FY 2014 RESULTSFeb 5, 2015

2

Forward Looking Statements

This presentation contains forward-looking statements as defined in the Private Securities Litigation Reform Act of1995, as amended. Forward-looking statements are statements that are not historical facts. These statements includeprojections and estimates and their underlying assumptions, statements regarding plans, objectives, intentions andexpectations with respect to future financial results, events, operations, services, product development and potential,and statements regarding future performance. Forward-looking statements are generally identified by the words"expects", "anticipates", "believes", "intends", "estimates", "plans" and similar expressions. Although Sanofi'smanagement believes that the expectations reflected in such forward-looking statements are reasonable, investors arecautioned that forward-looking information and statements are subject to various risks and uncertainties, many of whichare difficult to predict and generally beyond the control of Sanofi, that could cause actual results and developments todiffer materially from those expressed in, or implied or projected by, the forward-looking information and statements.These risks and uncertainties include among other things, the uncertainties inherent in research and development,future clinical data and analysis, including post marketing, decisions by regulatory authorities, such as the FDA or theEMA, regarding whether and when to approve any drug, device or biological application that may be filed for any suchproduct candidates as well as their decisions regarding labeling and other matters that could affect the availability orcommercial potential of such product candidates, the absence of guarantee that the product candidates if approved willbe commercially successful, the future approval and commercial success of therapeutic alternatives, the Group's abilityto benefit from external growth opportunities, trends in exchange rates and prevailing interest rates, the impact of costcontainment policies and subsequent changes thereto, the average number of shares outstanding as well as thosediscussed or identified in the public filings with the SEC and the AMF made by Sanofi, including those listed under"Risk Factors" and "Cautionary Statement Regarding Forward-Looking Statements" in Sanofi's annual report on Form20-F for the year ended December 31, 2013. Other than as required by applicable law, Sanofi does not undertake anyobligation to update or revise any forward-looking information or statements.

3

Agenda

3

Key Highlights● Serge Weinberg, Chairman of the Board of Directors – CEO

Financial Performance● Jérôme Contamine, Executive Vice President, Chief Financial Officer

Business Review● Peter Guenter - Executive Vice President, Global Commercial Operations

● Pascale Witz - Executive Vice President, Global Divisions & Strategic Development

● Olivier Charmeil - Executive Vice President, Vaccines

● David P. Meeker - Executive Vice President & Chief Executive Officer, Genzyme

● Carsten Hellmann - Executive Vice President, Merial

R&D Update● Elias Zerhouni - President, Global R&D

Q&A Session

KEY HIGHLIGHTS

4

Serge Weinberg

Chairman of the Board of Directors – CEO

3

2

1

● Business EPS up +7.3% at CER in line with expectations● Free Cash Flow up +12.3%● Nearly €5.5bn of capital returned to shareholders(3)

● Mid single digit sales growth(1)

● Solid performance across Growth platforms(2)

● Important milestones achieved for late stage R&D projects● Multiple new product launches underway or imminent

In 2014, Sanofi Focused on Delivering Growthand Strengthening Innovation

5

Returningto top line

growth

Delivering strong financial

results

Bringing innovative medicinesto market

(1) FY 2014 total sales were up +4.9% at CER (2) FY 2014 Growth Platforms sales were up +10.7% at CER, representing 76.4% of total sales (3) Capital returned to shareholders reached €5,477m in 2014 (dividend on 2013 results of €3,676m paid in 2014

and share buy back of €1,801m executed in 2014)

+€0.37-€0.22

Incremental EPS at CER

FY 2013 FX Impact FY 2014

Net Sales Business EPS

Very Solid Top and Bottom Line Growth Achieved in 2014

6(1) On a reported basis, FY 2014 sales were up +2.5% and Business EPS was up +3.0%(2) With retroactive application of IFRIC 21

+7.3%at CER(1)

+€1,611m-€792m

FY 2014Incremental Sales at CER

FY 2013 FX Impact

+4.9%at CER(1)

€32,951m

€33,770m

€5.05

€5.20(2)

(2)

Strong Performance across Growth Platforms(1)

7

(1) FY 2014 Growth Platforms sales were €25,802m (76.4% of total sales) and up +10.7% at CER. Excluding Generics in Brazil, Growth Platforms grew +9.4% in FY 2014 at CER

(2) Excluding Generics in Brazil, Emerging Markets grew +6.5% in FY 2014 at CER and +7.6% in Q4 2014 at CER(3) Some products recorded in prescription pharmaceuticals in 2013 were transferred as Consumer Healthcare products and totaled €68m in Q4 2013

and €273m in FY 2013. When excluding this category change, sales of Consumer Healthcare grew +4.2% in Q4 2014 and +6.8% in FY 2014 at CER(4) Includes products launched since 2009 which do not belong to the Growth Platforms listed above: Multaq®, Jevtana®, Auvi-Q™, Mozobil® and Zaltrap®

Q4 2014Sales & Growth at CER

FY 2014Sales & Growth at CER

Vaccines €1,177m €3,974m

Diabetes Solutions €2,024m €7,273m

Consumer Healthcare(3) -4.2%-4.2%€817m €3,337m

Genzyme €746m €2,604m

Emerging Markets(2) €3,126m €11,347m

Animal Health €507m €2,076m

Other Innovative Products(4) €209m €815m

+7.2%+7.2%

+12.1% +12.1%

+16.5%+16.5%

+24.3%+24.3%

+9.3% +9.3%

+6.7% +6.7%

+14.7%+14.7%

+16.2%+16.2%

+11.0% +11.0%

+14.0%+14.0%

+22.2%+22.2%

+7.9%+7.9%

+11.5% +11.5%

+5.9% +5.9%

Q3 2014 Q4 2014

10.3%10.0%

Q2 2014

10.7%

Q1 2014

+7.9%

Q4 2013

+10.0%

Q3 2013

+5.5%

Q2 2013

+6.2%

Q1 2013

+8.6%

Q4 2012

+11.5%

Q3 2012

+6.4%

Q2 2012

+7.6%

Q1 2012

+5.7%

(1) Growth at CER. Q1 2012 growth restated for Genzyme Q1 2011 (€396m)(2) Growth at CER including Generics in Brazil was +2.5% in Q2 2013 and +14.5% in Q2 2014 8

Growth Platforms Collectively Provide a Sustainable Base

+5% at CER

+10% at CER

% of Group sales 63.2% 77.2%

(2)

(2)

Quarterly Sales Growth from Growth Platforms(1)

Oral Therapy for GaucherDisease Type 1

U.S. (Aug 2014)

EU (Jan 2015)

Protection against four strains of influenza virus

U.S. (Dec 2014)

9

Relapsing forms of multiple sclerosis

U.S. (Nov 2014)

Three New Products Granted Regulatory Approvals over Last 6 Months

11 22 33

Key Regulatory Approvals

10Praluent™ (alirocumab) is developed in collaboration with Regeneron(1) Rolling submission process in some endemic countries in Asia initiated in January 2015

Regulatory Filings for Four Major New Medicines or Vaccines Accomplished over the Last Year

U.S.

