CORPORATE

PRESENTATION

July - 2003

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, project, should, 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. Theserisks 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.Disclaimer

To become a Research based International Pharmaceutical CompanyOur Mission

To become a Billion Dollar Company by 2004Our Vision

Corporate HighlightsAmongst the Top 100 Global Pharmaceutical Companies9th Largest Generic Company Worldwide*Manufactures and Markets Generics, Branded Generics and APIsProducts available in over 70 countries with Ground presence in 25 countries and Manufacturing operations in 76 Core Markets - USA, India, UK, Germany, China and BrazilOver 8000 multicultural, workforceContinued.* Amongst Publicly Traded Companies Source: MedAdNews Nov2002

Corporate HighlightsGlobal Net Sales US $ 764, a growth of 38%72 % Overseas Revenue 28 Global BrandsNDDS : 4 Platform TechnologiesCipro OD, once a day ciprofloxacin licensed to Bayer AG. Cipro XR 500mg was launched in US in Jan 2003 by Bayer AG. Approval from US FDA for 1gm awaitedNDDR : RBx 2258, First NCE licensed to Schwarz Pharma AG, undergoing Phase II Clinical Trials in India2 NDAs filed in 2002 (Metformin syrup, Ofloxacin OD tablets)NCE = New Chemical Entity , NDDS = Novel Drug Delivery Systems , NDDR = New Drug Discovery Research , NDA = New Drug Application

Core Markets

USAIndiaUKProducts Available in over 70 Countries, Ground Presence in 25 Countries, 6 Core MarketsIndiaAsia-Pacific & Latin America

China Vietnam Malaysia Thailand MyanmarSingaporeBrazilMexicoPeruVenezuelaUSA Europe, CIS & Africa

UKIreland Poland RussiaGermanyUkraine South Africa Egypt Nigeria KenyaIvory CoastOur International PresenceGermanyBrazilChinaMiddle East

Sri LankaSaudi Arabia

Ranbaxys Strategic ArchitectureValueTimeGlobal Generics BusinessCritical Mass in Focus Markets - USA Leveraging India AdvantageBrand Building in Developed MarketsProprietary Technology ProductsNetworking and AlliancesExpanding Discovery ResearchInternational Clinical DevelopmentRx Marketing

Horizon 1Drive core growthHorizon 2Build momentum of emerging growth enginesHorizon 3Secure future optionsInnovative ResearchSpecialty PharmaInternational Generics

Research & Development : FocusNDDRNDDSANDAsRANBAXY3 Key AreasNDDS = Novel Drug Delivery Systems , NDDR = New Drug Discovery Research, ANDA = Abbreviated New Drug Application

R&D ... Key PrioritiesA New Paradigm for ANDAsBranded products through focussed NDDS applicationsDrive Discovery Output and Enhance Early DiscoveryExploit Biotech Revolution for Innovative Pharmaceutical ResearchLeverage Alliance NetworkIncrease Productivity and Shorten Development Timeline - New Processes, Automation and Efficient Organisational StructureDevelop Leaders at all Levels372550-60CAGR ~ 50%R&D InvestmentsUS $Million

R&D ... Product StrategyNCEsSPECIALITY PRODUCTSGENERICSANDA filings

Para IVs

Blockbuster Para IIIs

Complex Technology and Niche ProductsNDDS ProductsNDAs , 505 b(2)

Pseudo BrandsTechnology and Dosage Forms Innovations

Co-development and Collaborative Research

Derma, Paediatric, and Urology franchise Long term play

Build expertise in Clinical Development

Research AlliancesNCE = New Chemical Entity , NDDS = Novel Drug Delivery Systems , NDA = New Drug Application , ANDA = Abbreviated New Drug Application

Drug Discovery ResearchNew Therapeutic AreasMetabolic Disorders, Anti-InflammatoryPhase 1Phase 2Pre-ClinicalLate DiscoveryRBx 9841Urology- Overactive BladderRBx 8700Anti-Infective -TuberculosisRBx 7796Pulmonary Bronchial AsthmaRBx 2258Urology- BPHRBx 7644 Anti-Bacterial Gram + InfectionIND FiledNCE New Chemical EntityNCE PipelineRBx 6198Urology -BPHRBx 9001Urology- BPH

Value Added Drug Delivery Systems forTaste MaskingEffervescent TabletsSoft Gelatin CapsulesTopical GelsNDDS4 Patented Platform Technologies

Modified Matrix8 products launchedProducts under developmentGastroretentiveCipro-OD and Oflox-OD2 products launchedMulti-particulateProducts under developmentAerogel Products under developmentNovel Drug Delivery Systems

