Biotest AG — AGM Information 2009

May 28, 2009

Biotest: Creating Value. Living Values.

Biotest AG – 2009 Annual Shareholders' Meeting

Professor Dr. Gregor Schulz, Chairman of the Board of Management 7 May 2009

Biotest 2009 Annual Shareholders' Meeting

Creating Value. Living Values.

Biotest products are often vital

• •Important treatment for chronically ill patients
• •Life-saving in emergency medicine
• •Safety for transfusion and transplantation
• • Hygiene monitoring in pharmaceutical, food and cosmetics production

High ethical value creates economic value

Biotest strategy

Biotest – a global specialist for innovative immunology and haematology

• •Internationalisation
• •Focus on core competences
• •Research and development

Target Sustained profitable growth

2008 – highlights

• •US Plasma Proteins business: successful first year
• •Additional European product approvals
• •Capacity expanded
• • Biotherapeutics: promising data of clinical development
• •Partnering for BT-061 initiated
• • Medical Diagnostics: clear indications of an upward trend

Biotest: Creating Value. Living Values.

Plasma Proteins

Plasma Proteins: progressing into new dimensions

Plasma Proteins: revenue (in € million)

Plasma Proteins: 2008 highlights

• • Six further European approvals for immunoglobulins and albumin
• • Share of international sales up from 69% to 76%
• • Major tenders won for the delivery of coagulation factors
• •R&D projects advanced
• •Production capacity expanded

Plasma Proteins: ongoing and new product development

2008 approval:

Haemonine® Factor IX for the prophylactic and acute treatment of type B haemophilia – complements the range of coagulation factor products

European approval expected in 2009 (centralised procedure):

Zutectra® Hepatitis B immunoglobulin for prophylactic treatment of reinfection following liver transplantation, administered subcutaneously – self-medication possible

Approval after 2010:

G ( S ) I V I U A :	f P h I I I l d b d M t a s e c o m p e e y e n o a y , i i h d l d f d f 2 0 1 0 t t r e g s r a o n s c e e o r e n o u
I M t t g c o n c e n r a e :	C l i i l d l d i Q 2 2 0 0 9 t t t t t n c a e v e o p m e n e x p e c e o s a r n

Cytotect®: significant large-scale trial has started

Indication: prevention of prenatal cytomegalovirus infection of the foetus in women who were infected by the virus for the first time.

• • Phase III trial to confirm existing positive results from a pilot study
• •High ethical relevance
• • Comprehensive immunoscreening required (up to 20,000 tests)
• • Following initial difficulties, trial is fully underway: more than 2,000 pregnant women have been screened

Plasma Proteins production – capacity doubled

Biotest production network*

Fractionation:

• •Plant in Dreieich: 700,000 litres p.a.
• • Contract with C.A.F-D.C.F (Belgium): up to 300,000 litres p.a.
• • Boca Raton: 400,000 litres p.a. (from 2010)

Immunoglobulins:

• •Capacity in Dreieich doubled
• • Capacity expansion in Boca Raton (1.5 tonnes p.a. from 2010)

* In the final construction stages (2009/10)

Plasma collection – high level of own supply ensures independence and availability of raw material

• • 4 new plasmapheresis centres in 2008 21 centres in total worldwide(10 in Europe, 11 in the USA)
• • Level of own supply set to rise to over 45% by the end of 2009:
• •Less dependent on price fluctuations
• •Supply of hyperimmune plasma
• •Production network Europe - USA

BPC-run plasmapheresis centres in the USA

New centres opened in the USA in 2008/2009: Santa Fe (NM), Iowa City (IA)

Demand for Plasma Proteins is growing, but at a slower rate

Global IVIG market (in tonnes)

• New indications for immunoglobulins drive
• Upward price trend has
• Overall, no uniform trend identifiable

= Growth (over a 2-year period)

Total supply of donor plasma in the USA (in million litres)

Our assessment: industry responds to expected price reductions. Capacity adjustments in line with growth in demand (6% to 8% p.a.).

Outlook for Plasma Proteins: steady growth

• • Internationalisation of business through new developments and the expansion of existing approvals
• •Continued profitable growth is expected
• •Phase of strong price rises is coming to an end, but no price slump
• •Industry responds to reduction in surplus demand and adjusts capacity

Biotest: Creating Value. Living Values.

