Company Update 1st Half 2008  Company Performance YTD Juli 2008  Company Performance Q2 2008 Table of Contents

SECTION I Kalbe At a Glance 3 SECTION II Corporate Overview 6 SECTION III Industry Overview 13 SECTION IV Business Overview 15 IV.A. Prescription Pharmaceuticals IV.B. Nutritional IV.C. Consumer Health IV.D. Distribution and Packaging SECTION V Operational Overview 28 SECTION VI Growth Drivers 37 SECTION VII Financial Overview 41 SECTION VIII Recent Activities 49 SECTION IX Future Outlook 53

2 Section I. Kalbe At a Glance

3 I. Kalbe At a Glance – Company Highlights

Largest Publicly-Listed  More than 40-year old pharmaceutical company with long track record of profitable growth. Pharmaceutical  After the merger with PT Dankos Laboratories Tbk. and PT Enseval effective on December 16, Company in Southeast 2005, Kalbe has become the largest publicly-listed pharmaceutical company in Southeast Asia with approximately US$1 billion market capitalization. Asia 3  Large target population of 235 million in Indonesia, and 570 million in Southeast Asia. Substantial Market  OTC and prescription pharma in the Indonesian and Southeast Asian markets expected to grow Opportunity annually at 12% and 13% respectively over the next four years.

 The market leader in Indonesian prescription pharma market with 7.4% market share; a leader in Market Leading consumer health market as well with 17.7% OTC market share, 8.6% share in nutrition market and Positions in Indonesia 30.6% in energy drink market.  Unrivaled health distribution network which covers more than 1 million outlets.

Strong, Diversified,  Consumer health portfolio which includes 13 market leading OTC brands in 5 main therapeutic categories, the market leading brand in pregnant nutrition and clinical foods, and the leading energy High Growth Product drink in Indonesia. Portfolio  Prescription pharma portfolio of 284 products and over 500 SKUs.

Highly Experienced  Average senior management tenure of over 20 years at Kalbe, providing strategic continuity and depth of senior management bench. Senior Management  Average industry experience of over 20 years developing, manufacturing, marketing and selling Team consumer health and pharmaceutical products.

 Broad based growth across all business segments with consolidated revenues, operating income Strong Financial Track and net income have grown at a CAGR of 14%, 11% and 14%, respectively, from 2002-2007. Record  Strong balance sheet with net cash position of almost USD 100 million at Q1 2008.

Substantial Growth  Consumer health new product development  Development of prescription pharmaceutical portfolio Opportunities  Continued expansion in Southeast Asia

4 I. Kalbe at a Glance – Historical Data Kalbe was established in 1966 and has a long track record of profitable growth Inception and Entrepreneurial Excellence, Sustainable Growth, Enhanced Focus and Consolidation Driven Expansion Going Global 1996–2005 1966–1995 2006–2015

1966 1977 1981 1985 1989 1991 1993 1994 1996 1997 2005 2007

1966: 1977: 1985: 1989: 1991: 1994: 2005: 2006-2010 Business Focus Company Dankos Lab Acquired Igar Jaya Kalbe Farma  Entered Consolidation of  Expand regional footprint founded Bintang and IPO energy drink Kalbe Group  Build global brands and infrastructure Toedjoe & Dankos business  Scale through mergers and Hexpharm IPOs  EPM IPO 1996: 1997: acquisitions Disposed of  Disposed of Kalbe’s 1981:  Proprietary drug development 50% of food remaining 50% ownership  Global partnerships and networks Spin-off the 1993: business (PT in PT Bukit Manikam Sakti distribution  Acquired Bukit Manikam to Arnotts business to PT Sanghiang Sakti) to  Disposed glass packaging Enseval due to Perkasa and Arnotts division to Schott consolidated government  Acquired Woods nutritional regulation Peppermint brand business to Sanghiang  Acquired 80% of Saka Perkasa Farma

Long Track Record of Sustainable Revenue Growth

900 8000 800 7000 700 6000 600 (IDRbn) 5000 500 4000 400 3000

(USD mm)(USD 300 200 2000 100 1000 0 0 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007

sales USD Sales IDR Note: Audited financials. Figures since 2005 are post-merger figures.

