For more information be invited to: ELSC European Parliament, Brussels, December 19, 2006 Dr. Katherine Cohen, EPA Vice President Corporate Licensing & IP Phone:

ELSC, December 19, 2006Dr. Katherine CohenPAGE 1 Safe Harbour Statement These materials are not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended (the “Securities Act”). The shares of Intercell AG (the “Company”) have not been and will not be registered under the Securities Act and will be offered and sold in the United States only to qualified institutional buyers in reliance on Rule 144A and outside the United States in reliance on Regulation S. You should not base your decision to invest in the Company’s shares on these materials. Any decision to invest in the Company’s shares should be based solely on the information contained in the offering document (the “Offering Document”) that will be prepared in connection with the offer and sale of the Company’s shares referred to herein (the “Offering”). The Offering will be made only to qualifying investors by means of the Offering Document. These materials are strictly confidential and must not be disclosed or distributed to third parties. During the course of this presentation, the Company may make projections or other forward-looking statements regarding, among other things, the progress, timing and completion of our research, development and clinical trials for product candidates, the Company’s ability to market, commercialize and achieve market acceptance for product candidates, its ability to protect its intellectual property and operate its business without infringing on the intellectual property rights of others, the Company’s estimates for future performance and its estimates regarding anticipated operating losses, future revenues, capital requirements and our needs for additional financing. In addition, even if the Company’s actual results or development are consistent with the forward-looking statements contained in this presentation, those results or developments may not be indicative of the company’s results or developments in the future. In some cases, you can identify these forward looking statements by words such as “could,” “may,” “expects,” “anticipates,” “believes,” “intends,” “estimates,” or similar words. These forward-looking statements are based largely on the Company’s current expectations as of the date of this presentation and are subject to a number of known and unknown risks and uncertainties and other factors that may cause its actual results, performance or achievements to be materially different from any future results, performance or achievement expressed or implied by these forward-looking statements. In light of these risks and uncertainties, there can be no assurance that the forward-looking statements made during this presentation will in fact be realized. Except as otherwise required by applicable securities laws, we disclaim any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These materials are directed only at persons (I) who are outside the United Kingdom or (II) who have professional experience in matters relating to investments falling within article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the “Order”) or (III) who fall within article 49(2)(a) to (d) (high net worth companies, unincorporated associations, etc.) of the Order (all such persons together being referred to as “Relevant Persons”). Any person who is not a Relevant Person must not act or rely on this communication or any of its contents. Any investment or investment activity to which this communication relates is available only to Relevant Persons and will be engaged in only with Relevant Persons.

ELSC, December 19, 2006Dr. Katherine CohenPAGE 2 History of medicine is made of the history of human inventions It takes a scientist to discover lead molecules It takes an industry to make medicines

ELSC, December 19, 2006Dr. Katherine CohenPAGE 3 Biotech – Born and Grown Spin-off Public stock market listing Venture Capital Finance » Advances in molecular biology, genetics and genomics laid foundations for biotech industry »Patents=Conceptual assets, have played a vital role for the birth of biotech companies: –In 1980th, genetically manipulated organisms became patentable –In 1980th, the Bayh-Dole Act allowing federal resource funding recipients to secure patents

ELSC, December 19, 2006Dr. Katherine CohenPAGE 4 People: » Management board:G. Zettlmeissl (CEO), A. von Gabain (CSO and founder), W. Lanthaler (CFO) & T. Lingelbach (COO) » Supervisory board:M. Gréco, E.G. Afting, S. Bakali, D. Ebsworth, J. Sulat, H. Wigzell » SAB: R. Ahmed, H. Blum, S. Cohen, F.X. Heinz, S. Kaufmann, S. Normark, H. Wigzell Intercell, an international biotech player, a spin off from a Viennese University Chair History: Spin off from the Campus Vienna Biocenter, IMP and University Today more than 170 employees from 16 nations in Vienna, Edinburgh & North Carolina, USA Partners: Merck (USA), Sanofi Aventis, Novartis, Wyeth, Kirin, SSI, Biological E, EC, NIH, CDC, WRAIR, AERAS foundation, Karolinska, MPI, GBF and many more academic organizations Products: Therapeutic & prophylactic vaccines based on the latest stage immunology and vaccine technology Funding: Since 2005 listed at the ATX (ICLL): Today’s Market cap: approximately $ 700m

ELSC, December 19, 2006Dr. Katherine CohenPAGE 5 Growth through new products, innovation and partnerships New products INTERCELL – A SMART VACCINE COMPANY Manu- facturing capacities Commer- cialization partnerships Antigen technology (AIP ® ) Adjuvant technology (IC31 TM ) Today’s focus

ELSC, December 19, 2006Dr. Katherine CohenPAGE 6 Borrelia EU Grant Travelers’ diarrhea In-house Group B StreptococcusTo be partnered Enterococcus, Pseudomonas and other targets To be partnered More targetsIn-house TargetPartnerAntigen Identification Program (AIP ® ) Antibodies Vaccines PathogenTotal repertoire of potential antigens Identified Antigens Antibodies of humans exposed to the disease select protective antigens Bacterial genome Intercell antigen identification program: antigens for vaccines and therapeutic antibodies S. aureus (Phase I)* Non-disclosed bacterial S. aureus Pneumococcus Group A Streptococcus * In clinical trials VACCINE INNOVATION: INTERCELL ANTIGENS Group A Streptococcus S. pneumoniae In-house &

ELSC, December 19, 2006Dr. Katherine CohenPAGE 7 Source: Intercell Substantial growth of portfolio Number of patent families VC-1 st VC-2 nd VC-3 rd IPO

ELSC, December 19, 2006Dr. Katherine CohenPAGE 8 Substantial short- and long-term potential »Mature and diverse product pipeline  Novel Japanese Encephalitis Virus (JEV) vaccine –Positive data from Phase III trials –Expected market launch in 2007/08, Marketing and distribution alliance with Novartis;  Innovative Hepatitis C (HCV) therapeutic vaccine in Phase II  Pseudomonas vaccine in Phase II*  S. aureus and Tuberculosis vaccines in Phase I (with partners)  Pneumococcus vaccine development initiated (funded by PATH)  Several additional vaccine candidates in preclinical development »Novel vaccine platforms (Antigen Identification Program, AIP ® and Vaccine Improvement Program, VIP-IC31 TM ) »Strong patent position »Multiple product partnerships INTERCELL TODAY * Acquisition of Pelias

ELSC, December 19, 2006Dr. Katherine CohenPAGE 9 Performance of share price since IPO -20% 80% 60% 40% 20% 0% 120% 140% 160% 180% 200% 100% Feb 28, 2005 Jan 13, 2006 Oct 13, 2006 Apr 13, 2005 May 31, 2005 Jul 12, 2005 Aug 24, 2005 Oct 11, 2005 Nov 24, 2005 Mar 1, 2006 Apr 18, 2006 Jun 1, 2006 Jul 18, 2006 Aug 30, 2006 Intercell Nasdaq

ELSC, December 19, 2006Dr. Katherine CohenPAGE 10 * text Source: Intercell Patents Bring Value to Society Jobs Industry Economy Innovations Patents Entrepreneurs Medicine

ELSC, December 19, 2006Dr. Katherine CohenPAGE 11 A Few Patent Issues on the Biotech’s Agenda »Genomic Research vs. Functional Validation »Patent Costs »Effective Term of Patent

ELSC, December 19, 2006Dr. Katherine CohenPAGE 12 For more information be invited to: