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Tender Offer Raises Salomon S.A. Ownership in Salomon & Taylor Made Co., Ltd. (Japan) to 99.3%

Herzogenaurach, May 14, 2004 - Salomon S.A. today announced that its tender offer for all remaining outstanding common shares in Salomon & Taylor Made Co., Ltd. (JASDAQ: 7470) resulted in tenders for 3,127,361 shares.

This will raise Salomon S.A.'s ownership in Salomon & Taylor Made Co., Ltd. to 99.3% of common stock from 79.2% prior to the offer.

Jean-Luc Diard, President of the Executive Board of Salomon S.A., said, "We are very pleased with the positive response to this tender offer. The results of the offer are consistent with our stated goal of full ownership, which will enable us to raise operational efficiency, and will facilitate expansion of our business in Japan, to the long-term benefit of employees, retailers and consumers. We are planning the necessary steps to achieve full ownership in the near future."

The tender offer period commenced on April 1, 2004 and ended yesterday, May 13, 2004. Salomon S.A.'s offer was to buy all remaining outstanding common shares of Salomon & Taylor Made Co., Ltd. (3,228,400 shares) at a price of 1,200 yen per share, a premium of 45.5% over the average closing price of the previous six months.

Settlement for tenders received will take place on May 20, 2004.

As a result of this tender offer, and further steps to be taken, it is expected that shares in Salomon & Taylor Made Co., Ltd. will be deregistered from JASDAQ. Remaining shareholders may continue to trade their shares on JASDAQ until deregistering takes place.