Biotherapeutics

Biotherapeutics: investment in projects with potential

Common features of Biotest'smonoclonal antibodies

• •High medical need
• •Rapidly growing markets
• •Blockbuster potential

Lead indications

B T 0 6 1 -	R h i d h i i t t t e m a o a r r s, u i i p s o r a s s
B T 0 6 2 -	M l i l l t u p e m y e o m a
B T 0 6 3 -	S i l t y s e m c u p u s h d t t e r y e m a o s u s a n h i t t o e r a o m m n e u u d i s e a s e s

R&D expense - Biotherapeutics (in € million)

Rheumatoid arthritis and psoriasis – a huge and growing market

Market volume (in US\$ million)

Drug development: complex process with overlapping phases

• •R&D expenses for BT-061 alone approx. €25 million to date
• •Duration of the project >10 years

Development

• •Preclinical: from 2002: in vitro testing
• •from 2006: six toxicological in vivo trials
• • Clinical: to date, five trials with subjects and patients further Phase II/III trials in both indications

Production

• •From 2005: set-up of large-scale production (Lonza)
• •Since 2008: set-up of second production line at BPC

Marketing, patents

• To date, four groups of patents have been applied for worldwide, patents for the USA and other key countries have been granted

BT-061 – overview of clinical trials

Trial No. 961: (Phase I)

Single dose, intravenously and subcutaneously, healthy subjects (tolerability)

Rheumatoid arthritis

Trial 962 (Phase IIa):

Multi-dose, intravenously and subcutaneously, placebocontrolled

Trial 971 (Phase II):

BT-061 with MTX*, multi-dose, intravenously

Psoriasis

Trial 967 (Phase I/IIa):

Single dose, intravenously and subcutaneously, placebocontrolled

Trial 973 (Phase II): Multi-dose, intravenously and subcutaneously, placebocontrolled

*MTX = methotrexate

Biotest 2009 Annual Shareholders' Meeting

Very encouraging interim results from clinical trials

* R h t i d t h i t i P h I I e u m a o a r r s a s e a − ( ) N 9 6 2 o	/ * P i i P h I I I s o r a s s a s e a − ( ) N 9 6 7 o
M k d l i i l i i h t t a r e c n c a m p r o v e m e n w • h d d d t t t e o s a g e g r o p s s e o a e u u ( ) b i 6 2 5 % t t s u c u a n e o u s n u p o f i t t o p a e n s M i f f i b h i d b t a x m u m e c a c y o e a c e v e y • f f h i i i d t t r e r o p m s n g o o s a g e u	I h i l l l d t t t n e r a p e u c a y r e e v a n o s a g e s • ( i ) k d l i i l t n r a e n o s m a r e c n c a v u i t i 7 5 % f t i t m p r o v e m e n n o p a e n s S P A I i d b 8 8 % t m p r o v e y u p o • f f L l i i h l t t t o n g a s n g e e c e e n o v w w • - d o s a g e s

More than 190 patients involved in all trials, efficacy in both indications, general tolerability of BT-061 is good

* Dosage escalation trials: 75% of patients receive BT-061, 25% receive the placebo drug

Partnering for BT-061: process started successfully, positive response

Biotest strategy:

Co-development and co-marketing with "big pharma" from clinical Phase III onwards

• •Start of partnering process successful
• • Global pharmaceutical groups approached ("big pharma")
• •Predominately positive response
• • Negotiations started with selected companies
• • Agreement to be signed by the end of 2009/start of 2010

BT-062 – good tolerability, clear indications of efficacy

• •BT-062: specific and highly effective immunotoxin
• •Clinical trials in cancer centres in the USA
• •General tolerability of the agent is good
• • Indications of efficacy already with low dosages:
• • Aggressive progress of the disease halted in some patients
• • Effect has already lasted for several months in individual patients

Summary – Biotherapeutics reach new development stage

• •Significant progress with all projects
• •BT-061: partnering process started
• •Start of Phase I for BT-063 in first half of 2009
• • Set-up of own production of monoclonal antibodies progressing well at BPC
• • Projects require considerable effort and are associated with risks up to the final stage. However, they offer major opportunities for steady revenue in the long term.

Biotest: Creating Value. Living Values.

