Company Update Unaudited YTD September 2012 Results

October 2012 Healthy, Tasty 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 2012 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 2012 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 Contents

SECTION 1 Corporate Overview 4

SECTION 2 Market Overview 8

SECTION 3 Business Overview 12

SECTION 4 Financial Overview 38

SECTION 5 Corporate Actions & Outlook in 2012 44

SECTION 6 Appendix 48

3 SECTION 1

Corporate Overview

4 Corporate Overview

Largest Publicly-Listed Pharmaceuticals Company in Southeast Asia • Established in 1966 and headquartered in Jakarta • A public company since 1991 and listed in the Indonesia Stock Exchange • The largest publicly-listed pharmaceuticals company in Southeast Asia • Sales breakdown by segment and by geographical location for YTD September

2012 is as follows: Export, 4% Prescription Distribution & Pharmaceuticals Logistics 25% 37%

Domestic, 96% Consumer Health Nutritionals 17% 22% Total Sales = Rp 9,694 Bn Total Sales = Rp 9,694 Bn • Over 10,000 employees and a marketing and sales force of 4,000 covering 80% of the Indonesian consumer health and 100% of the Indonesian prescription pharmaceuticals market

5 Corporate Strategy

Kalbe has a long track record of sustainable growth

Inception and Entrepreneurial Enhanced Focus and Consolidation Regionalization Driven Expansion 1996–2005 2006–2015 1966–1995

2012: 2010: ♦ Generic production 1981: 1995:  Disposed of Kageo Igar Jaya facility comes on stream Spin-off the 1994: Disposed of 50%  Established a joint venture ♦ Acquired PT Hale distribution business  Entered 2006: company, Asiawide Kalbe International of food business 2005: 1966: to PT Enseval due to 1991: energy drink (PT Bukit Scale through Philippines Inc. ♦ Established a joint Consolidation Company government Kalbe Farma business Manikam Sakti) mergers and  Inaugurated Panca Sradha venture company PT of Kalbe Group founded regulation IPO  EPMT IPO to Arnotts acquisitions Kalbe as our Corporate Values Kalbe Milko Indonesia 1966 1977 1981 1985 1989 1991 1993 1994 1995 1997 2005 2006 2007 2010 2011 2012 1977: 1997: 2007: 2011: Dankos Lab 1985: 1989: 1993:  Disposed of Kalbe’s  Launch of new corporate logo  EPMT Rights Issue to Acquired Igar Jaya  Acquired remaining 50% as part of transformation finance expansion Bintang and Sanghiang Perkasa ownership in PT Bukit process  Increased dividend Toedjoe & Dankos and consolidated Manikam Sakti to  Products enter every ASEAN payout ratio to 51% Hexpharm IPOs nutritional business Arnotts countries (except Laos) to Sanghiang  Disposed glass Perkasa  Opening of the Stem Cell and packaging division to Cancer Institute Schott  Implementation of end-to-end  Acquired Woods supply chain management Peppermint brand  Integrate information  Acquired 80% of Saka technology systems 1400 Farma 12000 1200 10000 1000 8000 (IDRbn) 800 6000 600

(USD mm)(USD 4000 400 200 2000 0 0 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Sales USD Sales IDR

6 Indonesia’s Health Spending Trends

• Total expenditure on health averaged 2.1% Healthcare Expenditure/GDP 2010 of GDP over the 11 year period 1999-2009. 5.00% 4.8% 1.2 • In Q4 2009, the new Healthcare Law has been4.50% 4.1% 3.8% 1 4.00% 3.5% 3.50% 3.3% approved and provides guideline for 0.8 3.00% Government to increase the healthcare2.50% 2.1% 0.6 2.00% 0.4 spending from 2% up to 5% of GDP. 1.50% 1.00% 0.2 0.50% • Law on National Social Security System has0.00% 0 been passed since 2004, but implementation Malaysia Thailand Philippines India Singapore Indonesia Source : Business Monitor International: Pharmaceutical & Healthcare Report, Q3 2011 regulation on Social Security Provider Body (Indonesia, Malaysia, Thailand, Philippines, India, Singapore) (BPJS) has just been passed in October Share of Total Health Expenditure (%) 1999-2009 2011. There will be two BPJS: BPJS Health (Jan 1, 2014) and BPJS Labor (Jul 1, 2015). 70 Total Healthcare Expenditure 60 50 300.0 1.2 247 40 250.0 1 (Rp Tn) Growth of 14.1% 221 30 196 200.0 0.8 173 20 153 150.0 133 0.6 116 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 101 100.0 86 0.4 public private out-of-pocket private

50.0 0.2 Source: The World Bank - 0 2007 2008 2009 2010 2011F 2012F 2013F 2014F 2015F Source : Business Monitor International: Pharmaceutical & Healthcare Report, Q3 2011 (Indonesia, Malaysia, Thailand, Philippines, India, Singapore)

