UBS Turkish Senior Management One-on-One Conference

LONDON, FEBRUARY 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 September 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 – 9M’ 07

� 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

Listed on London Main Stock Exchange (GDR)Listed on London Main Stock Exchange (GDR)Listed on London Main Stock Exchange (GDR)Listed on London Main Stock Exchange (GDR)Listed on London Main Stock Exchange (GDR)Listed on London Main Stock Exchange (GDR)Listed on London Main Stock Exchange (GDR)Listed on London Main Stock Exchange (GDR)

Turkish Pharma Market

OTCOTC

TURKISH PHARMA MARKET

RxRx

Pa

rtia

lly R

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bu

rse

d Fu

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

BrandedGenerics

BrandedGenericsP

art

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dPure Generics (INN)

Branded

Original

Source: IMS

� 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)

($ per capita)

Turkish Pharma Market

6Source : IMS Health

4662

7990

103

0

50

100

150

2002

2003

2004

2005

2006

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

EastPharmaEastPharmaEastPharmaEastPharma isisisis thethethethe 5thththth largestlargestlargestlargest playerplayerplayerplayer inininin TurkishTurkishTurkishTurkish PharmaceuticalPharmaceuticalPharmaceuticalPharmaceutical MarketMarketMarketMarket based on 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%

January – June 2007

� Sales incentive system: based on volume sales

� Implementation started in January

� Acquisitions:

� Saba Pharmaceutical

� New Rep Offices:

� Georgia

Recent Developments in 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 &

8

� Construction of Cerkezkoy and Kosekoy started

� Headquarter in Levent sold

marketing restructuring

� Implementation started in December

� New Rep Offices:

� Russia,

� Continuous Reorganization:

� Resignation of COO

� Successful transition to new headquarter

� Listed on LSE (GDR)

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

10

� 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

11

– Focus on existing portfolio

– New product launches

– Consolidation of Turkish market

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

12

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:� Efficiency and profit orriented sales and marketing force

� 15 regions in Turkey with 23 offices � 773 representatives

� 8 groups of medical representatives � 86 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. Increased Product Portfolio

13

2. Increased 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. Optimized Operational Processes

� Introduced new sales incentive system � Moving production of Saba’s products to EastPharma’s facilities, decreased costs

Acquisitions: SABA PHARMACEUTICALS

Attractive Valuation

� Purchased for US$ 14 mn

� 2006 Sales (unaudited): US$ 8 mn

� 2007 Sales (unaudited): US$ 15 mn

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

14

Financial Turnaround

� Sales improved 73% from 2006 in US$ terms

� Net profit improved 419% 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

4 rep4 rep4 rep4 rep4 rep4 rep4 rep4 rep........ 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

15

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

Enlargement of Product Portfolio

Total revenues of products and licenses to be acquired:

� Revenues of approx US$ 90mn in 2007

Successful completion of this transaction will provide;

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

Term sheet signed for the purchaseTerm sheet signed for the purchaseTerm sheet signed for the purchaseTerm sheet signed for the purchaseTerm sheet signed for the purchaseTerm sheet signed for the purchaseTerm sheet signed for the purchaseTerm sheet signed for the purchase of of of of of of of of productsproductsproductsproductsproductsproductsproductsproducts and and and and and and and and licenslicenslicenslicenslicenslicenslicenslicenses from es from es from es from es from es from es from es from aaaaaaaa leading multinational, researchleading multinational, researchleading multinational, researchleading multinational, researchleading multinational, researchleading multinational, researchleading multinational, researchleading multinational, research--------based pharmaceutical based pharmaceutical based pharmaceutical based pharmaceutical based pharmaceutical based pharmaceutical based pharmaceutical based pharmaceutical compancompancompancompancompancompancompancompanyyyyyyyy

16

� Increase EastPharma’s exposure in key therapeutic areas

� Estimated additional EBITDA to EastPharma of approx. US$ 45mn

� Estimated additional sales expenses for these products: US$ 7-10mn

Closing is expected in April 2008

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

Further details of this transaction are subject to a confidentiality agreement

�� 7th 7th 7th 7th 7th 7th 7th 7th largest player in revenue terms in Turkey v. 11th previouslylargest player in revenue terms in Turkey v. 11th previouslylargest player in revenue terms in Turkey v. 11th previouslylargest player in revenue terms in Turkey v. 11th previouslylargest player in revenue terms in Turkey v. 11th previouslylargest player in revenue terms in Turkey v. 11th previouslylargest player in revenue terms in Turkey v. 11th previouslylargest player in revenue terms in Turkey v. 11th previously�� 3th 3th 3th 3th 3th 3th 3th 3th largest player largest player largest player largest player largest player largest player largest player largest player in Turkey based on units in Turkey based on units in Turkey based on units in Turkey based on units in Turkey based on units in Turkey based on units in Turkey based on units in Turkey based on units v. v. v. v. v. v. v. v. 5th 5th 5th 5th 5th 5th 5th 5th previouslypreviouslypreviouslypreviouslypreviouslypreviouslypreviouslypreviously

