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ANNUAL REPOR T 2011

Mulberry Chemicals is a company involved in manufacturing of speciality chemicals and API (active pharmaceuticals ingredients). The company manufactures advanced chemicals and Intermediates for API's. The company was formed as a result of acquisition of Mulberry, Florida from REVIB Group in 2009 by Taj Group. Mulberry Chem is registered with the US Drug Enforcement Administration (DEA) as a narcotic raw material Manufacturer. It is also licensed by DEA to manufacture schedule 1 to 5 controlled substances. At its facility spread in Chattanooga, Tennessee, Mulberry Chem employs 60 people and manufactures a variety of active pharmaceutical ingredients (APIs) with a focus on controlled substances. For the year ended June 2010, Mulberry Chem is estimated to have sales of $21 million. The plant has multipurpose manufacturing facilities to produce Intermediates catering to various Chemical and Pharmaceutical Industries as well as many other end users. It has an excellent effluent treatment facility as well as scrubbers to control air pollution. It has an R&D and QC facility to ensure stage wise analysis and the R&D promotes process involvement and development of new molecules. A constant effort by the qualified team in the production, QC and R&D ensures highest quality and delivery schedules. MulBerry Chemicals Pvt. Ltd passion for value-added quality manufacturing has been responsible for some of the most trusted names in additives—names representing breakthrough technologies and competitive advantages for customers around the world. Our passion for solutions is stronger than ever and we are focused on new markets and new opportunities to help our customers succeed. Offering high quality chemicals like Phenyl Acetone, Di-nbutyl Ether, 1, 4 Dioxine, Quinoline and Substituted Quinoline and Grignard reagents etc. In addition to this we manufacture Active Pharmaceutical Ingredients such as Bupivacaine Hydrochloride and Mephedrone Hydrochloride.
Note: The Old Mulberry Chemicals Logo is in legal legislation with Black Berry Group, So new logo has been introduced.

Copyright © 2009 2012. Mulberry Chemicals (Pvt.) Limited (India) All Rights Reserved. API Manufacturers In India. ®™* Trademark of The Mulberry Chemicals India (“Mulberry Chemicals”) or an affiliated company of MBC. Chemicals and API’S Manufacturers in India Chemicals and Active Pharmaceuticals Ingredients). All transactions are being carried out in conformity with Patent Laws applicable in the user country. Responsibility pertained to Third Party¡¯s patent rights in a specific country lies exclusively with the buyer. Note: Reproduction of any materials from the site is strictly forbidden without permission.

DISLAIMER

THIS PRESENTATION IS NOT AN ADVERTISEMENT OF SECURITIES IN ANY JURISDICTION. NOT FOR RELEASE, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA OR JAPAN.

This document includes statements that are, or may be deemed to be, “forward-looking statements”. These forward-looking statements can be identified by the fact that they do not only relate to historical or current events. Forward-looking statements often use words such as” anticipate”, “target”, “expect”, “estimate”, “intend”, “expected”, “plan”, “goal” believe”, or other words of similar meaning. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances, a number of which are beyond Company's control. As a result, actual future results may differ materially from the plans, goals and expectations set out in these forward-looking statements. Any forward-looking statements made by or on behalf of the Company speak only as at the date of this announcement. Save as required by any applicable laws or regulations, the Company undertakes no obligation publicly to release the results of any revisions to any forward-looking statements in this document that may occur due to any change in its expectations or to reflect events or circumstances after the date of this document. The securities referred to herein have not been and will not be registered under the US Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States or to US persons unless the securities are registered under the Securities Act, or an exemption from the registration requirements of the Securities Act is available. No public offering of the securities will be made in the United States. This communication is being distributed only to and is directed only at (a) persons outside the United Kingdom, (b) persons who have professional experience in matters relating to investments, i.e., investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"), and (c) high net worth companies, unincorporated associations and other bodies to whom it may otherwise lawfully be communicated in accordance with Article 49 of the Order (all such persons together being referred to as "relevant persons"). The securities are available only to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be available only to or will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this communication or any of its contents.

