Medivir AB Aktiespararna i Norrköping 18 April 2007

Medivir AB Aktiespararna i Norrköping 18 April 2007 Rein Piir, CFO / IR

2006 – Delivery according to Strategy Progress protease projects Q 2 • Outlicensing of HIV PI • Prolonged agreement on HCV PI Finding new harbours for polymerase projects • Outlicensing of MIV-210 • Outlicensing of MIV-606 • Outlicensing of MIV-170 Q 3 Secure Lipsovir approval in 2008 Q 4 • HCV PI: Tibotec files CTA • Milestone (EUR 2. 5 m) • Outlicensing of MIV-310 • Outlicensing of MIV-410 Q 1 • HCV PI: Start of phase I • Milestone (EUR 2. 5 m) • MIV-701: Start of phase I • Outlicensing of MIV 160 • MIV-606: Shares in Epiphany and milestone (USD 0. 5 m) • Lipsovir enters Phase III • Enrollment update: 60% of patients treated in pivotal trial 2

Next phase in Medivir transformation A focused pharmaceutical company Nordic marketing rights for all projects and possible product from J&J Successful outlicensing of 6 polymerase projects. Strong partnerships with deal value in excess of 400 MUSD plus royalties 3

Medivir: pipelines and partners 4

Key Projects LABIAL HERPES HEPATITIS C OSTEOPOROSIS Lipsovir ®, Phase III studies completed late 2007. Market approval by end of 2008. Collaboration with Tibotec / Johnson & Johnson. Phase I trials ongoing. MIV-701, Phase I trials ongoing. Further indications such as OA, RA and bone metastases explored. 5

Labial Herpes (Lipsovir®, ME-609) • First drug to treat and prevent cold sores • Low-risk — based on safe, well-documented and already marketed compounds • Goal: Marketing permission from regulatory authorities by 2008 6

Dual mechanism of action HSV-1 Immune response 7

Dual mechanism of action HSV-1 Current drugs Immune response 8

Dual mechanism of action HSV-1 Lipsovir® Immune response 9

Lipsovir ®: first product to show prevention Prevention of cold sores Reduction in lesion healing time Acyclovir No 10 - 12% Penciclovir No 13 - 15% Docosanol (Abreva) No (15%) Acyclovir No 9 - 13% Valaciclovir No 10 – 11% Yes, 29% 11% (19%*) Treatment Topical vs placebo Oral vs placebo Lipsovir® vs placebo * Episode duration 10

Labial Herpes ( Lipsovir ®) Market • Global market $666 M; split 33% OTC, 67% Rx • Additional $400 M palliative OTC market (estimate) • Strong annual growth: OTC +$11. 6% and Rx +$9% • Cold sore treatments second fastest growing OTC category Process • Phase III ahead of schedule, more than 60% of patients treated by January 2006 • Data from pivotal trial during autumn 2007 • Estimated approval by end of 2008 • Potential upside in genital herpes Patent/generic competition • Patents protect Lipsovir from generic competition until 2016 -2021 • Uncommonly difficult and time-consuming for competitors to register a copy of a topical drug as all clinical trials must be repeated Partner strategy • Finalize phase III on our own - partnerships for market launches 11

Lipsovir ® consumer interest Strong interest in the concept: 1 in 4 in the UK and 1 in 3 in the USA claim they ‘would definitely buy’ Around three quarters of sufferers express an interest in Lipsovir® Definitely would buy Probably would buy Might or might not buy Probably would not buy Definitely would not buy Primary market research 403 (UK) 411 (US) respondents 12

Physician prescribing habits post Lipsovir ® • Physicians are willing to prescribe a new cold sore remedy • When asked what they would prescribe on the next 10 occasions, Lipsovir claims a 45% share of prescriptions, making it the leading product and drawing users from all 3 principal Rx brands (Zovirax, Valtrex, Denavir) Primary market research Base: 225 physicians who have prescribed cold sore remedies 10+ times in the last 12 months 13

Hepatitis C - HCV PI Market • 170 -200 million infected globally • Over 50% non-responders to current treatments, growing medical need • Key enzyme for virus replication Estimated market value in 2010: 7. 8 billion USD Process • Partnership with Tibotec / Johnson & Johnson since November 2004 • Candidate drug selected 2005 • CTA submitted December 2006 • Phase I trials started February 2007 Patents • Extensive and non-limiting IP published July 2005 Enzyme inhibiting compound 14

MIV-701 (Bone Disorders) • MIV-701 selectively inhibits the bone and cartilage degrading enzyme cathepsin K • Osteoporosis, osteoarthritis and bone metastases Bone surface • Target profile: • Improved bone quality (c/f bisphonates ) • Bone growth capability Cath K • Once-daily oral dosing • Strong Back-up program in place with pre-CD’s selected Osteoclast 15

MIV-701 (Bone Disorders) Market • Approx 100 million patients in major growing markets (osteoporosis only) • Global osteoporosis market 11 billion USD by 2008 • Strong interest in cathepsin K inhibition from major pharma companies Process • Clinical phase Ia trials commenced March 2007 • Phase Ib trials planned for late 2007 Patent/generic competition • Patent applications being processed • Expected patent protection until 2025 Partner strategy • Establish industrial partnership after completion of phase Ib (2008) 16

“The Protease Discovery Engine” – A reliable repeat innovator HIV – PI –Collaboration project with Tibotec / Johnson & Johnson MMP- COPD –Collaboration with Hengrui –Extensive IP, excellent results in pre-clinical disease model –Next step: selection of Candidate Drug Renin - Hypertension –IP compiled for three distinct and potent inhibitor series –Next step: studies in a pre-clinical efficacy model Cathepsin S – RA, MS and pain –Potent and selective inhibitors –Efficacious in preclinical disease models –Fine-tuning of PK properties Several early protease programs, e. g. Alzheimer's (BACE inhibitors) and novel cholesterol lowering MOA Large inhibitor libraries and proprietary technologies –facilitate CD generation against any new protease target 17

The journey ahead LIPSOVIR HEPATITIS C MIV-701 HIV FRANCHISE • Phase III data, autumn 2007 • Partnership agreement(s ) • Market registration, end-2008 • Phase I data during 2007 • Possibility to receive “approved drug” from Johnson & Johnson • Phase I data during 2007 • Partnership post phase I • MIV-170: Entry into phase I by late 2007 • MIV-606 start of phase IIb trials • New clinical trials and new data in other outlicensed projects 18

Next step in company transformation ® R OVI LIPS A profitable pharmaceutical company with its own research and sales