Our Vision

To emerge as a leading, research-based, global, integrated pharmaceutical company Our Values

*Safe Harbour StatementThis presentation has been prepared by Glenmark.

The information, statements and analysis made in this presentation describing companys objectives, projections and estimates are forward looking statements and progressive within the meaning of applicable security Laws and Regulations.

The analysis contained herein is based on numerous assumptions. Actual result may vary from those expressed or implied depending upon economic conditions, government policies and other incidental factors.

No representation or warranty, either expressed or implied, is provided in relation to this presentation. This presentation should not be regarded by recipients as a substitute for the exercise of their own judgment.

Glenmark Glenmark Pharmaceuticals Limited (GPL) Specialty BusinessGlenmark Generics Limited (GGL- wholly owned sub. of GPL) Generics BusinessGlenmark Consolidated Financials and ProjectionsAgenda

*Glenmark has made rapid strides towards achievement of vision Pre 2000 GlenmarkSales< $ 20 mnDomestic focus60% of exportsGlenmark

*Glenmark - Global Footprint3 Dosage Plants, Goa, India1 Dosage Plant - Brazil1 Dosage Plant Czech Republic 1 Dosage Plant, HP, India1 Dosage Plant, Maharashtra, IndiaR&D for NCEs, IndiaR&D for Generics, IndiaR&D for Biologics, SwitzerlandGlenmark Generics Ltd., USGlenmark Generics SA, ArgentinaMedicamenta, Czech RepublicGlenmark Farmacetica Ltda.,Brazil2 API Plants, Maharashtra,IndiaGlenmark Generics Europe Limited, London, UKGlenmark Pharma Europe Limited, London, UKSeveral other subsidiaries and representative offices exist across the worldBowter Bartlett South AricaGlenmark India1 Dosage Plant - Argentina

*Glenmark - FinancialsNote : Average conversion rate for FY 2006-07 of Rs. 44.14 / USD 1.00Average conversion rate for FY 2007-08 of Rs. 40.28 / USD 1.00

In $ mnFY 20071 (ending Mar07)FY 20082(ending Mar08)ChangeAuditedUn-audited(in %)Operating income (A)283.54499.1876%Expenditure (B)186.96299.8060%% EBITDA (Operations) [C =(A-B)/A]34%40%EBT (Operations) (D)78.30165.79112%Other Income (E)3.5611.06211%PBT (F=D+E)81.86176.85116%PAT (G)70.25156.72123%

Basic Earnings per share (in rupees)12.9925.81

*Glenmark has shown consistent robust growth across businessesRevenues in $ mnending Mar06ending Mar07ending Mar08GlenmarkNote : Average conversion rate for FY 2005-06 of Rs. 44.28 / USD 1.00Average conversion rate for FY 2006-07 of Rs. 44.14 / USD 1.00Average conversion rate for FY 2007-08 of Rs. 40.28 / USD 1.00123

*Glenmark Generics Ltd (GGL)Glenmark Pharmaceuticals Ltd (GPL)Glenmark is divided into two main businesses with different business focusWholly owned subsidiary*To be listed in India during FY 2009Specialty/ProprietaryGenericsGlenmark

LeadershipMD and CEO: Glenn SaldanhaChairman: Glenn SaldanhaCEO: Terry Coughlin

VisionGlobal end to end Specialty CompanyGlobal integrated Generic & API leader

Glenmark Glenmark Pharmaceuticals Limited (GPL) Specialty BusinessGlenmark Generics Limited (GGL- wholly owned sub. of GPL) Generics BusinessGlenmark Consolidated Financials and ProjectionsAgenda

*Vision for Glenmark Pharmaceuticals LimitedProduct PortfolioLaunch two proprietary drugsBuild late stage pipeline

Market PresenceProprietary product front ends in US, key ROW & European markets

Market PositioningInnovation led companyDifferentiated branded generic companyInvest in building brandsTarget 2015Expand into new territories Build differentiated product franchiseGlobal end-to-end Specialty CompanyLicensingStrategyTransition into a proprietary product marketing company

*Global Therapeutic FocusMetabolic DisordersInflammationInnovative R&DTherapeutic FocusPain, Respiratory (Asthma/COPD), Rheumatoid ArthritisDiabetes (Type II),ObesityDermatologyPsoriasis, Pruritus, Atopic Dermatitis Glenmark Pharmaceuticals Limited: Specialty Business

*NCEEuropeUS(Inorganic entry) ROW(Rest of theWorld)Finished Dosage FormulationsBiologics (Swiss)R&DBusiness Unit StructureGlenmark Pharmaceuticals Ltd. (GPL)Glenmark Pharmaceuticals Limited: Specialty Business

Research and Development (R&D)

*Glenmarks R&D Efforts both small molecules and biologicsNew Chemical Entity (NCE) Research

Over 300 scientistsBased in Mumbai, IndiaNew Biological Entity (NBE) Research

Over 55 scientistsBased in SwitzerlandPipeline of 13 molecules

8 NCEs and 5 NBEsGlenmark Pharmaceuticals Limited: Specialty Business

*Research Pipeline: 13 molecules at various stages of developmentScreeningGRC 4039DPP-IV, PDE IV, CB2, TRPV1, SCD1, VLA2, TRPV3 etc.Oglemilast (1)Melogliptin (2)GRC 6211 (3)GRC 10693GRC 9332GBR 600 *GBR 500 *Three undisclosed NBEsOut-licensed to Forest Labs and Tejin PharmaOut-licensed to Merck KGaA All rights received backOut-licensed to Eli Lilly & Co.DiscoveryPre-clinicalPhase IPhase IIbWorld class targets13 research moleculesOne undisclosed NCEGlenmark Pharmaceuticals Limited: Specialty BusinessGRC 17173* NBE

