1. 1 Lupin Limited Corporate Presentation January 2007

2. 2 Safe Harbour Statement Materials and information provided during this presentation may contain ‘forward-looking statements’. These statements are based on current expectations, forecasts and assumptions that are subject to risks and uncertainties which could cause actual outcomes and results to differ materially from these statements. Risks and uncertainties include general industry and market conditions, and general domestic and international economic conditions such as interest rate and currency exchange fluctuations. Risks and uncertainties particularly apply with respect to product-related forward-looking statements. Product risks and uncertainties include, but are not limited, to technological advances and patents attained by competitors, challenges inherent in new product development, including completion of clinical trials; claims and concerns about product safety and efficacy; obtaining regulatory approvals; domestic and foreign healthcare reforms; trends toward managed care and healthcare cost containment, and governmental laws and regulations affecting domestic and foreign operations. Also, for products that are approved, there are manufacturing and marketing risks and uncertainties, which include, but are not limited, to inability to build production capacity to meet demand, unavailability of raw materials, and failure to gain market acceptance. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

3. 3 Contents –Global Pharmaceutical Industry Overview –Indian Pharmaceutical Industry –Lupin -Business Update –2006-07 and Beyond

4. 4 Introduction... Section 1

5. 5 Vision To be an Innovation led Transnational Pharmaceutical Company Values Superior Performance Entrepreneurship Customer Orientation Working Together Respect for People Integrity

6. Pharmaceutical Industry Overview Section 2

7. 7 Global Pharmaceutical Industry Overview  Global Pharmaceutical market at US$600 billion market in 2005  Market expected to grow at a rate of 6-7%  Ten major markets account for almost 81% of the market in terms of revenue  North America is the single largest market accounting for approx. 50% of global sales and is expected to grow at a CAGR of 5-8%  Japan, the second largest market, at US$60bn is growing at 6%  EU experiencing growth at 7% at US$ 170bn  Growing importance of generics in regulated markets  Pressure from healthcare providers and insurance companies to reduce healthcare costs driving usage of generic drugs  Increasing patent expirations driving generic drug availability  Stringent testing requirements and declining R&D productivity has led to limited new drug pipeline

8. 8 Indian Pharma – Emerging Scenario DOMESTIC FORMULATIONS IPR Regime  Pricing pressure on ‘older’ molecules  Brands/ differentiated products  Likely to witness higher growth  In Licensing GENERICS BUSINESS Increasing competitive landscape  Pricing pressure  Aggressive build up of products  Acquisitions  US$ 60 bn opportunity CONTRACT MANUFACTURING JV/ Alliances Competition from China INDIGENOUS R&D ANDA/NDDS/NCE Out Licensing High Investment/ Long gestation Indian Pharma Domestic Market: US$ 5bnExports: US$ 2.5bnTotal: US$ 7.5bn

9. 9 Approach Section 3

10. 10 Lupin Strives For Sustainable Earnings Accelerated Growth Fulfilling Stakeholder Aspirations

11. 11 Creating an Edge Technology New Delivery Systems Complex Products Bottom Quartile of costs for generic products Integration NCE Markets Expansion & Efficiency in Sales Force ‘Direct to Market’ approach in US Build on Paediatric On-shore presence in 5 select countries Alliances Partnerships in Advanced as well as Emerging markets TB Institutional Alliances with Global majors for certain markets New therapies (In-Licensing)

12. 12 Advanced Markets Section 4

13. 13 Advanced Markets: Lupin Approach LUPIN Generics Para III Specialty Para IV Complex Generics Branded Generics Lisinopril… Ramipril… Ceftriaxone... NCE/ NDDS Suprax… US Branded Generics Generics EU/ Japan/ Australia/ RSA

14. 14 US Branded  Suprax continues its prescription growth: over 5000Rx per week  Sales force internalised  Copromotion of Atopiclair with Chester Valley  New Products in 2006-07 Generics  7 products launched in the US in FY06; 3 launched till date in FY07  Timely launch of Ceftriaxone and Cefprozil immediately on expiry  Launched Lisinopril in Dec05: Consolidating Market share  Commenced Direct Marketing (DTM) in Dec05  Total ANDAs filed: 45

