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Addex Pharmaceuticals Corporate Presentation May 2011.

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1 Addex Pharmaceuticals Corporate Presentation May 2011

2 2 Vision Goal: allosteric modulators for human health How: proprietary discovery platform Focus: CNS, metabolic disorders & inflammation

3 3 Financials & Stock Cash through early 2013  CHF63.8 (US$68/€50) million in cash as of Dec 31, 2010  2011 burn guidance CHF28-32 million Market cap (11 May): CHF80 (US$88/€61) million Traded on SIX Swiss Exchange: ADXN (ISIN:CH0029850754) 7,835,878 shares outstanding  Biotechnology Value Fund holds 30% Five analysts covering: JefferiesPeter Welford & Philippa Gardner HelveaOlav Zilian Bank VontobelAndrew C. Weiss Bank am BellevueBob Pooler EdisonRobin Davison

4 4 Industry does not have all the discovery tools it needs – There is no shortage of exciting targets – Incremental innovations help but have largely failed to open the bottleneck Allosteric discovery tools represent a paradigm shift – Standard techniques are most efficient for finding molecules that bind the “active site” (or “binding pocket”) The active site is a relatively small part of the target receptor The active site can be highly conserved within a receptor family (e.g. mGluR & cytokine receptors), making subtype selectivity via the active site challenging – Addex tools identify molecules that bind anywhere on the target – Our tools are more sensitive because they can detect molecules that modify receptor activity without fully activating/blocking it Small molecule drug discovery is an important bottleneck

5 5 Allosteric modulators (AM) are an emerging new therapeutic class AM are different from traditional “orthosteric” drugs – AM bind to different sites on cell surface receptors – AM have structurally different characteristics Modulatory not binary – Like a dimmer switch not an on/off switch – Positive allosteric modulators (PAM) increase activity of receptors – Negative allosteric modulators (NAM) inhibit receptor activity AM are proven drugs – Sensipar/Mimpra cinacalcet (Amgen/NPS) is a PAM of CaSR – Selzentry/Celsentri maraviroc (Pfizer) is a NAM of CCR5 But AM are hard to find with classical tools! Allosteric Modulation Explained

6 6 Allosteric Advantages AM have better specificity/selectivity – e.g. mGluRs AM can target receptors considered intractable for small molecules – e.g. GLP-1 and TNF AM act like dimmer (not “on/off”) switch – better control = better drugs Natural ligand Time PAM + natural ligand NAM + natural ligand Biological response Allostery preserves natural rhythm Time Natural ligand Agonist Antagonist Biological response Orthosterics are steady state

7 7 Platform: Unique Library + Proprietary HTS 70,000+ compound allostery-biased library Proprietary high throughput screening tools Structural Comparison Intellectual property is un-exploited! Physicochemical Comparison Addex Library Marketed Drugs drug-like  ProxyLite for GPCRs  ProxyLite for non GPCRs  Phoenyx  APRA  AddeLite

8 8 Platform Performance Summary of Partnerships Partner ProductIndication(s) Status at signing Upfront Cash Fees and milestones received a Total Potential Milestones Royalty Ortho-McNeil- Janssen mGluR2 PAM (ADX71149) Anxiety & schizophrenia b Hit-to-Lead €3 (Dec 2004) €5.2€112 low double-digit Merck & Co., Inc.mGluR4 PAM Parkinson’s disease b Hit-to-Lead $3 (Dec 2007) $3.3$167.5ND Merck & Co., Inc.mGluR5 PAMSchizophrenia b Clinical Candidate (ADX63365) $22 (Jan 2008) -$680ND Addex has received partnering revenue every year since 2004 Cash inflows generated to date: CHF44 (US$45) million All three partnerships are fully funded by our partners Addex is eligible for up to about $1 billion in milestones plus royalties a not including upfront payment b and undisclosed indications

