Press and Analyst Conference Fi i l Y 2011 Financial Year Frankfurt/Main, March 22, 2012

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, esti t f t d t ti f th d th bj t t i k timates, 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 forward-looking statements are only valid at the time of publication Biotest does looking publication. not intend to update the forward-looking statements and assumes no obligation to do so.
• All fig p gp p ures reported relate to the Continuing Operations of the Biotest Group. After the sale of the Medical Diagnostic activities to Bio-Rad Laboratories Inc., and the sale of the segment Microbiological Monitoring to Merck KGaA, both activities are being reported as Discontinued Operation.
• All ti fi l t t th di l t All comparative figures relate to the corresponding last year´s perid l ttd iod, unless stated otherwise.

Biotest Group: Highlights FY 2011

• Highest EAT in Biotest history (Continuing Operations and Discontinued Operation)
•Proposal to increase dividend by 15% by
•Reduction of net debt by 61% (€ 86 m)
• Bi t t o es FY 2011 G S l b 2 3% Group ales up by 2.3%
• In June 2011 Biotest and Abbott signed a Licence, Development and Commercialization Agreement for BT-061 (Tregalizumab)
• Microbiological Monitoring: Closing of a Sale and Purchase Agreement with Merck KGaA Darmstadt, Germany on August1st,2011. Profit after Tax of € 26.4 m

Financials FY 2011

*Biotest Group: Continuing Operations and Discontinued Operation

Earnings after tax

E A T	F Y 2 0 0 9	F Y 2 0 1 0	F Y 2 0 1 1
C i i i t o n n n g u	2 9 6.	1 9 6.	1 8 7
D i t i d s c o n n u e	1 6 -	1 9 9	2 9 4
* T t l o a	2 8 0.	3 9 5.	4 8 1.

D i i d d P l A G M ** t v e n r o p o s a o	2 0 1 1	2 0 1 0
f P h r e e r e n c e s a r e	€ 0 0 5	€ 0 4 4
O d i h r n a r y s a r e	€ 0 4 4	€ 0 3 8

* Biotest Group: Continuing Operations and Discontinued Operation

** Annual General Meeting takes place on May, 10th 2012 in Frankfurt

Significant increase in EAT*

EAT (in € m)

Earnings after tax (Continuing and Discontinued Operations) up by 21.8%
• Earnings after tax (Continuing Operations) +47.7% decreased by 4.6%
• Tax rate 34.6% in FY 2011 vs. 31.0% in FY 2010
• Increased tax rate due to higher non tax deductable expenses in 2011 and due to the usage of non capitalized tax assets in 2010

**Discontinued Operation *Biotest Group: Continuing Operations and Discontinued Operation

Increase in EBIT* – increase in EBT* in FY 2011

EBIT* and EBT* (in € m)

Financial result FY 2011 at -€13.5 m vs -€14.7 m
As of Dec. 31st, 2011 the Greek bonds are valued at 28% of the

FY 2011: EBIT Biotest Group (in € m)

	F Y 2 0 1 1	F Y 2 0 1 0
P l P t i a s m a r o e n s	6 1 5	3 7 5	1 6 3 % -
B i t h t i o e r a p e u c s	7 6 -	2 1 7 -	% 6 5 0
C t o r p o r a e	1 2 3 -	8 9 -	3 8 2 % -
B i G * t t o e s r o p u	4 1 6	4 2 9	3 0 % -
D D i i i i d t t s c o n n u e O t i p e r a o n	3 5 7	2 4 8	4 4 0 % +
G B i t t o e s r o u p T t l o a	7 7 7 7 3 3	6 6 7 7 7 7	% 1 1 4 4 2 2 + +

*Continuing Operations

Revenue growth in difficult market environment

•FY 2011 Sales at € 422.0 m, a growth of 2.3%
• Increase largely attributable to an upfront payment by Abbott on ^a pro rata basis to the on Biotherapeutics segment
• Sales in the Plasma Protein segment decreased % ff % due to difficult market environment
• Prices under pressure, particularly in markets outside the EU and the USthe

Net debt reduced by more than € 86 m

Balance sheet of Biotest Group

(in € m)

Assets Equity and Liabilities Assets

• Strong increase in cash and cash i l t d t Abb tt t ddue to ott agreement an the sale of the Microbiology Monitoring segment
• Zero value of € 15.8 m (31 Dec. 2011). Bonds recognised at a carrying amount of € 4.5 m (28% of the nominal value)
• Significant reduction of net debt by 61% to € 55.8 m (vs. € 142.6 m
• Equity ratio as of 31 Dec. 2011: 50.8% (31 Dec. 2010: 48.6%)

