Company Update Unaudited YTD September 2020 October 2020 Forward Looking Statement

This presentation has been prepared for informational purposes only by PT Kalbe Farma Tbk. (“Kalbe” or the “Company”). This presentation has been prepared solely for use in connection with the release of 30 September 2020 unaudited results of the Company. The information contained in this presentation has not been independently verified. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein. None of the Company or any of their respective affiliates, and their respective commissioners, directors and employees, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with the presentation. Any decision to purchase or subscribe for securities of the Company should not be made on the basis of the information contained in this presentation.

The presentation is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration. This presentation and its contents are confidential unless they are or become generally available as public information in accordance with prevailing laws and regulations (other than as a result of a disclosure by you) and must not be distributed, published or reproduced (in whole or in part) or disclosed by recipients to any other person. This presentation does not constitute a recommendation regarding the securities of the Company. This presentation, including the information and opinions contained herein, is provided as of the date of this presentation and is subject to change without notice, including change as a result of the issuance of 30 September 2020 unaudited results of the Company .

This presentation includes "forward-looking statements". These statements contain the words "anticipate", "believe", "intend", estimate", "expect" and words of similar meaning. All statements other than statements of historical facts included in this presentation, including, without limitation, those regarding the Company's financial position, business strategy, plans and objectives of management for future operations (including development plans, objectives relating to the Company's products and services and anticipated product launches) are forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company's present and future business strategies and the environment in which the Company will operate in the future. These forward-looking statements speak only as at the date of this presentation. The Company expressly disclaims any obligation or reflection of any change in the Company's expectations with regard thereto, or any change in events, conditions or circumstances on which any statement is based. Market data and certain industry forecasts used in this presentation were obtained from market research, publicly available information and industry publications which have not been independently verified, and no representation is made as to the accuracy of such information.

2 Table of Content

04 Corporate Overview

07 Market Overview

13 Business Overview

28 Financial Overview

35 Strategies & Outlook 2020

39 Appendix

3 PT Kalbe PT FarmaTbk

Section 1

Corporate Overview

4 Corporate Overview

Established in 1966 and headquartered in Jakarta

A public company since 1991 and listed in the Indonesia Stock Exchange – free float stocks (public) 42.96%*

The largest publicly-listed pharmaceuticals company in Southeast Asia – market cap 4.9 billion USD*

Sales breakdown by segment and by geographical location for end of September 2020 is as follows:

PRESCRIPTION 22% PHARMACEUTICALS 5% CONSUMER 17% HEALTH export NUTRITIONALS 29% 95% DISTRIBUTION & domestic LOGISTICS 32%

* As of September 2020 5 Corporate Overview

Inception and Entrepreneurial Enhanced Focus Regionalization and Strengthening Portfolio Driven Expansion and Consolidation 2006–2019 1966–1995 1996–2005

2005: 2012: 1981:  Forming joint 2010: ♦ Generic production  Spin-off the venture companies, Disposed of Kageo Igar Jaya facility came on 2016: 2006:  distribution 1994: PT Kalbe Morinaga Established a joint venture stream 2014: Forming a 2018: business to 1989:  Entered Indonesia and Scale company, Asiawide Kalbe ♦ Acquired PT Hale Completion joint venture Forming a PT Enseval Igar Jaya energy Orange Kalbe through Philippines Inc. International of Kalbe’s joint venture 1966: company, PT due to and drink Limited mergers  Inaugurated Panca Sradha ♦ Established a joint oncology Medika company, PT Company government Dankos business  Consolidation of and Kalbe as our Corporate venture company PT factory Innolab Sains founded Komunika regulation IPOs  EPMT IPO Kalbe Group acquisitions Values Kalbe Milko Indonesia Teknologi Internasional

1966 1977 1981 1985 1989 1991 1993 1994 1995 1997 2005 2006 2007 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

1977: 1985: 1991: 1993: 1995: 1997: 2007: 2011: 2013: 2015: 2017: 2019: Strengthen Expansion to Kalbe Strengthening Disposed  Disposed of  Launch of new  EPMT Rights Cancellation Forming Completed Groundbre pharma consumer Farma nutritionals of 50% of Kalbe’s remaining corporate logo as Issue to finance of the joint construction aking business by health IPO business by food 50% ownership in part of expansion Company’s venture of Biosimilar Kalbe establishing through acquiring business PT Bukit Manikam transformation  Increased Treasury companies, Factory Myanmar Dankos Lab acquisition of Sanghiang (PT Bukit Sakti to Arnotts process dividend Stocks of PT Kalbe Factory Bintang Perkasa and Manikam  Disposed glass  Products entered payout ratio to 7.7% Blackmores Toedjoe and consolidating Sakti) to packaging division every ASEAN 50% Nutrition in pharma nutritional Arnotts to Schott countries (except and PT through business to  Acquired Woods Laos) Kalbe- Hexpharm Sanghiang Peppermint brand  Opening of the Stem Genexine Jaya Perkasa  Acquired 80% of Cell and Cancer Biologics acquisition Saka Farma Institute  Implementation of end-to-end supply chain management  Integrated information technology systems