Expansion into Transdermal and Inhalers

International Regulatory StatusFilingsApprovalsFilingsApprovalsFilingsFilingsApprovalsApprovals19992000 and 20012002Excludes outsourced ANDAsChinaUSABrazilWestern Europe

R & D IGurgaon, IndiaR & D - IIGurgaon, IndiaResearch & Development CenterOver 800 R&D PersonnelDedicated Facilities for Innovative ResearchGenerics ResearchDrug Discovery ResearchTherapeutic areas : Urology, Anti-Infectives, PulmonaryNovel Drug Delivery Systems Focus on Creating Rx productsExpand Technology PlatformsConformance to International Regulatory FrameworkMultiple Collaborative Research ProgramsNew Technologies / AreasBiotechnology , HerbalsExpansion Plan to add 200,000 sq feet area

Consolidated Financial Results - 2002ROCEPBT / SalesReturn on Capital EmployedEBITDA = Earnings before Interest, Tax, Depreciation & Amortisation

Global Sales

Sheet1

US$ Millions

Q2GrowthH1Growth

Particulars20032002(%)20032002(%)

Dosage Forms

India and Middle East544421.589828.5

Europe, CIS and Africa412377.1734658.7

Asia Pacific and Latin America1617(5.2)30287.1

USA1017436.621312570.7

Sub Total21115833.640528144.2

Active Pharmaceutical Ingredients (API)2425(5.0)585016.0

Allied Businesses *6512.011922.2

Net Sales24118927.947434039.5

* Animal Healthcare, Diagnostics and Fine Chemicals

Business Segment Contribution

Focus on Pharmaceutical Sales2002 Dosage Forms contribution at 85%495579789**

Dosage Forms**Gross Global SalesCAGR ~26 (Global Sales)CAGR ~37

Manufacturing StrengthsManufacturing Locations in Seven CountriesFDA-USA / MCA-UK / MCC-South Africa / TGA-Australia Approved FacilitiesEstablished track record with FDA-USASuccessful Partnership with Vendors for Quality ComplianceHigh degree of Backward IntegrationCost LeadershipProducer of world class Generics, Branded Generics, Active Pharmaceutical Ingredients and Complex MoleculesOver 50 in-house APIs developed

Manufacturing PresenceChinaMalaysiaIrelandNigeriaUSAVietnamIndiaActive Pharmaceuticals Ingredients (APIs)Facility, MohaliDosage Forms Facility, Paonta Sahib]Active Pharmaceuticals Ingredients (APIs) Facility, ToansaDosage Forms Facility, Dewas

India .. StrengthsRanked 3 in Indian Retail Market with Domestic Market Share of 4.63%Strong Brand Marketing Team with an extensive Distribution Network3 brands in top 25Strong Presence in Anti-Infectives, Cardiovascular, Anti-inflammatory & Dermatology segmentsGrowing Presence in Central Nervous System and Gastro Intestinal Tract, areas 20 New Products Launched in the H1-2003 period (Chronic Therapy share 33.3% and Non Anti-infective 59.5%)Largest Field Force comprising 1770 personnel Source: ORG MAT May 2003

USA .. Leading International ExpansionRanked No. 28 by prescription shareUS sales for the H1-2003 were at US $213 Mn.USA contributes 45% of the global sales (H1-2003) It is the largest market for the Company Strong ANDA pipelinePara IVs ANDAs filed till date ~ 24Potential first to file for 8-9 out of 24Brand Market Initiative taken off with over 200 sales representatives. Increasing Sales & Distribution reachCAGR 92%

Other Core MarketsGERMANYSales of US $9 Mn.(2002)Field Force of 43 for promotion to doctorsFocus on Inorganic acquisitions UNITED KINGDOMSales of US $31 Mn. (2002)Ranked 6th amongst Generics market share of 3.6%80 product linesBrand Basket of 6-7 productsBRAZILSales US $32 Mn. , growth ~100%(2002)Largest international player in genericsRanked 5th in generic segment and 53rd in overall19 new product launched in 2002 (17 generic, 2 branded)~ 100 products Approved / Under Received by ANVISACHINASecondary sales of ~ US $11.5 Mn. (2002)Robust Pipeline for year 2003, including Cifran OD & Zanocin OD

Way ForwardBuilding Innovation Engine at R&DSustain growth momentum in USA Attain critical mass in Europe and Latin AmericaSpecialty products focus for Brand marketingFortifying home business leverage India baseSeeding the Japanese marketNetworking, licensing and acquisitionsTechnology, new market entry vehicles, brands / proprietary productsGlobal talent pool to fuel growth

To become a Research based International Pharmaceutical CompanyOur Mission

Thank You