Sales ForceSales ForceSales ForceSales ForceSales ForceSales ForceSales ForceSales Force

Competitive Advantage of EastPharma

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

High MarketshareHigh MarketshareHigh MarketshareHigh MarketshareHigh MarketshareHigh MarketshareHigh MarketshareHigh Marketshare

17

High MarketshareHigh MarketshareHigh MarketshareHigh MarketshareHigh MarketshareHigh MarketshareHigh MarketshareHigh Marketshare

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

Production CapabilityProduction CapabilityProduction CapabilityProduction CapabilityProduction CapabilityProduction CapabilityProduction CapabilityProduction Capability

Current Therapeutic Breakdown in Units

Anti-infectives

39%

Respiratory

System

6%

Cardiovascular

System

4%

Central Nervous

System

4%

Others

10%

18

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

Musculo

Skeletal

22%

Alimentary &

Metabolism

15%

Respiratory

9%

Anti-infectives

13%

Gastro

18% Central

Nervous

System

21%

Therapeutic Breakdown in Units in 2010

19

Cardio

18%

21%

Musculo-

Skeletal

21%

Company Estimates

EastPharma Market Share Growing

Market Share – UnitsMarket Share – Revenue

3.1% 3.1% 3.0% 3.2% 3.4% 3,7%

%1

%2

%3

%44.6% 4.9% 4.7% 5.1% 4.9%

3,5%

%2

%4

%6

20

Source: IMS Source: IMS

Rank 10 Rank 10 Rank 10 Rank 10 6 6 6 6 6 6 6 6 5 55 55 55 5Rank 11 12 Rank 11 12 Rank 11 12 Rank 11 12 12 12 12 12 11 10

Note: Market share data for Human pharmaceuticals segment

%0

%1

31/12/04 31/12/05 31/12/06 31/12/07 31/01/08 14/02/08

%0

31/12/04 31/12/05 31/12/06 31/12/07 31/01/08 14/02/08

EastPharma Leading Products’ Market Shares in Turkish Market

20%

24%

15%

11%

19%

22%

15%

9%

22% 24%

18%

9% 9%

21%

15% 15%

8% 9% 10%

15%

20%

25%

30% M/S %

21

RankRankRankRank(1)(1)(1)(1) 1111 1111 1111 6 6

# of competitors# of competitors# of competitors# of competitors(1)(1)(1)(1) 9 8 11111 11111111 11113

Source: IMS

(1) As of 1M ‘08

8%

0%

5%

10%

Cefaks Amoklavin Deklarit Degastrol Devasid

2005 2006 2007 1M' 08 2005 2006 2007 1M' 08 2005 2006 2007 1M' 08 2005 2006 2007 1M' 08 2005 2006 2007 1M' 08

NA

Top Ten Selling EastPharma Products

ProductProductProductProduct INN NameINN NameINN NameINN NameNet Sales Net Sales Net Sales Net Sales ((((1H’1H’1H’1H’00007777))))

($ in millions)($ in millions)($ in millions)($ in millions)Net Sales Net Sales Net Sales Net Sales ((((9M’9M’9M’9M’00007777))))

($ in millions)($ in millions)($ in millions)($ in millions)

% of Total % of Total % of Total % of Total Net SalesNet SalesNet SalesNet Sales((((9M’9M’9M’9M’00007777))))

MarketMarketMarketMarketShare %Share %Share %Share %((((9M’9M’9M’9M’00007777))))

Therapeutic Therapeutic Therapeutic Therapeutic CategoryCategoryCategoryCategory

Originator Originator Originator Originator Brand NameBrand NameBrand NameBrand Name

CefaksCefaksCefaksCefaks Cefuroxim Axetil $14.6 $20.2 14% 24% Anti-infectives Zinnat & Cefatin

AmoklavinAmoklavinAmoklavinAmoklavin Amoxicilline+Clavulanic Acid $11.9 $15.5 11% 26% Anti-infectives Augmentin

