Evotec SE — Investor Presentation 2007

Feb 28, 2007

Corporate Presentation February 2007

EVITOS------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------	,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,______________________________________EVT 103

Tomorrow's Drugs Today™

Forward-looking statements

Any forward-looking statements in this presentation are subject to a number of risks and uncertainties. While this presentation represents management's current judgement on the future direction of the Company's business, the actual results could differ materially from those anticipated in these forward-looking statements. The Company undertakes no obligation to release publicly the results of any revisions to reflect events or circumstances arising after the date hereof.

Agenda

• 01Evotec Overview
• 02Clinical CNS Pipeline

EVT 201: GABAA Modulator for Insomnia EVT 101: Subtype-selective NMDA Receptor Antagonist EVT 302: MAO-B Inhibitor

• 03Partnerships
• 04 Financials and Outlook

Evotec highlights

• z Established biotech company with powerful track record in drug discovery and development
• z Small molecule engine

  • EUR 65 m in revenues in partnerships, cash generative

  • Attractive CNS pipeline with compounds in blockbuster indications
• z> EUR 75 m in cash
• zFSE listed public company

CNS Pipeline

Small molecule machine from 'Target to Clinic'

*PDC = Preclinical Development Candidate; IND = Investigational New Drug; POCD = Proof of Concept Drug

Research results for a top quality customer network

Pipeline programmes with product equity

01 Evotec Overview

Small molecule machine supports pipeline and partnership business

Agenda

• 01Evotec Overview
• 02Clinical CNS Pipeline

EVT 201: GABAA Modulator for Insomnia EVT 101: Subtype-selective NMDA Receptor Antagonist EVT 302: MAO-B Inhibitor

• 03Partnerships
• 04 Financials and Outlook

Insomnia market under-penetrated and consumer driven

zSymptoms of insomnia very frequent

(2005 Sleep in America Poll Survey, Nature Reviews / Drug Discovery)

• 54% encounter symptoms at least 1x per month,
• Only 7% use RX sleep aid

zSignificant consumer driven growth potential

(Morgan Stanley survey of global sleep specialists (Feb 2006))

• 62% of sleep physicians expect > 20% growth of prescriptions
• 50% of prescriptions based on patient requests

GABAA modulation is Gold Standard for Insomnia > 90 % of drugs use this mechanism, incl. market leaders

US market share data according to IMS, January 2007

GABAA modulation: gold standard mechanism Clinically validated

> $ 3.5 bn annual US sales in 2006

Differentiation: Subjective positive feeling, sleep maintenance and anxiolytic effect

	Characteristics of selected Hypnotics
	Onset	Maintenance	Residualeffects	t1/2	PK inElderly	Long termefficacy data	Anxiolyticeffect
Ambien CRa1 selectiveagonist of bzdsite	Yes	Initially effectiveover 6 hrs, 4 hrs inelderly night 15		2.5 hrs: CR incplasma conc after 3hrs	Dose.halved	3 weeks, fall of inefficacy seen	No
LunestaFull agonist ofbzd site	Yes	Yes	Possibilityesp inelderly	6 hr. 9 hr in elderly	Doseadjust	Objective: 4weeks; (elderly 2weeks)Subjective 6 mo	Expected
Gaboxadolextrasynaptic$GABA_A$agonist	Unclear	Unclear		$\sim$ 2hrs		Not yet available	No
SilenorH1 antagonist?	Appearsinferior toAmbien/Lunesta	Yes	Concerndue to longhalf life	17 hrs		4 weeks, 3 monthtrial reports inDecember	No
RozeremMelatonin M1agonist	Regarded asinferior to A/L.	No		1 to 2,5 hrs		6 month trialunderway	No
5-HT 24	No	Yes	Unclear			Unclear	No

Differentiation: Subjective positive feeling, sleep maintenance and anxiolytic effect

EVT201ittpoen	flaor:
Ehdlznances	eepo	tnse
Blttzeerseep	itman	enan	ce
fWkzaeupee	lingr	fheres	dean	dlae	tr

EVT 201: GABAAmodulator with differentiated mode of action

z Potential novel insomnia treatment on GABAAreceptor complex

(partial positive allosteric modulator)

zDifferentiated profile

• Ideal T1/2: approx. 3.5 hrs
• Similar PK in young and elderly
• Strong preclinical characteristics

zClinical trial status

• Well tolerated in Phase I
• Encouraging results in 2 Phase I/II studies
• 2 Phase II studies ongoing
• POC expected Q3/2007

