INVESTOR PRESENTATION

January 2013

2

Forward Looking Statement

This presentation is not intended to provide investment or medical advice. It should be

noted that some products under development described herein have not been found safe

or effective by any regulatory agency and are not approved for any use outside of clinical

trials.

This presentation contains forward-looking statements, which express the current beliefs

and expectations of Kamada’s management. Such statements involve a number of known

and unknown risks and uncertainties that could cause Kamada's future results, performance

or achievements to differ significantly from the results, performance or achievements

expressed or implied by such forward-looking statements. Important factors that could

cause or contribute to such differences include risks relating to Kamada's ability to

successfully develop and commercialize its pharmaceutical products, the progress and

results of any clinical trials, the introduction of competing products, the impact of any

changes in regulation and legislation that could affect the pharmaceutical industry, the

difficulty of predicting U.S. Food and Drug Administration, European Medicines Agency and

other regulatory authority approvals, the regulatory environment and changes in the health

policies and structures of various countries, environmental risks, changes in the worldwide

pharmaceutical industry and other factors that are discussed in Kamada's Annual Report

and its other filings with the Israeli Securities Authority.

3

Kamada Overview

A Leader in the Development of AAT Products Globally

Developed and Obtained Approval for the First and Only Liquid, Ready-to-Use IV AAT Product, Glassia®

Selling Glassia® in Select Emerging Markets Globally and Through Baxter Collaboration in the US

Developed Novel Inhaled AAT Product that is in Phase II/III trials in EU and Entering Phase II in the US

Fully Integrated Manufacturer and Distributor of Plasma-Derived Protein Therapeutics

Growing Revenue and Profitability

4

Established and Revenue Generating Company

• Founded in 1990 • Based in Weizmann Science Park in Ness Ziona,

Israel • Employees: ~300 (1)

• Publicly listed on TASE (KMDA) since 2005 • Current market capitalization: $282.3MM (2)

• Cash, cash equivalents and short term investments: $33.5MM (3)

• Total Debt: $26.5MM (3)(4) • 2012E forecast revenues of $72MM and already

EBITDA positive (3)

Notes

1. As of December 31, 2012

2. Market data as of January 21, 2013, at a conversion ratio of USD 0.268170 to ILS 1.00

3. As of 9 months ending September 30, 2012

4. Includes $22.7MM in convertible debentures and $3.8MM in conversion option in convertible debentures; represents the face value of the convertible debentures outstanding

Key Highlights Historical Revenue

$MM

Historical EBITDA

$MM

14

34

59

51

0

20

40

60

80

2009 2010 2011 9mo 2012

(12)

(6)

14

(15)

(10)

(5)

0

5

10

2009 2010 2011 9mo 2012

(3)

(3)

L2Y Share Price Performance (2)

ILS

+29.7%

MM

5

Growing Business Segments

Proprietary Products

Distribution

• Leverages the Company’s expertise and presence in the plasma-derived protein therapeutics market

– Distributes more than 10 complementary plasma-derived products in Israel - Respiratory, Immunoglobulins, Critical Care and Coagulation Factors

– 3rd party manufactured products

• Operates at the intersection of two attractive markets: plasma-derived protein therapeutics and orphan diseases

• Strong portfolio includes 10 products marketed in the US, Israel, Russia, Brazil, India and other countries in Latin America, Eastern Europe and Asia

• Lead product Glassia® is the first and only liquid, ready-to-use, intravenous plasma-derived AAT product approved by the FDA

• Late-stage pipeline of Inhaled AAT for AATD is in pivotal Phase II/III clinical trials in Europe and entering Phase II clinical trials in the US

• State-of-the-art, cGMP compliant, FDA approved, large-scale production facility located in Beit Kama, Israel

• Strategic partnerships with Baxter, Chiesi, Pari and Kedrion

6

Focusing on growing AAT in new indications 1

Well Defined Strategy

2 Expanding our presence in emerging markets

3 Pursuing further strategic relationships

4 Investing in additional pipeline products

7

Diversified Product Portfolio with Extended Global Reach

Respiratory Glassia®

Immunoglobulin

KamRAB KamRho (D) IM KamRho (D) IV

Other Products

Heparin Lock Flush Kamacaine 0.5% Human Transferrin

Diverse Portfolio of Predominantly Plasma-Derived Protein Therapeutics

Respiratory Bramitob

Immunoglobulins

IVIG 5% Varitect Hepatect CP Megalotect

Critical Care Heparin sodium injection Albumin

Other Factor VIII Factor IX

Proprietary Products Segment

Distribution Segment

Alpha-1 Antitrypsin (human)

