The Darpin® Difference

192 3 0 6 0 87

253 40 80 40 ® 3 122 The DARPin 254 61 142 61 92 185 Difference 254 183 181 183 148 231 Offering Patients a New Dimension of 114 127 154 127 Protein Therapeutics 0 127 167 166 226 166 0 166 205 191 255 191 Patrick Amstutz, CEO Molecular Partners 63 191 229 217 255 217 155 217 JP Morgan Healthcare Conference, January 2017 MP0230 Presentation of Molecular Partners AG, Switzerland (Ticker: MOLN) PD-1/VEGF

Tumor-restricted agonist

MP0274

MP0250

192 3 0 6 0 87

This presentation is not an offer to sell or a solicitation of offers to purchase or subscribe for shares of Molecular Partners AG, nor shall it or any part 253 40 of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision. This presentation is not 80 40 an offering circular within the meaning of Article 652a of the Swiss Code of Obligations, nor is it a listing prospectus as defined in the listing rules of 3 122 the SIX Swiss Exchange AG or a prospectus under any other applicable laws. Copies of this presentation may not be sent to countries, or 254 61 distributed in or sent from countries, in which this is barred or prohibited by law. This document is not a prospectus or a prospectus equivalent 142 61 document and investors should not subscribe for or purchase any securities referred to in this document. This document does not constitute a 92 185 recommendation regarding the shares. 254 183 This presentation contains specific forward-looking statements, beliefs or opinions, including statements with respect to the product pipelines, 181 183 potential benefits of product candidates and objectives, estimated market sizes and opportunities as well as the milestone potential under existing 148 231 collaboration agreements, which are based on current beliefs, expectations and projections about future events, e.g. statements including terms like “potential”, “believe”, “assume”, “expect”, “forecast”, “project”, “may”, “could”, “might”, “will” or similar expressions. Such forward-looking statements 114 127 are subject to known and unknown risks, uncertainties and other factors which may result in a substantial divergence between the actual results, 154 127 financial situation, development or performance of Molecular Partners AG and investments and those explicitly or implicitly presumed in these 0 127 statements. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by 167 166 these statements and forecasts. Past performance of Molecular Partners AG cannot be relied on as a guide to future performance. Forward-looking 226 166 statements speak only as of the date of this presentation and Molecular Partners AG, its directors, officers, employees, agents, counsel and 0 166 advisers expressly disclaim any obligations or undertaking to release any update of, or revisions to, any forward looking statements in this presentation. No statement in this document or any related materials or given at this presentation is intended as a profit forecast or a profit estimate 205 191 and no statement in this document or any related materials or given at this presentation should be interpreted to mean that earnings per share for 255 191 63 191 the current or future financial periods would necessarily match or exceed historical published earnings per share. As a result, you are cautioned not to place any undue reliance on such forward-looking statements. 229 217 255 217 Unless stated otherwise the information provided in this presentation are based on company information. This presentation is intended to provide a 155 217 general overview of Molecular Partners AG’s business and does not purport to deal with all aspects and details regarding Molecular Partners AG. Accordingly, neither Molecular Partners AG nor any of its directors, officers, employees, agents, counsel or advisers nor any other person makes MP0230 any representation or warranty, express or implied, as to, and accordingly no reliance should be placed on, the accuracy or completeness of the information contained in the presentation or of the views given or implied. Neither Molecular Partners AG nor any of its directors, officers, PD-1/VEGF employees, agents, counsel or advisers nor any other person shall have any liability whatsoever for any errors or omissions or any loss howsoever arising, directly or indirectly, from any use of this information or its contents or otherwise arising in connection therewith. Tumor-restricted agonist The material contained in this presentation reflects current legislation and the business and financial affairs of Molecular Partners AG which are subject to change and audit. MP0274 MP0250

192 3 0 6 0 87

253 40 80 40 3 122 $ 254 61 142 61 92 185

254 183 181 183 148 231

® Long-term Partnerships 114 127 Teamwork DARPin Therapies 154 127 0 127 . Alliance with Allergan . Swiss biotech . High patient value 167 166 ® . Swiss listing (MOLN) 226 166 . 100 team members . DARPin Difference 0 166

