Cipla Ltd. — Investor Presentation 2019

May 22, 2019

22"d May, 2019

• (1) BSE Limited Listing Department, Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai 400 001
• (2) National Stock Exchange of India Limited Listing Department Exchange Plaza, 51 h floor, Plot no. C/1, G Block, Sandra Kurla Complex, Sandra (East), Mumbai- 400 051

Scrip Code: 500087

Scrip Code: CIPLA EQ

(3) SOCIETE DE LA BOURSE DE LUXEMBOURG Societe Anonyme 35A Boulevard Joseph II, L-1840 Luxembourg

Sub: Investor Presentation

Dear Sir/ Madam,

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed investor presentation dated 22"d May, 2019.

This is for your information and record .

Thanking you,

Yours faithfully, For Cipla Limited

Rajendra Chopra Company Secretary

Encl: as above

Prepared by: Karan Tanna

Investor Presentation Q4FY19

22-05-2019

Disclaimer

Except for the historical information contained herein, statements in this presentation and the subsequent discussions 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, our ability to obtain regulatory approvals, technological changes, fluctuation in earnings, foreign exchange rates, our ability to manage international operations and exports, our exposure to market risks as well as other risks. Cipla Limited does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date thereof.

Information relating to any medical products or medical devices contained herein is provided by Cipla for general information purposes only. Information on any of the medical products or medical devices may vary from country-to-country. A reference to a medical product or a medical device does not imply that such medical product or medical device is available in your country. The commercial availability of the medical products or medical devices listed herein in your country is dependent on the validity and status of existing patents and/or marketing authorizations related to each. An independent enquiry regarding the availability of each medical products or medical device should be made for each individual country

The product information contained herein is not intended to provide complete medical information, and is not intended to be used as an alternative to consulting with qualified doctors or health care professionals.

Nothing contained herein should be construed as giving of advice or the making of a recommendation and it should not be relied on as the basis for any decision or action. It is important to only rely on the advice of a health care professional

Key highlights:

1	Expansion inEBITDA margins	22.1%(Q4 EBITDA)	75%Q4 EBITDA1YoY Growth	19.4%(FY19 EBITDA)	12%FY19 EBITDA1	YoY Growth
		India		South Africa
2	Continued growthacross branded markets	11%(Q4 YoY Growth)	11.2%As per IQVIA MATMar'19	12%FY19 Private MarketYoY Growth (ZAR)	10.4%As per IQVIA MATMar'19	3xVs marketgrowth
3	Strong growth in theUS business	41%Q4 YoY Growth	18%FY19 YoY Growth	Ramp-up in new launches andcontribution from Cinacalcet
	EIR received for the Jan'19 US FDA inspection at Goa plantResponse submitted for the inspection at Kurkumbh4Quality and ComplianceIndore post-approval inspection from May 13 to May 17 ended with zeroobservations
5	Q4 R&D at 7.1% to sales; Respiratory trials well on-track; 2 respiratory filings targetedin FY20Pipeline ProgressContinued focus on limited competition opportunities through targeted R&Dinvestments; 20 assets filed in FY19
	1.Without the impact of exceptional items in FY18
	Investor Presentation: Q4FY19					3

FY19: Significant progress across our key priorities

US	FY19 Growth18%	Launch and ramp-up of differentiated products (gPulmicort, gVoltaren, gIsuprel,gSensipar)•
India	FY19 Growth7%	Strong execution supported by prescription generation and market beating growth across key•therapies; in-licensed products ramping upIn Chronic therapies (as per IQVIA), became the 2nd biggest player in India during the year•
SouthAfrica	FY19 PvtGrowth12%ZAR Terms	Strong private market performance continues; 12% YoY primary growth•Expanded product offering in the fast growing OTC market with Mirren acquisition•
Specialty	Total 4assets inpipeline	3 new assets added to the Specialty pipeline during the year in the areas of CNS, Respiratory and•Institutional businessCTP-254 (CNS): In-licensed from Concert•Pulmazole(Respiratory): Partnership with Pulmatrix•IV Tramadol (Pain Management): Proposed acquisition of Avenue Therapeutics•
R&D	7.4%ofRevenue	Initiation of gAdvairtrials on track; 20 new ANDAs filed during the year including 2 in-licensed assets