Anti-rabies immunoglobulin (human) Rho(D) immunoglobulin (human) Rho(D) immunoglobulin (human)

Heparin sodium Bupivacaine HCl Transferrin (Diagnostic grade)

Tobramycin

Gamma globulins (IgG) (human) Varicella zoster immunoglobulin (human) Hepatitis B immunoglobulin (human) CMV immunoglobulin (human)

Heparin sodium Human serum Albumin

Coagulation Factor VIII (human) Coagulation Factor IX (human)

Global Presence with Exposure to Emerging Markets

*Kamada distributes products directly in Israel through its own salesforce

Countries where Kamada currently sells certain of its Proprietary Products through

strategic or distributor partnerships

United States

Mexico

El Salvador

Brazil

Argentina

Slovenia

Croatia

Nigeria Kenya

India

Thailand

South Korea

Russia

Turkey

Israel*

Chile

Sri Lanka

Countries where Kamada has received regulatory approvals for certain of its Proprietary

Products

Snake Antiserum

Anti-snake venom

8

*Represents orphan drug designation

High Value Pipeline Focused on Orphan Indications

Product Indication Phase 1 Phase 2 Phase 3 Partnership Agreement

Inhaled AAT for AATD (1)

Alpha-1 Antitrypsin Deficiency*

EU:

B1-AAT (IH) (1) Bronchiectasis* -

C1-AAT (IH) (1) Cystic Fibrosis (CF)* -

D1-AAT (IV) (1) Type-1 Diabetes* -

KamRAB (IM) Prophylaxis of Rabies US:

Completed

Completed

1

2

3

4

5

Completed

Completed

Clinical Trial, Strategic Agreement Completed

Ph II/III in Process in EU

Note

1. Phase I and II were completed in Israel

Entering Ph II in the US

Contemplating Ph II/III

IND Ph II Approved

9

Attractive Plasma-Derived Protein Therapeutics Industry 1

Kamada Investment Highlights

2 Significant Opportunity to Expand the AAT Market

3 Glassia® Growth Supported by Differentiated Product Profile and Strategic Partnership

4 Valuable R&D Pipeline Focused on Orphan Indications

5 Integrated, Efficient, Scalable Platform Technology

6 Strong Financial Profile with Increasing Profitability

10

6.16.5

7.07.6

8.28.8

9.6

10.4

11.4

12.4

13.5

14.7

16.1

0

6

12

18

'05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17

Plasma-derived protein therapeutics are drugs that are fractionated and purified from human plasma and its derivatives

– Treat a variety of diseases including chronic, orphan conditions and acute, life threatening diseases

Expected growth driven by:

– Increasing patient populations in the developed world

– Increasing patient diagnosis, penetration, and compliance in the developing world

– Increasing medical uses and indications of plasma-derived protein therapeutics

Heavy regulation by health authorities in each country

Complexity of biologic manufacturing requirements

Attractive Plasma-Derived Protein Therapeutics Industry

Positive Industry Dynamics

The Global Market for Plasma-Derived Protein Therapeutics $ Bn

2005 – 2011 Market CAGR: 7.9% 2012 – 2017 Market CAGR: 9.1%

Source Blood: The Worldwide Market for Blood Products, Blood Testing, Blood Equipment, and Synthetic Blood; Exhibit 31; February 1, 2011

Favorable Growth Forecasts

CAGR = 7.9%

CAGR = 9.1%

1

11

Patients suffering from AAT Deficiency (“AATD”) remain under-identified and under-treated

– Only ~5% of cases treated in the US and ~2% in EU

– Many patients are frequently misdiagnosed

Simple blood test for diagnosis and increased disease awareness activities is expected to impact demand

AAT products have the potential to treat additional indications including newly-diagnosed type-1 diabetes, CF, bronchiectasis, COPD and other orphan indications

Greater AAT use in Europe and other geographies could further accelerate market growth

