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Sun Pharma Comments on Taro's Potential Sale of Its Irish Operations
Date:6/5/2008

f its Irish operations now that it purports to have unilaterally terminated the protections afforded to us under the Merger Agreement. As you know, we had several reasons for withholding our consent to the sale of the Irish operations, including, without limitation: (1) concerns regarding the sale process and the fact that the agreement in principle Taro reached with the Irish buyers significantly undervalued the Irish operations, (2) the Irish operations presented Sun with considerable strategic and synergistic value as part of its merger with Taro; and (3) the facility has the potential to produce substantial revenues for Taro in the future and any sale now is premature. Given the number of injectable products which have been approved, or are in process for approval, by the Irish authorities, and the access this provides to Europe, we believe that the Irish facility is of strategic importance to Taro.

Our understanding is that to date Taro's Irish operations have been loss making since the time the Roscrea facility was acquired in March 2003. While Taro's Form 20-F filed in March 2007 listed several measures being pursued by management for liquidity improvement, the Irish operations were not cited as a drain on Taro's liquidity, nor was the sale of the Irish facility listed as a remedial option. In fact, at no point in time during the financial crisis that precipitated the entry of the Merger Agreement, did Taro identify the disposal of the Irish facility as a measure to ease liquidity despite the monthly operating costs related to those operations. Nothing prevented you from pursuing this option prior to May 2007 during Taro's most dire liquidity period.

We believe that it is only appropriate for Taro to educate all shareholders as to the process followed by Taro in soliciting and shortlisting the currently identified buyer for the Ireland facilities. We have several legitimate concerns with regard to this process and the real motives of Taro's Boar
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SOURCE Sun Pharmaceutical Industries Ltd.
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