being Lupin Limited Q2FY13 Investor Presentation October 2012

being Vision: To be an innovation led transnational company

being 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. Safe Harbor Statement

being Journey over the last decade First 5 ANDA’s filed Exports cross INR 1b Biotech facility set up Japan - Kyowa acquired Indore SEZ set up Suprax ® launched Generics business launched Goa Plant approved (FDA. MHRA) Partnership with Eli Lilly Antara ® acquired 5th largest generics player in US Lupin Pharma Inc founded in USA 2 products launched under exclusivity (incl. first launch at risk) Acquired I’rom in Japan Acquisitions in Germany, S. Africa, Australia Philippines acquisition Gross Revenues – INR 70,017 m EBITDA = 21% US business crosses half a Billion

being  Evolved into a multinational company with ~70 % of turnover from outside India ►5th largest and fastest growing generic player in the US by prescriptions ►4 th largest pharmaceutical company in India ►7 th largest and the fastest growing generic player in Japan ►Growing presence in South Africa, Europe and Australia  Strong track record of organic growth  Smart acquisitions Net Sales CAGR 27% EBITDA CAGR 24% Consistent track record of growth Figures in INR m

being Major markets Geographical breakup Sales break up US sales split Europe 3% Japan – 12% US 38% Business Mix India – 30% RoW 17%

being Shareholder returns

being Lupins core strengths

being Financial update

being H1FY13 performance

being Corporate Highlights H1FY13  Continued investment for growth Capital expenditure at INR 2,597 m. Revenue expenditure on R&D 6.1% of net sales at INR 2,717 m Filed 5 ANDAs Filed 7 MAAs  Consistent performance Net sales grew by 36% to INR 44,584 m during H1FY13 PBT grew by 44% to INR 8,470 m during H1FY13  Growth across all geographies (H1FY13) US business grew by 39% (excluding IP 51%) India Region Formulation sales continued to grow at 22% Japan grew by 92% South Africa grew by 16% 36% 43% 20%

being Major markets Geographical breakup Sales break up US sales split Business Mix – H1FY13

being Q2FY13 performance

being Corporate Highlights Q2FY13  Continued investment for growth ► Capital expenditure at INR 1,277 m. ► Revenue expenditure on R&D 4.2% of net sales at INR 935 m ► Filed 2 ANDAs ► Filed 2 MAAs  Consistent performance Net sales grew by 29% to INR 22,393 m during Q2FY13 PBT grew by 27% to INR 4,412 m during Q2FY13  Growth across all geographies (Q2FY13) US business grew by 21% (excluding IP 40%) India Region Formulation sales continued to grow at 18% Japan grew by 85% South Africa grew by 19% 29% 28%

being Business update

being Sales (INR. m) United States  US business grew 18% in USD terms (USD 144 m in 2QFY13 from USD 122 m in 2QFY12)  Received 3 approvals during the quarter  Current product portfolio of 42 products  No. 1 market share in 19 products & Top 3 market share in 37 products Healthy Pipeline  Plan to launch 120+ products in next 3 years addressing a market of $48 b in brand revenue  86 Para IV’s addressing market size of US$ 30 Billion  21 First to file generics, (market $11 b) including 9 exclusives ($ 830 m) 21%

being Net sales (INR m) India 18%  Field force strength 5,271 nos  7 th largest Indian company in domestic market ** growing at 18%  Key drivers : ► Growth in anti-diabetic business -43 % ► GI – 20 % ► CNS-21% ► Anti-infectives– 15% ► Cardiovasculars – 16 % ► Launched 5 new products during quarter ** Source : (IMS MAT Aug’12)

being Chronic & Semi-Chronic therapies now constitute 57% of the portfolio India – Increasing contribution of chronic therapies

being  7 th largest generic player  Strong presence in CNS, CVS, GI and Respiratory segments  Established presence in DPC hospitals segment through I’rom  Re-organisation of field force TA  New TA – Oncology  During Q2FY13, Kyowa recorded net sales of JPY 4,692 m as against JPY 3,019 m of Q2FY12 (growth of 55%) Sales (INR m) Japan Highlights  5 new products approved, 1 new product filed  PMDA audit commenced for Goa formulation facility