6 IMMUNOMODULATOR INNOVATION Kalbe PT FarmaTbk HERBAL FROM INDONESIA Section 2 Combination of Indonesia 4 traditional herbal active for antivirus, anti inflammatory and immunomodulator Market Overview

Anti inflammatory

Anti inflammatory & Improve 7 Respiratory System Macro Overview Covid -19 Update

KALBE UPDATE INDONESIA GOVERNMENT POLICY • Since March 2020, Kalbe launched an initiative called “Together. We Overcome Covid-19” in • Health Protocol about COVID-19 published amount of IDR 25 billion to support all hospitals, on 31 March 2020. clinic, patients, institutions, volunteers, public and • Minister of Health Regulation number 9 year 2020 our government by providing free disposable regarding Pedoman Pembatasan Sosial Berskala Besar (Large protective clothing medical use, surgical mask, Scale Social Restriction) ; which is a derivative of Government rapid test, medicine, vitamins and supplement. Regulation (PP) number 21 year 2020 regarding the Framework for the Acceleration in Handling Corona Virus Disease 2019 • On April 2020, Kalbe through Kalgen-Innolab (Covid-19). Clinical Laboratory provides Covid-19 examination • Regulation of the Minister of Transportation Number PM 25 services using Reverse Transcription Polymerase year 2020 regarding transportation control during the 1441H Chain Reaction (RT-PCR) to support the Idul Fitri homecoming in order to prevent the spread of Corona government. Virus Disease 2019 (COVID-19). • On May 2020, Kalbe signed a MoU with Genexine, • Regulation of the Minister of Finance Number 44 / PMK.03 / 2020 about Tax Incentives for Taxpayers Affected by the Corona Inc., a biological drug company from South Korea to Virus Disease 2019 develop a vaccine (GX-19) for the new corona virus • Various Subsidy from Government to Informal Workers and or Covid-19. Low – Midlle Income Households •On June 2020, Kalbe took part in a clinical trial using herbal ingredient in collaboration with Ministry of Research and Technology, local university, research institution, and health association. • On October 2020, Indian Pharmaceutical major Hetero’s subsidiary ‘PT. Amarox Pharma Global’, in collaboration with Kalbe, becomes the 1st company to launch Covifor (Remdesivir) in Indonesia. Macro Overview Covid -19 Update Clinical Trial on Herbal Products Launching Covifor (Remdesivir) Tested Products : Clinical trial location: in Indonesia RS. Wisma Atlet Kalbe in collaboration with PT. Amarox Pharma Global launched the antiviral drug Covifor (Remdesivir) for Covid-19 treatment in Indonesia. Leveraging Kalbe's capabilities and nationwide marketing and distribution infrastructure, this collaboration will enable faster and wider access of the drug for COVID-19 patients In Collaboration with: throughout Indonesia.

COVID-19 DNA Vaccine Candidate DNA Vaccine advantages :

Simple and cost Easy and rapid effective development manufacturing Kalbe and Genexine has agreed to conduct 2nd phase of clinical trials in Indonesia, this development of DNA vaccines will be carried Highly stable and out by the consortium of Genexine, Binex, No risk for infection the International Vaccine Institute (IVI), easy to handle GenNBio, the Korea Advanced Institute of Science & Technology (KAIST), and Pohang University of Science & Technology Induce protective Easily adaptable for (POSTECH). humoral and cellular new targets and immunity mutations Innovative Products - Covid-19 related

Vitamin/Supplement Herbal Products

Prove C PureWay- Zegavit- (vitamin C-lipid Multivitamin and Fatigon Promuno H2 – Cordyceps Militaris metabolites) Mineral

Bintang ToedjoeFlu Red Ginger

Prove D3-400 IU drops Prove D3-1000 IU tablet Hand Sanitizer Healthy Drink

Joss C-1000 Bejo Milk Red Ginger 10 Handy Clean E-Care Macro Overview

NATIONAL HEALTH INSURANCE (JKN) COVERAGE

Target : 221mn people 133mn people 158mn people 170mn people 188mn people 216mn people 2014 2015 2016 2017 2018 2019* (around 82% coverage)

* 221 mn people as of June 30, 2020

Source : BPJS Kesehatan HEALTHCARE ALLOCATION IN 2020 JKN HIGHLIGHTS & OUTLOOK GOVERNMENT BUDGET • E-Catalog JKN tender will be postponed until end of 2020. • For 2020, Government will used 2018 E-Catalog tender. REGULATORY UPDATE Government Stimulus Package 10 • 100% foreign ownership in pharmaceuticals raw materials • Pharmaceuticals finished goods sector remains capped at 85% Government Regulation No. 45 Year 2019 • Government grant tax facilities in the form of super deduction of R&D cost (PMK 153 year 2020) and vocational Source : Ministry of Finance training cost (PMK 128 year 2019) which will lower the tax GOVERNMENT INFRASTRUCTURE PROJECTS base for corporate income tax calculation. Perppu No. 1 Year 2020 • Regarding the reduction of corporate income tax from 25% to 22% in 2021. Government Regulation No. 29 Year 2020 Infrastructure projects will contribute positively to growth in • Income Tax Facilities for Corona Virus Disease 2019 11 the long run. (COVID-19) Handling Macro Overview

INDONESIA GDP GROWTH GDP* : 5,07% 5,05% 5,02% 5,02% • Q3F : -1.0% to -2.9% 2,97% -5,30% •2020F : -0.16% to -1.7% •2021F : 4.5% to 5.5%

1Q 2Q 3Q 4Q 1Q 2Q *Source : Forecast by Minister of Finance 2019 2019 2019 2019 2020 2020

•Household consumption recorded limited gains in line with ongoing fiscal stimuli in the form of social aid program (bansos) disbursements as well as 13th-month salary compensation for civil servants.

