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Lupin LimitedCorporate Presentation

January 2007

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Safe Harbour StatementSafe Harbour 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.

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ContentsContents

– Global Pharmaceutical Industry Overview

– Indian Pharmaceutical Industry

– Lupin -Business Update

– 2006-07 and Beyond

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Introduction . . .Introduction . . .

Section 1Section 1

5

VisionVision

• To be an Innovation led Transnational Pharmaceutical Company

ValuesValues

• Superior Performance

• Entrepreneurship

• Customer Orientation

• Working Together

• Respect for People

• Integrity

Pharmaceutical Industry OverviewPharmaceutical Industry Overview

Section 2Section 2

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Global Pharmaceutical Industry OverviewGlobal Pharmaceutical Industry Overview

Global Pharmaceutical market at US$600 billion market in 2005 Market expected to grow at a rate of 6-7%

Ten major markets account for almost 81% of the market in terms of revenue

North America is the single largest market accounting for approx. 50% of global sales and is expected to grow at a CAGR of 5-8%

Japan, the second largest market, at US$60bn is growing at 6%

EU experiencing growth at 7% at US$ 170bn

Growing importance of generics in regulated markets Pressure from healthcare providers and insurance companies to reduce

healthcare costs driving usage of generic drugs

Increasing patent expirations driving generic drug availability

Stringent testing requirements and declining R&D productivity has led to limited new drug pipeline

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Indian Pharma – Emerging ScenarioIndian Pharma – Emerging Scenario

DOMESTIC FORMULATIONS

• IPR Regime Pricing pressure on ‘older’ molecules Brands/ differentiated products Likely to witness higher growth In Licensing

GENERICS BUSINESS

• Increasing competitive landscape Pricing pressure Aggressive build up of products Acquisitions US$ 60 bn opportunity

CONTRACT MANUFACTURING

• JV/ Alliances

• Competition from China

INDIGENOUS R&D

• ANDA/NDDS/NCE

• Out Licensing

• High Investment/ Long gestation

Indian Pharma

Domestic Market: US$ 5bn Exports: US$ 2.5bn Total: US$ 7.5bn

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ApproachApproach

Section 3Section 3

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Lupin Strives ForLupin Strives For

Sustainable Earnings

Accelerated Growth

Fulfilling Stakeholder Aspirations

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Creating an EdgeCreating an Edge

Technology• New Delivery Systems

• Complex Products

• Bottom Quartile of costs for generic products

• Integration

• NCE

Markets• Expansion & Efficiency in Sales Force

• ‘Direct to Market’ approach in US

• Build on Paediatric

• On-shore presence in 5 select countries

Alliances• Partnerships in Advanced as well as Emerging markets

• TB Institutional

• Alliances with Global majors for certain markets

• New therapies (In-Licensing)

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Advanced MarketsAdvanced Markets

Section 4Section 4

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Advanced Markets: Lupin ApproachAdvanced Markets: Lupin Approach

LUPINLUPIN

Generics Para III

SpecialtyPara IV

ComplexGenerics Branded

Generics

Lisinopril…

Ramipril…

Ceftriaxone... N

CE/ N

DD

SSuprax…USUS

Branded Generics

Generics

EU/ J

apan

/ Aus

tralia

/ RSA

EU/ J

apan

/ Aus

tralia

/ RSA

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USUS

Branded Suprax continues its prescription growth: over 5000Rx per week Sales force internalised Copromotion of Atopiclair with Chester Valley New Products in 2006-07

Generics 7 products launched in the US in FY06; 3 launched till date in FY07 Timely launch of Ceftriaxone and Cefprozil immediately on expiry Launched Lisinopril in Dec05: Consolidating Market share Commenced Direct Marketing (DTM) in Dec05 Total ANDAs filed: 45

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Generics USGenerics US

Target Therapies

Mkt size Lupin

$ billion No. of products

Launched till now

Cephalosporins 2 10 7

CVS 25 15 2

CNS 15 11 -

Anti-ulcer 13 4 -

Macrolides 2 2 -

Others 3 3 1

Total 60 45 10

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Other MarketsOther Markets

Europe

• Ramping up MAA/ Dossier filings

• Alliances in progress• Revenues commenced

• Expressions of interest at advanced stages

Japan, Australia & LA

• Expressions of interest moving forward

• MDR-TB sales commenced in LA

South Africa

• Aspen (Anti-TB FDC) for Africa

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Robust pipelineRobust pipeline

Country Total submissions

US 45

EU 29

Australia/ NZ 14

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Emerging MarketsEmerging Markets

Section 5Section 5

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Emerging Markets: India Region - Lupin ApproachEmerging Markets: India Region - Lupin Approach

