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Scitex Raises $78 Million in Private Placement of Creo Shares

Press release from the issuing company

HERZLIA, Israel--Nov. 29, 2001--Scitex has completed the sale of 7 million shares of Creo Products Inc. valued at approximately $78 million as part of a private placement to new and existing Canadian institutional investors. Scitex still holds 6.25 million of the original 13.25 million Creo shares acquired in April 2000 in exchange for its digital preprint and print-on-demand assets. "We will use the net proceeds from this transaction to improve our cash position and to pursue opportunities in our current markets. In addition, this sale will offer our shareholders a better balance in the Scitex investment portfolio,'' commented Yeoshua Agassi, chief executive officer of Scitex. "We were pleased by the interest shown in this private placement. The distribution of shares to new and existing Creo shareholders will increase the float of freely tradeable shares, and should increase interest and trading volume to the benefit of all shareholders.''