Chronic, life-extending therapy helps increase demand

Average annual cost of treatment estimated at ~$80-$100K per patient

Significant Opportunity to Expand the AAT Market

Sustainable Market with Strong Growth Potential North America and Europe AATD Patient Counts

Source MRB and Company estimates

2

Source Alpha 1 Foundation, MRB and Company estimates

200

20

70

50

100

150

200

250

Estimated Prevalence Currently Identified Currently Treated

(000s)

~

~ ~

12

Product Attributes

Baxter commenced US sales in September 2010

Agreements: distribution, technology license and fraction IV supply

Product: AAT IV (Glassia®), including future AAT IV

Territories: US, Canada, Australia and New Zealand

Milestone revenues: $45MM ($30MM received)

Royalties from sales of Glassia® produced by Baxter expected from 2015

26

12

1

0

5

10

15

20

25

30

2009A 2010A 2011A

Growth of Glassia® Driven by Differentiated Product Profile and Strategic Partnership

Does not require reconstitution and mixing before injection

Reduced risk of contamination and infection due to the preparation for infusion

Simple and easy to use by the patient or nurse

Potential reduction of the nurse's time during home visits, in the clinic or in the hospital

Reduced risk for adverse and/or allergic reaction due to the absence of stabilizing agent(s)

Key Product Advantages AATD Product Sales and Milestone Revenues

$MM

3

Strategic Partnership with Baxter

First and only liquid, ready-to-use, intravenous plasma-derived AAT product approved by the FDA for the treatment of AATD

Naturally occurring protein found in fraction IV

Approved by the FDA in July 2010 for chronic augmentation and maintenance therapy in adults with emphysema due to congenital AATD

Currently sold in five countries, with a majority of sales in the US

13

Valuable R&D Pipeline Focused on Orphan Indications

Immuno-modulatory Tissue Protective

AAT is a protein derived from human plasma with known & newly discovered therapeutic roles

Anti Inflammatory Antimicrobial

Indication

Phase

Orphan Drug Designation

Inhaled AAT for AATD

B1 – AAT (IH) C1 – AAT (IH) D1 – AAT (IV) Potential Additional Indications (1)

AATD Bronchiectasis Cystic Fibrosis Type-1 Diabetes

COPD

Transplant rejection

Graft-versus-host-disease

Phase II/III in Europe

Entering Phase II in US

Phase II (Completed in

Israel)

Phase II (Completed in

Israel)

Phase II (Completed in

Israel)

a a a a

4

Note

1. Pre-clinical indications

14

Inhaled AAT for AATD is a Novel, Late-Stage Pipeline Product …

AAT is inhaled by AAT deficient subjects who lack AAT and experience inflammation and occurrence of emphysema

Sound scientific rationale

Product is directed to the site of action – the lung Targets site of action

Deposition pattern was found appropriate to support lung disease in mid/periphery lung regions – as in AATD

Deposition pattern

In use since 1987. Inhaled AAT for AATD by Kamada is not an entirely brand new product. Glassia® has been on the market in the US since July 2010

AAT is not a new product

Inhaled formulation of AAT has been in clinical development since 2006 and demonstrated high safety record to date

Safety experience

Inhaled formulation of AAT has suggested capability to reduce lung inflammation, providing a treatment rationale

Efficacy indications

Non-invasive and more convenient than existing IV treatments; option for home treatment Improved patient experience

Strategic distribution agreement, covering EU, Turkey and ex-CIS, announced August 2012 Chiesi strategic partnership

4

15

Dedicated eFlow Device Developed Specifically by PARI Pharma for Kamada’s Inhaled AAT

CE marked in EU

Generates particle size of ~3 microns, well-suited for an appropriate lung deposition of AAT

Exclusive, worldwide license to use the eFlow device for the clinical development, registration and commercialization of the inhaled formulations of AAT