*Progress on Research PipelineGlenmark Pharmaceuticals Limited: Specialty Business

CompoundPrimary IndicationsTargetTarget LaunchPre-clinicalsPhase IPhase IIPhase IIIApproval GRC 3886(Oglemilast)Asthma, COPDPDE IV2011GRC 6211Osteoarthritis, Neuropathic Pain, Dental Pain, IncontinenceTRPV12012GRC 8200(Melogliptin)Diabetes (Type II)DPP IV2012GRC 4039Rheumatoid Arthritis, Inflammation, Multiple SclerosisPDE IV + TNF- + T-cell2012GRC 10693Neuropathic Pain, Osteoarthritis and other Inflammatory PainCB 22013GRC 9332Obesity, Dyslipidemia, Metabolic DisordersSCD 12013GRC 17173Osteoarthritis, Neuropathic Pain, Dental PainTRPV32013GBR 500Acute Multiple Sclerosis, Inflammatory Disorders VLA22013GBR 600Acute Stroke/ Coronary Syndrome, Thrombosis Cardiovascular Disordersundisclosed2014One NCE and three biologics are at the discovery stage and are expected to enter the clinics during FY 2010/2011

*Oglemilast [Target: PhosphoDiesterase (PDE) IV Inhibitor]Glenmark Pharmaceuticals Limited: Specialty Business

IndicationsAsthma, COPD (Chronic Obstructive Pulmonary Disease) OpportunityHigh level of unmet needLack of novel validated targets: Dominated by reformulations and me-too productsCompeting Compounds Compound under development following same mechanism is Roflumilast (Altana - Ph III)StatusPh IIb for COPD initiated in US; Ph IIb for asthma will be initiated by Sep 2008Out-licensed North American rights to Forest Labs. Total deal size is $ 190 mn. Already received total $ 35 mn as upfront and milestones. Glenmark will also receive royalties upon launchOut-licensed Japanese rights to Teijin Pharma. Total deal size is $ 53 mn. Received $ 6 mn as upfront payment. Glenmark will also receive royalties upon launchKey Differentiators Oral, once daily regimen No emesis and nausea observed in the clinics Large therapeutic window to escalate doses (as compared to other PDE IVs)Targeted population/Market Size Asthma patients: 45 mn worldwide COPD patients: 30 mn worldwide (with only 6 mn receiving treatment) COPD/Asthma market : $ 28.7 bn worldwidePotential Peak Sales>$ 3 bn worldwideTarget Launch2011

*GRC 6211 [Target: Transient Receptor Potential Vanilloid (TRPV)1 Antagonist]Glenmark Pharmaceuticals Limited: Specialty Business

IndicationOsteoarthritis, Neuropathic Pain, Dental Pain, IncontinenceOpportunityLarge unmet medical needRecent concerns around safety of Cox-2 inhibitors will propel sales of safer productsCompeting CompoundsMK-2295 (Merck & Co. - Ph II) and SB 705498 (GSK - Ph II) are two competing compounds under development following same mechanismStatusPh IIb ongoing Out-licensed to Eli Lilly & Co. for developing and marketing for North America, Europe and Japan for various pain indications, including osteoarthritis. Total deal size is $ 350 mn. Received upfront payment of $ 45 mn. Glenmark has rights for co-promotion in the US and will also receive royalties upon launchKey Differentiators Potential first in class opportunityTargeted population/Market Size Osteoarthritis Market: $ 4 bn; >20 mn patients Neuropathic Pain Market: $ 5 bn; >40 mn patientsPotential Peak Sales>$ 3 bn worldwideTarget Launch2012

*Melogliptin [Target: Dipeptidyl Peptidase (DPP) IV Inhibitor]Glenmark Pharmaceuticals Limited: Specialty Business

IndicationsDiabetes (Type II)OpportunityLarge, undiagnosed and increasing patient populationLess than 50% of diabetics treated successfully, therefore excellent prospects for products with a strong safety and efficacy profile Recently observed safety issues related to Glitazones Competing CompoundsJanuvia (Merck & co. - Sitagliptin), the first in class compound was launched in Oct06; JanuMet (Sitagliptin + Metformin) launched in Apr 07. Sales tracking of Januvia franchise > $ 1bnGalvus (Novartis - vildagliptin) launched in Brazil & Mexico. Galvus & Eucreas (vildagliptin + metformin) approved in EUStatus Ph IIb ongoing; expected to enter Ph III by Oct 2009 Expect to be 4th or 5th in the market with differentiating features Out-licensed molecule to Merck KGaA for a total deal size of $ 250 mn. Due to portfolio restructuring at Merck KGaA, Glenmark received all rights back for further development and commercialization. Glenmark had received $ 31 mn as upfront payment from Merck KGaA earlier Currently under discussions for licensing with potential partnersKey Differentiators Good specificity over DPP VIII and DPP IX Better side effect profile as compared to similar compoundsTargeted population/Market Size 125 mn patients worldwide Market Size: $ 13 bn worldwidePotential Peak Sales>$1 bn worldwideTarget Launch2012