15. 15 Generics US Target Therapies Mkt sizeLupin $ billionNo. of products Launched till now Cephalosporins2107 CVS25152 CNS1511- Anti-ulcer134- Macrolides22- Others331 Total604510

16. 16 Other Markets Europe Ramping up MAA/ Dossier filings Alliances in progress Revenues commenced Expressions of interest at advanced stages Japan, Australia & LA Expressions of interest moving forward MDR-TB sales commenced in LA South Africa Aspen (Anti-TB FDC) for Africa

17. 17 Robust pipeline CountryTotal submissions US45 EU29 Australia/ NZ14

18. 18 Emerging Markets Section 5

19. 19 Emerging Markets: India Region - Lupin Approach Rural LEP Specialty Post 2005 In-licensing Ceff-ER, Odoxil OD, … Lupinova NDDS LUPIN Institutional Enoxaparin Sodium, EGF,… Branded Generics Urban

20. 20 India Region 27% in 9mon FY07(16% Industry IMS Nov 06 MAT); Growth 23% vs 7-8% industry average (FY 06) Contributed by CVS(41%), and GI (38%); Anti-Asthma range launched in Aug 04, already number 2 in its segment and growing (91%) Signoflam (Endeavour), the best product launch (IMS Data) of the year 2005 in the industry Lupinova driving foray into rural and less penetrated regions Top 10 brands Rs. Mn. YTD Dec 06*introduced in last 3 years Tonact304R-Cinex282 AKT251Odoxil193 Rablet185L-Cin*158 AkuriT150Ceff164 Ramistar149Cefaxone124

21. 21 India Region Divisions Anti-TB, Anti-Infectives, Critical Care Speciality, CVS, Diabetology, CNS, Rural Marketing Distribution Network Nationwide spread with over 25 CFAs Three centrally located warehouses Covering over 2500 Stockists nationwide Doctor Universe coverage Over 130,000 Field Force Strength Current strength of about 1800 Expanding to cater to newer therapy areas Inlicensing introductions in FY07 Enoxaparin Sodium IMS Nov 06, Gross sales for the month over Re. 1 crore Epidermal Growth Factor

22. 22 Emerging Markets : Others - Lupin Approach Generics Specialty Alliances/ Licensing NDDS LUPIN Institutional GTB LATAM Branded Generics Alliances CIS/ SEA/ ME/ Africa

23. 23 Other Markets CIS Posted a healthy growth – CAGR of 44% over last 4 years Expanding Field Force – Russia, Ukraine, Azerbaijan, Kazakhstan, Uzbekistan Increased market penetration Around 20 Products Registered in each; around 10 under Registration SE Asia Alliance with GSK Middle East Will be shared as Alliances progress Africa Alliance with Ranbaxy GTB Posted a healthy growth – 122%

24. 24 API & Intermediates Section 6

25. 25 API & Intermediates Sales : 11% growth; 13% in H1 FY07 Focus on Cost & Quality Leadership and Reliability Long Term Supply Contracts Global Leadership in areas of therapeutic presence Future expansion only at SEZs

26. 26 Global Position in API & Intermediates 1 Cephalosporin - Intermediate 7ADCA 1CardiovascularLisinopril 2 Cephalosporin - Intermediate 7ACCA 1Anti-TBPyrazinamide 1Anti-TBRifampicin 1Anti-TBEthambutol Global Rank Therapeutic SegmentProduct Two new products in 2006-07

27. 27 Research & Development Section 7

28. 28 R&D Over 400 scientists –Actively engaged in: Process Improvement/ Formulation Development/NCE/ NDDS Expenditure (FY0506) : Rs.1030mn – 6.2% of Sales –Continue investing incrementally Filings rate to continue Going Forward –NDDS –Paediatrics range –Patented Technology platforms –Products for paediatric pipeline

29. 29 R&D NCEs –Anti Migraine- In Phase III –Anti Psoriasis (Chemical)- In Phase II –Anti Psoriasis (Herbal) - In Phase II –Anti TB- In Phase I