Enables direct access to the diseased lung tissues

Device was used in the Phase II – Lung Deposition study, as well as Phase II/III Inhaled AAT for AATD clinical trials in Europe, as well as Phase II bronchiectasis and Phase II cystic fibrosis clinical trials

eFlow Device Technology Highlights eFlow Device

4

16

Inhaled AAT Product Development on Track

Trial Design

Results

Conclusions

Phase IA Phase IB Phase II – Lung Deposition

Single blind, placebo controlled 24 healthy subjects Single administration

No significant changes in vital signs or spirometry / labs One, possibly related AE – sense

of dry mouth No deaths and no SAEs, no

withdrawals

High safety profile, comparable to placebo Single-dose administration of

inhaled formulation of AAT was safe and well tolerated

Single blind, placebo controlled 15 healthy subjects Repeated administration

There was no drug-related AEs Immunogenic markers in

Epithelial lining fluid which did not indicate any changes from baseline

High safety profile, comparable to placebo Repeat daily administration was

safe and well-tolerated

Three treatment groups – 2: Healthy volunteers – 7: COPD patients with

emphysema – 7: Cystic Fibrosis

AAT reaches lung periphery, even in severe COPD patients including upper and mid lung regions

The deposition pattern demonstrated in the study supports different respiratory indications, including AATD, cystic fibrosis and bronchiectasis

4

17

Inhaled AAT for AATD in Pivotal Phase II/III Trials in Europe and Entering Phase II in the US

International study: Western EU (UK, IR, SC, SW, NL, DK), GR and Canada

Over 160 AATD subjects, naïve. (subset of AAT IV users incl.)

Placebo controlled

50 wk treatment; daily treatment 50 wk open label extension

Exacerbation events

Lung Function

CT scan

QoL

Multi center

Inhalation of human AAT, 2* 80 mg (twice daily) 10-15 minutes eFlow device

Double Blind

Randomized

Clinical endpoints

Route & Dosage Form

Duration

Sample size of approximately 36-40 subjects

Placebo controlled

12 weeks Regulatory Status

Inhalation of human AAT; two dosage groups (80mg and 160mg daily); eFlow device

Double Blind

Randomized

Clinical endpoints

Route & Dosage Form

Duration IND Approved

Primary endpoints: safety and tolerability Secondary endpoints: PK parameters in ELF and serum

4

Phase II / III EU Phase II US

18

… Expected to Launch 2015 in the EU and 2016 in the US

Indicative Development Timeline:

EU

U

S

Phase II/III Inhaled AAT for AATD clinical trial results

Completion of Phase II Inhaled AAT for AATD clinical trial

Inhaled AAT for AATD MAA filing

US launch for Inhaled AAT for AATD (if approved)

LPI Phase II/III Inhaled AAT for AATD clinical trial

Initiation of Phase II Inhaled AAT for AATD clinical trial

EU launch for Inhaled AAT for AATD (if approved)

2015 Q4 2012 Q1 2014 Mid-2014 2013 2016

4

19

Additional High Value Orphan Indications

B1: Bronchiectasis C1: Cystic Fibrosis D1: Type-1 Diabetes

Trial Conclusions /

Next Steps

Inhaled formulation of AAT was safe and well tolerated in bronchiectasis patients when inhaled daily for 12 weeks

Efficacy results suggested a positive effect of AAT on inflammation of the lungs

– Efficacy results not statistically significant due to small number of patients and variability of patients’ disease severity

Currently evaluating regulatory path for next Phase II or Phase II/III clinical trials

Pending strategic partnership

Phase II trial demonstrated that inhaled formulation of AAT was safe and well tolerated when inhaled daily for 28 days

Suggested an anti-inflammatory effect through the usage of the inhaled formulation of AAT in cystic fibrosis patients

FDA approved IND Phase II trial in December 2012

Pending strategic partnership

Glassia® has a high safety and tolerability profile

Results may indicate that AAT exerts a protective effect on beta-cells, slowing disease progression and re-modulation of the autoimmune attack

– Long-term, placebo-controlled studies with larger cohorts are needed to confirm this effect

Currently evaluating regulatory path for next Phase II or Phase II/III clinical trials

Stage

Completed Phase II

Double-blind, placebo controlled trials completed

21 patients

Completed in Israel

Completed Phase II

Double-blind, placebo controlled study

21 patients (adults and children)

Completed in Israel

Completed Phase I/II

– Open Label, Proof of Concept, Study of the Safety, Tolerability and Efficacy of AAT (Glassia®)

– 24 newly diagnosed type-1 diabetes pediatric patients

– Completed in Israel

4

20

End-of-study slope analysis of C-peptide[max] and C-peptide[AUC] revealed no significant changes from baseline