Mulberry Chemicals is a company involved in manufacturing of speciality chemicals and API (active pharmaceuticals ingredients). The company manufactures advanced chemicals and Intermediates for API's. The company was formed as a result of acquisition of Mulberry, Florida from REVIB Group in 2009 by Taj Group. Mulberry Chem is registered with the US Drug Enforcement Administration (DEA) as a narcotic raw material Manufacturer. It is also licensed by DEA to manufacture schedule 1 to 5 controlled substances. At its facility spread in Chattanooga, Tennessee, Mulberry Chem employs 60 people and manufactures a variety of active pharmaceutical ingredients (APIs) with a focus on controlled substances. For the year ended June 2010, Mulberry Chem is estimated to have sales of $21 million. The plant has multipurpose manufacturing facilities to produce Intermediates catering to various Chemical and Pharmaceutical Industries as well as many other end users. It has an excellent effluent treatment facility as well as scrubbers to control air pollution. It has an R&D and QC facility to ensure stage wise analysis and the R&D promotes process involvement and development of new molecules. A constant effort by the qualified team in the production, QC and R&D ensures highest quality and delivery schedules. MulBerry Chemicals Pvt. Ltd passion for value-added quality manufacturing has been responsible for some of the most trusted names in additives—names representing breakthrough technologies and competitive advantages for customers around the world. Our passion for solutions is stronger than ever and we are focused on new markets and new opportunities to help our customers succeed. Offering high quality chemicals like Phenyl Acetone, Di-n-butyl Ether, 1, 4 Dioxine, Quinoline and Substituted Quinoline and Grignard reagents etc. In addition to this we manufacture Active Pharmaceutical Ingredients such as Bupivacaine Hydrochloride and Mephedrone Hydrochloride.

Copyright © 2009 2012. Mulberry Chemicals (Pvt.) Limited (India) All Rights Reserved. API Manufacturers In India. ®™* Trademark of The Mulberry Chemicals India (“Mulberry Chemicals”) or an affiliated company of MBC. Chemicals and API’S Manufacturers in India Chemicals and Active Pharmaceuticals Ingredients). All transactions are being carried out in conformity with Patent Laws applicable in the user country. Responsibility pertained to Third Party¡¯s patent rights in a specific country lies exclusively with the buyer. Note: Reproduction of any materials from the site is strictly forbidden without permission.

Welcome to MULBERRY CHEMICALS INDIA

Copyright © 2009 2012. Mulberry Chemicals (Pvt.) Limited (India) All Rights Reserved. API Manufacturers In India. ®™* Trademark of The Mulberry Chemicals India (“Mulberry Chemicals”) or an affiliated company of MBC. Chemicals and API’S Manufacturers in India Chemicals and Active Pharmaceuticals Ingredients). All transactions are being carried out in conformity with Patent Laws applicable in the user country. Responsibility pertained to Third Party¡¯s patent rights in a specific country lies exclusively with the buyer. Note: Reproduction of any materials from the site is strictly forbidden without permission.

Manufacturing Facilities

Being one of the leading manufacturers of Chemicals and API's products in India, we are equipped with sophisticated manufacturing facilities. An organization's capabilities and intent are strongly reflected in the product it manufactures. Our dedication and loyalty for providing excellent quality products are our strength that strongly reflects in our products. We have GMP Certified manufacturing facility, separate section for specialty chemicals & a dedicated plant for intermediates further processing. Our Manufacturing Facilities adheres to the following : Clearly defined manufacturing processes, which are periodically reviewed and are capable of consistently manufacturing products of specified quality.

All critical stages of the manufacturing procedure and changes to the same are validated. Provision of qualified, trained personnel, adequate premises and space, equipment and services, correct material, approved procedures and work instructions, suitable storage and transport. Records are made and entries maintained at all critical stages of manufacturing to demonstrate adherence to procedures and attain expected-quality and yield of product. Manufacturing records are retained in comprehensible formats so as to achieve traceability. Availability of a system to recall any batch of a product from sale or supply. Investigation of market complaints and in house non-conformances, corrective and preventive action. Recording of deviations, incidents, changes and investigations of the same.
We are a highly acclaimed name amongst manufacturers and exporters of API's and intermediates for our demanding clients the world across. To ensure the high standards of quality, we have adopted stringent quality control measures and constantly work upon techniques to further improve the quality of our products. Our quality control professionals check quality at different stages of production and supply that start right from the procurement of raw materials and goes to packaging and final delivery of products to our clients. We use technically superior testing equipment for testing the quality of our products thereby ensuring the production of safe and harmless pharmaceutical products and ingredients. Our production system and methods are strictly based on the principles and practices, which are laid down in the Indian drugs and cosmetics act and the British and U.S. pharmacopoeia.

