For more information be invited to: www.intercell.com

ELSC

European Parliament, Brussels, December 19, 2006

Dr. Katherine Cohen, EPAVice President Corporate Licensing & IP

Phone: +43-1-20620-104E-mail: kcohen@intercell.com

ELSC, December 19, 2006

Dr. Katherine Cohen

PAGE 2

Safe Harbour StatementThese materials are 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 under the U.S. Securities Act of 1933, as amended (the “Securities Act”). The shares of Intercell AG (the “Company”) have not been and will not be registered under the Securities Act and will be offered and sold in the United States only to qualified institutional buyers in reliance on Rule 144A and outside the United States in reliance on Regulation S. You should not base your decision to invest in the Company’s shares on these materials. Any decision to invest in the Company’s shares should be based solely on the information contained in the offering document (the “Offering Document”) that will be prepared in connection with the offer and sale of the Company’s shares referred to herein (the “Offering”). The Offering will be made only to qualifying investors by means of the Offering Document. These materials are strictly confidential and must not be disclosed or distributed to third parties.During the course of this presentation, the Company may make projections or other forward-looking statements regarding, among other things, the progress, timing and completion of our research, development and clinical trials for product candidates, the Company’s ability to market, commercialize and achieve market acceptance for product candidates, its ability to protect its intellectual property and operate its business without infringing on the intellectual property rights of others, the Company’s estimates for future performance and its estimates regarding anticipated operating losses, future revenues, capital requirements and our needs for additional financing. In addition, even if the Company’s actual results or development are consistent with the forward-looking statements contained in this presentation, those results or developments may not be indicative of the company’s results or developments in the future. In some cases, you can identify these forward looking statements by words such as “could,” “may,” “expects,” “anticipates,” “believes,” “intends,” “estimates,” or similar words. These forward-looking statements are based largely on the Company’s current expectations as of the date of this presentation and are subject to a number of known and unknown risks and uncertainties and other factors that may cause its actual results, performance or achievements to be materially different from any future results, performance or achievement expressed or implied by these forward-looking statements. In light of these risks and uncertainties, there can be no assurance that the forward-looking statements made during this presentation will in fact be realized. Except as otherwise required by applicable securities laws, we disclaim any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.These materials are directed only at persons (I) who are outside the United Kingdom or (II) who have professional experience in matters relating to investments falling within article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the “Order”) or (III) who fall within article 49(2)(a) to (d) (high net worth companies, unincorporated associations, etc.) of the Order (all such persons together being referred to as “Relevant Persons”). Any person who is not a Relevant Person must not act or rely on this communication or any of its contents. Any investment or investment activity to which this communication relates is available only to Relevant Persons and will be engaged in only with Relevant Persons.

ELSC, December 19, 2006

Dr. Katherine Cohen

PAGE 3

• History of medicine is made of the history of human

inventions

• It takes a scientist to discover lead molecules

•It takes an industry to make medicines

ELSC, December 19, 2006

Dr. Katherine Cohen

PAGE 4

Biotech – Born and Grown

Spin-offPublic stock market listing

Venture Capital Finance

» Advances in molecular biology, genetics and genomics laid foundations for biotech industry

» Patents=Conceptual assets, have played a vital role for the birth of biotech companies:

– In 1980th, genetically manipulated organisms became patentable

– In 1980th, the Bayh-Dole Act allowing federal resource funding recipients to secure patents

ELSC, December 19, 2006

Dr. Katherine Cohen

PAGE 5

People:

» Management board: G. Zettlmeissl (CEO), A. von Gabain (CSO and founder), W. Lanthaler (CFO) & T. Lingelbach (COO)

» Supervisory board: M. Gréco, E.G. Afting, S. Bakali, D. Ebsworth, J. Sulat, H. Wigzell

» SAB: R. Ahmed, H. Blum, S. Cohen, F.X. Heinz,S. Kaufmann, S. Normark, H. Wigzell

Intercell, an international biotech player, a spin off from a Viennese University Chair

History:

Spin off from the Campus Vienna Biocenter, IMP and University 1999. Today more than 170 employees from 16 nations in Vienna, Edinburgh & North Carolina, USA