Preclinically EVT 201 shows high potency, no adverse effects, no alcohol interaction, no tolerance

	EVT201ilittparaagons-	Allfllitpraoamagonszu-
Hihtgpoency(iiiltttanepanc+anconsanxyvu,)ttes	YesAi/ki001-30tttceamggnrasvdianmce	YesOllihltttnysgymorepoen
ffAdtverseeecs(iiddftmpareroaroperormance,iliamnesaconsonsponvuu,ihdl)traaww	NofAd30&100ttosesoupo/kmggpo	YesO/bd110kttserveaomggpo
fPttitidtioenaonoseavefffhltteecsoeano	NoMdii100tteasurenmceaupo/kmggsc	YesMkdli/k03ttareyacveamggsc
fDlteveopmenoltoerance	NoNhilifftttttooeanxoyceec(ki)4ttttweesconnuousreamen	Yes

Road traffic noise model in a sleep laboratory Good model to measure sleep maintenance

2 Phase I/II proof-of-principle studies in insomnia successfully completed (1 mg – 10 mg)

EVT 201 shows efficacy in sleep maintenance in both first and second half of the night

• zEVT 201 (1.5, 2.0 & 2.5 mg) significantly reduced WASO over the whole night
• zSignificant reduction in Wake after Sleep Onset in hours 0-4 and hours 5-8
• zNo subjective residual effects

Headline results summary: Subjective efficacy, no subjective residual effects

Results from the "Leeds Sleep Evaluation Questionnaire"

Endpoint

• zQuality of sleep
• zGetting to sleep
• zEase of awakening
• z Early morning behaviour (clumsiness & tiredness)

Result

• z Significantly improved at all doses
• z(Not meaningful)*
• zPositive
• zPositive

* The road traffic noise model is considered clinically non-discriminant for sleep onset measures

EVT 201: 2 POC studies in primary insomnia patients to be finalised in 2007

Study BP15911 (Roche) 1999 Single ascending dose 0.3 mg – 20 mg 65 subjects (39 active)

Study EVT-2001 Dose finding 2.5 mg – 10 mg Road Traffic Model of Insomnia12 subjects (healthy male volunteers)

Study EVT-2002 Dose finding 1 mg – 2.5 mg Road Traffic Model of Insomnia12 subjects

S	S	S
d	d	d
E	E	E
V	V	V
T	T	T
2	2	2
0	0	0
0	0	0
3	3	3
1	2	3
t	t	t
u	u	u
y	y	y
-	-	-
-	-	-
Sildidngeascenngose	Rditepeaosenongyu	Rdildltepeaoseneery
ildl1225neerymg,,	&125mg	25mg
b	b	1
j	j	6
2	2	b
4	4	j
t	t	t
s	s	s
e	u	u
c	e	e
s	c	c
u	s	s

Study EVT-2004 Phase II proof-of-concept ongoing 2 doses in chronic primary insomnia patients 66 subjects

Study EVT-2005 Phase II elderly patients 2 doses in chronic elderly primary insomnia patients 135 subjects

EVT 201 summary: Potential for differentiation

• z "Gold standard" clinical mechanismin Insomnia
• z High affinity, α1 preferring partial positive allosteric modulator
  • Potentially also reducing symptoms of anxiety
  • low potential for dependence
• z Sleep inducing**, but not a "knock out"** (partial agonist)
  • Enhanced sleep architecture
• z Close to optimal PK profile supports sleep maintenance
  • 3.5 hr T1/2ideal for good sleep maintenance and no hangover
• zSimilar PK in young and elderly, ease of use across patient spectrum
• zSubjective feeling of a good night's sleep
• z2 Phase II results in primary insomnia in Q3 2007

Agenda

• 01Evotec Overview
• 02Clinical CNS Pipeline

EVT 201: GABAA Modulator for Insomnia EVT 101: Subtype-selective NMDA Receptor Antagonist EVT 302: MAO-B Inhibitor

• 03Partnerships
• 04 Financials and Outlook

Alzheimer's Disease (AD) Huge unmet need, growing market

Market for Alzheimer'sDisease

zAD market rapidly growing

• CAGR 2001 – 2004: 35%
• AD prevalence expected to rise up to 3-fold by 2050

z Only 4 symptomatic drugs today, no disease modifiers

• Limited benefits
• Opportunities for novel treatments, greater efficacy and disease modifying