Our Quality Assurance (QA) ensures the following :

· and GLP are taken into account while designing and developing products. GMP · production and control operations are clearly specified and documented. All · personnel responsibilities are clearly defined. Key · arrangements for procurement and use of correct starting materials and packaging materials are made. All · Inprocess checks and validations are carried out in a defined manner. · final product is manufactured, packed and checked as per defined procedures. The · Regulatory aspects as well as internal requirements for the final product are fulfilled, and the product is released for supply or · Storage, handling and distribution procedures for the final product are followed to ensure maintenance of quality throughout
shelf life. sale only after necessary certification by a qualified person.

· Self-inspection procedures are defined to regularly monitor the effectiveness of the Quality Assurance system.
Our products serve the pharmaceuticals, drugs and CD R manufacturing industries. Since 2009, we have been providing our clients with the highest quality products at the most competitive prices. Our years of experience in our product range helps us to bring the finest quality items to our customers in the fastest time frames. We undertake various contracts as well. A fifth of our products are exported to many overseas regions like the USA, Turkey, Taiwan, Hong K ong, Malaysia, Singapore, Iran, Switzerland, among other nations. From time to time, we utilize the services of merchant exporters like Transpek Marketing, Baroda and Euresian, Mumbai, to export our products. We are also members of Chemexcil, Thane, Belapur Industries Association and the Indian Merchants' Chamber. In view of the increasing demands for our products, we have acquired two neighbouring plots for conducting our manufacturing activities and we have already started working at one of the plots.

Copyright © 2009 2012. Mulberry Chemicals (Pvt.) Limited (India) All Rights Reserved. API Manufacturers In India. ®™* Trademark of The Mulberry Chemicals India (“Mulberry Chemicals”) or an affiliated company of MBC. Chemicals and API’S Manufacturers in India Chemicals and Active Pharmaceuticals Ingredients). All transactions are being carried out in conformity with Patent Laws applicable in the user country. Responsibility pertained to Third Party¡¯s patent rights in a specific country lies exclusively with the buyer. Note: Reproduction of any materials from the site is strictly forbidden without permission.

With an increasing emphasis being laid on the research and development of various chemicals and Active Pharmaceuticals Ingredients, the chemical & API industry has seen a rapid growth in recent times. Taking opportunity of these conditions, Mulberry Chemicals Pvt. Ltd. was established 2 years ago with high class manuafacturing faclity for API and specialty and chemicals. We are a reputed manufacturer of a wide range of chemicals that includes Phenyl Acetone, Di-n-butyl Ether, 1, 4 Dioxine, Quinoline and Substituted Quinolines (Quinoline, 2 Methyl Quinoline, 6 Methyl Quinoline, Isopropyl Quinoline, 2 Isobuytl Quinoline, 8 Amino Quinoline, other Substituted Quinoline) Grignard Reagents like Methyl Magnesium Chloride/Bromide, Isopropyl Magnesium Chloride/Bromide, Phenyl Magnesium Chloride/Bromide, etc. and Active Pharmaceutical Ingredients such as Bupivacaine Hydrochloride, api exporters, Hcl, Zonisamide, Methylphenidate, Atomoxetine, Remifentanil HCL, Cinnarizine, Diphenhydramine Hydrochloride, Ketamine Hydrochloride, wholesale, Lidocaine, Phenylephrine hydrochloride, Propofol, Lacidipine, Selegiline Hydrochloride, Etafedrine Hydrochloride, Triprolidine Hcl, Budesonide, Phentermine etc. Our products serve the pharmaceuticals, drugs and CD R manufacturing industries. Since 2009, we have been providing our clients with the highest quality products at the most competitive prices. Our years of experience in our product range helps us to bring the finest quality items to our customers in the fastest time frames. We undertake various contracts as well. A fifth of our products are exported to many overseas regions like the USA, Turkey, Taiwan, Hong Kong, Malaysia, Singapore, Iran, Switzerland, among other nations. From time to time, we utilize the services of merchant exporters like Transpek Marketing, Baroda and Euresian, Mumbai, to export our products. We are also members of Chemexcil, Thane, Belapur Industries Association and the Indian Merchants' Chamber. In view of the increasing demands for our products, we have acquired two neighbouring plots for conducting our manufacturing activities and we have already started working at one of the plots.

