Evotec SE — Capital/Financing Update 2007

Sep 11, 2007

Focusing on high-value research and collaborations

The future of Evotec

• zA drug research and development company
• zFocused on neuroscience and related areas for proprietary programs
• z A powerful and deep drug discovery platform for high-value collaborations in many therapeutic areas
• zA belief in differentiated science as the core driver of success
• zA partnership and licensing business

Rationale for the transaction

• zConcentrate on higher value pipeline expansion
• z Additional EUR 46 million cash through the divestment of non-core areas:
• Chemical process development, cGMP pilot plant and drug formulation
• z Good prospects for divested operations with strong commitment by purchaser to growth and investment
• z Better career development for transitioning employees in a larger serviceminded organization

The Chemical Development business: Broad range of chem. development and formulation capabilities

Process research& development

Custom synthesis

Analytical services Pilot Plant manufacture

QA & Regulatory

• z Novel route process research and development
• z Chiral chemistry, salt selection, polymorph screening
• zAnalytical method development and validation
• zParenteral formulation development
• zSterile manufacture
• zRapid custom synthesis (including cGMP)
• zcGMP scale-up and regulatory support
• zcGMP manufacture for Clinical Ph I, II, III

Powerful research capabilities up to proof-of-concept

F t B d r a g m e n a s e D D i r u g s c o v e r y	H i h T h h F S i I F L d t t t t g r o g p r a g m e n c r e e n n g r a g m e n o e a u u
& A D l t s s a y e v e o p m e n	S A D l t I M d i T h h t i s s a e e o p m e n e m r o g p c r e e n n g y v u u u
S i c r e e n n g	H i h T h h S i I S i L i b I H i h C S i t t t g r o g p c r e e n n g c r e e n n g r a r g o n e n c r e e n n g u u y
	C d P f i l i I H i h T h h F S i t t o m p o n r o n g g r o g p r a g m e n c r e e n n g u u u
M d i i l C h i t e c n a e m s r y	S l B i l I T C l E i I H i L d & t t t t t t r c r a o o g a r g e a s s p e r s e o e a u u y x
	L d O i i i I C i l C h i I P h k i i t t t t t t e a p m s a o n o m p a o n a e m s r a r m a c o n e c s u y
	P i & S d S i S t r m a r e c o n a r c r e e n n g p p o r y y u
C d L i b i o m p o u n r a r e s	L i b D i I L i b S h i I C d M t t r a r e s g n r a r n e s s o m p o n a n a g e m e n y y y u

Robust small molecule engine with first proof-of-concept in insomnia

D i s c o v e r y	P l i i l r e c n c a	P h I a s e	P h I I a s e	P h I I I a s e
G f E V T 2 0 1 A B A t t i l i t i d l t I i r e c e p o r p a r a p o s e m o a o r o r n s o m n a v u A
E V T 1 0 1 N M D A N R 2 B b t t i t, l s u y p e a n a g o n s o r a
E V T 3 0 2 M A O B i h i b i t n o r -
E V T 1 0 2
E V T 1 0 3
P i t t a n a r g e
B I C l l b i t o a o r a o n
B I C l l b t i o a o r a o n
O b i t t t e s y a r g e
C i t i t t o g n o n a r g e
R h C l l b o c e o a			C l i i l i t n c a p r o p r e a r y
C B I l l b o a			P l i i l r e c n c a p r o p r.
B I C l l b o a			P t d a r n e r e
H T S & F B D D

Who is Aptuit?

• z Aptuit, Inc. is a global company focused on streamlining and supporting the drug development process for biotechnology and pharmaceutical innovators
• z 2,680 employees, 18 global facilities
• Including Harrisonville, Kansas City (both Missouri), West Lafayette (Indiana), Bangalore, Hyderabad, Vizag (India), Edinburgh (Scotland)
• z Intention to keep the core business at Oxford
• Will employ Evotec's administrative services for a transitional period
• z Completes drug development services of Aptuit in all three major geographics – Europe, North America, Asia
• Positions Aptuit to transfer to commercial scale in India
• zwww.aptuit.com

Sale of Chemical Development to Aptuit for £ 31.5m in cash

• zAgreement signed on 10 Sept 2007, anticipated closing within 75 days
• z Sale of all assets of Oxford based Chemical Development business and of all shares of Evotec (Scotland) Ltd.
• z Purchase price of £ 31.5m (approx. € 46.4m; US\$ 63.9m)
• Valuation: 1.7 x 2006 revenues
• z All employees transfer with the purchase (approx. 210)
• 64 Evotec (Scotland) Ltd employees/facilities
• All employees of the Chemical Development business under TUPE and some overhead employees in Oxford
• zSeveral long-term property leases will be transferred to Aptuit
• zEvotec will provide financial and IT services during the transition
• zAptuit will provide chemical development services to Evotec

Preliminary P&L Services Division

M i € o	C t i d o n n e u i t o p e r a o n s	0 1- 0 6 / 2 0 0 7 D i t i d s c o n n e u i t o p e r a o n s	T t l o a	C t i d o n n e u i t o p e r a o n s	0 1- 0 6 / 2 0 0 6 D i t i d s c o n n e u i t o p e r a o n s	T t l o a
T t l o a r e e n e s v u	1 5, 3	1 2, 7	2 8, 0	1 8, 1	1 2, 0	3 0, 1
G f i t r o s s p r o G i r o s s m a r g n	2, 7 % 1 8	3, 2 % 2 5	5, 9 % 2 1	5, 6 % 3 1	4 0 , % 3 3	9, 6 % 3 2
R & D - S G & A - O h i t t e r o p e r a n g e x p e n s e - O h i i t t e r o p e r a n g n c o m e -	0, 7 5, 5 0, 3 ( 0, 3 )	- 1, 8 - -	0, 7 3 7, 0, 3 ( 0, 3 )	1, 4 5, 7 0, 9 -	- 1, 3 - -	1, 4 0 7, 0, 9 -
O ( ) t i i l p e r a n g n c o m e o s s	( 3, 5 )	1, 4	( 2, 1 )	( 2, 4 )	2, 7	0, 3

Note: SG&A allocation is still preliminary and may vary up to 10%

Guidance "continued business" 2007

• zRevenue guidance: € 30 – 35m (approx. US\$ 41 – 48m)
• zCash guidance: € 93 - 98m (approx. US\$ 128 – 135m)
• zNon operating income*: approx. € 25m (approx. US\$ 35m)

Note: All exchanges are based on exchange rates of 10 September 2007

Summary

• zDisposal aligns with strategic direction of Evotec
• zStrong cash position reduces risk and provides long run-rate
• zReduction of complexity and fixed costs
• zOpportunity to transform non-core assets for core assets
• z Evotec vision: To become an emerging pharmaceutical company with a strong pipeline focused on CNS related diseases and powerful partnerships in research and drug development