Ranbaxy Laboratories Limited

1. Ranbaxy Laboratories Limited To become a Research based International Pharmaceutical Company UBS Global Generic and Specialty Pharmaceuticals Conference New York May 8, 2007

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”, “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. Safe Harbor

3. Value of Drugs going off patent 2006 - 11 • Significant patent expiries • through 2011 Key Drivers of Growth $ Bn Source : IMS • Increasing genericisation France Spain Italy • Accelerating branded generics Russia South Africa India • Rationalizing Healthcare costs • - key priority for Governments

4. Key Issues • Increasing competition • Increasing focus on costs

5. Consolidation - Changing Landscape Source: UBS, Business World, 30th October 2006

6. The India Pharma Story – Davos 2006 Source – Financial Times

7. Number of Higher Education Institutions 05/06 18,123 +59% 00/01 11,412 90/01 5,932 80/01 4,861 Source: Indian University Grants Commission Number of Students enrolled in Higher Education Institutions 05/06 10,500 +40% 00/01 7,500 90/01 4,000 80/01 3,000 Source: Indian University Grants Commission Scientific Manpower Output Number of Institutions courses 05/06 99/00 Pharmacy 1478 669 +120% Medicine 229 174 +32% Physiotherapy 205 52 +294% Source: Pavan Agarwal (2006) based on data from professional councils PhD Degree awarded in Science 03/04 5408 +44% 00/01 3734 90/01 2950 (USA 03/04 25,000) Source: Indian University Grants Committee

8. The Education Advantage Engineers/Science graduates p.a. – India 0.7 mn, China 0.5 mn, EU 0.5 mn, USA 0.4 mn, Japan 0.3 mn

9. % Share of USA DMF filings IndiaChina 2004 27% 9% 2005 37% 10% 2006 44% 14% Q4’06 47% 9% Source: US FDA / J P Morgan Research India in Global Generics Highest No of DMF filings FDA Approved Plants in India

10. India in Global Generics ANDA Filings in USA by Indian Companies 144 64 46 24 • One in every four ANDAs filed by Indian Companies in top US FDA filers (Source: KPMG) • No Chinese generic company has yet filed a US FDA ANDA but expected in 2008

11. Worldwide Presence • Amongst Top 10 Global Gx companies • Ground presence in 49 countries, • products sold in > 125 • International business ~ 80% of sales • Manufacturing locations in 11 countries • > 11,000 employees, 51 nationalities • Strong Generics & Innovative research • capabilities Ranbaxy Today Global Sales $ 1339 CAGR 19 % $ 972 $ 553

12. $ Mn Highlights - 2006 Financials • Strong growth in USA • Leadership position in home market • Robust performance in Branded Gx • markets • Exclusivity in Simvastatin 80 mg tablets • Inorganic impetus Markets * % sales, ^ excludes sales from discontinued operations .i.e . Allied Businesses divested in 2005

13. Sales growth +17% SGA growth - Nil • Optimizing SG&A cost structures Increasing Focus on Costs • Improving R&D cost efficiencies % Bio-Studies (BA/BE^) conducted • Increasing sourcing from low cost • countries .i.e. India & China Advanced Markets Low Cost Countries 20% 35% 65% 80% 2008* 2005 * Estimate, ^ Bio-Analytical / Bio - Equivalence

14. Geographic Sales Split - 2006 6% 25% 27% 33% Sales 2006 – Dosage Forms US$ 1224 Mn Key New Markets – Canada, Spain, Italy, Australia & Japan * Including CIS, RoW – Rest of the World

15. Geographic Sales Split – Q1 2007 7% 31% 27% 29% Sales Q1 2007 – Dosage Forms US$ 332 Mn * Including CIS, RoW – Rest of the World

16. Sales • Strong growth in USA, +15% • Simvastatin 80 mg 180 day exclusivity • - Market Share (MS) of 56% • Increasing No of Prescriptions • - Q1 2005 - 10.8 Mn • - Q1 2006 - 12.5 Mn • - Q1 2007 - 14.1 Mn • Cumulative chain store listings at 1057 • (44 added in Q1 ’07) • Branded business growth at 20% $ 380 USA $ 332 +15% Source (Market Share) : IMS

17. USA Product Pipeline Cumulative ANDA Filings • 199 cumulative filings • 111 approvals • 88 pending approval • ~ 20 FTF ANDAs • Innovator Market Size • - 88 ANDAs – US$ 56 Bn • - 20 FTF – US$ 26 Bn • 2006 - 27 filings • - 10 approvals Source (Market Size) : IMS

18. USA • Products pending approval Second largest pipeline # of ANDAs Source: Merrill Lynch Equity Research, February 2007

19. USA Potential FTF Challenges Second largest FTF pipeline # of FTFs Source: Merrill Lynch Equity Research, February 2007