Rural

LE

P

SpecialtyPost 2005

In-licensing

Ceff-E

R, Odo

xil O

D, …

Lup

inov

aNDDS

LUPINLUPIN

Institutional

Enoxaparin Sodium, EGF,…

Branded Generics

Urban

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India RegionIndia Region

• 27% in 9mon FY07(16% Industry IMS Nov 06 MAT);Growth 23% vs 7-8% industry average (FY 06)Contributed by CVS(41%), and GI (38%);

• Anti-Asthma range launched in Aug 04, already number 2 in its segment and growing (91%)

• Signoflam (Endeavour), the best product launch (IMS Data) of the year 2005 in the industry

• Lupinova driving foray into rural and less penetrated regions • Top 10 brands

Rs. Mn. YTD Dec 06*introduced in last 3 years

Tonact 304 R-Cinex 282

AKT 251 Odoxil 193

Rablet 185 L-Cin* 158

AkuriT 150 Ceff 164

Ramistar 149 Cefaxone 124

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India RegionIndia Region

• Divisions• Anti-TB, Anti-Infectives, Critical Care Speciality, CVS, Diabetology,

CNS, Rural Marketing

• Distribution Network• Nationwide spread with over 25 CFAs • Three centrally located warehouses• Covering over 2500 Stockists nationwide

• Doctor Universe coverage• Over 130,000

• Field Force Strength• Current strength of about 1800• Expanding to cater to newer therapy areas

• Inlicensing introductions in FY07• Enoxaparin Sodium

• IMS Nov 06, Gross sales for the month over Re. 1 crore

• Epidermal Growth Factor

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Emerging Markets : Others - Lupin ApproachEmerging Markets : Others - Lupin Approach

Generics

Specialty

Alliances/ Licensing

NDDS

LUPINLUPIN

Institutional

GTB

LATAM

Branded Generics

Alliances

CIS/ SE

A/ M

E/ A

frica

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Other MarketsOther Markets

CIS

• Posted a healthy growth – CAGR of 44% over last 4 years

• Expanding Field Force – • Russia, Ukraine, Azerbaijan, Kazakhstan, Uzbekistan

• Increased market penetration

• Around 20 Products Registered in each; around 10 under Registration

SE Asia

• Alliance with GSK

Middle East

• Will be shared as Alliances progress

Africa

• Alliance with Ranbaxy

GTB

• Posted a healthy growth – 122%

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API & IntermediatesAPI & Intermediates

Section 6Section 6

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API & IntermediatesAPI & Intermediates

• Sales : 11% growth; 13% in H1 FY07

• Focus on Cost & Quality Leadership and Reliability

• Long Term Supply Contracts

• Global Leadership in areas of therapeutic presence

• Future expansion only at SEZs

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Global Position in API & IntermediatesGlobal Position in API & Intermediates

1Cephalosporin -

Intermediate7ADCA

1CardiovascularLisinopril

2Cephalosporin -

Intermediate7ACCA

1Anti-TBPyrazinamide

1Anti-TBRifampicin

1Anti-TBEthambutol

Global Rank

Therapeutic SegmentProduct

Two new products in 2006-07

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Research & DevelopmentResearch & Development

Section 7Section 7

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R&DR&D

• Over 400 scientists– Actively engaged in: Process Improvement/ Formulation

Development/NCE/ NDDS

• Expenditure (FY0506) : Rs.1030mn – 6.2% of Sales– Continue investing incrementally

• Filings rate to continue

• Going Forward– NDDS

– Paediatrics range

– Patented Technology platforms

– Products for paediatric pipeline

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R&DR&D

• NCEs – Anti Migraine - In Phase III

– Anti Psoriasis (Chemical) - In Phase II

– Anti Psoriasis (Herbal) - In Phase II

– Anti TB - In Phase I

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PatentsPatents

Patents Issued, Allowed & Pending406

Issued, Allowed 71

Pending335

US14

EU

RoW47

EU10

US31

EU44

RoW260

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Business UpdateBusiness Update

Section 8Section 8

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2005-062005-06

6618

8896

5505

7714

12123

16610

02000400060008000

1000012000140001600018000

Domestic Exports Total

2004-05 2005-06

34% 40%

37%

(Rs

Mn)

Sales Growth

Fml Ind37%

Fml Reg13%

API SR10%

API Reg18%

API Ind17%

Fml SR5%

Revenue Composition

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2005-062005-06

• Revenue Growth : 37%

• EBITDA margin : 18%

• PBT : 14%

• PAT : 11%

• ROCE : 22%

844

18271458

3009

0

500

1000

1500

2000

2500

3000

3500

Net Profit EBITDA

2004-05 2005-06

106%(R

s M

n)

