1. Investor Presentation1 Creating Lasting Value Investor Presentation June 2009

2. Investor Presentation / 2 Disclaimer 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. Sun Pharmaceutical Industries Limited does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date thereof.

3. Investor Presentation / 3 Revenue Composition 2008-09 Annual sales : Rs 43,751 million, 5 year CAGR 33% India Branded Generics 5 year CAGR 28% US Generics 5 year CAGR 47% International (ex-US)‏ Generics 5 year CAGR 42% 2008-09 Consolidated Finished Dosage sales 89% 5 year CAGR 35% International sales 53% 5 year CAGR 43% API 5 year CAGR 20%

4. Investor Presentation / 4 Strategy and Approach  Create sustainable revenue streams  Focus : Chronic therapies  Differentiation : Technically complex products  Speed to market  Seek cost leadership  Vertical integration : Development through Manufacturing (API and Finished Dosage) to Marketing  Optimise operational costs  Balance profitability and investments for future  Acquisitions yielding high ROI  Development of complex generics

5. Investor Presentation / 5 Growing Steadily Prior to 01-02 Standalone; rest consolidated Revenue doubles and Net profit triples in 4 years; continuing the trend despite increasing size

6. Investor Presentation / 6 Sustained Profitability Superior business model Margins consistently higher than peers * Gross margin= (Net Sales – Material Cost) / Net Sales * 100 Other top 10 Indian Pharma companies include Ranbaxy, DRL, Cipla, Piramal Healthcare, Lupin, Wockhardt, Cadila, Aurobindo, Glenmark and Torrent Gross Margin gap Net Margin gap EBITDA Margin gap

7. Investor Presentation / 7 Successful At Acquisitions Acquired 14 high potential yet under-performing businesses*; successful turnarounds * Includes companies, plants or brands 8 early acquisitions

8. Investor Presentation8 Business Operations

9. Investor Presentation / 9 India Branded Generics : Strong Base  Market share 3.5%  Leadership in chronic segment; top 3 in over 50% of more than 450 brands  No “blockbuster” risk : Top 10 brands contribute 26% of sales

10. Investor Presentation / 10 Relentless Customer Focus  Therapy focused marketing by 2500 sales representatives covering 125,000 specialist doctors  Strong increase in prescription and sales market share 1998 Market Share indexed to 100 for all companies Ranks based on prescription share

11. Investor Presentation / 11 US Generics : The highest priority market  Integrated generic manufacturer with flexibility for manufacture onshore / offshore  Caraco, the 76% owned US generics subsidiary, markets own and Sun Pharma ANDAs

12. Investor Presentation / 12  As of Mar 09, ANDAs for 108 products await approval (including 7 tentative approvals)‏  83 products from Sun Pharma (with 3 tentative approval)‏  25 products from Caraco (with 4 tentative approval)‏ ANDA Pipeline : Significant ramp up

13. Investor Presentation / 13 Europe Generic Markets  Plan to enter key markets  Working on complex generic products, including injectables  Filings from Indian site  Acquired an API and Finished Dosage manufacturing company in Hungary with controlled substance capacity

14. Investor Presentation / 14 International Branded Generic Markets Less Regulated Markets  Product basket width and technology based products as growths  Replicating the speciality template  30 countries, 1600 products registered and 1000 awaiting registration  400 strong local sales force promotes brands to doctors  Focus countries / regions : CIS, China, South-east Asia, South Africa, Brazil, Mexico

15. Investor Presentation / 15 Speciality API High Margin Regulated Markets  Business largely with end users in regulated markets  Over 150 speciality APIs across 7 plants  Strong regulatory capability  129 DMF / CEP approved or awaiting approval

16. Investor Presentation / 16 Finished Dosage Manufacturing  10 manufacturing sites compliant with international regulatory standards  India : 5, US : 3  Over 750,000 sq. ft. area  Capacities available for a variety of finished dosage

17. Investor Presentation / 17 API Manufacturing  8 World class locations with all sites ISO 14001, ISO 9002 approved  India : 6, US : 1, Hungary : 1  Reactor capacity 1200 KL with over 650,000 sq ft area  Over 25 API processes scaled up annually  Panoli and Ahmednagar (both India)‏  International regulatory approvals: USFDA, European  Stand alone units for peptides, anticancers, steroids sex hormones  Hungary & Tennessee (US)  Controlled substances manufacture

18. Investor Presentation18 Research & Development

19. Investor Presentation / 19 Research and Development  Generic R&D spend around 8% of net sales  Strong research teams in generics, finished dosage development, biological support, chemistry  Balancing the risk  Immediate term : ANDA, DMF, Products for India  Medium term : Drug delivery systems  2 R&D centers with over 500 scientists

20. Investor Presentation20 Financial Highlights

21. Investor Presentation / 21 Financials Consolidated *Exchange Rate, 1 USD = Rs. 51 Market capitalisation Rs. 250 billion / USD 5 billion* Rs million

22. Investor Presentation / 22 Financial Ratios

23. Investor Presentation / 23 Guidance for FY10  Sales to grow by 13-15%, at constant exchange rates  R&D Spend at 7-8% of Net Sales  File ANDAs for 30 products  Capex at Rs. 1.7 billion

24. Investor Presentation24 Thank you For updates and specific queries, please visit www.sunpharma.com or feel free to contact In addition to Company data, data from IMS – ORG, CMARC, Stock Exchanges and industry publications has been used for this presentation. Uday Baldota Tel : +91 22 6645 5645, Ext 605 Tel Direct : +91 22 66455605 Mobile : +91 98670 10529 uday.baldota@sunpharma.com Mira Desai Tel : +91 22 6645 5645, Ext 606 Tel Direct : +91 22 66455606 Mobile : +91 98219 23797 miradesai@sunpharma.com