. Discovery to phase 2 (POC) 205 191 . Abicipar in phase 3 (ophtha) . Cash CHF186mn** 255 191 63 191 . Science & patients first . MP0250 in phase 2 (onco) . Financed well beyond key 229 217 . Broad preclin. I/O* portfolio value inflection points 255 217 155 217

MP0230 ® . DARPin Difference: unlock novel modes of action PD-1/VEGF DARPin® Platform . Proof of Platform in the eye and systemically Tumor-restricted agonist . Fast and cost effective drug discovery engine MP0274

192 3 0 6 0 87

253 40 80 40 3 122

254 61 142 61 Patient Benefit Differentiation Status 92 185 254 183 181 183 I/O* DARPin® protein – opening new 148 231 Localized activity, … Preclin therapeutic window for combinations 114 127 154 127 MP0274: forcing Her2+ cancer cells into Molecular Master 0 127 Ph1 apoptosis with a new mode of action (MoA) switch / Handcuff 167 166 226 166 0 166 MP0250: new solution when cancers become Blocking two escape Ph2 205 191 resistant to standard therapies pathways 255 191 63 191

Long-acting 229 217 Abicipar: less frequent ocular injections Ph3 255 217 DARPin® protein 155 217 MP0230

PD-1/VEGF Our Strategy: Differentiated DARPin products with high patient value Tumor-restricted agonist

MP0274

DARPin® is a registered trademark owned by Molecular Partners AG 192 3 0 6 0 87

Abicipar: 253 40 80 40 Mono-DARPin MP0250: 3 122

Multi-DARPin (4x) 254 61 142 61 92 185

254 183 181 183 148 231

114 127 154 127 0 127

167 166 226 166 0 166 . Mono-DARPin®: selected to bind a given target with high affinity & specificity (large libraries) 205 191 ® ® 255 191 . Multi-DARPin : linked mono-DARPins (up to six) & directly used for functional screening 63 191 ® . Ideal properties: mono- & multi-DARPins are soluble, stable with a high-yield production 229 217 255 217 155 217

. Natural principle: repeat proteins were evolved as binders in multifunctional contexts MP0230

PD-1/VEGF

Proof of Platform: Low immunogenicity* and long half-life in bloodstream and eye** Tumor-restricted agonist

MP0274 *MP0250 phase 1 study results show sustained exposure indicating absence of clearing antibodies; **Systemic half-life of ~12 d (MP0250 phase 1), 14 d in the eye (Abicipar). MP0250

192 3 0 6 0 87

253 40 ® 80 40 DARPin 3 122 Difference 254 61 142 61 92 185

254 183 Patient Need Define Target(s) 181 183 148 231

Identify unique 114 127 154 127 Product Candidate 0 127

167 166 226 166 0 166

205 191 255 191 63 191

229 217 Select high diversity of 255 217 Screen for desired phenotype mono-DARPin® 155 217 - Apoptosis proteins to various MP0230 - Activation via clustering epitopes PD-1/VEGF - … Build Multi-DARPin Tumor-restricted agonist Library >10’000 multi- MP0274 DARPin® combinations MP0250

192 3 0 6 0 87

253 40 80 40 Balance capital markets and pharma partnering as sources of capital 3 122 254 61 . > CHF 360mn collected so far from investors and partners $ 142 61 92 185

. Remain in strong cash position to fund pipeline progress 254 183 181 183 148 231

114 127 154 127 Strategic alliance with Allergan in ophthalmology 0 127

167 166 . Initiated with Abicipar in 2011 226 166 0 166 . Up to $360mn open milestone potential & low double-digit to mid-teen tiered royalties 205 191 255 191 . Expanded into broad discovery alliance in 2012 63 191

. Potential $1.7bn future milestone & tiered royalties to the mid-teens range 229 217 255 217 155 217 Partnering strategy: leverage the potential of the DARPin® platform MP0230 PD-1/VEGF . Platform and pipeline are deeper than what Molecular Partners can access alone Tumor-restricted agonist . Partnering opportunities open on multiple levels MP0274

MP0250

192 3 0 6 0 87 Discovery Preclinical Phase 1 Phase 2 Phase 3 253 40 80 40 3 122

MP0250 in Multiple Myeloma 254 61 142 61 MP0250 in a solid tumor indication P2 in preparation 92 185 254 183 Oncology MP0274: Her2 multi-DARPin® 181 183 148 231

PD-1/VEGF multi-DARPin® 114 127 154 127

0 127

I/O Tumor-localized agonist 167 166 226 166 0 166 Several discovery programs

205 191

. 255 191

MP0230: IL-13/IL-17 multi-DARPin® 63 191 Imm 229 217 255 217

Abicipar in wet AMD 155 217

Abicipar in DME MP0230 PD-1/VEGF VEGF/PDGF multi-DARPin® Tumor-restricted agonist Ophthalmology Several discovery programs partnership MP0274 MP0250

253 40 80 40 3 122

254 61 142 61 92 185

254 183 181 183 148 231

114 127 Oncology 154 127 0 127

167 166 226 166 0 166

205 191 255 191 63 191

229 217 255 217 155 217

MP0230

PD-1/VEGF

Tumor-restricted agonist

MP0274

MP0250

192 3 0 6 0 87

253 40 80 40 Current Challenges 3 122

. Unlimited growth 254 61 142 61 . Sustained angiogenesis 92 185

TUMOR . Tissue invasion & metastasis 254 183 181 183 PATHWAYS . Evades body’s immune defense 148 231

114 127 154 127 0 127

167 166 226 166 Current Strategies 0 166

. Attack from several angles (combo treatment) 205 191 255 191 . Activate immune system (immuno-oncology) 63 191

229 217 255 217 155 217

TUMOR MP0230 ® MICROENVIRONMENT DARPin Difference PD-1/VEGF . DARPin® candidates targeting multiple pathways Tumor-restricted agonist . Tumor-restricted multi-DARPin® candidates . Novel Modes of Actions (MoAs) MP0274 MP0250

MP0250 192 3 0 6 0 87

253 40 . First bi-specific biologic targeting 80 40 3 122 MP0250 VEGF and HGF anti-HSA ® 254 61 . Molecular Partners holds all rights DARPin 142 61 92 185

254 183 anti-HGF 181 183 . Phase 1: solid tumor study 148 231 Development DARPin® Stage . Demonstrated good tolerability and 114 127 exposure, encouraging efficacy 154 127 0 127

. Phase 2: multiple myeloma study 167 166 226 166 . Regulatory submission Q4/2016 anti-VEGF 0 166 DARPin® . Initial safety data expected 2017 205 191 255 191 . Initial efficacy data expected 2018 63 191 anti-HSA . Additional Phase 2 for solid tumor ® 229 217 DARPin 255 217 indication planned for 2017 155 217 MP0230 Differentiation & . Ideal for patients with likely VEGF- and/or HGF-mediated PD-1/VEGF escape from previous treatment Potential Benefit Tumor-restricted agonist . Can be combined with standard therapy MP0274

MP0250

MP0250 192 3 0 6 0 87

253 40 80 40 Untreated SOC Alone SOC + MP0250 3 122 254 61 142 61 92 185

254 183 VEGF VEGF VEGF 181 183 148 231

114 127 TUMOR HGF HGF HGF 154 127 PATHWAYS 0 127 167 166 226 166 0 166

MP0250 205 191 255 191 63 191

229 217 255 217 155 217

MP0230

PD-1/VEGF

Tumor-restricted agonist

MP0274

MP0250

MP0250 + PD-1 mAb MP0250 + Paclitaxel 253 40 80 40 Colorectal cancer* 800 Gastric cancer** 3 122 2 0 0 0 254 61 142 61