DikloronDikloronDikloronDikloron Diclofenac $5.7 $8.1 6% 43%Musculoskeletal System Voltaren

DeklaritDeklaritDeklaritDeklarit Clarithromycin $5.9 $7.6 5% 20% Anti-infectives Klacid

22

DevasidDevasidDevasidDevasid Sultamicillin $6.6 $7.5 5% 10% Anti-infectives Duosid

DegastrolDegastrolDegastrolDegastrol Lansoprazole $6.0 $6.9 5% 10%Alimentary & Metabolism Ogastro

TrioTrioTrioTrio Amoxicilline+Clarithromycin+Lansoprazole $4.8 $6.0 4% 49%

Alimentary & Metabolism Helipak

TekfinTekfinTekfinTekfin Terbinafine $4.0 $5.1 4% 17%Dermatologic Antifungal

Lamisil

AzitroAzitroAzitroAzitro Azitromycin $3.9 $4.3 3% 33% Anti-infectives Zithromax

CiflosinCiflosinCiflosinCiflosin Ciprofloxacin $3.3 $4.0 3% 16% Anti-infectives Ciproxin

Source: IMS

EastPharma Product Launches – Introduced in 2007

2007 INTRODUCED2007 INTRODUCED2007 INTRODUCED2007 INTRODUCEDNEW PRODUCTSNEW PRODUCTSNEW PRODUCTSNEW PRODUCTS MOLECULEMOLECULEMOLECULEMOLECULE THERAPHEUTIC THERAPHEUTIC THERAPHEUTIC THERAPHEUTIC 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) THERAPHEUTIC THERAPHEUTIC THERAPHEUTIC THERAPHEUTIC CLASS CLASS CLASS CLASS Therapheutic Therapheutic Therapheutic Therapheutic ClassClassClassClassMarket 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

23

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

EastPharma Product Launches – Introduced in 2007

Units TRY

LUXAT * 5,8% 5,4% LOSAPRES PLUS * 4,9% 4,7%

CONIEL ** 1,6% 2,0%

NIMELID * 5,8% 4,6% DEVASID * 8,5% 10,4%

PERFORMANCE REACHED IN 12 MONTHS

MARKETSHARE IN 1M' 08

24Source: IMS

PANDEV * 10,8% 10,1% COLASTIN-L * 2,1% 1,6%

DOXAFIN * 5,1% 3,8% MAGCAR * 9,5% 9,3%

PERFORMANCE REACHED IN 6 MONTHS

PERFORMANCE REACHED IN 1 MONTH

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

EastPharma Product Launches – Pending2008 PRODUCTS2008 PRODUCTS2008 PRODUCTS2008 PRODUCTS MOLECULEMOLECULEMOLECULEMOLECULE THERAPHEUTIC THERAPHEUTIC THERAPHEUTIC THERAPHEUTIC CATEGORYCATEGORYCATEGORYCATEGORY ORIGINATORORIGINATORORIGINATORORIGINATORBRAND NAMEBRAND NAMEBRAND NAMEBRAND NAME MoleculeMoleculeMoleculeMoleculeMarket SizeMarket SizeMarket SizeMarket Size2007200720072007(US$ mn)(US$ mn)(US$ mn)(US$ mn) THERAPHEUTIC CLASS THERAPHEUTIC CLASS THERAPHEUTIC CLASS THERAPHEUTIC CLASS Therapheutic Therapheutic Therapheutic Therapheutic ClassClassClassClassMarket SizeMarket SizeMarket SizeMarket Size2007 (US2007 (US2007 (US2007 (US$ mn)$ mn)$ mn)$ mn)CEFAKS 250CEFAKS 250CEFAKS 250CEFAKS 250(new form)

CEFUROKSIMAKSETIL SYSTEMIC ANTI-INFECTIVES CEFATIN-ROCHEZINNAT-GSK 151 CEPHALOSPORINS ORAL 285CITREX CITREX CITREX CITREX (DROP) - (new form) CITALOPRAM NERVOUS SYSTEM CIPRAM-LUNDBECK 27 SSRI ANTIDEPRESSANTS 166GENTAMISINGENTAMISINGENTAMISINGENTAMISIN(new form) GENTAMICIN SYSTEMIC ANTI-INFECTIVES GARAMICIN-SCHERING PLOUGH 4 AMINOGLYCOSIDES 7NEOTAB AMPNEOTAB AMPNEOTAB AMPNEOTAB AMP(new form)

