APRIL 2008

PHILIPP HAAS – CHAIRMANIDIL BORA – IR MANAGER

This presentation has been prepared by EastPharma Ltd (the “Company”) solely for its use at the presentation to investors to be made in April 2007. By attending the meeting where this presentation is made, or by reading the presentation slides, you agree to be bound by the following limitations.This document is not a prospectus. This document does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities of the Company, nor shall any part of it nor the fact of its distribution form part of or be relied on in connection with any contract or investment decision relating thereto, nor does it constitute a recommendation regarding the securities of the Company.This presentation is being supplied to you solely for your information. This presentation and its contents are confidential and may not be further copied, distributed or passed on to any other person or published or reproduced directly or indirectly, in whole or in part, by any medium or in any form for any purpose. The information contained in this presentation must be kept confidential and must not be used for any other purpose. Neither this presentation nor any copy of it nor the information contained in it may be taken or transmitted in or into the United States, Canada, Japan or Australia, or distributed, directly or indirectly, in or into the United States, Canada or Australia, or distributed or redistributed in Japan or to any resident thereof. Any failure to comply with these restrictions may constitute a violation of United States, Canadian, Japanese or Australian securities laws. The distribution of this presentation in other jurisdictions may be restricted by law, and persons into whose possessions this presentation comes should inform themselves about, and observe, any such restrictions.This document and its contents are confidential and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published, in whole or in part, for any purpose, and it is intended for distribution in the United Kingdom only to and is directed only at: (i) persons who have professional experience in matters relating to investments falling within the definition of “investment professionals” in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”); or (ii) persons falling within Article 49(2)(a) to (d) of the Order; or (iii) to those persons to whom it can otherwise lawfully be distributed (all such persons together being referred to as “relevant persons”). This document must not be acted upon by persons who are not relevant persons. Any investment or investment activity to which this communication relates is available only to relevant persons and will be engaged in only with relevant persons.The information in this presentation is given in confidence and the recipients of this presentation should not base any behaviour in relation to qualifying investments or relevant

Important Notice - Disclaimer

2

The information in this presentation is given in confidence and the recipients of this presentation should not base any behaviour in relation to qualifying investments or relevant products (as defined in Financial Services and Markets Act 2000 (as amended) (“FSMA”) and the Code of Market Conduct (made pursuant to FSMA) which would amount to market abuse for the purposes of FSMA on the information in this presentation until after the information has been made generally available. Nor should the recipient use the information in this presentation in any way which would constitute “market abuse”.This presentation has been prepared by, and is the sole responsibility of, the Company. The information set out herein has not been verified by the Company or any other person. No representation or warranty, express or implied, is or will be made by the Company or any of its affiliates, directors, officers or employees, or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this presentation and any reliance you place on them will be at your sole risk. Without prejudice to the foregoing, the Company, their advisors and their respective affiliates, directors, officers or employees do not and will not accept any liability whatsoever for any loss howsoever arising, directly or indirectly, from use of this presentation or its contents or otherwise arising in connection therewith. The Company’s securities have not been nor will they be registered under the United States Securities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold in the United States except to qualified institutional buyers (as defined in Rule 144A) in reliance on Rule 144A or another exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. The Company’s securities have not been nor will they be registered under the applicable securities laws of any state or jurisdiction of Australia, Canada or Japan and, subject to certain exceptions, may not be offered or sold within Australia, Canada or Japan or to or for the benefit of any national, resident or citizen of Australia, Canada or Japan.Certain statements in this presentation constitute “forward-looking statements”. These statements, which contain the words “anticipate”, “believe”, “intend”, “estimate”, “expect” and words of similar meaning, reflect the Directors’ beliefs and expectations and are subject to risks and uncertainties that may cause actual results to differ materially. These risks and uncertainties include, among other factors, changing business or other market conditions and the prospects for growth anticipated by the management of the Company. These and other factors could adversely affect the outcome and financial effects of the plans and events described herein. As a result, you are cautioned not to place undue reliance on such forward-looking statements. The Company and their advisors and each of their respective members, directors, officers and employees disclaim any obligation to update the Company’s view of such risks and uncertainties or to publicly announce the result of any revision to the forward-looking statements made herein, except where it would be required to do so under applicable law.

� EastPharma At A Glance

� Turkish Pharma Market

� Recent Developments in EastPharma

Agenda

3

� Company Outlook – EastPharma (EAST.LI)

� Financial Performance Overview – Consolidated Financial Statements 2007

� Appendix

EastPharma At A Glance

A leading branded generic pharmaceutical companyA leading branded generic pharmaceutical companyA leading branded generic pharmaceutical companyA leading branded generic pharmaceutical companyA leading branded generic pharmaceutical companyA leading branded generic pharmaceutical companyA leading branded generic pharmaceutical companyA leading branded generic pharmaceutical company

Consolidation platform for Turkish & Eastern European Pharma MarketsConsolidation platform for Turkish & Eastern European Pharma MarketsConsolidation platform for Turkish & Eastern European Pharma MarketsConsolidation platform for Turkish & Eastern European Pharma MarketsConsolidation platform for Turkish & Eastern European Pharma MarketsConsolidation platform for Turkish & Eastern European Pharma MarketsConsolidation platform for Turkish & Eastern European Pharma MarketsConsolidation platform for Turkish & Eastern European Pharma Markets

4

Turkey’s first fully institutionally managed companyTurkey’s first fully institutionally managed companyTurkey’s first fully institutionally managed companyTurkey’s first fully institutionally managed companyTurkey’s first fully institutionally managed companyTurkey’s first fully institutionally managed companyTurkey’s first fully institutionally managed companyTurkey’s first fully institutionally managed company

