1. Lupin Limited Presentation October 2003

2. Disclaimer The information presented in this presentation contains forward looking statements that involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. Many of these risks, uncertainties and other factors and include failure of clinical trials, delays in development, registration and product approvals, changes in the competitive environment, increased government control over pricing, fluctuations in the capital and foreign exchange markets and the ability to maintain patent and other intellectual property protection. The information presented in the following materials represents management's expectations and intentions as of October 2003. Lupin expressly disavows any obligation to update the information presented in this presentation

3. Section I Corporate Overview

4. Background and Origin  Founded in 1968 by the Chairman, Dr. Desh Bandhu Gupta  Now spread over 6 locations in India and a joint venture in Thailand  Represented through Sales offices in UK, USA, Hong Kong, Japan and CIS Refer Disclaimer

5. Lupin Limited Today  Integrated player with significant presence in both API and Formulations  Turnover : Rs. 11,200 mn (FY 2002-03)  Amongst the Top 10 Pharmaceutical Company in India  Increasing global presence  9 out of 10 plants US FDA approved  110 Patents filed to date, 50 granted  3,300 employees  Shareholding Pattern: –Promoter Group - 67% –FIs / FIIs/ MFs - 5% –Public- 28% Refer Disclaimer

6. Section II Business Profile

7. Product & Geographical Mix  Exports continue to be the key growth driver  Advanced markets contribution to top line increasing  API Sales from Developing markets contribute significantly to the top line  Domestic formulation sales growing and continues to be a key focus market for the company 9,0289,56911,200 Rs./Mn -  Refer Disclaimer

8. Therapeutic & Market Mix (FY 2002-03) Key focus market and the growth driver  Increase presence in Cardiovasculars  Further strengthening in Cephalosporins  Maintain leadership in Anti TB  Building chronic lifestyle segment Refer Disclaimer

9. API – Regulated Markets  Growing generic acceptance  increased opportunities  Preferred supplier status  Strengthening tie-ups – long term supply arrangements  Manufacturing capacity to meet the alliance partners requirements  Comprehensive process for managing intellectual property  leading to virtual exclusivity (Cefotaxime)  Inherent strengths in process chemistry leading to development of products  creation of strong entry barrier Refer Disclaimer

10. API – Unregulated Markets  Cost, quality and capacity  the differentiating factors  Customer focus – price, reach and delivery  the building blocks  Amongst the top 3 in our area of focus  Strategic alliances  long term supply arrangements  Increasing exports thrust  Leadership in anti TB continues  Consolidation in Cephalosporins Refer Disclaimer

11. Generic Formulations  US generic market at $11 bn, expected to grow to $20 bn by 2010  EU generic market expected to grow rapidly in the next few years:  UK - is already a well developed substitution market  Germany - is the largest Generic market in the EU, branded Generic at present, however converting to a substitution market  France – Growing aggressively post substitution bill being passed  5 ANDAs filed, 3 approved including Ceftriaxone – first Indian company to receive approval for an injectable outside US/EU  Gearing up to file 6-8 ANDAs per year  First generic launch in the US with Cefuroxime Axetil  Suprax TM (Cefixime) licensed from Fujisawa. Product launch post receipt of product approval from US FDA Refer Disclaimer

12. Formulations – Domestic Market  Strong forte in Anti-TB maintained  Force to reckon with in Cephalosporins  Building chronic life style segments – cardio, anti-diabetes  900 strong sales force, 28 sales points, 1900 distributors  Ranked 13 th in the domestic formulations industry  8 brands in the Top 300  Broad therapeutic portfolio and wider product basket  Key player in Indian Generic Generic market  Rablet, an anti peptic ulcerant rated as the 2 nd best launch in the industry in year 2002-03 and continues to perform well Refer Disclaimer

13. Formulations – Unregulated Markets  Presence in South East Asia & Africa  Increasing focus in the CIS markets  Facility upgraded to WHO standards for Global TB business  Developing partnerships for marketing in SEA & Africa  Stepping up product registration in the markets of interest Refer Disclaimer

14. Research & Development  State of the art research park at Pune  Team of 140 scientists conduct leading edge research in the field of:  New Chemical Entity (NCE)  Novel Drug Delivery System (NDDS)  Process Chemistry  Collaborations with leading research institutes - CSIR, IISc. Bangalore, IICT Hyderabad etc.  Ceff-ER, the world’s first once-a-day Cephalexin tablet developed and launched in the domestic market  110 patents filed till date, 50 granted  12 DMFs and 5 ANDAs filed with the US FDA Refer Disclaimer

15. Section III Financials

16. Lupin over the years Rs’ mn SalesPBT2000-019,028650 2001-029,569964 2002-0311,200971 CAGR 11%CAGR 22% Refer Disclaimer

