Notice to Employees of Cephalon, Inc.

This document is about a notice to employees of Cephalon, Inc. regarding their application to the U.S. Department of Labor for authorization under Prohibited Transaction Exemption 96-62 to allow the reinsurance of risks and receipt of premiums by their captive insurance company, East End Insurance Ltd., from insurance contracts funding Cephalon's group term life, accidental death and dismemberment, and long-term disability benefits. The notice outlines the proposed transaction, the parties involved, the changes to the plan benefits, and the employee's right to comment on the tentative authorization.