5 Section II. Corporate Overview

6 II. Corporate Overview Established in 1966 and listed on the Jakarta Stock Exchange and Surabaya Stock Exchange since 1991, Kalbe Farma is now the largest publicly-listed pharmaceutical company in Southeast Asia

• Kalbe markets and sells its products in 6 major markets in Southeast Asia which in aggregate represent a population of almost 570 million • Sales contribution of Kalbe’s main business segments as per 1st Half 2008 income statement: – prescription pharmaceuticals 28% of revenues – nutritional 24% of revenues – consumer health 23% of revenues – distribution and packaging 25% of revenues • Over 14,000 employees and a marketing and sales force of 6,000 covering 80% of the Indonesian consumer health and 100% of the Indonesian prescription pharmaceutical market

7 II. Corporate Overview – Business Overview Kalbe Group has 4 Division in Line of Business

KALBE GROUP

Prescription Distribution & Nutrition Consumer Health Pharmaceutical Packaging

Energy Drink

OTC Pharmaceutical

8 II. Corporate Overview – Business Overview Kalbe Farma is the market leader in prescription pharmaceuticals, nutritional and consumer health products in Indonesia

Prescription Distribution & Nutrition Consumer Health Pharmaceutical Packaging

• Licensed Products • Pregnancy nutrition • OTC Pharmaceutical • Consumer Health • Branded Generics • Baby milk product • Energy Drink • Prescription pharma Key • Unbranded Generics • Baby biscuits • Medical instruments Product • Baby cereals and diagnostics Categories •Clinical Food • Consumer products • Fine chemical raw materials

Number 1 in Indonesian A market leader in • Number 1 in • Largest pharmaceutical prescription Indonesian nutrition Indonesian OTC distribution network in Market pharmaceutical market market and has the market Indonesia Position in leading market position • Number 1 in • 40 distribution centers in high end nutrition Indonesian energy • Indirectly and directly Key market drinks market covers more than 1 mm Markets outlets

1H 2008 IDR 1,806.3 billions IDR 917.4 billions IDR 868.0 billions IDR 930.6 billions Revenue

9 II. Corporate Overview – Subsidiaries Pharmaceuticals Nutritions Distribution

Bintang Toedjoe Sanghiang Perkasa EPMT 99.90% ownership 99.99% ownership 58.19% ownership

Dankos Farma Kalbe Morinaga Tri Sapta Jaya 99.98% ownership 70.00% ownership 58.18% ownership

Finusolprima Farma Bifarma Adiluhung Milenia Dharma Insani 99.988% ownership 99.20% ownership 57.61% ownership

Hexpharm Jaya Labs Enseval Medika Prima 99.60% ownership 57.61% ownership

Saka Farma Labs Global Mechindo Megatrading 80.00% ownership 58.18% ownership

Innogene Kalbiotech Pte. Ltd Packaging 90.79% ownership Kageo Kalbe International Pte. Ltd 63.10% ownership 100.00% ownership

Kalbe Vision Pte. Ltd Avesta Continental Pack 100.00% ownership 48.25% ownership

Cordlife Indoneisa Indogravure 30.00% ownership 24.61% ownership Pharma Metric Labs 34.45% ownership

Orange Kalbe Ltd 30.00% ownership

10 II. Corporate Overview – Management Profile (BOD)

President Director

• President Director of Kalbe since 2008 • Marketing Director of Kalbe (1997 - 2007)

Director • President of SHP since 1994 Vice President Director Bernadette Ruth Irawaty Setiady

