Saifun Semiconductors: Pricing of Initial Public Offering of 5,000,000 Ordinary Shares

Netanya, Israel, November 9, 2005 – Saifun Semiconductors Ltd. (Nasdaq: SFUN) today announced the pricing of a public offering of 5,000,000 ordinary shares at US$23.50 per share, all of which are being offered by the Company. Saifun’s ordinary shares will be listed on the Nasdaq National Market under the symbol “SFUN” and will begin trading on November 9, 2005. The closing of the offering is scheduled to take place on November 15, 2005. Saifun expects to receive net proceeds from the offering of approximately US$104.8 million. Saifun has granted the underwriters a 30-day option to purchase up to an aggregate of 750,000 ordinary shares to cover over-allotments, if any.

Lehman Brothers is acting as sole book-running manager, Deutsche Bank Securities is acting as co-lead manager and CIBC World Markets, William Blair & Company and Raymond James are acting as co-managers. Copies of the final prospectus relating to the offering may be obtained, when available, from Lehman Brothers, c/o ADP Financial Services, Prospectus Fulfillment, 1155 Long Island Avenue, Edgewood, New York 11717, by email: monica_castillo@adp.com, or fax (631) 254-7268, or Deutsche Bank Securities at 1251 Avenue of the Americas, 25th Floor, New York 10005,
by email: prospectusrequest@list.db.com, or fax (212) 468-5333.

A registration statement relating to these securities was filed and declared effective by the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sales of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such state or other jurisdiction.

About Saifun Semiconductors Ltd.
Saifun provides intellectual property solutions for the non-volatile memory (NVM) market. The company licenses its Saifun NROM® technology to semiconductor manufacturers who use this technology to develop and manufacture a variety of stand-alone and embedded NVM products.