44.5 outstanding shares in millions From GAAP UnauditedAudited Press release 327.351 336.73 54.215 55.10 21.19 23.

00 75.40 78.10 44.39 1.00 355.936 71.835 18.45 90.28 360.46 66.44 18.88 85.32 44.10 0.99 392.535 86.465 18.83 105.29 392.67 80.92 18.83 99.75 52.39 1.18 505.70 204.00 18.73 222.73 182.70 4.11 23.67% 12.23% 9.24% 18.43% EBIDTA/ OI/NI Margin% 16.36% 23.19% 13.18% y-o-y EBIDTA growth

2008 Sales OI D&A EBIDTA NI EPS 2009 Sales OI D&A EBIDTA NI EPS 2010 Sales OI D&A EBIDTA NI EPS 2011 Sales OI D&A EBIDTA NI EPS

7.05%

8.94% 20.61% 25.40% 13.34% 16.91%

28.78% 40.34% 44.04% 36.13% 123.29%

2012 as Q4 annualized

Sales OI ~40% yoy EBIDTA growth D&A Est ~17% yoy Sales growth EBIDTA NI EPS

592.40 298.00 20.00 318.00 274.80 6.18

Q4 2011 148.1 50.30% 74.5 53.68% 46.39%

17.14%

74.06% 68.7

Valuationper share multiples 10.00 71.46 15.00 107.19 20.00 142.92

Unaudited Earnings Press Releases posted here

Net sales of $329.0 million, $7.7 million lower. This change was largely due to increases in the accruals for sales deductions, due to timing. Operating income of $43.8 million, $11.3 million lower. This change was principally due to the aforementioned reduction in net sales and a $2.8 million impair Net income of $30.5 million, $13.9 million lower, due to the above mentioned reductions and the corresponding tax impact of adjustments.

For the year ended December 31, 2009, Taro estimates net sales of $360.5 million, compared to estimated net sales of $336.7 million in 2008. Gross profit in

Operating income in 2009 is estimated at $66.4 million, compared to an estimated $55.1 million in 2008. Net income in 2009 is estimated at $44.1 million, co

Net income for the year ended December 31, 2009 was adversely impacted by foreign exchange expenses of $7.8 million, while net income for the year ende

Net sales of $392.7 million, a 9.4% increase over 2009. Operating income increased 20.2% to $80.9 million, or 20.6% of net sales, compared to $67.3 million, or 18.8% of net sales, in 2009. As a result, net income was $52.4 million compared to net income of $121.3 million in 2009, a 56.8% decrease.

Net sales of $505.7 million, increased $113.1 million, or 28.8%, Gross profit, as a percentage of net sales was 65.2%, compared to 59.5%, Selling, marketing, general and administrative expenses decreased $14.0 million, or 13.0%, Operating income of $204.0 million, or 40.3% of net sales, compared to $86.5 million, or 22.0% of net sales, Net income was favorably impacted by FX income of $6.9 million, compared to FX expense of $5.3 million - a $12.2 million benefit, Net income attributable to Taro was $182.7 million compared to $64.1 million, a $118.6 million increase, resulting in diluted earnings per share of $4.11 comp

Fourth Quarter 2011 Highlights vs. 2010 Net sales of $148.1 million, increased $45.5 million, or 44.3%, Gross profit, as a percentage of net sales was 71.6%, compared to 59.6%, principally driven by increased selling prices on select products in the U.S. marke Selling, marketing, general and administrative expenses decreased $6.2 million, or 22.0%, Operating income of $74.5 million, or 50.3% of net sales, compared to $21.6 million, or 21.0% of net sales, Net income was negatively impacted by foreign exchange (FX) expense of $6.3 million, compared to $3.7 million, Net income attributable to Taro was $62.4 million, compared to $16.5 million, an increase of $45.9 million, resulting in diluted earnings per share of $1.40 com

ductions, due to timing. ion in net sales and a $2.8 million impairment charge for the Company's Ireland facility. mpact of adjustments.

s of $336.7 million in 2008. Gross profit in 2009 is estimated at $205.6 million, or 57.0% of net sales, compared to estimated gross profit of $189.4 million in 2008, or 56.3% o in 2009 is estimated at $44.1 million, compared to an estimated $44.4 million in 2008.

million, while net income for the year ended December 31, 2008 was positively impacted by a foreign exchange benefit of $17.4 million. The increase in foreign exchange expe

et sales, in 2009.

diluted earnings per share of $4.11 compared to $1.53.

ces on select products in the U.S. market as overall volumes were flat,

n diluted earnings per share of $1.40 compared to $0.38.

ss profit of $189.4 million in 2008, or 56.3% of net sales.

million. The increase in foreign exchange expenses was principally caused by the weakening of the U.S. dollar against the Canadian dollar.

2008 2009 2010 2011 %y-o-y Growth - 3 Year Average 2012 est as Q42011-Annualized

EBIDTA in %y-o-y EBIDTA Sales in %y-o-y Sales $million Growth $million Growth 78.10 336.73 85.32 9.24% 360.46 7.05% 99.75 16.91% 392.67 8.94% 222.73 123.29% 505.70 28.78% 49.81% 14.92% 318 74.06% 592.40 17.14%