*GRC 4039 Target: (a) PhosphoDiesterase (PDE) IV Inhibitor(b) TNF Alpha Inhibitor(c) T-Cell Cytokine InhibitorGlenmark Pharmaceuticals Limited: Specialty Business

IndicationRheumatoid Arthritis (RA), Inflammation, Multiple SclerosisOpportunityVoid exists in RA therapy for orally available potent small molecules35% of RA patients remain untreatedBiological treatments currently available are expensiveCompeting Compounds Biological (e.g. anti-TNFa) and small molecules Status Ph I ongoing; Key Differentiators Excellent efficacy in animal models in RA Good safety profile to achieve higher exposure levels in humans Good bioavailability across species and a long half-life indicating the potential for a once-daily dosing regimenTargeted population/Market Size Rheumatoid Arthritis Market: $16 bn; > 20 mn patientsPotential Peak Sales>$3 bn worldwideTarget Launch2012

*GRC 10693 [Target: Cannabinoid-2 (CB-2) Receptor Agonist]Glenmark Pharmaceuticals Limited: Specialty Business

IndicationNeuropathic Pain, Osteoarthritis and other Inflammatory PainOpportunityLarge unmet medical need Recent concerns around safety of Cox-2 inhibitors will propel sales of safer products

Competing CompoundsGW-842166X (GSK - Ph II) & A-796260 (Abbott Discovery) follow similar mechanismStatus Pre-clinical development; expected to enter the clinics in Q1 FY 2009 Key Differentiators Potential early launcher in this classTargeted population/Market Size Neuropathic Pain Market: $ 5 bn; >40mn patients Osteoarthritis Market: $ 4 bn; >20 mn patients Potential Peak Sales>$2 bn worldwideTarget Launch2013

*GRC 9332 [Target: Stearoyl CoA Desaturase-1(SCD1) Inhibitor]Glenmark Pharmaceuticals Limited: Specialty Business

IndicationObesity; Dyslipidemia; Metabolic DisordersOpportunityCurrent approved products characterized by modest efficacies and problematic safety and tolerability profiles Large unmet medical need with growing patient population globally on account of changing lifestylesCompeting CompoundsPh-I program at Isis/Merck & Co.; Discovery program at Xenon/ NovartisStatus Pre-clinical development; expected to enter clinics by Q3 FY09Key DifferentiatorsPotential first in class; early mover advantageTargeted population/Market SizeMore than 160 mn people estimated to be Obese in major markets worldwide only 6 mn are treated therapeuticallyCurrent Market : $ 2 bnPotential Peak Sales>$1bn worldwideTarget Launch2013

*GRC 17173 [Target: Transient Receptor Potential Vanilloid (TRPV)3 Antagonist] Glenmark Pharmaceuticals Limited: Specialty Business

IndicationsNeuropathic Pain, Osteoarthritis, Dental PainOpportunityRecent concerns around safety of Cox-2 inhibitors will propel sales of safer productsLarge unmet medical needCompeting CompoundsIn July 2007, Pfizer acquired a series of TRPV3 antagonists for pain from Hydra Biosciences for total milestone payments of $ 190 mn and royalties on launchStatusPre-clinical development; expected to enter clinics by Q3 FY 09Key DifferentiatorsPotential first in class opportunityTargeted population/Market Size Osteoarthritis Market: $ 4 bn; >20 mn patients Neuropathic Pain Market: $ 5 bn; >40mn patientsPotential Peak Sales>$ 3 bn WorldwideTarget Launch2013

*GBR 500 Target: (a) Alpha2 eta1 Integrin Antagonist (b) Very Late Antigen (VLA2)2

Glenmark Pharmaceuticals Limited: Specialty Business

IndicationMS (Multiple Sclerosis), IBD (Inflammatory Bowel Disease)OpportunityInhibits a variety of cell types (neutrophils, etc) associated with different forms of inflammation hence should work in a variety of inflammatory diseasesCompeting CompoundsNovel in class with same indications

Status IND preparation; expected to enter clinics by Q2 FY 09Key DifferentiatorsPotential first in class with the target Offers significant differentiation potential with potentially superior efficacy to competing productsTargeted population/Market SizeMS Market : $ 3 bn;IBD biologics Market: $ 5 bn; > 4 mn patients

Potential Peak Sales> $ 1 bnTarget Launch2013

*GBR 600 [Target: Undisclosed]Glenmark Pharmaceuticals Limited: Specialty Business

IndicationAcute stroke / Coronary Syndrome; Thrombosis Cardiovascular DisordersOpportunityThe high incidence of bleeding with the marketed products remains the greatest challenge in disease treatmentClinical efficacy has been modest with current agents Competing CompoundsMarketed drugs for PCI (Percutaneous Coronary Indications) indications include Plavix(Sanofi-Aventis), ReoPro (Eli Lilly) and Integrilin (Schering Plough)Status Pre-clinical development; expected to enter the clinics by Q4 FY 09Key DifferentiatorsLow incidence of bleeding, thus allowing wider use of GBR-600Large therapeutic window between efficacy dose and bleeding doseNovel mechanism for current targeted indicationsTargeted population / Market SizeCurrent Market : $2 bn GBR-600 has the potential to significantly expand the current market by offering improved efficacy with favorable adverse event profilePotential Peak Sales> $ 1 bnTarget Launch2014

