Lincoln Pharmaceuticals Ltd Management Discussions

Global Pharmaceutical Industry :

The global medicine spending forecast shows a shift but steady growth, reaching $1.9 trillion by 2027 despite the COVID-19 pandemic. Excluding pandemic-related costs, spending will increase 3-6% annually. Emerging markets like Latin America and Asia will experience significant growth in both volume and spending, while developed markets like the US will see slower growth due to high patient costs. Oncology, immunology, and anti-diabetics will be the top spending categories, with biosimilars impacting growth in the immunology segment. This outlook reflects a focus on shifting product mixes and increasing access to innovative drugs in emerging markets.

Indian Pharmaceutical Industry:

Indias pharmaceutical industry has earned the nickname "Pharmacy of the World" for a reason. Its a global leader in providing affordable generic medications, making vital treatments accessible to a wider population. This explainer dives into the factors that have propelled India to the forefront of the generic drug market and explores the future potential of this powerhouse industry.

India is the worlds largest supplier of generic drugs, accounting for a staggering 20% of global exports. These generic versions of brand-name drugs are significantly cheaper, making essential healthcare more attainable for people across the globe. This dominance can be attributed to several factors:

Cost Advantage: India boasts a strong infrastructure of USFDA - compliant manufacturing facilities. However, the cost of production and labor is significantly lower compared to developed nations. This translates to cheaper generic drugs for consumers.

Thriving R&D Ecosystem: India has a robust research and development (R&D) environment. This allows pharmaceutical companies to develop and manufacture high-quality generic versions of existing drugs efficiently.

Indias pharmaceutical industry is not just a domestic giant; its a major exporter as well. The US, Belgium, and South Africa are some of the top destinations for Indian pharmaceuticals. Notably, India plays a critical role in global health by supplying a staggering 65-70% of the World Health Organizations vaccine needs.

The Indian government actively supports the growth of the pharmaceutical industry through various schemes. These initiatives focus on:

• Infrastructure Development: The government allocates funds to upgrade existing manufacturing facilities and ensure they meet international standards.

• Production-Linked Incentives: Through financial incentives, the government aims to encourage higher investments and production within the Indian pharmaceutical sector.

• Promoting Exports and Research: The government actively promotes pharmaceutical exports and research activities through various initiatives. The Indian pharmaceutical sector is expecting to generate incremental sales of 2,94,000 crores in 6 years from 2022-23 to 2027-28.

Despite its impressive track record, the Indian pharmaceutical industry faces some challenges:

• Focus on Chronic Disease Drugs: As chronic diseases like diabetes and heart conditions become more prevalent globally, Indian companies that cater to these therapeutic areas are well-positioned for growth.

• Continued Innovation: Maintaining a robust R&D ecosystem and investing in innovation will be crucial for India to sustain its leadership position in the generic drug market.

• Skilled Workforce and Technology: Developing a skilled workforce and embracing cutting-edge technologies in manufacturing will be key factors in ensuring future success.

By addressing these challenges and capitalizing on its strengths, the Indian pharmaceutical industry is well on its way to remaining a major player in the global market for years to come. According to the Indian Economic Survey 2020-21, the pharma industry is expected to reach US$ 64 billion in value by 2024 and US$ 130 billion by 2030. Its commitment to affordability, focus on innovation, and government support position India as a leader in making healthcare more accessible worldwide.

Pharma Exports from India :

Indias pharmaceutical exports continued their robust growth trajectory in May 2024, registering a 10.45% increase to reach $2.3 billion compared to the same period in the previous fiscal year. This positive momentum extends to the first two months of the current fiscal year, with exports exhibiting an 8.85% year-on-year growth to $4.73 billion. Notably, the pharmaceutical sector emerged as a bright spot in Indias overall export performance in 2023-24, achieving a commendable 9.6% growth to reach $278 billion. The industry association, Pharmexcil (under the aegis of the Ministry of Commerce), has set an ambitious target of $31 billion for pharmaceutical exports in the current fiscal year.

Concerns regarding the potential disruption of exports due to geopolitical crises and associated logistical challenges appear to be unfounded at present. While the Russia- Ukraine war did have a minor negative impact, a more significant long-term challenge could be Russias policy of import substitution, which prioritizes domestic manufacturing of pharmaceuticals. This trend, termed "localization" has resulted in declining exports to Russia for the past two years.

However, there are promising countervailing factors. Exports to the United Arab Emirates (UAE) are experiencing a positive uptick, positioning the UAE as a potential gateway for Indian pharmaceuticals to access other markets. Industry leaders remain optimistic about achieving the $31 billion export target this year, citing factors such as drug shortages in the US market, rising demand in the UK, and an expanding pharmaceutical market in Africa.

About the Company :

Lincoln Pharmaceuticals Limited is a dynamic and forward thinking pharmaceutical manufacturer dedicated to driving progress within the industry through groundbreaking innovation, adept business strategies, and utmost customer satisfaction. As a leading producer of pharmaceuticals, we specialise in manufacturing and promoting a wide range of therapeutic molecules in line with WHO-GMP guidelines, catering to both domestic and international markets. Our premium-quality drugs are developed with the highest standards and are made available at highly competitive prices to serve the wider population.

Established in 1979 our company has emerged as a prominent player in the field of branded generics, renowned for providing affordable and innovative medicines that contribute to healthier lives. With our state-of-the-art R&D and manufacturing facilities in Ahmedabad, we are

steadfastly working towards our vision of "Healthcare for All." Notably, our manufacturing units have been granted European Union (EU) GMP certification, granting us marketing rights for our products in all 27 EU member nations and access to the European Economic Area (EEA) countries.

Lincoln Pharmaceuticals Limited sets itself apart in the industry with its cutting-edge R&D capabilities, spearheaded by a team of over 40 highly qualified scientists and researchers. Our ongoing commitment to research has resulted in the filing of 25+ patents and the receipt of 7 patents. Recognised by the Department of Science & Technology and the Government of India, our advanced devices and equipment enable comprehensive internal physical, chemical and microbiological analyses of all our products. Our unwavering focus on innovation and development has resulted in a robust product pipeline, constantly evolving to address the unmet medical needs of the global community.

At the forefront of pharmaceutical manufacturing, we specialise in a diverse portfolio of products, including tablets, capsules, dry syrups, liquid vials, Injectables and ointments. In addition to our strong presence in the acute segment, we are alsoexpanding our portfolio in lifestyle and chronic segments, particularly focusing on womens healthcare and dermatology.

Our dedication to global outreach is evident through oupresencein over 60 countries, with a well-established export network and a robust domestic market presence.

With a strong field force and strategic partnerships, we continue to serve numerous markets worldwide. Moreover, our commitment to innovation is reflected in our numerous patent applications and awarded patents.

At our cutting edge R&D centre, our skills formulation development team works diligently on new active substances and generics, troubleshooting existing products, and developing patent non-infringing products, particularly tailored for emerging markets and the domestic markets. We have a comprehensive range of pharmaceutical dodge forms, including Immediate Hard gelatin Capsules, Soft gelatin capsules, liquid orals - syrups , dry syrups, powder in sachet, suspension, semi-solid - creams, gel, ointments, small & large volume parenteral, oral & topical spray formulations, etc.