7 SECTION 2

Market Overview

8 Pharmaceuticals Market Breakdown

Market Splits Remain Stable

Total Market Trend 2007 – F2012

OTC Ethical/Prescription

56.4 55.6 55.9 58.1 58.1 57.0

43.6 44.4 44.1 41.9 41.9 43.0

2007 2008 2009 2010 2011 F2012

Ethical / Prescription (Rp Bn) 14,889 17,178 20,220 22,785 25,046 27,526 Ethical / Prescription Growth (%) 6.0 15.4 17.7 12.7 9.9 9.9 OTC (Rp Bn) 11,561 13,788 15,200 15,713 18,035 20,750 OTC Growth (%) 21.1 19.3 10.2 3.4 14.8 15.1 Total Market (Rp Bn) 26,450 30,966 35,420 38,498 43,081 48,276 Total Growth (%) 12.1 17.1 14.4 8.7 11.9 12.1

Source: IMS QPMU 4Q 2011

9 Indonesian Pharmaceuticals Market

Highly Fragmented Industry with more than 200 Pharmaceutical Players

Total Market (ITMA) Pharmacy (IPA) Hospital (IHPA) YTD 12 2011 YTD 12 2011 YTD 12 2011

c b b c b a c d a d a 5% d e KALBE 6% KALBE 7% 5% e KALBE 5% 7% 5% 4% e 7% 4% 5% 5% 4% GROUP 4% GROUP f 4% f GROUP f 8% 4% 13% 3% 3% 9%

OTHERS OTHERS OTHERS 60% 60% 63%

Total Market = Rp 43.1Tn Total Market = Rp 7.9Tn Total Market = Rp 13.8Tn

Source : IMS Health Prescription Pharmaceuticals YTD 12 2011(Ethical + OTC)

10 Recent Indonesian Pharmaceuticals Regulatory

Price Caps on Key Generic Drugs

Ministry of Health Decree No. 092 /Menkes/SK/II/2012 issued on 23 February 2012 • Replaces the previous Ministry of Health Decree No. 632 /Menkes/SK/III/2011. • The Indonesian Ministry of Health has set selling price and retail price caps on 498 generics drugs for pharmacies, hospitals and other healthcare institutions throughout Indonesia. Ministry of Health Decree No. 094 /Menkes/SK/II/2012 issued on 23 February 2012 • Replaces the previous Ministry of Health Decree No. 633 /Menkes/SK/III/2011 issued on 24 March 2011 • The Indonesian Ministry of Health has set different price caps based on different regions for government procurement in government healthcare facilities. Mandatory Use of Generic Drugs in Government Healthcare Facilities Ministry of Health Decree No. HK.02.02/Menkes/068/I/2010 issued on 14 January 2010 • Physicians (including doctors, dentists, dental specialists and specialists) who serve in the government health service facilities shall prescribe generic drugs for all patients. • Physicians can write prescriptions to be taken at the pharmacy or outside of healthcare facilities if generic drugs are not available in the healthcare facilities. • Doctors at the hospital or healthcare facilities may approve the change of generic drugs with branded generic / prescription drugs if generic drugs are not yet available. Local Production Facilities Requirements Ministry of Health Regulation No. 1010/MENKES/PER/XI/2008 issued on 3 November 2008 • It prohibits foreign pharmaceutical companies from registering drugs in Indonesia unless they have local production facilities.

11 SECTION 3

Business Overview Prescription Pharmaceuticals Division

Net Sales Performance

• Net sales grew by 15.4% to Rp 2,412 Bn in YTD 09 2012. +15.4% • The largest medical representatives team in Indonesia with more than 2,300 2,412 personnel. 2,090 • Unique and innovative marketing strategy. • The Division has launched 12 new products up to YTD 09 2012. • Gross profit margin declined to 61.8% in YTD 09 2012 from 65.8% in YTD 09 30 Sept 2011 30 Sept 2012 (Unaudited) (Unaudited) 2011, mostly due to product mix and marketing strategy. SALES in Rp Bn

13 Prescription Pharmaceuticals Division

Comprehensive Product Range Targeted to All Income Groups Sales Contribution By Number of Therapeutic Class Product Categories Products YTD 09 2012 • General Anti-Infectives • Hospital Solutions Licensed • Oncology Licensed 89 Products • Blood and Blood Forming Organs Products • Musculo-Skeletal System 32% • Alimentary Tract and Metabolism Branded Generics • General Anti-Infectives Unbranded 58% Branded 254 • Central Nervous system • Musculo-Skeletal System Generics Generics 10% • Cardiovascular System • Alimentary Tract and Metabolism • General Anti-Infectives Unbranded • Alimentary Tract and Metabolism 40 Generics • Cardiovascular System Total Sales = Rp 2,412 Bn • Central Nervous system

Key Licensors

14 Prescription Pharmaceuticals Division

Leading in Indonesia Prescription Pharmaceuticals Market Share

Total Market (ITMA) Pharmacy (IPA) Hospital (IHPA) YTD 12 2011 YTD 12 2011 YTD 12 2011

b c KALBE KALBE a c d KALBE b d b c d e 6% e 7% e GROUP a GROUP 8% 4% 4% 7% 5% 8% 5% 4% 4% 4% GROUP 5% f 10% 8% f f 12% 7% 3% 4% 3% a 7%

OTHERS OTHERS OTHERS 58% 59% 58%

Total Market = Rp 25.0Tn Total Market = Rp 6.1Tn Total Market = Rp 11.5Tn

Source: IMS Health Prescription Pharmaceuticals YTD 12 2011 (Ethical)

15 Prescription Pharmaceuticals Division

New Production Facilities

• New production facility in Cikarang: • Dedicated for generic drugs’ tablet production line. • Certification from local FDA has been obtained in December 2011. • Inaugurated by Minister of Health in February 2012.