9 9 CNS Molecule / MechanismPhase IIaPreclinicalPhase IMilestone Lead Optimization Hit-to-Lead Assay Development & Screening Partner Pipeline Merck & Co. Ph II data 1H12 Start Ph I 2H11 Ortho-McNeil- Janssen NAM = negative allosteric modulator (an inhibitor) ‡ and undisclosed additional indications PAM = positive allosteric modulator (an activator) * Ortho-McNeil-Janssen Pharmaceuticals, Inc., a Johnson & Johnson subsidiary Parkinson’s Disease Levodopa Induced Dyskinesia (PD-LID) Dystonia Schizophrenia Anxiety Osteoarthritic Pain Schizophrenia ‡ Endometriosis partially funded by The Michael J. Fox Foundation Dipraglurant-IR (ADX48621 ) mGluR5 NAM ADX71149 mGluR2 PAM GABA-BR PAM ADX68692 FSHR NAM ADX63365 mGluR5 PAM Alzheimer’s / Depression mGluR2 NAM Parkinson’s Disease ‡ mGluR4 PAM Depression Generalized Anxiety Disorder mGluR7 NAM Type II Diabetes Rheumatoid Arthritis, Psoriasis, Inflammatory Bowel Disease Alzheimer’s, Multiple Sclerosis Psoriasis, Osteoarthritis Gout, Type II Diabetes TNFR1 (CD120a) NAM GLP-1R PAM A2A PAM IL-1R1 (CD121a) NAM Dipraglurant-ER (ADX48621) mGluR5 NAM funded & developed by Merck Metabolism & Inflammation Merck & Co. funded & developed by OMJPI* funded & developed by Merck

10 10 Selected development milestones ProductIndication(s)MilestoneWhen Dipraglurant-ER mGluR5 NAM DystoniaPh I start2H11 ADX71149 mGluR2 PAM SchizophreniaPh IIa dataND Dipraglurant-IR mGluR5 NAM PD-LIDPh IIa data1H12 Dipraglurant-ER mGluR5 NAM DystoniaPh I data1H12

11 11 Metabotropic Glutamate Receptors (mGluR) – mGluR2 NAM Alzheimer’s disease Depression – mGluR5 NAM (dipraglurant/ADX48621 & backups) PD-LID / dystonia Fragile X syndrome / autism Anxiety / depression / addiction GERD Pain – mGluR7 NAM Generalized Anxiety Disorder Depression Addiction Glutamate - like dopamine & serotonin - is a major neurotransmitter that has therapeutic potential in a variety of important indications – Blockbuster antipsychotics work via dopamine receptors – Blockbuster antidepressants (SSRIs) work via serotonin receptors Metabotropic glutamate receptors (mGluR) have been challenging drug targets but have clinical/preclinical validation in many indications after decades of study – mGluR2 PAM Schizophrenia Anxiety Addiction – mGluR5 PAM Schizophrenia Cognitive impairment – mGluR4 PAM Parkinson’s disease Anxiety

12 12 Schizophrenia Prevalence – Schizophrenia 1% – Bipolar mania 3% Worldwide antipsychotic drug sales >$16 billion – J&J’s Ripserdal franchise ~$5 billion/year – Eli Lilly’s Zyprexa franchise ~$5 billion/year – Antipsychotics are off patent – Atypical antipsychotics are going off patent now Typical and atypical antipsychotics inhibit dopamine D2 receptor – Address negative symptoms – Address positive symptoms – Side effects can include: prolactinemia (lactation); weight gain; extrapyramidal symptoms – Do nothing to address cognitive impairment mGluR2 activation is the first novel mechanism to show significant efficacy in decades – Efficacy on negative symptoms – Efficacy on positive symptoms – No prolactinemia, no weight gain, no extrapyramidal symptoms – Potential synergies with antipsychotics could lead to cognitive benefit Source: Nature Reviews Drug Discovery 7, 471-472 (2008)

13 13 ADX71149 mGluR2 PAM for Schizophrenia Normal NeurotransmissionDisease State glutamate Treated ADX71149 Marketed antipsychotic drugs exert efficacy predominantly via dopamine D2 receptors Adapted from Nature Reviews Drug Discovery 7, 471-472 (2008)

14 14 ADX71149 Schizophrenia Study A EU Phase IIa study Part A (n=15): open label for 12 weeks – 15 subjects with (sub)acute positive symptoms – 50mg ADX71149 bid increasing to up to 150mg bid Part B (n=90) double-blind placebo-controlled – Subjects with residual positive symptoms or predominant negative symptoms or insufficient response to clozapine – 50mg ADX71149 bid increasing to up to 150mg bid for 10 weeks – Patients continue on their currently prescribed antipsychotic Undisclosed endpoints will examine safety, tolerability and efficacy