• President Director of Kalbe • Vice President (1992 – 1998) since 2005 • President Director of EPM • Managing Director of Kalbe (1998 – 2005) (2002 – 2005) • Joined the Group in 1982 • Joined Bintang Toedjoe in 1985 Budi Dharma Wreksoatmodjo Johanes Berchman Apik Ibrahim

Director Director

• Finance Director of Kalbe •Director of Kalbe (1997-2005) •since 2005 • Finance Director of Dankos • President Director of Dankos (1992-1997) (2002-2005) • Joined Kalbe Farma in 1990 • President Director of B7 (1996-2002 Vidjongtius Herman Widjaja

11 II. Corporate Overview – Management Profile (BOC)

President Commissioner

• President Commissioner of Kalbe since 2008 • President Director of Kalbe (1998-2007) • Comissioner of Kalbe (1992-1998) Commissioner Commissioner Johannes Setijono

•Commissioner of Kalbe •Commissioner of Kalbe since 2008 Commissioner •since 2008 • President Director of B7 •Commissioner of Kalbe • Manufacturing Director of Kalbe (2005-2006) since 2007 since 2000 •Plant Manager of B7 in 1995 • Commissioner of EPMT •Director of Kalbe since 2005 since 2001 Yozef D. Angkasa Santoso Oen •Product Manager of B7 in 1997

Ferdinand Ariyanto

Independent Commissioner Independent Commissioner

•Independent Commissioner •Independent Commissioner of Kalbe since 2008 of Kalbe since 2008 •Head of Indonesian Medical Council •Independent Comissioner of since 2005 PT Global Mediacom •Health Minister of Indonesia in Kabinet Pembangunan VII and Kabinet Reformasi •Head of CBA Asia Farid A. Moeloek John A. Prasetio

12 II. Corporate Overview - Awards & Achievements Kalbe’s excellent performance is recognized by a number of organizations through the following awards Year 2007: •“Original Product of Indonesia” for Extra Joss from Bisnis Indonesia •Value Creator Award 2007 (Ranked 22th from 100) from SWA Magazine •Nominator of Metro TV MDGs Award for the child mortality reduction program, Nov 26, 2007 •One of the “Most Admired ASEAN Enterprises” and the winner of ASEAN Business Awards for CSR category in the event held by ASEAN Advisory Business Council on Nov 18, 2007 •“Pioneer of Corporate Social Responsibility Award” from Bekasi District Authority •“Honorable City Tax Payer Award” from Central Jakarta district city Mayor on Aug 23, 2007 •Investor Award 2007 (Ranked 24th of 100 Best Companies, and ranked 2nd in cigarette, pharmacy, and household appliances sector) from Investor Magazine

Year 2006: •“Trusted Company Award” and “Best Company in the Consumer Industry Award” from IICG (Indonesian Institute for Corporate Governance) • “Top 10 Value Creator 2006” for companies with assets >Rp 1 trillion from SWA Magazine, Markplus & Co •Asia’s Best Managed Companies Poll Awards 2005 from AsiaMoney •Investor Award 2006 (the best in cigarette, pharmacy, and household appliances sector) from Investor Daily and Investor Magazine •CEO of the year 2006 award for Kalbe’s President Director, Johannes Setijono from Bisnis Indonesia •Best ”Second Liner” Company to Invest from Bisnis Indonesia •“Best Company promoting Education awareness in the whole of West Java District 2006" from Governor of West Java, Danny Setiawan

13 Section III. Industry Overview

14 III. Industry Overview - Indonesia

• In this unpredictable situation, the Government is still able to keep the economic growth of 6.4% in 2008 Revised State Budget, the political stability, controlled-inflation and higher foreign currency reserved, despite a strong treat of missing the volume and oil price fluctuation at the global market. • Agriculture and mining sectors are the strongest growth to support the economy. • Switching the general fuel subsidy into direct subsidy in food and healthcare • Approaching the coming general election in 2009 will push the Government to accelerate their program and increase its spending.

