Company Presentation Biotest AG August, 2011

Disclaimer

This document contains forward-looking statements on overall economic development as well as on the business, earnings, financial and asset situation of Biotest AG and its subsidiaries. These statements are based on current plans, estimates, forecasts and expectations of the company and thus are subject to risks and elements of uncertainty that could result in deviation of actual developments from expected developments.
The forward-looking statements are only valid at the time of publication. Biotest does not intend to update the forward-looking statements and assumes no obligation to do so.
All figures reported relate to the Continuing Operations of the Biotest Group. After the disposal of the transfusion and transplantation diagnostic activities to Bio-Rad Laboratories Inc., and the disposal of the Microbiological Monitoring to Merck KGaA these activities are being reported as Discontinued Operation.
All comparative figures relate to the corresponding last year s period, unless stated otherwise.

Biotest Group: Highlights H1 2011

Biotest H1 2011 Group Sales up by 4.9%; Increase largely attributable to an upfront payment by Abbott on a pro rata basis to the Biotherapeutics segment
H1 EBIT decreased by 2.9% due to difficult plasma protein market environment and unabsorbed costs in Boca Raton
Biotest and Abbott signed a Licence, Development and Commercialization Agreement for BT 061 in June 2011
Microbiological Monitoring: Closing of sale and purchase agreement with Merck KGaA Darmstadt, Germany on 1st of Aug.
Submission of BivigamTM BLA to FDA on Nov., 2010; first FDA inspections of clinical sites completed
New plasma protein products developments continue with high priority
Capacity expansion to meet future demand

Biotest: History and milestones achieved

1946: Biotest Serum Institut GmbH 1948: Test-Serum Anti-D	1961: New production facility at Dreieich 1968: First subsidiary outside Germany (Italy) 1971: Market launch of Intraglobin®	1987: IPO 1991: Start of Microbiological Monitoring 2004: Start of modernized Plasma Proteins production	2007: - Clinical testing of monocl. antibodies -Acquisition of Nabi -Preference share in SDAX 2010: Divestment of Medical Diagnostics 2011: Divestment of Microbiological Monitoring
1946			2011
	2003: MAB development	Start of 2006: of conjugate for BT-062	2011: License In Licensing Agreement with Abbott: Co technology from Development/Co ImmunoGen for Marketing BT-061

Big Success for Biotest's Biotherapeutics:

Biotest and Abbott signed a

"License, Development and Commercialization Agreement"

to ensure the further development as well as later on production and worldwide marketing and sales of BT-061

Biotest and Abbott Global Agreement towards BT-061

Upfront payment of USD 85 million; Total Potential Milestone Payments USD 395 million; Total Deal Value: USD 480 million
Biotest will be eligible to milestone payments pending completion of certain development, regulatory, commercial and sales milestones;
Biotest will receive royalty payments on net sales achieved outside Europe EU51)
For Europe EU5 cost/profit split agreed

Partnership Structure

Joint development by Biotest and Abbott
Biotest to co-promote BT-061 in Germany, France, United Kingdom, Italy, Spain
Abbott will have exclusive global rights to commercialize BT-061 outside the EU5
Biotest Pharmaceuticals Corp. to manufacture product for clinical trials
Abbott and Biotest will share responsibility for commercial production

1) Germany, France, United Kingdom, Italy, Spain

Biotest sold Microbiological Monitoring business to Merck KGaA

On 1 August, 2011 the agreement to sell the activities of the Microbiological Monitoring segment to Merck KGaA (Darmstadt/ Germany) went into effect (closing)
Transfer of activities to Merck KGaA as well as payment of the purchase price
Biotest received €50.8 million from the transaction. Subject to final cost and tax settlements, Biotest will receive profits from the sale of approximately € 30-40 million and the expected cash flow to Biotest will be in the range of € 40-50 million

Strong track record – Plasma Proteins Almost stagnation in Diagnostics Business

Biotest : Future corporate structure

Focus on Pharma Biotest will be a specialized pharmaceutical company with focus on Plasma Proteins and Biotherapeutics

Biotest Group

Headquarters in Dreieich/Germany (Frankfurt area)
Subsidiaries in 11 countries worldwide
Employees (FTE)*: ~1,600** Thereof 45% located outside Germany
Founded in 1946, IPO in 1987, SDAX in 2007 (preference shares)
Biotest shares:
6,595,242 ordinary shares
5,133,333 preference shares

Headquarter, Dreieich

*: as of 30 June, 2011 **: Continuing Operations

Shareholder structure

56.4% of total capital, and 100% of voting rights 43.6% of total capital, 0% of voting rights

* as of August 2011

Biotest Group overview

European production and distribution sites

Additional sites outside of Europe:

USA: Florida ( )
Brasil: Sao Paulo (established) ( )
Russia: Moscow (established) ( )
Distribution also via 69 distributors in 60 countries

Sales by region (H1 2011):