GPL- Specialty Business

RoW, Europe and USROWUS (inorganic route)Europe(80*)India(2000*)Latin America(200*)Asia(200*)*Sales force strengthAfrica(160*)CIS(300*)

*Glenmarks strategy for future growth in RoW marketsLatin America AfricaCISAsiaFocus on Top-15 markets

High thrust on building branded business which currently accounts for over 85%

Launch of novel differentiated branded generics for getting a significant competitive edge

Capitalize on local know-how (country heads in over 20 markets)

Driving the business through qualified, experienced and dedicated field force

Focus on sustainable doctor centric prescription based model for building brands

Leverage on efficient and quality distribution network for better market penetrationStrategyGlenmark Pharmaceuticals Limited: Specialty BusinessIndiaAustralia

RoW Markets

India

*India Performance FY 2008HighlightsGlenmark registered a growth of 21% higher than the Indian pharma market growth at 15% (ORG Feb 2008)Currently commands 1.36% market share up from 1.29% in FY 2007 (ORG Feb 2008)Currently ranked 24th in the highly fragmented Indian pharma marketTop-10 brands contribute over 60% of India businessending Mar08ending Mar07Glenmark Pharmaceuticals Limited: Specialty Businessending Mar09ending Mar10* ProjectedRevenues in $ mn

GlenmarkspresenceAction PlanFY 2009 Operates through 9 divisions Sales force > 2000 medical representatives Markets over 250 products in India Register growth of over 10 % Launch > 20 new products Maintain leadership in dermatology and consolidate position in other therapies India Action PlanGlenmark Pharmaceuticals Limited: Specialty Business

RoW Markets

Latin America (LatAm)BrazilVenezuela Mexico PeruChileBoliviaColumbiaEcuadorCaribbean countries

*LatAm Performance FY 2008HighlightsRegistered growth of over 65%Launched 25 products across LatAmFiled for over 100 product approvals in FY 2008Top-10 brands contribute over 75% of LatAm businessending Mar08ending Mar07Glenmark Pharmaceuticals Limited: Specialty Businessending Mar09ending Mar10* ProjectedRevenues in $ mn

*Glenmarks PresenceAction PlanFY 2009 LatAm Pharma Market : >$ 35 bn Brazil, Mexico, Argentina, Venezuela are the key markets Registered over 250 products in the LatAm markets Strong sales force setup of 200 medical representatives Register growth of over 25 % File for 80 product approvals and launch 60 products Plans to enter Mexico during FY 2009LatAm Action PlanFY 2009(ending Mar09)FY 2010(ending Mar10)Glenmark Pharmaceuticals Limited: Specialty BusinessRevenue contribution ** Projected

RoW Markets

Australasia (excluding India, CIS & Japan)MalaysiaPhilippinesIndonesiaChinaSouth KoreaMyanmar VietnamSri LankaCambodiaAustralia

*Australasia Performance FY 2008ending Mar08HighlightsLaunched over 60 productsFiled for over 100 product approvalsTop-10 brands contribute over 65% of the businessGlenmark Pharmaceuticals Limited: Specialty Businessending Mar09ending Mar10* ProjectedRevenues in $ mn

*GlenmarksPresenceAction PlanFY 2009 Australasia Pharma Market (excluding India, Japan, CIS) : >$ 55 bn China, Philippines, Malaysia, Indonesia, Australia are the key markets Registered over 400 branded generic products across Asian markets Recently entered Australia, China and Indonesia Strong sales force setup of 200 medical representatives Register growth of over 20 % File for 100 product approvals and launch 30 productsAustralasia Action PlanFY 2009(ending Mar09)FY 2010(ending Mar10)Glenmark Pharmaceuticals Limited: Specialty BusinessRevenue contribution ** Projected

RoW Markets

AfricaSouth AfricaNigeriaKenya SudanEgyptTanzaniaYemenIvory Coast Zambia Mauritius Uganda Cameroon GhanaIncludes middle east countries

*Africa Performance FY 2008HighlightsLaunched 80 products across AfricaFiled for over 150 product approvals across AfricaTop-10 brands contribute over 85% of Africa businessGlenmark marked its entry into Egypt by establishing an officeending Mar08Glenmark Pharmaceuticals Limited: Specialty Businessending Mar09ending Mar10* ProjectedRevenues in $ mn

*Glenmarks PresenceAction PlanFY 2009 Africa Pharma Market : >$ 10 bn South Africa, Nigeria, Sudan, Kenya, Egypt are key markets Register over 600 branded generic products Marketing products in over 30 countries; Direct presence in 10 countries 160 sales representatives across Africa Register growth of over 35 % File for 75 products and launch 45 products Plans to enter Algeria, UAE Look for brand acquisition opportunities for entry/growthAfrica Action PlanFY 2009(ending Mar09)FY 2010(ending Mar10)Glenmark Pharmaceuticals Limited: Specialty BusinessRevenue contribution ** Projected