Copyright © 2009 2012. Mulberry Chemicals (Pvt.) Limited (India) All Rights Reserved. API Manufacturers In India. ®™* Trademark of The Mulberry Chemicals India (“Mulberry Chemicals”) or an affiliated company of MBC. Chemicals and API’S Manufacturers in India Chemicals and Active Pharmaceuticals Ingredients). All transactions are being carried out in conformity with Patent Laws applicable in the user country. Responsibility pertained to Third Party¡¯s patent rights in a specific country lies exclusively with the buyer. Note: Reproduction of any materials from the site is strictly forbidden without permission.

Chemicals (Specialty)
MulBerry Chemicals Pvt. Ltd is a trusted manufacturer and exporter of the following range of chemicals: Click on products for full details Mulberry chemic als is involved in manufacturing of specialty chemicals like Phenyl Acetone, Di-n-butyl Ether, 1, 4 Dioxine, Quinoline and Substituted Quinoline and Grignard reagents etc. (Detailed List)

Specialty Chemicals List · Para Methoxy Phenyl Acetone · Phenyl Acetone (1 Phenyl 2-Propanone) · Di-n-butyl Ether · 6-Chloro-2-hexanone (Solaris OB-190) · 4 Dioxine 1, · Quinoline and Substituted Quinoline · QUINALDINE [CAS No. : 91-63-4] · Grignard Reagents

Active Pharmaceuticals Ingredients
We hold expertise in offering a spec ial range of active pharmaceutical ingredients, whic h are widely used in the manufacturing of various pharmaceutical drugs and pesticides. These active pharmaceutic al ingredients are valued amidst our c lients for their reliable quality and precise composition. All our products are c hecked on inflexible quality control measures and are available in appropriate pack ing. more. (Detailed List)

Active Pharma Ingredients

CAS No. 14252-80-3 298-57-7

Therapeutic Areas Anaesth etic Histamine H1receptor antagon is t Histamine H1receptor antagon is t

DMF Und er Process Availab le

1. Bupivacaine Hydrochloride 2. Cinnarizine 3. Diphenhydramine Hydrochloride 4. * *Mephedrone Hydrochloride 5. Lidocaine 6. Phenylephrine hydrochloride 7. Propofol 8. Lacidipine 9. Selegiline Hydrochloride 10. Etafedrine Hydrochloride 11. Triprolid in e Hcl 12. Bu desonide 13. Phen termine 14. Zonisamide

147-24-0

DMF/Available

1189805-46-6
137-58-6 61-76-7 2078-54-8 103890-78-4 14611-52-0 5591-29-7 6138-79-0

*** Plant Feeder
Anaesth etic UNDER P ROCESS UNDER P ROCESS ANTI HYPERTENSIVE Antidep res sant, Antiparkin sonian Bron chod ilator

DMF/Available

TIP (U NDER PROCESS) DMF/Available DMF/Available

Cold & Cough

51333-22-3 1197-21-3 68291-97-4

Glucocorticosteroid UNDER / PROCESS Anti Asth matic Anti-obesity TIP (U NDER PROCESS)

Anticonvulsant N.A (U NDER PROCESS)

* Validation batches completed DMF under compilation * * Controlled Substance, Any schedule non-narcotic substance under the Controlled
Copyright © 2009 2012. Mulberry Chemicals (Pvt.) Limited (India) All Rights Reserved. API Manufacturers In India. ®™* Trademark of The Mulberry Chemicals India (“Mulberry Chemicals”) or an affiliated company of MBC. Chemicals and API’S Manufacturers in India Chemicals and Active Pharmaceuticals Ingredients). All transactions are being carried out in conformity with Patent Laws applicable in the user country. Responsibility pertained to Third Party¡¯s patent rights in a specific country lies exclusively with the buyer. Note: Reproduction of any materials from the site is strictly forbidden without permission.