FAMOTIDINE-AMP LYOPH 20 MG 2 5 ML ALIMENTARY T.& METABOLISM FAMODIN- SANDOZ 14 H2 ANTAGONISTS 23NERVOUS RISPERDAL- 61 ATIPICAL 204

*

*

*

25

RESTELARESTELARESTELARESTELA RISPERIDONE NERVOUS SYSTEM RISPERDAL-JOHNSON&JOHNSON 61 ATIPICAL ANTIPSYCHOTICS 204MOTISMOTISMOTISMOTIS DOMPERIDONE ALIMENTARY T.& METABOLISM MOTILIUM-JANSSEN CILAG 4 GASTROPROKINETICS 29LEVOSIDLEVOSIDLEVOSIDLEVOSID LEVOFLOXACIN SYSTEMIC ANTI-INFECTIVES TAVANIC-AVENTIS 75 ORAL FLUOROQUINOLONES 179ALEMAXALEMAXALEMAXALEMAX ALENDRONIC ACID MUSCULO-SKELETAL SYSTEM FOSAMAX-MSD 30 BISPHOSPH OSTEOPOROSIS 49ZELEFTZELEFTZELEFTZELEFT SERTRALINE NERVOUS SYSTEM LUSTRAL-PFIZER 30 SSRI ANTIDEPRESSANTS 166CANDEXIL CANDEXIL CANDEXIL CANDEXIL CANDESARTAN CILEXETIL CARDIOVASCULAR SYSTEM ATACAND PLUS-ASTRAZENECA 56 ANGIOTENS-II ANTAGONIST 219MUKOSİSTMUKOSİSTMUKOSİSTMUKOSİST ACETYLSYSTEIN RESPIRATORY SYSTEM MUCOMYST - BMS 74 EXPECTORANS 93

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

*

* licenced

Investing to Accomodate the Growth

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

New factories

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

3x Larger Production Capacity3x Larger Production Capacity3x Larger Production Capacity3x Larger Production Capacity3x Larger Production Capacity3x Larger Production Capacity3x Larger Production Capacity3x Larger Production Capacity

26

� New factories� Cerkezkoy: 4 Buildings

- Beta-lactam- Cephalosporin

- Oncology

- General Production

� Kosekoy: 1 Building- Injectables

Çerkezköy Plant Levent Plant

Manufacturing Capabilities

27

[ADD

PICTURE]

Topkapı PlantKöseköy Plants

� Current capacity: 100mn units

� New production capacity: 350mn units

� FDA and EMEA approvals

FINANCIAL FINANCIAL FINANCIAL FINANCIAL FINANCIAL FINANCIAL FINANCIAL FINANCIAL PERFORMANCE OVERVIEW PERFORMANCE OVERVIEW –– 9M9M’’’’’’’’ 0707070707070707FINANCIAL FINANCIAL FINANCIAL FINANCIAL FINANCIAL FINANCIAL FINANCIAL FINANCIAL PERFORMANCE OVERVIEW PERFORMANCE OVERVIEW –– 9M9M’’’’’’’’ 0707070707070707

� EastPharma was established in November 2006, hence financial results comparing 9M 2007 with 9M 2006 are not available.

� Deva acquired in November 2006.

� Deva fully consolidated in EastPharma financials

� Saba acquired in May 2007 and fully consolidated in EastPharma financials

EastPharma Consolidated Financial Results – 9M 2007

Net Sales improved via DevaNet Sales improved via DevaNet Sales improved via DevaNet Sales improved via DevaNet Sales improved via DevaNet Sales improved via DevaNet Sales improved via DevaNet Sales improved via Deva’s Strong ’s Strong ’s Strong ’s Strong ’s Strong ’s Strong ’s Strong ’s Strong Sales Sales Sales Sales Sales Sales Sales Sales GrowthGrowthGrowthGrowthGrowthGrowthGrowthGrowth::::::::61.5% increase61.5% increase61.5% increase61.5% increase61.5% increase61.5% increase61.5% increase61.5% increase

OneOneOneOneOneOneOneOne--------time costs for the period time costs for the period time costs for the period time costs for the period time costs for the period time costs for the period time costs for the period time costs for the period of of of of of of of of US$ 20.6 mn US$ 20.6 mn US$ 20.6 mn US$ 20.6 mn US$ 20.6 mn US$ 20.6 mn US$ 20.6 mn US$ 20.6 mn

29

Summary Consolidated Financials – EastPharma (IFRS figures)

