1. Handelsbanken lunch meeting Monday 29 March Presented by Ron Long, CEO Bertil Samuelsson, VP Discovery & Research Rein Piir, CFO / IR

2. The proceeds of the Rights Offering will enable us to:
Develop its projects further under its own management in order to create value for shareholders
Strengthen the Company’s commercial organization and capabilities
Invest in additional research projects targeting infectious diseases
Create operational and financial flexibility

3. One focused pipeline March 2010

5. Xerese™ – Xerclear™ strategy
NORDIC
Launched Xerclear™ Rx in SE on March 15 and in FIN March 22. OTC to follow during EU
European partner discussion for Xerclear™ ongoing in parallel with preparation of product launch by late H Initially, legal status is OTC and Rx, with an overall switch to OTC over time. US
MEDA is the US partner for Xerese™. They are preparing for product launch by Q3/Q Like other cold sore pharmaceuticals, Xerese™ will be a prescription (Rx) product ROW
Discussions ongoing 5 5

6. One focused pipeline March 2010

7. Valomaciclovir - licensed to Epiphany Biosciences
Agreement
Equity in Epiphany
Milestone payments to USD 24.5 M
Royalty from world wide sales
Medivir has the marketing rights for the Nordic countries
Epiphany responsible for the clinical development
Valomaciclovir (EPB-348)
A broad-spectrum herpes antiviral with high commercial prospects
Lead indication: Varicella Zoster (Shingles). Shingles sales in the major markets exceeded
0.8 billion USD in 2008
Develoment status:
Completed Phase IIb trial, met primary endpoint, time to complete crusting, at once daily dosing
Randomized, double-blind, active-controlled, multi-center, parallel-group (non-inferiority with Valtrex as comparator) at 46 U.S. clinical centers including 373 patients
Phase 2b data show reduction in incidence of PHN
Data suggestive of wider treatment window
Targeting 2012 regulatory submissions and 2013 launch in US and EU
EBV (infectious mononucleosis) – Phase IIa complete, met primary endpoint

8. MIV-210 (lagociclovir valactate) licensed to Daewoong
Agreement
China, South Korea, Japan and Taiwan territories for HBV
Daewoong responsible for the clinical development
Medivir has the marketing rights for the rest of the world
Lagociclovir valactate:
Potent inhibitor of HBV in vitro and in animal models
Active against all tested HBV mutants, e.g. to lamivudine, adefovir, and entecavir
Is synergistic with lamivudine and adefovir in vitro
Dose in HBV patients expected to be mg q.d.
News flow and events in the upcoming 12 months
Start of Phase 2a in HBV patients

9. Main partner – three programs:

10. Hepatitis C (HCV) - background
Disease & market
~180 million worldwide infected with hepatitis C virus
~12 million infected in the US, Europe and Japan
Immense medical need: only 40-50% of patients with genotype 1 respond to current SoC therapy (48 weeks of PEG-IFN/ribavirin)
Estimated market value of 10.5 billion USD in 2015
The need for new drugs
Increased SVR rates (cure rates)
Improved safety and side effect profile
Shorter duration of treatment
Higher compliance
lower drug burden and simplified dosing (once daily, no food interaction and large “forgiveness” factor)

11. HCV- Future of new DAA agents; New treatments evolving
Programs in collaboration with Tibotec/JNJ
Directly Acting Antiviral (DAA) Agents
New oral agents will dramatically increase SVR and shorten treatment duration
Initially as “add-on” therapy but in combination eventually displace one or both of ribavirin and Peg-IFN
New anti viral agents with different MOA will be used in combination with each other, similar to HIV, to improve efficacy, shorten treatment duration and minimize development of resistance
Combinations of Protease Inhibitors with other direct antivirals will drive the future market
Medivir, with TMC435 as a front runner of this new wave, is strongly positioned to become part of these future DAA combination treatments
Kwong A, et al. Drug Discovery Today: Therapeutic Strategies 2006;3: Schmitz U, Tan SL. Recent Pat Antiinfect Drug Discov 2008;3:77-92
In-house HCV programs

12. Hepatitis C - Nucleoside NS5B Polymerase Inhibitors
Status
Partnership entered with Tibotec/J&J May 2008
Presently in late preclinical development phase towards phase I clinical trials
Next step
Start of phase I
Licensing agreement
Remaining milestones of €137m + royalties on sales for one product reaching market.
Additional €130m for second compound and indication reaching market + royalties on sales.
All development costs covered by JNJ
Nordic rights retained by Medivir

13. Development stage of HCV nucleosides
Pre-clin
Ph I
Ph Ib/IIa
Ph IIb
Ph III
MK-0608
NM-283
Biocryst
Biota/BI
R-1626
Tibotec/Medivir
generation
First
R-7128
Inhibitex
Idenix (IDX-184)
Roche
TMC619688
& prodrugs
TMC651755
PSI-938
PSI-879
Pharmasset PSI-7851
Second
generation

14. HCV Nucleoside program - News flow and events in the upcoming 12 months
Start of Phase I clinical trials
Presentation of Phase I clinical trial data
Presentation on antiviral potency, mechanism of action and DAA synergy data

15. Cathepsin K inhibitors – for the treatment of osteoporosis, osteoarthritis and metastatic bone disease (MBD)
Cathepsin K inhibitors intervene in
disease states where there is excessive
bone loss, e.g. osteoporosis,
osteoarthritis and metastatic bone disease
Market value estimates:
Osteoporosis: Global sales for 2010 estimated at 7.9 billion USD
Osteoarthritis: Global sales for 2010 estimated at 4.4 billion USD
MBD: Global bone metastasis market was 1.3 billion USD in Deutsche Bank projects a denosumab SRE market of 2.1 billion USD in peak sales
Osteoclast

16. Medivir Cathepsin K inhibitor program
Two Candidate Drugs selected in 2009 (MIV-710 and MIV-711)
MIV-710 and MIV-711:
display superior pharmacokinetic properties compared with MIV-701 (discontinued) which showed “proof-of-principle” in phase I clinical trials during 2007
exhibit potent and reversible anti-resorptive activity on bone
does not suppress the beneficial bone formation, as other anti-resorptives
furnish long duration of activity
Dose in human
An efficacious dose of ~50 mg once daily anticipated
Strong IP position
A broad program targeting multiple indications of great unmet medical need
osteoporosis, OP
osteoarthritis, OA
metastatic bone disease
News flow and events in the upcoming 12 months
Upscale of CD and completion of preclinical development phase
Partnering discussions

17. Almost 100% suppression of osteoporosis bone breakdown over 8h
Medivir Cathepsin K Inhibitor CDs MIV-710 & MIV-711 High efficacy predicted from biomarkers of osteoporosis
Reduction in plasma CTx-I, a biomarker of bone breakdown, in cynomolgus monkeys after: - Oral administration - Single low dose
Treatment
Max inhibition
(%)
Inhibition at 24h
Vehicle 56 2
MIV-701 64 22
MIV-710 75 51
MIV-711 95 4 8 12 16 20 24 40 60 80
100
120
140
Vehicle (n=10)
MIV-701 (n=5)
MIV-710 (n=7)
MIV-711 (n=4)
Time (h)
Almost 100% suppression of osteoporosis bone breakdown over 8h
% of baseline CTX-I
MIV-701
MIV-710
Highly advantageous plasma exposure for MIV-711 (128 fold higher compared with MIV-701)
Almost complete inhibition of bone erosion with
extended effect duration (8h) after a single oral dose
75% of effect maintained after 24h
MIV-711
A clinical efficacious once daily dose of ~50 mg – low cost of gods

18. PPI-801/802 (MIV-410): For the treatment of HIV – licensed to Presidio Pharmaceuticals
Agreement
Milestone payments of maximally USD 41.75m
Royalty from world wide sales
Presidio responsible for the preclinical & clinical development
Medivir has the marketing rights for the Nordic countries
PPI-801/802 (formerly called MIV-410):
Nucleoside reverse transcriptase inhibitor (NRTI) with a novel mechanism of action. PPI-801 is a non-obligate chain terminator being incorporated into the nascent cDNA chain and terminates at a penultimate position following the addition of at least one additional nucleoside
Broad-spectrum activity: is effective at inhibiting a wide variety of NRTI resistant mutants
Indication
Treatment failures from HAART
First-line therapy for newly infected individuals
News flow and events in the upcoming 12 months
Completion of preclinical development phase

