UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK. : (Consolidated) PROOF OF CLAIM AND RELEASE I. GENERAL INSTRUCTIONS

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1 UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK LORETTA ZWICKEL, Individually and On Behalf of All Others : Civil Action No. 04-CV-5969 Similarly Situated, : (Consolidated) Plaintiff, : ELECTRONICALLY FILED vs. TARO PHARMACEUTICAL INDUSTRIES LTD., et al., Defendants. CLASS ACTION PROOF OF CLAIM AND RELEASE I. GENERAL INSTRUCTIONS A. To recover as a Class Member based upon your claims in this Litigation, you must complete and, on page 7 hereof, sign this Proof of Claim and Release. If you fail to file a properly addressed Proof of Claim and Release (as set forth below in paragraph C), your claim may be rejected and you may be precluded from any recovery from the Settlement Fund created in connection with the proposed settlement of the Litigation. B. Class Members who do not file acceptable Proofs of Claim and Releases will not share in the settlement proceeds, but will nevertheless be bound by the Settlement and the judgments of the Court. C. YOU MUST MAIL YOUR COMPLETED AND SIGNED PROOF OF CLAIM AND RELEASE POSTMARKED ON OR BEFORE AUGUST 28, 2009 ADDRESSED AS FOLLOWS: Claims Administrator Taro Pharmaceuticals Securities Litigation Gilardi & Co. LLC P.O. Box 8040 San Rafael, CA Telephone: YOU WILL BEAR ALL RISKS OF DELAY OR NON-DELIVERY OF YOUR CLAIM. D. If you are NOT a Class Member (as defined in the "Notice of Settlement of Class Action and Settlement Hearing"), DO NOT submit a Proof of Claim and Release. E. If you are a Class Member and you did not timely request exclusion in connection with the proposed Settlement, you are bound by the terms of any judgment entered in the Litigation, including the releases provided therein, REGARDLESS OF WHETHER YOU SUBMIT A PROOF OF CLAIM AND RELEASE. II. CLAIMANT IDENTIFICATION INSTRUCTIONS A. If you purchased Taro common stock and held the certificate(s) in your name, you are the beneficial owner as well as the record owner. If, however, you purchased Taro common stock and the certificate(s) were registered in the name of a third party, such as a nominee or brokerage firm, you are the beneficial owner and the third party is the record owner. B. Use Part I of this form entitled "Claimant Identification" to identify each owner of record (nominee"), if different from the beneficial owner of Taro common stock which forms the basis of this claim. THIS CLAIM MUST BE FILED BY THE ACTUAL BENEFICIAL OWNER(S), OR THE LEGAL REPRESENTATIVE OF SUCH OWNER(S), OF THE TARO COMMON STOCK UPON WHICH THIS CLAIM IS BASED. C. All joint owners must sign this claim. Executors, administrators, guardians, conservators, and trustees must complete and sign this claim on behalf of persons represented by them, proof of their authority must accompany this claim, and their titles or capacities must be stated. Fo mo e n o mation, contact Gilardi & Co. LLC at II 1

2 D. The Social Security or Taxpayer Identification Number and telephone number of the beneficial owner may be used in verifying the claim. Failure to provide the foregoing information could delay verification of your claim and/or result in claim rejection. III. TRANSACTION SCHEDULE INSTRUCTIONS A. Use Part II of this form entitled "Schedule of Transactions in Taro Common Stock" to supply all required details of your transaction(s) in Taro common stock. If you need more space, attach separate, numbered sheets giving all of the required information in substantially the same format. Print your name and Social Security or Tax Identification Number at the top of each page. B. On the schedules, provide all requested information with respect to all of your purchases and all of your sales of Taro common stock that took place at any time beginning February 20, 2003 through October 30, 2006, inclusive (the "Class Period"), whether such transactions resulted in a profit or a loss. Failure to report all such transactions may result in rejection of your claim. C. In processing claims, the first-in, first-out ("FIFO") basis will be applied to both purchases and sales. List each transaction in the Class Period separately and in chronological order, by trade date, beginning with the earliest. The date of purchase or sale of Taro common stock is the "contract" or "trade" date, as distinguished from the "settlement" date. You must accurately provide the month, day and year of each transaction you list. D. The price per share, paid or received, shall be exclusive of all commissions, taxes, fees and other charges. E. Where Taro common stock was purchased or sold by reason of having exercised an option, the option premium should be incorporated into the price accordingly. F. All profits will be subtracted from all losses to determine the net Recognized Loss of each Claimant. G. The date of covering a "short sale" is deemed to be the purchase date of Taro Securities. The date of a "short sale" is deemed