Net Sales� 61.5% increase at Deva

� Positive impact of new product launches

� New incentive system

� Contributions:

- Human Pharma Revenue: 88%

- API: 4%

- Veterinary Products: 5%

- Consumer Goods: 3%

$142.1

$172.7

$128.6

$59.6

$118.5

$165.0

$100.6

$161.5

2004 2005 2006 3M'07 6M'07 9M'07 9M'06 9M'07

EP consolidated Deva *Deva *

61.5%

30

- Consumer Goods: 3% 2004 2005 2006 3M'07 6M'07 9M'07 9M'06 9M'07

$66.4

$85.3

$48.6

$26.1

$55.5

$75.9

$43.8

$78.4

2004 2005 2006 3M'07 6M'07 9M'07 9M'06 9M'07

EP consolidatedGross Profit

� 78% increase at Deva

� Relatively limited increase in COGS

� Targeting better margins with new products

* CMB results (Capital Market Board)

Deva * Deva *

78%

Contribution of New Launches in Value Terms

Cardiovascular segment Cardiovascular segment Cardiovascular segment Cardiovascular segment Cardiovascular segment Cardiovascular segment Cardiovascular segment Cardiovascular segment as % of sales increased as % of sales increased as % of sales increased as % of sales increased as % of sales increased as % of sales increased as % of sales increased as % of sales increased from 3.9% in 1Q to 7.0% in 3Q’07from 3.9% in 1Q to 7.0% in 3Q’07from 3.9% in 1Q to 7.0% in 3Q’07from 3.9% in 1Q to 7.0% in 3Q’07from 3.9% in 1Q to 7.0% in 3Q’07from 3.9% in 1Q to 7.0% in 3Q’07from 3.9% in 1Q to 7.0% in 3Q’07from 3.9% in 1Q to 7.0% in 3Q’07

� Colastin (Atorvastatin) included in reimbursement list in June ’07

� Coniel (Benidipine) included in reimbursement list in July ’07

31

Gastro segment Gastro segment Gastro segment Gastro segment Gastro segment Gastro segment Gastro segment Gastro segment as % of sales increased as % of sales increased as % of sales increased as % of sales increased as % of sales increased as % of sales increased as % of sales increased as % of sales increased from 15% in 1Q to 16.8% in 3Qfrom 15% in 1Q to 16.8% in 3Qfrom 15% in 1Q to 16.8% in 3Qfrom 15% in 1Q to 16.8% in 3Qfrom 15% in 1Q to 16.8% in 3Qfrom 15% in 1Q to 16.8% in 3Qfrom 15% in 1Q to 16.8% in 3Qfrom 15% in 1Q to 16.8% in 3Q ’07’07’07’07’07’07’07’07

� Pandev (Pantoprazole) included in reimbursement list in June ‘07

46.7%49.4%

43.8%46.9% 46.0%

44.1%

48.0%

Gross Profit and COGS Margin – EastPharma (IFRS)

Gross Profit Margin COGS Margin

53.3%50.6%

62.2%

56.2% 54.7% 54.0%55.9%

52.0%

EP consolidated EP consolidatedDeva * Deva *

Increased efficiency will bring EastPharma greater competitive advantage Increased efficiency will bring EastPharma greater competitive advantage Increased efficiency will bring EastPharma greater competitive advantage Increased efficiency will bring EastPharma greater competitive advantage Increased efficiency will bring EastPharma greater competitive advantage Increased efficiency will bring EastPharma greater competitive advantage Increased efficiency will bring EastPharma greater competitive advantage Increased efficiency will bring EastPharma greater competitive advantage

Deva * Deva *

32

37.8%

2004 2005 2006 3M'07 6M '07 9M'07 9M '06 9M'07 2004 2005 2006 3M '07 6M '07 9M '07 9M '06 9M '07

* CMB results

Summary Consolidated Financials – EastPharma (IFRS - US$, mn)

EBITDA(1)

�Sales and Gross Margin improvements have a positive impact

$24.0

$31.1

($9.2)

$11.4

$21.7

$28.6

($1.4)

$30.5

EP consolidatedDeva * Deva *

33(1) Earnings Before Interest, Taxation, Depreciation & Amortisation (Note: excludes other gains and losses and gain on monetary position)

($9.2)