17. Key financial parameters Particulars2000-012001-022002-03 P&L Ratios Sales growth -6%17% EBITDA Margin 15.9%19.0%16.4% Balance Sheet Debt Equity (incl. Deferred Tax) 1.77:11.51:11.24:1 Debtors (Days) 119123109 Current Ratio 4.193.983.30 Others EPS(Rs.)14.5717.6718.08 Fixed Asset Turnover 2.072.072.26 ROCE (%) 12.8%15.1%15.0% RONW (%) 17.2%21.7%19.1% Refer Disclaimer

18. Section IV Lupin Ahead

19. Entry of Financial investors   Pursuant to an internal realignment, promoters have signed an MOU on July 2, 2003 for placing 12.55% of their holdings in Lupin Limited to CVC international, part of Citigroup Global Investments   In parallel, the promoters have also entered into an MoU to place 12.55% of their holdings in Lupin Limited to Newbridge Capital, a leading private equity firm   Induction of these financial investors is expected to assist the company in its growth plans Refer Disclaimer

20. 1. 1.Provision against certain overdue receivables on conservative basis. 2. 2.Company gave security deposit against leased property and recovery needs to be expedited against certain leased property. 3. 3.Company has placed deposits for leasing of certain plant facilities and the cumulative return till FY 2002-03 has not been commensurate to the interest on the deposit and the company should look at the reduction of the quantum of deposit. 4. 4.Estimated shortfall in certain gratuity provision applying conservative actuarial norms, which the company should consider providing for. 5. 5.The average interest rate for the company as a whole has reduced from 13.1% (FY 2000-01) to 9.4% (FY 2002-03). 6. 6.Company has advanced to certain parties towards freehold land for the R&D center and out of this, certain amount of advance is under dispute and should be provided for. Summary of Legal & Financial Review The company undertook review of its internal processes and controls with the assistance of reputed accounting & legal consultants and some highlights of the report, including its recommendations are: Refer Disclaimer

21. 7. 7.Company’s subsidiary Lupin Chemical Thailand Limited (LCTL) has accumulated losses exceeding its networth by Rs.35 Mn. Accumulated losses of Rs.225 Mn in 1996-97 (due to devaluation of Thai Baht) has been recouped fully through operating profits. 8. 8.The company has accrued Octroi refund on accrual basis, which on a conservative basis should be reckoned on cash basis. 9. 9.Contract manufacturing agreement for manufacturing certain intermediates with an external company is under dispute and the matter is being currently under arbitration proceedings. However, the company is confidant of a favourable outcome. 10. 10.Certain claims have been filed against the company (Rs.22 Mn) for violation of DPCO, 1995 which is being contested by the company. Summary of Legal & Financial Review The company undertook review of its internal processes and controls with the assistance of reputed accounting & legal consultants and some highlights of the report, including its recommendations are: Refer Disclaimer

22. Ongoing initiatives  Continuing our focus on reduction of debt, the company intends to further reduce the debt to the tune of Rs. 750 mn in FY 2003-04 (FY 2002-03 – Rs.480 Mn)  In the current year, the company is planning to settle certain overdue receivables and given the growth plans, the company is focusing its efforts to optimize its investment in working capital  The company is in the process of setting up a US FDA approvable non-Cephalosporins oral finished dosage plant at Goa to address the advanced market requirements  Consequent to the commissioning of the Goa plant, the profit generated from this plant will be eligible for income tax exemption Refer Disclaimer

23. Target for FY 2003-04 Key factors: foreign exchange rate fluctuation expansion of prils, statins and cephalosporins facilities in H2 FY 2003-04 product approval and consequent launch in the advanced market in H2 FY 2003-04 Refer Disclaimer The company expects a sales growth of 30-35% in FY 2003-04 over previous year. The growth is fuelled through its sales of generics products in advanced markets as well as strong recovery in domestic dosage market. Supported by the growth in volumes, the company expects operating net income growth of 85-90% over previous year.

24. Setting the Goals  Turnover expected to rise by 20-25% per annum YoY till FY 2005-06 based upon business expectations.  Advanced markets is expected to fuel the growth by contributing around 20- 25% to the top line in FY 2005-06 (10% in FY 2002-03)  Moving up the value chain  Formulations is estimated to contribute 45- 50% of the turnover in FY 2005-06 (39% in FY 2002-03)  In the current year FY 2003-04, the company has set a target of improving the Operating Profit (EBIDTA) to the level of 20-22%, which is expected to sustain during the next two years  Company is also focused on reducing its existing levels of COS. It is expected to achieve this through implementation of ERP and process improvement plans.  Company will continue to focus on R&D and leverage the same for business  Company is targeting to convert 50% of his aggregate borrowings into dollar denominated borrowings on the strength of its growing exports Refer Disclaimer

25. Lupin of the future  Infrastructure in place to meet the future challenges  Professionalization of Mgmt by inducting top notch senior professionals  Continue strong QA program  Leveraging R&D strengths for business  Leverage IT initiatives for business  Maximize value for all stakeholders  High degree of focus on Corporate Governance Refer Disclaimer