SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.

Litigation Release No. 18330 / September 9, 2003

   , Case No. 1 03CV01880 (D.D.C.) (CKK)

      SEC FILES SETTLED REGULATION FD CHARGES AGAINST SCHERING-PLOUGH
                 CORPORATION AND ITS FORMER CHIEF EXECUTIVE

    Company Agrees to Pay $1 Million Penalty, Former Executive Agrees to
     Pay $50,000 Penalty, and Both Agree to Commission Cease-and-Desist
                                   Order

   On September 9, 2003, the Securities and Exchange Commission filed two
   settled enforcement proceedings charging Schering-Plough Corporation,
   a pharmaceutical company headquartered in Kenilworth, New Jersey, with
   violating the disclosure requirements of Regulation FD and Section
   13(a) of the Securities Exchange Act of 1934. First, the Commission
   filed a lawsuit in the United States District Court for the District
   of Columbia charging Schering with violating Regulation FD and Section
   13(a) and seeking a civil monetary penalty. Second, the Commission
   issued an administrative order finding that Schering violated the same
   provisions, and that the company's former chairman and chief executive
   officer, Richard J. Kogan, was a cause of Schering's violations. ,
   Admin. Proc. No. 3-11249, Exchange Act Rel. No. 34-48461 (September 9,
   2003). Without admitting or denying the Commission's allegations and
   findings, Schering consented to the entry of a final judgment in the
   federal lawsuit that would require it to pay a $1 million civil
   penalty, Kogan agreed to pay $50,000 as a civil penalty in the
   administrative proceeding, and both parties agreed to entry of the
   Commission's cease-and-desist order.

   In both its federal court complaint and its cease-and-desist order,
   the Commission charged that, during the week of September 30, 2002,
   Kogan and Schering's senior vice president of investor relations met
   privately in Boston with analysts and portfolio managers of four
   institutional investors (Wellington Management Company, Massachusetts
   Financial Services Company, Fidelity Management & Research Company,
   and Putnam Investments), three of which (Wellington, Fidelity, and
   Putnam) were among Schering's largest investors. The Commission
   further charged that, at each of these meetings, through a combination
   of spoken language, tone, emphasis, and demeanor, Kogan disclosed
   negative and material, nonpublic information regarding Schering's
   earnings prospects, including that analysts' earnings estimates for
   Schering's 2002 third-quarter were too high, and that Schering's
   earnings in 2003 would significantly decline. According to the
   Commission, immediately after the meetings, analysts at Fidelity and