15 III. Industry Overview – Segmentation

The Indonesian market is comprised of distinct market segments based on income levels with participants positioned distinctly against these segments

Population Income Mkt. Size (mm) (US$) (US$bn)

22.4 > 4K 1.0 Affluent

Affluent

Nutrifood

Domestic High DomesticHigh End Global Pharma Global Mass Affluent Mass

17.7 1.5–4K 0.5 Affluent

Pfizer, Pfizer, Glaxo, Abbott, Sanofi, Astrazeneca

Kalbe Dexa Middle Mass

Middle Global/Regional Consumer Global/Regional

39.1 0.5–1.5K 0.7 Mass

P&G, Nestle, Mead P&G,Nestle, Mead Johnson, Nutricia, Unilabs, NZMI

Domestic Brand Domestic Brand Market Prescription Pharma

Domestic Mass DomesticMass Market Sanbe, Konimex, Konimex, Sanbe, Tempo, Pharos 145.8 < 0.5K 1.6

Lower Mass DomesticLow End Lower Mass

Combiphar, Interbat, Indofarma, Farma, Kimia Phapros Source: BPS and Management Estimates for Pharma, Nutritional & Consumer Health

16 III. Industry Overview - Pharmaceutical

• In 2007 the Indonesia Pharmaceutical market was IDR 25.6 trillion (approx. USD2.8 billion) or grew by 9.2%* and it is expected to grow at around 9.1%* in 2008 (approx. USD3.0 billion). • This market comprises of 60% Prescription and 40% of Over the Counter (OTC) products. This high OTC contribution is due to low purchasing power of majority people and lack of nation wide health care system. • In terms of competition, the industry is very fragmented with around 200 pharma companies, including around 30 MNCs. • Patent law and Product Registration regulation in Indonesia have been implemented according to the WTO’ standard.

* Source: IMS Report

17 III. Industry Overview - Pharmaceutical

• The Government continues to support the special fund of IDR 4.6 trillion to provide free medical treatments for the poor only at hospitals and state community health centers. • Price increase of pharma product is limited or lower than inflation rate due to the low purchasing power. • Common diseases and health-needs surrounding the community i.e. dengue, TB, diarrhea, immunization, malnourished and high maternal mortality rate. • Degenerative and chronic diseases show a higher trend as a reflection of longer life expectation.

18 III. Industry Overview - Manufacturers Top 5 Manufacturers in ITMA, IHPA and IPA Market.

ITMA Market Share - YTD 06 2008 IHPA Market Share - YTD 06 2008 IPA Market Share - YTD 06 2008

KALBE KALBE FARMA FARMA 9% 7% PFIZER SANBE DEXA SANBE 5% 8% MEDICA 5% SOHO 5% 4% DEXA DEXA SANBE MEDICA KALBE MEDICA 8% 7% FARMA 4% 5%

TEMPO DANKOS SCAN 4% * Others PACIFIC * Others SANOFI- 4% * * OTSUKA * Others AVENTIS 76% 68% 4% * 4% 73%

Source: IMS Health, for manufactured SEM 06 2008

19 III. Industry Overview - Corporations Top 5 Corporations in ITMA, IHPA and IPA Market.

ITMA Market Share - YTD 06 2008 IHPA Market Share - YTD 06 2008 IPA Market Share - YTD 06 2008

KALBE KALBE GROUP KALBE GROUP 14% GROUP 14% 8%

SANBE SANBE DEXA DEXA 6% 8% MEDICA MEDICA DEXA GROUP GROUP MEDICA 10% 6% GROUP 5% PFIZER GROUP TEMPO SANBE 5% GROUP * Others * Others 8% 5% * * Others * SOHO 60% 66% * GROUP OTSUKA 69% 4% GROUP NOVARTIS 4% GROUP SANOFI- 4% AVENTIS GRP 4%

Source: IMS Health, for manufactured SEM 06 2008

20 Section IV. Business Overview

A. Prescription Pharmaceuticals

21 IV. Business Overview – Prescription Pharma Kalbe has broad portfolio of prescription products which comprised of 284 products