to be the sale date of Taro common stock. Shares originally sold short prior to the Class Period will result in a zero Recognized Loss. H. No payment will be made on any claim where the potential distribution amount is $10 or less, but the Claimant will otherwise be bound by the Final Judgment entered by the Court. I. You must attach to your claim form copies of brokerage confirmations or monthly statements supporting your trading activity in Taro common stock in order for your claim to be valid. If such documents are not available, a complete list of acceptable supporting documentation can be found on the Claims Administrator's website: Failure to provide this documentation could delay verification of your claim and/or result in claim rejection. J. NOTICE REGARDING ELECTRONIC FILES: Certain claimants with large numbers of transactions may request, or may be requested, to submit information regarding their transactions in electronic files. All claimants MUST submit a manually signed paper Proof of Claim form whether or not they also submit electronic copies. If you wish to file your claim electronically, you must contact the Claims Administrator at or visit their website at to obtain the required file layout. No electronic files will be considered to have been properly submitted unless the Claims Administrator issues to the claimant a written acknowledgment of receipt and acceptance of electronically submitted data. For more nfo mat on, contact Gilardi & Co. LLC at

3 . 1 Official Office UNITED STATES DISTRICT COURT Use SOUTHERN DISTRICT OF NEW YORK Only Must be Postmarked ZWICKEL V. TARO PHARMACEUTICAL No Later Than INDUSTRIES LTD., ET AL. August 28, 2009 Civil Action No. 04-CV-5969 PROOF OF CLAIM AND RELEASE TA RO Please Type or Print in the Boxes Below Do NOT use Red Ink, Pencil, or Staples PART I: CLAIMANT IDENTIFICATION Last Name (Beneficial Owner) First Name (Beneficial Owner) Last Name (Co-Beneficial Owner) First Name (Co-Beneficial Owner) nanilliallanal IRA 0 Trust 0 Joint Tenancy 0 UTMA/UGMA 0 Individual 0 Other Company Name (Beneficial Owner - If Claimant is not an Individual) or Custodian Name if an IRA (specify) IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIMI Trustee/Asset Manager/Nominee/Record Owner's Name (if Different from Beneficial Owner Listed Above) IAccount#/Fund# (Not Necessary for Individual Filers) Date of Trust I / / I Social Security Number Taxpayer Identification Number IOr Telephone Number (Work) Telephone Number (Home) Address MAILING INFORMATION Address Address City State Zip Code Foreign Province Foreign Zip Code Foreign Country Name/Abbreviation FOR CLAIMS 0 ND 0 NS 0 ICI 0 OPT 0 EMP 0 LI PROCESSING PB PC 0 MRG DC ONLY 0 IHI 0 0 NTIN OTHER 0 BOTH 0 L2 For more n o mation, contact Gilardi & Co. LLC at IIIIMI IIII1 II 3.

4 PART II. SCHEDULE OF TRANSACTIONS IN TARO COMMON STOCK A. State the total number of shares of Taro common stock owned at the close of trading on February 19, 2003, long or short (must be documented): Proof of Holding Enclosed? 0 N B. Separately list each and every purchase of shares of Taro common stock during the period February through October 30, 2006, and provide the following information (must be documented): PURCHASES Total Cost Proof of Trade Date(s) Number of Shares (excluding commissions, Purchase (List Chronologically) Purchased taxes & fees) Enclosed? MM DD YYYY / / $ 3. / / $ O N 0 N O N 4. 0 N IMPORTANT: (i) If you received shares through an acquisition or merger, please Identify the company acquired: (ii) Identify by number listed above all purchases in which you covered a "short sale": C. Separately list each and every sale of shares of Taro common stock during the period February 20, 2003 through January 29, 2007, and provide the following information (must be documented): SALES Net Proceeds Proof of Trade Date(s) Number of Shares (excluding commissions, Sales (List Chronologically) Sold taxes & fees) Enclosed? MM DD YYYY 1. N 2. / / $ O N 3. ON / / $ D. State the total number of shares of Taro common stock owned at the close of trading on October 30, 2006, long or short (must be documented): E. State the total number of shares of Taro common stock owned at the close of trading on January 29, 2007, long or short (must be documented): ON Proof of Holding Enclosed? Q N Proof of Holding Enclosed? 0 N If you require additional space, attach extra schedules in the same format as above. Sign and print your name on each additional page. YOU MUST READ AND SIGN THE RELEASE ON PAGE 7. FAILURE TO SIGN THE RELEASE MAY RESULT IN A DELAY IN PROCESSING OR THE REJECTION OF YOUR CLAIM. For mo e info mation, contact Gilardi & Co. LLC at