•Inflation remains low on weak domestic demand and adequate supply. Bank Indonesia projects inflation for 2020 and 2021 to remain under control within the Source : Nielsen Retail Data Update Q1 2020 3.0%±1% target corridor.

Source : Bank Indonesia September Update 2020 Value growth Volume growth Price increase

INDONESIAN POWDERED Rupiah exchange rates have remained MILK MARKET relatively stable despite intense currency pressures during August and September +0.4% 2020 211,803 212,691 14,918

MAT 2019 MAT 2020 Source : Nielsen Retail Data MAT Source : Bank Indonesia September 2020, in volume (Ton)

Source : Nielsen Retail Data Update Q2 2020 Recent Pharma Regulations

National Healthcare Insurance System Presidential Decree No. 101 Year 2012 regarding Recipients of Health Insurance Premium Subsidy • Government subsidizes health insurance premium for poor residents Presidential Decree No. 111 Year 2013 regarding Health Insurance • All Indonesians are required to be members of the Health Insurance. • First stage of implementation in 2014 will cover subsidy recipients, military members, civil servants, and formal sector workers. Second stage will cover all population members by 1 January 2019. Ministry of Health Decree No. 63 Year 2014 regarding Drug Procurement based on e-Catalogue • Procurement for National Health Care Insurance is conducted through electronic purchasing method based on e-catalogue. Presidential Decree No. 19 Year 2016 regarding Revision of BPJS Premium • Increase of monthly health insurance premium effective April 01, 2016 BPJS Kesehatan Regulation No. 4 Year 2016 regarding Implementation of Coordination of Benefit • Coordination of Benefit (COB) mechanism for National Healthcare Insurance members with participating private health insurances. COB services will be provided by participating healthcare facilities. Price Caps on Key Generic Drugs Ministry of Health Decree No. HK.02.02 /Menkes/ 525/ 2015 • Determines the retail price caps on 197 generics drugs for pharmacies, hospitals, clinics and drug stores throughout Indonesia. Applicable to products outside e-catalogue. Local Production Facilities Requirements Ministry of Health Regulation No. 1010/Menkes/PER/XI/2008 • Prohibits foreign pharmaceutical companies from registering drugs in Indonesia unless they have local production facilities. Deregulation Package

Part of Government Deregulation Packages 10 and 11 (Feb – March 2016) and Presidential Instruction No. 6 Year 2016 • Pharmaceuticals raw material manufacturing is open for 100% foreign ownership. • Supporting pharmaceuticals and medical device industry development. Local Content Regulation for Pharmaceutical Products in Indonesia Ministry of Industry Regulation No. 16 year 2020 13 • Regarding Provisions and Procedures for Calculating Domestic Component Level Value of Pharmaceutical Products PT Kalbe PT FarmaTbk Section 3

Business Overview

14 Prescription Pharmaceuticals Division -3.7%

3.916 3.771 • No. 1 player in Indonesian Prescription Pharma Market. • Comprehensive product offerings for all income groups. • Medical representatives team of 1,250 personnel. • Competitive pricing ìn the unbranded generic – BPJS E-Catalog tender. • Expand to oncology and biologic products.

30 Sept 2019 30 Sept 2020 Licensed (Unaudited) (Unaudited) Products 27% Market Share FY 2017 Kalbe's Branded KALBE Generics Kalbe’s Mkt Share GROUP a 51% 12.3% in 2019* 10% 8% b 7% c Unbranded Others 6% Generics 56% 22% d 4% Total Sales = Rp 3,771 Bn e f g 3% 3% • Gross Profit Margin (GPM) improved to 55.9% in YTD 09 2020, 3% compared to 54.2% in YTD 09 2019, due to price increase on selected Total Market FY 2017 Rp 32.3Tn products. Source: IMS Health - IPA & IHPA Prescription Pharmaceuticals YTD 12 2017 15 *based on Company Estimation Prescription Pharmaceuticals Division (going forward)

Penetrating further in unbranded generics market

• Selection of focused categories to achieve scale • Dedicated unbranded generic plant

Expanding collaborative innovation with multinational companies

Oncology Products

Biological based Other Products Products

16 Prescription Pharmaceuticals Division (going forward)

Strengthening presence in specialty products

• Oncology factory commercial in Q3 2014 • Biosimilar factory completion and alliance for product R&D • Kalbe Genexine Biologics enters agreement with Henlius (HLX10 an immuno- oncology product) and starts clinical trials of long acting EPO product (1Q20)

Asia Pacific Oncology Factory Biosimilar Factory ISPE Facility of The Inauguration of Kalbio Bioprocessing Excellence Year Awards For Kalbio Global Medika by President Award for Kalbio Global Global Medika of Republic of Indonesia Medika • Starting building competence in stem cells and genomics

Stem Cells and Phase 3 clinical trials for Efepoetin Cancer Institute Alfa (EPO-HyFc) which is conducted in 6 countries : Indonesia, Australia, Taiwan, the Philippines, Thailand, and Malaysia.

