Voice of Shareholders A Survey of 32 INDEPENDENT Taro shareholders at large

A few things a out the survey! Survey was not conducted y the co"#any Taro$ It was "anaged y a shareholder to assess the voice of shareholders at large % shareholder can only res#ond once$ IP address&e"ail ids recorded are all recorded elow$ IP address is only shown where survey res#ondent's e"ail id is not recorded in survey "on(ey$ No ody who has N)T received the lin( fro" survey can res#ond All res#ondents have #reviously signed consent that they are indeed shareholders$ No further atte"#ts have een "ade to verify this though None of these shareholders (now each other than getting together on internet yahoo "essage oard and grou# to discuss&whine&o#ine on these very to#ics *hat was the idea ehind conducting this survey+ The #lain and si"#le idea ehind the survey was to assess what the shareholders wanted the ,oard to do to unloc( the -.// #otential and value of their asset! To "orally #ersuade the ,oard to co""unicate with shareholders at large on (ey "atters affecting shareholder value$ To ring a out a change in cor#orate governance0 where shareholders are truly e"#owered and their voice is actually heard0 "erits of their agenda are discussed with the" and suita ly acted u#on

1esults
This was a Shareholder Opinion Poll - Interim Results (56% response rate to date) 1) 18 of 18 replied !S ") 18 of 18 replied !S #) 1$ of 18 replied !S% " replied &O and " '(stained $) 18 of 18 replied !S

,elow are individual survey res#onses shown here for audit #ur#ose

2)3P/ETE
2ollector! imho)d*odd+*ahoo,-om (!mail) Started! Saturda*% .e-em(er "8% "/1# 01"/1"$ '2 /ast 3odified! Saturda*% .e-em(er "8% "/1# 01"/15# '2 Ti"e S#ent! //1//1"8 E"ail! hollander$0$"+hotmail,-om IP Address!

PA4E % 5%! Do you thin( Taro should attend Investor 2onferences and conduct Earnings call li(e other N6SE listed co"#anies +
*es

52! Do you thin( Taro should i""ediately start unloc(ing value of its %78 #roducts in 1est of world "ar(ets 9e:;.SA0e:;.<0 e:;2an0 e:;Israel= where 28%2 sales was >ust %? of overall Taro sales +
es

53! As a "inority shareholder0 Do you thin( ac@uiring assets in the "ar(et is etter way of adding shareholder value co"#ared to Share uy; ac( + If yes0 #ls add why in the co""ents section
*es

5A! Do you want re#resentation in TaroBs ,oard fro" a no"inee fro" a "inority shareholder +
*es

2)3P/ETE

2ollector! imho)d*odd+*ahoo,-om (!mail) Started! 3ednesda*% .e-em(er "5% "/1# 1/1/$15# P2 /ast 3odified! 3ednesda*% .e-em(er "5% "/1# 1/1/51$/ P2 Ti"e S#ent! //1//1$6 E"ail! masirr+*ahoo,-om IP Address!

PA4E % 5%! Do you thin( Taro should attend Investor 2onferences and conduct Earnings call li(e other N6SE listed co"#anies +
*es

52! Do you thin( Taro should i""ediately start unloc(ing value of its %78 #roducts in 1est of world "ar(ets 9e:;.SA0e:;.<0 e:;2an0 e:;Israel= where 28%2 sales was >ust %? of overall Taro sales +
es

53! As a "inority shareholder0 Do you thin( ac@uiring assets in the "ar(et is etter way of adding shareholder value co"#ared to Share uy; ac( + If yes0 #ls add why in the co""ents section
Respondent skipped this question

5A! Do you want re#resentation in TaroBs ,oard fro" a no"inee fro" a "inority shareholder +
*es

2)3P/ETE

2ollector! imho)d*odd+*ahoo,-om (!mail) Started! 3ednesda*% .e-em(er "5% "/1# $11#1/# P2 /ast 3odified! 3ednesda*% .e-em(er "5% "/1# $11#1$5 P2 Ti"e S#ent! //1//1$1 E"ail! worth*wl+aol,-om IP Address!