5 IV. SUBMISSION TO JURISDICTION OF COURT AND ACKNOWLEDGMENTS INVe submit this Proof of Claim and Release under the terms of the Stipulation of Settlement described in the Notice. INVe also submit to the jurisdiction of the United States District Court for the Southern District of New York with respect to my/our claim as a Class Member and for purposes of enforcing the release set forth herein. INVe further acknowledge that I am/we are bound by and subject to the terms of any judgment that may be entered in the Litigation. INVe agree to furnish additional information to Lead Plaintiffs' Counsel or the Claims Administrator to support this claim, including details of transactions in other Taro securities, such as options, if requested to do so. INVe have not submitted any other claim covering the same purchases or sales of Taro common stock during the Class Period and know of no other person having done so on my/our behalf. V. RELEASE A. INVe hereby acknowledge full and complete satisfaction of, and do hereby fully, finally, and forever settle, release, and discharge from the Released Claims each and all of the Released Persons. B. "Released Claims shall mean: 1. All claims, causes of action and rights, whether known or unknown, against Defendants and their corresponding Released Persons, belonging to Lead Plaintiffs, Plaintiffs' Counsel and any or all Class Members and their present or past heirs, executors, estates, administrators, predecessors, successors, assigns, parents, subsidiaries, associates, affiliates, employers, employees, agents, insurers, reinsurers, directors, managing directors, officers, partners, principals, members, managing members, attorneys, financial and other advisors, investment bankers, underwriters, lenders, and any other representatives of any of these persons and entities, including, without limitation, any claims, causes of action and rights, whether direct, derivative, representative or in any other capacity, arising under federal, state, local or foreign, statutory or common law or any other law, rule or regulation, including the law of any foreign jurisdiction, that relate in any way to any violation of state, federal or any foreign jurisdiction's securities laws, any misstatement, omission or disclosure (including in financial statements), any breach of duty, any negligence or fraud, or any other alleged wrongdoing or misconduct by Defendants and/or the corresponding Released Persons relating to acts, events, circumstances or transactions which were alleged or could have been alleged in the Litigation and arise out of, are based on, or relate in any way to the purchase or other acquisition of Taro securities during the Class Period or impact or affect the price for Taro securities during the Class Period; 2. All claims, causes of action and rights, whether known or unknown, against Defendants and their corresponding Released Persons, for contribution as "covered persons" under Section 21D(f)(7)(A) of the Exchange Act, as amended by the PSLRA, 15 U.S.C. 78u-4(f)(7)(A), belonging to any person or entity, and his, her or its present or past heirs, executors, estates, administrators, predecessors, successors, assigns, parents, subsidiaries, associates, affiliates, employers, employees, agents, insurers, reinsurers, directors, managing directors, officers, partners, principals, members, managing members, attorneys, financial or other advisors, investment bankers, underwriters, lenders, and any other representatives of any of these persons and entities, including, without limitation, any claims, causes of action and rights for contribution, whether direct, derivative, representative or in any other capacity, arising under federal, state, local or foreign, statutory or common law or any other law, rule or regulation, including the law of any foreign jurisdiction, that relate in any way to any violation of state, federal or any foreign jurisdiction's securities laws, any misstatement, omission or disclosure (including in financial statements), any breach of duty, any negligence or fraud, or any other alleged wrongdoing or misconduct by Defendants and/or the corresponding Released Persons relating to acts, events, circumstances or transactions which were alleged or could have been alleged in the Litigation and arise out of, are based on, or relate in any way to the purchase or other acquisition of Taro securities during the Class Period or impact or affect the price for Taro securities during the Class Period; 3. All claims, causes of action and rights, whether known or unknown, against Lead Plaintiffs, Plaintiffs' Counsel and/or any or all Class Members and their corresponding Released Persons, belonging to Defendants and their present or past heirs, executors, estates, administrators, predecessors, successors, assigns, parents, subsidiaries, associates, affiliates, employers, employees, agents, insurers, reinsurers, directors, managing directors, officers, partners, principals, members, managing members, attorneys, financial and other advisors, investment bankers, underwriters, lenders, and any other representatives of any of these persons and entities, including, without limitation, any claims, causes of action and rights, whether direct, derivative, representative or in any other capacity, arising under federal, state, local or foreign, statutory