Ranbaxy Laboratories Limited

Merrill Lynch 12th India Investor Conference

New Delhi , February 2008

Safe HarborExcept 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.

Mission Statement

“ To become a Research based

International Pharmaceutical Company ”

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

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

Global Presence

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

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

Global Sales (2005 - 2008e)

$ MnCAGR* ~ 19%

~ 1900 e

e - estimate

1178

1339

1607

400

800

1200

1600

2000

2005 2006 2007 2008

* 3 year CAGR on like-to-like basis .i.e. excluding allied businesses divested in 2005

Sales by Geography (DF) – 2007

Global Sales ($ Mn)

Dosage Form (DF) 1506 +23%

API 101 - 12%

Total 1607 + 20%

Asia$448,+23%

North America$415,+6%

CIS$90,+22%

Europe$363,+41%

RoW $190, +39%

(EU)

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%

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

Year 2007

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 BnPara

IVFTF

Yr 2007 – 28 filings & 18 approvals

European Union

Presence in 23 of the 27 EU countries

Strong product flow in ’07 with multiple Day 1’s

0

100

200

300

400

2007 2006

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

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’

Key Value Drivers

Emerging Market /

Developed Market Mix

180 Day Exclusivity

Products in USA

Specialty Therapeutic

Segment Presence

Enhanced Focus on NCE Research

Market Mix

Growth well spread across geographies

Stability & sustainability of profits

20072005

Others6%

Emerging54%

Developed40%

Others13%

Emerging44%

Developed43%

180 Day Exclusivity Products (USA)

Molecule Innovator Market Size

Status Year

Simvastatin* Merck (Zocor) $ 0.5 Bn Launched 2006

Pravastatin* BMS (Pravachol) $ 0.2 Bn Launched 2007

Sumatriptan GSK (Imitrex) $ 1.0 Bn Settled 2008

Valacyclovir GSK (Valtrex) $ 1.3 Bn Settled 2009

Tamsulosin BI*/Astellas (Flomax) $ 1.2 Bn Settled 2010

Atorvastatin Pfizer (Lipitor) $ 8.0 Bn Won ’995 2010

*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

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

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

NCE Pipeline

RBx 11160

Molecule Status

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

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

Financials

Particulars

Sales

EBIDTA*

% sales

Rep. PAT

Adj. PAT**

2007 Gr.%

1607 20%

26516.5%

28%

191 68%

147 28%

Q4 2007 Gr.%

451 19%

7617.0%

20%

48 15%

45 26%

* 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%

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

Thank You …

Merrill Lynch 12th India Investor Conference

New Delhi , February 2008