92 185

) 3 600 254 183 Vehicle 181 183 1 5 0 0 ) 148 231 3 Vehicle

114 127 154 127 400 0 127 1 0 0 0 Anti-PD-1 167 166 226 166 Paclitaxel 0 166

Tumor Volume (mm Volume Tumor 205 191 5 0 0 MP0250 200 MP0250 255 191

Relative Tumor Volume (mm Volume Tumor Relative 63 191 MP0250 + MP0250 + 229 217 Anti-PD-1 255 217 Paclitaxel 155 217 0 0 0 5 1 0 1 5 2 0 0 5 10 15 20 25 MP0230 Treatment (Days) Treatment (Days) PD-1/VEGF

. MP0250 has also been tested in preclinical models of renal, liver and lung cancer Tumor-restricted agonist MP0274 ** *MC38 syngeneic mouse model; Patient-derived xenograft: GXA 3027. MP0250

©2017 Molecular Partners AG - 13 Abicipar MP0250: Good Tolerability and Signs of Efficacy in Phase 1 Solid Tumor Study MP0250 192 3 0 6 0 87 Treatment Duration of Individual Patients (N=24)* . 253 40 Tolerability 80 40

2 4 3 122

. MTD determined (8 mg/kg/q2w) 2 3 ** 2 2 254 61 142 61

. Main AEs consistent with profound 12→8 2 1 92 185 2 0

VEGF pathway inhibition 1 9 254 183 181 183 . Hypertension (66%), partially Grade 3 1 8 148 231

1 7

. Proteinuria (29%), mainly Grade 1 or 2 8 1 6 ** 114 127 1 5 154 127 0 127 . Systemic data 1 4 1 3 167 166 . Half-life: 12 days 1 2 226 166 1 1 0 166

1 0 205 191 4 . No clearing or neutralizing ADA 9 255 191 8 63 191

. Efficacy 7 229 217 Dose Cohorts (mg/kg) (mg/kg) &Patients Cohorts Dose

6 255 217

. Significant reductions in tumor volume 5 155 217 1.5 4 in 2 patients with 1 confirmed PR MP0230

2 0.5 PD-1/VEGF . Stable disease at ≥12 wk in 10 1

patients (42%) 0 6 1 2 1 8 2 4 3 0 3 6 5 0 6 0 Tumor-restricted agonist

Weeks MP0274

** *Study ongoing. Data cut-off June 2016 (N=24 patients). Ongoing. MP0250

MP0250 192 3 0 6 0 87

253 40 80 40 3 122

254 61 EGFR-mutated non-small 142 61 92 185

cell lung cancer 254 183 181 183 Head & neck Multiple 148 231 squamous-cell myeloma 114 127 HCC 154 127 Nasopharyngeal 0 127 167 166 226 166 0 166 Colorectal 205 191 cancer 255 191 Biological Biological rationale* 63 191

Anal cancer 229 217 255 217 155 217

MP0230

Feasibility of internal clinical development* PD-1/VEGF

Tumor-restricted agonist

Bubble size indicates estimated relative market potential (incidences; source: Datamonitor). MP0274 *Based on internal assessment on speed to market and complexity of development program. Potential of gastric cancer, renal cancer and other cancers under evaluation. MP0250 ©2017 Molecular Partners AG - 15 Abicipar Preclinical and Clinical Data Support MP0250 + SOC for Multiple Myeloma MP0250 192 3 0 6 0 87

253 40 Preclinical Rationale Clinical Rationale 80 40 3 122 HGF Rationale Tumor Growth 254 61 H929 Xenograft 1 142 61 HGF Receptor Activation 92 185 Newly On partial MP0250 + 254 183 Vehicle diagnosed remission 181 183 Bortezomib 148 231

28% 2% 114 127 154 127

cMET 0 127 -

Muscle p 40% 167 166 invasion 226 166 0 166 SOC Resistant Relapsed 205 191 255 191

92% 89% 63 191

229 217

255 217 cMET - 155 217 Bone p 3% 7% morphology cMet cMet VEGF Rationale A small MM study of bevacizumab (Avastin®) + bortezomib (Velcade®) demonstrated benefit over bortezomib alone2

