Lupin Ltd — Investor Presentation 2021

Jan 12, 2021

January 12, 2021

BSE Limited Department of Corporate Services, P. J. Towers, Dalai Street, Mumbai - 400 001.

v National Stock Exchange of India Ltd. Exchange Plaza, Bandra Kuria Complex, Bandra (East), Mumbai - 400 051.

Dear Sir/Madam,

Sub: Disclosure pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Pursuant to Regulation 30(2) read with Schedule III Part A Para A (15) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, enclosed is a copy of the presentation to be made at the J. P. Morgan Healthcare Conference.

Kindly confirm receipt.

Thanking you.

For LUPIN LIMITED

R. V. SATAM COMPANY SECRETARY (ACS -11973)

Encl.: a/a

LUPIN LIMITED

Registered Office: 3'd Floor, Kalpataru Inspire, Off W. E. Highway, Santacruz (East), Mumbai - 400 055 India. Tel: (91-22) 6640 2323. Corporate Identity Number: L24100MH1983PLCO29442 www.lupincom

J.P Morgan Healthcare Conference January 12th, 2021

Lupin Limited Vinita Gupta, CEO

Safe Harbor Statement

Materials and information provided during this presentation may contain 'forward-looking statements'. These statements are based on current expectations, forecasts and assumptions that are subject to risks and uncertainties which could cause actual outcomes and results to differ materially from these statements.

Risks and uncertainties include general industry and market conditions, and general domestic and international economic conditions such as interest rate and currency exchange fluctuations. Risks and uncertainties particularly apply with respect to product-related forward-looking statements. Product risks and uncertainties include, but are not limited to, technological advances and patents obtained by competitors. Challenges inherent in new product development, including completion of clinical trials; claims and concerns about product safety and efficacy; obtaining regulatory approvals; domestic and foreign healthcare reforms; trends toward managed care and healthcare cost containment; and governmental laws and regulations affecting domestic and foreign operations.

Also, for products that are approved, there are manufacturing and marketing risks and uncertainties, which include, but are not limited to, inability to build production capacity to meet demand, unavailability of raw materials, and failure to gain market acceptance.

You are cautioned not to place undue reliance on these forward-looking statements, which reflect our opinions only as of the date of this presentation.

The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise.

Lupin Today

1. LTM sales as of 31st Mar 2020 2. IQVIA MAT Sep-20

2. IQVIA MAT Aug-20 4. As of January 11, 2021 exchange rate used: US$ 1 = INR 73.5 5. Exchange rate used US$ 1 = INR 70.78 (Average for FY20) 3

CY20 Highlights and Recent Performance

COVID Response: Delivered our mission of Ensuring the health and well-being of our people while maintaining our supply of life-saving medicines

Increasing Sales Momentum: Achieving sustained quarterly growth

Pipeline Progress: 16 ANDA approvals and 13 filings with the US FDA

CGx Platform Successes: Biosimilar and Inhalation launches at scale

• European launch of bEtanercept with Commercial partner Mylan
• Launch of Albuterol reached 8%+ generic market share for Q3 FY213

EBITDA Acceleration: Increased EBITDA 2%+ during Q2 FY21

• Optimized Global man-power spend
• Wound down loss-making Brazilian Dermatology franchise
• Restructured US Women's Health infrastructure and spend

Sustained Quality Momentum: 16 consecutive positive outcomes on Major agency audits during CY20 (USFDA, MHRA, PMDA, ANVISA, Cofepris)

• Track record of success on desktop audits from WHO and TGA (4 total)
• Actively addressing FDA's Somerset observations

US Generics: Established Leader

Consolidating our position in the US1			Robust base business
#3	121	62	•Top 25 products drive the base business with strong market share•Strategic supply chain capabilitymaintained throughout the COVIDrelated disruptions
US Pharmaranking(by TRx)	Top 3 bymarket share(Number of products)	Marketleader(Number of products)	Focus on Key launches and Growth drivers
			•12Launches completed thisFY driving top-linegrowth•Continued maximizationof uptake for Levothyroxine
US Generics Portfolio			•Launched and further ramping up Albuterol
			•Mid-term launch schedule de-risked with ~65% filed
29%	181156		Entry into New Channels
Averagemarket share(marketed products)	Productsmarketed(cumulative)	Filings pendingapproval(cumulative)	•Building presence in hospital / institutional channel•Focusing on Go-to-Market capability for injectables and Biosimilars•Accelerating BD efforts to augment injectables pipeline (e.g.Liposomes)

