1. Ranbaxy Laboratories Limited Merrill Lynch 12 th India Investor Conference New Delhi, February 2008

2. Safe Harbor Except for the historical information contained herein, statements in this presentation and the subsequent discussions, which include words or phrases such as “will”, “aim”, “will likely result”, “would”, “believe”, “may”, “expect”, “will continue”, “anticipate”, “estimate”, “intend”, “plan”, “contemplate”, “seek to”, “future”, “objective”, “goal”, “likely”, “project”, “should”, “potential”, “will pursue” and similar expressions or variations of such expressions may constitute "forward-looking statements". These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward- looking statements. These risks and uncertainties include, but are not limited to our ability to successfully implement our strategy, our growth and expansion plans, obtain regulatory approvals, our provisioning policies, technological changes, investment and business income, cash flow projections, our exposure to market risks as well as other risks. Ranbaxy does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date thereof.

3. Mission Statement “ To become a Research based International Pharmaceutical Company ”

4. Ranbaxy Overview  Amongst top 10 Global Generic companies (CY ’07 sales ~ $1.6 Bn, +20%)  Largest pharmaceutical Company out of India  Worldwide Presence - Ground operations in 49 countries, products sold in > 125 - Manufacturing locations in 11 countries comprising 25 facilities  Business - International - 80% - Domestic - 20%  ~12000 employees globally spanning 51 nationalities

5. Business Model Global Reach Developed Markets North America, EU, Japan Emerging markets India, Romania, CIS, Africa Manufacturing Product Portfolio Research & Dev. Generics Branded Generics Branded & OTC Dosage Form API* - Vertical Integration In-house / Outsource The India advantage New Chemical Entities Generics / NDDS* Complex / Niche/ FTF* The India advantage * NDDS - Novel Drug Delivery System, API – Active Pharmaceutical Ingredients, FTF – First to File

6. Global Presence

7. Global Manufacturing  API facilities in India - 6, API - 5, Fermentation - 1  Global Dosage Forms (DF) facilities - 19, India - 6, Overseas - 13 Active Pharmaceuticals Ingredients (APIs)Facility, Mohali USA India Romania China Ireland Vietnam Malaysia Nigeria + South Africa, Japan and Brazil

8. Research & Development  Dedicated Facilities for Innovative & Generics Research  > 1400 R&D Personnel ( ~ 250 PhD’s)  8-10 NCE molecules in pipeline  4 NDDS platform technologies  ~ $ 100 Mn total spend (6.4% to sales) Collaboration in Drug Discovery Research (DDR) Out-licensing in Novel Drug Delivery Systems Out-licensing in DDR R&D I R&D III R&D II R&D IV

9. Global Sales (2005 - 2008e) $ Mn CAGR* ~ 19% ~ 1900 e e - estimate * 3 year CAGR on like-to-like basis.i.e. excluding allied businesses divested in 2005

10. Sales by Geography (DF) – 2007 Global Sales ($ Mn) Dosage Form (DF)1506+23% API101- 12% Total1607+ 20% (EU)

11. Highlights – Year 2007 * Excludes impact of foreign exchange gains / losses on translation. ** and extra-ordinary items Financials Markets Key Value Drivers Sales at $ 1607 Mn, + 20% EBIDTA * at 16.5% to sales PAT ** at $ 147 Mn, + 28% 180 Day exclusivity products (FTF) for USA Specialty product flow - bio-generics, oncology, etc Research & Development - NCE focus Buoyant base business growth in USA, + 19% Strong performance across EU, + 41% Emerging markets continue robust growth, + 32%

12. USA  24% of global sales, base business growth (excl. FTF) +19%  Distribution coverage with all major wholesalers & and retail chains  Branded business growth + 37% - Sotret gains market leadership ~ 51% MS - Acquisition of BMS portfolio to further strengthen dermatology franchise  Robust product flow with assured visibility on FTF products from ’08-10 - Sumatriptan - 2008, Valacyclovir - 2009, Atorvastatin & Tamsulosin - 2010 - Atleast 1 potential FTF launch anticipated from 2008 to 2012/13 Note : Anticipated FTF launches depending on regulatory approval & litigation outcome, where applicable

13. USA – Product Pipeline  239 cumulative filings  141 approvals  98 pending approvals  18 Para IV First to File Cumulative ANDA Filings Innovator Market Size Source (Market Size) : IMS 98 ANDAs $ 54 Bn $ 27 Bn Para IV FTF  Yr 2007 – 28 filings & 18 approvals

