2. 1 Israel Canada U.S. Low Cost, Tax Advantaged R&D and Manufacturing 82% of Total Sales in World’s Biggest Market Low Cost Manufacturing, Generic Incentives export Worldwide Operational Presence export

3. 2

4. 3

5. 4 Successful New Product Introductions Lotrisone ® Market – Total U.S. Prescriptions Dispensed Week of Over 50% Market Share Over 50% Market Share Increased Overall Prescriptions Written

6. 5

7. 6

8. 7 Financial Review R&D Investment U.S. dollars (in millions) 5.5% 6.8% 10.9% 11.2% 11.6% 14.7% 15.8% 15.9% 13.8% 14.0% 14.1% Percentage numbers above each bar represent percentage of total sales

9. 8 U.S. Sales 1998-2000 U.S. Dollars (in millions) Base Line BusinessNew Business Equals Impressive Sales Growth

10. 9 Financial Review 24% Growth Sales U.S. dollars (in millions)