RoW Markets

CISRussia Ukraine UzbekistanKazakhstan

*CIS Performance FY 2008HighlightsCompany launched 40 products Filed for over 30 product approvals across CISTop-5 brands contribute over 90% of CIS businessGlenmarks brand Ascoril is the no 1 brand in the cough expectorant market in Russiaending Mar08Glenmark Pharmaceuticals Limited: Specialty Businessending Mar09ending Mar10* ProjectedRevenues in $ mn

*Glenmarks PresenceAction PlanFY 2009 CIS Pharma Market : >$ 15 bn Russia, Ukraine, Uzbekistan & Kazakhstan are the key markets Registered over 70 branded generic products 300 medical representatives cover entire CIS Register growth of over 70 % File for 25 product approvals Launch 25 productsCIS Action PlanFY 2009(ending Mar09)FY 2010(ending Mar10)Revenue contribution *Glenmark Pharmaceuticals Limited: Specialty Business* Projected

Europe

*Europe Performance FY 2008Glenmark established its first commercial foothold in Europe by acquiring Medicamenta a.s, Czech Republic in 2007Glenmark also established its presence in Romania & Bulgaria in 2008ending Mar08Glenmark Pharmaceuticals Limited: Specialty Businessending Mar09ending Mar10* ProjectedRevenues in $ mn

*Europe: Strategy for the futureFocus on CEE (Central Eastern European) markets which are primarily branded in natureBuild/acquire front end infrastructure in CEE markets through sales force over the next 5 yearsTransition front-ends to selling/co-promoting Glenmarks proprietary medications that would reach the market in the next 3-5 years

Glenmark Pharmaceuticals Limited: Specialty Business

*Europe Branded Generics Market Key characteristicsThe opportunity in the branded generics market lies mostly in the Central Eastern European (CEE) countries and some new member states of the EU like Romania & Bulgaria Glenmarks focus is on the six largest brand markets of EuropeGlenmark Pharmaceuticals Limited: Specialty Business

Market size 2008(in $ bn)Per Capita GDP spend (in $)Branded Generic Penetration by Value Poland6.486750%Czech Republic3.7147945%Hungary>3.0133735%Romania2.2NANABulgaria> 1.0NANATurkey> 6.0586NAEU 15> 1503100-US> 2506401-

*Europe: Plans for FY 2009Double revenues each year for the next 3-4 yearsEnter Poland, Hungary and Turkey through organic/inorganic meansPlan to launch at least 5 productsFY 2009FY 2010ending Mar09ending Mar10Glenmark Pharmaceuticals Limited: Specialty Business* ProjectedRevenue contribution *

*US: plans to enter the specialty segment in the near futureInitiate operations in the US during FY 2009Evaluate acquisition of a specialty company/brands with a primary care sales forceGlenmark intends to conclude this acquisition over the next 12-18 monthsGlenmark Pharmaceuticals Limited: Specialty Business

*Infrastructure and facilitiesExpansion Plans New formulation plant in India to be commissioned in FY 09 NCE API facility in India to be commissioned in FY 09Glenmark Pharmaceuticals Limited: Specialty Business

LocationProduction LinesRegulatory ApprovalsR&D Facility, Navi MumbaiNCE Research and Process DevelopmentNA R&D Facility, SwitzerlandBiologics ResearchNANasik, Maharashtra, IndiaSolid orals, liquid orals, & external creams, powders and capsules for regulated marketsBrazil (ANVISA), Ethiopia, Zimbabwe, Uganda, Nigeria; Tanzania, Ghana, R.D. Congo, Sudan, South Africa (MCC )Baddi, Himachal Pradesh, IndiaSolid orals, semi-solid and liquid orals as well as external preparations like lotions, creams, capsules, etc. for India and semi-regulated marketsUS FDA,MHRA, TPD Canada, NepalSao Paulo, BrazilSolid orals, semi-solid & liquid orals for Latin AmericaANVISAVysoke Myto, Czech RepublicSolid and semi-solid oralsSUKL, Czech Republic

*RevenuesIn $ mn*Business MixCAGR ~29 %CAGR ~ 30%* In $ mn (Assumed exchange rate of ~40.28 INR/USD for FY08 and ~ 40 INR/USD for FY09 and FY10)ProfitsIn $ mn93123157377504(ending Mar 08)(ending Mar 09)(ending Mar 10)Financials and Projections Organic growth only

303Glenmark Pharmaceuticals Limited: Specialty Business

*Summary of key objectives FY 2009Ensure at least eight molecules are in the clinical stagesEnsure at least five molecules are in the Ph II clinical trial stageEnsure four molecules are partnered out by FY 09 (including Oglemilast & GRC 6211)Initiate acquisition of specialty front end in the USEnter 7-8 new markets in Europe and RoW marketsLaunch over 100 products and file for over 300 products approvals across geographies

Glenmark Pharmaceuticals Limited: Specialty Business

Glenmark Generics Ltd. (GGL)

Generics Business

Glenmark Glenmark Pharmaceuticals Limited (GPL) Specialty BusinessGlenmark Generics Limited (GGL- wholly owned sub. of GPL) Generics BusinessGlenmark Consolidated Financials and ProjectionsAgenda

*Safe Harbour StatementThis presentation has been prepared by Glenmark.

The information, statements and analysis made in this presentation describing companys objectives, projections and estimates are forward looking statements and progressive within the meaning of applicable security Laws and Regulations.

The analysis contained herein is based on numerous assumptions. Actual result may vary from those expressed or implied depending upon economic conditions, government policies and other incidental factors.