• New production facility in Pulogadung: • Dedicated for oncology drugs. • Construction started in early April 2011 and expected to be completed in 18 months.

16 Consumer Health Division

Strong Brand Equity with Leading Market Position

Market share of Kalbe’s brands YTD December 2011 Therapeutic Class Kalbe’s Products Market Share by Volume Antacid Promag, Waisan 77.4%* Anti Diarrhea Neo Entrostop 44.8%** Cough Remedies Komix, Woods, Mextril, Mixadin 39.1% Cold Remedies Mixagrip Reg, Mixagrip FB, Procold 35.9% Cerebrovit, Fatigon, Sakatonik Liver, Multivitamin & Vitamin C 42.2% Xon-Ce Children Multivitamin Cerebrofort, Sakatonik ABC 21.1% Energy Drink ExtraJoss 23.8%

Source : AC Nielsen jaguar method, based on volume (unit) Note : * urban data only ** based on AC Nielsen August 2010

17 Consumer Health Division

Net Sales Performance

• Consumer Health net sales increased +9.5% by 9.5% to Rp 1,609 Bn in YTD 09 2012, from Rp 1,469 Bn in YTD 09 1,609 2011. 1,469 • The increase was supported by good sales growth of OTC.

• Gross profit margin decreased from 55.9% in YTD 09 2011 to 55.6% in YTD 09 2012 due to change in product 30 Sept 2011 30 Sept 2012 (Unaudited) (Unaudited) mix.

SALES in Rp Bn

18 Consumer Health Division

Leading Market Position

OTC Energy Drink YTD 12 2011 YTD 12 2011 (Unit)

b c d Others 8% 8% d 8% a 5% e 8% c 6% a 4% f 7% KALBE 4% 42% GROUP 13% b OTHERS 13% Extra Joss 50% 24%

Total Market = Rp 18.0Tn Total Market (in volume) = 2,371Mn Source : IMS Health ITMA OTC YTD 12 2011 Source : AC Nielsen YTD 12 2011

19 Consumer Health Division

Innovative New Products

Hydro Coco An isotonic drink made of real coconut water. Tipco Fruit Juice A healthy drink made of fruits and vegetables Original Love Juice & Pomerama Fresh bottled fruit juice made of quality fruits available in orange, guava, apple and pomegranate flavors. Pomerama is a pioneer and market leader in pomegranate juice in Indonesia. Komix DT A non-drowsy cough syrup with more convenient packaging. Bintang Toedjoe Turun Panas Anak Analgesic product for children in convenient sachet packaging. Bintang Toedjoe Masuk Angin Traditional herbal remedy for common cold symptoms. Nitros Concentrated energy drink in liquid form with convenient tube packaging. 20 Consumer Health Division

Ready to Drink ExtraJoss in Philippines

• Following the success of Ready-to-Drink (RTD) ExtraJoss in returnable glass bottle (RGB), Kalbe has launched Extra Joss in PET bottle in March 2011. • Promoting ExtraJoss through direct-to-customer programs to improve awareness, convenience and availability. Long-lasting kick

21 Nutritionals Division

Complete Range of Nutritional Products • Catered to expecting & lactating mothers, babies, toddlers, children, tweens and adults.

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

22 Nutritionals Division

Relatively Low Milk per Capita Consumption

Milk per Capita Consumption (kg)

40 -2.3% 35 30 25 20 1.6% 15 0.5% 10 2.7% 1.6% 5 1.1% 0 Indonesia Thailand Philippines Malaysia Vietnam South Korea 2006 2.29 13.55 1.48 7.49 2.71 35.7 2007 2.39 12.28 1.51 8.15 2.39 34.92 2008 2.5 12.94 1.31 7.75 2.72 35.83 2009 2.57 13.68 1.52 7.46 2.87 35.73 2010 2.58 13.74 1.51 7.51 2.76 30.83 2011 2.63 14.34 1.55 7.61 2.85 30.61 2012 2.68 14.92 1.58 7.73 2.98 30.99

Source: FAPRI (Food & Agricultural Policy Research Institute) for whole milk powder, liquid milk and non fat dry milk categories 2006 – 2010 = Real Data; 2011 – 2012 = Projection Note : %growth represents 6 years (2006-2012) CAGR

23 Nutritionals Division

Growth of Indonesian Powdered Milk Market

By Volume (Kg ‘000) By Value (Rp Bn)

3.9% 5.8% 169,093 14,810 162,795 13,995

FY 2010 FY 2011 FY 2010 FY 2011

Source : AC Nielsen, YTD 12 2011

24 Nutritionals Division

Net Sales Performance

• Nutritionals Division net sales were up +15.9% by 15.9% to Rp 2,095 Bn in YTD 09 2,095 2012 from Rp 1,808 Bn in YTD 09 1,808 2011. • Existing major products continued to gain market share. • Gross profit margin increased to 62.8% in YTD 09 2012 from 60.5% in YTD 09 2011 mostly due to lower raw material price. 30 Sept 2011 30 Sept 2012 (Unaudited) (Unaudited)