ListedListedListedListedListedListedListedListed on on on on on on on on thethethethethethethethe LondonLondonLondonLondonLondonLondonLondonLondon MainMainMainMainMainMainMainMain StockStockStockStockStockStockStockStock Exchange (GDR)Exchange (GDR)Exchange (GDR)Exchange (GDR)Exchange (GDR)Exchange (GDR)Exchange (GDR)Exchange (GDR)

Turkish Pharma Market

OTCOTC

TURKISH PHARMA MARKET

RxRx

Pa

rtia

lly R

eim

bu

rse

d Fu

lly R

eim

bu

rse

d

5

(m/s in unit: 6.5%)(m/s in unit: 6.5%)(m/s in TRY: 4.2%)(m/s in TRY: 4.2%)

Branded

Original

(m/s in (m/s in unitsunits: 93.5%): 93.5%)(m/s in TRY: 95.8%)(m/s in TRY: 95.8%)

BrandedGenerics

BrandedGenericsP

art

iall

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eim

bu

rse

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eim

bu

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dPure Generics (INN)

Branded

Original

Source : IMS Health

� Turkey will be the # 10 pharma market by 2010; (currently: #13)

� Market size: US$9bn in 2007 (ex-factory price – government discounts) (28% yoy growth)� Per capita (pharmaceuticals) spend in Turkey: US$103 in 2006 (ex-factory price – government discounts)

� US$846 in USA, US$121 in Poland (Source: IEIS (Pharmaceutical Industry Assosiation) in 2006)

� CAGR growth for the period 2006–10 estimated 13.2% (2002–06 was 22%) (per capita growth)

Turkish Pharma Market

($ per capita)2002200220022002----06 CAGR: 22.3%06 CAGR: 22.3%06 CAGR: 22.3%06 CAGR: 22.3%

6Source : IMS Health

2002200220022002----06 CAGR: 22.3%06 CAGR: 22.3%06 CAGR: 22.3%06 CAGR: 22.3%

EastPharmaEastPharmaEastPharmaEastPharma isisisis thethethethe 5thththth largestlargestlargestlargest playerplayerplayerplayer inininin thethethethe TurkishTurkishTurkishTurkish PharmaceuticalPharmaceuticalPharmaceuticalPharmaceutical MarketMarketMarketMarket in terms of units

Turkish Pharma Market

ULAGAY5.3%

EASTPHARMA5.1%

SANOFI - AVENTIS4.3%

NOVARTIS 4.2% ECZACIBASI

- ZENVITA 4.1%

GLAXOSMITHKLINE 3.4%

YOY Growth in Units:

� Market: 8.3%

� EastPharma: 16.4%

7

Source: IMS Health (12M’ 07)ABDI IBRAHIM 9.2%

BAYER7.6%

BILIM6.9%

OTHERS 49.9%

YOY Growth in US$:

� Market: 28.1%

� EastPharma: 36.6%

Turkish Pharma Market

17,7%

29,0%33,3% 32,7%

28,1%25,8%

94,2%

-5,1%

44,8%

36,6%

0,0%

20,0%

40,0%

60,0%

80,0%

100,0%

Quarterly Market Growth (US$)

Market YOY Change

EP YOY Change

24,6%18,7%

14,5%8,6%

16,3%

33,2%

77,6%

-17,6%

18,6%25,7%

-20,0%

0,0%

20,0%

40,0%

60,0%

80,0%

100,0%

1Q' 07 2Q' 07 3Q' 07 4Q' 07 FY

Quarterly Market Growth (TRY)

Market YOY Change

EP YOY Change

8Source: IMS

-20,0%

1Q' 07 2Q' 07 3Q' 07 4Q' 07 FY

-40,0%

-20,0%

10,4%

2,5%

10,3% 10,0%8,3%

21,2%

39,8%

-7,1%

11,8%16,4%

-10,0%

0,0%

10,0%

20,0%

30,0%

40,0%

50,0%

1Q' 07 2Q' 07 3Q' 07 4Q' 07 FY

Quarterly Market Growth (units)

Market YOY Change

EP YOY Change

Conclusion:

� EP performed better than the market in 07, in

terms of US$, YTL and units

� Slowdown in sales started in 3Q, but recovered in

4Q.

� Weakest month (US$): September

� Strongest month (US$): May

January – June 2007

� Sales incentive system: based on volume sales

� Implementation started in January

� Acquisitions:

� Saba Pharmaceuticals

� New Rep Offices:

� Georgia

Recent Developments at EastPharma

June – December 2007

� Term sheet signed

� Introduction of new sales structure

� New sales incentive system: based on

profitability

� Restructuring started in September

� Sales slow down in 3Q due to sales &

9

� Construction of Cerkezkoy and Kosekoy started

� Headquarters in Levent sold

marketing restructuring

� Implementation started in December

� New Rep Offices:

� Russia

� Ongoing Reorganization:

� Resignation of COO

� Successful transition to new headquarters

� Listed on LSE (GDR)

EastPharmaEastPharmaEastPharmaEastPharma isisisis thethethethe 5thththth largestlargestlargestlargest playerplayerplayerplayer inininin thethethethe TurkishTurkishTurkishTurkish PharmaceuticalPharmaceuticalPharmaceuticalPharmaceutical MarketMarketMarketMarket in terms of units

Turkish Pharma Market – March 2008

January – March 2008

� Asset purchase and in-licensing agreement with

Roche for sixteen products

� New Rep Offices:

� Uzbekistan in January

� Australia&New Zealand in February

� New Management appointments:EASTPHARMA

4.9%

NOVARTIS 4.3%

ECZACIBASI-ZENTIVA

3.9%

SANOFI-AVENTIS3.7%

GLAXOSMITHKLINE3.6%

10Source: IMS Health (3M’ 08)

� New Management appointments:

� Ms. Elif Elkin as Head of Marketing & Sales

� Dr. Tambay Taskin as R&D Director

� Ms. Tuba Koseoglu Okcu as Organizational

Development Executive Vice President

� Mr. Oguz Kesler as Executive Vice

President incharge of Business

Development and Exports

� Promotional activities for Deva’s 50th anniversary

ABDI IBRAHIM 8.3%

BAYER7.7%

BILIM7.5%

ULAGAY5.6%

4.9%

OTHERS 50.7%

STRATEGY

Operational TurnaroundOperational TurnaroundOperational TurnaroundOperational Turnaround�Increase market share & profitablity

– EastPharma market share in units: 5.1% in 12M’ 07; (4.7% in 12M’ 06)– Expansion / restructuring of the sales force with a new sales incentive system– Expansion of manufacturing capacity– Introduction of New Products with higher margins

� Targeting growth in new cardiovascular and other higher margin products

EastPharma Strategy: Long Term Value Creation

12

� Targeting growth in new cardiovascular and other higher margin products � Increasing Portfolio diversification

Financial TurnaroundFinancial TurnaroundFinancial TurnaroundFinancial Turnaround� Restructuring led by new management

– Disposal of noncore assets for proceeds of ~US$100mn – Customer- and product-driven agressive strategy– Cost savings initiatives

EastPharma Turkey

Turkey

JV’s, product acquisition, licensing and in-

licensing deals and acquisitions

CEEMEA

Existing Turkish Business Emerging Pharmaceutical Markets1 2

EastPharma Strategy: Geographic Expansion

Regulated Markets

Partnerships

3

North

AmericaWestern

Europe

13

– Focus on existing portfolio

– New product launches

– Turkish market consolidation

licensing deals and acquisitions

– Identify targets: Medium and large cap

companies

Organic Growth

– Expansion of EastPharma operations

• Georgia, Russia, Ukraine and Uzbekistan

– Export to regulated

markets

– Contract manufacturing

Strong Marketing Capabilities

14

Former Organisation:Former Organisation:Former Organisation:Former Organisation:� Strong sales and marketing organisation

� 15 regions in Turkey with 23 offices� 864 representatives:

� 6 groups of medical representatives� 1 group of pharmacy representatives

� 89 regional chief and managers As of January 2008. Excludes sales force presence in Georgia and Azerbaijan.New Organisation:New Organisation:New Organisation:New Organisation:� Efficient and profit orriented sales and marketing force

� 18 regions in Turkey with 23 offices � 747 representatives:

� 8 groups of medical representatives � 84 regional managers

Acquisitions: SABA PHARMACEUTICALS

Synergies CreatedSynergies CreatedSynergies CreatedSynergies Created1. Broadened Sales Team

� Sales Force increased from 60 to 140 people� Increased # of Regional Managers from 11 to 18� Increased # of doctors visited from 7,300 to 21,000� Increased # of pharmacists visited from 2,200 to 7,400

2. Larger Product Portfolio

15

2. Larger Product Portfolio

� Actively promoted products increased from 2 to 5 products � Application undertaken for Dentamax, an antibiotic registered by Deva, to allow SABA sales

representatives to sell the product , started selling in January 20083. Optimization of Operational Processes

� Introduced new sales incentive system� Transfer of manufacturing Saba's products to EastPharma's facilites has lowered costs

Acquisitions: SABA PHARMACEUTICALS

Attractive Valuation

� Purchased for US$ 14 mn

� 2006 Sales (unaudited): US$ 7 mn

� 2007 Sales (unaudited): US$ 12 mn

1x 07E Sales1x 07E Sales1x 07E Sales1x 07E Sales1x 07E Sales1x 07E Sales1x 07E Sales1x 07E Sales

16

Financial Turnaround

� Net profit improved +388% from 2006 in US$ terms v loss in 2005

1x 07E Sales1x 07E Sales1x 07E Sales1x 07E Sales1x 07E Sales1x 07E Sales1x 07E Sales1x 07E Sales

Regional Growth

Georgia Deva Rep. Office:

Address: Shio Mgvimeli № 1 B Vera, TBİLİSİ, GEORGIA PK. 0179

Baku / Azerbaijan Office:

44444444 reprepreprepreprepreprep........ offices in the former Soviet Union: offices in the former Soviet Union: offices in the former Soviet Union: offices in the former Soviet Union: offices in the former Soviet Union: offices in the former Soviet Union: offices in the former Soviet Union: offices in the former Soviet Union: Georgia, Moscow (Russia), Azerbaijan and UzbekistanGeorgia, Moscow (Russia), Azerbaijan and UzbekistanGeorgia, Moscow (Russia), Azerbaijan and UzbekistanGeorgia, Moscow (Russia), Azerbaijan and UzbekistanGeorgia, Moscow (Russia), Azerbaijan and UzbekistanGeorgia, Moscow (Russia), Azerbaijan and UzbekistanGeorgia, Moscow (Russia), Azerbaijan and UzbekistanGeorgia, Moscow (Russia), Azerbaijan and Uzbekistan

17

Baku / Azerbaijan Office:

Address: Istiklaliye Sok No: 31 Baku / AZERBAIJAN

Uzbekistan Deva Office:

Address: Deva Rep. Office Yusuf Hachacip Sok. No. 37 Taskent / UZBEKISTAN

Moscow / Russia Deva Office:

Address: Russian Federation, 109316 Moscow, Ostapovsky Proezd 5, Stroyenie 1, Office 811

Australia & New Zealand Sales Office:

Address: 3 Cliff Wilson Street Wanaka New Zealand

Enlargement of Product Portfolio

MarchMarchMarchMarchMarchMarchMarchMarch 08, 08, 08, 08, 08, 08, 08, 08, EastPharmaEastPharmaEastPharmaEastPharmaEastPharmaEastPharmaEastPharmaEastPharma completedcompletedcompletedcompletedcompletedcompletedcompletedcompleted an Asset an Asset an Asset an Asset an Asset an Asset an Asset an Asset PurchasePurchasePurchasePurchasePurchasePurchasePurchasePurchase AgreementAgreementAgreementAgreementAgreementAgreementAgreementAgreement & & & & & & & & InInInInInInInIn--------llllllllicenicenicenicenicenicenicenicensingsingsingsingsingsingsingsing and and and and and and and and SupplySupplySupplySupplySupplySupplySupplySupply AgreementAgreementAgreementAgreementAgreementAgreementAgreementAgreement withwithwithwithwithwithwithwith F.F.F.F.F.F.F.F.HoffmannHoffmannHoffmannHoffmannHoffmannHoffmannHoffmannHoffmann--------La La La La La La La La RocheRocheRocheRocheRocheRocheRocheRoche

Total revenues of products and licenses being acquired:

� Revenues of approx US$ 100mn in 2007

Successful completion of this transaction will provide:

� Purchase of 8 complementary products plus licenses for 8 products, all rights and registrations for Turkey. One of these products includes export rights to Russia and all CIS countries

18

EastPharma expected to become:EastPharma expected to become:EastPharma expected to become:EastPharma expected to become:EastPharma expected to become:EastPharma expected to become:EastPharma expected to become:EastPharma expected to become:

Further details of this transaction are subject to a confidentiality agreement

�� 7th largest player in revenue terms in Turkey v. 11th previously7th largest player in revenue terms in Turkey v. 11th previously7th largest player in revenue terms in Turkey v. 11th previously7th largest player in revenue terms in Turkey v. 11th previously7th largest player in revenue terms in Turkey v. 11th previously7th largest player in revenue terms in Turkey v. 11th previously7th largest player in revenue terms in Turkey v. 11th previously7th largest player in revenue terms in Turkey v. 11th previously�� 3rd largest player in 3rd largest player in 3rd largest player in 3rd largest player in 3rd largest player in 3rd largest player in 3rd largest player in 3rd largest player in TurkeyTurkeyTurkeyTurkeyTurkeyTurkeyTurkeyTurkey in in in in in in in in unitunitunitunitunitunitunitunit termstermstermstermstermstermstermsterms v. 5th previouslyv. 5th previouslyv. 5th previouslyv. 5th previouslyv. 5th previouslyv. 5th previouslyv. 5th previouslyv. 5th previously

Turkey. One of these products includes export rights to Russia and all CIS countries

� Increase EastPharma’s exposure in key therapeutic areas

Closing expected by end of May, subject only to approval of Competition Board

Sales ForceSales ForceSales ForceSales ForceSales ForceSales ForceSales ForceSales Force

EastPharma's Competitive Advantages

Strong Brand NameStrong Brand NameStrong Brand NameStrong Brand NameStrong Brand NameStrong Brand NameStrong Brand NameStrong Brand Name

HighHighHighHighHighHighHighHigh Market Market Market Market Market Market Market Market ShareShareShareShareShareShareShareShare

19

HighHighHighHighHighHighHighHigh Market Market Market Market Market Market Market Market ShareShareShareShareShareShareShareShare

Large Distribution NetworkLarge Distribution NetworkLarge Distribution NetworkLarge Distribution NetworkLarge Distribution NetworkLarge Distribution NetworkLarge Distribution NetworkLarge Distribution Network

Substantial Substantial Substantial Substantial Substantial Substantial Substantial Substantial ProductionProductionProductionProductionProductionProductionProductionProduction CapacityCapacityCapacityCapacityCapacityCapacityCapacityCapacity

Current Therapeutic Breakdown in Units

Anti-infectives

39%

Cardiovascular

System

4%

Respiratory

System

6%

Central Nervous

System

4%

Others

10%

20

(1) Includes inter-segment sales Source: IMS (12M ’07)

Alimentary &

Metabolism

15%

Musculo

Skeletal

22%

Respiratory

9%

Central

Nervous

System

21%

Gastro

18%

Anti-infectives

13%

Therapeutic Breakdown in Units in 2010

21

21%

Musculo-

Skeletal

21%

Cardio

18%

Company Estimates

EastPharma Market Share Growing

Market Share – UnitsMarket Share – Revenue

3.1% 3.0% 3.2%

3.4% 3.6%

3.4%

%3

%44.9% 4.7%

5.1% 4.9% 5.0% 4.9%

%4

%6

22

Note: Market share data for Human pharmaceuticals segment

Source: IMS Source: IMS

Rank Rank Rank Rank 6 6 6 6 6 6 6 6 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 Rank 12 Rank 12 Rank 12 Rank 12 12 12 12 12 11 10 911 10 911 10 911 10 9 10101010

