Subsidiary shall become
            an Additional Borrower if:

            (i)   the Majority Lenders approve the addition of that Subsidiary
                  and agree with the Company upon a borrowing limit in respect
                  of such Subsidiary unless it is Target;

            (ii)  the Company delivers to the Agent a duly completed and
                  executed Accession Letter;

            (iii) the Company confirms that no Default is continuing or would
                  occur as a result of that Subsidiary becoming an Additional
                  Borrower;

            (iv)  the Agent has received all of the documents and other evidence
                  listed in Part III of Schedule 2 (Conditions precedent
                  required to be delivered by an Additional Borrower) in
                  relation to that Additional Borrower, each in form and
                  substance satisfactory to the Agent; and

            (v)   the Company has issued a Guarantee in relation to the
                  obligations of that Additional Borrower under this Agreement.

      (b)   The Agent shall notify the Company and the Lenders promptly upon
            being satisfied that it has received (in form and substance
            satisfactory to it) all the documents and other evidence listed in
            Part III of Schedule 2 (Conditions precedent required to be
            delivered by an Additional Borrower).

                                      -69-
<PAGE>

      (c)   No more than 7 Subsidiaries shall at any time be party to this
            Agreement as Additional Borrowers.

24.3  RESIGNATION OF A BORROWER

      (a)   The Company may request that a Borrower (other than the Company)
            ceases to be a Borrower by delivering to the Agent a Resignation
            Letter.

      (b)   The Agent shall accept a Resignation Letter and notify the Company
            and the Lenders of its acceptance if:

            (i)   no Default is continuing or would result from the acceptance
                  of the Resignation Letter (and the Company has confirmed this
                  is the case); and

            (ii)  the Borrower is under no actual or contingent obligations as a
                  Borrower under any Finance Documents,

            whereupon that company shall cease to be a Borrower and shall have
            no further rights or obligations under the Finance Documents.

24.4  REPETITION OF REPRESENTATIONS

      Delivery of an Accession Letter constitutes confirmation by the relevant
      Subsidiary that the Repeating Representations are true and correct in
      relation to it as at the date of delivery as if made by reference to the
      facts and circumstances then existing.

                                      -70-

<PAGE>

                                    SECTION 9
                               THE FINANCE PARTIES

25.   ROLE OF THE AGENT AND THE MANDATED LEAD ARRANGERS

25.1  APPOINTMENT OF THE AGENT

      (a)   Each other Finance Party appoints the Agent to act as its agent
            under and in connection with the Finance Documents.

      (b)   Each other Finance Party authorises the Agent to exercise the
            rights, powers, authorities and discretions specifically given to
            the Agent under or in connection with the Finance Documents together
            with any other incidental rights, powers, authorities and
            discretions.

25.2  DUTIES OF THE AGENT

      (a)   The Agent shall promptly forward to a Party the original or a copy
            of any document which is delivered to the Agent for that Party by
            any other Party.

      (b)   Except where a Finance Document specifically provides otherwise, the
            Agent is not obliged to review or check the adequacy, accuracy or
            completeness of any document it forwards to another Party.

      (c)   If the Agent receives notice from a Party referring to this
            Agreement, describing a Default and stating that the circumstance
            described is a Default, it shall promptly notify the Finance
            Parties.

      (d)   If the Agent is aware of the non-payment of any principal, interest,
            commitment fee or other fee payable to a Finance Party (other than
            the Agent or the Mandated Lead Arrangers) under this Agreement it
            shall promptly notify the other Finance Parties.

      (e)   The Agent's duties under the Finance Documents are solely mechanical
            and administrative in nature.

25.3  ROLE OF THE MANDATED LEAD ARRANGERS

      Except as specifically provided in the Finance Documents, the Mandated
      Lead Arrangers have no obligations of any kind to any other Party under or
      in connection with any Finance Document.

25.4  NO FIDUCIARY DUTIES

      (a)   Nothing in this Agreement constitutes the Agent or the Mandated Lead
            Arrangers as a trustee or fiduciary of any other person.

      (b)   Neither the Agent nor the Mandated Lead Arrangers shall be bound to
            account to any Lender for any sum or the profit element of any sum
            received by it for its own account.

                                     - 71 -
<PAGE>
25.5  BUSINESS WITH THE GROUP

      The Agent and the Mandated Lead Arrangers may accept deposits from, lend
      money to and generally engage in any kind of banking or other business
      with any member of the Group.

25.6  RIGHTS AND DISCRETIONS OF THE AGENT

      (a)   The Agent may rely on:

            (i)   any representation, notice or document believed by it to be
                  genuine, correct and appropriately authorised; and

            (ii)  any statement made by a director, authorised signatory or
                  employee of any person regarding any matters which may
                  reasonably be assumed to be within his knowledge or within his
                  power to verify.

      (b)   The Agent may assume (unless it has received notice to the contrary
            in its capacity as agent for the Lenders) that:

            (i)   no Default has occurred (unless it has actual knowledge of a
                  Default arising under Clause 22.1 (Non-payment));

            (ii)  any right, power, authority or discretion vested in any Party
                  or the Majority Lenders has not been exercised; and

            (iii) any notice or request made by the Company (other than a
                  Utilisation Request or Selection Notice) is made on behalf of
                  and with the consent and knowledge of all the Obligors.

      (c)   The Agent may engage, pay for and rely on the advice or services of
            any lawyers, accountants, surveyors or other experts.

      (d)   The Agent may act in relation to the Finance Documents through its
            personnel and agents.

      (e)   The Agent may disclose to any other Party any information it
            reasonably believes it has received as agent under this Agreement.

      (f)   Notwithstanding any other provision of any Finance Document to the
            contrary, neither the Agent nor the Mandated Lead Arrangers is
            obliged to do or omit to do anything if it would or might in its
            reasonable opinion constitute a breach of any law or regulation or a
            breach of a fiduciary duty or duty of confidentiality.

25.7  MAJORITY LENDERS' INSTRUCTIONS

      (a)   Unless a contrary indication appears in a Finance Document, the
            Agent shall exercise any right, power, authority or discretion
            vested in it as Agent in accordance with any instructions given to
            it by the Majority Lenders (or, if so instructed by the Majority
            Lenders, refrain from exercising any right, power, authority or
            discretion vested in it as Agent) and (b) not be liable for any act
            (or omission) if it acts (or refrains from taking any action) in
            accordance with an instruction of the Majority Lenders.

                                     - 72 -
<PAGE>
      (b)   Unless a contrary indication appears in a Finance Document, any
            instructions given by the Majority Lenders will be binding on all
            the Finance Parties.

      (c)   The Agent may refrain from acting in accordance with the
            instructions of the Majority Lenders (or, if appropriate, the
            Lenders) until it has received such security as it may require for
            any cost, loss or liability (together with any associated VAT) which
            it may incur in complying with the instructions.

      (d)   In the absence of instructions from the Majority Lenders, (or, if
            appropriate, the Lenders) the Agent may act (or refrain from taking
            action) as it considers to be in the best interest of the Lenders.

      (e)   The Agent is not authorised to act on behalf of a Lender in any
            legal or arbitration proceedings relating to any Finance Document,
            without having first obtained that Lender's authority to act on its
            behalf in those proceedings.

25.8  RESPONSIBILITY FOR DOCUMENTATION

      Neither the Agent nor the Mandated Lead Arrangers:

      (a)   is responsible for the adequacy, accuracy and/or completeness of any
            information (whether oral or written) supplied by the Agent, the
            Mandated Lead Arrangers, an Obligor or any other person given in or
            in connection with any Finance Document or the Information
            Memorandum; or

      (b)   is responsible for the legality, validity, effectiveness, adequacy
            or enforceability of any Finance Document or any other agreement,
            arrangement or document entered into, made or executed in
            anticipation of or in connection with any Finance Document.

25.9  EXCLUSION OF LIABILITY

      (a)   Without limiting paragraph (b) below, the Agent will not be liable
            for any action taken by it under or in connection with any Finance
            Document, unless directly caused by its gross negligence or wilful
            misconduct.

      (b)   No Party (other than the Agent) may take any proceedings against any
            officer, employee or agent of the Agent in respect of any claim it
            might have against the Agent or in respect of any act or omission of
            any kind by that officer, employee or agent in relation to any
            Finance Document and any officer, employee or agent of the Agent may
            rely on this Clause.

      (c)   The Agent will not be liable for any delay (or any related
            consequences) in crediting an account with an amount required under
            the Finance Documents to be paid by the Agent if the Agent has taken
            all necessary steps as soon as reasonably practicable to comply with
            the regulations or operating procedures of any recognised clearing
            or settlement system used by the Agent for that purpose.

25.10 LENDERS' INDEMNITY TO THE AGENT

      Each Lender shall (in proportion to its share of the Total Commitments or,
      if the Total Commitments are then zero, to its share of the Total
      Commitments immediately prior

                                     - 73 -
<PAGE>
      to their reduction to zero) indemnify the Agent, within three Business
      Days of demand, against any cost, loss or liability incurred by the Agent
      (otherwise than by reason of the Agent's gross negligence or wilful
      misconduct) in acting as Agent under the Finance Documents (unless the
      Agent has been reimbursed by an Obligor pursuant to a Finance Document).

25.11 RESIGNATION OF THE AGENT

      (a)   The Agent may resign and appoint one of its Affiliates acting
            through an office in France as successor by giving notice to the
            other Finance Parties and the Company.

      (b)   Alternatively the Agent may resign by giving notice to the other
            Finance Parties and the Company, in which case the Majority Lenders
            (after consultation with the Company) may appoint a successor Agent.

      (c)   If the Majority Lenders have not appointed a successor Agent in
            accordance with paragraph (b) above within 30 days after notice of
            resignation was given, the Agent (after consultation with the
            Company) may appoint a successor Agent (acting through an office in
            France).

      (d)   The retiring Agent shall, at its own cost, make available to the
            successor Agent such documents and records and provide such
            assistance as the successor Agent may reasonably request for the
            purposes of performing its functions as Agent under the Finance
            Documents.

      (e)   The Agent's resignation notice shall only take effect upon the
            appointment of a successor.

      (f)   Upon the appointment of a successor, the retiring Agent shall be
            discharged from any further obligation in respect of the Finance
            Documents but shall remain entitled to the benefit of this Clause
            25. Its successor and each of the other Parties shall have the same
            rights and obligations amongst themselves as they would have had if
            such successor had been an original Party.

      (g)   After consultation with the Company, the Majority Lenders may, by
            notice to the Agent, require it to resign in accordance with
            paragraph (b) above. In this event, the Agent shall resign in
            accordance with paragraph (b) above.

25.12 CONFIDENTIALITY

      (a)   In acting as agent for the Finance Parties, the Agent shall be
            regarded as acting through its agency division which shall be
            treated as a separate entity from any other of its divisions or
            departments.

      (b)   If information is received by another division or department of the
            Agent, it may be treated as confidential to that division or
            department and the Agent shall not be deemed to have notice of it.

25.13 RELATIONSHIP WITH THE LENDERS

      (a)   The Agent may treat each Lender as a Lender, entitled to payments
            under this Agreement and acting through its Facility Office unless
            it has received not less than five Business Days prior notice from
            that Lender to the contrary in accordance with the terms of this
            Agreement.