No representation or warranty, either expressed or implied, is provided in relation to this presentation. This presentation should not be regarded by recipients as a substitute for the exercise of their own judgment.

*Vision for Glenmark Generics Limited (GGL)Product Portfolio170 generics on the US market70 generic dossiers for EU marketsOver 50 % of revenues from niches

Market PresencePresence in Japan, South Africa & other generic markets Front ends in Japan and key EU markets along with NA

Market PositioningKey Generic PlayerPreferred supplier of APIs Increase Geographical ReachTarget 2015Expand Niche Product PortfolioGlobal Integrated Generic & API leaderVertical IntegrationStrategy

*APIEuropeNorth America Argentina(Oncology)Finished Dosage FormulationsAPIGlenmark Generics Ltd. - Business Unit StructureGlenmark Generics Ltd. (GGL)

North America

*North America Performance FY 2008Highlights Doubling of portfolio: 28 products on the market Entry into dermatology with launch of five Clobetasol products First semi-exclusive product : First 180 day shared exclusivity for Glenmark - Oxcarbazepine Garnered over 20-25% market share in most productsending Mar07ending Mar08Glenmark Generics Limited: Generics Business ending Mar09ending Mar10* ProjectedRevenues in $ mn

*North America: The US MarketValues in $ BnThe Market $ 286 bn 65% generics by volume represent 20% of the market by valueMarket Characteristics Political climate increasingly supportive of generics to lower healthcare costs Increasing competition in me-too generics Authorized generics and shared exclusivities reducing upsides from 180-day exclusivitiesOpportunities Customers prefer vertically integrated companies with long term plan In the next 3-5 years, drugs worth $ 60-70 Bn are going off-patentGlenmark Generics Limited: Generics Business

* Revenues crossed $ 100 mn in first three years of operations Received 180 day exclusivity for Oxcarbazepine Filed PIVs (FTF opportunities) for Zetia, Tarka, Strattera & Crestor 28 products on the market > 30 products filed with USFDA Presence in controlled substances, hormones, oncology, modified release and dermatology Portfolio of marketed products has doubled each year during the last three years

North America Glenmarks rise as a generic playerBackground GGI, USA (Glenmark Generics Inc.) launched the first product in Jan 2005 Registered net revenues of $ 140 mn in FY 2008Product PortfolioHighlightsending Mar07ending Mar08ending Mar06Glenmark Generics Limited: Generics Business

*US: Plan for ANDA FilingsGlenmark Generics Limited: Generics Business

ANDAs filed / marketed Till FY FY FY Total Filings(Includes partner filings)200820092010Dermatology108826Controlled Substance44412Modified Release6101026Hormones34512Oncology-459First to File (P-IVs)63312Immediate Release324440Total613739137

US Product Portfolio: Dermatology Total Topical Derma Market is $4.3 bn of which over 50% of sales are generic Higher barriers to entry due to development costs Higher margins based on fewer competitors Key generic players include: Fougera, Perrigo, Taro Partnership with Paul Capital for clinical development of 16 dermatology products Only Indian Company with India based dermatology portfolio [1 already launched; 18 products anticipated (current market size $390 mn) to be launched within next 3 years]The MarketGGLs PortfolioGlenmark Generics Limited: Generics Business 62ending Mar08ending Mar09ending Mar10Fillings (Cumulative)

Total CS Market is valued over $12 bn Key generic players include: Mallinckrodt, Watson, Endo High barriers to entry: DEA licensures required Limitations on importing controlled substances from foreign countries Higher margins on controlled substance products due to limited players US Product Portfolio: Controlled Substances (CS) Controlled substance portfolio (current market size $ 200 mn) 3 controlled substances already launched 7 additional products anticipated to be launched within next 3 yearsThe MarketGGLs PortfolioGlenmark Generics Limited: Generics Business 63ending Mar08ending Mar09ending Mar10Fillings (Cumulative)

US Product Portfolio: Modified Release Total sales revenue for Modified Release oral solids is over $22 bn

Higher barriers to entry Difficult to develop Unique technologies Higher margins on modified release products due to limited players.

Several modified released products in pipeline and already filed [14 products anticipated (current market size $1.6 bn) to be launched within next 3 years]The MarketGGLs PortfolioGlenmark Generics Limited: Generics Business 64ending Mar08ending Mar09ending Mar10Fillings (Cumulative)

US Product Portfolio: Hormones Total Solid oral dosage Hormones Market is approximately $5 bn Key generic players include: Barr & Watson Only Indian Company with India based hormones portfolio [10 products anticipated (current market size $1 bn) to be launched within next 3 years] Higher margins on Hormones Products Limited players Dedicated facility required Higher cost of bio-studiesThe MarketGGLs portfolioGlenmark Generics Limited: Generics Business 65ending Mar08ending Mar09ending Mar10Fillings (Cumulative)

US Product Portfolio: Oncology Total Oncology Market in the United States is over $10 bn Key generic players include: Teva Sicor, Ben-Venue & Barr Portfolio includes a mix of 14 solid oral dosage and 13 injectable products (Total market size: >$ 7.5 bn)

Higher margins on Oncology Products Limited players Dedicated facility requiredThe MarketGGLs portfolioGlenmark Generics Limited: Generics Business 66ending Mar08ending Mar09ending Mar10Fillings (Cumulative)