%2

31/12/0531/12/0631/12/07 JAN' 08 FEB' 08 MAR' 08

%0

%2

31/12/0531/12/0631/12/07 JAN' 08 FEB' 08 MAR' 08

EastPharma: Leading Products’ Market Shares in Turkish Market

20%

24%

15%

11%

19% 22%

15%

9%

22% 24%

18%

9% 9%

25%

20%

14%

8% 8%

5%

10%

15%

20%

25%

30% M/S %

23

RankRankRankRank(1)(1)(1)(1) 1111 2222 4444 6 7

# of competitors# of competitors# of competitors# of competitors(1)(1)(1)(1) 9 8 11112 11110000 11113

Source: IMS

(1) As of 3M ‘08

0%

5%

Cefaks Amoklavin Deklarit Degastrol Devasid

2005 2006 2007 3M' 08 2005 2006 2007 3M' 08 2005 2006 2007 3M' 08 2005 2006 2007 3M' 08 2005 2006 2007 3M' 08

NA

Top Ten Selling EastPharma Products

Product INN Name

Net Sales

(12M’07)

($ in mn)

Net Sales

(1H’07)

($ in mn)

% of Total Net

Sales

(12M’07)

Market Share

%

(12M’07)

Therapeutic

Category

Originator

Brand Name

Cefaks Cefuroxim Axetil $23.8 $14.6 13% 22% Anti-infectivesZinnat &

Cefatin

AmoklavinAmoxicilline+

Clavulanic Acid$18.8 $11.9 11% 24% Anti-infectives Augmentin

Dikloron Diclofenac $10.5 $5.7 6% 42%Musculoskeletal

System Voltaren

Degastrol Lansoprazol $9.2 $6.0 5% 9%Alimentary &

Ogastro

24Source: IMS

Degastrol Lansoprazol $9.2 $6.0 5% 9%Alimentary &

MetabolismOgastro

Trio

Amoxicilline+

Clarithromycin+

Lansoprazole

$8.5 $4.8 5% 46%Alimentary &

Metabolism Helipak

Devasid Sultamicillin $7.6 $6.6 4% 9% Anti-infectives Duosid

Deklarit Clarithromycin $7.5 $5.9 4% 18% Anti-infectives Klacid

Tekfin Terbinafine $5.7 $4.0 3% 16%Dermatologic

AntifungalLamisil

Azitro Azitromycin $5.2 $3.9 3% 31% Anti-infectives Zithromax

Ciflosin Ciprofloxacin $5.2 $3.3 3% 16% Anti-infectives Ciproxin

EastPharma Product Launches – Introduced in 20072007 NEW 2007 NEW 2007 NEW 2007 NEW PRODUCTSPRODUCTSPRODUCTSPRODUCTSINTRODUCEDINTRODUCEDINTRODUCEDINTRODUCED MOLECULEMOLECULEMOLECULEMOLECULE THERAPEUTIC THERAPEUTIC THERAPEUTIC THERAPEUTIC CATEGORYCATEGORYCATEGORYCATEGORY ORIGINATOR ORIGINATOR ORIGINATOR ORIGINATOR BRAND NAMEBRAND NAMEBRAND NAMEBRAND NAME MoleculeMoleculeMoleculeMoleculeMarket SizeMarket SizeMarket SizeMarket Size2007 2007 2007 2007 (US$ mn)(US$ mn)(US$ mn)(US$ mn) THERAPEUTIC THERAPEUTIC THERAPEUTIC THERAPEUTIC CLASS CLASS CLASS CLASS TherapeuticTherapeuticTherapeuticTherapeuticClassClassClassClassMarket SizeMarket SizeMarket SizeMarket Size2007 2007 2007 2007 (US$ mn)(US$ mn)(US$ mn)(US$ mn)COLASTINCOLASTINCOLASTINCOLASTIN----LLLL ATORVASTATIN CARDIOVASCULAR SYSTEM LIPITOR-PFIZER 161STATINS (HMG-COA RED) 212PANDEV PANDEV PANDEV PANDEV PANTOPRAZOLE ALIMENTARY T.&METABOLISM PANTPAS-BAYER 61

ACID PUMPINHIBITORS 307LUXAT LUXAT LUXAT LUXAT MONTELUKAST RESPIRATORY SYSTEM SINGULAIR-MSD 76RESPIRATORY SYSTEM 77LOSAPRES PLUSLOSAPRES PLUSLOSAPRES PLUSLOSAPRES PLUS LOSARTAN + HCl CARDIOVASCULAR SYSTEM HYZAAR-MSD 49ANGIOTENS-II ANTAG. COMB 219NIMELIDNIMELIDNIMELIDNIMELID NIMESULIDE MUSCULO- SKELETAL SYSTEM MESULID-PFIZER 11

ANTIRHEUMATICS NON-S PLN 372TORADOL- NON-NARCOTIC

25

KETRODOLKETRODOLKETRODOLKETRODOL KETOROLAC NERVOUS SYSTEM TORADOL-ROCHE 2NON-NARCOTIC ANALGESICS 127CONIELCONIELCONIELCONIEL BENIDIPINE CARDIOVASCULAR SYSTEM CONIEL-KYOWA HAKKO 1

CALCIUM ANTAGONISTS PLAIN 102DOXAFIN DOXAFIN DOXAFIN DOXAFIN DESLORATADINE RESPIRATORYSYSTEM AERIUS-SCHERING PLOUGH 29ANTIHISTAMINES SYSTEMIC 86DEGRA DEGRA DEGRA DEGRA (SINGLE DOZE) SILDENAFIL G.U.SYSTEM & SEX HORMONES VIAGRA-PFIZER 0

