1. CORPORATE PRESENTATION July - 2003

2. 2 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”, “project”, “should”, “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. Disclaimer

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

4. 4 “To become a Billion Dollar Company by 2004” Our Vision

5. 5 Amongst the Top 100 Global Pharmaceutical Companies 9 th Largest Generic Company Worldwide* Manufactures and Markets Generics, Branded Generics and APIs Products available in over 70 countries with Ground presence in 25 countries and Manufacturing operations in 7 6 Core Markets - USA, India, UK, Germany, China and Brazil Over 8000 multicultural, workforce Continued…. * Amongst Publicly Traded Companies Source: MedAdNews – Nov’2002 Corporate Highlights

6. 6 Global Net Sales US $ 764, a growth of 38% 72 % Overseas Revenue 28 Global Brands NDDS : * 4 Platform Technologies * Cipro OD, once a day ciprofloxacin licensed to Bayer AG. Cipro XR 500mg was launched in US in Jan 2003 by Bayer AG. Approval from US FDA for 1gm awaited NDDR : RBx 2258, First NCE licensed to Schwarz Pharma AG, undergoing Phase II Clinical Trials in India 2 NDAs filed in 2002 (Metformin syrup, Ofloxacin OD tablets) Corporate Highlights NCE = New Chemical Entity, NDDS = Novel Drug Delivery Systems, NDDR = New Drug Discovery Research, NDA = New Drug Application

7. 7 Core Markets USA India UK Products Available in over 70 Countries, Ground Presence in 25 Countries, 6 Core Markets India Asia-Pacific & Latin America China Vietnam Malaysia Thailand Myanmar Singapore Brazil Mexico Peru Venezuela USA Europe, CIS & Africa UK Ireland Poland Russia Germany Ukraine South Africa Egypt Nigeria Kenya Ivory Coast Our International Presence Germany Brazil China Middle East Sri Lanka Saudi Arabia

8. 8 Value Time Global Generics Business Critical Mass in Focus Markets - USA Leveraging India Advantage Brand Building in Developed Markets Proprietary Technology Products Networking and Alliances Expanding Discovery Research International Clinical Development R x Marketing Horizon 1 Drive core growth Horizon 2 Build momentum of emerging growth engines Horizon 3 Secure future options Innovative Research Specialty Pharma International Generics Ranbaxy’s Strategic Architecture

9. 9 Research & Development : Focus NDDR NDDS ANDAs RANBAXY 3 Key Areas NDDS = Novel Drug Delivery Systems, NDDR = New Drug Discovery Research, ANDA = Abbreviated New Drug Application

10. 10 R&D... Key Priorities A New Paradigm for ANDAs Branded products through focussed NDDS applications Drive Discovery Output and Enhance Early Discovery Exploit Biotech Revolution for Innovative Pharmaceutical Research Leverage Alliance Network Increase Productivity and Shorten Development Timeline - New Processes, Automation and Efficient Organisational Structure Develop Leaders at all Levels 37 25 50-60 CAGR ~ 50% R&D Investments US $Million

11. 11 NCEsSPECIALITY PRODUCTS R&D... Product Strategy GENERICS ANDA filings Para IVs Blockbuster Para IIIs Complex Technology and Niche Products NDDS Products NDAs, 505 b(2) Pseudo Brands Technology and Dosage Forms Innovations Co-development and Collaborative Research Derma, Paediatric, and Urology franchise Long term play Build expertise in Clinical Development Research Alliances NCE = New Chemical Entity, NDDS = Novel Drug Delivery Systems, NDA = New Drug Application, ANDA = Abbreviated New Drug Application

12. 12 New Therapeutic Areas Metabolic Disorders, Anti-Inflammatory Drug Discovery Research Phase 1 Phase 2 Pre-Clinical Late Discovery RBx 9841 Urology- Overactive Bladder RBx 8700 Anti-Infective -Tuberculosis RBx 7796 Pulmonary Bronchial Asthma RBx 2258 Urology- BPH RBx 7644 Anti-Bacterial Gram + Infection IND Filed NCE – New Chemical Entity NCE Pipeline RBx 6198 Urology -BPH RBx 9001 Urology- BPH

13. 13 Value Added Drug Delivery Systems for * Taste Masking * Effervescent Tablets * Soft Gelatin Capsules * Topical Gels NDDS 4 Patented Platform Technologies Modified Matrix 8 products launched Products under development Gastroretentive Cipro-OD and Oflox-OD 2 products launched Multi-particulate Products under development Aerogel Products under development Novel Drug Delivery Systems Expansion into Transdermal and Inhalers