SALES in Rp Bn

25 Nutritionals Division

Gaining Market Shares Against Multinational Competitors

Powder Milk Market Share YTD 12 2011 Market Share of Kalbe Nutritionals Products in its Category YTD December 2011 h i g 3% 2% Others 3% Kalbe’s Products Market Share e f 2% a 6% 3% 31% Diabetasol 79.5% d Milna 63.5% 9% Prenagen 55.4% Morinaga Chil Mil 8.4% Kalbe Morinaga BMT 8.6% Nutritionals 7.6% 9% Entrasol Morinaga Chil Kid 5.9% b c 19% 12% Zee 3.5% Morinaga Chil School 1.9% Total Market = Rp 14.8 Tn Source : AC Nielsen, based on Value (Rp) Source : AC Nielsen, based on Value (Rp)

26 Nutritionals Division

Launching of New Products

Fitbar A healthy snack bar made of oats and cereals that comes in 2 flavors, fruits and nuts, with only 110 calories per bar, Zero Cholesterol and Zero Trans Fat, enriched with Calcium, Vitamins A, B12 and C.

KidZee and Zee Powder milk for kids and tweens targeted to the middle segment, now also available in sachet packaging Nutrive Benecol Smoothie with special ingredient to lower cholesterol

Lovamil A new powder milk product for expecting and lactating mothers, targeted to the middle segment

Morinaga Soya & P-HP Customized infant formula and growing up milk for lactose intolerance and milk protein allergy.

27 Nutritionals Division

Multi Channel Customer Touch Points Kalbe e-store - the 1st Online Nutrition Store in Indonesia

Nutritionals Division launched new channel of consumer order through hotline service Kalbe Home Delivery 500-880 and online shopping through www.kalbestore.com . Kalbe Family Reward Card offers point rewards for consumers to increase Kalbe products consumption.

28 Distribution & Logistics Division

The Most Extensive Distribution Network

RDC Branches Cities 2 65 47

29 Distribution & Logistics Division

Net Sales Performance

• Distribution & Logistics Division is run under PT Enseval Putera Megatrading Tbk (EPMT), a publicly listed company (now, 91.75% owned). 3,578 • Net sales represents the 3rd party product sales and +53.9% distribution margin of internal product sales for accounting purposes. 2,324 • On 29th September 2011, PT Abbott Indonesia Nutritional Division has signed a distribution agreement with EPMT for Indonesia coverage through trade channel. • Gross profit margin decreased to 28.6% in YTD 09 2012 from 30.0% in YTD 09 2011 mostly due product mix. 30 Sept 2011 30 Sept 2012 (Unaudited) (Unaudited)

Distribution & Logistics

30 Distribution & Logistics Division

Distribution Business Details on Stand Alone Basis Raw Materials (Figures in Rp Bn) Medical Trading & Devices others 12,000 Gross profit margin 12.0% 4% 7%

10,000 9,588 10.2% 10.0%

8,000 8.0% 3rd Party Principal 6,000 Income before tax 6.0% 23% margin Kalbe 4,000 4.0% 3.5% Group 66% 2,000 974 2.0% 338 - 0.0% Distribution & Logistics Net Sales Gross Profit Income Before Tax and Health Services Figures based on EPMT YTD 09 2012 89% Unaudited Financial Statements Total Net Sales = Rp 9,588 Bn

31 Distribution & Logistics Division

Medical Devices, a New Growth Driver

Medical Devices is an area of potential growth, especially in the implementation of National Healthcare Insurance System where demand for medical devices is projected to grow further.

Net Sales (in Rp Bn) Major Principals Medical Devices

915 870

673 CAGR 502 30.1% 315 233

FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011

32 Distribution & Logistics Division

Major Third Party Principals by Category

Prescription Medical Instrument Fine Chemical Pharmaceuticals Consumer & Diagnostic Raw Materials

33 Distribution & Logistics Division

New Retail Health Service : Mitrasana Clinic

• Opening of Mitrasana Clinics as a one-stop service with 4-in-1 concept, including family doctor, pharmacy, laboratory, and convenient store. • A 100% owned subsidiary of EPMT. • Operational excellence in several areas, such as supply chain management, system and in-store operation. • To date, Kalbe has opened 27 Mitrasana clinics in Jakarta and its Greater Area. • Offered in 2 business models, namely direct investment and collaboration / joint - operation models.

