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Sun Pharmaceutical Sends Second Letter to Taro Pharmaceutical Regarding Taro's Irish Subsidiary
Date:6/24/2008

n Sun's consent, you fail to address the truth that Taro could have chosen to, but did not, sell Taro Ireland earlier, especially given that Taro Ireland has been loss-making since the Roscrea facility was acquired in March 2003. Not once during Taro's financial crisis did you identify a sale of Taro Ireland as a means of improving liquidity. Before we entered into the Merger Agreement with Taro in May 2007, nothing prevented you from pursuing this option.

Why did Taro not pursue a sale earlier? On the facts available to us, it appears that your treatment of Taro Ireland in Taro's financial statements has, for years, allowed management to present higher profits (or lower losses) to Taro's shareholders. By capitalizing Taro Ireland's operating costs, you were able to capitalize such costs as part of Taro Ireland's fixed asset value on Taro's consolidated balance sheet (as appears to be the case in the last annual report filed by Taro). Then, it appears that you made a conscious decision to write down the value of Taro Ireland in the unaudited financial statements for 2006, presumably because this enabled Taro to lump the write-down together with other line items in Taro's worst financial statements ever. To a rational onlooker, it would seem that this was done in the hopes that Taro's shareholders would fail to notice it as a separate item. This is precisely the type of accounting gamesmanship that we have come to expect from you and your management. Now, you conveniently claim that selling Taro Ireland will help Taro show higher profits. If retaining Taro Ireland was in the interests of Taro's shareholders earlier, why is that not the case now?

Taro Ireland's New Products; Potential Revenue. In our view, now is not the time to sell. Things are finally looking up for Taro Ireland; the Irish authorities have approved, or are in the process of approving, a number of products. These products can provide wide access to European markets, and selling now coul
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SOURCE Sun Pharmaceutical Industries Ltd.
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