Glenmark Pharmaceuticals ltd — Capital/Financing Update 2020

Jan 14, 2020

This disclosure is for information purposes only and has not been and will not be registered as a prospectus or a statement in lieu of prospectus with any Registrar of Companies in India and is not and should not be construed as an offering circular, an offering memorandum, an advertisement, a solicitation, an offer or an offer document under the Companies Act, 2013, as amended, the Securities and Exchange Board of India (Issue of Capital Disclosure Requirements) Regulations, 2018, as amended, or any other applicable law in India, the United States or any other jurisdiction. Further, nothing in this electronic transmission constitutes an offer or an invitation to anyone including the public under the Companies Act, 2013, as amended, the Securities and Exchange Board of India {Issue of Capital Disclosure Requirements) Regulations, 2018, as amended, or any other applicable law of India, or of the United States of America or of any other jurisdiction, by or on behalf of Company or the Joint Bookrunners to subscribe for or purchase any of the Securities described herein. The Securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") and may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and any applicable state or local securities Jaws.

January 14, 2020

To,

Dy. General Manager Department of Corporate Services, BSE Ltd., P. J. Towers, Dalal Street, Fort, Mumbai - 400 001.

Ref: Scrip Code: 532296

To,

The Manager - Listing, The National Stock Exchange of India Ltd., Plot No, C/1, G Block, Sandra Kurla Complex, Bandra (E), Mumbai - 400 051.

Ref: Scrip Name: GLENMARK

Dear Sir,

Re: Intimation under the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended {"SEBI LODR")

This is in furtherance to our letter dated May 29, 2019 whereby we had informed the stock exchanges that the Board of Directors of Glen mark Pharmaceuticals Limited ("Company") at its meeting held on May 29, 2019 had approved issuance of bOnds, whether denominated in Indian Rupee or foreign currency, for an aggregate amount not exceeding USO 200 million in the international market as per applicable law.

Further to the above, we hereby inform you that the Company is contemplating issuance of USO denominated notes for an aggregate amount not exceeding USO 200 million ("Notes") subject to market conditions, and the Company's officials will be participating in roadshow presentations from January 14, 2020 to January 19, 2020 covering Asia, Europe and Middle East. Please note that the above schedule may undergo changes in case of exigencies on the part of the Company or the organizers, market conditions or other considerations. A copy of the investor presentation is enclosed herewith as Annexure A and will also be made available on the website of the Company.

Further, we would like to inform you that in this connection, the Company is expected to receive the credit rating for the proposed Notes, the details of which are as follows-

Sr.	Name of the Rating Agency	Expected Rating	Type of Instrument
No.
1.	Fitch Ratings	BB	USO- denominated notes#
2.	S&P Global	BB-

#proposed offering of Notes

A preliminary offering circular has been prepared and shall be made available to the prospective investors in relation to the contemplated issue of Notes. These Notes will not be offered or sold in India.

The pricing, tenure and other terms and conditions of the Notes will be determined by the Company and such details shall be intimated to you in due course.

This intimation has been made in accordance with the provisions of the SEBI LOOR.

We request you to kindly take this on record .

Thanking you,

Yours fa ithfully, For Glenmark Pharmaceuticals Limited

¢

Harish Kuber Company Secretary and Compliance Officer Encl.: As above

Annexure A

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ROADSHOW PRESENTATION January 2020

