Roche Holding AG

Investor Presentation • Apr 10, 2003

Expanding leadership in oncology

Dr. Kevan Clemens Global Business Director, Oncology

Deutsche Bank Healthcare Symposium, Oncology Day London 13 March 2003

This presentation contains certain forward-looking statements. These forward-looking statements may be identified by words such as ìbelievesî, ìexpectsî, ìanticipatesî, ìprojectsî, ìintendsî, ìshouldî, ìseeksî, ìestimatesî, ìfutureî or similar expressions or by discussion of strategy, goals, plans or intentions. Various factors may cause actual results to differ materially in the future from those reflected in forward-looking statements contained in this presentation among others: (1) pricing and product initiatives of competitors; (2) legislative and regulatory developments and economic conditions; (3) delay or inability in obtaining regulatory approvals or bringing products to market; (4) fluctuations in currency exchange rates and general financial market conditions; (5) uncertainties in the discovery, development or marketing of new products or new uses of existing products; (6) increased government pricing pressures; (7) interruptions in production; (8) loss of or inability to obtain adequate protection for intellectual property rights; (9) litigation; (10) loss of key executives or other employees; and (11) adverse publicity or news coverage.

Maintain leadership in oncology

ï Vision

ï The oncology market - growth rates - drivers - therapeutic trends

ï Roche's oncology portfolio

Vision

• ï Roche with Genentech and Chugai to maintain the number 1 position in oncology and supportive care
• ï Develop selective and better tolerated products with survival benefits
• ï Bring enhanced performance supportive care products to market
• ï Seek added value through collaboration of Pharmaceutical and Diagnostics

Achieving the vision

• ï Innovative products can achieve sales CHF 1 - 2 billion
• ï Focus on five tumor types (breast, NSCLC, CRC, prostate, NHL)
• ï Out of four therapeutic classes - Roche markets in three and has research in two
• ï No major patent expirations of ìyoungî growth drivers near term
  • ñ Herceptin 2012
  • ñ MabThera 2013
  • ñ Xeloda 2013

Robust exciting pipeline

Achieving the vision

• ï 12 - 18 % market share
• ï Steady flow of products (innovatives, cytotoxics, supportive care)
• ï Products with clear benefits in terms of survival and quality of life
• ï Multiple products of CHF > 1 billion
• ï Competitive investments in marketing, especially phase IV trials and adjuvant studies
• ï Strong market presence in US and Japan
• ï Strong Diagnostics presence

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Maintain leadership in oncology

ï Vision

ï The oncology market - growth rates - drivers - therapeutic trends

ï Roche's oncology portfolio

Oncology worldwide market

We expect in the next 10 years

• ï Oncology market to grow at around 10 % CAGR
• ï Roche / Genentech / Chugai to outperform the market
• ï Innovatives to surpass chemotherapeutics
• ï Supportive care to grow at over 10 % CAGR
• ï A revolution in molecular targets but only an evolution in survival benefits

Oncology worldwide market Innovatives to become biggest segment

total market of CHF 87 billion in 2011 (CAGR 10.2 %)

10

r

source IMS, analyst reports, decision resources

Breast cancer worldwide market Size and growth rates

total market of CHF 12.3 billion in 2011 (CAGR 9.3 %)

11

r

source IMS, analyst reports, decision resources

Therapeutic trends breast cancer

ï Current treatment

• ñ hormonal therapy
• ñ older cytotoxics: anthracyclines, alkylating agents
• ñ newer cytotoxics: taxanes, Xeloda, vinorelbine
• ñ monoclonal antibodies: Herceptin
• ñ supportive care: bisphosphonates, growth factors
• ï Future treatment
  • ñ next-generation hormonals: aromatase inhibitors, SERM's
  • ñ HER family inhibitors: 2C4, Erbitux, Tarceva
  • ñ targeted inhibitors: MUC-1
  • ñ angiogenesis inhibitors: Avastin, Angiozyme
  • ñ cytotoxics: Taxanes, Topo 1 inhibitors, epothilones (D), farnesyl transferase inhibitors, CDK-M
  • ñ novel signal transduction inhibitors
  • ñ novel biotechnology: vaccines, gene therapy, antisense

Oncology market dynamics

• ï Increase in prevalence
• ï Increase in prescription penetration in major tumor types
• ï Longer treatment periods in major tumor types
• ï Generic erosions
• ï Tailor made drugs
• ï Evidenced based medicine in Japan

