Lupin Limited Q1FY13 Investor Presentation August 2012

Vision: To be an innovation led transnational company

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

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

 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

Major markets Geographical breakup Sales break up US sales split Business Mix – Q1FY13

Shareholder returns

Lupins core strengths

44%  Consistent performance Net sales grew by 44% to INR 22,192 m during Q1FY13 PBT grew by 67% to INR 4,057 m during Q1FY13  Growth across all geographies (Q1FY13) US business grew by 49% India Region Formulation sales continued to grow at 25% Japan grew by 100% South Africa growth of 13% Corporate Highlights Q1FY13  Continued investment for growth ► Capital expenditure at INR 1,321 m. ► Revenue expenditure on R&D 8% of net sales at INR 1,782 m ► Filed 3 ANDAs

Corporate Highlights Q1FY13 33% 63%

Business update

63% Sales (INR. m) United States  US business grew 40% in USD terms (USD 150 m in 1QFY13 from USD 107 m in 1QFY12)  SUPRAX® (Cefixime) Capsules launched  Generic Combivir® Tablets launched  Resumed sales of generic Fortamet® tablets.  Current product portfolio of 42 products  No. 1 market share in 20 products & Top 3 market share in 36 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)

Net sales (INR m) India 25% ** Source : (IMS MAT Mar’12)  7 th largest Indian company in domestic market ** growing at 23%  Key drivers : ► Growth in anti-diabetic business (incl. Lilly – 129.5% and excl. Lilly 27%) ► Anti-asthma – 19.4% ► Anti-infectives– 20.3% ► Cardiovasculars – 15.8% ► Launched 3 new products during quarter ► Revenues from Eli Lilly partnership (YTD June 12 – Rs cr)  Field force strength 5248 nos

Chronic & Semi-Chronic therapies now constitute 59% of the portfolio India – Increasing contribution of chronic therapies

 7 th largest generic player  Strong presence in CNS, CVS, GI and Respiratory segments  Established presence in DPC hospitals segment through Irom  Total field force of 110 MRs  During Q1FY13, Kyowa recorded net sales of JPY 4,937 m as against JPY 3,101 m of Q1FY12 (growth of 59%)  Strong cost containing measures initiated at Kyowa and I’rom have been the major drivers of the improved performance Sales (INR m) Japan 100% Highlights  Yakka cut announced in the month of April 2012  7 new products launched in Q1FY13 * Includes Irom Sales INR 1051 m

EU  Growth ~ 18 %in INR & ~11% in €  5 MAAs filed and 8 approvals  Cumulative MAA filings 132 with 66 approvals to date South Africa  No. 1 CVS generic player and  Field force of 71 MRs  Entered into hospital segment  Launched 3 new products in the quarter Philippines  Ranked 35 th as per IMS MAT May 2012  Growth of 32% vs. industry growth at 1.89%  2 filings in the quarter Australia  Isabelle - first generic in the market  7 new products launched  Tied up with Sanofi for a joint program for pharmacies EU, S.Africa, Philippines, Australia

 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

FY12 highlights  Capex of INR 5,514 m in FY12  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

 Revenue expenditure on R&D Rs. 1,782 m, 8% to net sales as against Rs.1,074 m, 7% to net sales in Q1 FY 2011 ‐ 12. Received 3 approvals during 1QFY13  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 US17665 EU12758 Continued investments in R&D

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

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

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

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