19. HIV-PI Program Agreement entered in June 2006
Disease & market
An estimated 35 M people worldwide were infected by HIV, of which a total of approximately 2 M people in Western Europe and North America
In an increasing number of patients, HIV is developing resistance
There is no cure
Estimated market value for HIV/AIDS: 12.7 Bn USD in 2010
R&D collaboration with Tibotec/J&J Collaboration
Agreement entered in June 2006
Research funding at Medivir up to December 2008
Development milestones & royalties similar to HCV PI license agreement
Highly competitive CD target profile
Extensive non-limiting patent portfolio
News flow and events in the upcoming 12 months
Selection of candidate drug (CD) and start of preclinical development

20. Cathepsin S Inhibitors - for Neuropathic pain and RA
Strong link to neuropathic pain
upregulated in DRG infiltrating macrophages and near site of peripheral injury in rodent models
secreted by activated microglial cells in CNS in rodent models
Strong link to RA
crucial role in MHC Class II antigen presentation
performs final step in processing of invariant chain
antigen presentation is key to establishing an immune response
Medivir Cathepsin S program
Strong IP (patent) position
Potent, selective and orally bioavailable inhibitors developed
Proof-of-principle has been demonstrated for Medivir lead inhibitor in a preclinical rodent model of neuropathic pain
News flow and events in the upcoming 12 months
Candidate Drug Selection
Start licensing discussions
A cathepsin S inhibitor acting by reducing microglial activation
leads to decrease in the pain signal transduction and eleviate
neuropathic pain.

21. BACE Inhibitors for the treatment of Alzheimer’s disease (AD)
Disease and market
Around 35 million AD cases world-wide today with a three fold increase to 105 million AD cases expected by 2050
Life expectancy from diagnosis: Approx. 10 years
The annual costs for AD is estimated to 148 billion USD
Drugs available today
No available drugs cures/prevents the disease
A few drugs cause transient symptomatic relief
Acetylcholine esterase inhibitors
Glutamate antagonist
Reduced brain volume
Neuronal cell death
Synaptic degeneration
Plaque (Amyloid β-peptide)

22. BACE Inhibitors - The leading hypothesis for next generation AD drugs
Project status: lead optimization stage
Novel and patentable lead series developed
Focus on two validated lead series
Strong IP (patent) position
Potent and selective BACE inhibitors
Lead inhibitors display robust potencies
Ki values <1 nM against BACE and IC50 values < 1 nM in cell-based assays measuring Aβ40 release
orally bioavailable and displaying drug-like properties
News flow and events in the upcoming 12 months
Demonstration of high central exposure after oral administration in rodents
Afford substantial efficacy in AD disease models after oral administration
Start licensing discussions

23. Main partner – three programs:

24. Lead HCV compound TMC435 in phase IIb
A leading, second generation protease inhibitor
> potency than 1st generation PIs (telaprevir, boceprevir)
Potent anti-viral activity shown in Phase IIa clinical trials
Low pill burden: convenient one pill, once daily
No food interactions
No significant adverse events over current SoC
Licensing agreement
Remaining milestones of EUR 47m
Royalties on market sales
All development costs covered by Tibotec
Nordic rights retained by Medivir

25. HCV PI – the competitive landscape
Pre-clin
Ph I
Ph Ib/IIa
Ph IIb
Ph III
VBY 376
TMC435
J&J/ Medivir
Telaprevir
J&J/Vertex
Vertex-813
ITMN-191/R7227
Roche/ITMN
Protease Inhibitors
Boceprevir
Merck
ABT-450 BI
PHX-1766
BMS650032
Vaniprevir
MK7009
ACH-1625
Merck
SCH900518
TMC435 - the leading second generation HCV PI: 1) potent 2) well tolerated 3) low dose 4) one pill and 5) once daily

26. TMC435 C201: A phase 2a study in G1 treatment-naïve and treatment-experienced patients (2008/09)
A once daily (QD) treatment of TMC435 in doses from 25 to 200 mg + SoC
A four-week triple therapy (RVR), then followed by SOC alone up to week 24 or 48
Approximately 130 patients included
In treatment-naïve patients, potent antiviral activity was achieved at week 4 (RVR) and at week 12 (EVR)
At week four 8/9 and 7/10 patients were undetectable in the 75 and 200 mg groups respectively (Panel B)
At week 12 all of the patients in the once daily 75 mg and 200 mg arms (Panel B) had HCV RNA <10 IU/mL (undetectable)
In treatment-experienced patients potent antiviral activity was achieved at week 4 (RVR)
7/9 patients levels below LLQ (<25 IU/mL) at 150 mg and 8/10 for 200 mg at day 28 26