or common law or any other law, rule or regulation, including the law of any foreign jurisdiction, that relate in any way to any violation of state, federal or any foreign jurisdiction's securities laws, any misstatement, omission or disclosure (including in financial statements), any breach of duty, any negligence or fraud, or any other alleged wrongdoing or misconduct by Defendants and/or the corresponding Released Persons relating to acts, events, circumstances or transactions which were alleged or could have been alleged in the Litigation and arise out of, are based on, or relate in any way to the purchase or other acquisition of Taro securities during the Class Period or impact or affect the price for Taro securities during the Class Period or relating in any way to the institution or prosecution of the Litigation and the Released Claims by Lead Plaintiffs, Plaintiffs' Counsel and/or any or all members of the Class and/or the corresponding Released Persons; and Fo more nfo mation, contact Gilardi & Co. LLC at

6 4. All claims, causes of action and rights, whether known or unknown, against each Defendant and his or its corresponding Released Persons, belonging to any other Defendant or Defendants or any other person or entity that might in the future be named as a defendant in this or any other action or proceeding, and their present or past heirs, executors, estates, administrators, predecessors, successors, assigns, parents, subsidiaries, associates, affiliates, employers, employees, agents, insurers, reinsurers, directors, managing directors, officers, partners, principals, members, managing members, attorneys, financial and other advisors, investment bankers, underwriters, lenders, and any other representatives of any of these persons and entities, including, without limitation, any claims, causes of action and rights, whether direct, derivative, representative or in any other capacity, arising under federal, state, local or foreign, statutory or common law or any other law, rule or regulation, including the law of any foreign jurisdiction, that relates in any way to any violation of state, federal or any foreign jurisdiction's securities laws, any misstatement, omission or disclosure (including in financial statements), any breach of duty, any negligence or fraud, or any other alleged wrongdoing or misconduct by Defendants and/or the corresponding Released Persons relating to acts, events, circumstances or transactions which were alleged or could have been alleged in the Litigation and arise out of, are based on, or relate in any way to the purchase or other acquisition of Taro securities during the Class Period or impact or affect the price for Taro securities during the Class Period. 5. Notwithstanding anything to the contrary above, the Released Claims do not include claims (i) to enforce the Final Order and Judgment and the Settlement, and any or all of their terms, including but not limited to the releases provided for in the Final Order and Judgment, or (ii) belonging to Defendants against their insurers. C. "Unknown Claims" means claims that Lead Plaintiffs, Plaintiffs' Counsel, any or all members of the Class, and any or all other persons and entities whose claims are being released, do not know or suspect to exist, but which, if known by him, her or it, might affect his, her or its agreement to release the Released Persons and the Released Claims, or might affect his, her or its decision to object or not to object to the Settlement. Upon the Effective Date, Lead Plaintiffs, Plaintiffs' Counsel, all members of the Class, and all other persons and entities whose claims are being released, shall be deemed to have, and shall have, expressly waived and relinquished, to the fullest extent permitted by law the following rights and benefits: A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS, WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR. Upon the Effective Date, Lead Plaintiffs, Plaintiffs' Counsel, all members of the Class, and all other persons and entities whose claims are being released, also shall be deemed to have, and shall have, waived any and all provisions, rights and benefits conferred by any law of any state or territory of the United States, or principle of common law, or the law of any foreign jurisdiction, which is similar, comparable or equivalent to the above provision. Lead Plaintiffs, on behalf of themselves and the Class, and Lead Plaintiffs' Counsel acknowledge that they or Class Members may discover facts in addition to or different from those that they or members of the Class now know or believe to be true with respect to the subject matter of this release, but that it is their intention, on behalf of themselves and the Class, fully, finally and forever to settle and release the Released Claims, including unknown claims, as that term is defined in this Paragraph. D. "Defendants" means Taro Pharmaceutical Industries Ltd., Barrie Levitt, Aaron Levitt, Samuel Rubenstein and Kevin