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    The Schneider Electric public exchange offer is a clear success, paving the way for the creation of Schneider Legrand

    Upon completion of the offer, Schneider Electric holds more than 98% of Legrand shares

    Schneider Electric has completed its friendly public exchange offer for Legrand, which closed on July 25, 2001. The provisional results, released today by France’s Conseil des Marchés Financiers, indicate that the offer was a clear success.

    Legrand shareholders tendered 21.1 million common shares and 6.6 million preferred shares to the offer or, respectively, 98.3% and 97.5% of all outstanding shares in each class. The final results will be announced on August 6, 2001. The new shares will be issued and the cash payment will be made on August 9.

    Schneider Electric and Legrand are both very satisfied with the offer’s success.

    “By massively participating in the offer, Legrand shareholders have demonstrated their confidence in the highly strategic value of the project to create Schneider Legrand,” said Schneider Electric Chairman and Chief Executive Officer Henri Lachmann. “With their support, we have taken a major step forward. I want to assure them that we will do everything possible to prove we are worthy of their confidence.”

    “I would like to thank Legrand shareholders for taking advantage of this unique opportunity to participate in the creation of Schneider Legrand,” added François Grappotte, Chairman and Chief Executive Officer of Legrand. “The new Company enjoys an outstanding industrial future.”

    The actual implementation of the merger is subjected to approval by the European Union’s anti-trust authorities, which are expected to rule in mid-October.

    The merger of Schneider Electric and Legrand will create an industry benchmark in electrical distribution and industrial automation. The strong fit between the new Company’s businesses, the balance of its geographic coverage and its enhanced financial resources provide unique competitive strengths to drive an ambitious growth strategy.