EU

U.S.

EU

Endemicmarkets(1)

Diabetes Hypercholesterolemia

Dengue

U.S.

Pediatric hexavalent vaccine

PR5i 6-in-1

Key Regulatory Filings

R&D

Praluent™alirocumab

Dengue vaccine

● World-class RNAi technology

● Focus on genetically defined diseases with a clear translational model for RNA interference

● Market value of 11.8% ownership of €728m on Dec 31, 2014(3)

11

A Successful Model for Productive R&D Collaborations

● Global strategic collaboration

● Access to highly productive therapeutic human antibody platform

● Market value of 22.3% ownership of €7,724m on Dec 31, 2014(1,2)

(1) REGN closing share price on Dec 31, 2014 was $410.25(2) “Significant influence” under IFRS rules allows Sanofi to account for its investment in Regeneron using the Equity

method from April 4, 2014(3) ALNY closing share price on Dec 31, 2014 was $97.00. 11

Evolution of Dividend

2013 2014

€2.85€2.80

2012

€2.77

2011

€2.65

2010

€2.50

2009

€2.40

2008

€2.20

12

● Proposed dividend of €2.85 per share for 2014 financial year(1)

● Increase of 5 cents per share

● 21st consecutive year of dividendincrease

● Payout of 54.8%

(1) To be submitted for approval by shareholders at the Annual General Meeting on May 4, 2015

Strong Commitment to Shareholder Return

(1)

Outlook for 2015 - Investing in Future Growth Drivers

(1) FY 2014 Business EPS of €5.20(2) Difference between variation on reported basis and variation at constant exchange rates

• Taking into account the outlook for U.S. Diabetes as well as new product launches and late stage pipeline development, 2015 business EPS is expected to be stable to slightly growing vs. 2014 at constant average exchange rates(1), barring major unforeseen adverse events

• Applying December 31, 2014 exchange rates to this FY 2015 guidance, the additional positive FX impact on 2015 business EPS is estimated to be between 4% and 5%(2)

FY 2015 Guidance

1313

FINANCIAL PERFORMANCE

Jérôme Contamine

Executive Vice President, Chief Financial Officer

14

Net Sales(1) Business EPS

15

FX Impact on Top and Bottom Line Turned Positive in Q4 as the U.S. Dollar Strengthened

(1) Main currency impact on sales in Q4 2014: U.S. Dollar (+€267.1m); UK Pound (+€11.6m); Russian Ruble (-€59.0m); Japanese Yen (-€23.3m)

Quarterly Currency Impact

-6.2%-€497m

-9.1%-€0.11-5.5%

-€443m

-8.9%-€0.10

-1.0%-€81m

-€0.03-2.2%

Q4

Q3Q2Q1

+2.7%+€229m

+1.5%+€0.02

Q4

Q3Q2Q1

-€0.22or -4.3%

in 2014

-€792mor -2.4%

in 2014

CER: Constant Exchange Rates (1) With retroactive application of IFRIC 21(2) Included a capital gain of €79 million before tax following the sale to a third party of some minor products mainly in France and Italy(3) Included a payment of €92m before tax following the amendment of the Actonel® agreement with Warner Chilcott

and an income of €93m before tax resulting from the Rituxan® arbitration between Hoechst and Genentech 16

BOI Reflects Launch Costs and Lower Other Current Operating Income in Q4 2014

€m Q4 2014 Q4 2013% Change

(reported €)% Change

(CER)

Net sales 9,072 8,457 +7.3% +4.6%

Other revenues 98 88 +11.4% +5.7%

Cost of sales (3,041) (2,898) +4.9% +2.8%

Gross profit 6,129 5,647 +8.5% +5.5%

R&D (1,351) (1,246) +8.4% +5.8%

SG&A (2,465) (2,145) +14.9% +11.8%

Other current operating income & expenses 96 252 - -

Share of Profit/Loss of associates 65 26 - -

Minority interests (31) (40) - -

Business operating income 2,443 2,494 -2.0% -3.3%

Business operating margin 26.9% 29.5% - -

(1)

(3)(2)

CER: Constant Exchange Rates

17

€m Q4 2014 Q4 2013% Change

(reported €)% Change

(CER)

Business operating income 2,443 2,494 -2.0% -3.3%

Net financial expenses (138) (103) - -

Income tax expense (477) (577) - -

Effective tax rate 21.0% 24.0% - -

Business net income 1,828 1,814 0.8% -0.3%

Net margin 20.1% 21.4% - -

Business EPS €1.39 €1.37 1.5% 0.0%

Average number of shares outstanding (m) 1,315.8 1,321.1 - -

Stable Business EPS in Q4 2014

17(1) With retroactive application of IFRIC 21(2) Included a capital gain of €29m linked to the partial sale of a financial investment

(1)

(2)

Slight Gross Margin Improvement in 2014

● Cost of Sales (CoS) of €11,029m in 2014, slightly up (+2.4% at CER)

● Gross margin improved by 0.7 percentage point at CER in 2014● Reflecting higher margin from Genzyme,

recovery of Generics in Brazil and improved industrial performance

● Partially offset by slight negative mix impact from Vaccines and Animal Health

18

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2013 2014

66.8% 67.6%

(1) With retroactive application of IFRIC 21

(1)

Gross Margin (%)

68.3%67.7%(1)

Moderate Increase in R&D Spend in 2014 In Line with Guidance

19

● 2014 R&D expenses of €4,824m (14.3% of sales), up 1.9% at CER● Higher spend in mAbs development

programs and Phase IV studies in Rare Diseases and MS

● Partially offset by internal costs savings

19

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

€1,351m€1,246m(1)

mAbs: Monoclonal antibodies(1) With retroactive application of IFRIC 21

2013 2014

R&D Expenses (€m)