Biotest: a Specialized Pharmaceutical Company

Biotest AG
Pharmaceuticals
Divisions
Plasma Proteins Extension into: • USA • Spain • Brazil • new indications • new products	Biotherapeutics • Clinical Development ongoing • Production at BPC • New patents • License Agreement
Sales: € 203.8 m R&D: - € 11.7 m EBIT*: € 28.0 m	Sales: € 9.1 m R&D: - € 11.1 m EBIT*: - € 3.2 m

* H1 2011

Plasma Proteins

Plasma Market situation - a challenging environment

Sales by region H1 2010 Sales by region H1 2011

Country	Situation
Germany	ok
EU	ok
Asia	weak ;	tender business in Middle East lost due to price pressure or weak prices
Russia	weak;	price pressure

No albumin available from US plasma to be sold in high price Chinese market
US sales increase due to sales from Abbott (Biotherapeutics segment)

Plasma Proteins – Efficient production network

Aquisition of Nabi Biologics in 2007 (USD 185 million)
21 plasma collection centres
Level of self-sufficiency: 40% for standard plasma
Exchange of intermediate products from US to Europe planned for 2012
Network increases EBIT margin
Capex for investments in production in Dreieich and Boca Raton 2008-2010: ~ USD 110 m

** Production in Dreieich and capacities at partners

Plasma Proteins business at a glance

Biotest Plasma Protein products

Intratect® Pentaglobin®	Hepatect® Zutectra® Cytotect® Varitect® Nabi HB	Haemoctin® Haemonine®	Human Albumin Biseko
Infections, immune deficiencies	Hepatitis B Cytomegaly Varicella	Blood coagulation defects	Albumin and protein deficiencies
= Biotest products = lead indications

Global market share IVIG: ~ 3%
Intratect® market share in GER, AUT: > 17%, in UK, CH, I: > 10%
World market leader with Cytotect® and Varitect®
Leading position with Hepatect® in Europe and Nabi HBTM in USA
Zutectra ® launch in Feb. 2010
Biotest covers full value creation chain: plasma sourcing, production, distribution

vertical integration leads to rationalisation and higher productivity

Biotest: A market leader in special preparations

Biotest plasma proteins in 2010: sales by product category

Hyperimmunoglobulins and special preparations are a very attractive segment:

Stable prices
High market entry barriers
Biotest is totally self-sufficient in hyperimmune plasma procurement

* Including special preparations (e.g. Pentaglobin®)

BivigamTM (IVIG) FDA filing in US

Polyspecific immunoglobulin

BivigamTM FDA filing on Nov. 3, 2010
FDA confirmed that BLA dossier is generally accepted; FDA inspections of clinical sites completed
Restart of production in August after solving severe problems with the automation and control system
Additional conformance lots to be produced in Q3/4 2011

US Market entrance of strategic importance to Biotest Market potential ~ USD 100 m

Major progress in development of Plasma Proteins (I)

Zutectra® s.c. Hepatitis Immunoglobulin	FoveptaTM (s.c. Hepatitis hyperimmunoglobulin for neonates)	® Cytotect 70
Successful market introduction in Germany, Austria, Italy, Ireland; extension to other countries is planned	Study report finalised in Feb. 2011 PEI submission in April 2011	Interim analysis planned for Dec. 2011 Currently 8.500 woman screened in phase III trial

R&D expenses in H1 2011 in Plasma Protein segment: € 11.7 m

Major progress in development of Plasma Proteins (II)

IgM Concentrate	Intratect 10%	CivacirTM	Fibrinogen
IgM enriched Immunoglobulin	Polyspecific Immunoglobulin 10%	Hepatitis C Immunoglobulin	Indication: acute bleeding disorders
High functional activity Phase II study has started	Phase III trial Patient recruitment completed End of study Q1 2012 Approval expected Q4 2012	New production schedule; formulation improved Restart of clinical development planned for 2012	Product characteristics have been defined Start of clinical phase I/II in Q1 2012

Biotherapeutics

Biotest's Biotherapeutics portfolio

BT-061	BT-062	BT-063

Activated Tregs mediate modulation of T effector cells	Targeted Antibody Payload (TAP) technology	Blockage of immuno regulatory cytokine with key role in pathogenesis of SLE
Potential Indications • Rheumatoid Arthritis • Psoriasis • Other autoimmune diseases	Potential Indications • Multiple Myeloma • Solid tumors	Potential Indications • Systemic Lupus Erythematosus (SLE) • Oncology

Biotherapeutics: Significant project progress in 2010 and 2011

BT-061 − Specific mode of action addressing key regulatory function of the human immune system

Mode of action offers significant potential in several upside indications

Competitive Environment

Many candidates stopped within last two years due to lack of clear differentiation
Pipeline dominated by "me too" candidates
Only few innovative products in development, but required to further improve patient safety

Clinical development BT-061 Overview

Rheumatoid Arthritis		Psoriasis
Trial	Status	Trial	Status
Phase IIa, monotherapy (No. 962) 96 patients	Completed	Phase I/IIa, monotherapy single dose (No. 967) 55 patients	Completed
Phase II, combination with MTX (No. 971) 114 patients	Completed	Phase II, monotherapy multiple dose (No. 973) 48 patients	Treatment * completed
Phase IIb, combination with MTX (No. 979) 176 patients	Recruitment ongoing		Final evaluation ongoing

