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November 11, 2003 4:51 p.m.
Teva Announces Continued Convertibility of Its Debentures

Jerusalem, Israel, November 11, 2003 - Teva Pharmaceutical Industries Limited (Nasdaq: TEVA) announced today, as required by the terms under its indentures, that its $360 million in principal amount of 0.75% Convertible Senior Debentures due 2021 and its $450 million in principal amount of 0.375% Convertible Senior Debentures due 2022, each of which were issued by special purpose finance subsidiaries, will remain convertible into Teva's ADRs from November 11, 2003 through February 17, 2004, as a result of the trading price of Teva's ADRs exceeding certain thresholds set forth in the indentures governing the debentures. The 0.75% Convertible Senior Debentures will be convertible at a conversion price of $42.912 per ADR, and the 0.375% Convertible Senior Debentures will be convertible at a conversion price of $42.8989 per ADR.

The convertibility of the debentures with respect to future periods will be determined, among other things, based on whether the Teva ADRs trade above the approximate $51.50 threshold during at least twenty of the first 30 trading days of each quarter.

Teva will make future announcements regarding the continued convertibility of the debentures in its filings with the U.S. Securities and Exchange Commission, rather than in separate press releases.

Teva Pharmaceutical Industries Ltd., headquartered in Israel, is among the top 30 pharmaceutical companies and among the largest generic pharmaceutical companies in the world. The company develops, manufactures and markets generic and innovative human pharmaceuticals and active pharmaceutical ingredients. Close to 90% of Teva's sales are in North America and Europe.



Safe Harbor Statement under the U. S. Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements, which express the current beliefs and expectations of management. Such statements are based on current expectations and involve a number of known and unknown risks and uncertainties that could cause Teva's future results, performance or achievements to differ significantly from the results, performance or achievements expressed or implied by such forward-looking statements. Important factors that could cause or contribute to such differences include Teva's ability to successfully develop and commercialize additional pharmaceutical products, the introduction of competitive generic products, the impact of competition from brand-name companies that sell their own generic products or successfully extend the exclusivity period of their branded products, Teva's ability to rapidly integrate the operations of acquired businesses, the availability of product liability coverage in the current insurance market, the impact of pharmaceutical industry regulation and pending legislation that could affect the pharmaceutical industry, the difficulty of predicting U.S. Food and Drug Administration ("FDA") and other regulatory authority approvals, the regulatory environment and changes in the health policies and structure of various countries, acceptance and demand for new pharmaceutical products and new therapies, uncertainties regarding market acceptance of innovative products newly launched, currently being sold or in development, the impact of restructuring of clients, reliance on strategic alliances, exposure to product liability claims, dependence on patent and other protections for innovative products, fluctuations in currency, exchange and interest rates, operating results and other factors that are discussed in Teva's Annual Report on Form 20-F and its other filings with the U.S. Securities and Exchange Commission ("SEC"). Forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.