Oncology market dynamics Predictive diagnostics

Oncology market drivers Unmet medical needs

• ï Current unmet needs
  • ñ generally low survival rates in the major indications
  • ñ improved safety profile needed
• ï New therapies expected
  • ñ wider use of oral therapies
  • ñ increasing adjuvant usage of more effective and better tolerated drugs
  • ñ more drugs targeting of specific processes and genes in the tumor
  • ñ major role for diagnostics for specific treatments

Oncology market drivers Supportive care

• ï Increased treatment of anemia
• ï Improved convenience of currently marketed products through pegylation
• ï Improved control of delayed emesis with NK1 inhibitors
• ï Generic erosion
  • ñ in emesis for the 5-HT3 antagonist within the next 5 years
  • ñ erythropoietins

Maintain leadership in oncology

ï Vision

ï The oncology market - growth rates - drivers - therapeutic trends

ïRoche's oncology portfolio

r 18 anticancer supportive care R1273 rhuMAb2C4 R744 CERA R1492 Epothilone D Bondronat NeoRecormon Epogin Xeloda Kytril Herceptin MabThera Tarceva R1124 NK1 in development marketed Avastin Roferon-A Furtulon DMXAA R1549 Y-90 MuMabHMFG-1 R1550 HuMabHMFG-1 R1536 Diflomotecan * Roche and Genentech combined; HMFG = human milk fat globulin In-111 MuFabHMFG-1 Roche oncology portfolio* overview Strong mix of new and marketed products

Oncology - Roche the no. 1 company Outperforming the market

	R h o c e P i i t r e s c r p o n		J a p a n P i i t r e s c r p o n		S U A P i i t r e s c r p o n		R h l d i d o c e o r e w w P i i t r e s c r p o n
	F Y 2 0 0 2 C H F m	l l o c a h t g r o w	F Y 2 0 0 2 C H F m	l l o c a h t g r o w	F Y 2 0 0 2 C H F m	l l o c a h t g r o w	F Y 2 0 0 2 C H F m	l l o c a h t g r o w
M b T h a e r a	5 0 2	7 3 %	7 0	1 7 6 %	1, 7 6 0	4 0 %	2, 3 3 2	4 8 %
H i t e r c e p n	3 8 5	6 4 %	7 3	3 1 8 %	5 4 9	9 %	1, 0 0 7	3 4 %
X l d e o a	1 9 1	8 9 %	--	--	2 3 5	8 7 %	4 4 4	8 3 %
B d t o n r o n a	2 9	-5 %	--	--	--	--	2 9	-5 %
K l i t y r	1 1 4	2 2 %	1 2 8	9 %	2 0 9	4 %	4 5 1	1 2 %
b l -t t s u o a	1, 2 2 1	6 6 %	2 1 7	6 9 %	2 1 7 7 ,	3 % 5	2 6 2 4 ,	2 % 4
N e u p o g e n	2 1 3	-3 0 %	--	--	--	--	2 1 3	-3 0 %
F l t u r u o n	2 2	-2 % 4	2 2 6	% -7	--	--	2 8 4	-9 %
R N * e o e c o r m o n	2 3 9	3 2 %	--	--	--	--	2 3 9	6 5 %
R f A ** o e r o n-	1 0 6	-1 5 %	1	-6 6 %	4	-9 7 %	1 1 1	-1 6 %
P i i b i l c a n	--	--	3	--	--	--	3	--
N i t e u r o g n	--	--	9 3	--	--	--	9 3	--
b l -t t s u o a	1 5 8	9 % -	3 2 3	1 3 %	4	9 7 % -	9 0 7	2 %
l t t o a	1 8 0 2 ,	4 2 %	5 9 4	1 5 %	2 7 7 5 ,	3 5 %	5 1 6 9 ,	3 5 %

* 25 % / ** 60 % of total sales 29 % Roche Pharma Business

Women with metastatic breast cancer live longer with Xeloda combination

Xeloda Target market

Xeloda in colorectal cancer (CRC) ~ 510,000 metastatic CRC patients ~ 725,000 adjuvant CRC patients (6-8 cycles)

r

source: estimations based on clinical trial data

r course of disease Xeloda in metastatic breast cancer ~ 750,000 women ~ 3 million women adjuvant breast cancer (6-8 cycles) 60 % 30 % 10 % 1st line 9 cycles (+Taxotere) (monotherapy) 2nd line 6 cycles (monotherapy) 3rd line 3 cycles (mono) patient distribution

source: estimations based on clinical trial data 23

Xeloda in colorectal cancer Strategic initiatives

• ï Establish Xeloda as 1st line therapy by replacing 5-FU/LV in monotherapy and combination therapy through registrations and phase IV.
• ï Develop and register Xeloda in adjuvant colon as monotherapy and combination therapy
• ï Xeloda as backbone therapy for new agents to add to rather than 5-FU/LV