ERECTILE DYSFUNCTION PRD 94MAGCAR MAGCAR MAGCAR MAGCAR MAGNESIUM CARBONATE + CALCIUM CARBONATE ALIMENTARY T.& METABOLISM RENNIE-ROCHE 7 PLAIN ANTACIDS 31TOTAL MARKETTOTAL MARKETTOTAL MARKETTOTAL MARKET 397397397397 1,6271,6271,6271,627

Source: IMS

Contribution of New Launches in terms of market shareMolecule Units TRY

LUXAT *

(Respiratory System) Montelukast 8.2% 7.6%

LOSAPRES PLUS *

(Cardiovascular System) Losartan+HCI 5.8% 5.6%

CONIEL **

(Cardiovascular System) Benidipine 2.0% 2.5%

NIMELID *

(Musculo-skeletal System) Nimesulide 9.2% 7.0%

DEVASID *

(Anti-infective) Sultamicillin 7.3% 9.9%

Market share achieved in last 14 months (since launch)

26Source: IMS, March 2008

* Considered in molecule market** Considered in ATC4. (Coniel has no competitor in the market.)

(Anti-infective) Sultamicillin 7.3% 9.9%

PANDEV *

(Alimentary T&Metabolism) Pantoprazole 11.1% 9.6%

COLASTIN-L *

(Cardiovascular System) Atorvastatin 3.7% 2.8%

DOXAFIN *

(Respiratory System) Desloratadine 4.4% 3.3%

MAGCAR *

(Alimentary T&Metabolism)

Magnesium Carbonate+

Calcium Carbonate 5.4% 5.3%

Market share achieved in last 8 months (since launch)

Market share achieved in last 3 months (since launch)

EastPharma Product Launches – Pending

2008 PRODUCTS2008 PRODUCTS2008 PRODUCTS2008 PRODUCTS MOLECULEMOLECULEMOLECULEMOLECULE THERAPEUTIC THERAPEUTIC THERAPEUTIC THERAPEUTIC CATEGORYCATEGORYCATEGORYCATEGORY ORIGINATORORIGINATORORIGINATORORIGINATORBRAND NAMEBRAND NAMEBRAND NAMEBRAND NAME MoleculeMoleculeMoleculeMoleculeMarket SizeMarket SizeMarket SizeMarket Size2007200720072007(US$ mn)(US$ mn)(US$ mn)(US$ mn) THERAPEUTIC CLASS THERAPEUTIC CLASS THERAPEUTIC CLASS THERAPEUTIC CLASS TherapeuticTherapeuticTherapeuticTherapeuticClassClassClassClassMarket SizeMarket SizeMarket SizeMarket Size2007 (US$ mn)2007 (US$ mn)2007 (US$ mn)2007 (US$ mn)CEFAKS 250CEFAKS 250CEFAKS 250CEFAKS 250(new form)

CEFUROXIMAXETIL SYSTEMIC ANTI-INFECTIVES CEFATIN-ROCHEZINNAT-GSK 151CEPHALOSPORINS ORAL 285CITREX CITREX CITREX CITREX (DROP) - (new form) CITALOPRAM NERVOUS SYSTEM CIPRAM-LUNDBECK 27

SSRI ANTIDEPRESSANTS 166GENTAMISINGENTAMISINGENTAMISINGENTAMISIN(new form) GENTAMYCIN SYSTEMIC ANTI-INFECTIVES GARAMICIN-SCHERING PLOUGH 4 AMINOGLYCOSIDES 7RESTELARESTELARESTELARESTELA RISPERIDONE NERVOUS SYSTEM RISPERDAL-JOHNSON&JOHNSON 61

ATIPICAL ANTIPSYCHOTICS 204CANDEXIL CANDEXIL CANDEXIL CANDEXIL CANDESARTAN CILEXETIL CARDIOVASCULAR SYSTEM ATACAND PLUS-ASTRAZENECA 56

ANGIOTENS-II ANTAGONIST 219FAMOTIDINE-AMP *

*

*

*

* NEOTAB AMPNEOTAB AMPNEOTAB AMPNEOTAB AMP(new form)

FAMOTIDINE-AMP LYOPH 20 MG 2 5 ML ALIMENTARY T.& METABOLISM FAMODIN- SANDOZ 14 H2 ANTAGONISTS 23MOTISMOTISMOTISMOTIS DOMPERIDONE ALIMENTARY T.& METABOLISM MOTILIUM-JANSSEN CILAG 4 GASTROPROKINETICS 29LEVOSIDLEVOSIDLEVOSIDLEVOSID LEVOFLOXACIN SYSTEMIC ANTI-INFECTIVES TAVANIC-AVENTIS 75ORAL FLUOROQUINOLONES 179ALEMAXALEMAXALEMAXALEMAX ALENDRONIC ACID MUSCULO-SKELETAL SYSTEM FOSAMAX-MSD 30

BISPHOSPH OSTEOPOROSIS 49ZELEFTZELEFTZELEFTZELEFT SERTRALINE NERVOUS SYSTEM LUSTRAL-PFIZER 30SSRI ANTIDEPRESSANTS 166MUKOSİSTMUKOSİSTMUKOSİSTMUKOSİST ACETYLCYSTEIN RESPIRATORY SYSTEM MUCOMYST - BMS 74 EXPECTORANS 93

TOTAL MARKETTOTAL MARKETTOTAL MARKETTOTAL MARKET 526526526526 1,4201,4201,4201,420

Company Data

* licenced

27Cefaks 250 included in reimbursement list in April 2008

Investing to Accomodate the Growth

3x Larger Headquarters3x Larger Headquarters3x Larger Headquarters3x Larger Headquarters3x Larger Headquarters3x Larger Headquarters3x Larger Headquarters3x Larger Headquarters