15 15 Dipraglurant (ADX48621) Overview Dipraglurant inhibits metabotropic glutamate receptor mGluR5 via negative allosteric modulation mGluR5 inhibition is clinically validated in multiple indications including – Parkinson’s disease levodopa-induced dyskinesia (PD-LID) – Gastroesophageal reflux disease (GERD) – Generalized anxiety disorder (GAD) Initial Phase I program of dipraglurant completed sucessfully – Three studies: SAD, MAD, gender & food effects – 132 subjects studied to date, including 30 older subjects – Safety & tolerability support further clinical study Exceptional preclinical data in PD-LID model

16 16 Why PD-LID & Dystonia? PD-LID – Clinically validated by another mGluR5 NAM (AFQ056 from Novartis*) – Attractive specialty pharma commercial opportunity Dystonia (abnormal sustained muscle contractions) – Third most common movement disorder (following PD and essential tremor) – Dipraglurant is the first drug-candidate to report efficacy for dystonia in LID models – Potential Orphan Drug and Fast Track status opportunities The Michael J. Fox Foundation grant – MJFF advisors, PD key opinion leaders (KOLs), reviewed the dipraglurant preclinical data and Ph IIa trial design – Publicity & KOL familiarity (via grant review) with dipraglurant could facilitate enrollment *for data:

17 17 Dystonia (sustained muscle contractions) Chorea (rapid uncontrolled movements) Dipraglurant (ADX48621) in the MPTP model Parkinsonian macaques with levodopa-induced dyskinesia (LID) received – dipraglurant or vehicle (e.g. placebo) – levodopa Behavioral assessment began upon levodopa administration – trained observers performed video review – dyskinesia & PD scoring (10 min every 30 min for 4hrs) lower scores (left axis) indicate fewer symptoms/disability dyskinesia symptoms are side effects from levodopa Dipraglurant is the first compound reported to show statistically significant efficacy for dystonia

18 18 Dipraglurant (ADX48621) PD-LID Trial Study ADX48621-201 (n=90) Phase IIa trial in the EU and US ongoing – Randomised, double-blind, placebo-controlled, muliticenter – Patients with moderate to severe LID – Treatment duration 4 weeks Placebo or dipraglurant – Taken with 3 of the patients’ daily levodopa doses – Dose titration for 50mg o.d. to 100mg t.d.s over the 4 weeks Primary objective: safety & tolerability Secondary objective: exploratory efficacy – Objective evaluation in the clinic on day 1 and after 2 and 4 weeks Trained observer scores LID severity Abnormal Involuntary Movement Score (AIMS) – Patient diaries PD rating scales (including dystonia) Evaluation of mood Data 1H12

19 19 FSHR NAM GnRH, FSH & Endometriosis FSH NAM offer a more specific approach to estradiol control compared to GnRH antagonists Endometriosis is linked to excess estradiol GnRH antagonists have been shown to reduce estradiol & endometriosis symptoms FSH is downstream from GnRh and is more directly responsible for production of estrogen/estradiol ADX68692 ADX68692 is a follicle stimulating hormone receptor (FSHR) NAM Orally available non-steroid molecule with drug-like characteristics In late preclinical development ADX68692 is available for partnering GnRH

20 20 FSHR NAM efficacy in rats 4 weeks treatment - effect on estrus cycle duration ADX68692 disrupts the estrus cycle leading to complete blockade at high dose

21 21 mGluR2 NAM Data from Addex and others show that mGluR2 inhibition can reverse cognitive deficit in preclinical models – in models of cognitive deficit – in physiologically relevant models of AD – mechanism may be complementary to marketed drugs Published data suggest that mGluR2 inhibition may reduce generation of beta-amyloid* and may be synergistic with donepezil** – mGluR2 NAM may be disease modifying – greater magnitude of effect possible via combination therapy *The Journal of Neuroscience, March 17, 2010; 30(11):3870-3875 **Bioorganic & Medicinal Chemistry Letters, Dec 1, 2010; 20(23):6969-6974