34 Distribution & Logistics Division

Strengthening Distribution Network Kalbe believes that strong distribution network is a key competitive advantage, and therefore is committed to further improve capacities and facilities to achieve better product availability and working capital management. Kalbe completed Rights Issue in March 2011 in the amount of Rp 300 Bn to finance 2 years expansion plans: 1. Expand into new territories in Indonesia 2. Upgrade existing branch facilities to improve service quality 3. Establish several Regional Distribution Centers (RDC) throughout Indonesia 4. Expand warehouse capacity Up until now, we have completed the upgrading of 5 branches in Banjarmasin, Jember, Surakarta, Banda Aceh and Denpasar. Denpasar

Banjarmasin Jember Surakarta Banda Aceh

35 Marketing and Sales Infrastructure

The largest sales force for Pharma and Consumer Health in Indonesia

Prescription Distribution & Consumer Health Nutritionals Pharmaceuticals Logistics • Over 2,000 sales & • Over 2,300 medical • Approximately 1,000 • Over 1,000 marketing marketing personnel representatives marketing and sales personnel • Total of 4,000 force employees Infra- • 65 marketing branches structures throughout Indonesia • 42 branches & 23 at subsidiaries •1,000 trucks • 500 motorcycles

Market coverage • Directly cover • Market Coverage • 80% of consumer • 70% of GP market 200,000 outlets throughout Indonesia health market covered • Products available in •100% of prescription • 90% of specialist market Indonesia over 1mn outlets or pharma market covered Coverage • 100% of all hospitals 80% of total covered consumer health • 100% pharmacy market coverage

• Most developed • Largest marketing • Largest sales force in telemarketing team in Comments team in Indonesia Indonesia the nutritional sector

36 Manufacturing Infrastructure

Operates 11 GMP facilities complying with international standards

Products Building Area Facility Production Lines Licenses Certification Manufactured (m2) 9 lines of Non Beta Lactam Products ISO 9001, ISO 14001, Kalbe Farma 448 42,684 Astellas (tablet, capsule, cream, liquid oral, injection) OHSAS18001 ISO 9001, ISO 14001, Bintang Toedjoe 46 20,849 3 lines; effervescent, powder & liquid -- OHSAS18001, HACCP 3 factories; Non Beta Lactam, Penicillin & ISO 9001, ISO 14001, Dankos Farma 189 14,905 Daiichi Cephalosporin lines OHSAS18001 6 lines (4 lines sachet, 1 line tin, ISO 9001, ISO 14001, HACCP, Sanghiang Perkasa 132 11,869 Morinaga 1 line mixed sachet) OHSAS18001 ISO 9001, ISO 14001, Saka Farma 32 1,763 Liquid, Non Beta Lactam products -- OHSAS18001 Hexpharm Jaya Solid tablet & dry syrup 88 16,533 -- ISO 9001 (Cikarang) (Non Beta Lactam products) Hexpharm Jaya 143 3,400 Solid, Liquid oral & semi solid -- ISO 9001 (Cipanas) ISO 9001, ISO 14001, Fima 24 2,500 Large volume Parenteral Line Baxter OHSAS18001

Kalbe Morinaga 19 33,733 1 wet - drier line, 1 can line, 2 sachet lines Morinaga ISO 9001, ISO 22000

Orange Kalbe Ltd. - 5,000 2 lines; tablet and cream -- NAFDAC (local FDA)

Hale International 6 10,000 Semi hot-filled PET -- ISO 22000/2005 GMP, HACCP

37 SECTION 4

Financial Overview

38 Consolidated Sales

Net Sales Growth

Net Sales (in Rp Bn)

26.0% 30 Sept 2011 (Unaudited) 30 Sept 2012 (Unaudited) 9,694

7,692

53.9% 15.4% 15.9% 3,578 9.5% 2,090 2,412 2,095 2,324 1,469 1,609 1,808

Prescription Consumer Health Nutritionals Distribution & Logistics Consolidation Pharmaceuticals

39 Strong Financial Performance

Improved operating expenses efficiency

Gross Profit Margin Operating Expenses to Net Sales Ratios

33.6% 32.5% -1.1% - 3.1% 51.8% 0.8% 48.7% 0.7% 5.4% 4.8% Selling & Marketing General & Administrative 27.4% 27.1% Research & Development

30 Sept 2011 30 Sept 2012 30 Sept 2011 30 Sept 2012 (Unaudited) (Unaudited) (Unaudited) (Unaudited)

• Gross Profit Margin decreased by 3.1% • Improved Operating Expenses to Net Sales Ratio mostly due to change in business mix. by 1.1% due to strong sales growth.

40 Strong Financial Performance

Strong Earnings Growth

Income Before Tax Net Income

+15.5% +16.7% 1,657 1,243 1,435 1,065

30 Sept 2011 30 Sept 2012 30 Sept 2011 30 Sept 2012 (Unaudited) (Unaudited) (Unaudited) (Unaudited)

Income Before Tax in Rp Bn Net Income in Rp Bn • Income before tax margin declined • Net income margin declined from 13.8% in from 18.7% in YTD 09 2011 to 17.1% in YTD 09 2011 to 12.8% in YTD 09 2012. YTD 09 2012

41 Working Capital Management

Improved Net Operating Cycle

158 No. of days Consistent improvement in working capital management 129 120 142 108 116 122 117 110 115 Net Operating Cycle has been decreased by 42 days 50 from 158 days in 2008 to 116 45 44 45 43 days in 2012 57 46 38 35 27 End-to-end supply chain 31 Dec 2008 31 Dec 2009 31 Dec2010 31 Dec 2011 30 Sept 2012 management would be (Audited) (Audited) (Audited) (Audited) (Unaudited) continuously implemented to overcome any Days of Account Receivables Days of Inventories fluctuation in inventory Days of Account Payables Net Operating Cycle