Licensed Products Branded Generics Generics

 68  180  36 Ttl # Products

 General Anti-infectives: Cefspan, Fixef;  General Anti-infectives: Broadced,  General Anti-infectives: Cravit, Reskuin; Tarivid, Cefizox; Cefazol, Kalfoxim, Mycoral, Clavamox Cefotaxime; Amoxycillin, Bactesyn  Central Nervous system: Neurotam, Ciprofloxacin; Rifampicin;  Hospital Solutions: Octalbin Neurocet; Neuralgin RX, Brainact Ceftriaxone, Prednisone  Oncology : Paxus; Epirubicin-Kalbe,  Musculo-Skeletal System: Kaltrofen  Alimentary Tract and Endrolin Metabolism: Ranitidine  Cardiovascular System: Angioten, Key Products  Cardiovascular System:  Blood and Blood-Forming Organs: Kalnex, Cholestat Hemapo Simvastatin, Captopril  Alimentary Tract and Metabolism:  Musculo-Skeletal System: Mediflex,  Central Nervous system: Rantin, Ulsikur, Pronicy, Metrix, Piracetam Durolane Plantacid,  Alimentary Tract and Metabolism: Cernevit, Dialac

Recent Octalbin, Lodopin, Dialac, Hepavax Gene, Osteonate OD, Nepatic, Beta One, Glimepiride, Omeprazole, Product Lanzox, Durolane, Flexasur, Durolane, Fritens, Brainact Oral, Nevox, Merofen Domperidone, Cefixime, Bisoprolol Launches Synbio, F-Slim, Atopiclair

Planned Product 2008: 3 products 2008 : 10 products 2008 : 5 products Launches

22 IV. Business Overview – Prescription Pharma Kalbe is the number 1 player in prescription pharmaceuticals

Market Share – Prescription Pharmaceutical

KALBE GROUP 13%

DEXA MEDICA GROUP 7%

SANBE 7%

* Others * PFIZER GROUP 65% 4% SANOFI-AVENTIS GRP 4%

Total Market = IDR 8,17 T

Note: Prescription Pharma = ITMA ETH (KF+DKS+HJ) Source: IMS Health, SEM 06 2008

23 Section IV. Business Overview

B. Nutritional

24 IV.Business Overview – Nutritional Kalbe has a highly attractive nutritional portfolio comprised of strong, market leading brands

Nutritionals

 Pregnancy Nutrition (Prenagen) – 60% market share  Baby biscuit (Milna) – 56% market share Key Products  Baby milk – Morinaga BMT 10% market share – Chil Mil 11% market share  Clinical Food – Diabetasol 68% market share

Chil School Platinum, Milna Marie Recent Product Biscuit, Prenagen Emesis, Diabetasol Launches Vita Digest, Entrasol Weight Management, Nutrive Rellax

Planned Product Various nutritional supplements for Launches adult, baby and toddlers

Q1 2008 Sales IDR 456.6 billions

Note: Source: Latest AC Nielse n data and Management estimation

25 IV. Business Overview – Consumer Health Kalbe is a market leader in every major category in which it competes

Market Share – Nutritional

Nutrifood Ind. 3.0% Wyeth 5.4% Abbott 5.4% Mead Johnson Nestle 4.6% 29.9%

Fonterra 5.0%

Nutricia 8.2%

Sari Husada SHP 15.8% 8.6% FFI 11.0%

Total Market = IDR 2.1T

仌 Note: 1.Source: AC Nielsen data as of Q1 2008 and Management estimation (market share rounded) 2. Nutritional consist of baby biscuit, baby cereal and powdered milk sectors

26 Section IV. Business Overview

C. Consumer Health

27 Business Overview – Consumer Health Kalbe has a highly attractive consumer health portfolio comprised of strong, market leading brands

