Teva Agrees to Pay State of Israel $718M to Settle Tax Assessments

Teva Pharmaceutical

announced today that it has reached an agreement with the Israel Tax Authority to pay NIS 2.540 billion (approximately $718M, according to rate of exchange on November 10, 2013) for the release of trapped profits, settling tax assessments for the years 2005-2007, and applying similar principles through 2011. In total, Teva will pay approximately NIS 2 billion ($565M) within the framework of amendment 69 to the Law for the Encouragement of Capital Investments (the "Trapped Profits Law”). This includes the payment of NIS 336M ($95M) made in May 2013. In addition, Teva will pay approximately NIS 840M ($237M) concerning tax assessments for the years 2005-2011.