Lupin Scaling new heights …. May 8, 2013

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.

Vision: To be an innovation led transnational pharmaceutical company

Pharma Landscape

USA : Canada: France : Germany : UK : Italy : Spain : Brazil : Mexico : China : India : Pharma Mkt $956 b Pharma Mkt $ 1145 – 1235b Australia : Source; IMS market prognosis, May 2012 Global generics to grow from $242b to $400b in 2016 Generic Mkt $242 b Generic Mkt $400 b Overall growth: 65% CAGR: 11% 2011 Total Mkt 2016 Gx 2011 Gx Japan:

BRIC – Fuelling generics & overall growth Rapid growth in generics driven by :  Economic growth  Healthcare expenditure  New products  Structural changes in healthcare systems Source; IMS Health, Epsicom & Bloomberg

Industry Trends & Drivers Tailwinds Headwinds Generics are the obvious winners of any healthcare reform (affordable care) Ageing population Potential opportunities in the bio- similars space (regulatory pathway evolving across markets) Industry under consolidation phase (lesser number of competitors). Partnering opportunities Price control measures & inclination of moving branded generics to generic – generic (e.g. India, EU5) Big Pharma pursuing BGx opportunities Patent cliff - ~$60b of drugs going off patent in 5 years (2014 to 2018), as against ~$70b in 3 years (2011 to 2013) Increasing regulatory costs & oversight

Momentum gained so far…

Lupin Today Conversion rate: USD = INR  8 th largest Market Cap amongst Global Generic Companies ~$5.7 billion  Revenues > $ 1.74 billion  Top 4 Pharmaceutical company in India  US and Domestic business outperforming industry  Onshore presence in 10 countries (significant presence across 4 countries)  R&D 7.5% of net sales  Vertically integrated  12 manufacturing sites (5 US FDA approved) (2 sites in Japan)

Awards & Accolades  NDTV Business Leadership Awards - Pharma Company of the Year 2012  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  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

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

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

Corporate Highlights FY13 36% 58% 52%  Continued investment for growth ► Capital expenditure at USD 90 m. ► R&D revenue expenditure 7.5% of net sales at USD 131 m ► Filed 21 ANDAs  Net sales grew by 36% to USD 1,742 m during FY13  EBITDA margins grew to 24% during FY13 from 21%  Growth across all geographies ► US business (including IP) grew by 49% ► India Region Formulation sales grew at 24% ► Japan grew by 52% and South Africa grew by 26% 1,282 1,

Consistent execution leading to QoQ & YoY growth Net Sales (USD m) PAT (USD m) EBITDA %

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

Key financial indicators ReturnsFY13FY12FY11 EBITDA24.3%21.0% PBT20.3%17.2%17.0% PAT14.2%12.8%15.0% ROCE30.8%20.0%21.5% RatioFY13FY12FY11 Debt Equity ratio (Net) Working capital days93 days99 days86 days Profitability / Returns Financial ratios

Geography wise performance

Net sales (USD m) United States  Brand business grew by 13% while generics grew by 70%  Brands business ~21% of the US sales  US business clocked USD 693 m  Received approval for Suprax drops  14 ANDA approvals received & 10 products launched during the year  Strong base business ► #1 in 24 out of 46 products (IMS Mar’13) ► Top 3 in 37 out of 46 products (IMS Mar’13) ► 5 th largest generics player (IMS Dec’12)  Challenges  Generic challenge for Antara Strong Pipeline  116 pipeline products (market $ 54 b)  25 first to file generics, (market ~$13 b)  12 exclusives (market ~$1.62 b) 694

India 24%  Ranked 7 th on Month MAT Jan’13 basis.  Chronic & Semi-Chronic therapies now constitute 60% of the portfolio  Gluconorm and Tonact contributed above Rs.1,000m in sale  Ranked 3 rd in CVS segment as per growth rate.  CNS/Neuro segment grew 19.1% against market growth of 12.6%  Ranked 7 th in Anti Diabetics segment with growth of 23.1%  Retained its top position with 44.6% market share in Anti TB segment Net sales (USD m)

India Chronic & Semi-chronic therapies now account for 60% of the portfolio

Japan  Completed 5 years in the Japanese market  Sales increased from USD 86 million to USD 240 million during 5 years  In JPY terms consolidated net sales increased to JPY 19,785 m, entailing a YoY growth of 39%  Kyowa excluding Irom grew by 14% to JPY 13,984m  Supply chain integration from India: ► Goa facility received first 3 approvals in formulations ► Tarapur facility received 2 approvals in API  11 products launched during the year Net sales (USD m)

ROW sales  Pharma Dynamics emerged as the 5th largest generic company in South Africa and the no.1 CVS company during FY13.  Launched OTC products in Australia under the umbrella of “Pharmacy Action”  Multicare amongst the fastest growing generic companies in the Philippines, improving its ranking from 39 to 34 last year  Largest supplier of Anti-TB products to WHO Net sales (USD m)

API  Strategic input into formulations business  #1 TB and Ceph player globally  API business grew by 12% from USD 466 m. to USD 694 m in FY13  Increasing focus on US API Net sales (USD m)

R&D R&D spends (USD m)  Total expenditure at 7.5% of sales  Talent pool of scientists  176 ANDA filings, of which 78 have been approved by the U.S. FDA & 138 US DMFs filed to date  Filed 21 ANDAs & received 14 approvals during the year  Increased focus on F2F (25 filings in pipeline)  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 131

Future direction

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

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