                                     - 74 -
<PAGE>
      (b)   Each Lender shall supply the Agent with any information required by
            the Agent in order to calculate the Mandatory Cost in accordance
            with Schedule 4 (Mandatory Cost formulae).

25.14 CREDIT APPRAISAL BY THE LENDERS

      Without affecting the responsibility of any Obligor for information
      supplied by it or on its behalf in connection with any Finance Document,
      each Lender confirms to the Agent and the Mandated Lead Arrangers that it
      has been, and will continue to be, solely responsible for making its own
      independent appraisal and investigation of all risks arising under or in
      connection with any Finance Document including but not limited to:

      (a)   the financial condition, status and nature of each member of the
            Group;

      (b)   the legality, validity, effectiveness, adequacy or enforceability of
            any Finance Document and any other agreement, arrangement or
            document entered into, made or executed in anticipation of, under or
            in connection with any Finance Document;

      (c)   whether that Lender has recourse, and the nature and extent of that
            recourse, against any Party or any of its respective assets under or
            in connection with any Finance Document, the transactions
            contemplated by the Finance Documents or any other agreement,
            arrangement or document entered into, made or executed in
            anticipation of, under or in connection with any Finance Document;
            and

      (d)   the adequacy, accuracy and/or completeness of the Information
            Memorandum and any other information provided by the Agent, any
            Party or by any other person under or in connection with any Finance
            Document, the transactions contemplated by the Finance Documents or
            any other agreement, arrangement or document entered into, made or
            executed in anticipation of, under or in connection with any Finance
            Document.

25.15 REFERENCE BANKS

      If a Reference Bank (or, if a Reference Bank is not a Lender, the Lender
      of which it is an Affiliate) ceases to be a Lender, the Agent shall (in
      consultation with the Company) appoint another Lender or an Affiliate of a
      Lender to replace that Reference Bank.

25.16 DEDUCTION FROM AMOUNTS PAYABLE BY THE AGENT

      If any Party owes an amount to the Agent under the Finance Documents the
      Agent may, after giving notice to that Party, deduct an amount not
      exceeding that amount from any payment to that Party which the Agent would
      otherwise be obliged to make under the Finance Documents and apply the
      amount deducted in or towards satisfaction of the amount owed. For the
      purposes of the Finance Documents that Party shall be regarded as having
      received any amount so deducted.

                                     - 75 -
<PAGE>
26.   CONDUCT OF BUSINESS BY THE FINANCE PARTIES

      No provision of this Agreement will:

      (a)   interfere with the right of any Finance Party to arrange its affairs
            (tax or otherwise) in whatever manner it thinks fit;

      (b)   oblige any Finance Party to investigate or claim any credit, relief,
            remission or repayment available to it or the extent, order and
            manner of any claim; or

      (c)   oblige any Finance Party to disclose any information relating to its
            affairs (tax or otherwise) or any computations in respect of Tax.

27.   SHARING AMONG THE FINANCE PARTIES

27.1  PAYMENTS TO FINANCE PARTIES

      If a Finance Party (a "RECOVERING FINANCE PARTY") receives or recovers any
      amount from an Obligor other than in accordance with Clause 28 (Payment
      mechanics) and applies that amount to a payment due under the Finance
      Documents then:

      (a)   the Recovering Finance Party shall, within three Business Days,
            notify details of the receipt or recovery, to the Agent;

      (b)   the Agent shall determine whether the receipt or recovery is in
            excess of the amount the Recovering Finance Party would have been
            paid had the receipt or recovery been received or made by the Agent
            and distributed in accordance with Clause 28 (Payment mechanics),
            without taking account of any Tax which would be imposed on the
            Agent in relation to the receipt, recovery or distribution; and

      (c)   the Recovering Finance Party shall, within three Business Days of
            demand by the Agent, pay to the Agent an amount (the "SHARING
            PAYMENT") equal to such receipt or recovery less any amount which
            the Agent determines may be retained by the Recovering Finance Party
            as its share of any payment to be made, in accordance with Clause
            28.5 (Partial payments).

27.2  REDISTRIBUTION OF PAYMENTS

      The Agent shall treat the Sharing Payment as if it had been paid by the
      relevant Obligor and distribute it between the Finance Parties (other than
      the Recovering Finance Party) in accordance with Clause 28.5 (Partial
      payments).

27.3  RECOVERING FINANCE PARTY'S RIGHTS

      (a)   On a distribution by the Agent under Clause 27.2 (Redistribution of
            payments), the Recovering Finance Party will be subrogated to the
            rights of the Finance Parties which have shared in the
            redistribution which Finance Parties agree that they will in that
            connection waive the benefit of Article 1252 of the French Code
            Civil.

      (b)   If and to the extent that the Recovering Finance Party is not able
            to rely on its rights under paragraph (a) above, the relevant
            Obligor shall be liable to the Recovering Finance Party for a debt
            equal to the Sharing Payment which is immediately due and payable.

                                     - 76 -
<PAGE>
27.4  REVERSAL OF REDISTRIBUTION

      If any part of the Sharing Payment received or recovered by a Recovering
      Finance Party becomes repayable and is repaid by that Recovering Finance
      Party, then:

      (a)   each Finance Party which has received a share of the relevant
            Sharing Payment pursuant to Clause 27.2 (Redistribution of payments)
            shall, upon request of the Agent, pay to the Agent for account of
            that Recovering Finance Party an amount equal to the appropriate
            part of its share of the Sharing Payment (together with an amount as
            is necessary to reimburse that Recovering Finance Party for its
            proportion of any interest on the Sharing Payment which that
            Recovering Finance Party is required to pay); and

      (b)   that Recovering Finance Party's rights of subrogation in respect of
            any reimbursement shall be cancelled and the relevant Obligor will
            be liable to the reimbursing Finance Party for the amount so
            reimbursed.

27.5  EXCEPTIONS

      (a)   This Clause 27 shall not apply to the extent that the Recovering
            Finance Party would not, after making any payment pursuant to this
            Clause, have a valid and enforceable claim against the relevant
            Obligor.

      (b)   A Recovering Finance Party is not obliged to share with any other
            Finance Party any amount which the Recovering Finance Party has
            received or recovered as a result of taking legal or arbitration
            proceedings, if:

            (i)   it notified that other Finance Party of the legal or
                  arbitration proceedings; and

            (ii)  that other Finance Party had an opportunity to participate in
                  those legal or arbitration proceedings but did not do so as
                  soon as reasonably practicable having received notice and did
                  not take separate legal or arbitration proceedings.

                                     - 77 -
<PAGE>
                                   SECTION 10
                                 ADMINISTRATION

28.   PAYMENT MECHANICS

28.1  PAYMENTS TO THE AGENT

      (a)   On each date on which a Borrower or a Lender is required to make a
            payment under a Finance Document, that Borrower or Lender shall make
            the same available to the Agent (unless a contrary indication
            appears in a Finance Document) for value on the due date at the time
            and in such funds specified by the Agent as being customary at the
            time for settlement of transactions in the relevant currency in the
            place of payment.

      (b)   Payment shall be made to such account in the principal financial
            centre of the country of that currency (or, in relation to euro, in
            a principal financial centre in a Participating Member State or
            London) with such bank as the Agent specifies.

28.2  DISTRIBUTIONS BY THE AGENT

      Each payment received by the Agent under the Finance Documents for another
      Party shall, subject to Clause 28.3 (Distributions to an Obligor) and
      Clause 28.4 (Clawback) be made available by the Agent as soon as
      practicable after receipt to the Party entitled to receive payment in
      accordance with this Agreement (in the case of a Lender, for the account
      of its Facility Office), to such account as that Party may notify to the
      Agent by not less than five Business Days' notice with a bank in the
      principal financial centre of the country of that currency (or, in
      relation to euro, in the principal financial centre of a Participating
      Member State or London).

28.3  DISTRIBUTIONS TO AN OBLIGOR

      The Agent may (with the consent of the Borrower or in accordance with
      Clause 29 (Set-off)) apply any amount received by it for that Borrower in
      or towards payment (on the date and in the currency and funds of receipt)
      of any amount due from that Borrower under the Finance Documents or in or
      towards purchase of any amount of any currency to be so applied.

28.4  CLAWBACK

      (a)   Where a sum is to be paid to the Agent under the Finance Documents
            for another Party, the Agent is not obliged to pay that sum to that
            other Party (or to enter into or perform any related exchange
            contract) until it has been able to establish to its satisfaction
            that it has actually received that sum.

      (b)   If the Agent pays an amount to another Party and it proves to be the
            case that the Agent had not actually received that amount, then the
            Party to whom that amount (or the proceeds of any related exchange
            contract) was paid by the Agent shall on demand refund the same to
            the Agent together with interest on that amount from the date of
            payment to the date of receipt by the Agent, calculated by the Agent
            to reflect its cost of funds.

                                     - 78 -
<PAGE>
28.5  PARTIAL PAYMENTS

      (a)   If the Agent receives a payment that is insufficient to discharge
            all the amounts then due and payable by an Obligor under the Finance
            Documents, the Agent shall apply that payment towards the
            obligations of that Obligor under the Finance Documents in the
            following order:

            (i)   FIRST, in or towards payment pro rata of any unpaid fees,
                  costs and expenses of the Agent under the Finance Documents;

            (ii)  SECONDLY, in or towards payment pro rata of any accrued
                  interest or commission due but unpaid under this Agreement;

            (iii) THIRDLY, in or towards payment pro rata of any principal due
                  but unpaid under this Agreement; and

            (iv)  FOURTHLY, in or towards payment pro rata of any other sum due
                  but unpaid under the Finance Documents.

      (b)   The Agent shall, if so directed by the Majority Lenders, vary the
            order set out in paragraphs (a)(ii) to (iv) above.

      (c)   Paragraphs (a) and (b) above will override any appropriation made by
            an Obligor.

28.6  NO SET-OFF BY BORROWERS

      All payments to be made by a Borrower under the Finance Documents shall be
      calculated and be made without (and free and clear of any deduction for)
      set-off or counterclaim.

28.7  BUSINESS DAYS

      (a)   Any payment (other than an Acquisition Payment) which is due to be
            made on a day that is not a Business Day shall be made on the next
            Business Day in the same calendar month (if there is one) or the
            preceding Business Day (if there is not).

      (b)   During any extension of the due date for payment of any principal or
            an Unpaid Sum under this Agreement interest is payable on the
            principal or Unpaid Sum at the rate payable on the original due
            date.

28.8  CURRENCY OF ACCOUNT

      (a)   Subject to paragraphs (b) to (e) below, the Base Currency is the
            currency of account and payment for any sum due from a Borrower
            under any Finance Document.

      (b)   A repayment of a Loan or Unpaid Sum or a part of a Loan or Unpaid
            Sum shall be made in the currency in which that Loan or Unpaid Sum
            is denominated on its due date.

      (c)   Each payment of interest shall be made in the currency in which the
            sum in respect of which the interest is payable was denominated when
            that interest accrued.

                                     - 79 -
<PAGE>
      (d)   Each payment in respect of costs, expenses or Taxes shall be made in
            the currency in which the costs, expenses or Taxes are incurred.

      (e)   Any amount expressed to be payable in a currency other than the Base
            Currency shall be paid in that other currency.

28.9  CHANGE OF CURRENCY

      (a)   Unless otherwise prohibited by law, if more than one currency or
            currency unit are at the same time recognised by the central bank of
            any country as the lawful currency of that country, then:

            (i)   any reference in the Finance Documents to, and any obligations
                  arising under the Finance Documents in, the currency of that
                  country shall be translated into, or paid in, the currency or
                  currency unit of that country designated by the Agent (after
                  consultation with the Company); and

            (ii)  any translation from one currency or currency unit to another
                  shall be at the official rate of exchange recognised by the
                  central bank for the conversion of that currency or currency
                  unit into the other, rounded up or down by the Agent (acting
                  reasonably).

      (b)   If a change in any currency of a country occurs, this Agreement
            will, to the extent the Agent (acting reasonably and after
            consultation with the Company) specifies to be necessary, be amended
            to comply with any generally accepted conventions and market
            practice in the Relevant Interbank Market and otherwise to reflect
            the change in currency.

29.   SET-OFF

      A Finance Party may set off any matured obligation due from a Borrower
      under the Finance Documents (to the extent beneficially owned by that
      Finance Party) against any matured obligation owed by that Finance Party
      to that Borrower, regardless of the place of payment, booking branch or
      currency of either obligation. If the obligations are in different
      currencies, the Finance Party may convert either obligation at a market
      rate of exchange in its usual course of business for the purpose of the
      set-off.

30.   NOTICES

30.1  COMMUNICATIONS IN WRITING

      Any communication to be made under or in connection with the Finance
      Documents shall be made in writing and, unless otherwise stated, may be
      made by fax, letter or telex.

30.2  ADDRESSES

      The address, fax number and telex number (and the department or officer,
      if any, for whose attention the communication is to be made) of each Party
      for any communication or document to be made or delivered under or in
      connection with the Finance Documents is:

      (a)   in the case of the Company, that identified with its name below;

                                     - 80 -
<PAGE>
      (b)   in the case of each Lender or the Company, that notified in writing
            to the Agent on or prior to the date on which it becomes a Party;
            and

      (c)   in the case of the Agent, that identified with its name below,

      or any substitute address, fax number, telex number or department or
      officer as the Party may notify to the Agent (or the Agent may notify to
      the other Parties, if a change is made by the Agent) by not less than five
      Business Days' notice.

30.3  DELIVERY

      (a)   Any communication or document made or delivered by one person to
            another under or in connection with the Finance Documents will only
            be effective:

            (i)   if by way of fax, when received in legible form; or

            (ii)  if by way of letter, when it has been left at the relevant
                  address or five Business Days after being deposited in the
                  post postage prepaid in an envelope addressed to it at that
                  address; or

            (iii) if by way of telex, when despatched, but only if, at the time
                  of transmission, the correct answerback appears at the start
                  and at the end of the sender's copy of the notice;

      and, if a particular department or officer is specified as part of its
      address details provided under Clause 30.2 (Addresses), if addressed to
      that department or officer.

      (b)   Any communication or document to be made or delivered to the Agent
            will be effective only when actually received by the Agent and then
            only if it is expressly marked for the attention of the department
            or officer identified with the Agent's signature below (or any
            substitute department or officer as the Agent shall specify for this
            purpose).

      (c)   All notices from or to an Obligor shall be sent through the Agent.

      (d)   Any communication or document made or delivered to the Company in
            accordance with this Clause will be deemed to have been made or
            delivered to each of the Obligors.

30.4  NOTIFICATION OF ADDRESS, FAX NUMBER AND TELEX NUMBER

      Promptly upon receipt of notification of an address, fax number and telex
      number or change of address, fax number or telex number pursuant to Clause
      30.2 (Addresses) or changing its own address, fax number or telex number,
      the Agent shall notify the other Parties.

30.5  ELECTRONIC COMMUNICATION

      (a)   Any communication to be made between the Agent and a Lender under or
            in connection with the Finance Documents may be made by electronic
            mail or other electronic means, if the Agent and the relevant
            Lender:

            (i)   agree that, unless and until notified to the contrary, this is
                  to be an accepted form of communication;

                                     - 81 -
<PAGE>
            (ii)  notify each other in writing of their electronic mail address
                  and/or any other information required to enable the sending
                  and receipt of information by that means; and

            (iii) notify each other of any change to their address or any other
                  such information supplied by them.

      (b)   Any electronic communication made between the Agent and a Lender
            will be effective only when actually received in readable form and
            in the case of any electronic communication made by a Lender to the
            Agent only if it is addressed in such a manner as the Agent shall
            specify for this purpose.

30.6  LANGUAGE

      (a)   Any notice given under or in connection with any Finance Document
            must be in English.

      (b)   All other documents provided under or in connection with any Finance
            Document must be in English or in French (if not available in
            English).

31.   CALCULATIONS AND CERTIFICATES

31.1  ACCOUNTS

      In any litigation or arbitration proceedings arising out of or in
      connection with a Finance Document, the entries made in the accounts
      maintained by a Finance Party are prima facie evidence of the matters to
      which they relate.

31.2  CERTIFICATES AND DETERMINATIONS

      Any certification or determination by a Finance Party of a rate or amount
      under any Finance Document is, in the absence of manifest error,
      conclusive evidence of the matters to which it relates.

31.3  DAY COUNT CONVENTION

      Any interest, commission or fee accruing under a Finance Document will
      accrue from day to day and is calculated on the basis of the actual number
      of days elapsed and a year of 360 days or, in any case where the practice
      in the Relevant Interbank Market differs, in accordance with that market
      practice.

32.   PARTIAL INVALIDITY

      If, at any time, any provision of the Finance Documents is or becomes
      illegal, invalid or unenforceable in any respect under any law of any
      jurisdiction, neither the legality, validity or enforceability of the
      remaining provisions nor the legality, validity or enforceability of such
      provision under the law of any other jurisdiction will in any way be
      affected or impaired.

33.   REMEDIES AND WAIVERS

      No failure to exercise, nor any delay in exercising, on the part of any
      Finance Party, any right or remedy under the Finance Documents shall
      operate as a waiver, nor shall any single or partial exercise of any right
      or remedy prevent any further or other exercise or the exercise of any
      other right or remedy. The rights and remedies

                                     - 82 -
<PAGE>
      provided in this Agreement are cumulative and not exclusive of any rights
      or remedies provided by law.

34.   CONFIDENTIALITY

34.1  CONFIDENTIALITY UNDERTAKING

      Each of the Finance Parties undertakes to keep the Confidential
      Information confidential and not to disclose it to anyone except as
      provided for by Clause 34.2, to ensure that the Confidential Information
      is protected with security measures and a degree of care that would apply
      to its own confidential information, and to use the Confidential
      Information solely for the purposes of this Agreement.

34.2  PERMITTED DISCLOSURE

      The Company acknowledges and agrees that the Finance Parties (or any of
      them) may disclose Confidential Information:

      (a)   to their affiliates and their officers, directors, employees and
            professional advisers to the extent strictly necessary for the
            purposes of this Agreement and to any auditors of any such affiliate
            and provided in each case that such person shall agree to be bound
            by the same confidentiality undertaking as set out in Clause 34.1
            (to the extent that they do not have a duty of confidentiality by
            their status or otherwise);

      (b)   (i) where requested or required by any court of competent
            jurisdiction, any arbitration or other legal proceedings or any
            competent judicial, governmental, supervisory or regulatory body,
            (ii) where required by the rules of any stock exchange on which its
            or the shares or other securities of any affiliate or of the Company
            or Target are listed or (iii) where required by the laws or
            regulations of any country with jurisdiction over its or the affairs
            of any affiliate or over the affair of the Company or Target;

      (c)   to any prospective lender or assignee which acknowledges in written
            form and accepts to be bound by the provisions of this Clause 34 and
            which undertakes to use the Confidential Information only for
            considering and evaluating whether to enter into the Facility; or

      (d)   with the prior written consent of the Company.

34.3  NOTIFICATION OF REQUIRED DISCLOSURE

      Each of the Finance Parties agrees (to the extent permitted by law other
      than disclosed to any regulatory body made in the normal course of such
      regulatory body's supervisory function) to inform the Company of any
      disclosure under Clause 34.2(b).

34.4  INSIDER DEALING

      Each of the Finance Parties acknowledges that some or all of the
      Confidential Information is or may be price-sensitive information and that
      the use of such information may be regulated or prohibited by applicable
      legislation relating to insider dealing and undertakes not to use any
      Confidential Information for any unlawful purpose.

                                     - 83 -
<PAGE>
34.5  DURATION

      The confidentiality undertaking of the Finance Parties hereunder shall
      expire in respect of each Confidential Information twelve Months after it
      is first delivered to the Finance Parties hereunder.

35.   AMENDMENTS AND WAIVERS

35.1  REQUIRED CONSENTS

      (a)   Subject to Clause 35.2 (Exceptions) any term of the Finance
            Documents may be amended or waived only with the consent of the
            Majority Lenders and the Obligors and any such amendment or waiver
            will be binding on all Parties.

      (b)   The Agent may effect, on behalf of any Finance Party, any amendment
            or waiver permitted by this Clause.

35.2  EXCEPTIONS

      (a)   An amendment or waiver that has the effect of changing or which
            relates to:

            (i)   the definition of "Majority Lenders" in Clause 1.1
                  (Definitions);

            (ii)  an extension to the date of payment of any amount under the
                  Finance Documents;

            (iii) a reduction in any Margin or a reduction in the amount of any
                  payment of principal, interest, fees or commission payable;

            (iv)  an increase in or an extension of any Commitment;

            (v)   a change to the Borrowers or Guarantors other than in
                  accordance with Clause 24 (Changes to the Obligors);

            (vi)  any provision which expressly requires the consent of all the
                  Lenders;

            (vii) Clause 2.2 (Finance Parties' rights and obligations), Clause
                  23 (Changes to the Lenders) or this Clause 35; or

            (viii) Clause 8.4 (Mandatory Cancellation) and Clause 8.10
                  (Mandatory prepayment and cancellation from Net Cash
                  Proceeds),

            shall not be made without the prior consent of all the Lenders.

      (b)   An amendment or waiver which relates to the rights or obligations of
            the Agent or the Mandated Lead Arrangers may not be effected without
            the consent of the Agent or the Mandated Lead Arrangers.

                                     - 84 -
<PAGE>
                                   SECTION 11
                          GOVERNING LAW AND ENFORCEMENT

36.   GOVERNING LAW

      This Agreement is governed by French law.

37.   ENFORCEMENT - JURISDICTION OF FRENCH COURTS

37.1  The Tribunal de Commerce de Paris has exclusive jurisdiction to settle any
      dispute arising out of or in connection with this Agreement (including a
      dispute regarding the existence, validity or termination of this
      Agreement) (a "Dispute").

37.2  Clause 37.1 is for the benefit of the Finance Parties only. As a result,
      no Finance Party shall be prevented from taking proceedings relating to a
      Dispute in any other courts with jurisdiction. To the extent allowed by
      law, the Finance Parties may take concurrent proceedings in any number of
      jurisdictions.

