Dear Colleagues

In 2007, Cephalon celebrated 20 years of excellence, providing pharmaceutical solutions to fulfill unmet medical needs. We are proud of what we are accomplishing and we should be proud of how we are achieving success. So, while we celebrate our accomplishments, we also are renewing our commitment to integrity in all aspects of our business.

Cephalon’s success is a reflection of our shared values. We provide products that improve the health and quality of life of thousands of patients throughout the world. We are responsible and ethical and adhere to the laws and regulations in countries in which we operate. We treat each other and our business partners fairly and with dignity and respect. We strive to improve company performance through fiscal responsibility, pursuit of new opportunities and innovation.

These shared values are the foundation of the Cephalon Standards of Global Business Practices (the “Standards”). The Standards unite us in a common understanding of business integrity around the world. We expect each of you to make these Standards part of your business conduct. By living up to the Standards, we honor our values and ensure continued business success.

We want you to read this book carefully. If you have any questions about how the Standards apply to you, seek advice from your manager or a member of Global Compliance, Legal or Human Resources. You also can contact any of us on the executive team. Our signatures represent our total commitment to the Standards of Global Business Practices.

Sincerely,
Executive Management Team