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|August 14, 2001 11:36 a.m.|
|Teva Announces Offering of Convertible Debentures in a Rule 144a Offering|
Jerusalem, Israel, August 14, 2001 - Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA) announced today that subject to market and other conditions, Teva Pharmaceutical Finance N.V., a special purpose Netherlands Antilles finance subsidiary, intends to offer approximately $300 million of twenty-year convertible senior debentures. The debentures are expected to be guaranteed by Teva and to be convertible into American Depositary Receipts of Teva. The offering will be made by means of an offering memorandum to qualified institutional buyers pursuant to Rule 144A and to certain persons in offshore transactions pursuant to Regulation S under the U.S. Securities Act of 1933. The offering is expected to close in August.