42 Solid Financial Position

Rp 1.2 Trillion of Net Cash Position

Total Debt and Gearing Ratio Cash & Net Cash Balance

2,291 11.2% 450 12.0% 2,151 1,902 400 1,877 10.0% 350 7.9% 1,562 300 8.0% 1,373 1,322 1,257 250 1,223 6.0% 200 405 917 340 150 4.0% 2.3% 100 1.8% 141 2.0% 50 0.5% 116 25 0 0.0% FY 2008 FY 2009 FY 2010 FY 2011 YTD 09 2012 FY 2008 FY 2009 FY 2010 FY 2011 YTD 09 2012 (Audited) (Audited) (Audited) (Audited) (Unaudited) (Audited) (Audited) (Audited) (Audited) (Unaudited)

Total Debt in Rp Billion Cash and Cash Equivalent in Rp Billion Gearing Ratio Net Cash in Rp Billion

43 SECTION 5

Corporate Actions & Outlook 2012

44 Corporate Actions in 2012

Acquisition of PT Hale International

To accelerate expansion in the ready-to-drink segment, on July 6, 2012, Kalbe completed the acquisition of PT Hale International, a health beverage manufacturing company, worth Rp 93.9 billion. Joint Venture to form PT Kalbe Milko Indonesia

Kalbe signed an agreement with PT Milko Beverage Industry to form a joint venture company, PT Kalbe Milko Indonesia, to manufacture liquid nutritionals products with an estimated investment of Rp 100 – 150 Bn.

Special Dividend Payment for Fiscal Year 2011 Historical Dividends Kalbe has obtained the approval of the AGMS on May 100.0 60% 80% 23, 2012 to pay dividend of Rp 891 bn, or equivalent to 51% Rp 95 per share. This reflects a higher payout of 60% 80.0 60% 60.0 which is a special dividend for financial year 2011. 26% 95.0 40% 40.0 14% 17% 70.0 20.0 10.0 12.5 25.0 20% Dividend has been paid on July 17, 2012. 0.0 0% 2007 2008 2009 2010 2011 Cash Dividend (Rp/share) Dividend Payout Ratio (%) Stock Split

Kalbe has conducted a 1:5 stock split from Rp. 50,- per share to Rp 10,- in October 2012 to encourage retail investors participation.

45 Achievements in 2011 and 2012

Major Awards in 2011 and 2012

• ASEAN Business Awards 2011 – Most Admired Enterprise for Innovation category, from ASEAN • Indonesia 2nd Best Investor Relations, from Asia Money. • Best Managed Companies Award, from Finance Asia • Worldstar Award 2011-2012 in Medical and Pharmaceutical Category, from World Packaging Organization in United Kingdom. • Asia Pacific Fastest Growing Homegrown Company in Oncology Care Award, from 2012 Frost and Sullivan for Innogene Kalbiotech.

46 Outlook 2012 Updated Earnings Guidance 2012

• Encouraging financial results in 1H-2012 • More optimist for price increase in 1H-2012 • Improving trend for newly launched products

1. Year-on-year Sales Growth 20% - 25% 2. Operating Profit Margin 16% - 16.5% 3. Earnings per Share Rp 183– Rp 190, representing a year-on-year growth of 16% - 20% 4. Dividend payout ratio minimum 50%

YTD September 2011 YTD September 2012 Prescription Distribution & Pharmaceuticals Logistics 25% 37%

Consumer Health Nutritionals 17% 22%

In the short term, change in business mix is expected to impact margin. However, Kalbe believes that our Pharma, Consumer Health and Nutritionals businesses will grow faster and allow us to resume the business mix and profitability level in 2011.

47 SECTION 6 Appendix Financial Information YTD September 30, 2012 (Unaudited)

48 Unaudited Financial Statement YTD 09 2012 Consolidated Balance Sheets

31 December 2011 30 September 2012 (Audited) (Unaudited) % Change ASSETS CURRENT ASSETS Cash and Cash Equivalents 2,291,335,810,101 1,372,678,436,980 -40.1% Short-term Investments 113,871,418,384 228,446,066,408 100.6% Trade Receivables 1,529,991,628,590 1,703,004,622,842 11.3% Other Receivables 105,319,628,145 129,799,319,046 23.2% Inventories 1,705,189,186,310 2,159,862,627,525 26.7% Other Current Assets 210,415,568,777 320,474,797,390 52.3% TOTAL CURRENT ASSETS 5,956,123,240,307 5,914,265,870,191 -0.7% TOTAL NON-CURRENT ASSETS 2,318,430,872,533 2,830,979,456,937 22.1% TOTAL ASSETS 8,274,554,112,840 8,745,245,327,128 5.7%