being EU  Growth ~ 36 %in INR  2 MAAs filed  Cumulative MAA filings 134 with 68 approvals to date South Africa  Achieved “largest CVS company (generic)” status  Launched Hospital division with range of products Philippines  Ranked 35 th as per IMS MAT May 2012  Growth of 32% vs. industry growth at 1.89%  3 products launched in the quarter Australia  Isabelle – First and only generic in the market for Drospirenone + Ethinyloestradiol  Goanna range expanded - Diclofenac get launched  Lupin increased its holding to 87.4% EU, S.Africa, Philippines, Australia

being  Cost, quality and reliability are the cornerstones of our API strategy  Strategic input into formulations business  Global leadership in chosen therapies ► Cephs ► Ceph-intermediates ► Anti-TB range  Achieved global cost, capacity and market share leadership in most products API and intermediates

being  Q , revenue expenditure on R&D Rs. 935 m, 4.2% to net sales  Commenced filings of ophthalmology portfolio from Indore (9 filings till date)  Novel Drug Discovery & Development - One NCE entering into clinic in 2012/13 R&D Strength and Capabilities  Talent pool of scientists  Research ► Dedicated team for Inhalers – MDI/DPI ► Dedicated team for Dermatology  NDDD & Bio-similars ► Pipeline of 10 programs in discovery phase ► Bio-similars - Pipeline of 8 drugs in various phases of development MarketsFilingsApprovals US17865 EU13468 Continued investments in R&D

being H1FY13 highlights  Capex of INR 2,597 m  2 sites inspected by U.S. FDA in last 12 months  OCs launched in U.S. market from Indore  Investments in - ophthalmology, derma and inhalers  Capacity increased to 12 b dosage units for U.S.  2 new sites planned in FY13: ► Mihan – Oral Solids ► Vizag - API Capabilities  10 manufacturing locations (2 in Japan) housing 12 sites ► 5 API sites ► 7 formulation sites  5 FDA inspected sites  Manufacturing capabilities across tablets, capsules, liquids, injectables and MDIs  Combined capacity of ~ 20b dosage units Globally integrated supply chain

being Supply chain awards & accolades 2011  HDMA honors Lupin with DIANA Award for Best Overall Generic Product Manufacturer  Cardinal : Supplier Quality Award  Hall of Fame Award by Chemtech Foundation (Leadership and Excellence Awards)  ABC recognizes Lupin as “ Generic Supplier of the Year” 2012  Consistent Customer Feedback that Lupin’s Supply Chain & Service Levels rank at the top within the US Pharma Market - Includes ABC, Cardinal, CVS, Walgreens, Express Scripts, Kroger, Wal-Mart etc.,

being Corporate Awards 2012 NDTV Business Leadership Awards Pharmaceutical Company of the Year Ernst & Young Entrepreneur of the Year for Life Sciences and Health Care Dr Desh Bandhu Gupta Ernst & Young – Entrepreneur Of The Year ® 2012Award winner in Maryland – Ms Vinita Gupta Yes Bank - Business Today Best CFO Awards for Best Leverage Management, Large Companies - Mr Ramesh Swaminathan

being Great place to work  Lupin was ranked 1 st amongst pharma companies in the Great Place to Work survey ‘Best Companies to work for 2012, India’ and amongst the Top 50 companies overall.  We have also been being ranked at no. 24 among India's large organizations (>1000 employees)  Continuous investments in our people ► In-house Training center ► Tie-ups with the best institutes for executive education for high performing employees (IIM-A, BITS Pilani, SP Jain, NMIMS, Pune University etc) ► Process for identification of Top 100 managers and specific accelerated career paths

being Looking ahead  US brand business (acquisitions, licensing)  US generics (driven by healthy pipeline)  Consistently growing India branded generics  Increasing presence in Japan  Geographic expansion in emerging markets  Technology based/Niche opportunities  Dermatology  Ophthalmology  Balanced business model with brands and generics  Sound financials  Superior execution  Experienced management team Our Vision : $ 3b by 2015 Growth &profitability drivers Key enablers

being Thank You