US Product Portfolio: FTF ANDA Ongoing LitigationGlenmark Generics Limited: Generics Business ending Mar08ending Mar09ending Mar10Fillings (Cumulative)67

ProductBrand NamePlaintiffIMS Sales EzetimibeZetiaSchering Plough$ 1.8 bnAtomoxetineStratteraEli Lilly$ 526 mnRosuvastatin Ca (no litigation)Crestor--$ 1.7 bnTrandopril/VerapimilTarkaSanofi-Aventis$ 95 mn

*North America: Strategy for futureContinue to focus on niche categories; expand presence into other niche categoriesSet Glenmark Generics apart as a preferred supplier to the industry Manage product portfolio to include a judicious mix of PI, PII, PIII and PIV filingsStrive for vertical integration for most of our products in all categories (including niche categories)

Glenmark Generics Limited: Generics Business

*North America: Plans for FY 2009Register growth of 45 %Launch over 20 products and file over 35 productsIncluding dermatology, controlled substances, hormones and other niche categoriesLeverage partnerships with other generic playersEvaluate entry into 1 or 2 additional niche categories

Glenmark Generics Limited: Generics Business

Europe

*The European MarketMarket Size $ 182 bn Generic penetration is low as compared to the North America in many of the countries Market is broken down into several countries with different requirementsMarket Characteristics To bring down the cost of publicly funded healthcare is the main driver in promoting generics Europe is characterized with each country having different regulatory authorities and distinct pricing/reimbursement policiesOpportunities Key markets with high generic penetration: UK, Germany, Netherlands Key markets with low generic penetration: France, Italy, Spain, Belgium Large no of products set to go off-patent in the next 3-5 yearsGlenmark Generics Limited: Generics Business

* GGEL (Glenmark Generics Europe Ltd.) was established in 2004 Majority of current revenues are as licensing income from dossier customers Already filed for five MAAs which have been outlicensed to several Europen generic companies Portfolio of more than 30 EU CTD solid and semi-solids dossiers at various stages of development Several supply deals are in place with leading European generic playersEurope generics business is gearing up for futureBackgroundProduct PortfolioGlenmark Generics Limited: Generics Business ending Mar08ending Mar09ending Mar10Revenues in $ mn* Projected

* Establishing Glenmark 4-5 distribution front ends in Western European markets in the next 3-5 years through organic/inorganic means in order to market own products directly Developing niche generic products, and partnering & creating alliances with EU companies Building up the infrastructure to support growth objectives and create a significant presence in the EU markets Licensing and distribution partnerships with strong local / Pan-EU partners with a view to maximize the product portfolio and market opportunities Continue to support finished dosage pipeline with backward integration into APIs

Glenmark Generics Limited: Generics Business Europe: Strategy for future growth

*Europe: Plans for FY 2009Acquire 1-2 generic distribution front ends in EULaunch 3 products into several countriesFile for at least 10 MAAs

Total MAA Filings (cumulative)ending Mar08ending Mar09ending Mar10Glenmark Generics Limited: Generics Business

Oncology Business

*Oncology marketMarket Size Total Market Size >$ 30 bn Generic market worldwide > $ 8 bnMarket Characteristics Lesser competition because of entry barriers Difficult to develop molecules Specially designed/dedicated manufacturing facilities Better operating margins due to lower price erosion Longer product life cycle as older therapies continue to co-exist with newer onesOpportunities 95 % of classic chemotherapy products are not protected by patent which will ensure high profitability in regulated markets (less competition) Large no of products set to go off-patent in the next 3-5 yearsGlenmark Generics Limited: Generics Business

* Glenmark acquired the Argentinean marketing company Glenmark Generics S.A. (erstwhile Servycal S.A.) with a focused oncology portfolio Presence in oncology in over 23 countries Caters to 75% of cancer therapy products Robust product pipeline for the near future Presence in cytotoxics, anti-hormonals & supportive therapies Plans to upgrade own dedicated manufacturing facilityOncology generics businessBackgroundProduct PortfolioGlenmark Generics Limited: Generics Business ending Mar07ending Mar08ending Mar09ending Mar10Revenues in $ mn* Projected

*Oncology Business: Strategy for future growthUse Argentina as a hub for spreading the oncology businessIncrease coverage for cancer therapy products Use Argentina as a hub to spread the oncology business Continue to file dossiers and expand presence in other Latin American and ROW markets Develop product portfolio for regulated markets and initiate oncology filings in regulated markets First filing in the US and EU by FY 09/FY10

Expansion of product portfolio to cater to 95% Cancer therapy productsGlenmark Generics Limited: Generics Business

*Oncology Business : Plans for FY 2009Register growth of over 80 %Enter 3-4 new countries including regulated marketsFile over 90 products for approval across various countriesGlenmark Generics Limited: Generics Business ending Mar08ending Mar09ending Mar10Total DossierFillings (Cumulative)

Active Pharmaceutical Ingredients (API) Business

*The Global API MarketMarket Size >$ 75 bn Growth >10% (2005)Market CharacteristicsOpportunities Large no of products set to go off-patent in the next 3-5 years Many of the other historical less-regulated markets are quickly shifting towards stricter regulations limiting competition and opportunities for established players like Glenmark

