The presenters from Medivir at 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 2 2 3 3 1 3 2 2 1 1 1 1 1 1 1 2 1 2 3 3 2 1 1 2 1 2 2 1 2 1 2 1 2 2 2 3 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 Lipsovir Protease based Polymerase based (HIV Franchise & HCV Pol)

Stabilizing the business by adding a mix of partnership structures

Future potential sources of revenues Existing license agreements Potential new license agreements Pharma Sales HEPATITIS C PI (TMC 435350) LIPSOVIR QUID(S) HIV PI MIV 701 & new cathepsin K inhibitors CO-PROMOTION HIV Franchise Partners Late Discovery Projects (COPD ) ACQUISITIONS Other Discovery Projects (BACE, Renin and cathepsin S) Future revenues will be used to finance operations towards profitability and to build pharma sales

Pipeline January 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

Operational focus and activities 2008 1(2) LIPSOVIR 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 HEPATITIS C (TMC-435350) Broad preclinical program – follow-on candidate drug to be selected during the spring The partnering process will be initiated shortly CATHEPSIN K (MIV-701) Hep C-info needs to be confirmed… COPD, Renin, BACE etc Evaluate interest for broad partnerships

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 PHARMA SALES 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 HIV FRANCHISE 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 FINANCE