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TRANSACTIONOVERVIEW	DISCLAIMER
	NOTFORPUBLICATIONORDISTRIBUTION,DIRECTLYORINDIRECTLY,INORINTOTHEUNITEDSTATESandINDIA.
	ThisdocumenthasbeenpreparedbyGlenmarkPharmaceuticalsLimited(the"Company")solelyforinformationpurposes.Byacceptingthisdocument,youagreetomaintainabsoluteconfidentialityregardingtheinformationinthisdocument.Thisdocumentmaynotbetakenaway,reproducedorredistributed,inwholeorinpart,toanyotherpersonwithoutthepriorwrittenconsentoftheJointLeadManagers,andtheCompany.	disclosed
BUSINESSOVERVIEW	Thisdocumentdoesnotconstituteorformpartofandshouldnotbeconstruedas,anoffertosellorissueorthesolicitationofanoffertopurchaseorsubscribeanynotes(the"Notes")oftheCompanyoranyofitsaffiliates(together,the"Group")inanyjurisdictionoraninducementtoenterintoinvestmentactivity.Inparticular,thisdocumentandtheinformationcontainedhereinarenotanofferoftheNotesforsaleintheUnitedStatesforpublicationordistributionintheUnitedStatesandIndia.ThedocumentisbeinggiventoyouonthebasisthatyouhaveconfirmedyourrepresentationthatyouarenotlocatedorresidentintheUnitedStatesand,tothepurchasetheNotesdescribedhereinyouwillbedoingsopursuanttoRegulationSundertheUnitedStatesSecuritiesActof1933,asamended(the"SecuritiesAct").	subsidiariesorandarenotextentyou
	THENOTESHAVENOTBEEN,ANDWILLNOTBE,REGISTEREDUNDERTHESECURITIESACT,ORTHESECURITIESLAWSOFANYSTATEOFTHEUNITEDSTATES,INDIAOROTHERJURISDICTIONANDBEOFFEREDORSOLDWITHINTHEUNITEDSTATESEXCEPTPURSUANTTOANEXEMPTIONFROM,ORINATRANSACTIONNOTSUBJECTTO,THEREGISTRATIONREQUIREMENTSOFTHESECURITIESAPPLICABLESTATEORLOCALSECURITIESLAWS.NOPUBLICOFFERINGOFTHENOTESWILLBEMADEINTHEUNITEDSTATES,INDIAORINANYOTHERJURISDICTIONWHERESUCHANRESTRICTEDORPROHIBITED.	MAYNOTACTANDOFFERINGIS
CREDITHIGHLIGHTS	Thisdocumenthasnotbeenandwillnotberegisteredasa"prospectus"withanyRegistrarofCompaniesinIndiaoranyotherstatutoryorregulatoryauthorityinIndiaandnosuchdocumentwillbecirculatedordistributedpersoninIndia.Thisdocumentisforinformationandconvenientreferenceanddoesnotconstituteorformpartof,andshouldnotbeconstruedas,anyofferforsaleorsubscriptionof,orsolicitationofanyoffertobuyoranyNotesnorshoulditoranypartofitformthebasisof,orbereliedoninconnectionwith,anycontractorcommitmentwhatsoever.ThisdocumentdoesnotconstitutearecommendationregardingtheNotesandshouldnotasgivinginvestmentadvice.AnyinvestmentdecisiontopurchaseNotesinthecontextofaproposedoffering,ifany,shouldbemadeonthebasisofthefinaltermsandconditionsoftheNotesandtheinformationofferingcircularpublishedinrelationtosuchanofferingandnotonthebasisofthisdocument.	toanysubscribefor,betreatedcontainedinthe
	NopublicofferingofanysecuritieswillbemadeinIndia.Nopartofthisdocument,northefactofitsdistribution,shouldformthebasisof,orbereliedoninconnectionwith,anycontractorcommitmentorinvestmentwhatsoever.Thisdocumentdoesnotconstituteaprospectus,placementdocumentorotherofferingdocumentinwholeorinpart,undertheCompaniesAct,2013orundertherulesandregulationsoftheSecuritiesBoard("SEBI")includingbutnotlimitedtoSEBIIssueofCapitalandDisclosureRequirementsRegulations("SEBIICDRRegulations"),asamendedfromtimetotime,andisnotanofferundertheCompaniesAct,2013ortheRegulations.ThisdocumentwillnotbefiledwithanyregistrarofcompaniesinIndia,SEBIortheReserveBankofIndia.	decisionofIndiaSEBIICDR
FINANCIALSUMMARY	Theinformationcontainedinthisdocumenthasnotbeenindependentlyverified.Norepresentationorwarranty,expressorimplied,ismadeasto,andnorelianceshouldbeplacedon,thefairness,reliability,accuracy,correctnessofsuchinformationoropinionscontainedherein.Thepresentationshouldnotberegardedbyrecipientsasasubstitutefortheexerciseoftheirownjudgment.Theinformationcontainedinthisdocumentconsideredinthecontextofthecircumstancesprevailingatthetimeandhasnotbeen,andwillnotbe,updatedtoreflectmaterialdevelopmentswhichmayoccurafterthedateofthepresentation.NoneoftheCompanyLeadManagersisunderanyobligationtokeepcurrenttheinformationcontainedinthisdocumentandanyopinionsexpressedinitaresubjecttochangewithoutnotice.NoneoftheCompanyortheJointLeadManagersnorrespectiveaffiliates,advisersorrepresentativesacceptanyliabilitywhatsoever(whetherincontract,tort,strictliabilityorotherwise)foranydirect,indirect,incidental,consequential,punitiveorspecialdamageshowsoeveranyuseofthisdocumentoritscontentsorotherwisearisinginconnectionwiththisdocument	completenessorshouldbeortheJointanyoftheirarisingfrom
	Certainstatementsinthisdocumentmayconstitute"forward-lookingstatements".ThesestatementsreflecttheGroup'sbeliefsandexpectationsaboutthefutureandaresubjecttorisksanduncertainties.ThesestatementsarebasedonanumberofassumptionsabouttheGroup'soperationsandfactorsbeyondtheGroup'scontrol,andaccordingly,actualresultsmaydiffermateriallyfromtheseforward-lookingstatements.Youarenottorelyonsuchforward-lookingstatements.TheCompanydoesnotundertaketoreviseforward-lookingstatementstoreflectfutureeventsorcircumstances.	forward-lookingcautioned
	AnyreferencetoparticularproposedtermsofanyissueofNotesisintendedasasummaryandnotacompletedescription.TermsorcharacteristicsmaychangebeforeclosingandtheissueofNotesmaynotproceed.Nohasbeengiventoparticularinvestmentobjectives,financesorneedsofanyrecipient.Thisdocumentisnotintendedtoprovideandshouldnotberelieduponfortax,legaloraccountingadvice,investmentrecommendationsorotherevaluationoftheissueofNotes.Prospectiveinvestorsshouldconsulttheirtax,legal,accountingorotheradvisers.TheissueofNoteswillinvolveparticularrisks,prospectiveinvestorsshouldreadandexplanationsofrelevantrisksinthefinalversionoftheofferingcircularbeforemakinganydecisions.	considerationoracreditunderstandthe
APPENDIX	Allrightsreserved.Thisdocumentcontainsconfidentialandproprietaryinformationandnopartofitmaybereproduced,redistributedorpassedon,directlyorindirectly,toanyotherperson(whetherwithinoroutsideyourfirm)orpublished,inwholeorinpart,foranypurpose.	organisation/