14. European Union  Presence in 23 of the 27 EU countries  Strong product flow in ’07 with multiple Day 1’s Total EU Sales - 2007 $ 363 $ 258 $ Mn + 41% $ 120 Mn, + 21% $ 73 Mn, + 5% $ 49 Mn, + 69% $ 47 Mn, + 36% Romania France UK Germany Key Country Sales - 2007

15. India Source : IMS - ORG  Ranked in No 2 in domestic market with a 5.04% MS (Source :ORG-IMS, QTD Nov )  Sales at $ 338 Mn, + 23 % (including CHC)  Leadership in NDDS products with 7% MS. Contribution to total sales ~ 9%  Dedicated task forces for Specialized & Chronic therapies  Chronic share contribution at 24% (21% : IMS Cum Nov ’06)  18 brands in Top 300 of Industry, 9 in Top 100  Robust Consumer Healthcare business led by flagship brand ‘ Revital’

16. Key Value Drivers Emerging Market / Developed Market Mix 180 Day Exclusivity Products in USA Specialty Therapeutic Segment Presence Enhanced Focus on NCE Research

17. Market Mix  Growth well spread across geographies  Stability & sustainability of profits 2007 2005

18. 180 Day Exclusivity Products (USA) MoleculeInnovatorMarket Size StatusYear Simvastatin*Merck (Zocor)$ 0.5 BnLaunched2006 Pravastatin* BMS (Pravachol)$ 0.2 BnLaunched2007 SumatriptanGSK (Imitrex)$ 1.0 BnSettled2008 ValacyclovirGSK (Valtrex)$ 1.3 BnSettled2009 TamsulosinBI*/Astellas (Flomax)$ 1.2 BnSettled2010 AtorvastatinPfizer (Lipitor)$ 8.0 BnWon ’9952010 *FTF for the 80 mg dosage strength respectively. Market sizes at innovator prices (Source :IMS). BI – Boehringer Ingelheim. Anticipated FTF launches depending on regulatory approval & litigation outcome, where applicable At-least 1 FTF launch planned each year upto 2012 / 2013

19. Specialty Segment Presence In-House Penems Limuses Oral High Potency Non-cytotoxics  Leveraging front end presence & regulatory expertise  Technology & Resource intensive – high entry barriers Alliances Bio-generics Peptides Oncology & Specialty Injectables

20. Enhanced Focus on NCE Research  In-principle approval from the Board for de-merger of Drug Discovery Research (DDR)  To create an independent pathway for DDR with dedicated resources and enhanced focus for long term value building  Provides platform for new growth opportunities through increased collaborations and partnerships  Specific framework & other details under finalization

21. NCE Pipeline RBx 11160 MoleculeStatus Phase II trials (with Piperaquine) have been initiated in Q4 2007 Out-licensed to PPD Inc. 1Phase I trials completed Phase I trials completed Candidate Selection GSK Program - COPD / Asthma RBx 10017876- Inhalation PDE IV B, COPD/Asthma RBx 10020025- Tiotropium like, MRA inh, COPD/Asthma RBx 10019821- Diabetes, DPP IV RBx 10014255- Anti infective, Macrolide / Ketolide Therapeutic Area Malaria Dyslipidemia Urinary Incontinence RBx 10558 RBx 9841

22. Ranbaxy – GSK Alliance  Expansion of strategic alliance established in 2003  Take leads beyond candidate selection to POC* in man  Therapeutic area focus of AI & Metabolic, Respiratory & Oncology  > $ 100 Mn in milestone and double digit royalties on commercialization of a product  Co- marketing rights in India  First candidate identified for Respiratory Inflammation * Proof of Concept

23. Financials Particulars Sales EBIDTA * % sales Rep. PAT Adj. PAT ** 2007Gr.% 160720% 265 16.5% 28% 19168% 14728% Q4 2007Gr.% 45119% 76 17.0% 20% 4815% 4526% * Excludes impact of foreign exchange gains / losses on translation $ Mn ** Excludes impact of foreign exchange gains / losses on translation & extraordinary items 2008 e +18-20 % ~18% +20-25%

24. Summary  A vertically integrated global pharmaceutical Company  Presence across all key developed & emerging markets  Strong distribution network & brand building capabilities  India based Research & Development & Manufacturing  Robust generic product flow  New high growth specialty segments  Focus on NCE research

25. Thank You … Merrill Lynch 12 th India Investor Conference New Delhi, February 2008