SCI – Visit of Minister of Research, Technology & Higher Education Consumer Health Division

+4.6% 2.765 2.893 • No. 1 Player in OTC market and No. 2 in Energy Drink category • GPM increased to 56.9% in YTD 09 2020 from 55.6% in YTD 09 2019, due to higher sales in selective OTC products. 30 Sept 2019 30 Sept 2020 (Unaudited) (Unaudited) Consumer Health Energy Drink Market Share 2017 YTD 12 2019 (value)

Kalbe Group a 8% 5% b c 5% d Extra Joss 4% 3% Others 30% e 47% 3% Others f 66% 3% b 29% g 3%

Total Market 2017 Rp 47.5 Tn * Consumer Health is the sum of OTC, sports nutrition, vitamins and Source : Company’s estimation YTD December 2019, in value dietarysupplementsand weight management and wellbeing Source : Various Sources and Company’s Estimation 2017, in value 18 Consumer Health Division

Therapeutic Class Kalbe’s Products Market Share 2019 OTC - Antacid Promag* 73% OTC - Anti Diarrhea Neo Entrostop 45% OTC - Cough Remedies Komix, Woods, Mixadin 34% OTC - Cold Remedies Mixagrip Reg, Mixagrip FB, Procold 41% OTC - Children Multivitamin (Tablet) Sakatonik ABC* 50% Energy Drink Extra Joss 30%

Source : Company’s estimation in volume and Nielsen Data *

19 Nutritionals Division

Catered to expecting & lactating mothers, babies, toddlers, children, teens and adults.

Expecting Lactating Baby Toddler Kid Tween Teen 25+ 35+ Clinical

20 Nutritionals Division Strong brand awareness of existing major products • GPM slightly improved to 54.7% in YTD 09 2020 from 54.2% in YTD 09 2019. +1.9%

4.841 4.933 Kalbe’s Products Market Share 2019

Diabetasol 90%

Milna 50% 30 Sept 2019 30 Sept 2020 (Unaudited) (Unaudited) Prenagen 64% Powdered Milk Market Share MAT 09 2020 Morinaga Chil Mil 11% j g h i others e f 0,8% 2,3% 2,2% 1,9% 1,1% a 3,4% 3,3% 28,0% Morinaga BMT 11% d 6,9% Entrasol 21%

Kalbe 12,7% Zee 15% b c 24,4% 13,0% Source : AC Nielsen,YTD 12 2019 and Company’s estimation 2019, in value Total Market = Rp 25.1 Tn 21 Source : AC Nielsen MAT 09 2020, based on Value Distribution & Logistics Division Net Sales on Consolidated Basis

• Managed by PT Enseval Putera Megatrading Tbk (EPMT.JK), a listed +3.7% subsidiary company (92.47% owned). • Net sales represents the 3rd party product sales and distribution 5.305 5.499 margin of internal product sales for consolidated accounting purposes. • GPM declined to 24.0% in YTD 09 2020 from 27.9% in YTD 09 2019, due to product portfolio mix.

Major Third Party Principals by Category 30 Sept 2019 30 Sept 2020 (Unaudited) (Unaudited) Prescription Medical Instrument Fine Chemical Division Contribution Pharmaceuticals Consumer & Diagnostic Raw Materials YTD 30 September 2020

Raw Medical Material Devices 3rd Party Trading 4% Principals 9% 19% Kalbe Group 68%

22 * based on value Distribution & Logistics Division (going forward)

Medical Devices • Driven by the implementation of National Healthcare Insurance System • Building own brand “E-Care” for consumables and “Elvasense” for personal healthcare • Building production facility for surgical suture Strengthening Distribution Network

• Exploring potential new 3rd party principals selectively • Continuing to expand distribution infrastructure and network 1. Expand into new territories in Indonesia 2. Upgrade existing branch facilities to improve service quality 3. Collaborating with sub-distributors to gain territorial expansion 4. Expand warehouse capacity • Build digital transportation platform that focuses on 23 health products Distribution & Logistics Division The largest sales force for Pharma and Consumer Health in Indonesia

Prescription Distribution & Consumer Health Nutritionals Pharmaceuticals Logistics • around 1,650 sales force • Around 1,250 medical • Approximately 450 • Over 600 marketing & • Total of > 4,700 representatives marketing and sales sales force employees force • 76 marketing branches Infra- throughout Indonesia structures • 48 own branches & 28 at subsidiaries • > 660 trucks • > 70 motorcycles