ROADSHOW PRESENTING TEAM OVERVIEW

BUSINESS

CREDIT HIGHLIGHTS

FINANCIAL SUMMARY

Glenmark Team

Mr. V. S. Mani

Executive Director & Global Chief Financial Officer

Mr. V. S. Mani, a qualified Chartered Accountant has 29+ years of rich industry experience across treasury, taxation (direct, indirect & international), accounting, financial planning & analysis, secretarial, legal, audits (internal & statutory), risk management and investor relations APPENDIX

Mr. Kapil Kriplani

Vice President & Global Head Treasury

Mr. Kapil Kriplani, a qualified Chartered Accountant & Chartered Financial Analyst has 15+ years of experience in Fund raising, Corporate Finance, Treasury, M&A, Risk Management and Assurance among others

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TRANSACTIONOVERVIEW	AGENDA
	Transaction Overview	Section 1
BUSINESSOVERVIEW	Business Overview	Section 2
	Credit Highlights	Section 3
CREDIT	Financial Summary	Section 4
HIGHLIGHTS	Appendix
FINANCIALSUMMARY

OVERVIEW

BUSINESS OVERVIEW

CREDIT HIGHLIGHTS

FINANCIAL SUMMARY

Transaction Overview

SUMMARY OFFERING TERMS OVERVIEW

	A NEW WAY FOR A NEW WORLD
TRANSACTIONOVERVIEW		SUMMARY OFFERING TERMS
	Issuer	Glenmark Pharmaceuticals Limited ("Issuer")
	Issuer Rating	BB-(negative) / BB (stable) (S&P / Fitch)
BUSINESS	ExpectedIssue Rating	BB-/ BB (S&P / Fitch)
OVERVIEW	Structure	Fixed Rate Senior Unsecured Notes
	Currency	US$
	Amount	$200mn
CREDIT	Tenor	Up to4Years
HIGHLIGHTS	Use of Proceeds	To refinanceexisting 2021 USD Bond in accordance with ECB guidelines
	Changeof Control	(a) either (1) Promoter owns less than 35% of the voting stock of the Company or (ii) any person (other than the Promoters) becomes thebeneficial owner of the voting stock of the Company in a greater amount than the Promoters and (b) the Promoters cease to control themanagement / Board
	Ranking	Senior Unsecured
FINANCIAL	Covenants	Customaryhigh yield covenant package
SUMMARY	Governing law	NewYork law
	Distribution	Reg S
	Denomination / Listing /	US$200k denoms, SGX-listing, Euroclear / Clearstream
	SettlementJoint Global Coordinators	Barclays, EmiratesNBD Capital,ING and MUFG