Business performance :

Expanding Global Footprint: The Pharmacy to the World

Lincoln Pharma has solidified its position as a key player in the global pharmaceutical landscape, supplying affordable medicines to over 60 countries. Our motto is ‘Healthcare for All and our commitment is to make essential drugs accessible, aligning with Indias larger role as the "Pharmacy to the World" in the global healthcare ecosystem.

Leveraging Indias Pharmaceutical Prowess

As part of Indias robust pharmaceutical sector, which contributes 1.72% to the nations GDP, Lincoln Pharma

benefits from the countrys reputation for high-quality, cost- effective medications. We operate from WHO GMP and ISO 9001:2015 facilities, ensuring our products meet the highest international standards.

Fighting the Lifestyle Diseases

A major health crisis looms for India, with the World Health Organization (WHO) estimating a staggering $6 trillion economic burden by 2030 due to the rise of lifestyle diseases. The WHOs estimate highlights the urgency of addressing this issue, as NCDs are already responsible for over 61% of deaths in the country. This means that a significant portion of Indias population is battling chronic illnesses like heart disease, diabetes, and cancer, placing a considerable strain on individuals, families, and the healthcare system as a whole.

Lincoln Pharma is well-positioned to fight this evil with our Sentinel Division offering chronic Lifestyle disease products like Anti-diabetic, Anti-hypertensive & Dyslipidemic drugs. Our focus on developing and manufacturing these cost- effective and easily administrable drugs aligns perfectly with market demands, particularly in key therapeutic areas such as hypertension, diabetes, and cholesterol.

Small Problems. Big Impact

Lincoln Pharmaceuticals Limited combats a variety of health issues with significant global impact. With over 1 billion common colds occurring annually, our flagship Pharma division plays a crucial role in symptom relief through medications like Nam Cold. Children under 5 are particularly susceptible to ear infections, with millions diagnosed each year. Our product portfolio contains otolaryngology medications which can help children, especially those who come from underprivileged background. Pain management is another key focus within our flagship division, as chronic pain affects an estimated 20% of adults globally, reducing quality of life and productivity.

Combating Diarrhoeal Diseases & Malaria

Lords - a division of LPL tackles two major health concerns, diabetes and malaria. Diarrhoeal diseases claim over 2 million lives annually, highlighting the importance of their antidiarrheal medications. Malaria remains a major public health threat, particularly in tropical and subtropical regions, with over 200 million people infected globally each year. Lords potential anti-malarial drugs can help prevent and treat this devastating disease.

Empowering Womens Health

Our another division, Teresa focuses exclusively on womens health, offering a diverse range of medications to address a wide range of issues. Over 230 million women worldwide have an unmet need for gynaecological problems and millions experience menstrual disorders. Teresas comprehensive portfolio helps meet these critical needs.

Managing Common Skin Concerns

Skin conditions are another global concern, with over 100 million people suffering from chronic conditions like psoriasis

or eczema. Fungal infections are also common worldwide, but especially so in developing countries. Our another division - Nextgen addresses these issues with antifungal creams, medications, and corticosteroids to manage inflammatory conditions. Additionally, we offer cosmeceutical products for various other skin concerns.

Balancing Affordability and Profitability

Despite the ever-present pressure to maximize profits within the pharmaceutical industry, Lincoln Pharma remains steadfast in its commitment to affordability. We constantly strive to achieve a delicate balance: ensuring production costs are controlled, maintaining profitability, and, most importantly, guaranteeing that our medications remain accessible to those who need them the most.

This dedication to affordability aligns perfectly with Indias thriving pharmaceutical export sector. In May 2024 alone, Indias pharma exports surged by 10.45% to reach $2.3 billion compared to the previous year. This momentum extends to the first two months of the current fiscal year, with a year-on- year growth of 8.85%, bringing the total to $4.73 billion.

Notably, pharmaceuticals emerged as a bright spot in Indias overall export performance in 2023-24, achieving a commendable 96% growth to reach $278 billion. Looking ahead, the industry association, Pharmexcil, has set an ambitious target of $31 billion for pharmaceutical exports in the current fiscal year.

Recognizing the immense potential of emerging markets, Lincoln Pharma sees these regions, with their large populations, rising disposable incomes, and increasing healthcare needs, as key drivers of growth in the coming years. We are strategically positioning ourselves to cater to the specific needs of these diverse markets.

Pushing the Boundaries of Cost-Effective Solutions

Our R&D efforts are focused on developing innovative, yet affordable drug formulations. By staying at the forefront of pharmaceutical technologies and embracing the trend of biologics, we aim to offer more targeted and effective treatments without compromising on our commitment to accessibility.

In conclusion, Lincoln Pharma stands at the intersection of global health needs and pharmaceutical innovation. Our unwavering commitment to affordability, coupled with our expanding global reach, positions us uniquely to make a significant impact on global health outcomes while driving sustainable business growth.

Research & Development:

• Awarded 7 patents and filed 25+ patent applications

• DSIR-approved R&D facilities

• 75+ R&D professionals including 30 scientists.

• Focused areas include the anti-infectives, respiratory system, gynaecology, cardio & CNS, anti-diabetic, and anti-malaria among others

Financials & Ratings:

• Market capitalization of 1173 crores as of 31 Mar 2024

• 5-year net profit CAGR of 13.9%

• Cash and cash equivalents at 5.74 crore as of 31 Mar 2024

• Book Value is 295.98 per share as of 31 Mar 2024

• Team strength of approx 1,700 employees

• FY24 Total Income at 614.97 Crore & PAT at 93.31 crore

• CRISIL upgraded ratings to CRISIL/A/Stable/CRISIL A1

• ICRA reaffirmed long-term and short-term bank facilities ratings to A and A1 respectively

Global Presence :

• Exports to 60 countries currently, with plans to expand to 90 countries in the next 2-3 years.

• Major export markets include East & West Africa, Central & Latin America, and South East Asia.

• The company has EU GMP, WHO GMP, TGA, and ISO 9001:2015 certifications.

Sustainability & Green Initiatives:

The company has a green facility that produces 65% of its energy consumption through a renewable Solar Wind Project.

Domestic & Export Sales:

In FY24, the Company demonstrated a well balanced revenue distribution between domestic and export markets. Domestic sales amounted to 218.04 Cr. whereas Export Sales amounted to 362.50 Cr.

Financial Performance :

Lincoln Pharmas FY24 performance showed steady growth across various financial metrics, including Total Income, EBITDA, PBT, PAT, and Basic EPS. The companys ability to adapt to market dynamics and capitalize on opportunities is credited for maintaining its growth trajectory. However, for a comprehensive understanding of Lincoln Pharmas performance compared to the broader pharmaceutical sector, further in-depth analysis, including industry peer comparisons and market trends, would be necessary.

