Lupin Investor Presentation Q3FY14

Vision: To be an innovation led transnational company

Safe harbor 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.

Lupin today 8th largest Market Cap amongst Global Generic Companies ~$5.7 billion Revenues > $ 1.74 billion Top 4 Pharmaceutical company in India Secular growth across the geographies Onshore presence in 10 countries (significant presence across 4 countries) R&D expenditure @ 7.5% of net sales Vertically integrated 12 manufacturing sites (5 US FDA approved) (2 sites in Japan) Conversion rate: USD = INR 54.30

Awards & accolades NDTV Business Leadership Awards - Pharma Company of the Year 2012 Lupin was ranked amongst top 2 pharma companies in the Great Place to Work survey ‘Best Companies to work for 2013, India’ and amongst the Top 50 companies overall NSE included Lupin in the S&P CNX NIFTY index Ernst & Young Entrepreneur of the Year 2011, for Life Sciences and Health Care: Dr Desh Bandhu Gupta Ernst & Young Family Business Award 2012: Ms. Vinita Gupta CVS Caremark Supplier Partner Award winner - Pharmacy Category for 2012

Consistent track record of growth Net Sales - CAGR 27% EBITDA - CAGR 29% Figures in Rs. m Evolved into a multinational company with >70 % of turnover from outside India 4th largest pharma company in India 5th largest and fastest growing generic player in the US by prescriptions 7th largest and the fastest growing generic player in Japan

Profit & shareholder returns Net profit - CAGR 26% Figures in Rs. m

Major markets (Net sales) Business Mix – FY13 Geographical breakup US sales split Sales break up Major markets (Net sales)

Corporate Highlights 9MFY14 16% 37% 42% Consistent performance: Net sales grew by 16% to Rs. 80,351 m during 9MFY14 PBT grew by 45% to Rs. 20,360 m during 9MFY14 US & Europe business (including IP) grew by 30% South Africa grew by 19% Continued investment for growth Capital expenditure at Rs. 3,639 m Revenue expenditure on R&D 8.5% of net sales at Rs. 6,838 m Filed 12 ANDA & received 19 approvals

Q3FY14 performance

Corporate Highlights Q3FY14 21% 28% 42% Consistent performance: Net sales grew by 21% to Rs. 29,830 m during Q3FY14 PBT grew by 33% to Rs. 7,379 m during Q3FY14 US & Europe business (including IP) grew by 29% South Africa grew by 18% Continued investment for growth Acquired Nanomi B.V. in Netherlands Capex at Rs. 1,041 m Revenue expenditure on R&D 9.1% of net sales at Rs. 2,710 m

Major markets (Net sales) Business Mix – Q3FY14 Geographical breakup US sales split Sales break up Major markets (Net sales)

Business update

United States & Europe Net sales (Rs. m) US business grew 31% to Rs. 13,567 m in Q3FY14 from Rs. 10,390 in Q3FY13 & contributed 45% to overall revenues Brand business contributed 11% to US sales, while generics contributed 89% 5 products launched during the quarter Current product portfolio of 62 products No. 1 market share in 26 products & Top 3 market share in 44 products Europe business grew 11% to Rs. 661 m in Q3FY14 from Rs. 598 m in Q3FY13 & contributed 2% to overall sales 29% Acquired Nanomi B.V. in Netherlands. Nanomi has patented technology platforms to develop complex injectable products. Filed 5 ANDAs & received 5 approvals during the quarter

India India formulations sales grew by 14% to Rs. 6,504 m during Q3FY14 9th largest Indian company in domestic market** Launched 8 new products during the quarter Field force strength +5,000 no.’s Entered into strategic partnership with MSD to co – market MSD’s PPV in India Mfg data ** Source : (AICOD AWACS MAT Dec 13)

Japan & ROW South Africa 4th largest Generic Pharma company Net Sales (JPY m) South Africa 4th largest Generic Pharma company # 1 CVS player in South Africa 5 products registered during the quarter Philippines Ranked 28th as per IMS MAT Nov 2013 Growth of 23% vs. industry growth at 3% Oncology division & 2 products launched during the quarter Australia Launched Terbinafine during the quarter Q3FY14 Japan sales stands at Rs. 3,720 m Strong presence in CNS, CVS, GI & Respiratory segments Focus on improving I’rom overall business quality Commercialization for products developed in India Kyowa field force size increased from 95 to 114 Azithromycin, TS 1, Pitavastatin & Valacyclovir launched during the quarter

API and intermediates 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

Globally Integrated Research & Manufacturing network Nagpur

R&D 7,098 R&D spends (Rs. m) R&D expenditure Q3FY14 stands at Rs. 2,710 m, 9.1% of net sales Talent pool of 1200+ scientists 186 ANDA filings, of which 96 have been approved by the USFDA Filed 5 ANDA & received 5 approvals during the quarter Increased focus on F2F NDDD: Pipeline of 10 programs in various phases of drug discovery Bio-similars: Approval received for GCSF (Filgrastim) Pipeline of 10 drugs in various phases of development

Globally integrated supply chain Highlights Capex of Rs. 1,041 m during Q3FY14 Successful inspections of plants by various regulatory agencies without critical observations: USFDA : Tarapur, Dabhasa, Indore & Aurangabad (Zero 483 in all inspections) MHRA : Indore, Mandideep TGA : Mandideep ANVISA: Ankleshwar, Tarapur MCC: Aurangabad Frost & Sullivan in association with The Economic Times conferred “Manufacturing Excellence Award” Supply chain initiative rolled out to efficiently meet global scale up & complexity challenges 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 Mihan formulation site for US commissioned Sep’13 OCs launched in U.S. market from Indore Investments in - ophthalmology, derma and inhalers

Growth Levers & Enablers Healthy pipeline Value added generics Specialties NDDR program Geographical expansion Brands Platform technologies R&D M&A People & Capability Supply Chain Disruptive costs Supply chain efficiency Leadership pipeline & capability building Sustainability initiatives (people, planet & profitability)

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