Mulberry Chemicals is a company involved in manufacturing of speciality chemicals and API (active pharmaceuticals ingredients). The company manufactures advanced chemicals and Intermediates for API's. The plant has multipurpose manufacturing facilities to produce Intermediates catering to various Chemical and Pharmaceutical Industries as well as many other end users. It has an excellent effluent treatment facility as well as scrubbers to control air pollution. It has an R&D and QC facility to ensure stage wise analysis and the R&D promotes process involvement and development of new molecules. A constant effort by the qualified team in the production, QC and R&D ensures highest quality and delivery schedules. We specialise our products since 2 years, MulBerry Chemicals Pvt. Ltd passion for value-added quality manufacturing has been responsible for some of the most trusted names in additives— names representing breakthrough technologies and competitive advantages for customers around the world. Our passion for solutions is stronger than ever and we are focused on new markets and new opportunities to help our customers succeed. Offering high quality chemicals like Phenyl Acetone, Di-n-butyl Ether, 1, 4 Dioxine, Quinoline and Substituted Quinoline and Grignard reagents etc. In addition to this we manufacture Active Pharmaceutical Ingredients such as Bupivacaine Hydrochloride, api exporters, Hcl, Zonisamide, Methylphenidate, Atomoxetine, Remifentanil HCL, Cinnarizine, Diphenhydramine Hydrochloride, Ketamine Hydrochloride, wholesale, Lidocaine, Phenylephrine hydrochloride, Propofol, Lacidipine, Selegiline Hydrochloride, Etafedrine Hydrochloride, Triprolidine Hcl, Budesonide, Phentermine etc. Eventually MulBerry Chemicals Pvt. Ltd. has developed into a professionally managed company, manufacturing a number of high quality chemicals and Active Pharmaceuticals Ingredients. These products were well accepted in India and also in markets across the world

Today, MulBerry Chemicals Pvt. Ltd has regular clients in USA, Europe , the Middle East and in Singapore/Malaysia. MulBerry Chemicals Pvt. Ltd assures all its overseas clients for the quality and timely delivery of goods produced and supplied. STRICT ADHERENCE TO QUALITY CONSISTENCY, REGULAR CHECKING OF FINISHED GOODS AND COMPLIANCE WITH THE BUYER'S SCHEDULE HAS ENSURED THE CONTINUING CLIENTELE THAT MulBerry Chemicals Pvt. Ltd. ENJOYS IN THE GLOBAL MARKET.

Located within 2 hrs from the heart of the commercial capital of India - MUMBAI, MulBerry Chemicals Pvt. Ltd. is in a position to procure raw material easily and supply quality finished products at the most economical price and with the shortest lead time.

*** Reproduction of any materials from the site is strictly forbidden without permission.
Copyright © 2009 2012. Mulberry Chemicals (Pvt.) Limited (India) All Rights Reserved. API Manufacturers In India. ®™* Trademark of The Mulberry Chemicals India (“Mulberry Chemicals”) or an affiliated company of MBC. Chemicals and API’S Manufacturers in India Chemicals and Active Pharmaceuticals Ingredients). All transactions are being carried out in conformity with Patent Laws applicable in the user country. Responsibility pertained to Third Party¡¯s patent rights in a specific country lies exclusively with the buyer. Note: Reproduction of any materials from the site is strictly forbidden without permission.

FIN ANCIAL REPOR T 2011

COMBINED AND CONSOLIDATED INCOME STATEMENT FOR THE YEAR ENDED MARCH 31, 2011 (in USD and in Millions) 2011 NET SALES COST OF SALES GROSS PROFIT SELLING, GENERAL AND ADMINISTRATIVE EXPENSES OTHER OPERATING INCOME, NET NON-RECURRING OPERATING EXPENSES OPERATING INCOME NON-OPERATING EXPENSES: Interest expense Foreign currency exchange loss INCOME BEFORE INCOME TAX EXPENSE Income tax expense NET INCOME (1 880) (38) 11 400 (1 289) 10 111 57 859 (27 353) 32 225 (19 529) 657 (35) 13 318

