Taro Shareholder Value Creation and Strategic Overview

21 Cash Flow Significant Cash Flow Generation (In thousands) Six Months Ended Sept 30, Year Ended March 31, As Reported As Reported 2023 2022 As Reported 2023 Proforma 2023 As Reported 2022 TARO Proforma 2022 As Reported 2021 Proforma 2021 Cash flows from operating activities: Net income (loss) S 18,581 S 11,266 S 25,445 S 25,312 S 58,266 S 126,404 S (400,740) S 141,391 F Adjustments required to reconcile net income (loss) to net cash used in operating activities: 36,712 (48,933) 6,305 73,730 (216,964) 39,214 446,510 (11,164) Net cash provided by (used in) operating activities 55,293 (37,667) 31,750 99,042 (158,698) 165,618 45,770 130,307 Net cash provided by (used in) investing activities Net cash used in financing activities Increase (decrease) in cash and cash equivalents 59,866 (36,039) (125,556) (125,556) (170,581) (78,709) 67,741 67,741 - - (24,934) (24,934) (24,196) (24,196) 114,516 (75,943) (96,639) (29,347) (354,043) 62,145 91,823 91,823 Cash and cash equivalents at beginning of period 154,495 251,134 Cash and cash equivalents at end of period 269,011 $ 175,191 $ 251,134 154,495 $ 251,134 221,787 605,177 605,177 513,354 513,354 $ 251,134 $ 667,322 $ 605,177 $ 605,177

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