Microbiological Monitoring and Medical Diagnostics

Microbiological Monitoring continues to perform well

• • Sales increase in 2008: €38.3 million (+9.1%)
• • Complex and high quality standards require high quality products
• •Pooling R&D activities at the Eppelheim site
• • R&D: focus on solutions for the paperless laboratory

Medical Diagnostics: improved business trend, but situation remains difficult

• • Difficult market conditions in Europe, USA remains an attractive market
• • Approval of manual reagents facilitates presence as full-service provider in the USA
• • Slight upward trend – however, sales and profit development remain unsatisfactory
• • Cooperation with a strategic partner planned, search for partner has high priority

Biotest: Creating Value. Living Values.

Financials 2008

Sales and EBIT rise to new record levels in 2008

358.964.10501001502002503003504004502007 2008Biotest Group BPC 326.4423.0+10%+30%

Sales (in € million)

Marked increase in profit, reduced tax ratio

EBT and EAT (in € million)

• • Sharp rise in earnings before tax (EBT), despite higher expenses as a result of financing the US transaction
• • Increase in earnings after tax (EAT), mainly as a result of the reduced tax ratio
• •Tax ratio: 30.6% (2007: 42.7%)

Strong financial structure provides stability

Balance sheet of the Biotest Group (in € million)

Assets

• •Higher inventories driven by growth
• • Trade receivables reduced by 6.5% through factoring

Liabilities

• • Shareholders' equity up as a result of earnings after tax
• • Sales-driven increase in trade payables
• • Equity ratio for 2008: 42.8% (2007: 42.1%)

Long term debt financing secured

Residual term of financial liabilities

(31 December 2008, in € million)

65.5101.128.2020406080100120<1 year 1-5 years >5 years

• • Financial liabilities as of 31 December 2008: €194.8 million (2007: €188.8 million)
• • Extension of existing credit line (€40 million) in November 2008
• • Total credit line expanded by €40 million in May 2009 (maturity of 2 years)
• • Sufficient flexibility to support further growth

Biotest share – sharp rise in share price up to summer 2008, subsequent development disappointing

• • Both share classes recorded an all-time high in August 2008:
• •€67.00 (ordinary shares), €64.00 (preference shares)
• •Subsequent sharp decrease in share price has continued in 2009

Comparison of Biotest shares (as of year-end 2007 = 100)

2009 outlook – strong first quarter, further growth expected

• • Preliminary figures for Q1 2009:
• • Sales +13% compared with Q1/2008, growth in all segments
• •EBIT +8%
• • Economic crisis has had no significant impact to date – however, increased vigilance is necessary
• • Targets for 2009:
• •Sales +10%
• •EBIT at previous year's level (€55 million)

Creating Value. Living Values.

Biotest – sustained company value

• •Successful operations
• •Growth opportunities
• •Pipeline with strong potential
• •Sound financing
• •Highly qualified and committed employees

Agenda item 2 – appropriation of profits

C i d a r r e f € 8 9 0 3 8 8 3 d 7 5 o r w a r : , ,	•
D i i d d e n v - P f h € 1 9 7 8 5 7 2 6 0 r e e r e n c e s a r e s : , ,
D i i d d e n v - O d i h € 1 8 4 7 9 9 9 8 8 r n a r s a r e s y : , ,
D i i b b l f i *: € 1 1 7 1 6 9 6 0 8 3 t t t s r a e p r o u , ,

• Dividend unchanged to last year:
• •€0.30 per ordinary share
• •€0.36 per preference share
• •Pay-out ratio: 32.7%
• Shareholders participate in growth
• Company's financial strength is enhanced

*Biotest AG financial statements prepared in accordance with the German Commercial Code (HGB)

Agenda item 8 – authorised capital

• • Authorised capital: share capital increase (on one or more occasions) by up to €1,075,200.00
• • Preference shares issued to employees:
• •Tool for increasing employee loyalty
• •Incentive to promote entrepreneurial thinking and actions
• •Reflects value-oriented approach
• •Up to 100 shares per year
• •20% reduction on average share price of the preceding 60 trading days
• •Members of the Board of Management and managing directors are excluded
• •Maximum dilution of 3.5%

Biotest: Creating Value. Living Values.

Thank you for your attention.