Biotest AG — M&A Activity 2007

Sep 11, 2007

Global presence • Expanded capacities • Promising pipeline

Biotest acquires Nabi Biopharmaceuticals plasma protein business unit

Conference call presentation, 11 September 2007

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Acquisition of a complete plasma protein business in USA: Biotest is now a global player in the industry

Organisational structure of Biotest's US activities

Major assets: state-of-the-art production plant and plasma collection centres

Plasma protein production plant

• •Built in 2002, certified by FDA
• • Fractionation capacity 400,000 litres (after limited capex)
• •Maximum output 1.5 tons IVIG
• •Includes labs, QC, storage capacity

Plasma collection centres

• •Nine centres in six US states
• •Certified by FDA and EMEA
• • Collection volume ^∼400,000 litres

Major products: Hyperimmunoglobulin Nabi HB® and plasma currently sold to third parties

Nabi HB®

• • Leading hyperimmunoglobulin for Hepatitis B prophylaxis in the US
• • e.g. prevention of reinfection after liver transplants

Plasma for third parties

• • Plasma raw material and specific hyperimmune sera
• • Major part of collected plasma will be used for own products in future
• • Favourable market conditions due to growing IgG production in USA, EU

Major development projects: Premium IVIG product and hyperimmunoglobulin Civacir® for Hepatitis C prophylaxis

Premium IVIG product

• • Premium product comparable to Intratect® in Europe
• •Tailored to the US market
• • Phase III pivotal trial has started in September 2007
• •FDA approval expected for H1 2010
• • US market launch earlier than previously planned for Intratect® (produced ex Dreieich)

Civacir®

• • Indication is to prevent HCV reinfection in liver transplant patients
• • High unmet medical need: 1/3 of liver transplants due to HCV infection (10x higher than HBV), no vaccination available
• • Market potential (USA) in the three figure million USD range
• •Orphan Drug designation (USA, EU)
• • Phase II trial ongoing, Phase III trial to start in 2009
• •FDA approval expected for 2012

USA – the most attractive plasmaprotein market worldwide

• • USA represents one third of global immunoglobulin demand (> 30 tons)
• • Market volume (2006) without recombinant factors ∼USD 3bn
• • IVIG growth rates significantly higher than in ROW (CAGR 1992 – 2006: ∼9 %) – expected to continue
• • Attractive price levels above EU levels – stable outlook due high medical need and new indications
• • Long-term prophylaxis of HBV and HCV liver transplant patients with hyperimmunoglobulins will become standard

Source: Review of Australia's Plasma Fractionation Arrangements, 2007

Global immunoglobulin demand (in tons)

Immediate strong presence in the USA with FDA approved facilities and experienced team

• • Additional production capacity of 1.5 tons of immunoglobulins exclusively designated to US market
• • Plasma supply secured by nine FDA-approved collection centres
• • Immediate availability of proven infrastructure, experienced team, customer relations -> complete plasma protein business
• • Less time and money spent compared to market entry with Intratect®, expansion and FDA approval of German facilities

Biotest becomes global leader in hepatitis B hyperimmunoglobulin market

• • Sales of Hepatect® and Nabi HB® amount to > EUR 60m
• • Hepatect® leading HBV hyperimmunoglobulin in the EU
• • Nabi HB® by far the top-seller in the US market with a market share of more than 85%
• • Plasma supply secured thanks to large share of donations with high HBV antibody titers

Source: MRB The Plasma Fraction Market in the United States 2005, Biotest Estimates

New facilities allow integrated production strategy

Biotest AG – Acquisition of Nabi Biologics ¹⁰

Together with Nabi Biologics, Biotest Pharma will continuously enhance its global market position

Solid transaction financing in place

• • Transaction financing secured by a long-term financing package of Commerzbank AG including a sufficient working capital facility
• • Authorised capital will be used to refinance parts of the bank financing – target issuing proceeds at least EUR 30m
• •High operative flexibility and high planning security
• •Equity-based financing practice will be continued in the accelerated growth stage

Increase in revenues – higher EBT in 2008 expected – significant improvement of earnings from 2010 onwards

• • Biotest targets revenues of > EUR 500m in the medium term after successful launch of "IVIG" in the USA – Civacir® adds further upside potential
• •Forecast 2007 unchanged – EBIT should exceed 2006 figure by 12 – 15 %
• •Striving for a further improvement of EBIT and EBT in 2008
• • Earnings from acquired assets expected to exceed additional interest expenses from 2010 onwards

Timeline and further process

• • Asset purchase agreement subject to US merger-control and Nabi Biopharmaceuticals' shareholders approval
• •Approval of US merger-control authorities expected for October 2007
• • Approval of Nabi Biopharmaceuticals shareholders expected within 60 – 90 days after the signing
• •Closing of transaction therefore expected at the end of 2007

Transaction highlights

Immediate strong presence in the USA

• • Position as key supplier of immunoglobulin products in the largest and most attractive market worldwide
• • State-of-the-art production and collection facilities as solid base for a successful growth strategy in the USA and worldwide

Expansion of the product portfolio

• •Additional sales generated by Nabi HB® and hyperimmune sera
• •Promising product candidates IVIG and Civacir® with huge market potential

Solid financing structure

• • Long-term bank loan and planned capital increase ensure flexibility and a solid base for accelerated growth in the next years
• •Attractive conditions in refinancing