38.   ELECTION OF DOMICILE

      Without prejudice to any other mode of service allowed under any relevant
      law, each Additional Borrower irrevocably elects domicile at the corporate
      seat (siege social) of the Company in Paris for the purpose of serving any
      judicial or extra-judicial documents in relation to any action or
      proceedings referred to above.

THIS AGREEMENT HAS BEEN ENTERED INTO ON THE DATE STATED AT THE BEGINNING OF THIS
AGREEMENT.

                                     - 85 -
<PAGE>
                                   SCHEDULE 1

                              THE ORIGINAL PARTIES

                                     PART I

                              THE ORIGINAL OBLIGOR

Name of the Borrower                    Registration number

SANOFI-SYNTHELABO SA                    395 030 844 RCS Paris

                                     - 86 -
<PAGE>
                                     PART II

                              THE ORIGINAL LENDERS

<TABLE>
<CAPTION>
      NAME OF ORIGINAL LENDER         FACILITY A COMMITMENT      FACILITY B COMMITMENT     FACILITY C COMMITMENT
      -----------------------         ---------------------      ---------------------     ---------------------
<S>                                  <C>                       <C>                        <C>
BNP PARIBAS SA                       EUR 3,333,333,334         EUR 3,666,666,667          EUR 3,666,666,667
16 des Italiens
75009 Paris
662 042 449 RCS Paris

MERRILL LYNCH CREDIT PRODUCTS LLC    EUR 1,666,666,666         EUR 1,833,333,333          EUR 1,833,333,333
Corporation Trust Center
1209 Orange Street
Wilmington, DE 19801
USA
</TABLE>

                                     - 87 -
<PAGE>
                                   SCHEDULE 2

                              CONDITIONS PRECEDENT

                                     PART I

                         CONDITIONS PRECEDENT TO SIGNING

1.    CORPORATE DOCUMENTATION

      (a)   A K-bis extract for the Company, not more than one Month old prior
            to the date of signing.

      (b)   A certified copy of the constitutive documents (statuts) of the
            Company.

      (c)   Evidence that the person(s) who has signed the Finance Documents on
            behalf of the Company was duly authorised so to sign.

      (d)   A copy of a resolution of the board of directors of the Company
            approving the terms of the Finance Documents to which the Company is
            a party and authorising a specified person or persons, on its
            behalf, to execute those Finance Documents.

      (e)   A specimen of the signature of each person referred to in paragraph
            (c) above and of each person authorised by the resolution referred
            to in paragraph (d) above.

      (f)   A certificate of an authorised signatory of the Company certifying
            that each copy document relating to it specified in this Part I of
            Schedule 2 is correct, complete and in full force and effect as at a
            date no earlier than the date of this Agreement.

2.    LEGAL OPINION

      (a)   A legal opinion of Linklaters, legal advisers to the Company in
            France, as to due authorisation and due authority substantially in
            the form distributed to the Original Lenders prior to signing this
            Agreement.

3.    OTHER DOCUMENTS AND EVIDENCE

      (a)   A copy of any other Authorisation or other document, opinion or
            assurance which the Agent considers to be necessary or desirable (if
            it has notified the Company accordingly) in connection with the
            entry into and performance of the transactions contemplated by any
            Finance Document or for the validity and enforceability of any
            Finance Document.

      (b)   The Original Financial Statements of the Company.

      (c)   Evidence that the fees, costs and expenses then due from the Company
            pursuant to Clause 12 (Fees) and Clause 17 (Costs and expenses) have
            been paid or will be paid by the first Utilisation Date.

      (d)   A copy of an irrevocable notice of cancellation of all the lenders'
            commitments under the EUR 12,000,000,000 facility agreement dated 25
            January 2004 and entered into by the Company and BNP Paribas and
            Merrill

                                     - 88 -
<PAGE>
            Lynch Credit Products as Mandated Lead Arrangers and Original
            Lenders sent to the agent thereunder, such notice being dated and
            having effect on the date of this Agreement.

                                     - 89 -
<PAGE>
                                     PART II

           CONDITIONS PRECEDENT TO UTILISATION ON THE SETTLEMENT DATES

1.    CONDITIONS PRECEDENT TO UTILISATION ON EACH ORIGINAL OFFER SETTLEMENT DATE

      (a)   A copy of the press release from the Company dated on or about the
            Announcement Date announcing the Original Offer, a copy of the press
            release from the Company announcing the Increased Offer,
            substantially in the form agreed by the Lenders before signing
            together with any press release, if any, announcing amendments to
            the Original Offer (such press release to be substantially in the
            form previously agreed by the Lenders where such agreement is
            required pursuant Clause 21.8 (Offer));

      (b)   a copy of the note d'information filed by the Company with the AMF
            on the Announcement Date in connection with the Original Offer, a
            copy of the note d'information filed by the Company with the AMF on
            the Increased Offer Announcement Date in connection with the
            Increased Offer together with any other note d'information, if any,
            filed by the Company with the AMF in connection with the Original
            Offer;

      (c)   a copy of a resolution of the meeting of the shareholders of the
            Company approving the issue of the Company's Consideration Shares;

      (d)   a copy of a resolution of the board of directors deciding the issue
            of the Company's Consideration Shares;

      (e)   a certificate from the directeur general of the Company confirming
            that the Company has complied with its obligations relating to the
            Original Offer;

      (f)   a certificate from the directeur general of the Company confirming
            that all the conditions to the Original Offer have been met;

      (g)   a copy of the Original Offer Result Notice indicating that the
            Original Offer has been successful;

      (h)   evidence (in the form of the notice referred to in paragraph 3(d) of
            Part I of Schedule 2 (Conditions precedent to signing)) that all
            commitments under the EUR 12,000,000,000 facility agreement dated 25
            January 2004 and entered into, inter alia by the Company and the
            Mandated Lead Arrangers have been cancelled.

2.    CONDITIONS PRECEDENT TO UTILISATION ON EACH ADDITIONAL OFFER SETTLEMENT
      DATE (IF ANY)

      (a)   A copy of the press release from the Company announcing the
            Additional Offer;

      (b)   a copy, as the case may be, of any note d'information filed by the
            Company with the AMF in connection with the Additional Offer;

                                     - 90 -
<PAGE>
      (c)   a copy of a resolution of the board of directors or, as applicable,
            of a decision of the chairman of the board of directors deciding the
            issue of the Company's Consideration Shares relating to the
            Additional Offer;

      (d)   a certificate from the directeur general of the Company confirming
            that the Company has complied with its obligations relating to the
            Additional Offer;

      (e)   a copy of the Additional Offer Result Notice.

3.    CONDITIONS PRECEDENT TO UTILISATION ON EACH SQUEEZE-OUT OFFER SETTLEMENT
      DATE (IF ANY)

      (a)   A copy of the press release from the Company announcing the
            Squeeze-Out Offer;

      (b)   a copy, as the case may be, of any notice filed by the Company with
            the AMF in connection with the Squeeze-Out Offer;

      (c)   a certificate from the directeur general of the Company confirming
            that the Company has complied with its obligations relating to the
            Squeeze-Out Offer;

      (d)   a copy of Squeeze-Out Offer result notice.

                                     - 91 -
<PAGE>
                                    PART III

                       CONDITIONS PRECEDENT REQUIRED TO BE
                 DELIVERED IN RESPECT OF AN ADDITIONAL BORROWER

1.    An Accession Letter, duly executed by that Additional Borrower and the
      Company.

2.    A K-bis extract (or the equivalent thereof) for the Additional Borrower
      not more than one Month old.

3.    A copy of the constitutional documents of the Additional Borrower.

4.    Evidence that the person(s) who has signed the Accession Letter on behalf
      of that Additional Borrower and the Company was duly authorised so to
      sign.

5.    A copy of a resolution of the board of directors of the Company taken in
      accordance with article L.225-35 of the French Code de Commerce approving
      the terms of the Guarantee granted by it, and authorising a specified
      person or persons on its behalf, to execute that Guarantee.

6.    A specimen of the signature of each person referred to in paragraph 4
      above and of each person authorised by the resolution referred to in
      paragraph 5 above.

7.    A certificate of an authorised signatory of the Additional Borrower
      certifying that each copy document listed in this Part III of Schedule 2
      is correct, complete and in full force and effect as at a date no earlier
      than the date of the Accession Letter or, as the case may be, the
      Guarantee.

8.    A copy of any other Authorisation or other document, opinion or assurance
      which the Agent considers to be necessary or desirable in connection with
      the entry into and performance of the transactions contemplated by the
      Accession Letter or, as the case may be, the Guarantee or for the validity
      and enforceability of any Finance Document.

9.    A copy of the Original Financial Statements of the Additional Borrower.

10.   A copy of the Guarantee in respect of the Additional Borrower duly
      executed by the Guarantor.

11.   A legal opinion of Linklaters, legal advisers to the Company, as to due
      authorisation and due authority of the Company in respect of the Accession
      Letter and the Guarantee and of the Additional Borrower in respect of the
      Accession Letter in a form reasonably satisfactory to the Agent.

                                     - 92 -
<PAGE>
                                   SCHEDULE 3

                                    REQUESTS

                                     PART I

                               UTILISATION REQUEST

                                     - 93 -
<PAGE>
           A - UTILISATION REQUEST IN RELATION TO AN ACQUISITION LOAN

From: [Presenting Bank]

To:   [Agent]

Dated:

Dear Sirs

            SANOFI-SYNTHELABO - EUR 16,000,000,000 FACILITY AGREEMENT
                           DATED [ ] (THE "AGREEMENT")

1.    We refer to the Agreement. This is a Utilisation Request. Terms defined in
      the Agreement have the same meaning in this Utilisation Request unless
      given a different meaning in this Utilisation Request.

2.    This Utilisation Request is delivered by ourselves in our capacity of
      Presenting Bank in accordance with the provisions of Clause 5.4 of the
      Agreement (Utilisation Request by the Presenting Bank) for the purpose of
      financing an Acquisition Payment.

3.    We wish to utilise a Loan on the following terms:

      Proposed Utilisation Date:        [relevant Settlement Date]

      Facility to be utilised:          [Facility A]/[Facility B]/[Facility C]

      Currency of Loan:                 EUR

      Amount:                           [ ] or, if less, the Available Facility

      Interest Period:                  [ ]

4.    This Utilisation Request constitutes a confirmation by the Company that
      each condition specified in [Clause 4.2(a)/Clause 4.2(b)/Clause
      4.2(c)/Clause 4.3(b)/Clause 4.3(c)/Clause 4.3(d)] is satisfied on the date
      of this Utilisation Request.

5.    The proceeds of this Loan should be credited to [Settlement Account].

6.    This Utilisation Request is irrevocable.

                                Yours faithfully

                     .......................................
                            authorised signatory for
                          [name of the Presenting Bank]

                                     - 94 -
<PAGE>
          B- UTILISATION REQUEST FOR OTHER LOANS THAN ACQUISITION LOANS

From: [Borrower]

To:   [Agent]

Dated:

Dear Sirs
            SANOFI-SYNTHELABO - EUR 16,000,000,000 FACILITY AGREEMENT
                           DATED [ ] (THE "AGREEMENT")

1.    We refer to the Agreement. This is a Utilisation Request. Terms defined in
      the Agreement have the same meaning in this Utilisation Request unless
      given a different meaning in this Utilisation Request.