Connelly. E. "Defendants' Counsel" means Weil, Gotshal & Manges LLP and Morvillo, Abramowitz, Grand, lason, Anello & Bohrer, P.C. F. "Lead Plaintiffs" means International Union of Painters and Allied Trades Industry Pension Funds and Locals 302 and 612 of the International Union of Operating Engineers Employers Construction Industry Retirement Trust. G. "Lead Plaintiffs' Counsel" means Coughlin Stoia Geller Rudman & Robbins LLP, the law firm appointed as Lead Plaintiffs' Counsel by the Court in an Order signed on August 17, H. "Released Persons" means Lead Plaintiffs and Lead Plaintiffs' Counsel, all members of the Class, Defendants, Defendants' Counsel and all of their respective present or past heirs, executors, estates, administrators, predecessors, successors, assigns, parents, subsidiaries, associates, affiliates, employers, employees, agents, insurers, reinsurers, directors, managing directors, officers, partners, principals, members, managing members, attorneys, financial and other advisors, investment bankers, underwriters, lenders, and any other representatives of any of these persons or entities. I. This release shall be of no force or effect unless and until the Court approves the Stipulation of Settlement and the Settlement becomes effective on the Effective Date (as defined in the Stipulation). J. INVe hereby warrant and represent that I/we have not assigned or transferred or purported to assign or transfer, voluntarily or involuntarily, any matter released pursuant to this release or any other part or portion thereof. K. INVe hereby warrant and represent that I/we have included information about all of my/our transactions in Taro common stock that occurred during the Class Period as well as the amount of shares of Taro common stock held by me/us at the close of trading on February 19, 2003 and at the close of trading on October 30, Fo mo e info matron, contact Gilardi & Co. LLC at

7 SUBSTITUTE FORM W-9 PART I. Request for Taxpayer Identification Number ("TIN") and Certification First Name I. Last Name Check appropriate box. 0 Individual/Sole Proprietor 0 IRA 0 Trust 0 Corporation 0 Partnership 0 Pension Plan 0 Other Enter TIN on the appropriate line. (specify) For individuals, this is your Social Security Number ("SSN"). However, for a resident alien, sole proprietor, or disregarded entity, see Part 1 of the enclosed W-9 instructions. For sole proprietors, you must show your individual name, but you may also enter your business or "doing business as" name. You may enter either your SSN or your Employer Identification Number ("EIN"). For other entities, it is your EIN. Social Security Number Employer Identification Number Or PART II. For Payees Exempt from Backup Withholding If you are exempt from backup withholding, enter your correct TIN in Part I and write "exempt" on the following line: PART III. Certification UNDER THE PENALTY OF PERJURY, I (WE) CERTIFY THAT: (1) The number shown on this form is my correct TIN; and (2) I (We) certify that I am (we are) NOT subject to backup withholding under provisions of Section 3406(a)(1)(C) of the Internal Revenue Code because: (a) I am (we are) exempt from backup withholding; or (b) I (we) have not been notified by the Internal Revenue Service that I am (we are) subject to backup withholding as a result of a failure to report all interest or dividends; or (c) the Internal Revenue Service has notified me (us) that I am (we are) no longer subject to backup withholding. NOTE: If you have been notified by the Internal Revenue Service that you are subject to backup withholding, you must cross out item 2 above. SEE ENCLOSED FORM W-9 INSTRUCTIONS The Internal Revenue Service does not require your consent to any provision of this document other than the certification required to avoid backup withholding. I (We) declare under penalty of perjury under the laws of the United States of America that all of the foregoing information supplied on this Proof of Claim and Release form by the undersigned is true and correct. Executed this day of in (Month/Year) (City/State/Country) (Sign your name here) (Sign your name here) (Type or print your name here) (Type or print your name here) (Capacity of person(s) signing, e.g., (Capacity of person(s) signing, e.g., Beneficial Purchaser, Executor or Administrator) Beneficial Purchaser, Executor or Administrator) Reminder Checklist: ACCURATE CLAIMS PROCESSING TAKES A SIGNIFICANT AMOUNT OF TIME. THANK YOU FOR YOUR PATIENCE. 1. Please sign the above release and declaration. 5. If you desire an acknowledgment of receipt of your claim 2. Remember to attach supporting documentation, if available, form please send it Certified Mail, Return Receipt Requested. 3. Do not send original stock certificates. 6. If you move, please send the Claims Administrator your 4. Keep a copy of your claim form and all supporting new address. documentation for your records. Fo more informat on, contact Gilardi & Co. LLC at I I I II

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