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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.