€4,824m / 14.3%€4,770m / 14.5%(1)

SG&A Increase Driven by Launch Costs in 2014

20

● 2014 SG&A expenses of €8,991m (26.6% of sales), up +6.6% at CER

● SG&A increase maily driven by:● Genzyme launch investments in MS

and Rare Diseases● Sales & Marketing investment in

Nasacort® OTC and NexGard™● Higher launch preparedness costs● Salesforce expansion in China

20

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

€2,465m€2,145m(1)

(1) With retroactive application of IFRIC 21

2013 2014

SG&A Expenses (€m)

€8,991m / 26.6%€8,603m / 26.1%(1)

21

FY 2014 Business EPS Growth of +7.3% In Line with Financial Guidance

€m FY 2014 FY 2013% Change

(reported €)% Change

(CER)

Net sales 33,770 32,951 2.5% 4.9%

Other revenues 339 355 -4.5% -5.1%

Gross profit 23,080 22,323 3.4% 5.9%

R&D (4,824) (4,770) +1.1% +1.9%

SG&A (8,991) (8,603) +4.5% +6.6%

Business operating income 9,449 9,323 1.4% 5.4%

Effective tax rate 24.0% 24.0% - -

Business net income 6,847 6,686 2.4% 6.7%

Business EPS €5.20(2) €5.05 3.0% 7.3%

CER: Constant Exchange Rates(1) With retroactive application of IFRIC 21(2) FY 2014 Business EPS at CER was €5.42. The negative FX impact on Business EPS was €0.22 in 2014

(1)

Buyback IssuanceBuyback

Evolution of Share Buyback

22SBB: Share Buyback(1) Number of shares outstanding in million on Dec 31st 2012, Dec 31st 2013 and Dec 31st 2014

€645m €680m€823m

€1,801m€1,641m

€1,004m

2012

€178mNet SBB

€637mNet SBB

€1,121mNet SBB

Share count (m) 1,323.2 1,320.7 1,309.9

Issuance

Significant Increase in Share Buyback Program in 2014

2013Issuance

2014Buyback

Net share buyback activity was up by €484m in 2014

(1)

Net Debt (in €m)

Other Net Debt Dec 31, 2014

-€1,205m

Dividend

-€3,676m

Acquisitions, Licensing, Net of Disposals

-€2,374m

Share Repurchase

-€1,801m

Proceeds from Issuance

of Shares

€680m

CapEx

-€1,223m

Net Cash from Operating Activities

Net Debt Dec 31, 2013

Free Cash Flow (FCF) Increased by 12.3% in 2014

23

(1)

(2)

€6,043m€7,171m

€8,471m

(4) (1)

FCF€7,248m

(3)

FCF: Free Cash Flow(1) Including derivatives related to the financial debt +€290m at December 31st 2013 and +€302m at December 31st 2014(2) Excluding Restructuring costs(3) Including €1,629m in Regeneron and €535m in Alnylam(4) Other including Restructuring costs

BUSINESS REVIEWPeter Guenter Executive Vice President, Global Commercial Operations

Pascale Witz Executive Vice President, Global Divisions & Strategic Development

Olivier Charmeil Executive Vice President, Vaccines

David P. MeekerExecutive Vice President & Chief Executive Officer, Genzyme

Carsten Hellmann Executive Vice President, Merial

24

Geographical Sales Mix in 2014

(1) World excluding U.S., Canada, Western Europe (France, Germany, UK, Italy, Spain, Greece, Cyprus, Malta, Belgium, Luxembourg, Portugal, the Netherlands, Austria, Switzerland, Sweden, Ireland, Finland, Norway, Iceland, Denmark), Japan, Australia, and New Zealand

(2) Row: Japan, Canada, Australia, and New Zealand(3) Excluding Generics in Brazil, LatAm grew +10.8% in FY 2014 at CER

Well-Balanced Geographical Sales Split in 2014 with Solid Growth in Emerging Markets and the U.S.

33.6%

33.6%

23.3%9.5%

25

(1)€2,095m

€2,541m

€3,205m €3,363m

Africa & MiddleEast

Eastern Europe,Russia & Turkey

Asia Latin America

+5.0% +6.3% +21.1%Growth at CER +2.5%

Emerging Markets Total Sales by Region

Emerging Markets

€11,347m+9.3% at CER

U.S.€11,339m

+8.2% at CER

Western EU€7,865m

+0.0% at CER

RoW€3,219m

-7.2% at CER

(2)

(3)

Solid Diabetes Performance Across Regions in 2014while Oncology Sales Show Relative Stability

26

Diabetes Oncology

● FY 2014 sales of €7,273m, +12.1% at CER

● Solid performance across main geographies

● U.S. sales up +12.6% at CER(1)

● EM sales up +17.4% at CER

● Western EU sales up +8.3% at CER

● Stabilization of Lantus® market share in the U.S.(2)

● FY 2014 sales of €1,401m, -2.5% at CER

● Mid-single digit sales erosion in the U.S. and EM compensated by double-digit growth in Western EU

● Jevtana® up +19.5% at CER

● Thymoglobulin® and Mozobil®respectively up +11.1% and +9.9% at CER

EM: Emerging Markets(1) SoloSTAR® represented 61.7% of U.S. Lantus® sales in Q4 2014(2) IMS NPA (rolling 4 weeks) - Basal market retail segment

CHC and Generics Showed Strong Performance in EM

27

Consumer Healthcare Generics

● FY 2014 sales of €3,337m, +16.5% at CER(1)

● Strong EM sales representing 52.6% of CHC sales

● Allegra® and Nasacort® now respectively 1st and 5th largest CHC brands of Sanofi

● FY 2014 sales of €1,805m, +16.2% at CER boosted by recovery in Brazil(2)

EM: Emerging Markets(1) Some products recorded in prescription pharmaceuticals in 2013 were transferred as Consumer Healthcare

products and totaled €68m in Q4 2013 and €273m in FY 2013. When excluding this category change, sales of Consumer Healthcare grew +4.2% in Q4 2014 and +6.8% in FY 2014 at CER