Clinical Development for Newly Diagnosed Type‐1 Diabetes: New Exciting Prospects

Specific diabetes antibody levels decreased in all groups from baseline to study completion, a decrease that may indicate an immune modulatory effect

HbA1C data indicated that almost all patients reached glycemic control

At end-of-study, 38% of patients decreased insulin dose

All subjects completed the study. No Serious AEs occurred. AEs were mild and mostly infusion-related (fatigue, headache)

4

AUC% for C-peptide decreased 23% from baseline vs. ~40-50% expected decrease after 12-15M from diagnosis (1)

Note

1. Greenbaum CJ, et al. Diabetes. 2012;61:2066-2073

7.5% HbA1c7.5% HbA1c

21

Integrated, Efficient, Scalable Platform Technology

Fully-Invested Manufacturing Facility

FDA approved since 2010

cGMP compliant

Multiple countries' certifications (US, Brazil, Israel, Mexico, Russia)

State-of-the-art clean room environment

Located in Beit Kama, Israel

Proprietary, Innovative and Patented Technology Platform

Chromatography-based purification process

Enables high purity extraction

Ready-to-use, liquid and stable specialty protein therapeutics (AAT, Albumin, Transferrin and many others)

Enables production of almost any human plasma-derived specific immunoglobulins

Benefits

Enables manufacturing of plasma-derived protein therapeutics with differentiated product profiles

Efficient production process with higher yield than manufacturing methods employed by competitors

High safety profile and proven track record

Infrastructure in place to meet future pipeline product demand

= +

5

22

Existing Anchor

Products

Compelling Investment Driven By Multiple Pillars of Growth

Profitable unit

Sales in 15 countries

Predictable, stable

business

Existing Anchor

Products

+

Glassia®

(AAT-IV) in US

+

Inhaled AAT for

AATD in

Europe & US

+

New Geographies

+

Additional

Unencumbered

Pipeline Products

Glassia®

(AAT-IV) in US

Estimated only ~5% of

cases treated in US

Annual therapy costs

~$80K – $100K per

patient

Partnered with Baxter

solely for IV products in

the US (agreement

also covers Canada,

Australia and New

Zealand)

Key geographies

retained

New Geographies

Potential to sell existing

and new products into

new geographies

Capital-efficient

strategy minimizes

outlay required by

Kamada

Additional

Unencumbered

Pipeline Products

D1-AAT (IV):

Type-1 diabetes in

Phase I/II

(Unencumbered

outside of US, Canada,

Australia and New

Zeland)

C1-AAT (IH):

Cystic fibrosis

completed Phase II

(Unencumbered)

B1-AAT (IH):

Bonchiectasis

completed Phase II

(Unencumbered)

Multiple other high

potential applications

for AAT including:

COPD, transplant

rejection, inflammatory

bowel disease, graft-

versus-host-disease,

ischemic heart disease

and multiple sclerosis

Inhaled AAT for

AATD in

Europe & US

Estimated only ~2% of

cases treated in

Europe

Estimated only ~5% of

cases treated in US

Orphan drug

designation in US and

EU

Partnered with Chiesi

for Inhaled AAT for

AATD in Europe only

Distribution (no

technology out-

licensed in Europe)

Unencumbered in US

The Kamada

Pillars

23

Financials

24

Pipeline products expected to accelerate revenue growth 1

Strong Financial Profile with Revenue Growth and Expanding Profitability

2 Margin expected to improve due to better product mix

5 Low capital expenditure to support infrastructure to meet future demand

6 No Israeli income tax expected to be paid until 2017

3 Efficient operating expense due to strategic partnership model

4 Stable, profit generating revenue stream from marketed products

25

$MM FY2009 FY2010 FY2011 9M/11 9M/12

Proprietary Products

10 23 35 22 31

Growth 130% 54% 39%

Distribution 4 11 24 16 21

Growth 187% 110% 25%

Total Revenues 14 34 59 38 51

Growth 146% 73% 33%

Gross Profit (3) 6 17 10 14

R&D (9) (9) (12) (8) (9)

S&M and G&A (5) (7) (7) (5) (5)

EBITDA (12) (6) 1 (0) 4

Note

1. Do not add due to rounding

(1)

(1)

(1)

Sustained and Rapid Growth has Made Kamada EBITDA Positive Within 3 Years of Growth