PA4E %

5%! Do you thin( Taro should attend Investor 2onferences and conduct Earnings call li(e other N6SE listed co"#anies +
*es

52! Do you thin( Taro should i""ediately start unloc(ing value of its %78 #roducts in 1est of world "ar(ets 9e:;.SA0e:;.<0 e:;2an0 e:;Israel= where 28%2 sales was >ust %? of overall Taro sales +
es

53! As a "inority shareholder0 Do you thin( ac@uiring assets in the "ar(et is etter way of adding shareholder value co"#ared to Share uy; ac( + If yes0 #ls add why in the co""ents section
*es

5A! Do you want re#resentation in TaroBs ,oard fro" a no"inee fro" a "inority shareholder +
*es

2)3P/ETE
2ollector! imho)d*odd+*ahoo,-om (!mail) Started! Tuesda*% .e-em(er "$% "/1# 411"1#1 '2 /ast 3odified! Tuesda*% .e-em(er "$% "/1# 41151"/ '2 Ti"e S#ent! //1/"1$4 E"ail! 5apluns+6mail,-om IP Address!

PA4E % 5%! Do you thin( Taro should attend Investor 2onferences and conduct Earnings call li(e other N6SE listed co"#anies +
*es

52! Do you thin( Taro should i""ediately start unloc(ing value of its %78 #roducts in 1est of world "ar(ets 9e:;.SA0e:;.<0 e:;2an0 e:;Israel= where 28%2 sales was >ust %? of overall Taro sales +
es

53! As a "inority shareholder0 Do you thin( ac@uiring assets in the "ar(et is etter way of adding shareholder value co"#ared to Share uy; ac( + If yes0 #ls add why in the co""ents section
*es 2o""entswa* to e7pand into new fields w8o hu6e R. spendin6

5A! Do you want re#resentation in TaroBs ,oard fro" a no"inee fro" a "inority shareholder +
*es

2)3P/ETE
2ollector! imho)d*odd+*ahoo,-om (!mail) Started! 2onda*% .e-em(er "#% "/1# 1"1181/5 P2 /ast 3odified! 2onda*% .e-em(er "#% "/1# 1"1"11$0 P2 Ti"e S#ent! //1/#1$1 E"ail! han5,mood*1+*ahoo,-om

IP Address!

PA4E % 5%! Do you thin( Taro should attend Investor 2onferences and conduct Earnings call li(e other N6SE listed co"#anies +
*es

52! Do you thin( Taro should i""ediately start unloc(ing value of its %78 #roducts in 1est of world "ar(ets 9e:;.SA0e:;.<0 e:;2an0 e:;Israel= where 28%2 sales was >ust %? of overall Taro sales +
es

53! As a "inority shareholder0 Do you thin( ac@uiring assets in the "ar(et is etter way of adding shareholder value co"#ared to Share uy; ac( + If yes0 #ls add why in the co""ents section
*es 2o""entsa (u* (a-5 is simpl* a (a-5door wa* for Sun to e7pand its ownership of Taro% without pa*in6 full 9alue

5A! Do you want re#resentation in TaroBs ,oard fro" a no"inee fro" a "inority shareholder +
*es

2)3P/ETE
2ollector! imho)d*odd+*ahoo,-om (!mail) Started! 2onda*% .e-em(er "#% "/1# 111/51$$ '2 /ast 3odified! 2onda*% .e-em(er "#% "/1# 111/61$" '2 Ti"e S#ent! //1//150 E"ail! 9(:)li(en;on+*ahoo,-om IP Address!

PA4E % 5%! Do you thin( Taro should attend Investor 2onferences and conduct Earnings call li(e other N6SE listed co"#anies +
*es

52! Do you thin( Taro should i""ediately start unloc(ing value of its %78 #roducts in 1est of world "ar(ets 9e:;.SA0e:;.<0 e:;2an0 e:;Israel= where 28%2 sales was >ust %? of overall Taro sales +
es

53! As a "inority shareholder0 Do you thin( ac@uiring assets in the "ar(et is etter way of adding shareholder value co"#ared to Share uy; ac( + If yes0 #ls add why in the co""ents section
*es

5A! Do you want re#resentation in TaroBs ,oard fro" a no"inee fro" a "inority shareholder +
*es 2o""entsespe-iall* in a li6ht that -urrent (oard lost minorit* trust

2)3P/ETE
2ollector! imho)d*odd+*ahoo,-om (!mail)

Started! 2onda*% .e-em(er "#% "/1# 1/15"1/1 '2 /ast 3odified! 2onda*% .e-em(er "#% "/1# 1/15#1/$ '2 Ti"e S#ent! //1/11/# E"ail! (5l*nfo7pro+aol,-om IP Address!