Profit Growth

116%

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2004-05

Exports45%

Domestic55%

Geographical CoverageGeographical Coverage

Exports46%

Domestic54%

2005-06

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Anti Diabetics3%

Anti Asthma3%

Cephs23%

NSAIDS3%

CVS13%

Anti TB33%

Others22%

Therapeutic CoverageTherapeutic Coverage

2004-05

2005-06

Anti Diabetics6%

Anti Asthma4%

Cephs19%

NSAIDS4%

CVS16%

Anti TB26%

Others25%

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2004-05

FD45%

API55%

API vs FDAPI vs FD

FD55%

API45%

2005-06

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2006-07 – 2006-07 – 9 month9 month period ended Dec 06period ended Dec 06

12267

14985

020004000

60008000

10000120001400016000

Sales

9mon FY06 9mon FY07

1325

1650

0

500

1000

1500

2000

Net Profit

9mon FY06 9mon FY07

(Rs

Mn)

(Rs

Mn)

22%

25%

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Facilities Facilities

Section 9Section 9

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Lupin’s FacilitiesLupin’s Facilities

Manufacturing

Research Center

Goa

Pune

Tarapur

Ankleshwar

Mandideep

Aurangabad

JammuLOCATION PRODUCTS APPROVALS

Mandideep,

Madhya Pradesh

Cephalosporins

Prils

USFDA, UK MHRA, TGA

USFDA

Tarapur,

Maharashtra

Rifampicin

Lovastatin

USFDA, UK MHRA

-

Ankleshwar,

Gujarat

Ethambutol

Intermediates

USFDA

USFDA

Aurangabad,

Maharashtra

Rifampicin

Pyrazinamide

Ethambutol

Lisinopril

WHO, MCC (South Africa)

WHO, MCC (South Africa)

WHO, MCC (South Africa)

WHO, MCC (South Africa)

Verna,

Goa

Non-cephalosporin Oral Formulations

USFDA, UK MHRA

Jammu,

J&K

Formulations -

Pune, Maharashtra

R&D

Mumbai,

Maharashtra

Head OfficeHead Office

Mumbai

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ManagementManagement

Section 10Section 10

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Expert Management TeamExpert Management Team

NAME POSITION BRIEF PROFILE

Desh Bandhu Gupta, Ph.D

Chairman • Founded the company in 1968• Started his career teaching chemistry at Birla Institute of Science and Technology, Pilani, Rajashthan

Kamal K Sharma, Ph.D

Managing Director

• Experience of more than three decades at a range of senior management positions managing projects, corporate development and general management in the pharmaceuticals and chemicals industries

Satish KhannaGroup President, API

• Strengthened Lupin's API business and secured the company's position among top manufacturers, globally• Rich experience of more than 25 years in leading companies including Mitsu Industries, Tata Chemicals and Union

Carbide

Vinita Gupta President, Lupin Pharmaceuticals Inc, US

• Leads Lupin's foray in the advanced markets of the US and Europe and in cementing alliances with global majors

Himadri Sen, Ph.D

President, Pharma research

• Spearheads Lupin's drive for NDDS, ANDA and patent fillings• Has worked with leading Indian and global pharma companies in the areas of pharma research, technology

development and transfer and manufacturing support

Shakti Chakraborty

President, India Region Formulations

• Has driven Lupin's entry in the lifestyle segments• Experience of more than three decades with leading pharmaceutical companies like Wockhardt, Aristo Pharma

Vinod DhawanPresident--Business Development

• Heads the AAMLA region, responsible for the development of Lupin’s business strategy for these markets. • Has worked with Ranbaxy in their international business

Indrajit Banerjee President, Finance & Planning

• Responsible for the finance, IT and planning functions and aligning it with overall business strategy of the company

Rajan Dutta President, Human Resources

• Responsible for developing HR management strategy and align it with overall business strategy of the company• Brings along with him rich business experience of about 2 decades in organizations like Xerox, Idea, Bharti Airtel,

etc

Harish NarulaPresident Corporate Affairs

• Heads the company’s business initiatives in the CIS region • Supports the businesses through various Embassies and trade Associations

Nilesh Gupta President, Advanced Markets

• Responsible for Product Pipeline management, Intellectual Property Strategy, R&D integration, Supply Chain and New Projects for Advanced Markets

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Year 2006-07 and Beyond . . .Year 2006-07 and Beyond . . .

Section 11Section 11

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Going ForwardGoing Forward

New Markets/ Initiatives

• Enter Advanced Markets EU Japan Australia South Africa

• Establish On-shore presence in 5 select markets

• Acquisition: Brands in US Businesses in select countries of EU Domestic

Explore New Therapies/ Business Segments

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Thank youThank you