Total Income :

The total income for FY24 increased to 61497 Crore, showing a significant growth of 15.43% compared to FY23

EBITDA :

The EBITDA for FY24 reached 134.33 Crore registering a growth of 20.28% compared to FY23.

PBT :

The PBT for FY24 reached 122.24 Crore , representing a growth of 21.66% compared to FY23.

PAT :

The PAT for FY24 reached 93.31 Crore, representing a growth of 27.98% as compared to FY23.

Basic EPS :

The Basic EPS for FY24 stood at 46.58, reflecting a growth of 27 98% compared to FY23.

Ratios :

EBITDA Margin:	PAT Margin:
Fy23 : 21.0%	FY23: 13.7%
Fy24 : 21.8%	FY24: 15.2%
Return of Capital Employed:	Return on Net Worth:
Fy23 : 199%	FY23: 14.5%
Fy24 : 20.4%	FY24: 15.7%

Growth Plans & Outlook:

We at Lincoln Pharmaceuticals are thrilled to share the positive momentum were experiencing. Our FY24 performance reflects this success, with a healthy return on capital employed (ROCE) of 20.4% and return on net worth (RONW) of 15.7%. This financial strength allows us to invest in strategic growth initiatives. A key highlight is the expansion of our Cephalosporin plant in Mehsana, Gujarat. This state-of-the-art facility is already producing for the domestic market, and we anticipate significant contributions in the coming years. We project sales from this plant to reach approximately 150 crore in the next three years.

Further solidifying our global presence, weve secured approvals from both Australias TGA and WHO-GMP for our facilities. These certifications open doors to new markets and allow us to serve a wider patient population. We maintain a strong financial position with consistent cash flow, zero net debt, and continual improvement in profit margins. This is particularly exciting as it marks the eleventh consecutive year of profit growth (FY13 to FY24). Looking ahead, were committed to expanding our product offerings in lifestyle, chronic care, womens healthcare, and dermatology, while remaining steadfast in our commitment to acute care.

New product launches, both domestically and internationally, alongside strategic market expansion, will further strengthen our market presence. Delivering value to our shareholders remains a top priority. The commencement of commercial operations at the Cephalosporin plant, coupled with upcoming exports to the EU and Australia, will fuel our growth trajectory. Maintaining healthy growth in sales, EBITDA, and net profit margins while upholding our "Net Debt Free" status is another key objective. Finally, weve set an ambitious target of achieving Rs. 750 crore in revenue by FY26, all while maintaining or improving our margins. We are confident in our ability to achieve this goal and become a leading player in the pharmaceutical industry.

Risk Management:

Beyond standard business and industry risks, Lincoln Pharmaceuticals acknowledges the presence of additional challenges, including fluctuations in foreign exchange rates and potential regulatory policy changes.

Our proactive approach involves identifying risks at the departmental level. Once identified, these risks are either addressed directly by the department or escalated to management for resolution. This ensures all potential threats are known and effectively managed, fostering confidence among our stakeholders.

Furthermore, Lincoln Pharmaceuticals prioritizes environmental protection and actively promotes sustainability awareness. We are additionally committed to implementing various cost-control measures to maintain efficient operations.

Statement on Internal Control Systems:

Lincoln Pharmaceuticals Limited takes immense pride in its unwavering commitment to ethical business practices. A cornerstone of this dedication is our meticulously designed internal control framework, as outlined in this statutory statement. This comprehensive system plays a crucial role in safeguarding the integrity of our entire operation. Its meticulously designed to achieve several key objectives: ensuring the accuracy and reliability of financial reporting, protecting our valuable assets from fraud, waste, or abuse, and promoting operational efficiency by adhering to all applicable legal and regulatory requirements.

The foundation of this robust internal control framework is built on several key pillars. We foster a positive control environment that prioritizes ethical behavior and emphasizes the importance of internal controls. We conduct thorough and ongoing risk assessments to proactively identify and mitigate potential threats. Once identified, we implement strong control activities that address these risks and ensure proper procedures are consistently followed. Maintaining clear and open communication channels is paramount, ensuring all personnel are aware of their roles and responsibilities within the internal control framework. Finally, we diligently monitor the systems effectiveness and make adjustments as needed to guarantee its ongoing efficacy. The ultimate responsibility for the success of this framework rests with our dedicated Board of Directors and capable senior management team. They provide consistent oversight and ensure the system is effectively developed, implemented, and maintained at its peak performance. While the system is designed to provide reasonable assurance, we acknowledge that unforeseen circumstances and evolving risks can influence its efficacy. Despite this inherent challenge, we remain unwavering in our commitment to maintaining a robust internal control framework, as evidenced by this statement. Our goal is to provide stakeholders with clear insights into our steadfast dedication to upholding a strong and reliable internal control framework.

We recognize that external factors like foreign exchange fluctuations and potential regulatory policy changes can

pose additional challenges. Our proactive approach involves identifying these risks at the departmental level. Once identified, these risks are either addressed directly by the department or escalated to management for resolution. This ensures all potential threats are known and effectively managed, fostering confidence among our stakeholders. Furthermore, Lincoln Pharmaceuticals prioritizes environmental protection and actively promotes sustainability awareness. We are additionally committed to implementing various cost-control measures to maintain efficient operations. By taking these additional steps, we strive to be a responsible and forward-thinking leader within the pharmaceutical industry.

Human Resources

At Lincoln Pharma, we recognize that our employees are the cornerstone of our success. Throughout the year, our Human Resources department has focused on initiatives to support and develop our workforce. We have implemented programs aimed at enhancing employee skills, promoting wellness, and fostering a positive work environment. Our efforts have centered on attracting and retaining top talent, as well as nurturing leadership capabilities within the organization. We remain committed to creating a diverse and inclusive workplace where innovation thrives. As we move forward, Lincoln Pharma will continue to invest in our human capital, ensuring that our team is well-equipped to meet the challenges and opportunities in the pharmaceutical industry.

Cautionary Statement:

This report contains forward-looking statements based on Lincoln Pharmaceuticals Limited managements current expectations and beliefs. These statements describe the companys objectives, estimates, and future plans. Its important to recognize that forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied.

Several factors could influence the companys operations, including its dependence on telecommunication and information technology systems, potential changes in government policy, and unforeseen circumstances. The Company assumes no responsibility for any decisions made based on these forward-looking statements and is under no obligation to update them in the future.

Key Financial Ratios :

Particulars	2023-2024	2022-2023
Debtor Turnover (Days)	101	97
Inventory Turnover (Days)	101	106
Interest Covrage Ratio (Times)	91.84	55.03
Current Ratio (Times)	4.85	5.10
Debt Equity (Times)	NIL	NIL
Operating Profit Margins (%)	41.4%	41.9%
Net Profit Margin (%)	16.1%	14.3%
Return on Net Worth (%)	15.7%	14.5%

NOTICE

NOTICE is hereby given that the 30^th (Thirtieth) Annual General Meeting ("AGM") of the members of Lincoln Pharmaceuticals Limited ("the Company" or "LPL) will be held on Monday, September 30, 2024 at 11:00 a.m. (IST) through Video Conference ("VC") or Other Audio Visual Means ("OAVM") to transact the following businesses. The venue of the AGM shall be deemed to be the registered office of the Company i.e. at "LINCOLN HOUSE", Behind Satyam Complex, Science City Road, Sola, Ahmedabad-380060.