14. 14 Filings Approvals Filings Approvals Filings Approvals International Regulatory Status 1999 2000 and 2001 2002 Excludes outsourced ANDAs ChinaUSABrazil Western Europe

15. 15 R & D– I Gurgaon, India R & D - II Gurgaon, India Research & Development Center Over 800 R&D Personnel Dedicated Facilities for *Innovative Research *Generics Research Drug Discovery Research *Therapeutic areas : Urology, Anti-Infectives, Pulmonary Novel Drug Delivery Systems *Focus on Creating R x products *Expand Technology Platforms Conformance to International Regulatory Framework Multiple Collaborative Research Programs New Technologies / Areas *Biotechnology, Herbals Expansion Plan to add 200,000 sq feet area

16. 16 Consolidated Financial Results - 2002 ROCE PBT / Sales Return on Capital Employed EBITDA = Earnings before Interest, Tax, Depreciation & Amortisation ParticularsDec 2001 (USD Mn) Dec 2002 (USD Mn) Net Sales553764 EBITDA77163 % to sales13.8% 21.3% Operating Earnings before tax49153 % to sales8.8%20.1% Earnings before tax64172 % to sales11.6%22.4% Earnings after tax & minority interests56 133 % to sales10.1%17.4%

17. 17 Global Sales

18. 18 Business Segment Contribution H1 - 20032002

19. 19 2002 Dosage Forms contribution at 85% 495 579 789** Dosage Forms Focus on Pharmaceutical Sales **Gross Global Sales CAGR ~26 (Global Sales) CAGR ~37

20. 20 Manufacturing Locations in Seven Countries FDA-USA / MCA-UK / MCC-South Africa / TGA-Australia Approved Facilities Established track record with FDA-USA Successful Partnership with Vendors for Quality Compliance High degree of Backward Integration Cost Leadership Producer of world class Generics, Branded Generics, Active Pharmaceutical Ingredients and Complex Molecules Over 50 in-house APIs developed Manufacturing Strengths

21. 21 Manufacturing Presence China MalaysiaIreland Nigeria USA Vietnam India Active Pharmaceuticals Ingredients (APIs)Facility, MohaliDosage Forms Facility, Paonta Sahib] Active Pharmaceuticals Ingredients (APIs) Facility, ToansaDosage Forms Facility, Dewas

22. 22 India.. Strengths Ranked 3 in Indian Retail Market with Domestic Market Share of 4.63% Strong Brand Marketing Team with an extensive Distribution Network * 3 brands in top 25 Strong Presence in Anti-Infectives, Cardiovascular, Anti-inflammatory & Dermatology segments Growing Presence in Central Nervous System and Gastro Intestinal Tract, areas 20 New Products Launched in the H1-2003 period (Chronic Therapy share 33.3% and Non Anti-infective 59.5%) Largest Field Force comprising 1770 personnel Source: ORG MAT May 2003

23. 23 USA.. Leading International Expansion Ranked No. 28 by prescription share US sales for the H1-2003 were at US $213 Mn. USA contributes 45% of the global sales (H1-2003) It is the largest market for the Company Strong ANDA pipeline Para IVs ANDAs filed till date ~ 24 Potential first to file for 8-9 out of 24 Brand Market Initiative taken off with over 200 sales representatives. Increasing Sales & Distribution reach CAGR 92%

24. 24 Other Core Markets GERMANY *Sales of US $9 Mn.(2002) *Field Force of 43 for promotion to doctors *Focus on Inorganic acquisitions UNITED KINGDOM *Sales of US $31 Mn. (2002) *Ranked 6 th amongst Generics market share of 3.6% *80 product lines *Brand Basket of 6-7 products BRAZIL *Sales US $32 Mn., growth ~100%(2002) *Largest international player in generics *Ranked 5 th in generic segment and 53 rd in overall *19 new product launched in 2002 (17 generic, 2 branded) *~ 100 products Approved / Under Received by ANVISA CHINA *Secondary sales of ~ US $11.5 Mn. (2002) *Robust Pipeline for year 2003, including Cifran OD & Zanocin OD

25. 25 Building ‘Innovation’ Engine at R&D Sustain growth momentum in USA Attain critical mass in Europe and Latin America Specialty products focus for “Brand” marketing Fortifying home business – leverage India base Seeding the Japanese market Networking, licensing and acquisitions * Technology, new market entry vehicles, brands / proprietary products Global talent pool to fuel growth Way Forward

26. 26 “To become a Research based International Pharmaceutical Company” Our Mission

27. 27 Thank You