2.    We wish to borrow a Loan on the following terms:

      Proposed Utilisation Date:        [ ] (or, if that is not a Business
                                        Day, the next Business Day)

      Facility to be utilised:          Facility C

      Currency of Loan:                 [ ]

      Amount:                           [ ] or, if less, the Available Facility

      Interest Period:                  [ ]

3.    We confirm that each condition specified in Clause 4.4 (Conditions
      precedent to Utilisation under Facility C for other purposes than
      financing an Acquisition Payment) is satisfied on the date of this
      Utilisation Request.

4.    The proceeds of this Loan should be credited to [account].

5.    This Utilisation Request is irrevocable.

                                Yours faithfully

                     .......................................
                            authorised signatory for
                           [name of relevant Borrower]

                                     - 95 -
<PAGE>
                                     PART II

                                SELECTION NOTICE

From: [Borrower]

To:   [Agent]

Dated:

Dear Sirs
            SANOFI-SYNTHELABO - EUR 16,000,000,000 FACILITY AGREEMENT
                          DATED [ ] (THE " AGREEMENT")

1.    We refer to the Agreement. This is the Selection Notice. Terms defined in
      the Agreement have the same meaning in this Selection Notice unless given
      a different meaning in this Selection Notice.

2.    We request that Interest Periods under Facility A Loans have a duration of
      [2/3/6] months as from the next Interest Period beginning immediately
      after the date of this Selection Notice until the Facility A Final
      Maturity Date.

3.    We request that Interest Periods under Facility B Loans have a duration of
      [2/3/6] months as from the next Interest Period beginning immediately
      after the date of this Selection Notice until the Facility B Final
      Maturity Date.

4.    This Selection Notice is irrevocable.

                                Yours faithfully

                      .....................................
                            authorised signatory for
                                   the Company

                                     - 96 -
<PAGE>
                                   SCHEDULE 4

                             MANDATORY COST FORMULAE

1.    The Mandatory Cost is an addition to the interest rate to compensate
      Lenders for the cost of compliance with (a) the requirements of the Bank
      of England and/or the Financial Services Authority (or, in either case,
      any other authority which replaces all or any of its functions) or (b) the
      requirements of the European Central Bank. Mandatory Costs will be charged
      only if and to the extent that the applicable Lender certifies that such
      costs are effectively and commonly charged by that Lender to the vast
      majority of its customers in connection with facilities of similar size to
      the Facility.

2.    On the first day of each Interest Period (or as soon as possible
      thereafter) the Agent shall calculate, as a percentage rate, a rate (the
      ADDITIONAL COST RATE) for each Lender, in accordance with the paragraphs
      set out below. The Mandatory Cost will be calculated by the Agent as a
      weighted average of the Lenders' Additional Cost Rates (weighted in
      proportion to the percentage participation of each Lender in the relevant
      Loan) and will be expressed as a percentage rate per annum.

3.    The Additional Cost Rate for any Lender lending from a Facility Office in
      a Participating Member State will be the percentage notified by that
      Lender to the Agent. This percentage will be certified by that Lender in
      its notice to the Agent to be its reasonable determination of the cost
      (expressed as a percentage of that Lender's participation in all Loans
      made from that Facility Office) of complying with the minimum reserve
      requirements of the European Central Bank in respect of loans made from
      that Facility Office.

4.    The Additional Cost Rate for any Lender lending from a Facility Office in
      the United Kingdom will be calculated by the Agent as follows:

      (a)   in relation to a sterling Loan:

            AB+C(B-D)+E x 0.01
            ------------------  per cent. per annum
                100-(A+C)

      (b)   in relation to a Loan in any currency other than sterling:

            E x 0.01
            --------  per cent. per annum
               300

            Where:

            A     is the percentage of Eligible Liabilities (assuming these to
                  be in excess of any stated minimum) which that Lender is from
                  time to time required to maintain as an interest free cash
                  ratio deposit with the Bank of England to comply with cash
                  ratio requirements.

            B     is the percentage rate of interest (excluding the Margin and
                  the Mandatory Cost and, if the Loan is an Unpaid Sum, the
                  additional rate of interest specified in paragraph (a) of
                  clause 9.7 (Default interest)) payable for the relevant
                  Interest Period on the Loan.

                                     - 97 -
<PAGE>
            C     is the percentage (if any) of Eligible Liabilities which that
                  Lender is required from time to time to maintain as interest
                  bearing Special Deposits with the Bank of England.

            D     is the percentage rate per annum payable by the Bank of
                  England to the Agent on interest bearing Special Deposits.

            E     is designed to compensate Lenders for amounts payable under
                  the Fees Rules and is calculated by the Agent as being the
                  average of the most recent rates of charge supplied by the
                  Reference Banks to the Agent pursuant to paragraph 7 and
                  expressed in pounds per L1,000,000.

5.    For the purposes of this Schedule:

      (a)   ELIGIBLE LIABILITIES and SPECIAL DEPOSITS have the meanings given to
            them from time to time under or pursuant to the Bank of England Act
            1998 or (as may be appropriate) by the Bank of England;

      (b)   FEES RULES means the rules on periodic fees contained in the FSA
            Supervision Manual or such other law or regulation as may be in
            force from time to time in respect of the payment of fees for the
            acceptance of deposits;

      (c)   FEE TARIFFS means the fee tariffs specified in the Fees Rules under
            the activity group A.1 Deposit acceptors (ignoring any minimum fee
            or zero rated fee required pursuant to the Fees Rules but taking
            into account any applicable discount rate); and

      (d)   TARIFF BASE has the meaning given to it in, and will be calculated
            in accordance with, the Fees Rules.

6.    In application of the above formulae, A, B, C and D will be included in
      the formulae as percentages (i.e. 5 per cent. will be included in the
      formula as 5 and not as 0.05). A negative result obtained by subtracting D
      from B shall be taken as zero. The resulting figures shall be rounded to
      four decimal places.

7.    If requested by the Agent, each Reference Bank shall, as soon as
      practicable after publication by the Financial Services Authority, supply
      to the Agent, the rate of charge payable by that Reference Bank to the
      Financial Services Authority pursuant to the Fees Rules in respect of the
      relevant financial year of the Financial Services Authority (calculated
      for this purpose by that Reference Bank as being the average of the Fee
      Tariffs applicable to that Reference Bank for that financial year) and
      expressed in pounds per L1,000,000 of the Tariff Base of that Reference
      Bank.

8.    Each Lender shall supply any information required by the Agent for the
      purpose of calculating its Additional Cost Rate. In particular, but
      without limitation, each Lender shall supply the following information on
      or prior to the date on which it becomes a Lender:

      (a)   the jurisdiction of its Facility Office; and

      (b)   any other information that the Agent may reasonably require for such
            purpose.

                                     - 98 -
<PAGE>
      Each Lender shall promptly notify the Agent of any change to the
      information provided by it pursuant to this paragraph.

9.    The percentages of each Lender for the purpose of A and C above and the
      rates of charge of each Reference Bank for the purpose of E above shall be
      determined by the Agent based upon the information supplied to it pursuant
      to paragraphs 7 and 8 and on the assumption that, unless a Lender notifies
      the Agent to the contrary, each Lender's obligations in relation to cash
      ratio deposits and Special Deposits are the same as those of a typical
      bank from its jurisdiction of incorporation with a Facility Office in the
      same jurisdiction as its Facility Office.

10.   The Agent shall have no liability to any person if such determination
      results in an Additional Cost Rate which over or under compensates any
      Lender and shall be entitled to assume that the information provided by
      any Lender or Reference Bank pursuant to paragraphs 3, 7 and 8 is true and
      correct in all respects.

11.   The Agent shall distribute the additional amounts received as a result of
      the Mandatory Cost to the Lenders on the basis of the Additional Cost Rate
      for each Lender based on the information provided by each Lender and each
      Reference Bank pursuant to paragraphs 3, 7 and 8.

12.   Any determination by the Agent pursuant to this Schedule in relation to a
      formula, the Mandatory Cost, an Additional Cost Rate or any amount payable
      to a Lender shall, in the absence of manifest error, be conclusive and
      binding on all Parties.

13.   The Agent may from time to time, after consultation with the Company and
      the Lenders, determine and notify to all Parties any amendments which are
      required to be made to this Schedule in order to comply with any change in
      law, regulation or any requirements from time to time imposed by the Bank
      of England, the Financial Services Authority or the European Central Bank
      (or, in any case, any other authority which replaces all or any of its
      functions) and any such determination shall, in the absence of manifest
      error, be conclusive and binding on all Parties.

                                     - 99 -
<PAGE>
                                   SCHEDULE 5

                           FORM OF TRANSFER AGREEMENT

This Transfer Agreement is made on [ ]

BETWEEN:

(1)   [ ] (the "EXISTING LENDER")

AND:

(2)   [ ] (the "NEW LENDER")

WHEREAS:

(A)   The Existing Lender has entered into a euro term loan facility in an
      aggregate amount equal to [...] (figures and letters), a euro term loan
      facility in an aggregate amount equal to [...] (figures and letters) and a
      multicurrency revolving loan facility in an aggregate amount equal to
      [...] (figures and letters) under a facility agreement dated [...] April
      2004, between the Company, the Financial Institutions listed in Part II of
      Schedule 1 to that Facility Agreement, BNP Paribas and Merrill Lynch
      Credit Products acting as Mandated Lead Arrangers, and BNP Paribas acting
      as Agent of the Lenders (the "Facility Agreement").

      [The Additional Borrowers listed in Schedule 1 attached to this Transfer
      Agreement have become "Additional Borrowers" in accordance with clause
      24.2 of the Facility Agreement (Additional Borrowers).]

(B)   The Existing Lender wishes to transfer and the New Lender wishes to
      acquire [all] [the part specified in Schedule 2 of this Transfer
      Agreement] of the Existing Lender's Commitment, rights and obligations
      referred to in Schedule 2 to this Transfer Agreement.

(C)   Terms defined in the Facility Agreement have the same meaning when used in
      this Transfer Agreement.

IT IS AGREED AS FOLLOWS:

1.    The Existing Lender and the New Lender agree to the transfer (cession) of
      [all] [the part specified in Schedule 2 of this Transfer Agreement] of the
      Existing Lender's Commitment, rights and obligations referred to in
      Schedule 2 to this Transfer

                                    - 100 -
<PAGE>
      Agreement in accordance with Clause 23.5 of the Facility Agreement
      (Procedure for transfer).(a)

2.    The proposed Transfer Date is [...].

3.    The Facility Office and address, fax number and attention details for
      notices of the New Lender for the purposes of Clause 30.2 (Addresses) are
      set out in Schedule 2 of this Transfer Agreement.

4.    The New Lender acknowledges the limitations on the Existing Lender's
      liabilities set out in paragraph (c) of Clause 23.4 (Limitation of
      responsibility of Existing Lenders) of the Facility Agreement.