20. Presence in 23 of the 27 EU countries • Regulatory changes & price impacted • Western European markets • Strong product flow in ’07 with • multiple Day 1’s • Major countries • - Germany : AOK business • - France : Supplies from India • - UK : Gabapentin launch • RoE to maintain growth momentum Sales European Union $ 267 Romania $ 214 $ Mn

21. Fastest growing Company in India on MAT basis • (Source :ORG-IMS Mat Mar 2007) • 65 new products introduced in 2006 • No 1 NDDS Company with 8% MS. Contribution to total sales ~ 9% • Dedicated task forces for Specialized & Chronic therapies • Chronic share contribution at 21% (2005 : 20%) • 21 brands in Top 300 of Industry ( 2005 :19) India Ranbaxy GSK Cipla 5.1% 5.0% 4.9% Source : ORG – IMS Audit Nov 2006, Moving Quarter Basis Source : IMS - ORG

22. Research & Development New R&D facility for Drug Discovery Research (DDR) R&D III R&D IV R&D II R&D I

23. Dedicated Facilities for Innovative & Generics Research • > 1400 R&D Personnel ( ~ 250 PhD’s) • 8 - 10 NCE molecules in pipeline • NDDS based products ( 4 platform technologies) • R&D collaborations Research & Development Alliance / Collaboration in DDR Out-licensing in NDDS Out-licensing in DDR

24. Expansion of strategic alliance established in 2003 • Take leads beyond candidate selection to POC* in man • Therapeutic area focus of AI, Metabolic, Anti-inflammatory • and Oncology • > US$ 100 mn in milestone payments and double digit • royalties on commercialization of a product • Co- marketing rights in India • First candidate identified for Respiratory Inflammation Ranbaxy – GSK Collaboration Proof of Concept

25. Molecule Status Remarks Ranbaxy – NCE Pipeline RBx 11160 (Malaria) Under Phase II B trials (with Piperaquine) Agreement for part funding by DST* RBx 10558 (Dyslipidemia) IND approval received from DCGI* (India) in May ‘06 Out-licensed to PPD Inc. RBx 9841 (Urinary Incontinence) Phase I trials Out-licensing opportunity being explored Candidate Selection GSK Program - COPD / Asthma 5 molecules under lead optimization including 1 with GSK RBx 10017876 - Inhalation PDE IV B, COPD/ Asthma RBx 10020025 - Tiotropium like , MRA inh., COPD / Asthma RBx 10014255 - Anti infective, Macrolide / Ketolide RBx 10019821 - Diabetes, DPP IV * Department of Science & Technology, Drug Controller General of India

26. Department of Science & Technology (DST) part funding • on 3 molecules • Scientific Advisory Board comprising 6 globally • renowned scientists • GSK – 1 milestone triggered • Therapeutic Focus - • - Anti-infectives (Malaria) • - Anti-inflammatory (COPD/ Asthma) • - Metabolic diseases (Diabetes) • - Oncology • Unprecedented : Precedented targets ratio – 40:60 Ranbaxy – NCE Progress

27. 27 ANDA filings in USA • 33 Filings in the European Union Generic Research & Development 2006 Product Filings & Approvals Dosage Forms API Excludes India for API approvals, EU filings and approvals include Mutual Recognition Procedure (MRP) and De-centralized Procedure (DCP) filings and approvals.

28. Recent Acquisitions & Alliances • Zenotech (India) • Krebs (India) • Jupiter Biosciences*(Ind.) • Cardinal Drugs (India) • Auto-injector Tech.(USA) • Terapia (Romania) • Be-Tabs (South Africa) • Allen (Italy) • Ethimed (Belgium) • Mundogen (Spain) * Subject to due diligence

29. Increasing focus on chronic / lifestyle diseases segment • High entry barriers - technology & resource intensive Niche Alliances Krebs Zenotech Jupiter* Fermentation based products Bio-similars & Oncologics Peptides * Subject to due diligence

30. Penems • Market size worldwide of ~ US$ 1.5 bn • Imipenem + Cilastatin launched in India, China, Africa, • APAC • Key US / EU launches beginning 2009 Enhancing In-house Technologies Limuses • Global market size in excess of US$ 1.5 bn • Ex - US / EU launches beginning 2008 • Well placed for US / EU launches • Worldwide market in excess of US$ 5 bn • Patents expiring from 2008 onwards • Day 1 launches planned for US / EU Oral High Potency Non-cytotoxics

31. Figures in US$ Mn Financials * 2005 sales excludes sales from discontinued operations .i.e Allied Businesses. OPBT – Operating profit before tax

32. A strong 2006 performance on all parameters • Buoyant performance across key geographies • Continuing focus on cost optimization • Robust product flow • Growth through organic & inorganic • Discovery pipeline progressing well • Global Generic rank – 9th / 10th In Summary

33. Thank You … Ranbaxy at the UBS Global Generic and Specialty Pharmaceuticals Conference New York May 8, 2007