28

� New Headquarters� Successfully moved as of October 1st, 2007

Investing to Accomodate Growth – Update on Factories

� New factories� Cerkezkoy: 3 Buildings

- Beta-lactam- Cephalosporin

- General Production

3x 3x 3x 3x 3x 3x 3x 3x LargerLargerLargerLargerLargerLargerLargerLarger ProductionProductionProductionProductionProductionProductionProductionProduction CapacityCapacityCapacityCapacityCapacityCapacityCapacityCapacity

29

� Kosekoy: 1 Building- Injectables

� Current capacity: 100mn units

� New production capacity: 350mn units

� FDA and EMEA approvals

Cerkezkoy

Kosekoy:

Investing to Accomodate Growth – Update on Factories

30

FINANCIAL FINANCIAL FINANCIAL FINANCIAL FINANCIAL FINANCIAL FINANCIAL FINANCIAL PERFORMANCE OVERVIEWPERFORMANCE OVERVIEW

� EastPharma established in November 2006, thus 12M’ 06 financial performance only inlcudes one month performance and not comperable to 12M ’07 financials

� Deva aquired in November’ 06

� Deva Holding fully consolidated in EastPharma financials

� Saba aquired in May ’07 and fully consolidated in EastPharma financials

EastPharma Consolidated Financial Results – 12M ’07

Net Net Net Net Net Net Net Net SalesSalesSalesSalesSalesSalesSalesSales improvedimprovedimprovedimprovedimprovedimprovedimprovedimproved viaviaviaviaviaviaviavia strongstrongstrongstrongstrongstrongstrongstrong Deva Deva Deva Deva Deva Deva Deva Deva SalesSalesSalesSalesSalesSalesSalesSales RevenuesRevenuesRevenuesRevenuesRevenuesRevenuesRevenuesRevenues: 59% : 59% : 59% : 59% : 59% : 59% : 59% : 59% yoyyoyyoyyoyyoyyoyyoyyoy increaseincreaseincreaseincreaseincreaseincreaseincreaseincrease

OneOneOneOneOneOneOneOne time time time time time time time time costscostscostscostscostscostscostscosts and EBITDA and EBITDA and EBITDA and EBITDA and EBITDA and EBITDA and EBITDA and EBITDA adjustmentsadjustmentsadjustmentsadjustmentsadjustmentsadjustmentsadjustmentsadjustments forforforforforforforfor thethethethethethethethe yearyearyearyearyearyearyearyear total US$19 total US$19 total US$19 total US$19 total US$19 total US$19 total US$19 total US$19 mnmnmnmnmnmnmnmn

32

Net Sales� 59% yoy increase in Deva

� Positive impact of new product launches

� New incentive system

� Contributions:

- Human Pharma Revenue: 87%

- API: 5%

- Veterinary Products: 5%

- Consumer Goods: 3%

$142,1

$172,7

$128,6

$204,6

$8,8

$212,8

$59,6

$118,5

$165,0

$212,8

2004 2005 2006 2007 2006 2007 3M'07 6M'07 9M'07 12M'07

EP consolidatedEP consolidatedEP consolidatedEP consolidated

Summary Consolidated Financials – EastPharma (IFRS, mn$)

DevaDevaDevaDeva

- Consumer Goods: 3%

$66,4

$85,3

$48,6

$95,3

$0,9

$94,6

$26,1

$55,5

$75,9

$94,6

2004 2005 2006 2007 2006 2007 3M'07 6M'07 9M'07 12M'07

EP consolidatedEP consolidatedEP consolidatedEP consolidatedGross Profit

� 96% yoy increase at Deva

� Relatively limited increase in COGS

� Targeting better margins with new

products

DevaDevaDevaDeva

33

Contribution of New Launches in value terms

CardiovascularCardiovascular segmentsegment shareshare increasedincreased fromfrom 3.7% in 3M’ 07 3.7% in 3M’ 07 toto 5.2% in 12M’075.2% in 12M’07

� Colastin included in reimbursement list in June’ 07

� Coniel included in reimbursement list in July’ 07

GastroGastro segmentsegment shareshare improvedimproved fromfrom 15% in 3M’ 07, 15% in 3M’ 07, toto 15.8% in 12M’ 07 15.8% in 12M’ 07

� Pandev included in reimbursement list in June’ 07

34

46,7%49,4%

46,6% 46,9% 46,0% 44,5%

Gross Profit and COGS Margin – EastPharma (IFRS)

Gross Profit Margin COGS Margin

53,3%50,6%

62,2%

53,4%56,2% 54,7% 54,0% 55,5%

EP consolidatedEP consolidatedEP consolidatedEP consolidated EP consolidatedEP consolidatedEP consolidatedEP consolidatedDevaDevaDevaDeva

AbilityAbilityAbilityAbilityAbilityAbilityAbilityAbility totototototototo be be be be be be be be moremoremoremoremoremoremoremore efficientefficientefficientefficientefficientefficientefficientefficient thanthanthanthanthanthanthanthan thethethethethethethethe competitioncompetitioncompetitioncompetitioncompetitioncompetitioncompetitioncompetitionwillwillwillwillwillwillwillwill bringbringbringbringbringbringbringbring us a us a us a us a us a us a us a us a competitivecompetitivecompetitivecompetitivecompetitivecompetitivecompetitivecompetitive advantageadvantageadvantageadvantageadvantageadvantageadvantageadvantage