5.    The New Lender confirms to the other Finance Parties represented by the
      Agent that it will assume the same obligations to those Parties as it
      would have been under if it was an Original Lender

6.    This Transfer Agreement is governed by French law. The Tribunal of
      Commerce of Paris shall have jurisdiction in relation to any dispute
      concerning it.

                                   SCHEDULE 1

                          NAME OF ADDITIONAL BORROWERS

                                   SCHEDULE 2

               COMMITMENT/RIGHTS AND OBLIGATIONS TO BE TRANSFERRED

                            [insert relevant details]
   [Facility Office address, fax number and attention details for notices and
                         account details for payments]

[Existing Lender]                       [New Lender]

By:                                     By:

This Transfer Agreement is accepted by the Agent and the Transfer Date is
confirmed as [ ].

[Agent]

By:

--------------------------------------------------------------------------------
(a)   The New Lender may, in the case of a transfer of rights by the Existing
      Lender under this Transfer Agreement, if it considers it necessary to make
      the transfer effective as against third parties, arrange for it to be
      notified by way of signification to the Obligors in accordance with
      article 1690 of the French Code Civil.

                                    - 101 -
<PAGE>
                                   SCHEDULE 6

                            FORM OF ACCESSION LETTER

To:   [ ] as Agent

From: [Subsidiary] and [Company]

Dated:

Dear Sirs

SANOFI-SYNTHELABO - EUR 16,000,000,000 FACILITY AGREEMENT DATED [ ] APRIL 2004
(THE "FACILITY AGREEMENT")

1.    We refer to the Agreement. This is an Accession Letter. Terms defined in
      the Agreement have the same meaning in this Accession Letter unless given
      a different meaning in this Accession Letter.

2.    [Subsidiary] agrees to become an Additional Borrower and to be bound by
      the terms of the Facility Agreement as an Additional Borrower pursuant to
      Clause 24.2 (Additional Borrowers) of the Agreement. [Subsidiary] is a
      company duly incorporated under the laws of [name of relevant
      jurisdiction].

3.    [Subsidiary's] administrative details are as follows:

      Address:

      Fax No:

      Attention:

4.    This Accession Letter is governed by French law.

      [Company]                         [Subsidiary]

      Accepted by the Agent

                                    - 102 -
<PAGE>
                                   SCHEDULE 7

                           FORM OF RESIGNATION LETTER

To:   [ ] as Agent

From: [resigning Obligor] and [Company]

Dated:

Dear Sirs

SANOFI-SYNTHELABO - EUR 16,000,000,000 FACILITY AGREEMENT DATED [ ] APRIL 2004
(THE "FACILITY AGREEMENT")

1.    We refer to the Agreement. This is a Resignation Letter. Terms defined in
      the Agreement have the same meaning in this Resignation Letter unless
      given a different meaning in this Resignation Letter.

2.    Pursuant to Clause 24.3 (Resignation of a Borrower), we request that
      [resigning Borrower] be released from its obligations as a Borrower under
      the relevant Finance Document.

3.    We confirm that:

      (a)   no Default is continuing or would result from the acceptance of this
            request; and

      (b)   no amounts remains due by the [resigning Obligor] under any Finance
            Documents. *

4.    This Resignation Letter is governed by French law.

      [Company]                         [Subsidiary]

      By:                               By:

--------------------------------------------------------------------------------
* Insert any other conditions required by the Agreement.

                                    - 103 -
<PAGE>
                                   SCHEDULE 8

                         FORM OF COMPLIANCE CERTIFICATE

To:   BNP Paribas as Agent

From: The Company

Dated:

Dear Sirs,

SANOFI-SYNTHELABO - EUR 16,000,000,000 FACILITY AGREEMENT DATED [ ] APRIL 2004
(THE "FACILITY AGREEMENT")

1.    We refer to the Facility Agreement. This is a Compliance Certificate as
      such term is defined in the Facility Agreement. Terms defined in this
      Compliance Certificate shall have the meanings ascribed to them in the
      Facility Agreement unless given a different meaning in this Compliance
      Certificate.

2.    We confirm that: [Insert details of covenants to be certified]

3.    [We confirm that no Default is continuing.]*

Signed: ...

        ..................

        Chief Financial Officer or Chief Executive Officer of
        Sanofi-Synthelabo

--------------------------------------------------------------------------------
* If this statement cannot be made, the certificate should identify any Default
  that is continuing and the steps, if any, being taken to remedy it.

                                    - 104 -
<PAGE>
                                   SCHEDULE 9
                                EXISTING SECURITY

                                      NONE

                                    - 105 -
<PAGE>
                                  SCHEDULE 10

                       FORM OF CONFIDENTIALITY UNDERTAKING

[LETTERHEAD OF SELLER/SELLER'S AGENT/BROKER]

To:

                                                   [insert name of Potential
                                                   Purchaser/Purchaser's
                                                   agent/broker]

Re:   THE AGREEMENT

BORROWER:  SANOFI-SYNTHELABO

DATE:      [ ]

AMOUNT:    EUR 16,000,000,0000

AGENT:     BNP PARIBAS

Dear Sirs,

We understand that you are considering [acquiring] /[arranging the acquisition
of] an interest in the Facility Agreement (the "ACQUISITION"). In consideration
of us agreeing to make available to you certain information, by your signature
of a copy of this letter you agree as follows:

1.    Confidentiality Undertaking You undertake (a) to keep the Confidential
      Information confidential and not to disclose it to anyone except as
      provided for by paragraph 2 below and to ensure that the Confidential
      Information is protected with security measures and a degree of care that
      would apply to your own confidential information, (b) to use the
      Confidential Information only for the Permitted Purpose, (c) to use all
      reasonable endeavours to ensure that any person to whom you pass any
      Confidential Information (unless disclosed under paragraph 2[(c)/(d)]
      below) acknowledges and complies with the provisions of this letter as if
      that person were also a party to it, and (d) not to make enquiries of any
      member of the Group or any of their officers, directors, employees or
      professional advisers relating directly or indirectly to the Acquisition.

2.    Permitted Disclosure We agree that you may disclose Confidential
      Information:

      (a)   to members of the Purchaser Group and their officers, directors,
            employees and professional advisers to the extent necessary for the
            Permitted Purpose and to any auditors of members of the Purchaser
            Group;

                                    - 106 -
<PAGE>
      [(b)  subject to the requirements of the Agreement, in accordance with the
            Permitted Purpose so long as any prospective purchaser has delivered
            a letter to you in equivalent form to this letter;]

      [(b/c)](c) subject to the requirements of the Agreement, to any person to
            (or through) whom you assign or transfer (or may potentially assign
            or transfer) all or any of the rights, benefits and obligations
            which you may acquire under the Agreement or with (or through) whom
            you enter into (or may potentially enter into) any sub-participation
            in relation to, or any other transaction under which payments are to
            be made by reference to, the Agreement or the Borrowers or any
            member of the Group so long as that person has delivered a letter to
            you in equivalent form to this letter; and

      [(c/d)](c) (i) where requested or required by any court of competent
            jurisdiction or any competent judicial, governmental, supervisory or
            regulatory body, (ii) where required by the rules of any stock
            exchange on which the shares or other securities of any member of
            the Purchaser Group are listed or (iii) where required by the laws
            or regulations of any country with jurisdiction over the affairs of
            any member of the Purchaser Group.

3.    Notification of Required or Unauthorised Disclosure You agree (to the
      extent permitted by law) to inform us of the full circumstances of any
      disclosure under paragraph 2[(c)/(d)](c) or upon becoming aware that
      Confidential Information has been disclosed in breach of this letter.

4.    Return of Copies If we so request in writing, you shall return all
      Confidential Information supplied to you by us and destroy or permanently
      erase all copies of Confidential Information made by you and use all
      reasonable endeavours to ensure that anyone to whom you have supplied any
      Confidential Information destroys or permanently erases such Confidential
      Information and any copies made by them, in each case save to the extent
      that you or the recipients are required to retain any such Confidential
      Information by any applicable law, rule or regulation or by any competent
      judicial, governmental, supervisory or regulatory body or in accordance
      with internal policy, or where the Confidential Information has been
      disclosed under paragraph 2[(c)/(d)](c) above.

5.    Continuing Obligations The obligations in this letter are continuing and,
      in particular, shall survive the termination of any discussions or
      negotiations between you and us. Notwithstanding the previous sentence,
      the obligations in this letter shall cease (a) if you become a party to or
      otherwise acquire (by assignment or sub-participation) an interest, direct
      or indirect, in the Agreement or (b) twelve months after you have returned
      all Confidential Information supplied to you by us and destroyed or
      permanently erased all copies of Confidential Information made by you
      (other than any such Confidential Information or copies which have been
      disclosed under paragraph 2 above (other than sub-paragraph 2(a)) or
      which, pursuant to paragraph 4 above, are not required to be returned or
      destroyed).

6.    No Representation, Consequences of Breach, etc. You acknowledge and agree
      that:

      (a)   neither we, [nor our principal] nor any member of the Group nor any
            of our or their respective officers, employees or advisers (each a
            "RELEVANT PERSON") (i) make any representation or warranty, express
            or implied, as to, or assume any responsibility for, the accuracy,
            reliability or completeness of any of the Confidential Information
            or any other information supplied by us

                                    - 107 -
<PAGE>
            or the assumptions on which it is based or (ii) shall be under any
            obligation to update or correct any inaccuracy in the Confidential
            Information or any other information supplied by us or be otherwise
            liable to you or any other person in respect to the Confidential
            Information or any such information; and

      (b)   we [or our principal](d) or members of the Group may be irreparably
            harmed by the breach of the terms hereof and damages may not be an
            adequate remedy; each Relevant Person may be granted an injunction
            or specific performance for any threatened or actual breach of the
            provisions of this letter by you.

7.    No Waiver; Amendments, etc. This letter sets out the full extent of your
      obligations of confidentiality owed to us in relation to the information
      subject of this letter. No failure or delay in exercising any right, power
      or privilege hereunder will operate as a waiver thereof nor will any
      single or partial exercise of any right, power or privilege preclude any
      further exercise thereof or the exercise of any other right, power or
      privileges hereunder. The terms of this letter and your obligations
      hereunder may only be amended or modified by written agreement between us.

8.    Inside Information You acknowledge that some or all of the Confidential
      Information is or may be price-sensitive information and that the use of
      such information may be regulated or prohibited by applicable legislation
      relating to insider dealing and you undertake not to use any Confidential
      Information for any unlawful purpose.

9.    Nature of Undertakings The undertakings given by you under this letter are
      given to us and (without implying any fiduciary obligations on our part)
      are also given for the benefit of [our principal,](d) the Borrowers and
      each other member of the Group.

10.   Third party rights

      (a)   Subject to paragraph 6 and paragraph 9 the terms of this letter may
            be enforced and relied upon only by you and us.

      (b)   Notwithstanding any provisions of this letter, the parties to this
            letter do not require the consent of any Relevant Person or any
            member of the Group to rescind or vary this letter at any time.

11.   Governing Law and Jurisdiction This letter (including the agreement
      constituted by your acknowledgement of its terms) shall be governed by and
      construed in accordance with the laws of France and the parties submit to
      the non-exclusive jurisdiction of the French courts.