ORDINARY BUSINESSES:

1. To receive, consider and adopt the audited Standalone and Consolidated financial statements of the Company for the financial year ended March 31, 2024, the reports of Board of Directors and Auditors thereon; and if thought fit, to pass with or without modification(s), the following resolution as an Ordinary Resolution:

"RESOLVED THAT the Standalone and Consolidated Audited Financial Statements of the Company for the financial year ended March 31, 2024, the reports of Board of Directors and the Auditors thereon, be and are hereby received, considered and adopted."

2. To declare dividend of 1.80/- (i.e.18%) per equity share for the financial year 2023-2024.

3. To appoint a Director in place of Mr. Munjal Mahendrabhai Patel [DIN: 02319308], who retires by rotation and being eligible offers himself for re-appointment as a Director:

To consider and, if thought fit, to pass the following Resolution as an Ordinary Resolution:

"RESOLVED THAT Mr. Munjal Mahendrabhai Patel [DIN: 02319308], Whole Time Director of the Company, who shall be liable to retire by rotation at 30^th Annual General Meeting of the Company and being eligible for re-appointment, be and is hereby re-appointed as a Director of the Company."

4. To appoint a Director in place of Mr. Kishor Meghji Shah [DIN: 02769085], who retires by rotation and being eligible offers himself for re-appointment as a Director:

To consider and, if thought fit, to pass the following Resolution as an Ordinary Resolution:

"RESOLVED THAT Mr. Kishor Meghji Shah [DIN: 02769085], Non-Executive Non-Independent Director of the Company, who shall be liable to retire by rotation at 30^th Annual General Meeting of the Company and being eligible for reappointment, be and is hereby re-appointed as Director of the Company."

SPECIAL BUSINESS:

5. To consider and if thought fit, to pass with or without modification(s), the following resolution as an ORDINARY RESOLUTION:-

RESOLVED THAT pursuant to provisions of section 148 (3) and other applicable provisions, if any, of the Companies Act, 2013 read with the Companies (Audit and Auditors) Rules, 2014 and the Companies (Cost Records and Audit) Rules, 2014, (including any statutory modification(s)or re-enactment(s) thereof for the time being in force), the consent of the members be and is hereby accorded to ratify the payment of remuneration of 2,50,000/- (Rupees Two Lakh Fifty Thousand Only) p.a. plus goods and service tax and out of pocket expense at actual to Kiran J. Mehta & Co., Cost Accountants (FRN: 000025), Ahmedabad who were appointed by the board of directors as cost auditors to conduct the audit of cost records maintained by the Company pertaining to products manufactured by the Company for the financial year ended on March 31, 2025.

NOTES:

1. Ministry of Corporate Affairs in India (MCA) vide its General Circular No. 09/2023 dated 25^th September, 2023, extended the relaxation to the companies to conduct their AGM due in the financial year 2024 through video conferencing (VC) or other audio-visual means (OAVM) dispensing personal presence of the members at the meeting provided that such companies shall follow the procedures as prescribed in MCA General Circular No. 20/2020 dated 5^th May, 2020 (‘MCA Circulars). To continuously encouraging wider participation of the shareholders at the AGM, Company is pleased to provide facility to attend and participate in the AGM through VC/OAVM. Thus, Members can attend and participate in the meeting through VC/OAVM from their respective locations following the instructions given herein.

2. As AGM is being held pursuant to the MCA and SEBI Circulars through VC / OAVM, the facility to appoint proxy will not be required for the AGM and hence the proxy form and attendance slip are not annexed to this Notice. Also, the route map is not annexed to this Notice. However, in pursuance of Section 112 and Section 113 of the Act, representatives of the Members such as the President of India or the Governor of a State or Body Corporates is entitled to appoint authorised representative to attend the AGM through VC / OAVM and participate thereat and cast their votes through e-voting.

3. Members attending the AGM through VC/OAVM shall be counted for the purpose of reckoning the quorum under Section 103 of the Companies Act, 2013.

4. Institutional / corporate shareholders (i.e. other than individual / HUF, NRI etc.) are required to send a scanned copy of board resolution / authorization letter for authorizing the representative to attend the AGM of the Company through VC / OAVM on its behalf and to cast their vote through remote e-voting. The said board resolution / authorization letter shall be sent to Parikh Dave & Associates, the Scrutinizer, appointed by the Board, by email on their registered email address to evotinq@parikhdave.com.

5. The Explanatory Statement pursuant to provision of section 102(1) of the Act, Secretarial Standard - 2 on General Meetings and SEBI Listing Regulations in respect of the special businesses is annexed hereto.

6. In compliance with the MCA and SEBI Circulars, Notice of the 30^th AGM along with the Annual Report 2023-2024 is being sent through electronic mode only to those Members whose E-Mail address is registered with the Companys Registrar and Share Transfer Agent ("RTA") / Depository Participants ("DPs") as on Friday, August 30, 2024. Members may note that the Notice of AGM and the Annual Report of the Company for the financial year 2023-2024 is uploaded on the Companys website www.lincolnpharma.com and may be accessed by the members and will also be available on the website of the Stock Exchanges i.e. BSE Limited and National Stock Exchange of India Limited at www.bseindia.com and www.nseindia.com respectively. Members who have not registered their email addresses are requested to register the same with the Company / RTA / respective DPs. This may be treated as an advance opportunity in terms of proviso to Rule 18 (3) (i) of the Companies (Management and Administration) Rules, 2014.

7. To support the "Green Initiative", the members who have not registered their e-mail addresses so far, are requested to register their e-mail address for receiving all communication including Annual Report, Notices, Circulars, etc. from the Company electronically.

8. Members are requested to intimate changes, if any, pertaining to their name, postal address, email address, telephone / mobile numbers, Permanent Account Number (PAN), mandates, nominations, power of attorney, bank details such as, name of the bank and branch details, bank account number, MICR code, IFSC code, etc.

a) For shares held in electronic form: to their Depository Participants ("DPs")

b) For shares held in physical form: to the Company/RTA in prescribed Form ISR-1 and other forms pursuant to SEBI Master Circular No. SEBI/HO/MIRSD/SECFATF/P/CIR/2023/169 dated October 12, 2023. To mitigate unintended challenges on account of freezing of folios, SEBI vide its Circular No. SEBI/HO/MIRSD/POD-1/P/CIR/2023/181 dated November 17, 2023, has done away with the provision regarding freezing of folios not having PAN, KYC, and Nomination details.