Market coverage • Directly cover 200,000 • Market Coverage • 30% of consumer outlets Indonesia • 70% of GP market outlets throughout Indonesia •100% of prescription • 90% of specialist market • Products available in over pharma market Coverage • 100% of all hospitals 1mn outlets • 100% pharmacy

• Most developed • Largest marketing team • Indonesia’s Leading telemarketing team in Comments in Indonesia Healthcare Product the nutritional sector Distributor

24 Distribution & Logistics Division

The Most Extensive Distribution Network

Regional Distribution Branches Number of Pallets Outlets Center (RDC) 25 Manufacturing Infrastructure 16 GMP facilities complying with international standards Building Area Facility Production Lines Product Licenses Certification (m2) Otsuka, Daiichi 14 lines (tablet, capsule, cream, liquid oral, ISO 9001, ISO 14001, Kalbe Farma 91,819 Sankyo, Etren injection) ISO 45001, CPOB, TPM Excellent Award Sarl 6 lines (tablet, hard capsule, soft capsule, Daiichi Sankyo granul, dry syrup, dry injection, small volume ISO 9001, ISO 14001, DankosFarma 29,825.5 LTL Pharma parenteral, liquid oral) in 3 production facility ISO 45001, CPOB, TPM Consistency Award Zambon (Non Betalactam, Cephalosporin, Penicillin)

Large volume parenteral (LVP) in bottle line, Baxter, Daichii CPOB, ISO 9001, ISO 14001, ISO 45001, FinusolprimaFarma 10,700 Small volume parenteral (SVP) in bottle line, Sankyo Sistem Jaminan Halal. LVP in flexy bag line, SVP in flexy bag line ISO 9001, ISO 14001, ISO 45001, CPOB, TPM Excellent Hexpharm Jaya 16,533 Solid tablet (Non-betalactam products) -- Award 3 lines Oncology (Tablet, Small Volume Global Onkolab Farma 3,740 Samyang CPOB Parenteral-Liquid, SVP-Powder) ISO 9001, ISO 14001, ISO 45001, ISO 22000, FSSC 22000, Sanghiang Perkasa 64,623 12 lines Morinaga HACCP, SMK3, NKV, Sistem Jaminan Halal, Pangan Olahan Organik: Bubur Bayi, SNI 2973:2011, PSB (BPOM) ISO 9001, ISO 45001, FSSC 22000, SMK3, NKV, Sistem Kalbe Morinaga 1 wet process line, 1 spray drier line, 1 can 24,798 Morinaga Jaminan Halal, CPPOB, PMR (BPOM), TPM Excellent Award, Indonesia line, 4 sachet lines TPM Consistency Award FSSC 22000, Sistem Jaminan Halal, PMR (BPOM), PSB Kalbe Milko 13,118 1 line Morinaga (BPOM) Hale International 10,000 Semi hot-filled PET -- Sistem Jaminan Halal Bintang Toedjoe ISO 9001, ISO 14001, 6,877 3 lines; effervescent, powder & liquid -- (Pulogadung) OHSAS18001, SMK3, CPOB, CPOTB, Sistem Jaminan Halal Bintang Toedjoe 61,115 Powder Effervescent -- CPOTB, Fasilitas Bersama Pangan (on progress) (Deltamas) 2 lines (Solid tablet (Non-betalactam Saka Farma (Deltamas) 11,223 -- CPOB (BPOM), Fasilitas Bersama Supplemen products)) Bifarma Adiluhung (SCI) 400 1 line (Mesenchymal Stem Cells) -- CPOB (BPOM) Kalbio Global Medika 8,000 3 lines (API and Finish Goods) -- CPOB (BPOM), EMA (EU GMP) Orange Kalbe Ltd. 5,000 2 lines; Strip and Blister -- NAFDAC (local FDA) Kalbe Myanmar 7503 2 line solid tablet - FDA Myanmar (Local FDA) 26 PT Kalbe PT FarmaTbk

Section 4

Financial Overview

27 Consolidated Operational Performance

1.6%

30 Sept 2019 30 Sept 2020 16.827 17.096 (Unaudited) (Unaudited)

4.6% 1.9% 3.7% -3.7% 4.841 4.933 5.305 5.499 3.916 3.771 2.765 2.893

PRESCRIPTION CONSUMER NUTRITIONALS DISTRIBUTION CONSOLIDATED PHARMACEUTICALS HEALTH & LOGISTICS

28 Consolidated Operational Performance

Gross Profit (in Rp Bn) Operating Expenses to Net Sales Ratio (in %) 30.8% 29.7% -0.5% -0.8% 1,2% 1,3% 5,7% + 0.1% 5,9% 46.1% 45.5% Others* Research & Development 24,4% 23,3% General & Administrative 7.763 7.771 Selling Expenses

30 Sept 2019 30 Sept 2020 30 Sept 2019 30 Sept 2020 (Unaudited) (Unaudited) (Unaudited) (Unaudited)

* Other operating income • Manage and control marketing expenses during COVID- 19 pandemic • Research & development activities to support product development 29 Consolidated Operational Performance

Profit Before Tax Net Income (in Rp Bn) (in Rp Bn)

+5.8% +4.4%

15.3% 15.7% 11.4% 11.9%

2.574 2.688 1.915 2.027

30 Sept 2019 30 Sept 2020 30 Sept 2019 30 Sept 2020 (Unaudited) (Unaudited) (Unaudited) (Unaudited)

Profit before tax margin slightly increased, mostly due to lower operating expense margin and forex gain. Higher net income margin in line with higher profit before tax margin.