MP0274 192 3 0 6 0 87 ® DARPin Handcuff as Master Switch 253 40 80 40 ® 3 122 . Multi-DARPin protein binding two HER2 MP0274 distinct HER2 epitopes 254 61 142 61 92 185 . Indications: patients with HER2open locked 254 183 HER2-addicted tumors 181 183 + MP0274 148 231 . Molecular Partners holds all rights 114 127 154 127 0 127 Development . First regulatory submission Locks HER2 into inactive conformation 167 166 Stage completed Q4/2016 226 166 forces cancer cells into apoptosis 0 166 205 191 Perjeta® 255 191 . Induces apoptosis (cell death) in 63 191 Differentiation & HER2 Her2 positive tumor cells without 229 217 Potential Benefit 255 217 ADCC* 155 217 Natural MP0230 . New MoA may help patients not Killer Cell adequately responding to current PD-1/VEGF

therapies Tumor-restricted agonist Herceptin® MP0274

MP0274 192 3 0 6 0 87

Tumor Volume Tumor Cell Apoptosis 253 40 80 40 PDX: Breast Cancer HER2+ BT474 3 122 2000 100 254 61 MP0274 142 61 92 185

1600 80 254 183

) 181 183 3 Vehicle

148 231

1200 60 114 127 154 127 Herceptin 0 127

167 166 800 40 226 166 0 166

MP0274 cells Apoptotic %

Tumor Volume (mm Volume Tumor ® Herceptin / 205 191 400 Herceptin®/ 20 Perjeta® 255 191 Perjeta® 63 191

229 217 255 217 0 0 155 217 0 5 10 15 20 25 0 100 101 102 103 MP0230 Days after treatment initiation [nM] PD-1/VEGF . MP0274 is as efficacious as SOC without the help of the immune system Tumor-restricted agonist . New MoA may help patients not adequately responding to current therapies MP0274 MP0250

253 40 80 40 3 122

254 61 142 61 92 185

254 183 181 183 148 231

114 127 Immuno-Oncology 154 127 0 127

167 166 226 166 0 166

205 191 255 191 63 191

229 217 255 217 155 217

MP0230

PD-1/VEGF

Tumor-restricted agonist

MP0274

MP0250

PD-1/VEGF 192 3 0 6 0 87

253 40 Individual Tumor Volume, 80 40 Day 10 3 122 anti-HSA 254 61 ® p=0.002 142 61 DARPin 1 0 0 0 92 185

254 183 181 183 anti-PD-1 8 0 0 148 231 DARPin® 114 127 154 127 6 0 0 0 127

167 166 226 166 anti-VEGF 4 0 0 0 166 DARPin® 205 191 255 191 2 0 0 63 191 anti-HSA 229 217 255 217 ® DARPin 155 217 0 Vehicle Anti-VEGF Anti-PD-1 Anti-PD-1 + MP0230 anti-VEGF PD-1/VEGF

. PD-1 and VEGF show additive and/or synergistic activity Tumor-restricted agonist MP0274

MP0250

192 3 0 6 0 87

253 40 Agonistic mAb: CIRCULATION (SYSTEMIC) TUMOR MICROENVIRONMENT 80 40 Limitations 3 122 254 61 142 61 92 185

254 183 181 183 148 231 Activated Activated 114 127 154 127 0 127

167 166 226 166 Tumor-localized T-cell Cell Tumor Stroma Tumor Cell 0 166 ® 205 191 DARPin Agonists 255 191 63 191

229 217 255 217 agonist 155 217 anti-HSA DARPin® MP0230 DARPin® Activated PD-1/VEGF

