insurers. Special laws to regulate business practices, pricing and price reporting may be in place to protect the people who use our products and to assure the money that pays for them is properly spent. Promotional and pricing practices that are accepted or common in other industries may not be acceptable or lawful in our industry.The Standards demonstrate our commitment to Lead with Integrity in our highly regulated business.

Why does Schering-Plough need the Standards?

People often feel that publication of a "business practices" code implies that employers do not trust their employees. Nothing is further from the truth here at Schering-Plough. Our colleagues worldwide come to work every day to do a good job in the right way. The Standards are both a statement of, and guide to, our shared way of working with integrity and in full compliance with the law. The Standards also are designed to comply with the requirements of the NewYork Stock Exchange, where Schering-Plough stock is listed.

Who should follow the Standards?

The Standards apply to all officers, full and part-time colleagues of Schering-Plough, and all subsidiaries worldwide. Temporary workers, vendors, agents and consultants worldwide, while working for or representing Schering-Plough, must also adhere to the Standards and should consult them for guidance when acting on behalf of the Company. The Board of Directors is subject to the Schering-Plough Corporation Board of Directors Code of Business Conduct and Ethics, (available at www.schering-plough.com) which is consistent with the Standards and is in accordance with the requirements of the New York Stock Exchange.

Where do the Standards apply?

The Standards apply globally, in every location Schering-Plough conducts business. However, application of the Standards may vary in different countries, due to local business practices or a need to comply with local laws and regulations.

What laws apply to me?

The Standards establish principles for business conduct applicable throughout Schering-Plough, regardless of location. The Standards are