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TRANSACTIONOVERVIEW	CORPORATE STRUCTURE
	PromoterGroup1	Aranda Investments(Temasek)	HSBC Pooled Fund	Life Insurance Corp.of India	Franklin TempletonFund
BUSINESSOVERVIEW	46.6%	1.3%	3.3%	1.8%	1.9%
CREDITHIGHLIGHTS		Glenmark Pharmaceuticals Limited ("Issuer")(Market cap: US$1.4bn2	, listed on BSE and NSE)
			All operating subsidiaries3restricted group	are within the
FINANCIALSUMMARY			Restricted group
APPENDIX	Source: Bloomberg, % holding as on 31 December, 2019.1.Promoter group refers to the Saldanha Family Trust, beneficiaries of which are Mrs. B.E. Saldanha, Mr. Glenn Saldanha, Mr.holdings by Saldanha family members.2.Market data based on closing pricing on NSE as on 31 December 2019. Exchange rate: US$1 = INR 71.274.3.Any company or other business entity of which (either directly or through one or more other Subsidiaries) more than 50% of the issued share capital or other ownership interest having ordinarydirectors, managers or trustees of such company or other business entity or any company or other business entity which at anyregulations or generally accepted accounting principles from time to time, should have its accounts consolidated with those of the Company.			Mark Saldanha, Ms. Blossom Saldanha and Ms. Cherylann Pinto, as well individualtime has its accounts consolidated with those of that person or which, under Indian law,	voting power to elect5

OVERVIEW

BUSINESS OVERVIEW

CREDIT HIGHLIGHTS

FINANCIAL SUMMARY

Business Overview

COMPANY OVERVIEW OVERVIEW

Research oriented, integrated, innovation-led global pharmaceutical By Geography (FY 2019) company incorporated in India

Group Highlights Diversified Revenue Streams molecules in different 80 countries globally India 29%1 LatAm 4% USA 32% EU 12% ROW (RCIS2 , Asia & Africa) 13% API 10% products are used to fill about 83 Mn scrips each year in the US

India Operations: Steadily Improving Rank3 Achieving Higher Milestones… Faster!

Glenmark is the 14th largest generics manufacturer by prescription and our

TRANSACTION OVERVIEW

EVOLUTION INTO A SUCCESSFUL GLOBAL PHARMACEUTICAL COMPANY

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TRANSACTIONOVERVIEW			EVOLUTION INTO A SUCCESSFUL GLOBAL PHARMACEUTICAL COMPANY
		Year 2000	Year 2019
BUSINESSOVERVIEW	Revenues	•Consolidated turnover:USD 31 mn	•Consolidated turnover: USD 1.4 bn
CREDIT	Manufacturing footprint	•2 formulationsfacilities	•16 facilitiesacross formulations and API in 4 continents (8 USFDA approved)•In the FY19, Monroe, North Carolina facility received its 1st approval for the drugsfrom USFDA•GMP-grade biologics plantin Switzerland with up to 250 L batch size
HIGHLIGHTS	International operations	•About 8%of total turnover	•About 70%of total turnover•Presence across USA, Canada, Europe, Russia, LATAM, India & MEA
FINANCIALSUMMARY	Innovation	•Initiation of NME research	•8 out-licensing dealssigned with Eli Lilly, Merck, Sanofi, Forest Labs, etc.•USD 220 mn+of cash through out-licensing•Strong pipeline ofnovel molecules currently under development
	Global employee base	•Less than 1,000	•More than 14,000

9

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TRANSACTION OVERVIEW

BUSINESS OVERVIEW

CREDIT HIGHLIGHTS

FINANCIAL SUMMARY

Credit Highlights

STRONG TAILWINDS TO DRIVE GROWTH OF INDIAN MARKET 1

TRANSACTION OVERVIEW

Secular long term growth potential with historical one-off disruptive events having limited impact

Source: Press reports, DIPP, World Economic Outlook, World Health Organization, Industry Research.

