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 Lipsovir Protease based Polymerase based (HIV Franchise & HCV Pol)  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

Future potential sources of revenues Existing license agreements HIV PI HEPATITIS C PI (TMC ) HIV Franchise Partners Potential new license 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)

Pipeline January 2008

TMC 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 TMC 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 ) LIPSOVIR Operational focus and activities (2) First to prevent outbreaks of cold sores? Phase III results available late Q 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 H 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 (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