26

Initial Public Offering on the Tel Aviv Stock Exchange (KMDA)

Strategic agreement with Pari

US FDA approval for Glassia®

Strategic agreement with Baxter

First sale in the US

Strategic agreement for Rabies in the US with Kedrion

Anti-Snake Venom launch

Strategic agreement with Chiesi

LPI the Phase 2/3 Inhaled AAT for AATD trial (EU)

Newly diagnosed type-1 diabetes Phase 2 trial completed

Initiated open label extension for Phase 2/3 Inhaled AAT for AATD trial (EU)

Increased sales, profitability and production capacity

August 2005

January 2013

Consistent Track Record of Execution

27

Completion of Phase 3 for the Rabies lg in the US 2013

Initiation of Phase 2 for Inhaled AAT for AATD in the US 2013

Initiation of Phase 2 or 2/3 for type-1 diabetes 2013

Completion of Phase 2/3 Inhaled AAT for AATD trial (EU) 2013

Strategic agreements 2013/4

Completion of Phase 2 for Inhaled AAT for AATD trial (US) 2014

MAA submission for Inhaled AAT for AATD 2014

Rabies product launch in the US (if approved) 2014/5

Inhaled AAT for AATD launch (EU) (if approved) 2015

Inhaled AAT for AATD launch (US) (if approved) 2016

AAT IV for newly diagnosed type-1 diabetes launch (if approved) 2017

Additional geographic expansion 2013 & beyond

Milestone Date

Future Milestones and Value Creation

28

Attractive Plasma-Derived Protein Therapeutics Industry 1

Investment Highlights

2 Significant Opportunity to Expand the AAT Market

3 Glassia® Growth Supported by Differentiated Product Profile and Strategic Partnership

4 Valuable R&D Pipeline Focused on Orphan Indications

5 Integrated, Efficient, Scalable Platform Technology

6 Strong Financial Profile with Increasing Profitability

29

Appendix

30

Chronic & severe lung inflammation

AAT Deficiency

Lack of AAT

Excess Ne

Imbalance

Destruction of lung parenchyma

Worsening of emphysema

Loss of lung function

Increase in severity & frequency of exacerbation

Progression of disease Disease deterioration

“Vicious cycle” of disease deterioration

Further loss in lung function

Reduced quality of life, increased disability and mortality

Measurable

From Inflammation through Emphysema to Disease Progression in AATD

31

Manufacturing

FDA approved and cGMP compliant facility located in Beit Kama, Israel

– Passed US FDA inspection in 2010 and Israeli Ministry of Health cGMP audit in July 2011; Russian Ministry of Health and similar authorities in Brazil and Mexico have also approved / conducted successful quality-assurance audits

State-of-the-art clean room environment

Facility organized on production-series process so that the facility produces one product only at any one time

– Plant operates three shifts per day, six days per week, depending on production plans

– Facility also devoted to producing materials for R&D purposes

Sufficient existing capacity to supply Glassia® and product pipeline through foreseeable future

Raw materials (mainly plasma/fraction IV) obtained from multiple suppliers regulated by US FDA and EU EMA

32

IP

Five patent families in multiple countries, including the US, Europe and other

countries

– Manufacturing process patents considered material to operation of business

– Focus is on seeking / maintaining patent protection in the US, the EU and Israel

Additional protection provided by ‘know how’ and trade secrets

Orphan Drug Designation received:

– Inhaled AAT for AATD: US and EU

– Inhaled AAT for Cystic Fibrosis: US and EU

– Inhaled AAT for Bronchiectasis: US

– AAT IV for Newly Diagnosed Type-I Diabetes: US

33

Reconciliation of EBITDA to the IFRS Net Loss

Year Ended December 31,

Nine Months Ended September 30,

($000s) 2010 2011 2011 2012

Net Loss (14,421) (3,715) (4,170) (2,804)

Income tax expense — — — 600

Financial expense, net 2,528 2,727 2,051 2,090

Depreciation and amortization expense 2,640 3,040 2,274 2,283

Share-based compensation charges 1,620 878 648 974

Expense (Income) in respect of translation differences and derivatives instruments, net

1,052 (937) (635) 15

Expense (Income) in respect of revaluation of warrants fair value

640 (540) (530) 554

EBITDA (5,942) 1,453 (362) 3,712