30 Working Capital Management Managing Net Operating Cycle Number of Days

143 136 130 126 131 122 Net Operating Cycle has increased from 131 to 143 days. 122 124 121 116 111 109

56 57 55 Managing Net Operating Cycle 49 51 47 through cash management and change of customer mix. 41 41 38 41 35 33

COVID-19 has increased the risk of 2015 2016 2017 2018 2019 30 Sept 2020 Supply Chain Management, (Audited) (Audited) (Audited) (Audited) (Audited) (Unaudited) therefore securing of Raw Days of Account Receivables Days of Inventories Material and Product Material are essential Days of Account Payables Net Operating Cycle

31 Balance Sheet

Total Debt and Gearing Ratio Cash & Net Cash Balance

4.401 817 1.450 3.153 2896 2785 3.040 2.951 399 357 8.1%* 2.719 2.616 2.796 280 319 2.320 2.466 2.223

3.6% 2.2% 2.3% 2.3% 4.9%

2015 2016 2017 2018 2019 30 Sept 2015 2016 2017 2018 2019 30 Sept 2020 (Audited) (Audited) (Audited) (Audited) (Audited) 2020 (Audited) (Audited) (Audited) (Audited) (Audited) (Unaudited) (Unaudited) Total Debt in Rp Billion Gearing Ratio Cash and Cash Equivalent in Rp Billion Net Cash in Rp Billion *Higher gearing ratio to finance Capex of subsidiaries companies Dividend Payment Capital Expenditure *in Rp Billion 1.172 1.219 1.733 1.031 938 891 1.164 1.307 50% 1.039 49% 930 785 44% 45% 37%

2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 30 Sept 2020 (Audited) (Audited) (Audited) (Audited) (Audited) (Audited) (Audited) (Audited) (Audited) (Audited) (Unaudited)

Total Dividend* (Rp Billion) Dividend Payout Ratio (%) 32 ESG Highlight

Kalbe Operates, Synergizes, and Cares to Improve Health for a Better Life

GREEN PROPER RATING THE EMPOWERMENT Achieved by Kalbe Farma OF RED GINGER Cikarang Factory FARMERS

SESA (Supplier Environmental & Social The 11th IICD Corporate Assessment) Governance Conference Alignment program of supplier commitments on and Award environmental and social aspects as Top 50 Big Capitalization 60 SUPPLIERS Public Listed Company with have participated in Kalbe vendor training related to the Best Corporate sustainability report Governance in 2018.

SUSTAINABILITY REPORT KALBE Kalbe achieves “A” Kalbe has started Sustainability Rating on MSCI ESG Report since 2017, prepared based Ratings Report on the Global Reporting Initiatives (GRI) guidelines Source :MSCI ESG Ratings Report as of November 2019

https://www.kalbe.co.id/investor/financial-reports-and- 33 presentations/sustainability-report FarmaTbk Kalbe PT PT Section 5

Strategies & Outlook 2020

34 Strategic Initiatives

Provide comprehensive healthcare total solution through products and services

CONSUMER DISTRIBUTION HEALTH & LOGISTICS

Blue packaging for Kalbe’s unbranded generic

PRESCRIPTION Digital transformation PHARMACEUTICALS in healthcare and services

NUTRITIONALS

Kalbe’s own brand for Preventive products (herbal) personal healthcare Strategic Initiatives

Kalbe E-Health Platform – Omni Channel Customer Touch Points

Delivery to

43 cities Phone and internet Physical outlets that offer based ordering and health check up and delivery services consultation services

Contact centre service that provides channel to access information regarding Kalbe’s products; also a customer loyalty program that presents many health related benefits to its member

E-commerce presented by Kalbe that provide nutritional product range

Online health chatting with medical doctors and health experts

Digital Ordering Platform for Android Application and Web order. consumers, to buy medicine Allows direct ordering by customers and provides transaction information. and health products at our Digital Transportation Pharmacy partners pPatform that focuses on health products (BtoB) *Utilization of digital channels continues in all Kalbe’s business segment, especially during COVID-19 period 36 Revised Outlook 2020

Kalbe will focus on R&D, innovation and technology in years ahead

EPS Growth Dividend Payout Ratio YoY Sales Growth 8-10% 45-55% 4-6%

Capex of Rp 1.0 Tn for production capacity, distribution network expansion and biological products pipeline

37 PT Kalbe PT FarmaTbk Section 6

Appendix Unaudited Financial Health drink containing Information September as Supernurients 30, 2020 have an important role to maintain Immune system in the New Normal era