(2) Excluding Brazil, Generics sales were down -2.8% at CER in FY 2014

61.3%29.5%

9.5%

Emerging Markets€1,106m

WesternEU

€533m

U.S. RoW

Our Diabetes Team Is Focused on Ensuring Successful Execution of Two Launches

A rapid-acting inhaled insulin

An innovative and patient friendly device

Addressing resistance to insulin initiation and insulin intensification

Launched in the U.S.in Feb 2015

New Diabetes Launches in 2015

28

Smoother PK/PD profile than Lantus®

Similar HbA1c lowering with lower hypoglycemia than Lantus®

Improved patient experience

Regulatory decisionsin the U.S. and EU expected respectivelyin Q1 & Q2 2015

Completion of two Phase III trials expected in Q3 2015

LixiLan-O(3)

LixiLan-L(3)

ACS: Acute Coronary Syndrome (1) ELIXA evaluates cardiovascular outcomes in patients with Type 2 Diabetes after Acute Coronary Syndrome during

treatment with lixisenatide(2) LixiLan is a once-daily fixed-ratio combination of insulin glargine and lixisenatide(3) LixiLan-O evalutates the combination of insulin glargine and lixisenatide in patients insufficiently controlled on OADs

while LixiLan-L focuses on patients not at goal on basal insulin

Additional Milestones Expected in 2015to Further Expand our Diabetes Franchise

Key Milestones for Lixisenatide in 2015

11 22 33

U.S. regulatory submissionexpected in Q3 2015

Completion ofCV outcome trial

evaluating lixisenatide in type 2 diabetic patients

after an ACS event expected in Q2 2015

29

study

® (2)(1)

30

Praluent™ Has the Potential to Transform Management of Hypercholesterolemic Patients with High CV Risk

● Regulatory applications accepted in the U.S. and EU

● 6-month FDA priority review granted(1)

● Positive results from ODYSSEY CHOICE I & II

● Evaluation of monthly dosing

● ODYSSEY OUTCOMES trial ongoing(2)

● Assess potential to demonstrate CV benefit

(1) FDA PDUFA date of July 24, 2015(2) ODYSSEY OUTCOMES (n=18,000): Rationale and design in Schwartz GG et al. Am Heart J 2014;0:1-8.e1.

1

2

3

Praluent™alirocumab

31

2014

€3,974m

2013

€3,716m

Other

Adult BoostersTravel/Endemic

Polio/Pertussis/HibInfluenza Vaccines

Meningitis/Pneumo

Sanofi Pasteur Delivered Robust Growth in 2014 DespiteCapacity Constraints in a Context of Strong Demand

● Strong Flu sales of €1,178m, +25.2% at CER driven by the U.S. and Mexico● U.S. market leadership with 64m

doses sold in 2014● FDA approval of updated prescribing

information for Fluzone® High-Dose

● PPH sales of €1,154m, +1.9% at CER driven by the continued recovery of Pentacel® in the U.S.

● Sanofi Pasteur continues to address remaining supply constraints in 2015

PPH: Polio, Pertussis, Hib vaccines(1) Includes VaxServe, a U.S. healthcare supplier serving primary care physician offices, community

immunization providers, immunizing pharmacies, travel clinics and corporations

(1)

FY 2014 Sales (in €m)

+7.2%at CER

New Record Flu Vaccines Campaign in the U.S.

2013€533m

2014€694m

+25.7% at CER

41% 88%

32

Successful Flu Vaccines Differentiation Strategy in the U.S.

Flu Vaccines Sales (in €m)

On Track to Make Denguethe Next Vaccine-Preventable Disease

● Rolling submission for Dengue vaccine initiated in several endemic countries in Asia

● First completed submission expected in H1 2015

● First commercial batches produced and inventory build-up underway

● 22m lyophilized doses produced by end of 2014

● Up to 80m lyophilized doses expected to be available by end of 2015

● First license anticipated before year-end 2015

(1) WHO, 2012, Global Strategy for Dengue Prevention and Control

A Breakthrough Innovation to Help Reduce the Burden of Dengue(1)

3333

34

Genzyme Rare Disease Products Delivered Double-Digit Growth Again in 2014

● FY 2014 Rare Disease sales of €2,137m, up +11.2% at CER

● Sustained leadership positions(1)

for Cerezyme®, Fabrazyme® and Myozyme®

● Committed to developing new therapies

● Revusiran entered Phase III for familial amyloidotic cardiomyopathy (FAC)(2)

● GZ402671, an oral GCS inhibitor, advances to Phase II for Fabry disease

(1) Cerezyme® value share is 72% and Fabrazyme® value share is 54% based on 9M 2014 reported sales by Sanofi and Shire(2) Revusiran (ALN-TTRsc), a subcutaneously administered RNAi therapeutic, is developed in collaboration with Alnylam

&

20142013 20142013 20142013

€460m€542m

€715m

+23.0%at CER

+9.8%at CER

+8.3%at CER

Top 3 Rare Disease Products Sales

Source of Patients

Expanding Genzyme’s Gaucher Franchise with Cerdelga®

● Oral therapy eliminating infusion challenges

● Launched in the U.S. in Sep 2014

● Reimbursement progressing well with coverage by 88% of plans

● EU approval granted in Jan 2015

● First launches anticipated to be in Germany and Nordic countries

35

Other therapies New treatment starts

Clinical trials

Cerezyme®37%40%

19% 4%

(1)

(1) Proportion of patients on Cerdelga® since launch

Robust Growth and Steady Market Share GainsAchieved by Genzyme’s Aubagio® in 2014

Quarterly Sales (€m)

€146m

● FY 2014 sales of €433m vs. €166m last year

● Results from 2 Phase III studies added to U.S. label

● Only oral treatment to significantly reduce the risk of sustained accumulation of disability in 2 Phase III studies in RMS (TEMSO and TOWER)

● Positive data in early MS(1) (TOPIC)

● Majority of switches coming from Tecfidera® in Q4 2014(2)

(1) Patients with a first clinical event consistent with MS(2) IMS U.S. 36

37

Lemtrada® Acceleration Expected with FDA Approval

(1) Genzyme holds the worldwide rights to alemtuzumab and has responsibility for its development and commercialízation in MS. Bayer Healthcare receives contingent payments based on global sales revenue.