Neuropathic Pain market: Major opportunity for innovative therapies

zLimited treatment options

• Only 5 approved therapies
• Gabapentin gold standard, now generic
• z New entrants predicted to increase total market value rapidly
  • Lyrica (pregabalin) est. peak sales $2bn
  • Cymbalta (duloxetine) est. peak sales $900m+
  • Lidoderm (topical lidocaine)

Exp. market growth 2005-2015: 12.5 %, despite generic Gabapentin

Lead compound EVT 101: Oral NR2B subtype selective NMDA receptor antagonist

• z Potential for Alzheimer's Disease and Pain and other indications
• z Selectivity on NR2B subtype of EVT 101 provides key differentiation
• z 'Memantine' - a non-selective NMDA competitor drug - shows blockbuster potential in Alzheimer's Disease
• z EVT 101 clinical trials:
  • Phase I successfully completed Phase II to start in 2007

EVT 101 binds to NR2B subunit: Enables targeted activity in the brain

• Parkinson's Disease (basal ganglia)
• Pain sensation (dorsal horn, thalamus, cortex)

In vitro Pharmacology: High potency and selectivity

NMDAtrecepors	IC50
3[H]MKbidi801nng-ff()HihiiNR2Btgany	2Mn
ff(C)LiiNR2ADtoanwy,,	100Mµ
Ohttterarges	CI05
HT5-4	M69µ

No significant activity at more than 50 other types of receptors and ion channels at 10 µM

EVT 101: Pharmacology summary

• z High affinity (2 nM) NR2B subtype-selective NMDA receptor antagonist
  • No off-target activity within 3 orders of magnitude
• zRapidly and extensively absorbed
• zHigh oral bioavailability in all species
• zModerate plasma clearance
• z Good brain penetration
  • Moderate plasma protein binding (~70% human)
  • CSF/plasma ratio 0.25 – reflects free plasma
  • Brain/plasma ratio: 0.6 concentration
• zHigh in vitro metabolic stability in microsomes and hepatocytes
• z Low potential for drug-drug interaction
  • CYP450 isoforms IC50s >50 µM

EVT 101 Phase I trial results SAD and MAD

• zSingle Ascending Doses (SAD) of up to 15 mg
• z Multiple Ascending Doses (MAD) in young and elderly
  • 24 young subjects: 4 mg twice daily, 8 mg once daily for 8 days
  • 20 elderly subjects: Up to 3 mg twice daily

zSafe and well tolerated

• Adverse events not serious and short-lasting
• No food effect
• No clinically significant changes in safety parameters (including ECGs, vital signs and blood and urine tests)
• Good exposure and PK profile (Tmax ~2h, T-half ~11h, dose proportionality)
• No change in PK in MAD study
• z Systemic exposure exceeds concentrations predicted to be therapeutically active

Summary of future clinical programmes

zPhase Ib/II a dose finding to commence in H1 2007

• Cognition tasks and fMRI in either volunteers or patients with AD
• Efficacy in Spinal Cord Injury Neuropathic Pain patients
• Perioperative Pain efficacy in Post Op Pain (Third Molar Extraction)
• z Preclinical toxicology in progress to allow longer term clinical studies
• z Phase II programme to be selected and defined dependent on results in H2 2007
  • 8 -12 weeks cognitive efficacy in Alzheimer's Disease
  • 4 weeks in Spinal Cord Injury Neuropathic Pain
  • Perioperative Pain in acute surgery e.g. hip or knee replacement

EVT 100 series summary

z Symptomatic Alzheimer's Disease treatment, potential for disease modification

• NR2 B selectivity should translate into clinical advantages over memantine
• Potential for "triple whammy"

zNovel approach for treatment of Neuropathic Pain

Clinical proof-of-concept for NR2B antagonists in Neuropathic Pain, plus a wealth of preclinical evidence

zNovel Perioperative Pain indication

• z EVT 101 has a highly desirable preclinical profile
  • Potent and highly selective NMDA NR2B subtype selective antagonist
  • Excellent drug-like properties, oral adsorption, PK and brain penetration
• zPhase I successfully completed; EVT 101 ready for Phase II POC
• zChoice of EVT 101 Phase II to be determined after Phase Ib/IIa studies
• zBack up EVT 103 and injectable programmes