Mulberry Chemicals Pvt. Ltd. India (the "Company") believes that the information included in the Investor Relations section of this website was correct at the time it was added to the website. However, the Company expressly disclaims any duty to update the information on the website and makes no representation or warranty as to accuracy and completeness of the contents of this Investors Relations section of the website or any other section of the website. Access to and use of the information on this website is at the user's own risk. The Company assumes no responsibility for any errors or omissions in the content of this website and disclaims any liability for damages of any kind (whether direct, consequential or punitive) arising out of the use of this website or the information contained on the website or on links to or from this website. The Investor Relations section of this website contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical facts, included on this website regarding the Company's strategy, expected future financial position, results of operations, cash flows, financing plans, discovery and development of products, strategic alliances, competitive position, plans and objectives of management are forward-looking statements. Words such as "anticipate," "believe," "estimate," "expect," "intend," "plan," "will" and other similar expressions help identify forward-looking statements, although not all forward-looking statements contain these identifying words. In particular, any statements regarding the Company's financial results and outlook, the continued implementation of the Company's strategic plan, the development of the Company's pipeline, the commencement of Phase 3 clinical trials for Puricase (pegloticase) are forward-looking statements. These forward-looking statements involve substantial risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company's business and the biopharmaceutical and specialty pharmaceutical industries in which the Company operates. Such risks and uncertainties include, but are not limited to, the delay or failure in developing Puricase (pegloticase) and other product candidates; difficulties of expanding the Company's product portfolio through in-licensing or acquisition; not being able to manufacture commercial quantities of our products; not gaining market acceptance sufficient to justify development and commercialization costs if our products are approved for marketing; introduction of generic competition for API; fluctuations in buying patterns of wholesalers; potential future returns of API or other products; the Company continuing to incur substantial net losses for the foreseeable future; difficulties in obtaining financing; potential development of alternative technologies or more effective products by competitors; reliance on third-parties to manufacture, market and distribute many of the Company's products; risks of maintaining protection for the Company's intellectual property; risks of an adverse determination in any future intellectual property litigation; and risks associated with stringent government regulation of the biopharmaceutical and specialty pharmaceutical industries and other factors set forth more fully in certain reports filed with the Securities and Exchange Commission, to which investors are referred for further information. The Company may not actually achieve the plans, intentions or expectations disclosed in its forward-looking statements, and you should not place undue reliance on the Company's forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that the Company makes. The Company's forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments that the Company may make. The Company does not have a policy of updating or revising forward-looking statements and assumes no obligation to update

Copyright © 2009 2012. Mulberry Chemicals (Pvt.) Limited (India) All Rights Reserved. API Manufacturers In India. ®™* Trademark of The Mulberry Chemicals India (“Mulberry Chemicals”) or an affiliated company of MBC. Chemicals and API’S Manufacturers in India Chemicals and Active Pharmaceuticals Ingredients). All transactions are being carried out in conformity with Patent Laws applicable in the user country. Responsibility pertained to Third Party¡¯s patent rights in a specific country lies exclusively with the buyer. Note: Reproduction of any materials from the site is strictly forbidden without permission.

COMBINED AND CONSOLIDATED BALANCE SHEET AT MARCH 31, 2011 (in USD and in Millions) ASSETS NON-CURRENT ASSETS: Property, plant & equipment, net Intangible assets, net Total non-current assets CURRENT ASSETS: Inventories Аccounts receivable Receivables from related parties Other receivables and prepaid expenses Cash Total current assets TOTAL ASSETS LIABILITIES AND SHAREHOLDERS' EQUITY SHAREHOLDERS' EQUITY: Share capital Retained earnings Total shareholders' equity MINORITY INTERESTS IN EQUITY OF SUBSIDIARIES LONG-TERM LIABILITIES: Long-term borrowings Deferred taxation Long-term portion of finance leases payable Total long-term liabilities CURRENT LIABILITIES: Short-term borrowings and current portion of long-term borrowings Accounts payable Payables to related parties Other payables and accrued expenses Current portion of finance leases payable Total current liabilities TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 2011 2010