**Cash Flow from Operating Activities* January – December 2011** (in € m)

Δ Working Capital [ Σ -€ 28.2 m]

Guidance 2012

Sales:Sales growth of 3-5 percent compared to 2011
EBIT: Slight increase vs EBIT of 2011 ( (€ 41 6 m) 41.6 Still high ramp up costs in US

Th 2012 The 2012 guidance assumes th t ^a the mark t ^e envi t ronmentfor our business in countries like Greece, Russia and several countries in the Middle East does not deteriorate due to financial or political reasons Another precondition is the launch of BivigamTM in the reasons. US in mid of 2012.

New Strategy

Focus on Pharma Divestiture of non-core business segments

Biotest's Future Profile

Biotest AG is a pharmaceutical company which develops, produces and sells biological medicinal products, that are either obtained directly from human plasma or manufactured using biotechnological methods.

Our products belong to the therapeutic areas

Haematology Clinical Immunology Intensive Care Medicine.

Continuing strong growth

Growth driven by:

•Futher strengthen R&D activities
•In-licensing of close to or marketed products
•Mergers & Acquisitions

Three strategic areas of therapy: Products

Three strategic areas of therapy: Pipeline

Development projects in Haematology BT-062: Potential Indication Multiple Myeloma

S d 9 6 9 t u y	S d 9 t 7 5 u y	S d 9 8 3 t u y
S c o p e : • f T l b i l i t d t o e r a y a n s a e y - I i i- t t t t n v e s g a e a n u m o r - i i t t a c v y G d t l b i l i t d o o o e r a a n y • 2 f 1 6 0 / t t s a e y u p o m g m	S c o p e : • f I d n c r e a s e o r u g - i i b t t e x p o s u r e n p a e n s y l i t t i i l t h l s p n g s n g e m o n y d o s e I t i t t i- t n v e s g a e a n u m o r - t i i t a c v y	S c o p e : • f T l b i l i t d t o e r a y a n s a e y − i b i t i i t h n c o m n a o n w l d t d d g o s a n a r F i i d i d t t t t r s p a e n e x p e c e m • 2 0 1 2
C f 0 % l i i l b i t i 5 n c a e n e n > • f t i t i l d i o p a e n s, n c n g u i d t i l m n o r a n p a r a r e s p o n s e s	t h R i f 7 h t t t e c r u m e n o c o o r • i l i l d t t n e s c a a o n c o m p e e , t i l t p a r a r e s p o n s e a 2 8 0 / f i d m g g m c o n r m e
•	G d t l b i l i t o o o e r a y •

• One patient on treatment for 1.8 years (no progression of disease)
• Clinical benefit in patients up to 220 days

Scientific Rationale for Selection of CD138 Expressin g Solid Tumor Indications p g

•

IHC: BT-062 reactivity on i i primary mammary carcinoma

Homogeneous overexpression in primary tumor

CD138 expression also in metastatic lesions
CD138 i l i l di •CD138 expression also in late disease stage

=> Four priority indications chosen for further evaluation

Lower CD138 expression at later disease stages and metastatic lesions =>

1) xenograft data available

2) xenograft models to be evaluated

BT-062 for the treatment of solid tumorsSummary

•CD138 is over-expressed in many solid tumor indications
• Outstanding y efficac y of BT-062 in relevant solid tumor models in a mouse model:
Complete eradication of transplanted human tumors: complete response (CR) achieved at 0.6 -fold equivalent dose of clinical MTD1) fold MTD
• Comparison to competitor antibody-drug conjugate (in Phase III clinical development)
BT-062 exceeds efficacy of competitor antibody-drug conjugate in mammary carcinoma model (complete tumor eradication)
Competitor: hi gher e quivalent doses than clinical MTD1) p gq necessar y to achieve complete response in animal models
•Selection of most promising indications for clinical development ongoing

¹⁾ MTD: maximum tolerated dose in patients

Development projects in Clinical Immunology (I)

Bivigam™
----------	--

BivigamTM Polyspecific Immunoglobulin Additional conformance lots were produced in Q3 2011

Remaining analytical and stability data submitted to FDA

Expected launch in mid 2012

Gradual scale up of production in H2 2012

Intratect 10%

Polyspecific Immunoglobulin 10%

Phase III clinical trial completed Approval expected end 2012

Development projects in Clinical Immunology (II)