*: Last patient last visit

Rheumatoid Arthritis Market:1 Continuous Growth until 2014 Driven by Biologics

Rheumatoid Arthritis Phase II Study (No. 971)

Preliminary analysis: Favourable Efficacy Results

50 mg BT-061 SC + MTX ACR scores [%] at primary endpoint (week 9)

BT-061: only patients that received the complete 8 week treatment cycle were considered for calculation 1) Biotest analysis of trial results of approved biologics

Please note: Trial results (average) from independent trials are shown, which are not directly comparable as patient characteristics, route of administration, dose levels and treatment frequency are different

BT-061: Ongoing and planned clinical trials

Higher patient numbers to confirm product profile seen in early trials

Rheumatoid Arthritis, Phase IIb (979)

− Confirm/establish superior efficacy and tolerability with larger patient basis
− Establish Proof-of-Differentiation
Design: 175 patients in 3 dose groups, 12 weeks treatment, 12 weeks follow-up

Pharmacokinetic/Pharmacodynamic Study – planned

− Extend current clinical pharmacokinetic and pharmacodynamic data set
− Support dose and schedule finding for phase IIb/III
Design: about 40 subjects in several dose groups

Rheumatoid Arthritis, Phase IIb - planned

− Confirm favourable compound properties seen in earlier trials
− Establish statistical basis for Phase III
Design: 350 patients in North America and Europe

Further monoclonal antibodies in clinical development

Company Presentation

Competitive edge BT-062

Intrinsic properties provide basis for product positioning

Toxin moiety mediates high efficacy

High potency independent of patient s immune system
Toxin technology with best track record: Sanofi Aventis, Biogen Idec, Bayer, Roche/Genentech amongst licensees

Antibody moiety mediates high specificity

Unique targeting to CD138
CD138 highly overexpressed in MM and other cancer cells
CD138 not expressed on bone marrow stroma cells
Good tolerability up to 160 mg/m2

BT-062: Summary

Study	Dosing Regimen	Results
Monotherapy (No. 969) USA	Repeated single dose	Maximum tolerable dose (MTD) cohort defined Good tolerability Clinical Benefit in >50% of patients, including minor and partial responses
Monotherapy (No. 975) USA	Multiple dose, more intense dosing scheme	Good tolerability in first patients No efficacy results available yet
Combination therapy (No. 983)	Start planned end of 2011

BT-062: Repeated Multi Dose Study 975 Duration of Study Treatment (29 August 2011)

14 patients have been treated within one of the first 4 dose levels
Currently 8 patients receiving ongoing treatment
6 patients at low dose levels completed study due to disease progression (DP)
BT062 up to now well tolerated, no DLT reported

Subject

Financials H1 2011

Revenue growth in difficult market environment

Revenue (in € m)

H1 2011 Sales at € 212.9 m, a growth of 4.9% vs € 202.9 m in H1 2010
Increase largely attributable to an upfront payment by Abbott on a pro rata basis to the Biotherapeutics segment
Sales in the Plasma Protein segment remained constant
Prices under pressure, particularly in markets outside the EU and the US

Despite sales growth, EBIT decreased

EBIT (in € m)

Despite 4.9% sales growth, EBIT decreased by 2.9% vs H1 2010
Continuing price pressure for immunoglobulins and clotting factors, especially in Eastern Europe and Middle East
Unfavourable cost of sales ratio primarily caused by pressure on prices of plasma proteins, a less favourable product mix and unabsorbed costs in connection with delays in the restart of production at Biotest Pharmaceuticals Corporation (BPC), Boca Raton, USA

H1 2011: EBIT Biotest Group (€ m)

	H1 2011	H1 2010
Plasma Proteins	28.0	35.8	- 21.8 %
Biotherapeutics	- 3.2	- 10.4	69.2 %
Corporate	- 4.8	- 4.8	-
Biotest Group*	20.0	20.6	- 2.9 %

*: Continuing Operations

Decrease in EBIT and EBT in H1 2011

EBIT and EBT (in € m)

Financial result H1 2011: - € 2.6 m

Various re-valuations of Greek zero bonds
Lower interest expenses

Low EAT

EAT (in € m)

Earnings after tax decreased by 12.1%
Tax rate 26.9% in H1 2011 vs. 29.5% in H1 2010
Lower tax rate due to losses in countries with high tax rates (BPC/ USA) and some higher profits in countries with low tax rates

Outlook

Guidance 2011:

Sales: Sales to grow with a low single digit percentage compared to 2010
EBIT: EUR 40 million range

The guidance does not take into consideration any ! extraordinary income from discontinued operations.

Outlook Biotest Group

Growing demand for IVIG and albumin
Stable market for clotting factors and albumin
BivigamTM market authorisation expected mid of 2012; annual market potential ~ USD 100 m
We expect a further reduction of oversupply and improving market conditions in H2 2011
Promising R & D pipeline for Plasma Proteins and Biotherapeutics