PA4E % 5%! Do you thin( Taro should attend Investor 2onferences and conduct Earnings call li(e other N6SE listed co"#anies +
*es

52! Do you thin( Taro should i""ediately start unloc(ing value of its %78 #roducts in 1est of world "ar(ets 9e:;.SA0e:;.<0 e:;2an0 e:;Israel= where 28%2 sales was >ust %? of overall Taro sales +
es

53! As a "inority shareholder0 Do you thin( ac@uiring assets in the "ar(et is etter way of adding shareholder value co"#ared to Share uy; ac( + If yes0 #ls add why in the co""ents section
*es

5A! Do you want re#resentation in TaroBs ,oard fro" a no"inee fro" a "inority shareholder +
*es

2)3P/ETE

2ollector! 3e( <in5 (3e( <in5) Started! 2onda*% .e-em(er "#% "/1# 41$"1$/ '2 /ast 3odified! 2onda*% .e-em(er "#% "/1# 41$"15$ '2 Ti"e S#ent! //1//11$ IP Address! 5/,1##,18/,$1

PA4E % 5%! Do you thin( Taro should attend Investor 2onferences and conduct Earnings call li(e other N6SE listed co"#anies +
*es

52! Do you thin( Taro should i""ediately start unloc(ing value of its %78 #roducts in 1est of world "ar(ets 9e:;.SA0e:;.<0 e:;2an0 e:;Israel= where 28%2 sales was >ust %? of overall Taro sales +
es

53! As a "inority shareholder0 Do you thin( ac@uiring assets in the "ar(et is etter way of adding shareholder value co"#ared to Share uy; ac( + If yes0 #ls add why in the co""ents section
*es

5A! Do you want re#resentation in TaroBs ,oard fro" a no"inee fro" a "inority shareholder +
*es

2)3P/ETE
2ollector! 3e( <in5 (3e( <in5) Started! 2onda*% .e-em(er "#% "/1# 41#815$ '2

/ast 3odified! 2onda*% .e-em(er "#% "/1# 41#41"1 '2 Ti"e S#ent! //1//1"6 IP Address! "/0,"#6,""/,"/#

PA4E % 5%! Do you thin( Taro should attend Investor 2onferences and conduct Earnings call li(e other N6SE listed co"#anies +
*es

52! Do you thin( Taro should i""ediately start unloc(ing value of its %78 #roducts in 1est of world "ar(ets 9e:;.SA0e:;.<0 e:;2an0 e:;Israel= where 28%2 sales was >ust %? of overall Taro sales +
es

53! As a "inority shareholder0 Do you thin( ac@uiring assets in the "ar(et is etter way of adding shareholder value co"#ared to Share uy; ac( + If yes0 #ls add why in the co""ents section
no

5A! Do you want re#resentation in TaroBs ,oard fro" a no"inee fro" a "inority shareholder +
*es

2)3P/ETE

2ollector! 3e( <in5 (3e( <in5) Started! 2onda*% .e-em(er "#% "/1# 411#115 '2 /ast 3odified! 2onda*% .e-em(er "#% "/1# 411#1$0 '2 Ti"e S#ent! //1//1#1 IP Address! 0$,00,1"/,4#

PA4E % 5%! Do you thin( Taro should attend Investor 2onferences and conduct Earnings call li(e other N6SE listed co"#anies +
*es

52! Do you thin( Taro should i""ediately start unloc(ing value of its %78 #roducts in 1est of world "ar(ets 9e:;.SA0e:;.<0 e:;2an0 e:;Israel= where 28%2 sales was >ust %? of overall Taro sales +
es

53! As a "inority shareholder0 Do you thin( ac@uiring assets in the "ar(et is etter way of adding shareholder value co"#ared to Share uy; ac( + If yes0 #ls add why in the co""ents section
Respondent skipped this question

5A! Do you want re#resentation in TaroBs ,oard fro" a no"inee fro" a "inority shareholder +
*es

2)3P/ETE
2ollector! imho)d*odd+*ahoo,-om (!mail)

Started! Sunda*% .e-em(er ""% "/1# 01"01#$ P2 /ast 3odified! Sunda*% .e-em(er ""% "/1# 01##1#0 P2 Ti"e S#ent! //1/61/# E"ail! mattand-om+optimum,net IP Address!