India: Consistent Outperformer

Strategic Vision: A Well-Diversified Pharma Company

Integrated Global Quality Culture
Novel productsCommitted to building robustspecialty business			North AmericaWomen's HealthCapability building andportfolio expansion		NaMusclaFranchiseGeographic expansionand partnership		Novel OncologyResearch PlatformPipeline acceleration
Complex GenericsInvesting heavily in thedevelopment of high barriertherapeutics		Global InhalationGlobal BiosimilarsPlatformBusinessLaunch execution, PortfolioExecution and scaling in ourexpansion and Developmentmarkets and beyond			Global Long Actingand US Gx InjectablesClinical executionand Scale
Strong GenericsFoundationAmongst the Top 10 genericcompanies in the World	US GenericsGrowth driven by a diversifiedportfolioExecution on high-valueopportunities		India Region FormulationsAchieving Top 3 by shareBuild select adjacencies		Other GrowthMarketsSelf Sustenance, Growth andOperating Leverage
Commercial leverage through In-licensing, M&A and Partnerships

Highly scaled and efficient Research, Development and Operational capabilities

Material Progress on Growth Platform Investments

Timing of material contribution

Robust suite of depot, liposomal, Peptide and Iron colloid generic therapies

Accelerating Global Inhalation strategy leveraging synergistic platform investments

FY21+ Biosimilars

Exceptional R&D capabilities paired with evolving commercial capabilities

FY26+ Women's Health

Leverages R&D capabilities and US WHC footprint

Evolving our Specialty Focus

	Historic launches	2021 Onwards
UnitedStates:	2004:Launched Suprax ™ oral suspension to pediatricians2012: Launched Suprax™ for uncomplicated UTI2016: Acquired Methergine™ for Postpartum Hemorrhage2018: Launched Solosec™ for BV	•Accelerating Solosec through Trichomoniasisindication1and maximizing access wins•Expanding portfolio through BD&L•Progressing internal pipeline
Women's Health	Solosecmechanism of action + differentiation
	•MoA: 5-nitroimidazole antimicrobial
	•Dosage: Single packet (2g) of granules taken once orally	No AlcoholNo8 out of 10 patients found it easyrestrictioncreamsto take their Solosec dose (N=85)
Canada:Gastrointestinal	2015: Zaxine ™ (Rifaximin) for treatment of HE	•Expanding portfolio through BD&L activities
	2019: Zaxine™ for treatment of IBS-D2021: Relistor™ for OIC for patients in palliative care	•Expanding portfolio in Women's Health
European Union:Neurology	2019: Launched Namuscla™ for symptomatic treatment ofMyotoniain adults with non-dystrophic Myotonic disorders2020: Broadened direct presence, partnered with countryspecific distribution partners	•Continuing to expand geographic footprint•Progressing clinical programs in DystrophicMyotoniaand Pediatric indications
1 Pending FDA approval

Progressing our Oncology Pipeline

Track record of success	Differentiated Portfolio
AbbVie / MALT1 Partnership (2018)
•AbbVie licensed Lupin'sMALT1 (Mucosa-Associated Lymphoid	TherapeuticTarget	DevelopmentStage	Possible Indications
Tissue Lymphoma Translocation Protein 1) Inhibitor Program	Immuno-Oncology(STINGAgonist)	IND enablingstudies	Solid Tumors &Hematologicalcancers
•AbbVie intends to pursue development across a range ofhematological cancers
•AbbVie paid Lupin US$ 30mn Upfront + milestone payments up toUS$ 947mn and royalty on sales	Epigeneticcontrol(PRMT5 Inhibitor)	IND enablingstudies	Lymphomas
Boehringer Ingelheim (BI)/ MEK Partnership (2019)
	RAS Targeting	Lead tocandidate	KRAS mutant cancers
•BI in licensed Lupin's proprietary MEK inhibitor compound forclinical development in combination with its emerging KRASinhibitor pipeline to address KRAS-driven cancers	Synthetic Lethality	Hit to lead	(undisclosed)
•Strengthens BI's gastrointestinal and lung cancers pipeline
•Lupin received US$ 20mn upfront payment with potential totalmilestones of more than US$ 700mn and royalty on sales	Epigenetic control	Hit to lead	(undisclosed)

Living our Values and Purpose in 2021 and beyond…

THANK YOU