Tumor-restricted agonist local cluster MP0274 ® DARPin MP0250

253 40 80 40 3 122

254 61 142 61 92 185

254 183 181 183 148 231

114 127 Ophthalmology 154 127 0 127

167 166 226 166 0 166

205 191 255 191 63 191

229 217 255 217 155 217

MP0230

PD-1/VEGF

Tumor-restricted agonist

MP0274

MP0250

Abicipar 192 3 0 6 0 87

253 40 ® 80 40 . Long-acting pegylated mono-DARPin anti-VEGF 3 122 ® Abicipar protein blocking VEGF DARPin 254 61 142 61 . Indications: Wet AMD & DME 92 185 254 183 . Global license agreement with Allergan 181 183 148 231 . All development costs with Allergan 114 127 154 127 . Phase 3 0 127 Development . 2 registration-enabling studies in wet AMD initiated July 2015 167 166 Stage 226 166 . Phase 2 0 166 205 191 . DME data presented at AAO 2016, Start of Phase 3 in 2017 255 191 63 191 . Current anti-VEGFs (Lucentis & Eylea) market: > 8 bn USD * 229 217 Market & 255 217 155 217 Potential . SOC require intensive monitoring & frequent intravitreal injection Differentiation MP0230 . Significant unmet medical need for less frequent injections and PD-1/VEGF

doctors visits Tumor-restricted agonist

MP0274

MP0250 * Reported by EvaluatePharma®, a service of Evaluate Ltd. (UK), www.evaluategroup.com. Accessed 27 Apr 2015. ©2017 Molecular Partners AG - 23 Abicipar Phase 2 Data Suggest Quarterly Dosing for Wet AMD Abicipar 192 3 Vision Gain 0 6 Safety 0 87 (letters) 3 Change of Best-Corrected Visual Acuity (BCVA)* Safety Data 253 40 WK16 WK20 # AEs of 80 40 ocular 12 3 122 inflammation Abicipar 2.0 mg 254 61 Vision gain Safety 142 61 10 92 185 Abicipar 2.0mg 8.2 9.0 2 Abicipar 1.0 mg (letters) (n/N)

254 183 Lucentis 0.5 mg Wk 16 Wk 20 AEs† 181 183 148 231 SE) 8

Abicipar 1.0mg 6.3 7.1 3 ±

8.2 9.0 2/23 114 127 6 6.3 7.1 3/25 154 127

letters 0 127 5.3 4.7 0/16 Lucentis 0.5mg 5.3 4.7 0 167 166 4 226 166

BCVA ( BCVA 0 166 The abicipar formulation has 205 191 2 255 191 been further optimized for 63 191 safety for use in Ph 3 trials 229 217 0 255 217 0 1 4 8 12 16 20 155 217 Week MP0230

Dosing PD-1/VEGF

Tumor-restricted agonist

Allergan, 12 August 2014. MP0274 *Study not powered to reach statistical significance; †Ocular inflammation. AE, adverse event. MP0250 ©2017 Molecular Partners AG - 24 Abicipar CEDAR and SEQUOIA: Abicipar Registration Studies in Wet AMD Abicipar 192 3 0 6 0 87 Loading Primary 253 40 Doses Endpoint Extension 80 40 3 122

Week 0 4 8 12 16 20 24 28 32 36 40 44 48 52 104 254 61 142 61 92 185 Abicipar 2 mg q12w 254 183 181 183 Abicipar 2 mg q8w 148 231

114 127 ® 154 127 Lucentis 0.5 mg q4w 0 127

167 166 226 166 0 166

. 2 parallel, randomized, double-blind phase 3 studies 205 191 255 191 . Expected global enrollment: 900 patients/study 63 191 229 217 . Estimated study completion: Aug 2018 – expected launch in 2020* 255 217 155 217

MP0230 . Drug Safety Monitoring Committee (DSMC): no changes recommended Q4/16 PD-1/VEGF . Next milestone: full enrollment of the study expected Aug 2017 Tumor-restricted agonist MP0274

*Abicipar under development and control of Allergan. MP0250

Abicipar 192 3 0 6 0 87 Primary Vision gain Loading Doses Endpoint 253 40 (letters) Safety 80 40 3 122 Week 0 4 8 12 16 20 24 28 Wk 28 AEs (n/N) 254 61 142 61 Abicipar 2 mg q12w 7.2 4/45 92 185 Abicipar 2 mg q8w 7.1 5/41 254 183 181 183 148 231 Abicipar 1 mg q8w 4.9 7/43