PA4E % 5%! Do you thin( Taro should attend Investor 2onferences and conduct Earnings call li(e other N6SE listed co"#anies +
*es

52! Do you thin( Taro should i""ediately start unloc(ing value of its %78 #roducts in 1est of world "ar(ets 9e:;.SA0e:;.<0 e:;2an0 e:;Israel= where 28%2 sales was >ust %? of overall Taro sales +
es

53! As a "inority shareholder0 Do you thin( ac@uiring assets in the "ar(et is etter way of adding shareholder value co"#ared to Share uy; ac( + If yes0 #ls add why in the co""ents section
*es

5A! Do you want re#resentation in TaroBs ,oard fro" a no"inee fro" a "inority shareholder +
*es

2)3P/ETE

2ollector! imho)d*odd+*ahoo,-om (!mail) Started! Sunda*% .e-em(er ""% "/1# 51151#5 P2 /ast 3odified! Sunda*% .e-em(er ""% "/1# 511011/ P2 Ti"e S#ent! //1/11#5 E"ail! (rianmerrins+*ahoo,-om IP Address!

PA4E % 5%! Do you thin( Taro should attend Investor 2onferences and conduct Earnings call li(e other N6SE listed co"#anies +
*es

52! Do you thin( Taro should i""ediately start unloc(ing value of its %78 #roducts in 1est of world "ar(ets 9e:;.SA0e:;.<0 e:;2an0 e:;Israel= where 28%2 sales was >ust %? of overall Taro sales +
es

53! As a "inority shareholder0 Do you thin( ac@uiring assets in the "ar(et is etter way of adding shareholder value co"#ared to Share uy; ac( + If yes0 #ls add why in the co""ents section
*es 2o""ents2an* - (ut limited float and resultin6 li=uidit* is not helpin6 attra-t (u*ers

5A! Do you want re#resentation in TaroBs ,oard fro" a no"inee fro" a "inority shareholder +
*es

2)3P/ETE
2ollector! 3e( <in5 (3e( <in5) Started! Sunda*% .e-em(er ""% "/1# $11"1## P2 /ast 3odified! Sunda*% .e-em(er ""% "/1# $11#15" P2 Ti"e S#ent! //1/1114 IP Address! 8/,104,11,15"

PA4E % 5%! Do you thin( Taro should attend Investor 2onferences and conduct Earnings call li(e other N6SE listed co"#anies +
*es

52! Do you thin( Taro should i""ediately start unloc(ing value of its %78 #roducts in 1est of world "ar(ets 9e:;.SA0e:;.<0 e:;2an0 e:;Israel= where 28%2 sales was >ust %? of overall Taro sales +
es

53! As a "inority shareholder0 Do you thin( ac@uiring assets in the "ar(et is etter way of adding shareholder value co"#ared to Share uy; ac( + If yes0 #ls add why in the co""ents section
no 2o""ents8/% of mer6ers fails

5A! Do you want re#resentation in TaroBs ,oard fro" a no"inee fro" a "inority shareholder +
*es

2)3P/ETE

2ollector! imho)d*odd+*ahoo,-om (!mail) Started! Sunda*% .e-em(er ""% "/1# #1#$1"$ P2 /ast 3odified! Sunda*% .e-em(er ""% "/1# #1#515$ P2 Ti"e S#ent! //1/11#/ E"ail! :leonardo+li(ero,it IP Address!

PA4E % 5%! Do you thin( Taro should attend Investor 2onferences and conduct Earnings call li(e other N6SE listed co"#anies +
*es

52! Do you thin( Taro should i""ediately start unloc(ing value of its %78 #roducts in 1est of world "ar(ets 9e:;.SA0e:;.<0 e:;2an0 e:;Israel= where 28%2 sales was >ust %? of overall Taro sales +
es

53! As a "inority shareholder0 Do you thin( ac@uiring assets in the "ar(et is etter way of adding shareholder value co"#ared to Share uy; ac( + If yes0 #ls add why in the co""ents section
*es

5A! Do you want re#resentation in TaroBs ,oard fro" a no"inee fro" a "inority shareholder +
*es 2o""entsSun shame

2)3P/ETE
2ollector! imho)d*odd+*ahoo,-om (!mail) Started! Sunda*% .e-em(er ""% "/1# 1"1"51"4 P2 /ast 3odified! Sunda*% .e-em(er ""% "/1# 1"1"61/" P2 Ti"e S#ent! //1//1#" E"ail! latoo5e+9eri;on,net IP Address!