OTC Pharmaceuticals Energy Drinks

 Antacid (Promag, Waisan)  Extra Joss – 87% market share – 46% market share – volume  Cough remedies (Woods, Komix, Metril) (Indonesia) – 38% market share – 36% market share – value (Indonesia) Key Products  Anti-diarrhea (Neo-Enterostop) – 42% market share – 78% market share – volume (Phillippines)  Cold remedies (ProCold, Mixagrip) – 44% market share – value – 35% market share (Phillippines)

Fatigon Viro, Cerebrovit Active, Cerebrovit Caxon Enace, Caxon ion C, Extra Joss Recent Product Senior, Woods Antitussive, Mixagrip Flu & (Cream Soda, Apple, Blackcurrant) Launches Batuk, Promag Double Action, Kalpanax Cream, Komix Kid, Bintangin

Planned Product  Preventive products  Energy Drink line extension Launches  Skin care

Q1 2008 Sales IDR 288.4 billions IDR 49.6 billions

Note: 1 Audited financials 2 Growth rate based on financials in IDR 3 Source: Latest AC Nielsen data and Management estimation

28 IV. Business Overview – Consumer Health Kalbe is a market leader in every major category in which it competes

Market Share – Energy Drink

Others 8% M-150 Extra Joss 8% 30%

Kuku Bima 14%

Hemaviton Krating 18% Daeng 22%

Total Market = IDR 760.3 Bn

Source: AC Nielsen for Energy Drink share, SEM 06 2008

29 IV. Business Overview – Consumer Health Kalbe is a market leader in every major category in which it competes

Market Share – OTC

KALBE GROUP 16%

TEMPO GROUP 9% SOHO GROUP * Others * 8% 58%

KONIMEX 5% PHAROS GROUP 4% Total Market = IDR 6,25 T

Source: IMS for OTC –ITMA , SEM 06 2008

30 Section IV. Business Overview

D. Distribution and Packaging

31 IV. Business Overview – Distribution & Packaging

Kalbe has the most extensive distribution network of any pharmaceutical company in Indonesia and distributes products for some of the leading healthcare companies in the world

Distribution Business Major Third Party Principals by Category Prescription Medical Instrument Fine Chemical Pharma Consumer & Diagnostic Raw Materials

32 IV. Business Overview – Distribution & Packaging Percentage Contribution of Distribution Division divided by Group and Non group (Third Parties)

1st Half 2007 1st Half 2008

NON GROUP NON GROUP 24% 25%

GROUP GROUP 76% 75%

• In 1st Half 2008, Percentage contribution From Group down 1% to IDR 2,192,788 Million, and non Group up 1% to IDR 704,587 Million

33 Section V. Operational Overview

34 V. Operational Overview – Marketing & Sales Infrastructure Kalbe has a marketing and sales force of approximately 6,000 providing coverage for more than 1 million outlets in Indonesia

Infrastructure Indonesia Coverage Comments

 Sales force of over 2,200  Directly cover 150,000 outlets  Largest sales force in Indonesia Nutritional and Indirectly covers over 1mm Most developed telemarketing team in Consumer   outlets or 80% of total the nutritional sector Health consumer health market

 Over 1,900 medical reps  Market coverage  Largest sales force in Indonesia – 70% of GP market covered Prescription – 90% of specialist market Pharma covered  100% of all hospitals covered  100% pharmacy coverage

 Over 1,800 sales & marketing  80% of consumer health  24-hour order fulfillment personnel market  4–5-hour order fulfillment for  Total of 4,000 employees  100% of prescription pharma prescription pharma  60 marketing branches market  24-hour service for life saving drug throughout Indonesia  Direct delivery to end customers Distribution  40 distribution centers  Offers value added services to  1,000 trucks customers  500 motorcycles – resource management, strategic sourcing & supply – needs-basis marketing service

