Elder Pharmaceuticals Limited

Rule 2.10 announcement

In accordance with Rule 2.10 of the City Code on Takeovers and Mergers, Elder Pharmaceuticals Limited ('Elder') confirms that it currently has 18,857,486 shares of Rs.10 each in issue.

The International Securities Identification Number ('ISIN') for the shares is INE975A01015.

Enquiries:

Jagdish Saxena (Managing Director)
Elder Pharmaceuticals Limited
00 91 22 2673 0058

David McCorquodale
KPMG Corporate Finance
020 7311 1000

KPMG Corporate Finance, a division of KPMG LLP which is authorised and regulated by the Financial Services Authority for investment business activities, is acting for Elder as financial adviser in relation to the matters set out in this announcement and is not acting for any other person in relation to these matters. KPMG Corporate Finance will not be responsible to anyone other than Elder for providing the protections afforded to its clients or for providing advice in relation to the contents of this announcement.