TRANSACTION OVERVIEW

• United States is the largest pharmaceuticals market globally, both for innovator brands and generic drugs

1

• BUSINESS OVERVIEW • Major product types which are expected to see growth in next five years are small molecules, biologics, brands, generics, biosimilars
  • Increase in spending growth is expected to be driven by a substantial rise in the number of launches of new medicines, but will be offset by losses of market exclusivity of branded products
• CREDIT HIGHLIGHTS • According to CRISIL, the market is likely to experience growth due to a healthy pipeline of expiring patent between fiscal 2019 and fiscal 2024
  • Moreover, the growth in future will be disproportionately driven by the specialty therapeutic classes: oncology, autoimmune, immunology
• FINANCIAL • Specialty spending on oncology is expected to be 29% of total market
• SUMMARY • The key drivers of growth in future to be the United States and respectively.

Glenmark Pipeline is in line with Key Growing Products as mentioned above

APPENDIX

Specialty Medicines Spending and Growth in Developed Markets1,2

EVER GROWING US PHARMACEUTICALS MARKET

1. Source: Global Medicines Use Report 2. Note: Developed Markets defined as U.S., Japan, Germany, France, Italy, Spain, U.K. & Canada

ROBUST GROWTH IN KEY OPERATING MARKETS: INDIA PHARMACEUTICAL MARKET (IPM) OVERVIEW 2

Sizeable Player in IPM with Focus on Niche Therapy Areas Robust Growth Exhibited in the Last 5 Years

• Glenmark has been operating in the Indian market since its inception in 1977
• BUSINESS • India formulation business contributes 29% to the overall revenue of Glenmark as per FY2019
• OVERVIEW • Glenmark is 5th fastest growing company among the top 20 pharmaceutical companies in India in March 20191
  • Glenmark has 9 brands among the top 300 pharmaceutical brands and 1 brand among the top 50 pharmaceutical brands in India1
  • Glenmark is ranked 14th in the Indian domestic pharmaceutical industry1
• CREDIT HIGHLIGHTS • Ranked #2 in Dermatology, #4 in Respiratory and #6 in Cardiovascular

Market Leader for Many API Products

• 1. IQVIA MAT March 2019 report. • Glenmark is a market leader for many API products in semi-regulated markets, and in a short period, it has also established leadership in regulated markets
• FINANCIAL • Contributes 10% to Glenmark's overall business
• SUMMARY • Over 365 DMFs filed in various markets including US & Europe
  • Product portfolio: Atovaquone, Perindopril, Lercanidipine, Teneligliptin, Etoricoxib, Amiodarone, Adapalene, Telmisartan, Aprepitant and Olmesartan
  • Key Markets: API business spans across 80 countries including the regulated markets like US, Europe and Japan

APPENDIX 2. Source: IQVIA, Total Sales Audit MAT March 2019 report.

Improving India Formulation Market Share2

13

ROBUST GROWTH IN KEY OPERATING MARKETS: US GENERICS - WORLD'S LARGEST PHARMACEUTICALS MARKET OVERVIEW 2 January 2005 21 products during FY 19 including semi-solids and oral solids, hormones and injectables

Strength and growth of Glenmark's US generics platform US Generics Revenue1

• Glenmark Pharmaceuticals Inc., USA launched its first product in

• BUSINESS OVERVIEW

  • Glenmark filed a 14 ANDAs with the US FDA and successfully launched

• CREDIT HIGHLIGHTS • One of the largest generic player in dermatology with focused presence in niche segments including hormones, oncology injectables and modified release oral solids

(in USD mn)

Supplies to Major Wholesalers and Retailers in the US

Well Diversified US Portfolio

APPENDIX

1. FY17 and FY18 saw high Revenue due to one-off exclusivity from gZetia

DIVERSIFIED PRODUCT PORTFOLIO WITH STRONG BRAND POSITIONING: OUTPERFORMANCE IN INDIA WITH INCREASING MARKET SHARE OVERVIEW 3

Cardiovascular (IPM MAT Mar'19: INR 140,103mn) Anti-Diabetic1

(IPM MAT Mar'19: INR 114,129mn)

APPENDIX Source: IQVIA Total Sales Audit, MAT March

Note: 1. Glenmark Pharmaceuticals Growth in FY17 in Anti-Diabetic Segment was low due to withdrawal of Sitagliptin .