Xeloda in metastatic breast cancer Strategic initiatives

• ï Establish Xeloda + Taxotere in anthracycline failures (survival)
• ï Establish Xeloda in taxane failures
• ï Develop and register Xeloda in adjuvant with taxanes
• ï Large supportive phase IV program

Xeloda Clinical update - 12000 patients

MabThera in aggressive NHL ~ 210,000 patients globally

MabThera in indolent NHL ~ 170,000 patients globally

r

source: recent market research

MabThera Strategic initiatives

• ï Increase penetration in indolent NHL from 20 %
  • ñ move to 1st line with longer treatment
• ï Establish MabThera in aggressive NHL by increasing penetration from 25 % and make it the cornerstone with any chemotherapy
• ï In both indications earlier and longer treatment
• ï Patient demand for treatment / reimbursement
• ï Maintenance

MabThera Increase blockbuster potential

ï Interim data first line aggressive NHL study (younger population)

2005

ï New indication: first line indolent NHL and new data in relapsed indolent NHL

2008

ï New indication: CLL filing expected

r Herceptin in metastatic breast cancer ~ 750,000 women ~ 3 million women adjuvant breast cancer (12 - 24 months)

Herceptin Strategic initiatives

• ï Maximize numbers of metastatic breast cancer patients treated with Herceptin
  • ñ increase penetration of testing
  • ñ expand 1st line usage
  • ñ increase duration of treatment
  • ñ re-treatment and treatment beyond progression
• ï Funding access
  • ñ reimbursement
  • ñ hospital budgets
• ï Develop and register adjuvant indication

Herceptin Building for the future

i i t v a r a o n	l a p p r o v a
i t t e s n g : S f l h b d ( F I H ) i i i i i t t u o r e s c e n c e n s u y r z a o n	'0 Q 1 3
b i t t t t m e a s a c r e a s c a n c e r : b h h l h i i i t t t c o m n a o n o r m o n a e r a p w y	'0 Q 3 7
d b ( ) j i i 2 0 0 5 t t t a a n r e a s c a n c e r n e r m u v	'0 Q 1 9

• ï Enlarge the diagnostic component of the label
• ï Add new indications

Treat cancer without nausea & vomiting challenges

Less complicated 24 hour prevention of nausea & vomiting

Kytril Turned the corner

ï Achievements

• ñ 54 % market share in Japan
• ñ ~ 23 % global market share
• ñ returned to global growth through Chugai alliance and aggressive contracting in the US
• ñ US PONV* approval in August '02
• ï Future growth
  • ñ increased share of voice
  • ñ consistent differentiation from competitors (true 24 hour coverage, drug interactions, cardio-toxicity)

r

global (Roche & Chugai)

NeoRecormon Æ in oncology

NeoRecormon

• ï Anaemia weakens the patients ability to fight the cancer at poorer survival prognosis
• ï Once a week for solid and hematological tumors
• ï Pain free injection with better delivery systems (30,000 PFS)
• ï NeoRecormon oncology potential
  • ñ approx. CHF 500 - 600 million
  • ñ no sales in oncology yet in Japan (Chugai)

Continuous erythropoiesis receptor activator (CERA)

ï Strategic fit

• ñ entry into two key strategic markets, US and Japan
• ñ defend current sales against new competitors and bio-generics in Europe and Japan
• ñ grow the market with optimum dosing
• ï Development objectives
  • ñ develop a compound with clinical and competitive advantages compared to EPO and NESP
• ï Filing expected 2006

Tarceva Differences to Iressa

1st line non-small cell lung cancer

• ï At therapeutic doses AUC Tarceva is 5 - 6 times AUC Iressa
• ï Metabolism of Tarceva generates an active metabolite
• ï Roche / partners dose to rash (MTD*) - Iressa 33 % MTD
• ï Powered for median survival improvement of 25 % (Tarceva) vs. 33 % (Iressa).
• ï Phase ll clinical data show broad anti-tumor activity in NSCLC, pancreatic, head & neck cancer and ovarian cancer

Avastin Whatís special about it?

• ï Angiogenesis essential for growth of all tumors
• ï VEGF crucial for development of new blood vessels
• ï Anti-VEGF (Avastin) to inhibit angiogenesis and therefore new tumor formation and grow of existing tumors
• ï Phase III data expected in 2002