* Comparative Sep 2012 to Dec 2011 in compliance with SFAS No. 1

49 Unaudited Financial Statement YTD 09 2012 Consolidated Balance Sheets

31 December 2011 30 September 2012 (Audited) (Unaudited) % Change LIABILITIES CURRENT LIABILITIES Short-term Loans 140,056,547,003 115,396,721,989 -17.6% Trade Payables 850,398,382,129 904,531,831,290 6.4% Other Payables 202,423,719,905 211,411,646,026 4.4% Accrued Expenses 283,137,947,283 359,380,053,237 26.9% Taxes Payable 154,286,544,102 147,266,374,826 -4.6% Current Maturities of Obligations Under Finance Leases 285,388,096 297,379,007 4.2% TOTAL CURRENT LIABILITIES 1,630,588,528,518 1,738,284,006,375 6.6% TOTAL NON-CURRENT LIABILITIES 128,030,525,896 136,656,247,120 6.7% TOTAL LIABILITIES 1,758,619,054,414 1,874,940,253,495 6.6% EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT COMPANY Capital Stock -Issued and Fully Paid - 10,156,014,422 Shares 507,800,721,100 507,800,721,100 0.0% Additional Paid-in Capital 4,441,133,136 4,441,133,136 0.0% Retained Earnings 6,407,439,270,888 6,759,435,338,237 5.5% Treasury Stocks - 780,990,000 Shares (687,283,369,009) (687,283,369,009) 0.0% Others (17,579,625,197) (18,813,781,101) -7.0% Sub-total 6,214,818,130,918 6,565,580,042,363 5.6% Non-controlling Interest 301,116,927,508 304,725,031,270 1.2% EQUITY, NET 6,515,935,058,426 6,870,305,073,633 5.4% TOTAL LIABILITIES AND EQUITY 8,274,554,112,840 8,745,245,327,128 5.7%

* Comparative Sep 2012 to Dec 2011 in compliance with SFAS No. 1 50 Unaudited Financial Statement YTD 09 2012 Consolidated Balance Sheets

30 September 2011 30 September 2012 (Unaudited) (Unaudited) % Change ASSETS CURRENT ASSETS Cash and Cash Equivalents 1,879,351,294,974 1,372,678,436,980 -27.0% Short-term Investments 109,968,137,220 228,446,066,408 107.7% Trade Receivables 1,508,021,037,651 1,703,004,622,842 12.9% Other Receivables 92,203,348,287 129,799,319,046 40.8% Inventories 1,542,657,402,555 2,159,862,627,525 40.0% Other Current Assets 257,996,994,061 320,474,797,390 24.2% TOTAL CURRENT ASSETS 5,390,198,214,748 5,914,265,870,191 9.7% TOTAL NON-CURRENT ASSETS 2,123,505,692,409 2,830,979,456,937 33.3% TOTAL ASSETS 7,513,703,907,157 8,745,245,327,128 16.4%

51 Unaudited Financial Statement YTD 09 2012 Consolidated Balance Sheets

30 September 2011 30 September 2012 (Unaudited) (Unaudited) % Change LIABILITIES CURRENT LIABILITIES Short-term Loans 115,655,013,503 115,396,721,989 -0.2% Trade Payables 681,252,384,322 904,531,831,290 32.8% Other Payables 130,832,585,773 211,411,646,026 61.6% Accrued Expenses 282,351,100,989 359,380,053,237 27.3% Taxes Payable 115,586,494,117 147,266,374,826 27.4% Current Maturities of Obligations Under Finance Leases 276,167,576 297,379,007 7.7% TOTAL CURRENT LIABILITIES 1,325,953,746,280 1,738,284,006,375 31.1% TOTAL NON-CURRENT LIABILITIES 114,859,175,784 136,656,247,120 19.0% TOTAL LIABILITIES 1,440,812,922,064 1,874,940,253,495 30.1% EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT COMPANY Capital Stock -Issued and Fully Paid - 10,156,014,422 Shares 507,800,721,100 507,800,721,100 0.0% Additional Paid-in Capital 4,441,133,136 4,441,133,136 0.0% Retained Earnings 5,990,022,322,362 6,759,435,338,237 12.8% Treasury Stocks - 780,990,000 Shares (687,283,369,009) (687,283,369,009) 0.0% Others (26,127,652,234) (18,813,781,101) 28.0% Sub-total 5,788,853,155,355 6,565,580,042,363 13.4% Non-controlling Interest 284,037,829,738 304,725,031,270 7.3% EQUITY, NET 6,072,890,985,093 6,870,305,073,633 13.1% TOTAL LIABILITIES AND EQUITY 7,513,703,907,157 8,745,245,327,128 16.4%