DIVERSIFIED PRODUCT PORTFOLIO WITH STRONG BRAND POSITIONING: USA OVERVIEW 3

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TRANSACTIONOVERVIEW	3POSITIONING: USA	DIVERSIFIED PRODUCT PORTFOLIO WITH STRONG BRAND160+ ANDA authorized for distribution1	and 45 products (incl. 24 Para IV applications) pending approval2		in
	the US
BUSINESSOVERVIEW	Primary Category	Authorized toDistribute	PendingApproval	Total Filings	Market Size(USDbn)
	Immediate Release	68	24	92	27.6
	Hormones	26	1	27	2.7
					5.9
	ModifiedRelease	16	5	21
	Dermatology	47	10	57	1.5
	Inhalation	0	1	1	0.5
CREDITHIGHLIGHTS	Injectables	1	2	3	1.5
FINANCIAL	Others	5	2	7	0.4
SUMMARY	Total	163	45	208	40.1

TRANSACTION

DIVERSIFIED PRODUCT PORTFOLIO WITH STRONG BRAND POSITIONING: CONSISTENT TRACK RECORD OF NEW PRODUCT INTRODUCTIONS OVERVIEW 3 Glenmark has signed exclusive licensing agreement with Helsinn Group for Akynzeo a 5 Introduced Teneligliptin for the first time in India in 2015 – one of India's most affordable

New Launches Across Markets

• Europe:

• Russia:

• Other markets:

Nourkrin® among others • Latin America:

• US

• India Formulations

DPP 4 products

of Type 2 Diabetes

nausea and vomiting

Launched 21 products in US in FY 19

More than 50 new products introduced in last 3 years

day prophylaxis from both the acute and delayed phases of chemotherapy-induced

Launched Nourkin, a formula for addressing one of the key underlying causes of hair

Sweden, 7 in Czech, 5 in Poland and 9 in Nordic countries in FY 19

The Africa business launched 56 products in the region in FY 19 Multiple products currently under approval with various regulatory agencies

BUSINESS	•India Formulations
OVERVIEW

CREDIT HIGHLIGHTS

FINANCIAL SUMMARY

APPENDIX

Launched 6 products in Brazil. Including Beclometasone in the last 2 years Glenmark' s Brazilian subsidiary entered into an exclusive partnership in June 2019 with

17

DIVERSIFIED STATE OF THE ART MANUFACTURING INFRASTRUCTURE BUSINESS OVERVIEW FINANCIAL SUMMARY APPENDIX TRANSACTION OVERVIEW CREDIT HIGHLIGHTS 4 Czech Republic Oral Solids and Semi-solids Supplies to European Union countries Manufacturing and distribution license for medicinal products (SUKL) Aurangabad Nasik, India Oral Solids, Oral Liquids, Semi Solids, Powders Operational in 1983 >200 products IDMA Awards, National award for TPM practices Goa, India Nalagarh, India Oral Liquids, Semi Solids Operational in 2009 Supplies to semi regulated and regulated markets Indore, India Sikkim, India Oral Solids Operational in 2012 Area designed for future expansions Baddi, India (2)1 API Sites Semi Solids, Oral Liquids, MDI, DPI, Nasal Spray,Oncology Supplies to India and ROW Annual Capacity of 14 mn tablets Oral Solids, Semi Solids, Hormones Caters to US and Western Europe Also supplies to Brazil, South Africa, Kenya etc Commenced operations in 2004 Oral Solids, Semi Solids, Immunosuppressant Caters to US and Western Europe and India Initiated operations in May 2009 Semi Solids, Oral Liquids, MDI, DPI, Nasal Spray, Solids Caters to US, EU, Brazil, India & ROW Operational in 2006 >400 products for India and semiregulated markets Total 4 API sites out of which 3 are USFDA approved (Ankleshwar,Dahej & Mohol) Supplies to US, Japan, Europe and ROW Small molecule APIs and Intermediates Monroe, USA Oral Solids, Injectable & Inhalation Established in 2015 Capacity: 300-400 mn oral solids tablets & 20-25 mn vials and pre-filled syringes 1. Only one Baddi facility is USFDA approved. US FDA approved 19

TRANSACTION OVERVIEW

5 CONTINUOUS EMPHASIS ON QUALITY AND COMPLIANCE

With increased scrutiny from regulatory authorities, compliance is a significant competitive advantage

CREDIT

Committed to internationally accepted standards of quality, purity, efficacy and safety across all our operations.

Been relentless in stepping up our quality systems to ensure that our products, processes and infrastructure measures up to international expectations.

Manufacturing facilities across the globe are approved by regulatory bodies such as the US-FDA, UK-MHRA, WHO-GMP, Canadian TPD, South African MCC and ANVISA of Brazil.

HIGHLIGHTS

Regular training programmes to guarantee that employees implement higher standards by the day. SUMMARY

Work ceaselessly, not only to meet the stringent regulations but also to set new benchmarks.