35 V. Operational Overview – Manufacturing Infrastructure Kalbe operates 11 GMP facilities that are compliant with international standards, with an additional 1 facility under construction Products Bldg Facility Manufactured Area (m2) Production Lines Licensees Certification 9 lines of Non Beta Lactam products ISO9001 , ISO14001, Kalbe Farma 448 42,684 Astellas (tablet, capsule, cream, liquid oral, injection) OHSAS18001 ISO9001, ISO14001, Bintang Toedjoe 41 17,232 3 lines; effervescent, powder & liquid – OHSAS18001, HACCP 3 factories; Non Beta Lactam, Penicillin & ISO9001 , ISO14001, Dankos Farma 189 14,905 Daiichi Cephalosporin lines OHSAS18001

6 lines (4 lines sachet, 1 line tin, 1 line mixed ISO9001 , ISO14001, Sanghiang Perkasa 132 11,869 Morinaga sachet) HACCP, OHSAS18001

Saka Farma 67 7,000 Line Non Beta Lactam products & penicillin – –

3 lines; solid, liquid oral, and semi solid Hexpharm Jaya 143 3,400 – ISO9001 (Non Beta Lactam products)

Fima 24 2,500 Large volume Parenteral Line Baxter ISO9001

Kageo Igar Jaya 900 7,506 18 lines incl packaging & printing – –

Avesta 2,700 8,414 25 lines incl sliting, printing – –

Indogravure 2,714 6,477 10 lines incl printing – –

Kalbe Morinaga 17 23,041 1 wet – drier line, 1 can line, 2 sachet lines Morinaga –

Orange Kalbe Ltd  – 5,000 2 lines: tablet and cream – NAFDAC (local FDA)

 Facility is being built

36 Section VI. Growth Drivers

37 Growth Drivers – Nutritional and Consumer Health New Product Development Kalbe continues to develop new and innovative nutritional and consumer health products

Nutritionals OTC Energy Drinks

 International & brand  Preventive products  International & brand expansion  Balance products: expansion – Prenagen antioxidants, immune – Extra Joss – Entrasol systems, probiotic, and – Joss Fit – Diabetasol appetite stimulants Key – Nutrive Rellax  Beauty products: skin, Opportunities anti-aging, body shape, mouth & teeth, varices  Isotonic Drink: Fatigon Hydro

38 VI. Growth Drivers – Prescription Portfolio Development Kalbe continues to in-license and develop new pharmaceutical products to supplement and grow its current portfolio of 284 products

Licensed Branded Generics Generics Innogene  Key therapeutic targets  In-house drug delivery system  Key therapeutic  Bio-generics market for NCEs – Key target areas: cardiology, targets  Proprietary drug development

– Oncology neurology, endocrinology, – Antibiotics – Cardiology analgesic, dental products – Analgesic – Neurology  In-house formulation – Gastrointestinal – Endocrinology, – Respiratory

Key Key – Key target areas: cardiology, – Critical Care neurology, endocrinology,

– Human vaccine analgesic, dental products, Opportunities – Biotechnology ophthalmology, respiratory, – Dental products anti aging, kidney

– Ophthalmology

2008: 3 products 2008: 10 products 2008: 5 products  TheraCIM / Nimotuzumab (anti EGFR/HER1 MAb) – Phase III – Target market: Glioma, Nasopharyngeal Carcinoma, Cancer of the Head and Neck, pancreatic, lung, etc. – Very similar to Erbitux: same mechanism but much less side effects (e.g: pimples) – To be marketed in Indonesia in 2008 via Special Access Scheme (SAS), and later to ASEAN, Taiwan and S. Africa  1E10 (N-glycolyl containing ganglioside MAb) – Phase III trial start in Singapore, South Korea & Taiwan – Target market: NSCLC, Breast cancer – Est. launch in 2010–2012

Planned Planned  Kalsolac (Lactate-based pharma) – Approved for resuscitation post cardiac surgery (New

Product Launches Product Zealand) & Traumatic Brain Injury (EU) – Target mkt: Traumatic Brain Injury, Cardiology and Stroke – Has been launched in Indonesia as Totilac (Apr 2006) and the Philippines (Nov 07) for Heart surgery patients – Potentially able to repair/improve neurological function after suffering from brain trauma – Australia application for compositional patent is in progress – US: Animal Study Completion