Increased consolidation in generic pharmaceutical industry More focus on higher value creating opportunities driven by intellectual property Stringent regulatory approval process in US/EU leads to high switching costs Increase in competition from Indian and Chinese API suppliersGlenmark Generics Limited: Generics Business

* API business spans across 80 countries including regulated markets like US and Europe > 50% of the revenues is from exports Filed over 30 USDMFs till date Filed several Canadian DMFs, EDMFs and CEPs/CoSsAPI BusinessBackgroundProduct PortfolioHighlights Registered growth of over 45%Exports contribute over 50% of the revenuesInitiated commercial supplies to various customersGlenmark Generics Limited: Generics Business Sales in $ mn* Projected

*API Business: Drivers for future growthExpand product portfolio and market presence Continue to file DMFs across geographies Increase focus on entry into new markets Expand API capabilities to support dosage in niche areas (hormones, dermatology, controlled substances etc.)Focus on IP Focus on difficult to develop molecules and generating IP around moleculesContinue to be a preferred 3rd party API supplier Partner with generic companies to capture first and alternate source opportunities Establish close relationship with major generic players globally to capture high end opportunitiesInvestments to ramp up infrastructure Invest in building infrastructure in order to cater to increased demand and growthGlenmark Generics Limited: Generics Business

*API Business: Plans for FY 2009Register growth of over 40 %File over 15 USDMFs Ramp-up commercial supplies to regulated markets on upcoming approvals of ANDAs/Dossiers filed and pending at 3rd party customersFocus on development of over 15 APIs annually to provide cost and timing advantage to complement US and Europe generic filingsEnter 5-6 new marketsGlenmark Generics Limited: Generics Business US DMFFillingsending Mar08ending Mar09ending Mar10

Till FY 2008FY 2009FY 2010Total Filings31181867

*Plants and InfrastructureExpansion Plans New Formulation plant at Jambusar SEZ New API Facility at Jambusar SEZ New R&D Centre at Taloja (India) to be commissioned by FY 09 Upgradation of Argentina plant for Onco productsGlenmark Generics Limited: Generics Business

LocationProduction LinesRegulatory ApprovalsR&D Facility, Navi MumbaiFormulation/API development facility, Bio-analytical and clinical R&DNAGoa, India Oral solids, semi-solids for regulated markets Colvale Hormones for regulated markets Colvale Oral solids - KundiamUS FDA, Canada (TPD), South Africa (MCC), Brazil (ANVISA), Quintiles (a CRO; for EU-GMP), Ethiopia Health Authority, Brecon (a CRO) & Tunisia, UAE, UK (MHRA); BotswanaOncology plant, ArgentinaOncology products for regulated marketsLocal FDA GMP approvedAnkleshwar, IndiaManufacturing blocks for regulated markets US FDA; UK (MHRA)Kurkumbh, India Manufacture of intermediates & APIs for India and semi-regulated markets Local FDA GMP approvedMohol, India

*RevenuesIn $ mn*Business MixCAGR ~48 %CAGR ~ 39%ProfitsIn $ mn6487125196296428(ending Mar 08)(ending Mar 09)(ending Mar 10)Financials and Projections Organic growth only

Glenmark Generics Limited: Generics Business * In $ mn (Assumed exchange rate of ~40.28 INR/USD for FY08 and ~ 40 INR/USD for FY09 and FY10)

*Summary of key objectives for FY 09

Glenmark Generics Limited: Generics Business Launch at least 5 products every quarter in the US generic market Launch at least 3 products in EU across several markets; File at least 10 MAAs with focus on niche areasFile over 30 ANDAs in the US generic market with focus on niche categoriesFile at least 15 USDMFs Acquire 1-2 front ends in WE territoryCommissioning of new R&D facility at Taloja

Glenmark Glenmark Pharmaceuticals Limited (GPL) Specialty BusinessGlenmark Generics Limited (GGL- wholly owned sub. of GPL) Generics BusinessGlenmark Consolidated Financials and ProjectionsAgenda

*Consolidated Financials and Projections(ending Mar 08)(ending Mar 09)(ending Mar 10)Glenmark* In $ mn (Assumed exchange rate of ~40.28 INR/USD for FY08 and ~ 40 INR/USD for FY09 and FY10)

Consolidated Revenues ($ mn)499673932PAT ($ mn)157210282Basic EPS (INR)25.8134.5246.36P/E (Based on Rs. 600 Share Price as at 25 Apr, 2008)23.2517.3812.94

*Thank you

***Update Market Cap as at October 30 2007Update financial performance to FY 08 guidance. In brackets against each figure mention H1 performance.**Update Market Cap as at October 30 2007Update financial performance to FY 08 guidance. In brackets against each figure mention H1 performance.****Speak to achin at 12 and ask him which is what VWF and SAMIupdate accordingly. Also find out what the two terms mean*Speak to achin at 12 and ask him which is what VWF and SAMIupdate accordingly. Also find out what the two terms mean*Speak to achin at 12 and ask him which is what VWF and SAMIupdate accordingly. Also find out what the two terms mean*xx*checked*checked*Speak to achin at 12 and ask him which is what VWF and SAMIupdate accordingly. Also find out what the two terms mean*checked*checkedxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx*xxxx***Update Market Cap as at October 30 2007Update financial performance to FY 08 guidance. In brackets against each figure mention H1 performance.**********