Ensuring high-quality and compliance across all operations APPENDIX

TRANSACTION

SUCCESSFUL TRACK RECORD OF EXCELLENT RESEARCH AND DEVELOPMENT CAPABILITIES 6 OVERVIEW

TRANSACTION OVERVIEW

BUSINESS OVERVIEW

CREDIT

FINANCIAL SUMMARY

6 EXCELLENT RESEARCH AND DEVELOPMENT CAPABILITIES

• innovation pipeline consists of 7 assets from Immunology, Oncology, Respiratory & pain (non-opioid).
• Seven R&D Centers across India, Switzerland and US for discovery of new molecules both NCEs (New chemical entity) and NBEs (New biological entity).

HIGHLIGHTS total revenue of USD 220+ mn. Robust pipeline of specialty products and novel molecules – NCEs and NBEs in various stages of clinical development.

8 out-licensing deals have been struck with global pharma majors with a

Focus on discovery of molecules that are first-in-class.

A large number of highly qualified scientists and extensive Research & Development facilities spread across the globe combine to form the hub of Glenmark's R&D activity. APPENDIX

6 INNOVATION PIPELINE

Update on Clinical Pipeline

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	INNOVATION PIPELINE6
TRANSACTIONOVERVIEW
	Update on Clinical Pipeline
	Molecule Mechanism / Class	Potential Indication	Phase		Status (Dates	are in Calendar Year)
	AutoimmuneDisease
BUSINESSOVERVIEW	ISB 830 OX40 Anatagonist	Atopic Dermatitis	Phase 2b	Part 1 of this randomized	Top-line results (Part 1) in first half of 2020. Part 2 is enrolling	double-blind placebo-controlled Phase 2b study is fully enrolled.
		Rheumatoid Arthritis	Phase 2b	To start in 2020
		Systemic Lupus Erythematosus	Phase 2b		Timing of study start to be determined
	PainISC 27864mPGES-1Inhibitor	OsteoarthriticPain	Phase 2b	the first	half of 2020	Fully enrolled. Top-line results of this randomised double-blind placebo-controlled study in
CREDITHIGHLIGHTS	ISC 17536TRPA1 Antagonist	Painful Diabetic PeripheralNeuropathy	Phase 2a	Phase 2a	study completed. Additional studies to start in 2020
	Oncology
	ISB 1302HER2xCD3Bispecific Antibody	BreastCancer	Phase 1a/1b	Currently enrolling
	ISB 1342CD38xCD3 Bispecific Antibody	Multiple Myeloma	Phase 1a/1b	Currently enrolling
FINANCIALSUMMARY	Update on Pre-clinical Pipeline
	Pre-clinical Asset	Therapy	MoA/Class		Potential Indication	Comments
	To be Named	Oncology	MAP4K1 Inhibitor		To be Determined	Initiate Phase 1 in CY 2020

FINANCIAL

Update on Pre-clinical Pipeline SUMMARY

Pre-clinical Asset	Therapy	MoA/Class	Potential Indication	Comments
To be Named	Oncology	MAP4K1 Inhibitor	To be Determined	Initiate Phase 1 in CY 2020
GRC 398151	Respiratory	RORyt inhibitor	COPD	Initiate Phase 1 in FY 2020

Note: Number of people enrolled for trials and trial timelines are dependent on multiple factors e.g. disease, drug

TRANSACTION

STRONG CORPORATE GOVERNANCE: HIGHLY EXPERIENCED BOARD OF DIRECTORS 7 Cherylann Pinto, Executive Director – Corporate Affairs Ex- Deputy Governor, RBI and Ex- Chairman, SEBI 40+ years experience in OVERVIEW

CREDIT

• Executive Director Whole-time Director
• to 2005 Responsible for developing

• MBA from New York University's Leonard N.
• Glenn Saldanha, Chairman and MD Stern School of Business General Management from the Harvard Business School in Boston
  • 30+ years of experience

in Pharma V.S. Mani, Executive Director & Global CFO 29+ years of industry experience across treasury, accounting, financial planning & analysis, risk management and investor relation Milind Sarwate, Non-

• Rajesh Desai, Non-Executive Director
• Chartered Accountant
• Been with Glenmark for 30+ years
• Led Finance, Legal vand IT

• B. E. Saldanha, Non-
• HIGHLIGHTS of the Company from 1982
  • export business

• D. R. Mehta, Non-Executive Independent
• Civil Services

• Sridhar Gorthi, Non-Executive Independent
• Partner at Trilegal Involved in legal advisory services to MNCs and domestic corporations