30. 30Patents Patents Issued, Allowed & Pending 406 Issued, Allowed 71 Pending 335 US 14 EU RoW 47 EU 10 US 31 EU 44 RoW 260

31. 31 Business Update Section 8

32. 322005-06 34% 40% 37% (Rs Mn) Sales Growth Revenue Composition

33. 332005-06 Revenue Growth : 37% EBITDA margin : 18% PBT : 14% PAT : 11% ROCE : 22% 106% (Rs Mn) Profit Growth 116%

34. 34 2004-05 Exports 45% Domestic 55% Geographical Coverage 2005-06

35. 35 Therapeutic Coverage 2004-05 2005-06

36. 36 2004-05 FD 45% API 55% API vs FD 2005-06

37. 37 2006-07 – 9 month period ended Dec 06 (Rs Mn) 22% 25%

38. 38 Facilities Section 9

39. 39 Lupin’s Facilities Manufacturing Research Center Goa Pune Tarapur Ankleshwar Mandideep Aurangabad Jammu LOCATIONPRODUCTSAPPROVALS Mandideep, Madhya Pradesh Cephalosporins Prils USFDA, UK MHRA, TGA USFDA Tarapur, Maharashtra Rifampicin Lovastatin USFDA, UK MHRA - Ankleshwar, Gujarat Ethambutol Intermediates USFDA Aurangabad, Maharashtra Rifampicin Pyrazinamide Ethambutol Lisinopril WHO, MCC (South Africa) Verna, Goa Non- cephalosporin Oral Formulations USFDA, UK MHRA Jammu, J&K Formulations- Pune, Maharashtra R&D Mumbai, Maharashtra Head Office Mumbai

40. 40 Management Section 10

41. 41 Expert Management Team NAMEPOSITIONBRIEF PROFILE Desh Bandhu Gupta, Ph.D Chairman Founded the company in 1968 Started his career teaching chemistry at Birla Institute of Science and Technology, Pilani, Rajashthan Kamal K Sharma, Ph.D Managing Director Experience of more than three decades at a range of senior management positions managing projects, corporate development and general management in the pharmaceuticals and chemicals industries Satish Khanna Group President, API Strengthened Lupin's API business and secured the company's position among top manufacturers, globally Rich experience of more than 25 years in leading companies including Mitsu Industries, Tata Chemicals and Union Carbide Vinita Gupta President, Lupin Pharmaceuticals Inc, US Leads Lupin's foray in the advanced markets of the US and Europe and in cementing alliances with global majors Himadri Sen, Ph.D President, Pharma research Spearheads Lupin's drive for NDDS, ANDA and patent fillings Has worked with leading Indian and global pharma companies in the areas of pharma research, technology development and transfer and manufacturing support Shakti Chakraborty President, India Region Formulations Has driven Lupin's entry in the lifestyle segments Experience of more than three decades with leading pharmaceutical companies like Wockhardt, Aristo Pharma Vinod Dhawan President--Business Development Heads the AAMLA region, responsible for the development of Lupin ’ s business strategy for these markets. Has worked with Ranbaxy in their international business Indrajit Banerjee President, Finance & Planning Responsible for the finance, IT and planning functions and aligning it with overall business strategy of the company Rajan Dutta President, Human Resources Responsible for developing HR management strategy and align it with overall business strategy of the company Brings along with him rich business experience of about 2 decades in organizations like Xerox, Idea, Bharti Airtel, etc Harish Narula President Corporate Affairs Heads the company ’ s business initiatives in the CIS region Supports the businesses through various Embassies and trade Associations Nilesh Gupta President, Advanced Markets Responsible for Product Pipeline management, Intellectual Property Strategy, R&D integration, Supply Chain and New Projects for Advanced Markets 13

42. 42 Year 2006-07 and Beyond... Section 11

43. 43 Going Forward  New Markets/ Initiatives Enter Advanced Markets  EU  Japan  Australia  South Africa Establish On-shore presence in 5 select markets Acquisition:  Brands in US  Businesses in select countries of EU  Domestic  Explore New Therapies/ Business Segments

44. 44 Thank you