9. SEBI vide its circular dated 31^st July, 2023, introduced an Online Dispute Resolution Portal (ODR Portal) for resolving disputes of the investors in the Indian Securities Market. The ODR Portal integrates time bound online conciliation and arbitration methods to facilitate dispute resolution effectively. Investors are encouraged to initially address their concerns with market participants and may escalate to the Company through the SEBI SCORES guidelines, if not satisfied with the resolution provided earlier. If they are remain unsatisfied with the resolutions exhausting all options, they have the opportunity to seek resolution through the ODR Portal. The ODR Portal is available only when complaint is not under consideration with market participants or the Company or pending before the judicial or quasi-judicial body. Such circular is available on the website of the BSE and the Company for reference.

10. The Register of Members and Share Transfer Book of the Company will remain closed from Saturday, September 14, 2024 to Monday, September 30, 2024 (both days inclusive) for the purpose of AGM and to determine the list of members entitled to receive dividend, if approved by the shareholders at the AGM. In view of the above book closure date, the members holding shares as on September 13, 2024 will be entitled to receive the Dividend.

11. The Board of Directors has recommended a dividend of 1.80/- per fully paid-up equityshare (i.e. 18%) of 10/- each for the financial year ended on March 31, 2024. The members holding shares on record date i.e. the date prior to the commencement of the book closure, will only be entitle to receive the final dividend, if approve by the members at the AGM. The dividend, once approved by the members at the AGM, will be paid within statutory time limit of 30 days, through direct credit to the bank account or send demand drafts / cheques as per permitted mode.

12. Members may note that the Income Tax Act, 1961, ("the IT Act") as amended by the Finance Act, 2020, mandates that dividends paid / distributed by a company after April 01, 2020 shall be taxable in the hands of members. The Company shall therefore be required to deduct tax at source (TDS) at the time of making the payment of final dividend. In order to enable us to determine the appropriate TDS rate as applicable, members are requested to submit the following documents in accordance with the provisions of the IT Act. For resident shareholders, taxes shall be deducted at source under Section 194 of the IT Act as follows:

- Members having valid PAN - 10% or as notified by the Government of India

- Members not having PAN / Inoperative PAN - 20% or as notified by the Government of India

However, no tax shall be deducted on the dividend payable to a resident individual if the total dividend to be received by them during financial year 2023-2024 does not exceed 5,000 (Rupees five thousand) and also in cases where members provide Form 15G / Form 15H (applicable to individuals aged 60 years or more) subject to conditions specified under the IT Act. Resident shareholders may also submit any other document as prescribed under the IT Act to claim a lower / NIL with holding tax. Registered members may also submit any other document as prescribed under the IT Act to claim a lower/ NIL with holding tax. PAN is mandatory for members providing Form 15G /15H or any other document as mentioned above.

For non-resident shareholders, taxes are required to be withheld in accordance with the provisions of Section 195 and other applicable sections of the IT Act, at the rates in force. The withholding tax shall be at the rate of 20% (plus applicable surcharge and cess) or as notified by the Government of India on the amount of dividend payable. However, as per Section 90 of the IT Act, non-resident shareholders have the option to be governed by the provisions of the double tax avoidance agreement (DTAA) between India and the country of tax residence of the member, if they are more beneficial to them. For this purpose, i.e. to avail the benefits under the DTAA, non-resident shareholders will have to provide the following: Copy of the PAN card allotted by the Indian Income Tax authorities duly attested by the member Copy of Tax Residency Certificate (TRC) for the FY 2023-2024 obtained from the revenue authorities of the country of tax residence, duly attested by member Self declaration in Form 10F Self-declaration by the shareholder of having no permanent establishment in India in accordance with the applicable tax treaty Self declaration of beneficial ownership by the non resident shareholder Any other documents as prescribed under the IT Act for lower with holding of taxes if applicable, duly attested by member.

In case of Foreign Institutional Investors / Foreign Portfolio Investors, tax will be deducted under Section 196D of the IT Act @ 20% (plus applicable surcharge and cess).

The aforesaid documents such as Form 15G / 15H, documents under section 196, 197A, FPI Registration Certificate, Tax Residency Certificate, Lower Tax certificate etc. can be uploaded on the link https://liiplweb.linkintime.co.in/client-downloads.html on or before September 12, 2024 to enable the Company to determine the appropriate TDS / with holding tax rate applicable. Any communication on the tax determination / deduction received post September 12, 2024 shall not be considered.

13. The Board of Directors of the Company has appointed Mr. Umesh Parikh (FCS No. - 4152; CP No. 2413), or failing him Mr. Uday Dave (FCS No. 6545; CP No. 7158) Partners of M/s. Parikh Dave & Associates, Practicing Company Secretaries as the Scrutinizer to scrutinize the remote e-voting process and voting through electronic voting system at the AGM in a fair and transparent manner.

14. The Scrutinizer will, after the conclusion of e-voting at the AGM, scrutinize the votes casted at the Meeting, votes casted through remote e-voting, make a consolidated scrutinizers report and submit the same to the chairperson or a person authorized by him in writing, who shall countersign the same and declare the results (consolidated) within two working days from the conclusion of the AGM.

15. The result declared along with the scrutinizers report displayed on the Companys website at www.lincolnpharma.com and upload on the website of BSE Limited at www.bseindia.com and the website of National Stock Exchange of India Limited at www.nseindia.com also on the website of CDSL e-voting at www.evotingindia.com immediately after the declaration of results.

16. In terms of Regulation 40(1) of SEBI Listing Regulations, as amended from time to time, transfer, transmission and transposition of securities shall be effected only in dematerialized form. In view of the same and to eliminate all risks associated with physical shares and avail various benefits of dematerialization, Members are advised to dematerialize the shares held by them in physical form. Members can contact the Company or Link Intime Private Limited, for assistance in this regard.

17. All the relevant documents referred to in this Notice will be available for inspection in the electronic mode up to the date of AGM and will also be available for inspection electronically by the Members during the AGM. Members seeking to inspect such documents can send the e-mail to investor@lincolnpharma.com by mentioning the details of Folio No. / Client ID - DP ID wherein the shares of the Company are held by the Member(s). The required registers and documents are open for inspection at the registered office of the Company on all working days except Saturdays, Sundays, and public holidays between 11.00 a.m. to 4.00 p.m. up to the date of the AGM and also available electronically on the website of the Company.

18. Members are requested to note that pursuant to the provisions of Section 124 of the Act, the dividend remaining unclaimed / unpaid for a period of seven years from the date it becomes due for payment shall be transferred to the Investor Education and Protection Fund (IEPF) set up by the Central Government. Those Members who have not, so far, encashed the dividend warrants or any subsequent dividend warrants may claim or approach to the RTA or to the Company for payment thereof. Members are hereby informed that the unclaimed / unpaid dividend amount shall be transferred by the Company to IEPF within the period of thirty (30) days from the due date(s) or such other period as may be specified under the Act and rules made thereunder, from time to time. Further, no claims will be entertained by the Company for any unclaimed / unpaid dividend transferred to IEPF thereafter. Pursuant to the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 ("IEPF Rules"), the Company has uploaded the information in respect of the unclaimed / unpaid dividends on its website www.lincolnpharma.com and also on the website of the IEPF i.e. on www.iepf.gov.in. The unclaimed / unpaid dividends for the financial year 2016-17 is due to be transferred to IEPF in the current financial year. Members who have not encashed their dividend warrants for the financial year 2016-17 onwards are advised to write to the Company immediately for claiming dividends declared by the Company.