• JF Ribeiro, Non-Executive Independent
• Retired Govt. Officer
• Under Commissioner of Police, Mumbai and Special Secretary to Govt. of India, Ministry of Home Affairs Saira Ramasastry, Non-

APPENDIX

• Brian W Tempest, Non-Executive Independent 40+ years experience in SUMMARY
  • Fellow of the Royal Society

• Bernard Munos, Non-Executive Independent
• Pharmaceuticals Founder, InnoThink Center for Research in Biomedical Innovation
• of Chemistry, Medicine Served Eli Lilly & Company USA as Advisor, Corporate Strategy

Executive Independent Ex-CFO of Marico Ltd. Chartered Accountant,

• Executive Independent
• 20+ years experience in Life Sciences Industry
• Cost Accountant and Company Secretary Founder and Managing Partner of Life Sciences Advisory, LLC

25

TRANSACTION

STRONG CORPORATE GOVERNANCE: HIGHLY EXPERIENCED MANAGEMENT 7 OVERVIEW

BUSINESS

CREDIT

FINANCIAL SUMMARY

• Sujesh Vasudevan, President, India, Middle East and Africa
• 30+ years of experience in
• Prior to Glenmark he was with Abbott heading the India Business

• Robert Matsuk, President & Head of North America Joined in May 2014 with
• 28+ years of experience Prior to Glenmark,
• he was the Executive Vice President at HighPoint Solutions

analysis, risk management

Glenmark Pharmaceuticals Limited

Jayaram Philkana, President & Global Chief Human Resources

• 20+ years of experience across firms like UPL Ltd.(Global CHRO) & Cargill & Global Head- Legal &
• and investor relation Specialization in Human Resources from XLRI Jamshedpur

Dr Darshan Makhey, President & Head of Global Quality

22+ years of experience across multiple firms such as Sanofi, Dr. Reddy's etc. in quality function

Venkatasubramanian, President & Head Global

• 24+ years of rich experience in managing end to end Supply Chain and Manufacturing operations, Business transformation, HR & IT

• Shriram Kaizad Adi Hazari, President Corporate Affairs

• Operations & Supply Chain 26+ years of experience across industries

  • Prior to Glenmark, he was CEO-Stressed Assets business, HDFC Limited

• Previously Executive Vice President, Head of Oncology Therapeutics at Gilead Sciences

• Experience across firms like Novartis, Rhône-Poulenc Rorer and Aventis

• Ichnos Sciences Inc. Glenmark LifeSciences Limited
• Alessandro Riva, Chief Executive Officer, New innovation Business Dr. Yasir Rawjee, Chief Executive Officer, Glenmark Life Sciences
  • Previously associated with Mylan, GlaxoSmithKline and Matrix Laboratories
  • PhD in Chemistry from Texas A&M University, USA and holds a degree in B.Sc.(Tech.) from UDCT, India

APPENDIX

26

TRANSACTION OVERVIEW

BUSINESS OVERVIEW

CREDIT HIGHLIGHTS

FINANCIAL SUMMARY

Financial Summary

EXCELLENT FINANCIAL FLEXIBILITY OVERVIEW

BUSINESS

CREDIT HIGHLIGHTS

APPENDIX

1. Excluding effect of restricted cash.

OVERVIEW EXCELLENT FINANCIAL FLEXIBILITY (CONT'D)

Conservative financial profile highlighted through strong interest coverage and low leverage ratios

TRANSACTION OVERVIEW

BUSINESS OVERVIEW

CREDIT HIGHLIGHTS

FINANCIAL SUMMARY

Appendix

BUSINESS

CREDIT HIGHLIGHTS

FINANCIAL SUMMARY

KEY GROWTH DRIVERS OVERVIEW

Focus on Select Rx Therapeutic Areas

• OVERVIEW • Primary areas – Dermatology, Respiratory, Cardiovascular, Diabetes & Oncology across all markets • Secondary areas – Cardio-metabolic in
  • select markets

Launch Global Brands

• key markets globally through mix of in-house/partnered commercial models India, LATAM, ARCIS markets
• Recently launched Nebzmart across
• Other specialty pipeline products under development

Strengthen Commercial Infrastructure

• Preparing to launch RyaltrisTM across • Increase presence in large markets of MEA and Asia
  • Expand field-force in selected markets such as the US, India and LATAM

31

OVERVIEW

BUSINESS OVERVIEW

CREDIT HIGHLIGHTS

FINANCIAL SUMMARY Thank You