● FY 2014 sales of €34 million

● FDA approval received in Nov 2014

● Infrastructure to support REMS program fully operational

● First patients infused within 2 weeks of approval

● New dedicated field teams in place in U.S.(1)

● Ensuring appropriate education and confidence to prescribe

● Full team in field starting in February

1

2

3

Merial Returned to Growth in 2014

38

● FY 2014 sales of €2,076m up +6.7% at CER(1)

● High single digit growth in CompanionAnimal (61.7% of sales)

● Production animal sales growth in-line with market growth

● Successful launch of NexGard™

● New soft, beef-flavored chew treatingfleas and ticks for dogs with first yearsales of €113m

● Frontline® family sales stabilizedin 2014 supported by investment in ad campaign

Q12013

Q22013

Q32013

Q42013

Q12014

Q22014

Q32014

Q42014

-3.1%-5.7% -6.3%

Merial Sales Growth at CER

-6.4%

-1.6%

+12.7%

+6.2%

+11.5%

(1) FY 2014 Companion Animal sales were €1,281m (61.7% of Merial sales) and up +8.8% at CER while FY 2014 Production Animal sales were €795m (38.3% of Merial sales) and up +3.5% at CER

R&D UPDATE

39

Elias Zerhouni

President, Global R&D

Significant Phase III Advances Achieved in the Last Year

Significant progress in Phase III program in RA U.S. submission in Q4 2015

Two Phase III studies (LixiLan-O & LixiLan-L) fully recruited

Start of Phase III trial in Familial Amyloid Cardiomyopathy

Start of two Phase III studies in Type 1 and Type 2 Diabetes

Phase III trial in Familial Amyloid Polyneuropathy on track

sarilumab

LixiLan

patisiran

insulin lispro

revusiran

Start of Phase III program in Atopic Dermatitis and breakthrough designation

dupilumab

40

RA: Rheumatoid ArthritisSarilumab and dupilumab are developed in collaboration with RegeneronPatisiran and revusiran are developed in collaboration with Alnylam

41(1) At CER, 5 years for each product from and including the first full year of launch (2) Non-risk adjusted sales projections

Returns from R&D Are Expected to Substantially Improve

Potential cumulative first 5 years sales

~€7.5bn(1,2)

2007 - 2013

2014 - 2020

Potential cumulative first 5 years sales

>€30bn(1,2)

10 launches achieved

Up to 18 launches expected

Praluent™alirocumab

DengueVaccine

11

22

33

44

55

42

Vatelizumab(2)

Multiple Sclerosis

IL4/IL13 bi-specific mAbIdiopathic Pulmonary Fibrosis

Anti-GDF8 mAbSarcopenia

Oral GCS InhibitorFabry Disease

rhASMNiemann-Pick type B

66

77

88

99

Neo GAAPompe Disease

C-MET kinase inhibitorSolid Tumors

Anti-CXCR5 mAbSystemic Lupus Erythematosus

GLP-1/GIP co-agonistDiabetes

Anti-GDF8 mAb is developed in collaboration with Regeneron(1) Phase II or Phase I R&D projects(2) Anti-VLA2 mAb

Sanofi Has Additional Potentially Transformative Drugs

R&D Assets to Watch(1)

2015Expected Regulatory Decisions Q1 Q2 Q3 Q4● Toujeo® in Diabetes in U.S. & EU

● Praluent™ (alirocumab) in Hypercholesterolemia (U.S.)

● PR5i 6-in-1 pediatric vaccine (U.S.)

● Dengue vaccine in Endemic Countries

Expected Regulatory Submissions Q1 Q2 Q3 Q4● Lyxumia® in Diabetes (U.S.)

● LixiLan in Diabetes (U.S. & E.U.)

● Sarilumab in Rheumatoid Arthritis (U.S.)

Expected Headline Phase III Data Releases Q1 Q2 Q3 Q4● Lyxumia® ELIXA CV outcome study in Diabetes

● LixiLan in Diabetes

● Sarilumab in Rheumatoid Arthritis

Expected Phase III Starts Q1 Q2 Q3 Q4● Dupilumab in Asthma and Nasal Polyposis

Innovation Momentum Set to Continue in 2015

43

CONCLUSION

44

Serge Weinberg

Chairman of the Board of Directors – CEO

Our Focus Continues to Be on Excellence in Executionof Sanofi’s Strategy

45

Adapt structure for futurechallenges and opportunities3

Bring innovative products to market2

Grow a global healthcare leader with synergistic platforms1

Seize value-enhancinggrowth opportunities4

2015 Focus

Maintain financial discipline

Focus company resourceson must-win priorities

Ensure successful launches

Strategy

Sustain leadership positions

APPENDICES

R&D Pipeline

46

47

Late Stage Pipeline – Pharma & Vaccines

LixiLanlixisenatide + insulin glargineFixed-Ratio / Type 2 diabetes

patisiran (ALN-TTR02)siRNA inhibitor targeting TTR

Familial amyloid polyneuropathy

Clostridium difficileToxoid vaccine

Toujeo® (U300)insulin glargine

Type 1+2 diabetes, U.S., EU

Lyxumia® (lixisenatide) GLP-1 agonist

Type 2 diabetes, U.S.

revusiran (ALN-TTRsc)siRNA inhibitor targeting TTR

Familial amyloid cardiomyopathy

RotavirusLive attenuated tetravalent

Rotavirus oral vaccine

Praluent™ (alirocumab)Anti-PCSK-9 mAb

Hypercholesterolemia, U.S., EU

SAR342434insulin lispro

Type 1+2 diabetes

Kynamro® (mipomersen)Apolipoprotein B-100 antisense

Severe HeFH, U.S.

VaxiGrip® QIV IM Quadrivalent inactivated

influenza vaccine

DengueMild-to-severe

dengue fever vaccine

sarilumabAnti-IL-6R mAb

Rheumatoid arthritis

Jevtana® (cabazitaxel) Metastatic prostate cancer (1L)

PR5iDTP-HepB-Polio-Hib

Pediatric hexavalent vaccine, U.S., EU

dupilumabAnti-IL4Rα mAbAtopic dermatitis

SYNVISC-ONE®

Medical device Pain in hip OA

Quadracel®Diphtheria, tetanus, pertussis& polio vaccine; 4-6 y of age

47

N

N

N

N New Molecular Entity Immune Mediated Diseases

Rare Diseases

OncologyDiabetes Solutions

VaccinesInfectious DiseasesCardiovascular / Renal Diseases

Age Related Degenerative Diseases

Ophthalmology

Biosurgery

N

Phase III Registration

N

N

N

N

Early Stage Pipeline – Pharma & Vaccines

dupilumabAnti-IL4Rα mAb

Asthma; Nasal polyposis; Eosinophilic oesophagitis

SAR391786Anti-GDF8 mAb

Sarcopenia

GZ402671Oral GCS Inhibitor

Fabry Disease

vatelizumabAnti-VLA 2 mAbMultiple sclerosis

SAR650984Anti-CD38 naked mAb

Multiple myeloma

Rabies VRVgPurified vero rabies vaccine

SAR156597IL4/IL13 Bi-specific mAb

Idiopathic pulmonary fibrosis

SAR3419Maytansin-loaded anti-CD19 mAb

B-cell refractory/relapsed malignancies

Meningitis ACYW conj.2nd generation meningococcal

conjugate infant vaccine

sarilumabAnti-IL-6R mAb

Uveitis

CombinationSAR245409 (XL765) / MSC1936369BOral dual inhibitor of PI3K & mTOR / pimasertib

