QUANTUMONLINE.COM SECURITY DESCRIPTION:  Schering-Plough Corp., 6.00% Mandatory Convertible Preferred Stock, liquidation preference $50 per share. The preferred shares are mandatorily convertible on 9/14/2007 into a variable number of Schering-Plough Corp. (NYSE: SGP) common shares based on the then current price of the common shares for 20 consecutive trading days immediate prior to the conversion date. The conversion settlement rate will be 2.2451 shares per unit if the then current market price is equal to or greater than $22.27 and 2.7840 shares per unit if the market price is equal to or less than $17.96. For market prices between those values the settlement rate will be $50 divided by the market value. The last reported sale price of the common stock on 8/04/2004 was $17.96. The preferred shares are convertible any time at the holder’s option into 2.2451 shares of common stock. If the price of the common stock exceeds $33.41 for at least 20 of 30 trading days, the company may force the conversion of the preferred stock into 2.2451 shares of common stock. Distributions of 6.00% ($3.00) per annum will be paid quarterly on 3/15, 6/15, 9/15 & 12/15 to holders of record on the date fixed by the board, not more than 60 days prior to the payment date. In regards to payment of dividends and upon liquidation, the preferred shares rank equally with other preferreds of the company and senior to the common shares of the company. See the IPO prospectus for further information on the mandatory convertible preferred stock and their mandatory conversion provisions by clicking on the ‘Link to IPO Prospectus’ provided below.

Stock Exchange	Cpn Rate Ann Amt	LiqPref CallPrice	Call Date Matur Date	Moodys/S&P Dated	Conversion Shares@Price	Distribution Dates	15% Tax Rate
NYSE Chart	6.00% $3	$50.00 n.a.	9/14/2007 9/14/2007	Baa3 BBB 12/27/2005	2.2451@$22.27+ 2.7840@$17.96-	3/15, 6/15, 9/15 & 12/15 Click for MW ExDiv Date Click for Yahoo ExDiv Date	YES

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HOME PAGE:     http://www.schering-plough.com/
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Address and Phone Numbers

Address:   2000 Galloping Hill Road, Kenilworth, NJ 07033
Main Phone Number	908-298-4000
Fax Number	908-298-7082
Investor Relations   Alex Kelly	908-298-7436

CEO - Fred Hassan

CFO - Robert J. Bertolini