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IsZo Capital Writes to Taro Pharmaceutical Board Commenting on Management Proposals for 2011 Annual Shareholder Meeting; Reflecting on Sun Pharma's Response to Similar 2009 Proposals
Date:12/23/2011

NEW YORK, Dec. 23, 2011 /PRNewswire/ -- 

IsZo Capital Management LP, one of the largest minority shareholders of Taro Pharmaceutical Industries Ltd. (Pink Sheets: TAROF), announced today that it delivered the following letter to the Board of Directors of Taro commenting on management's proposals on the agenda for the upcoming annual meeting of shareholders of Taro, scheduled for December 29, 2011, and reflecting on Sun Pharmaceutical Industries Ltd.'s response to similar management proposals on the agenda for Taro's 2009 annual meeting of shareholders.

December 23, 2011

Board of Directors of
Taro Pharmaceutical Industries Ltd.

Euro Park (Italy Building)

Yakum Business Park, Yakum 60972, Israel

Attention: Dilip Shanghvi, Chairman of the Board
                Dan Biran, Chairman of the Audit Committee
                Members of the Special Committee Evaluating Sun Acquisition Proposal

Re: Management Proposals for Taro's 2011 Annual General Meeting of Shareholders

Reference: our letters dated November 29, 2011 and December 13, 2011

Dear Members of the Board, Audit Committee and Special Committee:

            In our letter dated November 29, 2011, to which you have still not responded, we expressed our vehement dissatisfaction with the pending acquisition proposal of Sun Pharmaceutical Industries Ltd. ("Sun") and demanded that you exercise your fiduciary duties to all shareholders of Taro Pharmaceutical Industries ("Taro"), and reject Sun's proposal as the offer price is grossly inadequate, substantially undervalues Taro on both an absolute basis and relative to Sun and is no
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SOURCE IsZo Capital Management LP
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