Partners:

Merck (USA), Sanofi Aventis, Novartis, Wyeth, Kirin, SSI, Biological E, EC, NIH, CDC, WRAIR, AERAS foundation, Karolinska, MPI, GBF and many more academic organizations

Products:

Therapeutic & prophylactic vaccines based on the latest stage immunology and vaccine technology

Funding:

Since 2005 listed at the ATX (ICLL): Today’s Market cap: approximately

$ 700m

ELSC, December 19, 2006

Dr. Katherine Cohen

PAGE 6

Growth through new products, innovation and partnerships

New products

INTERCELL – A SMART VACCINE COMPANY

Manu-facturingcapacities

Commer-cializationpartnerships

Antigentechnology

(AIP®)

Adjuvanttechnology

(IC31TM)

Today’s focus

ELSC, December 19, 2006

Dr. Katherine Cohen

PAGE 7

Borrelia EU Grant

Travelers’ diarrhea In-house

Group B Streptococcus To be partnered

Enterococcus, Pseudomonas and other targets

To be partnered

More targets In-house

Target PartnerAntigen Identification Program (AIP®)

An

tib

od

ies

Vac

cin

esPathogen Total repertoire of potential antigens

Identified Antigens

Antibodies of humans exposed to the disease select protective antigens

Bacterial genome

Intercell antigen identification program: antigens for vaccines and therapeutic antibodies

S. aureus (Phase I)*

Non-disclosed bacterial

S. aureus

Pneumococcus

Group A Streptococcus

* In clinical trials

VACCINE INNOVATION: INTERCELL ANTIGENS

Group A Streptococcus

S. pneumoniae In-house &

ELSC, December 19, 2006

Dr. Katherine Cohen

PAGE 8

Source: Intercell

Substantial growth of portfolio

Number of patent

families

5

13

22

32

41

46

5256

1999 2000 2001 2002 2003 2004 2005 2006

VC-1st

VC-2nd

VC-3rdIPO

ELSC, December 19, 2006

Dr. Katherine Cohen

PAGE 9

Substantial short- and long-term potential

» Mature and diverse product pipeline Novel Japanese Encephalitis Virus (JEV) vaccine

– Positive data from Phase III trials– Expected market launch in 2007/08, Marketing and distribution

alliance with Novartis; Innovative Hepatitis C (HCV) therapeutic vaccine in Phase II

Pseudomonas vaccine in Phase II*

S. aureus and Tuberculosis vaccines in Phase I (with partners)

Pneumococcus vaccine development initiated (funded by PATH)

Several additional vaccine candidates in preclinical development

» Novel vaccine platforms (Antigen Identification Program, AIP® and Vaccine Improvement Program, VIP-IC31TM)

» Strong patent position

» Multiple product partnerships

INTERCELL TODAY

* Acquisition of Pelias

ELSC, December 19, 2006

Dr. Katherine Cohen

PAGE 10

Performance of share price since IPO

-20%

80%

60%

40%

20%

0%

120%

140%

160%

180%

200%

100%

Feb

28, 2

005

Jan

13, 2

006

Oct

13,

200

6

Apr 1

3, 2

005

May

31,

200

5Ju

l 12,

200

5Aug

24,

200

5O

ct 1

1, 2

005

Nov 2

4, 2

005

Mar

1, 2

006

Apr 1

8, 2

006

Jun

1, 2

006

Jul 1

8, 2

006

Aug 3

0, 2

006

Intercell

Nasdaq

ELSC, December 19, 2006

Dr. Katherine Cohen

PAGE 11

* text

Source: Intercell

Patents Bring Value to Society

Jobs Industry

Economy

Innovations Patents

Entrepreneurs

Medicine

ELSC, December 19, 2006

Dr. Katherine Cohen

PAGE 12

A Few Patent Issues on the Biotech’s Agenda

» Genomic Research vs. Functional Validation

» Patent Costs

» Effective Term of Patent

ELSC, December 19, 2006

Dr. Katherine Cohen

PAGE 13 For more information be invited to: www.intercell.com