® 9.6 0/21 114 127 Lucentis 0.5 mg q4w 154 127 0 127 12 167 166 226 166

10 The abicipar formulation has 0 166

SE) 205 191

been further optimized for

± 8 255 191

safety for use in Ph 3 trials 63 191

6 229 217

Change in in Change

letters 255 217 4 155 217

Mean Lucentis® 0.5 mg q4w BCVA ( BCVA MP0230 2 Abicipar 2 mg q12w PD-1/VEGF 0 0 1 4 8 12 16 20 24 28 Tumor-restricted agonist Week MP0274

MP0250

192 3 0 6 0 87

253 40 80 40 3 122

254 61 142 61 92 185

254 183 181 183 148 231

114 127 154 127 0 127

167 166 226 166 0 166

205 191 255 191 63 191

229 217 255 217 155 217

MP0230

PD-1/VEGF

Tumor-restricted agonist

MP0274

MP0250

192 3 0 6 0 87

253 40 80 40 3 122

Value Status 254 61 142 61 92 185 Discovery Alliance: Multi-DARPin® Next generation products Preclin 254 183 concepts in the eye 181 183 148 231

Start of phase 3 as early de- 114 127 Abicipar in DME: less frequent ocular injections 154 127 risking for safety read-out Ph2 0 127 167 166 226 166 Low biology risk with 0 166 Abicipar in wet AMD: less frequent ocular injections Ph3 meaningful differentiation 205 191 255 191 63 191

229 217 255 217 Extract from ALLERGAN Presentation; JP Morgan Conference; January 9, 2017 155 217 by Brent Saunders; Chairman and CEO MP0230

PD-1/VEGF

Tumor-restricted agonist

MP0274

MP0250

253 40 80 40 3 122

254 61 142 61 92 185

254 183 181 183 148 231

114 127 Summary 154 127 0 127

167 166 226 166 0 166

205 191 255 191 63 191

229 217 255 217 155 217

MP0230

PD-1/VEGF

Tumor-restricted agonist

MP0274

MP0250

192 3 0 6 0 87

253 40 80 40 2017 2018 3 122

254 61 MP0250: Multiple Myeloma Initial safety data Ph2 Initial efficacy data Ph2 142 61 92 185

MP0250: additional solid tumor ind. Submission for Ph2 Initial data Ph2 254 183 181 183 148 231 MP0274: Her2 multi-DARPin® First dosing in Ph1 Initial data Ph1 114 127 ® 154 127 PD-1/VEGF multi-DARPin 0 127

167 166 Tumor-restricted agonist Preclinical data 226 166 0 166

Several discovery programs 205 191 255 191 63 191 MP0230: IL-13&IL-17 multi-DARPin® Decision on development strategy 229 217 255 217 Abicipar*: wet AMD Full enrollment of Ph3 1-year efficacy data Ph3 155 217 MP0230 Abicipar*: DME Start of Ph3 PD-1/VEGF

Tumor-restricted agonist Cash CHF 186mn (Q3/16) Financed well beyond key value inflection points MP0274

*Abicipar under development and control of Allergan. MP0250

192 3 0 6 0 87

253 40 . Balanced & differentiated clinical DARPin® portfolio: 80 40 3 122

• Abicipar in phase 3 in wet AMD and phase 2 concluded in DME 254 61 142 61 • MP0250 phase 2 submitted in MM and solid tumor phase 2 in prep. 92 185 254 183 • MP0274 phase 1 submitted in Her2 positive cancers 181 183 148 231 ® . Broad DARPin portfolio in immuno-oncology 114 127 154 127 0 127 $ . Financed well beyond key value inflection points 167 166 226 166 0 166 . Full pipeline allows exploration of collaboration opportunities 205 191 255 191 63 191 . Strong and experienced team 229 217 255 217 155 217 . Culture of teamwork and «science and patients first» MP0230

PD-1/VEGF ® . With proof of platform, we now focus on making the “DARPin Difference” Tumor-restricted agonist

real for patients MP0274

MP0250

253 40 80 40 3 122

254 61 142 61 92 185

254 183 181 183 148 231

Thanks! 114 127 154 127 0 127

167 166 226 166 0 166

205 191 255 191 63 191

229 217 255 217 155 217

MP0230

PD-1/VEGF

Tumor-restricted agonist

MP0274

MP0250