38 Unaudited Financial Statement 30 September 2020 Consolidated Statement of Financial Position

30 Sept 2020 31 Dec 2019 (Unaudited) (Audited) % Change ASSETS CURRENT ASSETS Cash and Cash Equivalents 4,401,391,559,413 3,040,487,103,572 44.8% Trade Receivables 3,492,017,134,955 3,572,854,779,679 -2.3% Other Receivables 115,707,863,840 124,805,342,404 -7.3% Other Current Financial Assets 185,595,252,590 195,618,535,562 -5.1% Inventories, Net 4,161,626,148,598 3,737,976,007,703 11.3% Prepaid Value Added Tax and Prepaid Expenses 257,617,352,894 233,076,837,690 10.5% Other Current Assets 273,158,547,530 317,672,371,791 -14.0% TOTAL CURRENT ASSETS 12,887,113,859,820 11,222,490,978,401 14.8% TOTAL NON-CURRENT ASSETS 9,563,424,709,892 9,042,235,884,183 5.8% TOTAL ASSETS 22,450,538,569,712 20,264,726,862,584 10.8%

39 Unaudited Financial Statement 30 September 2020 Consolidated Statement of Financial Position

30 Sept 2020 31 Dec 2019 % Change (Unaudited) (Audited) LIABILITIES CURRENT LIABILITIES Short-term Bank Loans 406,383,317,320 149,638,247,114 171.6% Trade Payables 1,124,598,986,958 1,215,860,422,464 -7.5% Other Payables 640,724,122,153 496,110,104,351 29.1% Accrued Expenses 542,790,988,315 415,650,164,765 30.6% Short-term Employee Benefits Liability 115,252,258,258 53,813,903,706 114.2% Taxes Payable 323,700,372,855 226,517,164,606 42.9% Current Maturities of Bank Loans and Finance Lease Payables 208,561,418,729 19,518,798,845 968.5% TOTAL CURRENT LIABILITIES 3,362,011,464,588 2,577,108,805,851 30.5% TOTAL NON-CURRENT LIABILITIES 1,185,930,578,708 982,035,580,702 20.8% TOTAL LIABILITIES 4,547,942,043,296 3,559,144,386,553 27.8% EQUITY ATTRIBUTABLE TO THE OWNERS OF THE PARENT COMPANY Capital Stock -Issued and Fully Paid 468,751,221,100 468,751,221,100 0.0% Additional Paid-in Capital, Net (34,118,673,814) (34,118,673,814) 0.0% Differences Arising from Transaction with Non-controlling Interests 27,601,595,876 52,932,836,056 -47.9% Retained Earnings 16,451,065,267,279 15,361,120,510,782 7.1% Treasury Stock - 2,175,000 shares in 2020 (2,063,200,000) - 100.0% Differences Arising from Foreign Currency Translation 135,440,144,947 57,824,661,761 134.2% Unrealized Gains on Available-for-sale Financial Assets, Net 77,828,119,925 56,006,158,259 39.0% Actuarial Loss on Long-term Employee Benefits Liability, Net (69,390,323,150) (69,390,323,150) 0.0% Sub-total 17,055,114,152,163 15,893,126,390,994 7.3% Non-controlling Interests 847,482,374,253 812,456,085,037 4.3% EQUITY, NET 17,902,596,526,416 16,705,582,476,031 7.2% TOTAL LIABILITIES AND EQUITY 22,450,538,569,712 20,264,726,862,584 10.8% 40 Unaudited Financial Statement 30 September 2020 Consolidated Statement of Profit or Loss and Other Comprehensive Income

30 Sept 2020 30 Sept 2019 (Unaudited) (Unaudited) % Change NET SALES 17,095,837,856,582 16,826,807,706,181 1.6% COST OF GOODS SOLD 9,324,489,927,591 9,063,547,052,721 2.9% % to NS 54.5% 53.9% GROSS PROFIT 7,771,347,928,991 7,763,260,653,460 0.1% % to NS 45.5% 46.1% OPERATING EXPENSES Selling Expenses (3,987,661,946,154) (4,113,228,613,414) -3.1% % to NS -23.3% -24.4% General and Administrative Expenses (1,008,202,208,040) (955,440,811,344) 5.5% % to NS -5.9% -5.7% Research and Development Expenses (217,274,525,680) (201,227,452,426) 8.0% % to NS -1.3% -1.2% Other Operating Income 105,332,456,700 42,078,692,095 150.3% Other Operating Expenses (33,429,304,666) (43,976,194,893) -24.0% Interest Income 114,856,781,861 108,636,168,457 5.7% Interest Expense and Financial Charges (67,432,810,061) (27,520,582,535) 145.0% Share in Gain (Losses) of the Associates, Net 10,233,573,670 1,681,216,325 508.7% INCOME BEFORE INCOME TAX EXPENSE 2,687,769,946,621 2,574,263,075,725 4.4% % to NS 15.7% 15.3%

41 Unaudited Financial Statement 30 September 2020 Consolidated Statement of Profit or Loss and Other Comprehensive Income