22 22 Familiar object Novel object ADX92639 reverses cognitive impairment induced by intracebroventricular (icv) β-amyloid in the rat NOR test after oral administration: Full and donepezil-like reversal of the memory deficit at 30 mg/kg No effect on locomotor activity observed during the test ADX92639 reverses β amyloid-induced deficit *Single administration into the lateral ventricle of 8 μl solution Final concentration of  amyloid = 2 mg/ml 120 sham β- Amyloid* 0 30 60 90 t1 t2 Veh 10 30 Donepezil ADX92639 (mg/kg, p.o.) Line crosses Locomotor activity during the test (1 mg/kg, ip) ADX92639 (mg/kg, p.o.) veh 10 30 Donepezil 18 0 3 6 9 12 15 *** Exploration of novel vs familiar objects veh veh veh veh 0 3 6 9 12 15 18 Exploration time (sec) *** shamβ-Amyloid* (1 mg/kg, ip) Rat novel object recognition (NOR) test

23 23 GABA-B Receptor PAM Activation of gamma-aminobutyric acid subtype B (GABA-B) receptor is clinically & commercially validated – generic GABA-B receptor agonist, baclofen, is marketed for spasticity & some spinal chord injuries – other orthosteric GABA-B agonists showed clinical validation in gastroesophageal reflux disease (GERD) GABA-B receptor PAM are differentiated from baclofen – Allostery may reduce/eliminate development of tolerance & dependence – Allostery may reduce other tolerability issues, like somnolence – ADX71943 demonstrated potential for chronic pain (e.g. osteoarthritis) – Has potential for GERD and urinary incontinence

24 24 ADX71943 demonstrated antihyperalgesic effects in a model of osteoarthritis Days post-monosodium iodocate (MIA)

25 25 Oral GLP-1R PAM in ogtt test in diabetic db/db mouse model db/db knockout mice have no leptin receptors – develop human Type II diabetes mellitus – develop hypertension and obesity – have disrupted circadian blood pressure (BP) rhythm Oral Glucose Tolerance Test (ogtt) – Diabetic db/db KO mice received orally ADX91886 GLP-1R PAM sitagliptin (Januvia) DPP IV inhibitor or vehicle – 15 min later oral glucose (2 g/kg) was administered – Blood glucose + insulin levels were measured: 10; 20; 30; 60; 90 min after glucose administration

26 26 GPL-1R PAM vs. sitagliptin in ogtt test in diabetic db/db mice

27 27 Management & Boards Vincent Mutel, Chief Executive Officer Tim Dyer, Chief Financial Officer Charlotte Keywood, Chief Medical Officer Sonia Poli, Head of Non-Clinical Development Laurent Galibert, Head of Inflammation & Metabolic Disorders Jean-Philippe Rocher, Head of Core Chemistry Robert Lütjens, Head of Core Biology Tatiana Carteret, Head of Human Resources Chris Maggos, Business Development & Communication Executive Management Board of Directors André J. Mueller, Chairman Vincent Mutel, Vice Chairman & CEO of Addex Andrew Galazka, SVP Scientific Affairs, Merck-Serono Ray Hill, former Head of EU Licensing, Merck & Co., Inc. Hoyoung Huh, BiPar Sciences Inc. and Geron Corp. Vincent Lawton, former MD of Merck Sharp & Dohme U.K. Oleg Nodelman, Biotechnology Value Fund Antoine Papiernik, Sofinnova Partners Scientific Advisory Board George F. Koob, Ph.D., Chairman Bernhard Bettler, Ph.D. Mark A. Geyer, Ph.D. Barbara J. Mason, Ph.D. Jean-Philippe Pin, Ph.D.

28 28 Disclaimer These materials do not constitute or form part, or all, of any offer or invitation to sell or issue, neither in the United States of America nor elsewhere, or any solicitation of any offer to purchase or subscribe for, any securities, nor shall part, or all, of these materials or their distribution form the basis of, or be relied on in connection with, any contract or investment decision in relation to any securities. These materials contain forward-looking statements based on the currently held beliefs and assumptions of the management of Addex Pharmaceuticals Ltd, which are expressed in good faith and, in their opinion, reasonable. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance, or achievements of Addex Pharmaceuticals Ltd, or industry results, to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements. Given these risks, uncertainties and other factors, recipients of this document are cautioned not to place undue reliance on these forward-looking statements. Addex Pharmaceuticals Ltd disclaims any obligation to update these forward- looking statements to reflect future events or developments. These materials are strictly confidential and must not be disclosed or distributed to third parties.

29 allosteric modulators for human health

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