Building a sustainable Specialty business: Inhaled itraconazole

Marks Cipla's entry into Specialty Respiratory segment

Respiratory Specialty
	Pulmazole–Inhaled Itraconazole
Cipla1entersintoaworldwideco-developmentandcommercializationagreementofPulmazole(PUR1900)–aninhalediSPERSE™formulationoftheanti-fungaldrugitraconazoleforthetreatmentofABPA2inpatientswithasthma
TransactionStructure	$22mn upfront payment for assignment of all rights for Pulmazole in relation to pulmonary indications•Both parties will equally share costs related to the future development and commercialization and•equally share worldwide free cash flow from future sales of Pulmazole•Pulmatrixwill remain primarily responsible for the execution of the clinical development and Cipla1willbe responsible for the commercialization of the product.
Formulationaddressesclinically unmetpatient need	•ABPA2is a unique condition found among asthmatic patients with hypersensitive immune reaction toaspergillus -a condition that possibly impacts over 2 million patients worldwide but has no labelled drug•Existing oral itraconazolealso presents multiple clinically significant and tangible challenges:•Unpredictable bioavailability: efficacy unpredictabilityImpact on steroid metabolism and need to monitor for their side effects•Compliance challenges: twice daily dosing in an already polytherapy disease and gastric side•effects

1. Cipla Technologies LLC, a subsidiary of Cipla Limited 2. Allergic bronchopulmonary aspergillosis

Continued focus on maintaining balance sheet health with strong cash flow generation

Capex optimization through a structured approach leading to improvement in cash flow generation

Focused management of inventory driving strong working capital efficiencies

1. EBITDA for respective Trailing Twelve Months (TTM) of the period | FY18 EBITDA excluding exceptional items

Financial Performance – Q4FY19

1 Others: Includes CNV business, Vet and others; SAGA includes South Africa, Sub-Saharan Africa and Cipla Global Access; Percentages have been rounded-off 2.Without the impact of exceptional items in FY18

Investor Presentation: Q4FY19

Financial Performance – FY19

1 Others: Includes CNV business, Vet and others; SAGA includes South Africa, Sub-Saharan Africa and Cipla Global Access; Percentages have been rounded-off

India (Rx + Gx) Sales: Strong growth momentum continues across key therapeutic areas

Key Business Highlights1

• Cipla continued its outperformance in FY19; grew by 11.2% vs market growth of 10.5%
• Chronic therapies: Cipla became the 2nd biggest player growing over 18% vs market growth of 13%
• Strategic partnership with LG Life Sciences for Women Health Portfolio

Therapy	Market Rank	Market Share	Cipla Growth	Market Growth
Respiratory	1	21.8%	19%	11%
Respiratory Inhalation	1	67.4%	20%	18%
Urology	1	15.1%	19%	17%
Cardiology	4	5.6%	18%	12%
Central Nervous System	5	3.2%	16%	10%1. IQVIA MAT Mar'19

North America: Significant growth driven by ramp-up across key differentiated products

ANDA1 Portfolio & Pipeline (As on 31st Mar 2019)

2 PEPFAR approved ANDAs can be commercialised in US

SAGA* : South Africa, Sub-Saharan Africa and Cipla Global Access

Key Business Highlights

• Re-basing of global access business and softness in South Africa tender; Global access business de-grew 36% YoY during the year
• As per IQVIA (IMS) MAT Mar'19, South Africa business grew at more than three times the market at 10.4% in the private market
• Expanded offering to the patients in South Africa beyond medicines, acquired 30% stake in Brandmed, a connected health solutions company. *Financial numbers are rounded off

EM, Europe and API

• Biosimilars franchise in the EM: Added Peg-filgrastim for Australia, New Zealand, Colombia and Malaysia
• De-growth largely attributable to geopolitical challenges in Middle East markets and currency movements

• Strong ramp-up in key respiratory products post the resolution of supply issues
• FPSM market share ramping- up steadily

• Strong contribution from key accounts and top 5 products; sales ramp-up in Oncology APIs
• Continued momentum in seedings and lock-ins

Priorities for FY20

Continued growth across focused markets

India		US	South Africa		RoW& Others
Above market growthStrong growth in existingfranchises inclRespiup of chronic therapies suchas Diabetes, Cardio andWomen Health	+ ramp	Gx: Drive double digitgrowthScale-up of FY19 launches+ FY20 new launchesSpecialty investments tocontinue	Continued strong privatemarket performanceOTC business to rampup further offsettingsoftness in Tender		Continue market leadershipin key regions;China and Brazil entriesacceleratedManage risks in middleeastern markets
EBITDA			R&D spend
FY20	Margin expansion overnormalized FY19 EBITDA		7-8%		Continued investments toramp-up US portfolio;Respiratory Clinical andSpecialty investments
Planned filings			Quality & Compliance
12+Focus towards complex andEnsuring compliance at all our facilitiesdifferentiated assetsANDAsglobally

Thank you

Registered Office :

Cipla Limited, Cipla House, Peninsula Business Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai 400 013

For any queries, please contact Naveen Bansal Investor.Relations@cipla.com

For more information please visit www.cipla.com