30 Sept 2020 30 Sept 2019 (Unaudited) (Unaudited) % Change INCOME TAX EXPENSE, NET (615,545,810,277) (628,432,340,810) -2.1% % to NS -3.6% -3.7% INCOME FOR THE YEAR 2,072,224,136,344 1,945,830,734,915 6.5% % to NS 12.1% 11.6% OTHER COMPREHENSIVE INCOME (LOSS) AFTER TAX 107,766,245,523 (2,251,494,432) -4886.4% TOTAL COMPREHENSIVE INCOME FOR THE YEAR 2,179,990,381,867 1,943,579,240,483 12.2% % to NS 12.8% 11.6% Income for the Year Attributable to: Owners of the Parent Company 2,027,403,698,697 1,915,467,057,370 5.8% Non-controlling Interests 44,820,437,647 30,363,677,545 47.6% Total 2,072,224,136,344 1,945,830,734,915 6.5% % to NS 12.1% 11.6% Total Comprehensive Income for the Year Attributable to: Owners of the Parent Company 2,135,146,418,149 1,912,535,483,997 11.6% Non-controlling Interests 44,843,963,718 31,043,756,486 44.5% Total 2,179,990,381,867 1,943,579,240,483 12.2% % to NS 12.8% 11.6% Basic Earnings per Share Attributable to Owners of the Parent Company 43.25 40.86

42 Unaudited Financial Statement 30 September 2020 Consolidated Statement of Cash Flows

30 Sept 2020 30 Sept 2019 (Unaudited) (Unaudited) % Change CASH FLOWS FROM OPERATING ACTIVITIES Cash Received from Customers 18,783,996,342,157 17,840,112,673,873 5.3% Cash Payments to Suppliers and Employees (11,695,545,811,927) (11,491,967,753,724) 1.8% Cash Generated from Operations 7,088,450,530,230 6,348,144,920,149 11.7% Receipts of Claims for Tax Refund 19,052,521,188 21,577,624,755 -11.7% Payments for Income Taxes (458,173,339,098) (599,567,523,911) -23.6% Payments for Other Operating Expenses, Net (4,126,071,194,846) (4,213,774,413,587) -2.1% Net Cash from Operating Activities 2,523,258,517,474 1,556,380,607,406 62.1%

CASH FLOWS FROM INVESTING ACTIVITIES Interest Income Received 94,671,754,310 88,600,907,322 6.9% Withdrawal of Other Current Financial Assets 29,000,000,000 338,090 8577497.7% Proceeds from Sale of Fixed Assets 6,708,620,718 8,799,916,600 -23.8% Cash dividends received - 262,500,000 -100.0% Acquisitions of Fixed Assets (784,895,534,903) (1,360,718,303,016) -42.3% Acquisitions of Intangible Assets (92,832,078,534) (75,896,888,350) 22.3% Placements in Other Current Financial Assets (8,000,000,000) - 100.0% Placements in Other Non-current Financial Assets - (2,132,250,000) -100.0% Net Cash Used in Investing Activities (755,347,238,409) (1,341,083,779,354) -43.7%

43 Unaudited Financial Statement 30 September 2020 Consolidated Statement of Cash Flows

30 Sept 2020 30 Sept 2019 (Unaudited) (Unaudited) % Change

CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from Short-term Bank Loans 667,995,082,158 184,480,362,691 262.1% Proceeds from Long-term Bank Loans 362,000,000,000 395,000,000,000 -8.4% Receipt from Loan to an Associate 8,000,571,328 - 100.0% Receipts of Capital Contributions from Subsidiaries’ Non-controlling Interests - 169,988,000,000 -100.0% Payments of Cash Dividends: Company (937,458,942,200) (1,218,753,174,860) -23.1% Subsidiaries (33,524,959,713) (34,090,902,425) -1.7% Payments of Short-term Bank Loans (412,633,329,272) (146,635,016,485) 181.4% Payments of Long-term Bank Loans (82,045,197,360) (58,623,961,071) 40.0% Payments of Interest Expense (62,526,058,618) (27,083,214,825) 130.9% Payments of Lease Liabilities (17,719,132,946) - 100.0% Buy back of Shares (2,063,200,000) - 100.0% Payments of Finance Lease Payables (140,367,391) (1,140,479,243) -87.7% Loan to an Associate - (7,500,000,000) -100.0% Net Cash Used in Financing Activities (510,115,534,014) (744,358,386,218) -31.5%

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 1,257,795,745,051 (529,061,558,166) -337.7% Net Effect of Changes in Foreign Exchange Rates of Foreign Currency Denominated Cash and Cash Equivalents 101,725,393,470 (15,287,742,934) -765.4% CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 3,040,487,103,572 3,153,327,557,173 -3.6% CASH AND CASH EQUIVALENTS AT END OF PERIOD 4,400,008,242,093 2,608,978,256,073 68.6% 44 For further information: PT Kalbe Farma Tbk. Jalan Let. Jend. Suprapto Kav. 4 Jakarta 10510, Indonesia Tel. : 62-21-42873888 Fax. : 62-21-42873678 Email: [email protected] [email protected] [email protected] Website : www.kalbe.co.id

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