Financial Year	Date of declaration of dividend	Dividend payment %	Last date for claiming unpaid dividend
2016-2017	September 29, 2017	12	November 05, 2024
2017-2018	September 29, 2018	15	November 05, 2025
2018-2019	September 30, 2019	15	November 06, 2026
2019-2020*	September 30, 2020	15	April 04, 2027
2020-2021	September 30, 2021	15	November 06, 2028
2021-2022	September 30, 2022	15	November 06, 2029
2022-2023	September 30, 2023	15	November 06, 2030

* Interim Dividend

19. Members may please note that SEBI vide its Circular No. SEBI/HO/MIRSD/MIRSD_RTAMB/P/CIR/2022/8 dated January 25, 2022 has mandated the Listed Companies to issue securities in dematerialized form only while processing service requests viz. Issue of duplicate securities certificate; claim from unclaimed suspense account ;renewal/exchange of securities certificate; endorsement; sub-division/splitting of securities certificate; consolidation of securities certificates/ folios; transmission and transposition. Accordingly, Members are requested to make service requests by submitting a duly filled and signed Form ISR - 4, the format of which is available on the Companys website at : https:// www.lincolnpharma.com/Investor/0ther%20Disclosures/15.%20KYC%20Compliance/Form%20ISR-4%20- %20SEBI%20Format.pdf?_t=1721812557 and on the website of the Companys RTA, Link Intime a t https://linkintime.co.in/

. It may be noted that any service request can be processed only after the folio is KYC Compliant.

20. As per the provisions of Section 72 of the Act, the facility for making nomination is available for the Members in respect of the shares held by them. Members who have not yet registered their nomination are requested to register the same by submitting Form No. SH-13. If a Member desires to opt out or cancel the earlier nomination and record a fresh nomination, he/she may submit the same in Form ISR-3 or SH-14 as the case may be. The said forms can be downloaded from the Companys website add link: https://www.lincolnpharma.com/investor/other-disclosures/kyc-compliance/ . Members are requested to submit the said details to their DP in case the shares are held by them in dematerialized form and to Link Intime in case the shares are held in physical form.

21. INSTRUCTION FOR E-VOTING AND JOINING THE AGM:

a) Pursuant to the provisions of Section 108 of the Act read with Rule 20 of the Companies (Management and Administration) Rules, 2014 (as amended) and Regulation 44 of SEBI Listing Regulations (as amended), and MCA Circulars, the Company is providing facility of remote e-voting to its Members in respect of the business to be transacted at the AGM. For this purpose, the Company has appointed Central Depository Services (India) Limited (CDSL) for facilitating voting through electronic means, as the authorized e-votings agency. The facility of casting votes by a member using remote e-voting as well as the e-voting system on the date of the AGM will be provided by CDSL.

b) The Members can join the AGM in the VC / OAVM mode 15 minutes before and after the scheduled time of the commencement of the Meeting by following the procedure mentioned in the Notice. The facility of participation at the AGM through VC/OAVM will be made available to at least 1,000 members on first come first served basis. This will not include large Shareholders (Shareholders holding 2% or more shareholding), Promoters, Institutional Investors, Directors, Key Managerial Personnel, the Chairpersons of the Audit Committee, Nomination and Remuneration Committee and Stakeholders Relationship Committee, Auditors etc. who are allowed to attend the AGM without restriction on account of first come first served basis.

c) Shareholders holding equity shares shall have one vote per share as shown against their holding. The shareholders can vote for their entire voting rights as per their discretion.

d) THE INTRUCTIONS OF SHAREHOLDERS FOR REMOTE E-VOTING AND E-VOTING DURING AGM AND JOINING MEETING THROUGH VC/OAVM ARE AS UNDER:

The Company is pleased to provide remote e-voting facility for the Members of the Company to enable them to cast their votes electronically on the resolutions mentioned in this Notice of AGM of the Company.

i. The voting period will begin on Thursday, September 26, 2024 at 10:00 am (IST) and will end on Sunday, September 29, 2024 at 5:00 pm (IST). During this period shareholders of the Company, holding shares either in physical form or in dematerialized form, as on the cut-off date of Monday, September 23, 2024 may cast their vote electronically. The e-voting module shall be disabled by CDSL for voting thereafter.

ii. Shareholders who have already voted prior to themeeting date would not be entitled to vote at the timeof meeting.

iii. Pursuant to SEBI Circular No. SEBI/HO/CFD/CMD/CIR/P/2020/242 dated December 09, 2020, under Regulation 44 of SEBI Listing Regulations, 2015, listed entities are required to provide remote e-voting facility to its shareholders, in respect of all shareholders resolutions.

Currently, there are multiple e-voting service providers (ESPs) providing e-voting facility to listed entities in India. This necessitates registration on various ESPs and maintenance of multiple user IDs and passwords by the shareholders.

In order to increase the efficiency of the voting process, pursuant to a public consultation, it has been decided to enable e-voting to all the demat account holders, by way of a single login credential,through their demat accounts / websites of Depositories / Depository Participants. Demataccount holders would be able to cast their vote without having to register again with the ESPs, thereby, not only facilitating seamless authentication but also enhancing ease and convenience of participating in e-voting process.

iv. In terms of SEBI circular no. SEBI/HO/CFD/CMD/CIR/P/2020/242 dated December 09, 2020 on e-voting facility provided by Listed Companies, Individual shareholders holding securities in demat mode are allowed to vote through their demat account maintained with Depositories and Depository Participants. Shareholders are advised to update their mobile number and email Id in their demat accounts in order to access e-voting facility.

Pursuant to above said SEBI Circular, Login method for e-voting and joining VC / OAVM for Individual shareholders holding securities in Demat mode is given below:

Type of shareholders	Login Method
Individual Shareholders holding securities in Demat mode with CDSL	1) Users who have opted for CDSL Easi / Easiest facility, can login through their existing user id and password. Option will be made available to reach e-Voting page without any further authentication. The users to login to Easi / Easiest are requested to visit cdsl website www.cdslindia.com and click on login icon & New System Myeasi Tab. 2) After successful login the Easi / Easiest user will be able to see the e- Voting option for eligible companies where the evoting is in progress as per the information provided by company. On clicking the evoting option, the user will be able to see e-Voting page of the e-Voting service provider for casting your vote during the remote e-Voting period or joining virtual meeting & voting during the meeting. Additionally, there is also links provided to access the system of all e-Voting Service Providers, so that the user can visit the e-Voting service providers website directly. 3) If the user is not registered for Easi/Easiest, option to register is available at cdsl website www.cdslindia.com and click on login & New System Myeasi Tab and then click on registration option. 4) Alternatively, the user can directly access e-Voting page by providing Demat Account Number and PAN No. from a e-Voting link available on www.cdslindia.com home page. The system will authenticate the user by sending OTP on registered Mobile & Email as recorded in the Demat Account. After successful authentication, user will be able to see the e- Voting option where the evoting is in progress and also able to directly access the system of all e-Voting Service Providers.
Individual Shareholders holding securities in Demat mode with NSDL	1) If you are already registered for NSDL IDeAS facility, please visit the e- Services website of NSDL. Open web browser by typing the following URL: https://eservices.nsdl.com either on a Personal Computer or on a mobile. Once the home page of e-Services is launched, click on the "Beneficial Owner" icon under "Login" which is available under ‘IDeAS section. A new screen will open. You will have to enter your User ID and Password. After successful authentication, you will be able to see e-Voting services. Click on "Access to e-Voting" under e-Voting services and you will be able to see e-Voting page. Click on company name or e-Voting service provider name and you will be re-directed to e-Voting service provider website for casting your vote during the remote e-Voting period or joining virtual meeting & voting during the meeting. 2) If the user is not registered for IDeAS e-Services, option to register is available at https://eservices.nsdl.com . Select "Register Online for IDeAS "Portal or click at https://eservices.nsdl.com/SecureWeb/IdeasDirectReg.jsp 3) Visit the e-Voting website of NSDL. Open web browser by typing the following URL: https://www.evoting.nsdl.com/ either on a Personal Computer or on a mobile. Once the home page of e-Voting system is launched, click on the icon "Login" which is available under ‘Shareholder/ Member section. A new screen will open. You will have to enter your User ID (i.e. your sixteen digit demat account number hold with NSDL), Password/OTP and a Verification Code as shown on the screen. After successful authentication, you will be redirected to NSDL Depository site wherein you can see e-Voting page. Click on company name or e-Voting service provider name and you will be redirected to e-Voting service provider website for casting your vote during the remote e-Voting period or joining virtual meeting & voting during the meeting.
Individual Shareholders (holding securities in Demat mode) with login through their Depository Participants	You can also login using the login credentials of your demat account through your Depository Participant registered with NSDL/CDSL for e- Voting facility. After Successful login, you will be able to see e-Voting option. Once you click on e-Voting option, you will be redirected to NSDL/ CDSL Depository site after successful authentication, wherein you can see e-Voting feature. Click on company name or e-Voting service provider name and you will be redirected to e-Voting service provider website for casting your vote during the remote e-Voting period or joining virtual meeting & voting during the meeting.

Important note: Members who are unable to retrieve User ID/ Password are advised to use Forget User ID and Forget Password option available at above mentioned website.

Helpdesk for Individual Shareholders holding securities in demat mode for any technical issues related to login through Depository i.e. CDSL and NSDL

Login type	Helpdesk details
Individual Shareholders holding securities in Demat mode with CDSL	Members facing any technical issue in login can contact CDSL helpdesk by sending a reauest at helpdesk.evoting@cdslindia.com
	or contact at toll free no. 1800 22 55 33.
Individual Shareholders holding securities in Demat mode with NSDL	Members facing any technical issue in login can contact NSDL helpdesk by sending a request at evoting@nsdl.co.in or call at toll free no.: 1800 1020 990 and 180022 44 30.

v. Login method for e-voting and joining virtual meeting for Individual shareholders holding shares in Physical Form and shareholders other than individual shareholders holding shares in Demat form / physical form.

1) The shareholders should log on to the e-voting website www.evotingindia.com.

2) Click on "Shareholders" module.

3) Now enter your User ID

a. For CDSL: 16 digits beneficiary ID,

b. For NSDL: 8 Character DP ID followed by 8 Digits Client ID,

c. Shareholders holding shares in Physical Form should enter Folio Number registered with the Company.

4) Next enter the Image Verification as displayed and Click on Login

5) If you are holding shares in demat form and had logged on to www.evotingindia.com and voted on an earlier e-voting of any company, then your existing password is to be used.

6) If you are a first-time user follow the steps given below:

	For Physical shareholders and other than individual shareholders holding shares in Demat
PAN	Enter your 10 digit alpha-numeric *PAN issued by Income Tax Department (Applicable for both demat shareholders as well as physical shareholders) - Shareholders who have not updated their PAN with the Company/ Depository Participant are requested to use the sequence number sent by Company/RTA or contact Company/RTA.
Dividend Bank Details OR Date of Birth (DOB)	Enter the Dividend Bank Details or Date of Birth (in dd/mm/yyyy format) as recorded in your demat account or in the company records in order to login. - If both the details are not recorded with the depository or company, please enter the member id / folio number in the Dividend Bank details field as mentioned in instruction (v).

7) After entering these details appropriately, clickon "SUBMIT" tab.

8) Shareholders holding shares in physical form will then directly reach the Company selection screen. However, shareholders holding shares in demat form will now reach ‘Password Creation menu wherein they are required to mandatorily enter their login password in the new password field. Kindly note that this password is to be also used by the demat holders for voting for resolutions of any other company on which they are eligible to vote, provided that company opts for e-voting through CDSL platform. It is strongly recommended not to share your password with any other person and take utmost care to keep your password confidential.

9) For shareholders holding shares in physical form, the details can be used only for e-voting on the resolutions contained in this Notice.

10) Click on the EVSN for the relevant <Lincoln Pharmaceuticals Limited> on which you choose to vote.

11) On the voting page, you will see "RESOLUTION DESCRIPTION" and against the same the option "YES/ NO" for voting. Select the option YES or NO as desired. The option YES implies that you assent to the Resolution and option NO implies that you dissent to the Resolution.

12) Click on the "RESOLUTIONS FILE LINK" if you wish to view the entire Resolution details.

13) After selecting the resolution, you have decided to vote on, click on "SUBMIT". A confirmation box will be displayed. If you wish to confirm your vote, click on "OK", else to change your vote, click on "CANCEL and accordingly modify your vote.

14) Once you "CONFIRM" your vote on the resolution, you will not be allowed to modify your vote.

15) You can also take a print of the votes cast by clicking on "Click here to print" option on the Voting page.

16) If a demat account holder has forgotten the login password then Enter the User ID and the image verification code and click on Forgot Password & enter the details as prompted by the system.

17) There is also an optional provision to upload BR/POA if any uploaded, which will be made available to scrutinizer for verification.

vi. ADDITIONAL FACILITY FOR NON - INDIVIDUAL SHAREHOLDERS AND CUSTODIANS

1) Non-Individual shareholders (i.e. other than Individuals, HUF, NRI etc.) and Custodians are required to log on to www.evotingindia.com and register themselves in the "Corporates" module.

2) A scanned copy of the Registration Form bearing the stamp and sign of the entity should be emailed to evoting@parikhdave.com and helpdesk.evoting@cdslindia.com .

3) After receiving the login details a Compliance User should be created using the admin login and password. The Compliance User would be able to link the account(s) for which they wish to vote on.

4) The list of accounts linked in the login will be mapped automatically & can be delink in case of any wrong mapping.

5) It is Mandatory that, a scanned copy of the Board Resolution and Power of Attorney (POA) which they have issued in favour of the Custodian, if any, should be uploaded in PDF format in the system for the scrutinizer to verify the same.