25 138 11 537 36 675 9 946 20 385 9 675 5 478 41 45 525 82 200

23 025 11 226 34 251 9 170 15 562 2 168 4 533 130 31 563 65 814

1 48 114 48 115 -

1 35 444 35 445 207

7 208 2 684 52 9 944

1 470 2 080 49 3 599

11 238 4 752 3 678 4 206 267 24 141 82 200

14 706 2 221 7 310 2 188 138 26 563 65 814

Mulberry Chemicals Pvt. Ltd. (the "Company") believes that the information included in the Investor Relations section of this website was correct at the time it was added to the website. However, the Company expressly disclaims any duty to update the information on the website and makes no representation or warranty as to accuracy and completeness of the contents of this Investors Relations section of the website or any other section of the website. Access to and use of the information on this website is at the user's own risk. The Company assumes no responsibility for any errors or omissions in the content of this website and disclaims any liability for damages of any kind (whether direct, consequential or punitive) arising out of the use of this website or the information contained on the website or on links to or from this website. The Investor Relations section of this website contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical facts, included on this website regarding the Company's strategy, expected future financial position, results of operations, cash flows, financing plans, discovery and development of products, strategic alliances, competitive position, plans and objectives of management are forward-looking statements. Words such as "anticipate," "believe," "estimate," "expect," "intend," "plan," "will" and other similar expressions help identify forward-looking statements, although not all forward-looking statements contain these identifying words. In particular, any statements regarding the Company's financial results and outlook, the continued implementation of the Company's strategic plan, the development of the Company's pipeline, the commencement of Phase 3 clinical trials for Puricase (pegloticase) are forward-looking statements. These forward-looking statements involve substantial risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company's business and the biopharmaceutical and specialty pharmaceutical industries in which the Company operates. Such risks and uncertainties include, but are not limited to, the delay or failure in developing Puricase (pegloticase) and other product candidates; difficulties of expanding the Company's product portfolio through in-licensing or acquisition; not being able to manufacture commercial quantities of our products; not gaining market acceptance sufficient to justify development and commercialization costs if our products are approved for marketing; introduction of generic competition for API; fluctuations in buying patterns of wholesalers; potential future returns of API or other products; the Company continuing to incur substantial net losses for the foreseeable future; difficulties in obtaining financing; potential development of alternative technologies or more effective products by competitors; reliance on third-parties to manufacture, market and distribute many of the Company's products; risks of maintaining protection for the Company's intellectual property; risks of an adverse determination in any future intellectual property litigation; and risks associated with stringent government regulation of the biopharmaceutical and specialty pharmaceutical industries and other factors set forth more fully in certain reports filed with the Securities and Exchange Commission, to which investors are referred for further information. The Company may not actually achieve the plans, intentions or expectations disclosed in its forward-looking statements, and you should not place undue reliance on the Company's forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that the Company makes. The Company's forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments that the Company may make. The Company does not have a policy of updating or revising forwardlooking statements and assumes no obligation to update any forward-looking statements.

Copyright © 2009 2012. Mulberry Chemicals (Pvt.) Limited (India) All Rights Reserved. API Manufacturers In India. ®™* Trademark of The Mulberry Chemicals India (“Mulberry Chemicals”) or an affiliated company of MBC. Chemicals and API’S Manufacturers in India Chemicals and Active Pharmaceuticals Ingredients). All transactions are being carried out in conformity with Patent Laws applicable in the user country. Responsibility pertained to Third Party¡¯s patent rights in a specific country lies exclusively with the buyer. Note: Reproduction of any materials from the site is strictly forbidden without permission.

6

COMBINED AND CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED MARCH 31, 2011 (in USD and in Millions) 2011 OPERATING ACTIVITIES: Income before income tax expense Adjustments to reconcile net income to net cash used in operating activities: Depreciation and amortization Loss on disposal of property, plant and equipment Provision for doubtful receivables Foreign currency exchange loss on financing and investing activities Interest expense Operating cash flow before working capital changes Increase in inventories Increase in accounts receivable Increase in receivables from related parties Increase in other receivables and prepaids Increase in accounts payable Decrease in payables to related parties Increase in other payables and accruals Cash flows from operations Income taxes paid Interest paid Net cash inflow from operating activities INVESTING ACTIVITIES: Purchase of property, plant and equipment Purchase of intangible assets Purchase of equity interest in subsidiaries Net cash outflow from investing activities FINANCING ACTIVITIES: Proceeds from borrowings, net Repayment of borrowings to related parties, net Net cash outflow from financing activities Effect of currency translation on cash flows NET DECREASE IN CASH CASH, beginning of period CASH, end of period 1 275 (10 426) (9 151) 2 039 (89) 130 41 (3 444) (456) (222) (4 122) 11 400

3 063 57 571 38 1 880 17 009 (776) (5 394) (539) (945) 2 703 (178) 2 736 14 616 (950) (2 521) 11 145

Copyright © 2009 2012. Mulberry Chemicals (Pvt.) Limited (India) All Rights Reserved. API Manufacturers In India. ®™* Trademark of The Mulberry Chemicals India (“Mulberry Chemicals”) or an affiliated company of MBC. Chemicals and API’S Manufacturers in India Chemicals and Active Pharmaceuticals Ingredients). All transactions are being carried out in conformity with Patent Laws applicable in the user country. Responsibility pertained to Third Party¡¯s patent rights in a specific country lies exclusively with the buyer. Note: Reproduction of any materials from the site is strictly forbidden without permission.