39 VI. Growth Drivers – Expansion in Southeast Asia

Kalbe continues to leverage its deep local market knowledge and well established brands into other major Southeast Asian markets

Singapore/Malaysia  Brand building of Woods and Milna products

Philippines  Marketing and brand building of Extra Joss

 Market bio-generic products in the very near Thailand future

 Marketing of selected OTC, energy drink Vietnam and prescription pharma products

40 Section VII. Financial Overview

41 Section VIII. Recent Activities

42 VIII. Recent Activities – Share Buy Back Program

Kalbe Farma has launched its share buyback program since February 2007

• Rationales – Management's success in increasing the Company's profitability, in maintaining liquidity deriving from significant cash flows, and the Company’s low leverage ratio. – Thus, Management has decided to make use of its excess free cash flow to increase its shareholder's value • Approval – Approval was sought in Kalbe’s Extraordinary General Meeting held on February 8, 2007 • Size – Maximum funding determined to be IDR1.23 trillion (approx. USD133 million) – Up to 1,015,601,442 shares (approx. 10% of outstanding shares) • Mechanism – Buyback transactions will be executed by Danareksa Securities – The buyback period is 18 months, i.e. until August 7, 2008 – Transacitions will be executed during 30 mins after/before market opens/closes – Maximum daily shares purchased in the buyback cannot exceed 25% of total daily shares traded

43 VIII. Recent Activities - Others

• PT Cordlife Indonesia, a joint venture company between Kalbe and Cordlife International Pte, Ltd (Singapore) - opened its first tissue banking facility in September 2007 located in Pulomas, Jakarta

• Kalbe has made additional capital contribution to Kalbe International Pte. Ltd. with total investments of USD 5 million.

• Continuous CRM program through the opening of ‘Nutrition for Life’ at Pondok Indah Mall 2nd Floor No. 240 – 241. This is one of Kalbe Nutritional’s services with lots of interesting, educative and informative activities in nutritional area.

44 VIII. Recent Activities - Others

• New products launched: • Fatigon Hydro+ - a natural health drink made with fresh coconut water as a natural source of essential electrolytes

• Joss Fit – a new variant of Energy Drink

• Bintangin

• Several Ethical products such as Kitavit, Amlodipine, etc

• Launching of Endrolin in Philippine and Procold in Vietnam

• CSR Program at PT Bintang Toedjoe : JOSS Mudik

45 Section IX. Future Outlook

46 IX. Future Outlook – Overall Business

• Kalbe Farma has designed its business portfolio based on 6 footholds:

CONSUMER PHARMACEUTICAL NUTRITIONAL HEALTH

MEDICAL & DIAGNOSTIC DISTRIBUTION & RETAIL HEALTH INSTRUMENTS LOGISTIC SERVICES

• Strengthen and expand existing and new business portfolios • Optimize and improve productivity through operation excellence • Increase R&D productivity • Expand regionally • Develop competent leaders

47 THANK YOU

Important Notice

This presentation has been prepared for informational purposes only by PT Kalbe Farma Tbk. (“Kalbe” or the “Company”). The information contained in this Presentation does not purport to be all-inclusive or to contain all of the information that may be material to an investor’s decision. It should be noted that the information contained in this Presentation is subjected to further review, and that such information may be updated and/or amended from time to time as circumstances change or more information becomes available. Some of those revisions or changes may be material. Each recipient of this Presentation should therefore perform their own independent analysis of the business, operations, financial condition, creditworthiness, status and affairs of Kalbe. Each recipient should also conduct their own enquiries into the adequacy, accuracy, and completeness of any information relating to Kalbe, as the information and data contained in this Presentation are not substitutes for the recipient’s independent evaluation and analysis. This presentation is not an offering document and will be updated regularly according as necessary.

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