Sun Pharmaceutical Industries Ltd.

Sun Pharmaceutical Industries and Taro Pharmaceutical Industries have mutually agreed to terminate their merger agreement, announced in August 2012, pursuant to which all shareholders of Taro other than Sun Pharma and its affiliates would have received a cash payment of $39.50 per share upon the closing of the merger.

Each of Sun Pharma and Taro (at the direction of the Special Committee) agreed that terminating the merger agreement was in the best interest of the respective companies and shareholders.

Sun Pharmaceuticals Industries is an international, integrated, specialty pharmaceutical company. It manufactures and markets a large basket of pharmaceutical formulations as branded generics as well as generics in India, US and several other markets across the world.