Ovarian cancer

Tuberculosis Recombinant subunit vaccine

fresolimumabTGFβ antagonist

Focal segmental glomerulosclerosis

Combinationferroquine / OZ439

AntimalarialMalaria

Phase II

N

N

N

N

N

48

N

48

N New Molecular Entity Immune Mediated Diseases

Rare Diseases

OncologyDiabetes Solutions

VaccinesInfectious DiseasesCardiovascular / Renal Diseases

Age Related Degenerative Diseases

Ophthalmology

Biosurgery

N

N

N

Early Stage Pipeline – Pharma & Vaccines

SAR405838 (MI-773)HDM2 / p53 antagonist

Solid tumors

GZ402668GLD52 (anti-CD52 mAb)

Relapsing multiple sclerosis

GZ402663 (sFLT-01)Gene therapy

Age-related macular degeneration (AMD)

Streptococcus pneumoniaMeningitis & pneumonia vaccine

SAR566658Maytansin-loaded anti-CA6 mAb

Solid tumors

SAR113244Anti-CXCR5 mAb

Systemic lupus erythematosus

StarGen®

Gene therapyStargardt disease

Herpes Simplex Virus Type 2HSV-2 vaccine

SAR125844C-MET kinase inhibitor

Solid tumors

SAR252067Anti-LIGHT mAbCrohn’s disease

UshStat®

Gene therapyUsher syndrome 1B

SAR245408 (XL147)Oral PI3K inhibitor

Solid tumors

SAR228810Anti-protofibrillar AB mAb

Alzheimer’s disease

GZ402665(rhASM)

Niemann-Pick type B

CombinationSAR405838 / MSC1936369B

Solid tumors

SAR425899GLP-1 / GCGR agonist

Diabetes

GZ402666neo GAA

Pompe Disease

SAR408701Anti-CEACAM5 ADC

Solid tumors

Phase I

N

N N

N

N

N

N

N N

49

N

N

N New Molecular Entity Immune Mediated Diseases

Rare Diseases

OncologyDiabetes Solutions

VaccinesInfectious DiseasesCardiovascular / Renal Diseases

Age Related Degenerative Diseases

Ophthalmology

Biosurgery

N

N

N

N

50

Phase I Phase II Phase III Registration TOTAL

Oncology 5 3 0 0 8

Diabetes Solutions 1 0 2 1 4

Cardiovascular / Renal Diseases 0 1 0 1 2

Immune Mediated Diseases 3 2 2 0 7

Infectious Diseases 0 1 0 0 1

Ophthalmology 3 0 0 0 3

Rare Diseases 2 1 2 0 5

Age Related Degenerative Diseases 1 1 0 0 2

Vaccines 2 3 3 3 11

TOTAL 17 12 9 5

R&D Pipeline Summary Table(1)

29 14 NMEs & Vaccines

43

50

32

(1) Excluding life cycle management programs

51

Expected R&D Milestones

51

Product Event TimingDengue vaccine Expected regulatory submission in endemic countries H1 2015

Quadracel® Expected U.S. regulatory decision Q1 2015

Toujeo® (U300) Expected U.S. regulatory decision in Diabetes Q1 2015

Toujeo® (U300) Expected EU regulatory decision in Diabetes Q2 2015

Lyxumia® (lixisenatide) Expected ELIXA CV outcome trial top-line results Q2 2015

Dupilumab Expected start of Phase III trial in Asthma Q2 2015

Praluent™ (alirocumab) Expected U.S. regulatory decision in Hypercholesterolemia Q3 2015

PR5i vaccine (DTP-HepB-Polio-Hib) Expected U.S. regulatory decision Q3 2015

LixiLan Expected Phase III top line results in Diabetes Q3 2015

Lyxumia® (lixisenatide) Expected U.S. regulatory submission in Diabetes Q3 2015

Dupilumab Expected start of Phase III trial in Nasal Polyposis Q3 2015

Sarilumab Expected Phase III top line results in Rheumatoid Arthritis H2 2015

Vaxigrip® QIV IM (3+ years) Expected EU regulatory submission Q4 2015

Dengue vaccine Expected regulatory decision in endemic countries Q4 2015

LixiLan Expected U.S. and EU regulatory submissions in Diabetes Q4 2015

Sarilumab Expected U.S. regulatory submission in Rheumatoid Arthritis Q4 2015

APPENDICES

FINANCE

52

Business EPS Currency Sensitivity

€24.5%

US $34.4%

Japanese Yen6.0%

£2.1%

Australian $1.5%

Canadian $1.5%

Brazilian Real3.7%

Chinese Yuan4.5%

Russian Ruble2.3%

Others17.6%

Mexican Peso1.9%

Currency Exposure on 2014 Sales Currency Average Rates

2015 Currency Sensitivity

53

2013 2014 % change

€/$ 1.33 1.33 +0.1%

€/Yen 129.66 140.38 +8.3%

€/Real 2.87 3.12 +8.9%

€/Ruble 42.32 51.01 +20.5%

Currency Variation € / Currency Business EPS Sensitivity USD -0.05 +0.10JPY +5 -0.03RUB +10 -0.06

54

Business Net Income Statement

* Net of tax.** Determined on the basis of Business income before tax, associates and non-controlling interests*** Based on an average number of shares outstanding of 1,315.8 million in the fourth quarter of 2014 and 1,321.1 million in the fourth quarter of 2013(1) Including impact of transition to IFRIC 21

Fourth quarter 2014 Group Total Pharmaceuticals Vaccines Animal Health Others

€ million Q4 2014 Q4 2013(1) Change Q4 2014 Q4 2013(1) Change Q4 2014 Q4 2013(1) Change Q4 2014 Q4 2013(1) Change Q4 2014 Q4 2013(1)