DevaDevaDevaDeva

46,7%

37,8%

46,6%43,8%

46,9% 46,0% 44,5%

2004 2005 2006 2007 3M'07 6M '07 9M'07 12M'07 2004 2005 2006 2007 3M '07 6M '07 9M '07 12M '07

35

Marketing ExpensesGeneral

Administration Expenses

26,1%

31,7%

28,8%27,1%

28,8%

Research & Development Expenses

17,8%

12,8

EP consolidatedEP consolidatedEP consolidatedEP consolidated

Operating Margins – EastPharma (IFRS)

DevaDevaDevaDeva EP consolidatedEP consolidatedEP consolidatedEP consolidatedDevaDevaDevaDeva EP consolidatedEP consolidatedEP consolidatedEP consolidatedDevaDevaDevaDeva

24,0%

20,6%

21,4%

2004 2005 2006 2007 3M 6M 9M 12M

9,1%8,2%

12,2%

8,2%

6,8%

8,9%

12,8%

2004200520062007 3M 6M 9M 12M

36

Summary Consolidated Financials – EastPharma (IFRS, mn$)

EBITDA(1)

�Sales and Gross Margin improvements have a positive impact $24,0

$31,1

($9,2)

$33,5

$11,4

$21,7

$28,6$33,2

EP consolidatedEP consolidatedEP consolidatedEP consolidatedDevaDevaDevaDeva

(1) Earnings Before Interest, Taxation, Depreciation & Amortisation (Note: excludes other gains and losses and gain on monetary position)

($9,2)

2004 2005 2006 2007 3M'07 6M'07 9M'07 12M'07

Operational turnaround strategy

Focus on increased market share & profitability

– Expansion / restructuring of sales force with a new sales incentive system

– Expansion of manufacturing capacity

– Introduce new products with higher margins & increase portfolio diversification

37

Highlights on Saba Financials (mn$)

� 67% yoy increase in Net Sales: US$ 12mn

� Gross profit margin: 59%

FocusFocusFocusFocusFocusFocusFocusFocus on on on on on on on on nichenichenichenichenichenichenicheniche market and market and market and market and market and market and market and market and beingbeingbeingbeingbeingbeingbeingbeing competitivecompetitivecompetitivecompetitivecompetitivecompetitivecompetitivecompetitive: : : : : : : :

� Increase in operating expenses in line with sales team

� Net profit: US$ 0.53 mn

38

Normalized Consolidated Financials – EastPharma (IFRS, $)

For the year

ended

31 December

2007

17 August 2006

(inception date) to

31 December 2006

Normalized

Income

Statement

31 December 2007

Revenue 212.781.055 8.789.176 214.810.084

Cost of sales (118.180.612) (7.902.586) (113.251.762)

Gross profit 94.600.443 886.590 101.558.322

Operating expenses (91.490.567) (9.630.700) (85.227.779)

Investment revenue 7.387.650 446.735 5.358.621

Finance costs (21.142.973) (2.744.202) (7.141.909)

Other gains and losses (1.934.762) 74.780 3.740.121

*

Reorganization Adjustment Costs (US$, Thousand)

Retirement pay provision

39Source: Company Management

Other gains and losses (1.934.762) 74.780 3.740.121

Loss before tax (12.580.209) (10.966.797) 18.287.376

Current tax expense (2.205.014) (679.342) (2.205.014)

Deferred tax expense 2.736.355 2.153.824 (2.106.467)

Income tax expense 531.341 1.474.482 (4.311.481)

Net loss for the period (12.048.868) (9.492.315) 13.975.895

Attributable to:

Equity holders of the parent (9.305.503) (6.023.907) 10.793.772

Minority interest (2.743.365) (3.468.408) 3.182.123

(12.048.868) (9.492.315) 13.975.895

* Excludes costs relating to reorganization (US$18.89mn) and currency hedging (US$14.00mn)

Retirement pay provision

(restructuring of personnel) 7.041

Loss on disposal of property,

plant and equipment 3.172

Payment for environmental

liability 1.520

Provision for tax penalty 2.631

Interest received on sales with

deferred settlement terms 2.029

Fair value of put option liability 2.503

Total 18.896

IR Contact Details:

Idil Bora – IR Manager

Email : ir@eastpharmaltd.com / ibora@eastpharmaltd.com

D. Phone : +90 212 6929326

Fax : +90 212 6970614

Address: Halkali Mah. Basin Ekspres Cad. 34303 No:1

Kucukcekmece - Istanbul

THANK YOU FOR YOUR INTERESTTHANK YOU FOR YOUR INTEREST

APPENDIXAPPENDIXAPPENDIXAPPENDIXAPPENDIXAPPENDIXAPPENDIXAPPENDIXAPPENDIXAPPENDIXAPPENDIXAPPENDIXAPPENDIXAPPENDIXAPPENDIXAPPENDIX

EastPharma Shareholder StructureEastPharma Ltd.

(As of February, 2008)

Saba Pharmaceuticals

100.00% of A, B, C & D shares

EastPharma Ltd.

Deva Holding A.S.

EastPharma

Ltd.

Free

Float

C Shares: 94,33% 5,67%- Direct Control 82,25%- Indirect Control 12,08%

Gavea

Master

Fund Ltd.

3,8%

D. E. Shaw

Laminar

Portfolios

8,3%

Griffin

Funds;

2,4% Enso

Funds;

2,3%

Free Float;

(As of February, 2008)

42

95.50% of Founder shares

A Shares: 100,00% -- Direct Control 74,00%- Indirect Control 26,00%

B Shares: 92,00% 8,00%- Direct Control 72,00%- Indirect Control 20,00%

GEM

Funds,

61.63%

Free Float;

21,2%

Raffles

Associate

0,4%