52 Unaudited Financial Statement YTD 09 2012 Consolidated Statements of Income

30 September 2011 30 September 2012 (Unaudited) (Unaudited) % Change NET SALES 7,691,571,832,728 9,694,014,726,295 26.0% COST OF GOODS SOLD 3,705,015,453,653 4,971,234,725,794 34.2% % to NS 48.2% 51.3% 3.1% GROSS PROFIT 3,986,556,379,075 4,722,780,000,501 18.5% % to NS 51.8% 48.7% -3.1% Selling Expense (2,108,363,740,527) (2,623,825,577,993) 24.4% % to NS -27.4% -27.1% 0.3% General and Administrative Expense (414,720,629,440) (463,852,077,110) 11.8% % to NS -5.4% -4.8% 0.6% Research and Development Expense (59,107,026,469) (65,033,445,405) 10.0% % to NS -0.8% -0.7% 0.1% Inventory Write-off (27,729,858,932) (22,328,915,051) -19.5% Interest Expense and Financial Charges (7,957,446,744) (10,172,967,812) 27.8% Interest Income 74,280,212,366 56,571,259,970 -23.8% Gain (Loss) on Foreign Exchange, Net (18,138,969,365) 19,251,849,893 -206.1% Gain on Sale of Property and Equipment 3,875,901,220 19,027,231,272 390.9% Miscellaneous, Net 6,452,972,760 24,680,566,545 282.5% INCOME BEFORE INCOME TAX BENEFIT (EXPENSE) 1,435,147,793,944 1,657,097,924,810 15.5% % to NS 18.7% 17.1% -1.6% INCOME TAX EXPENSE, NET (342,635,163,215) (386,640,422,253) 12.8% % to NS -4.5% -4.0% 0.5%

53 Unaudited Financial Statement YTD 09 2012 Consolidated Statements of Income

30 September 2011 30 September 2012 (Unaudited) (Unaudited) % Change INCOME FOR THE PERIOD 1,092,512,630,729 1,270,457,502,557 16.3% % to NS 14.2% 13.1% -1.1% OTHER COMPREHENSIVE INCOME (EXPENSES) 6,300,342,353 (3,795,821,516) -160.2% COMPREHENSIVE INCOME FOR THE PERIOD 1,098,812,973,082 1,266,661,681,041 15.3% % to NS 14.3% 13.1% -1.2% Income for the Period Attributable to: Parent Company 1,065,020,221,342 1,242,623,387,439 16.7% Non-controlling Interest 27,492,409,387 27,834,115,118 1.2% Total 1,092,512,630,729 1,270,457,502,557 16.3% % to NS 14.2% 13.1% -1.1% Comprehensive Income for the Period Attributable to: Parent Company 1,071,320,563,695 1,238,325,156,529 15.6% Non-controlling Interest 27,492,409,387 28,336,524,512 3.1% Total 1,098,812,973,082 1,266,661,681,041 15.3% % to NS 14.3% 13.1% -1.2% Earnings Per Share Attributable to Equity Holder of the Parent 114 133 16.7%

54 Unaudited Financial Statement YTD 09 2012 Consolidated Statement of Cash Flows

30 September 2011 30 September 2012 (Unaudited) (Unaudited) % Change CASH FLOWS FROM OPERATING ACTIVITIES Cash received from customers 8,139,530,313,435 10,457,643,121,511 28.5% Cash paid to suppliers and employees (4,647,137,671,436) (6,727,413,123,386) 44.8% Cash provided by operations 3,492,392,641,999 3,730,229,998,125 6.8% Receipts of claims for income tax refund 5,460,616,386 15,293,283,688 180.1% Payments of income taxes (354,306,252,411) (402,449,994,549) 13.6% Payments of other operating expenses, net (2,235,810,218,266) (2,538,435,370,093) 13.5% Net Cash Provided by Operating Activities 907,736,787,708 804,637,917,171 -11.4%

CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from sale of short-term investments and time deposits 103,527,219,570 61,999,916,000 -40.1% Interest income received 77,089,761,754 56,571,259,970 -26.6% Proceeds from sales of property and equipment 22,425,268,787 31,327,568,116 39.7% Acquisitions of property, plant and equipment (275,322,962,719) (587,029,445,524) 113.2% Placements in short-term investments and time deposits (207,200,000,000) (177,407,477,477) 14.4% Acquisitions of Subsidiaries’ shares from third parties (172,955,250,000) (98,585,877,356) 43.0% Proceeds from (payments for) other investing activities, net 1,432,224,032 (3,733,232,836) 360.7% Net Cash Used in Investing Activities (451,003,738,576) (716,857,289,107) -58.9%

55 Unaudited Financial Statement YTD 09 2012 Consolidated Statement of Cash Flows

30 September 2011 30 September 2012 (Unaudited) (Unaudited) % Change CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from bank loans 440,026,410,231 146,419,831,343 -66.7% Receipts of capital contributions from Subsidiaries' non-controlling interest 39,339,700,116 - -100.0% Payments of bank loans (365,296,298,555) (237,478,654,885) -35.0% Payments of interest expense (7,471,547,988) (9,834,492,814) 31.6% Payments of cash dividends Company (549,527,564,394) (889,369,372,726) 61.8% Subsidiaries (7,934,007,020) (21,455,115,942) 170.4% Payments from other financing activities, net (12,258,357,855) (16,676,157,803) 36.0% Net Cash Provided by (Used in) Financing Activities (463,121,665,465) (1,028,393,962,827) 122.1%

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENT (6,388,616,333) (940,613,334,763) 14623.3% Net Effect of Changes in Foreign Exchange Rates of Foreign Currency Denominated Cash and Cash Equivalents (32,523,617,246) 114,912,081 -100.4% CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 1,901,871,765,050 2,289,700,859,692 20.4% Beginning balance of cash and cash equivalent of Hale 1,438,142,134 CASH AND CASH EQUIVALENTS AT END OF PERIOD 1,862,959,531,471 1,350,640,579,144 -27.5%

56 THANK YOU

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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