6) Alternatively Non Individual shareholders are required mandatory to send the relevant Board Resolution/ Authority letter etc. together with attested specimen signature of the duly authorized signatory who are authorized to vote, to the Scrutinizer and to the Company at the email address viz; cs@lincolnpharma.com , if they have voted from individual tab & not uploaded same in the CDSL e-voting system for the scrutinizer to verify the same.

vii. PROCESS FOR THOSE SHAREHOLDERS WHOSE EMAIL ADDRESSES ARE NOT REGISTERED WITH THE

DEPOSITORIES FOR OBTAINING LOGIN CREDENTIALS FOR E-VOTING FOR THE RESOLUTIONS PROPOSED

IN THIS NOTICE:

1) For Physical shareholders- please provide necessary details like Folio No., Name of shareholder, scanned copy of the share certificate (front and back), PAN (self-attested scanned copy of PAN card), AADHAR (self-attested scanned copy of Aadhar Card) by email to Company/ RTA email id.

2) For Demat shareholders - Please update your email id & mobile no. with your respective Depository Participant (DP)

3) For Individual Demat shareholders - Please update your email id & mobile no. with your respective Depository Participant (DP) which is mandatory while e-Voting & joining virtual meetings through Depository.

viii. PROCESS INSTRUCTIONS FOR SHAREHOLDERS ATTENDING THE AGM THROUGH VC/OAVM ARE AS

UNDER:

1) Shareholders are encouraged to join the Meeting through Laptops / IPads for better experience.

2) Further shareholders will be required to allow Camera and use Internet with a good speed to avoid any disturbance during the meeting.

3) Please note that Participants Connecting from Mobile Devices or Tablets or through Laptop connecting via Mobile Hotspot may experience Audio/Video loss due to Fluctuation in their respective network. It is therefore recommended to use Stable Wi-Fi or LAN Connection to mitigate any kind of aforesaid glitches.

4) Shareholders who would like to express their views/ask questions during the meeting may register themselves as a speaker by sending their request in advance atleast 7 days prior to meeting mentioning their name, demat account number/folio number, email id, mobile number at investor@lincolnpharma.com . The shareholders who do not wish to speak during the AGM but have queries may send their queries in advance 10 days prior to meeting mentioning their name, demat account number/folio number, email id, mobile number at investor@lincolnpharma.com . These queries will be replied to by the company suitably by email.

5) Those shareholders who have registered themselves as a speaker will only be allowed to express their views/ask questions during the meeting.

6) If you have any queries or issues regarding attending AGM & e-voting from the CDSL e-Voting System, you can write an email to helpdesk.evoting@cdslindia.com or contact at 1800 22 55 33.

7) All grievances connected with the facility for voting by electronic means may be addressed to Mr. Rakesh Dalvi, Sr. Manager, (CDSL) by electronic means may be addressed to Mr. Rakesh Dalvi, Sr. Manager, (CDSL) Central Depository Services (India) Limited, A Wing, 25th Floor, Marathon Futurex, Mafatlal Mill Compounds, N M Joshi Marg, Lower Parel (East), Mumbai - 400013 or send an email to helpdesk.evoting@cdslindia.com or call on toll free no. 1800 22 55 33.

ix. INSTRUCTIONS FOR SHAREHOLDERS FOR E-VOTING DURING THE AGM ARE AS UNDER:-

1) The procedure for attending meeting & e-voting on the day of the AGM is same as the instructions mentioned above for Remote e-voting.

2) The link for VC/OAVM to attend meeting willbe available where the EVSN of Company will be displayed after successful login as per the instructions mentioned above for Remote e-voting.

3) Only those shareholders, who are present inthe AGM through VC/OAVM facility and whohave not casted their vote on the Resolutions through remote e-Voting and are otherwise not barred from doing so, shall be eligible tovote through e-Voting system available during the AGM.

4) If any Votes are cast by the shareholders through the e-voting available during the AGMand if the same shareholders have not participated in the meeting through VC/OAVM facility, then the votes cast by such shareholders shall be considered invalid as the facility of e-voting during the meeting is available only to the shareholders attending the meeting.

5) Shareholders who have voted through Remote e-voting will be eligible to attend the AGM. However, they will not be eligible to vote at the AGM.

x. OTHER INSTRUCTIONS / INFORMATION FOR SHAREHOLDERS:-

1) Any person(s), who acquires shares of the Company i.e. becomes Member(s) after Notice is sent by the Company, and holds shares as of the cut-off date i.e. September 23, 2024 should follow the same procedure of e-voting as mentioned in this Notice. In case such Member(s) has not updated the respective PAN with the Company/ DPs, the Member may approach the Company/RTA as per details provided in the Notice.

ANNEXURE TO THE NOTICE:

I. Information on Directors being appointed / re-appointed as required under Regulation 36 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Secretarial Standards-2 on General Meetings:

Name of Directors	Mr. Munjal Mahendrabhai Patel	Mr. Kishor Meghaji Shah
DIN	02319308	02769085
Date of Birth	June 26, 1982	March 04, 1944
Date of Appointment on the Board	November 14, 2014	August 16, 1995
Qualification	MBA- Finance & PGDIFA	Matriculates
Remuneration last drawn	66.47 Lakhs	N.A.
Nature of expertise in specific functional areas	International Trade & Financial Matters	He is associated with the company since more than two decades. He carries immense experience in the area of International marketing and directing projects across diverse industries and magnitudes.
Relationship with other Directors, Manager and other Key Managerial Personnel	Mr. Munjal M.Patel is son of Mr. Mahendra G. Patel, Managing Director	None
Directorship held in other Public Companies as on March 31, 2024	None	None
Chairmanship / Membership of Committee in other Companies, if any	None	None
No. of Shares held in the Company as on March 31, 2024	26,30,300	4,78,400
Name of listed entities from which the person has resigned in the past three years.	SERA INVESTMENTS & FINANCE INDIA LIMITED	NIL
In case of independent directors, the skills and capabilities required for the role and the manner in which the proposed person meets such requirements.	N.A.	N.A.

II. Explanatory Statement pursuant to Section 102 of the Companies Act, 2013:

Item No. 5

The Board of Directors on the recommendation of the Audit Committee, has appointed M/s. Kiran J. Mehta & Co., Cost Accountants (FRN No.: 000025), Ahmedabad to conduct the audit of cost records relating to the products, manufactured by the Company for the financial year ending on March 31, 2025 at a remuneration as mentioned in the resolution attached to the Notice.

As per the provisions of section 148 (3) of the Act read with Rule 14 of The Companies (Audit and Auditors) Rules, 2014, the remuneration fixed by the Board of Directors is to be ratified by the Members of the Company. Accordingly, consent of the Members of the Company is sought for ratification of remuneration payable to the Cost Auditors for the financial year ending on March 31, 2025.

The Board recommends the Ordinary Resolution at Item No. 5 of theaccompanying Notice for approval of the Members of the Company.

None of the Directors, Key Managerial Personnel of the Company, and/or their relatives are in any way concerned or interested financially or otherwise, in the resolution set out at Item No. 5.