BlueMountain Capital Says Shareholders of Taro Should Reject Sun Offer

BlueMountain Capital Management, LLC together with its affiliates ("BlueMountain") is a global institutional investor with approximately $10 billion of assets under management; BlueMountain is also a shareholder of Taro Pharmaceutical Industries LTD ("Taro" or the "Company"). We are writing to our fellow shareholders to urge you to reject the offer by Sun Pharmaceutical Industries LTD ("Sun") to acquire Taro. We have devoted significant time and resources to analyzing Taro's business, and we believe that Sun's offer materially undervalues Taro.