1st Half-Year Group Sales Up 20%

*France, French Territories
**Germany, Italy, Belgium, Spain and Portugal
*** Distributors: other Group markets

Group sales for the 1^st half-year ending 30 June 2003 increased by 20% over the same period last year. The slowdown in 2^nd quarter sales growth is in accordance with the Group’s expectations.

• Sales growth for France remained very sustained for the 2^nd quarter, despite a relatively weak pollen season.  New treatments, up 7% for the half-year, were   70% administered sublingually.
• Overall subsidiary business activity continued to progress, even though Germany was adversely impacted by a 6% regulatory drop in prices.
• Distributor sales increased by 25% for the half-year ending June 2003, sustained by the development of business activity in Eastern Europe (Czech Republic, Slovakia, Poland).

Through the achievement of these 1st half-year results, the Group can confirm the forecasted double-digit annual sales growth and a significant improvement in results.