2004 2005 2006 3M'07 6M'07 9M'07 9M'06 9M'07

Operational turnaround strategy

Focus on increasing market share & profitability

– Expansion & restructuring of the sales force with a new sales incentive system

– Expansion of manufacturing capacity

– Introduction of new products with higher margins

– Increased portfolio diversification

* CMB results

Marketing ExpensesGeneral

Administration Expenses

24.0%

26.1%

31.7%

27.1%

Research & Development Expenses

2.2%17.8%

EP consolidated

Operating Margins – EastPharma (IFRS)

Deva * EP consolidatedDeva * EP consolidatedDeva *

34

20.6%21.4%

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

1.4%

1.2%

1.0%

1.1%1.2%

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

9.1%8.2% 8.2%

6.8%

8.9%

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

* CMB results

Saba: Financial Highlights (US$, mn)

� 73% increase in Net Sales: US$ 8mn

� Continuing gross margin improvement: 58% (51% in previous period)

Focus on niche marketFocus on niche marketFocus on niche marketFocus on niche marketFocus on niche marketFocus on niche marketFocus on niche marketFocus on niche marketssssssss to to to to to to to to be competitivebe competitivebe competitivebe competitivebe competitivebe competitivebe competitivebe competitive

35

� Increase in operating expenses in line with sales team growth

� Sales Force increased from 60 to 140 people

� Net profit US$ 0.47 mn

Normalized Consolidated Financials – EastPharma (IFRS)

EastPharma is inline with its operational targets EastPharma is inline with its operational targets EastPharma is inline with its operational targets EastPharma is inline with its operational targets EastPharma is inline with its operational targets EastPharma is inline with its operational targets EastPharma is inline with its operational targets EastPharma is inline with its operational targets

(US$, thousand)

Nine month

period ended 30

September 2007

Normalized

income statement

Revenue 164,967 164,967

Cost of sales (89,080) (88,483)

Gross profit 75,887 76,484

Operating expenses (61,486) (58,567)

Investment revenue 3,447 3,447

36

Source: Company Management

Investment revenue 3,447 3,447

Finance costs (19,446) (5,491)

Other gains and losses (2,267) 905

Profit / (Loss) before tax (3,864) 16,777

Current tax expense (3,448) (3,448)

Deferred tax expense (3,131) (6,955)

Income tax expense (6,580) (10,404)

Net loss for the period (10,444) 6,373

Attributable to:Equity holders of the parent (8,435) 5,147

Minority interest (2,009) 1,226

(10,444) 6,373

(US$, thousand)

Adjustment on hedging currency risk 13,955 - Additional provision on severance pay

for restructuring of personnel 1,995 -

Impairment of property, plant 3,172 - Payment for environmental liability 1,520 - Non-recurring costs in total 20,642

Non-recurring Costs for the period

Outlook

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�Russia & Ukraine

�Utilise additional production capacity and manufacturing expertise

�US�Europe

37

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HHHH1 ‘071 ‘071 ‘071 ‘07 FY ‘07FY ‘07FY ‘07FY ‘07 HHHH1 ‘081 ‘081 ‘081 ‘08 FY ‘08FY ‘08FY ‘08FY ‘08

�Impact on 2007 year end financials

�Existing product range– Cost base

reduction– Restructuring of

marketing / sales force

2009 and 2009 and 2009 and 2009 and BeyondBeyondBeyondBeyond

Turkish Pharmaceutical Market GrowthTurkish Pharmaceutical Market GrowthTurkish Pharmaceutical Market GrowthTurkish Pharmaceutical Market Growth

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 INTEREST...THANK YOU FOR YOUR INTEREST...

APPENDIXAPPENDIXAPPENDIXAPPENDIXAPPENDIXAPPENDIXAPPENDIXAPPENDIXAPPENDIXAPPENDIXAPPENDIXAPPENDIXAPPENDIXAPPENDIXAPPENDIXAPPENDIX

EastPharma Shareholder StructureEastPharma Ltd.(As of January 8th, 2008)

Saba Pharmaceuticals

100.00% of A, B, C & D shares

EastPharma Ltd.

Deva Holding A.S.

EastPharma

Ltd.

Free

Float

C Shares: 94.20% 5.80%

Gavea Master

Fund Ltd. ,

3.8%

Fursa Funds,

7.9%

D. E. Shaw

Laminar

Portfolios,

L.L.C., 8.3%

Griffin Funds,

2.4%

Enso Funds,

2.3%

Free Float,

21.3%

(As of January 15th, 2008)

40

shares

95.50% of Founder shares

C Shares: 94.20% 5.80%- Direct Control 82.12%- Indirect Control 12.08%

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%

Raffles

Associates

L.P., 0.4%

21.3%

GEM Funds,

53.6%