Net sales 9,072 8,457 7.3% 7,388 7,054 4.7% 1,177 959 22.7% 507 444 14.2% - -

Other revenues 98 88 11.4% 77 71 8.5% 10 9 11.1% 11 8 37.5% - -

Cost of sales (3,041) (2,898) 4.9% (2,200) (2,211) (0.5%) (619) (501) 23.6% (222) (186) 19.4% - -

As % of net sales (33.5%) (34.3%) (29.8%) (31.3%) (52.5%) (52.2%) (43.8%) (41.9%)

Gross profit 6,129 5,647 8.5% 5,265 4,914 7.1% 568 467 21.6% 296 266 11.3% - -

As % of net sales 67.6% 66.8% 71.3% 69.7% 48.3% 48.7% 58.4% 59.9%

Research and development expenses (1,351) (1,246) 8.4% (1,162) (1,068) 8.8% (142) (136) 4.4% (47) (42) 11.9% - -

As % of net sales (14.9%) (14.7%) (15.7%) (15.1%) (12.1%) (14.2%) (9.3%) (9.5%)

Selling and general expenses (2,465) (2,145) 14.9% (2,112) (1,855) 13.9% (173) (133) 30.1% (177) (157) 12.7% (3) -

As % of net sales (27.2%) (25.4%) (28.6%) (26.3%) (14.7%) (13.9%) (34.9%) (35.4%)

Other current operating income/expenses 96 252 118 259 (1) (3) 2 1 (23) (5)

Share of profit/loss of associates* and joint ventures 65 26 51 18 13 9 1 (1) - -

Net income attributable to non-controlling interests (31) (40) (30) (39) - - (1) (1) - -

Business operating income 2,443 2,494 (2.0%) 2,130 2,229 (4.4%) 265 204 29.9% 74 66 12.1% (26) (5)

As % of net sales 26.9% 29.5% 28.8% 31.6% 22.5% 21.3% 14.6% 14.9%

Financial income and expenses (138) (103)

Income tax expense (477) (577)

Tax rate** 21.0% 24.0%

Business net income 1,828 1,814 0.8%

As % of net sales 20.1% 21.4%

Business earnings per share*** (in euros) 1.39 1.37 1.5%

55

Business Net Income Statement

* Net of tax** Determined on the basis of Business income before tax, associates and non-controlling interests*** Based on an average number of shares outstanding of 1,315.8 million in 2014 and 1,323.1 million in 2013(1) Including impact of transition to IFRIC 21

Full year 2014 Group Total Pharmaceuticals Vaccines Animal Health Others

€ million 2014 2013(1) Change 2014 2013(1) Change 2014 2013(1) Change 2014 2013(1) Change 2014 2013(1)

Net sales 33,770 32,951 2.5% 27,720 27,250 1.7% 3,974 3,716 6.9% 2,076 1,985 4.6% - -

Other revenues 339 355 (4.5%) 272 295 (7.8%) 33 30 10.0% 34 30 13.3% - -

Cost of sales (11,029) (10,983) 0.4% (8,282) (8,518) (2.8%) (1,948) (1,776) 9.7% (799) (689) 16.0% - -

As % of net sales (32.7%) (33.4%) (29.9%) (31.3%) (49.0%) (47.8%) (38.4%) (34.7%)

Gross profit 23,080 22,323 3.4% 19,710 19,027 3.6% 2,059 1,970 4.5% 1,311 1,326 (1.1%) - -

As % of net sales 68.3% 67.7% 71.1% 69.8% 51.8% 53.0% 63.2% 66.8%

Research and development expenses

(4,824) (4,770) 1.1% (4,174) (4,087) 2.1% (493) (518) (4.8%) (157) (165) (4.8%) - -

As % of net sales (14.3%) (14.5%) (15.1%) (15.0%) (12.4%) (13.9%) (7.6%) (8.3%)

Selling and general expenses (8,991) (8,603) 4.5% (7,692) (7,362) 4.5% (614) (588) 4.4% (682) (653) 4.4% (3) -

As % of net sales (26.6%) (26.1%) (27.7%) (27.0%) (15.5%) (15.8%) (32.9%) (32.9%)

Other current operating income/expenses 164 450 194 422 2 3 20 (1) (52) 26

Share of profit/loss of associates* and joint ventures 147 85 106 48 40 41 1 (4) - -

Net income attributable to non-controlling interests (127) (162) (126) (162) - 1 (1) (1) - -

Business operating income 9,449 9,323 1.4% 8,018 7,886 1.7% 994 909 9.4% 492 502 (2.0%) (55) 26

As % of net sales 28.0% 28.3% 28.9% 28.9% 25.0% 24.5% 23.7% 25.3%

Financial income and expenses (447) (503)

Income tax expense (2,155) (2,134)

Tax rate** 24.0% 24.0%

Business net income 6,847 6,686 2.4%

As % of net sales 20.3% 20.3%

Business earnings per share*** (in euros) 5.20 5.05 3.0%

Reconciliation of Business Net Income to Consolidated Net Income Attributable to Equity Holders of Sanofi

56

(1) Including impact of transition to IFRIC 21(2) Of which related to amortization expense generated by the remeasurement of intangible assets as part of business combinations: €563 million in the fourth quarter of 2014

and €657 million in the fourth quarter of 2013(3) Annual fee related to 2013 sales following the final IRS regulation issued in July 2014 that has changed the timing of liability recognition and leads to a one-time “double”

expense in the year of 2014(4) Based on an average number of shares outstanding of 1,315.8 million in the fourth quarter of 2014 and 1,321.1 in the fourth quarter of 2013

€ million Q4 2014 Q4 2013(1) Change

Business net income 1,828 1,814 0.8%

Amortization of intangible assets(2) (620) (682)

Impairment of intangible assets 135 (919)

Fair value remeasurement of contingent consideration liabilities (126) 499

Expenses arising from the impact of acquisitions on inventories - (1)

Restructuring costs (113) (70)

Additional yearly expense related to US Branded Prescription Drug Fee(3) - -

Tax effect of items listed above: 311 442

Amortization of intangible assets 89 216

Impairment of intangible assets (57) 338

Fair value remeasurement of contingent consideration liabilities 235 (128)

Expenses arising from the impact of acquisitions on inventories - -

Restructuring costs 44 16

Other tax items - -

Share of items listed above attributable to non-controlling interests 4 1

Restructuring costs of associates and joint ventures, and expenses arising from the impact of acquisitions on associates and joint ventures