PA4E %5%! Do you thin( Taro should attend Investor 2onferences and conduct Earnings call li(e other N6SE listed co"#anies +
*es

52! Do you thin( Taro should i""ediately start unloc(ing value of its %78 #roducts in 1est of world "ar(ets 9e:;.SA0e:;.<0 e:;2an0 e:;Israel= where 28%2 sales was >ust %? of overall Taro sales +
es

53! As a "inority shareholder0 Do you thin( ac@uiring assets in the "ar(et is etter way of adding shareholder value co"#ared to Share uy; ac( + If yes0 #ls add why in the co""ents section
no

5A! Do you want re#resentation in TaroBs ,oard fro" a no"inee fro" a "inority shareholder +
*es

2)3P/ETE
2ollector! imho)d*odd+*ahoo,-om (!mail) Started! Sunda*% .e-em(er ""% "/1# 1/15#1"5 '2 /ast 3odified! Sunda*% .e-em(er ""% "/1# 1/15$11" '2 Ti"e S#ent! //1//1$6 E"ail! dri9er)-h+*ahoo,-om IP Address!

PA4E % 5%! Do you thin( Taro should attend Investor 2onferences and conduct Earnings call li(e other N6SE listed co"#anies +
*es

52! Do you thin( Taro should i""ediately start unloc(ing value of its %78 #roducts in 1est of world "ar(ets 9e:;.SA0e:;.<0 e:;2an0 e:;Israel= where 28%2 sales was >ust %? of overall Taro sales +
es

53! As a "inority shareholder0 Do you thin( ac@uiring assets in the "ar(et is etter way of adding shareholder value co"#ared to Share uy; ac( + If yes0 #ls add why in the co""ents section

*es

5A! Do you want re#resentation in TaroBs ,oard fro" a no"inee fro" a "inority shareholder +
*es

2)3P/ETE
2ollector! 3e( <in5 (3e( <in5) Started! Sunda*% .e-em(er ""% "/1# 1/1#11#4 '2 /ast 3odified! Sunda*% .e-em(er ""% "/1# 1/1#"1#4 '2 Ti"e S#ent! //1/11// IP Address! 18$,151,6#,"/"

PA4E % 5%! Do you thin( Taro should attend Investor 2onferences and conduct Earnings call li(e other N6SE listed co"#anies +
*es

52! Do you thin( Taro should i""ediately start unloc(ing value of its %78 #roducts in 1est of world "ar(ets 9e:;.SA0e:;.<0 e:;2an0 e:;Israel= where 28%2 sales was >ust %? of overall Taro sales +
es

53! As a "inority shareholder0 Do you thin( ac@uiring assets in the "ar(et is etter way of adding shareholder value co"#ared to Share uy; ac( + If yes0 #ls add why in the co""ents section
*es 2o""entsassets are top line 6rowth, (u*(a-5 is not

5A! Do you want re#resentation in TaroBs ,oard fro" a no"inee fro" a "inority shareholder +
*es

2)3P/ETE

2ollector! imho)d*odd+*ahoo,-om (!mail) Started! Sunda*% .e-em(er ""% "/1# 1/116156 '2 /ast 3odified! Sunda*% .e-em(er ""% "/1# 1/1101#5 '2 Ti"e S#ent! //1//1#8 E"ail! imho)d*odd+*ahoo,-om IP Address!

PA4E % 5%! Do you thin( Taro should attend Investor 2onferences and conduct Earnings call li(e other N6SE listed co"#anies +
*es

52! Do you thin( Taro should i""ediately start unloc(ing value of its %78 #roducts in 1est of world "ar(ets 9e:;.SA0e:;.<0 e:;2an0 e:;Israel= where 28%2 sales was >ust %? of overall Taro sales +
es

53! As a "inority shareholder0 Do you thin( ac@uiring assets in the "ar(et is etter way of adding shareholder value co"#ared to Share uy; ac( + If yes0 #ls add why in the co""ents section
*es 2o""ents*es share (u*(a-5 will redu-e pu(li- float and redu-e dail* li=uidit* and 9olume

5A! Do you want re#resentation in TaroBs ,oard fro" a no"inee fro" a "inority shareholder +
*es 2o""entsthis will 6i9e 9oi-e to minorit* shareholders and ma5e (oard representati9e of '<< sta5eholders