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RHONE-POULENC ANNOUNCES SUCCESSFUL EXCHANGE OFFERS

 PARIS, March 11 /PRNewswire/ -- The final results of the Rhone- Poulenc offer to exchange one ordinary share A' for each participating share Series A (PSSA) show that 4,659,714 PSSAs, representing 98.52 percent of all PSSAs issued, have been tendered and accepted for exchange by Rhone-Poulenc.
 At the same time, the results of the Republic of France offer to exchange one ordinary share A' for each preferred investment certificate (PIC) show that 11,489,600 PICs, representing 98.03 percent of all PICs issued, have been tendered and accepted for exchange by the Republic of France.
 At an ordinary and extraordinary general meeting held today, shareholders voted with over a 2/3 majority to approve the contribution of the tendered PSSAs and the issuance of ordinary shares A' in consideration therefore.
 The ordinary shares A' payable in exchange for the PSSAs and PICs will be delivered by Rhone-Poulenc and the French State respectively, to Societe Generale, the transfer agent, on or about March 17, 1993.
 Commenting on the results Jean-Rene Fourtou, chairman and CEO of Rhone-Poulenc said, "We are extremely pleased by the huge success of the exchange offers. This will provide shareholders with voting rights and access to a more unified and liquid market in Rhone-Poulenc ordinary shares, now listed on the Paris and New York Stock Exchanges, quoted on the SEAQ International and part of the CAC 40."
 Number existing before Number existing after
 exchange offers exchange offers
 PSSAs 4,729,931 70,217
 PICs 11,720,675 231,075
 Ordinary shares
 A' (see note) 7,393,682 23,542,996
 NOTE: Excluding shares owned directly or indirectly by the Republic of France (39,168,320).
 As for the sale of Rhone-Poulenc shares to groups's employees, results show that 500,000 shares have been purchased, particularly by 30 percent of employees based in France.
 Six Rhone-Poulenc directors were elected at the shareholders meeting held this morning:
 -- Jean-Rene Fourtou, chairman and CEO of Rhone-Poulenc
 -- Societe Centrale des Assurances Generales de France represented by Michel Albert, chairman and CEO of Assurances Generales de France
 -- Credit Lyonnais represented by Michel Renault, president of Credit Lyonnais
 -- Claude Bebear, chairman and CEO of Axa
 -- Francois Kourilsky, president of the C.N.R.S.
 -- Serge Kampf, chairman and CEO of Cap Gemini Sogeti
 Replacing the six directors previously appointed by the French State for their special qualifications which had to step down when the governments direct and indirect ownership of ordinary shares A' dropped below 90 percent on Feb. 2, 1993. The term of newly appointed directors will expire in June 1994 along with other members of the board.
 -0- 3/11/93
 /CONTACT: Arvind Sood of Rhone-Poulenc, 908-821-3487/


CO: Rhone-Poulenc ST: IN: MTC SU:

SM-WB -- NY073 -- 5252 03/11/93 16:35 EST
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Date:Mar 11, 1993
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