12.   Definitions In this letter (including the acknowledgement set out below)
      terms defined in the Agreement shall, unless the context otherwise
      requires, have the same meaning and:

      "CONFIDENTIAL INFORMATION" means any information relating to either
      Borrower, the Group, the Facility Agreement and/or the Acquisition
      provided to you by us or any of our affiliates or advisers, in whatever
      form, and includes information given orally and any document, electronic
      file or any other way of representing or recording information which
      contains or is derived or copied from such information but excludes
      information that (a) is or becomes public knowledge other than as a direct
      or indirect result of any breach of this letter or (b) is known by you
      before the date the

                                    - 108 -
<PAGE>
      information is disclosed to you by us or any of our affiliates or advisers
      or is lawfully obtained by you thereafter, other than from a source which
      is connected with the Group and which, in either case, as far as you are
      aware, has not been obtained in violation of, and is not otherwise subject
      to, any obligation of confidentiality;

      "GROUP" means Borrower and each of its holding companies and subsidiaries
      and each subsidiary of each of its holding companies;

      "PERMITTED PURPOSE" means [subject to the terms of this letter, passing on
      information to a prospective purchaser for the purpose of](b) considering
      and evaluating whether to enter into the Acquisition; and

      "PURCHASER GROUP" means you, each of your holding companies and
      subsidiaries and each subsidiary of each of your holding companies.

      Please acknowledge your agreement to the above by signing and returning
      the enclosed copy.

      Yours faithfully

      ...................................

      For and on behalf of

      [Seller/Seller's agent/broker]

      To:   [Seller]

            [Seller's agent/broker]

            The Borrower and each other member of the Group

      We acknowledge and agree to the above:

      ...................................

      For and on behalf of

      [Potential Purchaser/Purchaser's agent/broker]

                                    - 109 -
<PAGE>
                                  SCHEDULE 11

                                   TIMETABLES

<TABLE>
<CAPTION>
                                          LOANS IN EURO                  LOANS IN AN OPTIONAL
                                                                         CURRENCY
<S>                                       <C>                            <C>
Delivery of a duly completed              11 a.m Paris time              11 a.m Paris time
Utilisation Request (Clause 5.1           3 Business Days                3 Business Days prior to
(Utilisation under Facility A             prior to the                   the proposed Utilisation
and Facility B), Clause 5.2               proposed Utilisation           Date
(Utilisation under Facility C             Date
for the purpose of financing an
Acquisition Payment) or Clause
5.3 (Utilisation under Facility
C for other purposes than
financing an Acquisition
Payment).

Agent determines (in relation             N/A                            11 a.m London time
to a Utilisation) the Base                                               3 Business Days prior to
Currency Amount of the Loan, if                                          the proposed Utilisation
required under Clause 5.5                                                Date
(Lenders' participation)

Agent notifies the Lenders of             Promptly upon                  Promptly upon receipt from
the Loan in accordance with               receipt from the               the Borrower
Clause 5.5 (Lenders'                      Borrower
participation)

Agent receives a notification             N/A                            Quotation Day as of 9 a.m.
from a Lender under Clause 6.2                                           Paris time
(Unavailability of a currency)
</TABLE>

                                    - 110 -
<PAGE>
                                   SCHEDULE 12
                                FORM OF GUARANTEE

          FIRST DEMAND GUARANTEE (GARANTIE A PREMIERE DEMANDE) BETWEEN:

(1)   SANOFI-SYNTHELABO, a French company whose registered office is at 174
      avenue de France, 75013 Paris, registered under identification number
      395 030 844 RCS Paris, and represented by [ ], duly authorised for the
      purposes hereof,

                                                    (hereinafter, the GUARANTOR)

(2)   BNP PARIBAS, a French company whose registered office is at 16 boulevard
      des Italiens, 75009 Paris, registered under identification number
      662 042 449 RCS Paris, acting as agent for the account and on behalf of
      the Lenders (as defined below), and represented by [ ], duly authorised
      for the purposes hereof,

                                                        (hereinafter, the AGENT)

      WHEREAS:

(A)   On [ ] April 2004, the Guarantor has entered into a EUR 16,000,000,000
      facility agreement (the FACILITY AGREEMENT) with inter alia BNP Paribas
      and Merrill Lynch Credit Products as mandated lead arrangers, underwriters
      and joint-book runners, BNP Paribas and Merrill Lynch Credit Products as
      original lenders and BNP Paribas as agent.

(B)   Pursuant to an accession letter entered into on the date hereof between
      the Additional Borrower (as defined below), the Guarantor and the Agent
      (the ACCESSION LETTER), the Additional Borrower has acceded to the
      Facility Agreement and is therefore entitled to borrow up to a maximum
      amount of EUR [ ] (or its equivalent in certain other currencies) under
      the Facility Agreement.

(C)   The accession of the Additional Borrower has been made on the condition
      that the Guarantor enters into this guarantee undertaking (the GUARANTEE)
      upon the following terms and conditions.

IT IS HEREBY AGREED AS FOLLOWS:

1.    DEFINITIONS

      In this Guarantee except to the extent that the context requires
      otherwise:

      ADDITIONAL BORROWER means [name and description of the relevant Additional
      Borrower];

      LENDER means any financial institution which is a lender from time to time
      under the Facility Agreement (whether originally or following a transfer
      or an assignment made in accordance with the provisions of the Facility
      Agreement).

                                    - 111 -
<PAGE>
2.    GUARANTEE

(a)   The Guarantor irrevocably undertakes in favour of the Agent (for the
      benefit of the Lenders) to pay to it, upon first demand and in accordance
      with the terms and conditions set out below, any sums up to EUR [ ](b) (or
      the equivalent thereof in any other currency) as claimed under the notice
      referred to below.

(b)   The amounts referred to above shall be payable by the Guarantor to the
      Agent upon first demand from the Agent and such demand shall be made by
      way of a written notice sent to the Guarantor in the form set out in the
      Schedule hereto. The Guarantor shall pay such amounts to the Agent within
      3 business days following receipt of the aforementioned notice.

(c)   The Agent shall be entitled to make a single or several calls to the
      Guarantor under this Guarantee, subject to not exceeding the overall
      maximum amount as provided in Clause 2.(a).

(d)   This Guarantee constitutes an independent, irrevocable and unconditional
      undertaking (garantie autonome a premiere demande) by the Guarantor, who
      expressly waives the right to rely on any exception whatsoever, arising
      out of the relations between the Agent and/or the Lenders and the
      Additional Borrower, for the purpose of deferring or releasing itself from
      the performance of its obligations under this Guarantee.

3.    NO IMPAIRMENT

      As a result of the independent nature of this Guarantee, the Guarantor's
      obligations hereunder shall in no way be altered, cancelled, reduced or
      deferred, and the Guarantor shall not be released from performing such
      obligations, by any of, but not limited to, the following events:

      (a)   The nullity, termination, cancellation or expiry of the Facility
            Agreement or any of its provisions;

      (b)   any extension or renewal of the Facility Agreement, or any amendment
            to any of its provisions, or

      (c)   any delay in exercising, failure to exercise or waiving by the Agent
            and/or the Lenders of any right or means of recourse available to
            each of them under the terms of the Facility Agreement.

4.    SUBROGATION/SUBORDINATION

(a)   Upon payment of any amounts to the Agent under this Guarantee, the
      Guarantor may, at its request, be subrogated up to the relevant amount
      paid (and subject to the terms of Clause 4.(b) below), at its expense and
      at its own risk, in the rights of the Lenders as against the Additional
      Borrower pursuant to the Facility Agreement.

(b)   All rights of, and/or means of recourse available to, the Guarantor as
      against the Additional Borrower as a result of the subrogation described
      in Clause 4.(a), or under its direct rights (if any) against the
      Additional Borrower, shall be subordinated to the Lenders' rights against
      the Additional Borrower arising under the Facility Agreement and shall be
      deferred until such time as each Lender confirms that it has

--------------------------------------------------------------------------------
(b) Being 115% of the maximum amount referred to in Whereas (B).

                                      - 2 -
<PAGE>
      received all sums payable to it by the Additional Borrower and the
      Additional Borrower has ceased to be an Additional Borrower under the
      Facility Agreement.

(c)   The Guarantor undertakes to collect, upon request from the Agent and to
      the extent necessary to pay any amounts claimed under this Guarantee and
      in order to give full effect to the terms contained in Clause 4.(b), all
      amounts (or a portion thereof) payable to the Guarantor by the Additional
      Borrower and to repay all or a portion of such collected amounts to the
      Agent.

5.    REPRESENTATIONS AND WARRANTIES OF THE GUARANTOR

(a)   The Guarantor represents and warrants to the Agent that:

      (i)   As from the date on which the Guarantor acquires control over the
            Additional Borrower, it will be fully aware of the prospects and
            condition of the Additional Borrower's finances and assets;

      (ii)  It is a corporation, duly incorporated and validly existing under
            the laws of France and it has the power to enter into, perform and
            deliver, and has taken all necessary action to authorise its entry
            into, performance and delivery of the Guarantee and the transactions
            contemplated by the Guarantee (including the authorisation by its
            board of directors in accordance with article L.225-35 of the French
            Code de Commerce).;

      (iii) Subject to Clause 18.15 of the Facility Agreement (Non
            Applicability), delivery of the Accession Letter constitutes
            confirmation by the Guarantor that the Repeating Representations (as
            defined under the Facility Agreement) are true and correct in
            relation to the Additional Borrower as at the date of delivery as if
            made by reference to the facts and circumstances then existing.

(b)   Each of the aforementioned representations and warranties shall remain in
      force and shall continue to be effective from the date of execution of
      this Guarantee until the complete payment or discharge of all amounts
      payable under this Guarantee.

6.    FURTHER UNDERTAKINGS OF THE GUARANTOR

      For the duration of this Guarantee and until all sums payable under this
      Guarantee have been paid and all other obligations on the Guarantor under
      this Guarantee have been satisfied, the Guarantor undertakes:

(a)   to hold (directly or indirectly) at least 50.01% of the capital and voting
      rights in the Additional Borrower (a "CONTROLLING STAKE") for so long as
      there are loans outstanding under the Facility Agreement to the Additional
      Borrower and unless such loans are repaid in full on or prior to the date
      on which the Guarantor ceases to hold directly or indirectly a Controlling
      Stake;

(b)   to provide the Agent with any additional information or estimates which
      the Agent may reasonably require from time to time in accordance with
      Clause 19.4 of the Facility Agreement.

7.    TAX

      If, for any reason, the Guarantor has to deduct, withhold or levy any
      amount from the sums payable by it under this Guarantee, such sums shall
      to the extent permitted

                                      - 3 -
<PAGE>
      by French Law be increased by the amount necessary to ensure that each
      Lender receives, after any such deduction, withholding or other levy, a
      net amount equal to that which it would have received if no such
      deduction, withholding or levy had been made.

8.    TERM - NOTICES

(a)   This Guarantee shall terminate on 30 June 2009 or on such earlier date as
      the Agent (acting on the instructions of the Lenders) may specify in a
      notice of release. Any calls received after such date shall be
      inoperative.