COMBINED AND CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY FOR THE YEAR ENDED MARCH 31, 2011 (in USD and in Millions) Total Shareholders’ Equity 35 445 10 111 2 559 48 115

Share capital Balance at January 1, 2010 Net income Currency translation Balance at December 31, 2011 1 1

Retained Earnings 35 444 10 111 2 559 48 114

Mulberry Chemicals Pvt. Ltd. (the "Company") believes that the information included in the Investor Relations section of this website was correct at the time it was added to the website. However, the Company expressly disclaims any duty to update the information on the website and makes no representation or warranty as to accuracy and completeness of the contents of this Investors Relations section of the website or any other section of the website. Access to and use of the information on this website is at the user's own risk. The Company assumes no responsibility for any errors or omissions in the content of this website and disclaims any liability for damages of any kind (whether direct, consequential or punitive) arising out of the use of this website or the information contained on the website or on links to or from this website. The Investor Relations section of this website contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical facts, included on this website regarding the Company's strategy, expected future financial position, results of operations, cash flows, financing plans, discovery and development of products, strategic alliances, competitive position, plans and objectives of management are forward-looking statements. Words such as "anticipate," "believe," "estimate," "expect," "intend," "plan," "will" and other similar expressions help identify forward-looking statements, although not all forward-looking statements contain these identifying words. In particular, any statements regarding the Company's financial results and outlook, the continued implementation of the Company's strategic plan, the development of the Company's pipeline, the commencement of Phase 3 clinical trials for Puricase (pegloticase) are forward-looking statements. These forward-looking statements involve substantial risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company's business and the biopharmaceutical and specialty pharmaceutical industries in which the Company operates. Such risks and uncertainties include, but are not limited to, the delay or failure in developing Puricase (pegloticase) and other product candidates; difficulties of expanding the Company's product portfolio through in-licensing or acquisition; not being able to manufacture commercial quantities of our products; not gaining market acceptance sufficient to justify development and commercialization costs if our products are approved for marketing; introduction of generic competition for API; fluctuations in buying patterns of wholesalers; potential future returns of API or other products; the Company continuing to incur substantial net losses for the foreseeable future; difficulties in obtaining financing; potential development of alternative technologies or more effective products by competitors; reliance on third-parties to manufacture, market and distribute many of the Company's products; risks of maintaining protection for the Company's intellectual property; risks of an adverse determination in any future intellectual property litigation; and risks associated with stringent government regulation of the biopharmaceutical and specialty pharmaceutical industries and other factors set forth more fully in certain reports filed with the Securities and Exchange Commission, to which investors are referred for further information. The Company may not actually achieve the plans, intentions or expectations disclosed in its forward-looking statements, and you should not place undue reliance on the Company's forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that the Company makes. The Company's forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments that the Company may make. The Company does not have a policy of updating or revising forward-looking statements and assumes no obligation to update any forward-looking statements.

Copyright © 2009 2012. Mulberry Chemicals (Pvt.) Limited (India) All Rights Reserved. API Manufacturers In India. ®™* Trademark of The Mulberry Chemicals India (“Mulberry Chemicals”) or an affiliated company of MBC. Chemicals and API’S Manufacturers in India Chemicals and Active Pharmaceuticals Ingredients). All transactions are being carried out in conformity with Patent Laws applicable in the user country. Responsibility pertained to Third Party¡¯s patent rights in a specific country lies exclusively with the buyer. Note: Reproduction of any materials from the site is strictly forbidden without permission.

Located in Mumbai India

Copyright © 2009 2012. Mulberry Chemicals (Pvt.) Limited (India) All Rights Reserved. API Manufacturers In India. ®™* Trademark of The Mulberry Chemicals India (“Mulberry Chemicals”) or an affiliated company of MBC. Chemicals and API’S Manufacturers in India Chemicals and Active Pharmaceuticals Ingredients). All transactions are being carried out in conformity with Patent Laws applicable in the user country. Responsibility pertained to Third Party¡¯s patent rights in a specific country lies exclusively with the buyer. Note: Reproduction of any materials from the site is strictly forbidden without permission.