The presenters from Medivirat the Carnegie lunch January 21

Lars Adlersson CEO Prof Bertil Samuelsson, VP Discovery and

Research Rein Piir, CFO / IR

Stabilizing the business by entering new therapeutic areas

Projects in pipeline 2003 2004 2005 2006 2007

Phase III

Phase II

Phase I

Preclin. development.

Late research

Research

Lipsovir

Protease based

Polymerase based(HIV Franchise & HCV Pol)

2

2

2

1

1

12

2 2 1 1

3222

1

1 1 1 2

1

2

1

11

3

3

2

3

1

3

2

2

1 32

90% of 2007 deal value is linked to protease based projects 100% of internal resources are invested in protease based projects, Lipsovir being the only exception

Stabilizing the business by adding a mix of partnership structures

Partners 2003 2004 2005 2006 2007Clinical 4 3 1 4 5Preclinical 3 4 2 6 4

MSEK 2003 2004 2005 2006 2007 P

Sales 64 85 105 129 240

Operating cost -166 -182 -186 -270 -276

Cash burn -93 -85 -73 -140 -41

Cash year end 239 441 302 195 370

Future potential sources of

revenues Existing license

agreements

HIV PI

HEPATITIS C PI(TMC 435350)

HIV Franchise Partners

Potential newlicense agreements

MIV 701& new cathepsin K inhibitors

LIPSOVIR

Late Discovery Projects(COPD )

Pharma Sales

QUID(S)

CO-PROMOTION

ACQUISITIONS

Future revenues will be used to finance operations towards profitability and to build pharma sales

Other Discovery Projects(BACE, Renin and cathepsin S)

PipelineJanuary 2008

TMC4353350 - Phase IIa Clinical Trial

• The OPERA-1 trial will assess the number of patients that achieve RVR (undetectable virus at week 4)

• The OPERA-1 trial will be able to assess number of patients achieving SVR (after 4 weeks of combo therapy plus 24 or 48 weeks of IFN plus RBV)

• The Phase IIa RVR data available already H1 2008, will initiate the design and start of the phase IIb trial (OPERA-2)

• Statement - There is a place for next generation HCV PI like TMC435350 with:

High potency – low drug load Once-daily – good compliance resulting in increased efficacy Large forgiveness factor – higher efficacy Less side effects – possible from shorter duration of treatment More treatment options – exclude ribavarin from therapy

HEPATITIS C(TMC-435350)

LIPSOVIR

Operational focus and activities 2008 1(2)

• First to prevent outbreaks of cold sores?• Phase III results available late Q1 2008• Partnering discussions ongoing• The aim is to have the commercial strategy, including partner/s in place by the end of 2008• First regulatory approval is expected H1 2009

• Phase Ib completed with excellent results – to be presented in April• Phase IIa initiated – results will probably be presented in Q4• Phase IIb could start before year end

CATHEPSIN K(MIV-701)

• Broad preclinical program – follow-on candidate drug to be selected during the spring• The partnering process will be initiated shortly

COPD, Renin, BACE etc

• Evaluate interest for broad partnerships

HIV FRANCHISE

PHARMA SALES

Operational focus and activities 2008 2(2)

• Portfolio sourcing exercise has begun• Co-marketing discussions with a few selected companies initiated• Infrastructure can be put in place with short notice

• Two phase IIb trials with Valomaciclovir recently initiated Head-to-head vs market leader for shingles – once daily vs three times daily and for the treatment of acute infectious mononucleosis • Chinese condom coating initiative well underway

FINANCE• Cash end-of 2007 ~SEK 370m• Substantially lower expenses level (appr. SEK 190m) during 2008 • Future revenues will be used to extend runway and build pharma sales