FoveptaTM Hepatitis B

Ci i®Civacir®

Immunoglobulin for intramuscular and subcutaneous injection for neonates

Approval in Germany in March 2012 Basis for approval in RoW markets

H titi C Hepatitis Immunoglobulin

New production process established, formulation improved, clinical batch production in Q2 2012 Restart of phase I/II clinical trial planned end of 2012

Cytotect 70 (BT-094) Human Cytol imegalovirus Immunoglobulin

Currently 10,500 women d ⁱ ^h III ^t ⁱ ^l screene in p hase trialPositive trend in favour of treatment group

Development projects in Clinical Immunology (III) BT-061: Potential Indications Rheumatoid Arthritis/ Psoriasis

S t d 9 7 9 u y	S d 9 8 5 t u y	S d 9 8 6 t u y
S c o p e : • P h l l b R A ( B T- 0 6 1 a s e - *) M T X + M l i d b t t u o s e, s u c u a n e o u s - 7 5 1 2 k t u p o m g w e e s , t t t r e a m e n	S c o p e : • P h I a s e − ( P h d i a r m a c o y n a m c s, ) P h k i t i a r m a c o n e c s S S i i l l d d n g e o s e − , b t t s u c u a n e o u s u p o 2 0 0 m g	S c o p e : • P h I I b R A ( B T- 0 6 1 + a s e − M T X *) M l i d t u o s e, , b t i s c a n e o s s u u u x t h t t t m o n s r e a m e n
P t i t 1 7 6 a e n s : •	P i 3 6 t t a e n s : •	P i 3 0 t t 5 a e n s : •
P i i i t t t t a e n r e c r u m e n n • p p r o g g r e s s	C l i i l t i l t l n c a r a p r o o c o • b i d f l t t s u m e o r a p p r o v a	F i i d i t t t t r s p a e n e x p e c e n • H 1 2 0 1 3

Development of projects in Intensive Care

I M C t t g o n c e n r a e -	I M i h d g e n r c e I l b l i m m u n o g o u n	H i h f i l t g u n c o n a i i t t a c v y P h I I i l i t a s e r a o n g o n g
F i b i r n o g e n	E i l f t t s s e n a a c o r f l i t o r c o a g a o n u	P d i d t r o u c o n p r o c e s s a n f l i d l f t t o r m a o n e e o p m e n o u v d l d t t p r o c c o m p e e u
		S f t t l i i l a r o c n c a d l t i H 2 2 0 1 2 e e o p m e n n v

Attractive markets with high growth rates

E x p p	t d l t h e c e a n n u a g g r o w r a	t e s
6	6	3
8	%	%
%	5	4
–	–	–

Source: MRB, Decision Resources, Datamonitor, IMS, Biotest estimates

Biotest's Internationalisation Strategy

•Establish a European wide company
•Access to US market
• RoWcountries as future growth factor

Short and Mid-term Opportunities for Market Growth

Opportunities for high cost innovative pharmaceuticals in emerging markets

China 42 BrasilBrasilRussiaRussia13 Argentina 24IndiaMexicoMexico12 China13Turkey VenezuelaTurkey Thailand511Argentina ThailandVenezuelaIndia340 10 20 30 400 0,5 1 1,5 2

Total Pharma Market Value (US\$ Bn 2010) High-Cost Product Potential (US\$ Bn 2010)

Biotest 2020 Strategy Implementation

Challenges in the market require a new organisation which

• Is abl e to focus on pati t en s' d and d t oc ors' nee dsÎImplementation of Therapeutic Areas
• Pr o des vi apa ^o l tf rm t o sea cr ch fornew bus ess in oppo ^u es rt unitieswithsog tr ong focusÎCenters of Excellence
• Maximizes the use of synergies by consolidation of core competences in the same dtt epar ment Increases flexibility to react fast and powerful ÎNew Structure
• Ensures global acting ÎStrengthen functional responsibility

N ti f h h ld d i tNew perspectives for shareolders an inves tors

New Functional Structure

*CoE = Center ofExcellence

Positive Mid-Term Outlook Biotest Group

• Despite the challenges of 2012 the Biotest outlook for the next years is definitely positive
•Growing demand for IVIG and albumin (especially in Asian countries)
•Stable market for clotting factors
•BivigamTM market authorisation expected mid of 2012
•Launches of plasma protein products in new markets
•Promising R&D pipeline in all therapeutic areas

Biotest Analyst Conference March 22, 2012 33

Contact and Financial Calendar 2012

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