27. C201: Conclusions from the phase 2a study
In both treatment-naïve and treatment-experienced patients infected with HCV genotype-1, TMC435 once daily in combination with SoC over 4 weeks of treatment.
Demonstrated potent antiviral activity
Was generally safe and well tolerated
Was not associated with AE-related treatment discontinuations.
Mild and reversible increases in bilirubin was observed. This was mainly observed in the highest dose groups (200 mg), whereas the highest dose in the ongoing phase 2b studies is 150mg. The mechanism of action has been determined and will be presented at an upcoming conference
No evidence of any drug-related hepatotoxicity 27

28. C205: A global phase 2b study in treatment-naïve HCV patients;
Study Start Date: May Once daily (QD), 75mg and 150 mg, of TMC435 + SoC: - 12-week triple therapy followed by SOC alone up to week week triple therapy
Time (weeks) 8 12 24 48 72
Weeks
TMC 75 mg, 12W
Triple
PEG-IFN
+ RBV
Post therapy FU
12W Triple + 12W SoC
TMC 150 mg, 12 W
Triple
PEG-IFN
+ RBV
Post therapy FU
TMC 75 mg, 24W
Triple Therapy
Post therapy FU
24W Triple
TMC150 mg, 24W
Triple Therapy
Post therapy FU
SoC
PEG-IFN + RBV
Post therapy FU
48W SoC
N = 400
Primary endpoint: Proportion of patients with undetectable virus levels 24 weeks after planned end-of-treatment (SVR24)
SoC: Ribavirin mg BID + pegIFNalpha-2A 180 g weekly

29. C206: A global phase 2b study in treatment-experienced HCV patients
Study Start Date: September Once daily (QD), 100 mg and 150 mg, of TMC435 + SoC: - triple therapy for 24-weeks followed by 24-weeks SOC - triple therapy for 48-weeks
PEG-IFN + RBV 72
Triple Therapy
Post therapy FU 24 48 12
Weeks 1 2 3 4 6 7 5
TMC mg q.d.
TMC mg q.d.
TMC mg, 12W
TMC mg, 12W
TMC mg, 24W
TMC mg, 24W
TMC mg, 48W
TMC mg, 48W
SoC, 48W
N = 455
Primary endpoint: Proportion of patients with undetectable virus levels 24 weeks after planned end-of-treatment (SVR24)
SoC: Ribavirin mg BID + pegIFNalpha-2A 180 g weekly

30. TMC435 – other phase 2 clinical trials
C215: a phase IIb study in Japan in treatment naïve genotype-1 HCV patients
Study Start Date: June 2009
Patients will receive TMC435 (50 or 100 mg) for a duration of 12 or 24 weeks.
In treatment arms 1 and 2, subjects will receive 12 weeks of triple therapy with TMC435 once daily plus SoC followed by 12 weeks of treatment with SoC.
In treatment arms 3 and 4, patients will receive 24 weeks of triple therapy with TMC435 once daily plus SoC.
In treatment arm 5 (control group), patients will be treated with SoC treatment for 48 weeks
C202: in treatment naïve genotype 2 to 6 HCV patients
Study Start Date: February 2009
Study Completion Date: November 2009
Patients will receive TMC435 during 7 days, once daily dosing at 200mg, as monotherapy. Subsequently, they can continue with SoC treatment consisting of pegylated interferon and ribavirin upon agreement with the study doctor

31. TMC435: News flow and events in the upcoming 12 months
C205: Presentation of data from the phase IIb study in treatment naïve genotype-1 HCV patients
Phase III Start of phase III in treatment naïve genotype-1 HCV patients
C206: EOT data from the phase IIb study in treatment experienced genotype-1 HCV patients
C215: Presentation of data from the phase IIb study in treatment naïve Japanese genotype-1 HCV patients
C202: Presentation of data from the phase IIa study in treatment naïve genotype HCV patients
Presentation of mechanism of action (MOA) behind the transient reversible increases in bilirubin seen in some patients (mainly in the 200 mg dose arm)
Presentation of in vitro data on synergy between TMC435 and other DAA agents