(80) (24)

Net income attributable to equity holders of Sanofi 1,339 1,060 26.3%

Consolidated earnings per share(4) (in euros) 1.02 0.80

Reconciliation of Business Net Income to Consolidated Net Income Attributable to Equity Holders of Sanofi

57

(1) Including impact of transition to IFRIC 21(2) Of which related to amortization expense generated by the remeasurement of intangible assets as part of business combinations: €2,361 million in 2014 and €2,804 million in 2013(3) Day one profit on Alnylam shares presented in financial result(4) Annual fee related to 2013 sales following the final IRS regulation issued in July 2014 that has changed the timing of liability recognition and leads to a one-time “double” expense

in the year of 2014(5) Tax on dividends paid to shareholders of Sanofi(6) Based on an average number of shares outstanding of 1,315.8 million in 2014 and 1,323.1 million in 2013

€ million 2014 2013(1) Change

Business net income 6,847 6,686 2.4%

Amortization of intangible assets(2) (2,482) (2,914)

Impairment of intangible assets 26 (1,387)

Fair value remeasurement of contingent consideration liabilities (303) 314

Expenses arising from the impact of acquisitions on inventories - (8)

Restructuring costs (411) (300)

Other gains and losses, and litigation(3) 35 -

Additional yearly expense related to US Branded Prescription Drug Fee(4) (116) -

Tax effect of items listed above: 1,094 1,480

Amortization of intangible assets 728 939

Impairment of intangible assets (18) 527

Fair value remeasurement of contingent consideration liabilities 254 (85)

Expenses arising from the impact of acquisitions on inventories - 2

Other gains and losses, and litigation (13) -

Restructuring costs 143 97

Other tax items(5) (110) (109)

Share of items listed above attributable to non-controlling interests 8 4Restructuring costs of associates and joint ventures. and expenses arising from the impact of acquisitions on associates and joint ventures

(198) (50)

Net income attributable to equity holders of Sanofi 4,390 3,716 18.1%

Consolidated earnings per share(6) (in euros) 3.34 2.81

58

Consolidated Income Statements

(1) Including impact of transition to IFRIC 21(2) In 2014, including a tax on dividends paid to shareholders of Sanofi: (110) M€ compared to (109) M€ in 2013

€ million Q4 2014 Q4 2013(1) 2014 2013(1)

Net sales 9,072 8,457 33,770 32,951

Other revenues 98 88 339 355

Cost of sales (3,041) (2,899) (11,029) (10,991)

Gross profit 6,129 5,646 23,080 22,315

Research and development expenses (1,351) (1,246) (4,824) (4,770)

Selling and general expenses (2,465) (2,145) (9,107) (8,603)

Other operating income 164 288 327 691

Other operating expenses (68) (36) (163) (241)

Amortization of intangible assets (620) (682) (2,482) (2,914)

Impairment of intangible assets 135 (919) 26 (1,387)

Fair value remeasurement of contingent consideration liabilities (126) 499 (303) 314

Restructuring costs (113) (70) (411) (300)

Operating income 1,685 1,335 6,143 5,105

Financial expenses (159) (154) (605) (612)

Financial income 21 51 193 109

Income before tax and associates and joint ventures 1,547 1,232 5,731 4,602

Income tax expense(2) (166) (135) (1,171) (763)

Share of profit/loss of associates and joint ventures (15) 2 (51) 35

Net income 1,366 1,099 4,509 3,874

Net income attributable to non-controlling interests 27 39 119 158

Net income attributable to equity holders of Sanofi 1,339 1,060 4,390 3,716

Average number of shares outstanding (million) 1,315.8 1,321.1 1,315.8 1,323.1

Earnings per share (in euros) 1.02 0.80 3.34 2.81

59

Cash Flow Statements

(1) Including impact of transition to IFRIC 21(2) Excluding restructuring costs

€ million 2014 2013(1)

Business net income 6,847 6,686

Depreciation amortization and impairment of property. plant and equipment and software 1,230 1,211

Net gains and losses on disposals of non-current assets, net of tax (205) (261)

Other non-cash items (389) (106)

Operating cash flow before changes in working capital(2) 7,483 7,530

Changes in working capital(2) 988 125

Acquisitions of property, plant and equipment and software (1,223) (1,198)

Free cash flow(2) 7,248 6,457

Acquisitions of intangibles, excluding software (334) (200)

Acquisitions of investments, including assumed debt(2) (2,292) (319)

Restructuring costs paid (774) (659)

Proceeds from disposals of property, plant and equipment, intangibles, and other non-current assets, net of tax

252 368

Issuance of Sanofi shares 680 1,004

Dividends paid to shareholders of Sanofi (3,676) (3,638)

Acquisition of treasury shares (1,801) (1,641)

Disposals of treasury shares, net of tax 1 2

Transactions with non-controlling interests including dividends (8) (52)

Foreign exchange impact (525) 355

Other items 101 (1)

Change in net debt (1,128) 1,676

60

Balance Sheets

(1) Including impact of transition to IFRIC 21

ASSETS€ million 12/31/14 12/31/13(1) LIABILITIES

€ million 12/31/14 12/31/13(1)

Property, plant and equipment 10,396 10,182 Equity attributable to equity-holders of Sanofi 56,120 56,904

Intangible assets (including goodwill) 53,740 52,529Equity attributable to non-controllinginterests

148 129

Non-current financial assets, investments in associates, and deferred tax assets

9,819 9,418 Total equity 56,268 57,033

Long-term debt 13,276 10,414

Non-current liabilities related to business combinations and to non-controlling interests

1,133 884

Non-current assets 73,955 72,129 Provisions and other non-current liabilities 9,578 8,735

Deferred tax liabilities 4,105 5,060

Inventories, accounts receivable and other current assets

16,086 15,655 Non-current liabilities 28,092 25,093

Cash and cash equivalents 7,341 8,257 Accounts payable and other current liabilities 11,363 9,728

Current liabilities related to business combinations and to non-controlling interests

131 24

Short-term debt and current portion of long-term debt

1,538 4,176

Current assets 23,427 23,912 Current liabilities 13,032 13,928

Assets held for sale or exchange 10 14Liabilities related to assets held for sale or exchange

- 1

Total ASSETS 97,392 96,055 Total LIABILITIES & EQUITY 97,392 96,055