Medivir AB Carnegie Health Care Seminar May 2007

Medivir AB Carnegie Health Care Seminar May 2007 Lars Adlersson, CEO & President Börje Darpö, VP Development Rein Piir, CFO / IR

Basic facts • Listed since 1996 (OME: MVIRB SS) 18 month performance • MCap: ~ USD 190 m • Major shareholders: Staffan Rasjö Founders Handelsbanken Den Norske Bank Skandia • Cash position: SEK 370 m (end-Q 1) • Revenues: SEK 129 m (FY 2006) • Burn rate: SEK 155 m (FY 2006) 2

The strategic journey 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

Pipelines and partners 4

Key projects LABIAL HERPES HEPATITIS C OSTEOPOROSIS Lipsovir®, Phase III data 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®) Herpes virus Immune defense 6

Herpes virus Current drugs Immune defense 7

Herpes virus Lipsovir® Immune defense 8

Lipsovir®: first to show prevention Prevention of cold sores Treatment Topical vs. placebo Acyclovir Penciclovir Docosanol (Abreva) Reduction in episode duration No No No 10 to 12% 17% 15% No No 17% 9 to 20% Yes, 29% 19%* Oral vs. placebo Acyclovir Valaciclovir Lipsovir® vs. placebo * In the Lipsovir study, where prevention of cold sores was demonstrated, the reduction of episode duration refers only to those patients who developed ulcerative lesions. 9 9

Development process 60% treated July 06 Jan 07 Start Phase III Mar 07 Phase III data H 2 07 H 1 08 75% treated Approval end-08 Filing 2009 Genital Herpes? Marketing Partner(s) 10

A billion dollar market Annual value growth: 9% Rx (USD 450 m) Annual value growth: 12% Palliative (USD 400 m) OTC (USD 220 m) 11

Three of four 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- launch of 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 – Opportunities to improve current therapy • Curing a larger proportion of patients – Less than 50% of patients with most common genotype G 1 (>70% in the US) respond to current therapy (peg-Interferon + ribavirin) • Decreasing duration of therapy – Currently 48 weeks for most common and difficult-to-treat genotype 1 • Improving tolerability – Standard-of-care associated with severe side effects (flu-like symptoms, fatigue, depression, hemolytic anemia) – Contraindicated in patients with decompensated liver failure 14

Hepatitis C – Medivir/JNJ program NS 3/4 A: Process • Partnership with Tibotec / Johnson & Johnson since November 2004 • Key protease for virus replication Phase I trials ongoing since February 2007 Strong back-up program • Patents • Extensive and non-limiting IP published July 2005 Collaboration agreement • • • Research funding, milestones & royalty Rights to receive pharmaceutical product for Nordic countries from JNJ at pre-defined point in development Nordic rights retained by Medivir Enzyme inhibiting compound 15

Medivir/Tibotec HCV PI Series • Several series of highly promising NS 3/4 A inhibitors have been developed Data on Compound “A” (an example from the lead series) Enzymatic activity on genotype 1 b (Ki, n. M) <1 n. M Replicon activity on genotype 1 b [IC 50, n. M] <10 n. M In vivo PK, Oral dose: 10 mg/kg • Further optimization of these inhibitors in collaboration with Tibotec Pharmaceuticals Ltd, J&J, has resulted in the selection of a Clinical Candidate Cmax (µM) T 1/2 (h) F (%) 0. 95 5. 4 20 From presentations at the 1 st International Workshop on Hepatitis C Resistance and New Compounds, Boston 25 -26 October 2006 and the 3 rd Anglo-Swedish Medicinal Chemistry Meeting, 11 -14 March 2007, Åre, Sweden 16

Bone disorders (MIV-701) Bone surface • MIV-701 selectively inhibits the bone and cartilage degrading enzyme cathepsin K • Osteoporosis, osteoarthritis and bone metastases • Target profile: • Improved bone quality (c/f bisphonates) Cath K • Bone growth capability • Once-daily oral dosing • Strong Follow-on program in place with pre-CD’s selected Osteoclast 17

Bone disorders (MIV-701) 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) 18

“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 19

Business model Structure: Research & development of protease inhibitors Revenue streams: Upfronts & milestones Sales & marketing of proprietary products Royalties Quids Pharmaceutical sales revenues Own products (e. g. HIV Franchise, HCV PI) Acquired products 20

Key Events Going Forward 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 21

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