(b)   Any communication to be made under or in connection with this Guarantee
      shall be made in writing and, unless otherwise stated, may be made by fax,
      letter or telex.

(c)   The address, fax number and telex number (and the department or officer,
      if any, for whose attention the communication is to be made) of each party
      for any communication or document to be made or delivered under or in
      connection with the Guarantee is:

      (i)   in the case of the Company:

                      Address:     Sanofi-Synthelabo
                                   [Address]
                                   [Address]
                      Fax number:  +[ ][_________]
                      Attention:   [____________]

      (ii)  in the case of the Agent:

                      Address:     BNP Paribas
                                   [Address]
                                   [Address]
                      Fax number:  +[ ][_________]
                      Attention:   [____________]

Or such other address as may be notified by either party to the other from time
to time.

9.    MISCELLANEOUS PROVISIONS

(a)   This Guarantee shall automatically benefit to each Lender under the
      Facility Agreement without any notice or carrying of any formality.

(b)   The Agent shall deliver a notice of release to the Guarantor when the
      Additional Borrower ceases to be an Additional Borrower pursuant to Clause
      24.3(b) of the Facility Agreement (Resignation of a Borrower).

10.   GOVERNING LAW / JURISDICTION

(a)   This Guarantee is governed by French law.

(b)   The Tribunal de Commerce de Paris has exclusive jurisdiction to settle any
      dispute arising out of or in connection with this Guarantee (including a
      dispute regarding the existence, validity or termination of this
      Guarantee) (a DISPUTE). This clause is for the benefit of the Agent and
      the Lenders only. As a result, neither the Agent nor the Lenders shall be
      prevented from taking proceedings relating to a Dispute in any

                                     - 4 -
<PAGE>
      other courts with jurisdiction. To the extent allowed by law, the Agent
      and/or the Lenders may take concurrent proceedings in any number of
      jurisdictions.

Signed in [ ] in [ ] originals

On [ ]

------------------------------          ---------------------------
SANOFI-SYNTHELABO                       BNP PARIBAS

Represented by: [   ]                   Represented by: [   ]

                                     - 5 -
<PAGE>
                                    ANNEXE 1

                                 FORM OF NOTICE

[Letterhead of the Agent]

To:   [the Guarantor]

[ ]

[ ]

Attention:

[Date]

Dear Sirs,

We refer to the first demand guarantee dated [-] entered into by your
company for the benefit of the Lenders under the Facility Agreement.

We request that you forthwith pay us (for the account of the Lenders) [currency
and amount] by way of a credit transfer to the following account: [-].

For information purposes only, we certify that an amount at least equal to the
amount claimed under this notice is due and payable but unpaid as at the date
hereof by [name of the relevant Additional Borrower] under the Facility
Agreement.

Yours faithfully,

[the Agent]

                                     - 6 -
<PAGE>
                                   SCHEDULE 13
                              MATERIAL SUBSIDIARIES

1.    Sanofi Winthrop Industries

2.    Sanofi-Synthelabo Inc

3.    Sanofi-Synthelabo France

4.    Sanofi-Synthelabo Gmbh

                                     - 7 -
<PAGE>
                                   SIGNATORIES

THE COMPANY

SANOFI-SYNTHELABO SA

BY:   JEAN-CLAUDE LEROY

THE MANDATED LEAD ARRANGERS, UNDERWRITERS AND JOINT-BOOK RUNNERS

BNP PARIBAS SA

BY:   MICHEL KONCZATY AND BRUNO TASSART

MERRILL LYNCH CREDIT PRODUCTS LLC

BY:   STEPHEN WELLINGTON

THE ORIGINAL LENDERS

BNP PARIBAS SA

BY:   MICHEL KONCZATY AND BRUNO TASSART

MERRILL LYNCH CREDIT PRODUCTS LLC

BY:   STEPHEN WELLINGTON

THE AGENT

BNP PARIBAS SA

BY:   MICHEL KONCZATY AND BRUNO TASSART

THE PRESENTING BANK

BNP PARIBAS SA

BY:   THIERRY VARENE AND CHRISTOPHE JALINOT

                                     - 8 -EX-10.6: PROTOCOL OF AGREEMENT

 

EXHIBIT 10.6

[The following is a free translation of a French language Protocole D’Accord
and such translation is for information purposes only, with no binding or other
effect. Only such French language document governs the matters described
herein.]

PROTOCOL OF AGREEMENT

AMONG THE UNDERSIGNED:

TOTAL S.A., a société anonyme with share capital of 6,491,182,360 euros,
registered with the Registre du Commerce et des Sociétés of Nanterre under
number 542 051 180, having its headquarters at 2, place de la Coupole, La
Défense, 92400 Courbevoie, and represented by Mr. Thierry Desmarest, in his
capacity as Chairman and Chief Executive Officer,

(hereafter “TOTAL”),

ELF AQUITAINE, a société anonyme with share capital of 2,230,762,888 euros,
registered with the Registre du Commerce et des Sociétés of Nanterre under
number 552 120 784, having its headquarters at 2, place de la Coupole, La
Défense, 92400 Courbevoie, and represented by Mr. Thierry Desmarest, in his
capacity as Chairman and Chief Executive Officer,

(hereafter “ELF AQUITAINE”),

VALORISATION ET GESTION FINANCIERE, a société par actions simplifiée with share
capital of 229,000 euros, registered with the Registre du Commerce et des
Sociétés of Nanterre under number 338 836 348, having its headquarters at 2,
place de la Coupole, La Défense, 92400 Courbevoie, and represented by Mr.
Robert Castaigne, duly authorized to execute the present protocol of agreement,

(hereafter “Valorisation et Gestion Financière”)

(TOTAL, ELF AQUITAINE and VALORISATION ET GESTION FINANCIERE, hereafter

referred to together as “GROUPE TOTAL”),

ON ONE HAND,

AND:

L’OREAL, a société anonyme with a share capital of 135,212,432 euros,
registered with the Registre du Commerce et des Sociétés of Paris under number
632 012 100, having its headquarters at 14, rue Royale, 75008 Paris, and
represented by Mr. Lindsay Owen-Jones, in his capacity as Chairman and Chief
Executive Officer

(hereafter “L’OREAL”),

ON THE OTHER HAND,

(hereafter individually referred to as a “Party” and collectively referred to
as the “Parties”)

 

 

AFTER HAVING FIRST SET
FORTH THE FOLLOWING:

ELF AQUITAINE, VALORISATION ET GESTION FINANCIÈRE and L’OREAL entered into a
Shareholders’ Agreement on April 9, 1999 (the “Shareholders’ Agreement”), the
object of which is to organize their relations as shareholders of
Sanofi-Synthélabo, a société anonyme with a share capital of 1,465,696,144
euros, having its headquarters at 174, avenue de France, 75013 Paris,
registered with the Registre du Commerce et des Sociétés of Paris under number
395 030 844 (the “Company”), and pursuant to the terms of which they expressly
set forth their intention to act in concert within the meaning of article L.
233-11 of the French Code de commerce. By amendment thereto, dated November
24, 2003, TOTAL adhered to the Shareholders’ Agreement.

By amendment dated January 25, 2004, the Parties declared themselves in favor
of the public tender offer initiated by the Company with respect to the company
Aventis (the “Initial Offer”) and waived their rights pursuant to the
stipulations set forth in Annex 2 to the Shareholders’ Agreement.

The Company’s Board of Directors was convened on April 24, 2004 in order to
come to a decision as to the proposed revision of the Initial Offer which the
Company contemplates initiating with respect to Aventis on the terms and
conditions set forth in the draft note d’information complémentaire and
Prospectus Supplement to be filed respectively with the French and U.S. market
regulators and copies of which are attached hereto in
Annex (the “Proposed
Improved Offer”). Accordingly, the Parties discussed the Proposed Improved
Offer pursuant to article 6 of the Shareholders’ Agreement.

Upon their discussion, the Parties noted that the principal offer of the
Proposed Improved Offer allows Aventis’ shareholders to exchange their shares
at a ratio of 0.8333 new shares of the Company and 20 euros in cash for one
Aventis share (coupon attached) and that such principal offer is supplemented
by an ancillary public exchange offer and an ancillary public cash tender offer
up to that number of Aventis shares such that the consideration offered for
Aventis shares tendered or exchanged pursuant to such ancillary offers shall
not be more than 71% in shares nor more than 29% in cash. The Parties further
noted that the Proposed Improved Offer would not entail any dilution of their
respective holdings in the share capital of the Company beyond that entailed by
the Initial Offer.

Accordingly the Parties determined among themselves to enter into this protocol
of agreement with the object of establishing their common position in favor of
the Proposed Improved Offer (this “Agreement”), it being understood that
capitalized terms used but not defined herein shall have the meaning ascribed
thereto in the Shareholders’ Agreement.

 

 

IT HAS BEEN AGREED AS
FOLLOWS:

ARTICLE 1 – PARTIES’ UNANIMOUS AGREEMENT IN FAVOR OF THE PROPOSED IMPROVED OFFER

	1.1	 	After discussion, the Parties declare themselves unanimously in favor of
the Proposed Improved Offer on the terms and conditions as brought to
their knowledge.
	 
	1.2	 	As a result of their agreement in favor of the Proposed Improved Offer
and solely with a view to the completion thereof:

	 	(a)	 	the Parties waive their right to effect the procedure set
forth in Annex 2 to the Shareholders’ Agreement;
	 
	 	(b)	 	each Party waives its right against each other Party pursuant
to the stipulations set forth in Annex 2 to the Shareholders’
Agreement; and
	 
	 	(c)	 	each of the Parties undertakes not to invoke the consequences
of the completion of the Proposed Improved Offer on such Party’s
accounting treatment of its participation in the Company to oppose
the Proposed Improved Offer or to request an amendment to the terms
or conditions thereof.

ARTICLE 2 – CONFIDENTIALITY

The Parties undertake to maintain strictly confidential the existence and
contents of the Proposed Improved Offer and of the Agreement until the Company
has made the Proposed Improved Offer public.

ARTICLE 3 – TERMINATION OF THIS AGREEMENT

This Agreement shall be terminated automatically and without further action in
case of termination of or upon term of the Shareholders’ Agreement.

ARTICLE 4 – GOVERNING LAW AND JURISDICTION

	4.1	 	This Agreement is governed by the laws of France.

-2-

 

	4.2	 	Any dispute arising from the validity of this Agreement, its
interpretation and/or implementation shall be settled definitely by way of
arbitration according to the provisions set forth in article 16 of the
Shareholders’ Agreement.

Entered into in Paris, April 24, 2004

In four (4) original copies,

	 	 	 
	/s/ Thierry Desmarest

	 	/s/ Lindsay Owen-Jones
	
 

	 	
 
	TOTAL

	 	L’OREAL
	Thierry Desmarest

	 	Lindsay Owen-Jones
	 
	 	 
	/s/ Thierry Desmarest

	 	/s/ Robert Castaigne
	
 

	 	
 
	ELF AQUITAINE

	 	VALORISATION ET GESTION FINANCIERE
	Thierry Desmarest

	 	Robert Castaigne, duly authorized

-3-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00065-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00065-of-00352.parquet"}]]