Agenda

• 01Evotec Overview
• 02Clinical CNS Pipeline

EVT 201: GABAA Modulator for Insomnia EVT 101: Subtype-selective NMDA Receptor Antagonist EVT 302: MAO-B Inhibitor

• 03Partnerships
• 04 Financials and Outlook

Smoking Cessation: Enormous market potential

zMarket currently dominated by OTC nicotine replacement (patch, gum etc)

• Total nicotine replacement sales ~ $1bn
• z Only two non-nicotine prescription therapies currently approved:
  • Buproprion SR - Originally approved as antidepressant (available generically), branded by GSK as Zyban for smoking cessation
  • Chantix launched by Pfizer in Aug 2006 Cost ~ $3.50/day; treatment course (6 months) ~ $600
  • Sales of Chantix expected to peak at around $1bn in 2011/2012, hugely expanding total market

z44.5 million smokers in the US alone

• 70% of current smokers report a desire to quit = 30 million
• The average smoker will make 6 – 9 attempts to quit during their lifetime

zMarket is consumer driven and agile – opportunity for quick penetration

Scientific rationale for Smoking Cessation

• z Nicotine dependence may be a result of smoking induced dopamine release in neuronal reward pathways
  • In smokers MAO-B activity is down (potentiates nicotine's effect on dopamine release and increases the addictive properties of tobacco)
  • In quitters reward is down and craving is up, because MAO-B activity returns to normal
  • Through MAO-B inhibition reward goes up, craving goes down because dopamine levels increase
• zPotentially add on therapy to nicotine replacement
• z Clinical validation
  • Lazabemide & selegiline (MAO-B inhibitors) enhance Smoking Cessation rates
  • Zyban (dopamine re-uptake inhibitor) approved for Smoking Cessation

EVT 302: Clinical validation in smoking cessation and Alzheimer's Disease (disease modifying)

• z Potential in neurodegenerative diseases (AD, PD) and addiction
• z Orally active, potent, selective MAO-B inhibitor
• z Phase II clinical validation in smoking cessation (selegiline, lazabemide)
• zPhase III clinical validation in AD
• z Clinical status
  • Phase I SAD finished
  • Further Phase I studies begin Q2 2007

Target Product Profile Smoking Cessation

zTarget Product Profile

• Significant differentiators
  • zOnce per week dosing
  • zPotential for additive effects in combination with nicotine replacements, Chantix
• Nice to have
  • z Demonstrate improved efficacy in combination with nicotine replacement over nicotine replacement alone
  • zImproved long-term abstinence rate vs Chantix
  • zDemonstrated improved side effect profile vs Chantix (nausea)

zMinimum Acceptable Profile

• No dietary restrictions
• Once a day dosing, no dose titration
• Efficacy and side effect profile as good as Chantix; (better than Zyban)
• Ability to use in combination with OTC nicotine replacement

EVT 302 has a superior safety profile to other smoking cessation treatments

• zHighly selective MAO-B inhibitor
• z No food effect liability as highly selective
  • Selegiline has food effect label requiring dietary restrictions at high oral doses
  • Selegiline patch has food effect label at higher doses
  • (Rasagiline in PD has similar label)

zSuperior safety profile to selegiline

• Selegiline has psychoactive metabolites in man – unknown significance
• Drug-drug interaction with SSRIs less likely with EVT 302
• z Expected to have fewer adverse events than Chantix with simpler dosing regimen
  • Chantix requires titration and is associated with mild to moderate nausea which does habituate

Planned preclinical and clinical studies in Smoking Cessation

• zChronic and reproductive toxicology in two species to be completed
• z Phase I
  • Repeat dose safety pharmacokinetics for 14 days in young and for 28 days in elderly
  • Single and repeat dose PET brain imaging MAO-B inhibition for dose finding
  • Tyramine studies to demonstrate no dietary amines food effect liability

zPhase II in Smoking Cessation

• Two month placebo controlled efficacy in smoking cessation
• Outcome measure 2 month quit rate
• Design under discussion
• Headline results in early 2009

EVT 302: Summary

• z Highly selective potent second generation MAO-B inhibitor with multi indication potential
• z Lower development risk and cost for significant standalone market potential in Smoking Cessation
• z Strong competitive potential
  • Clinically effective MAO-B mechanism
  • Superior competitive safety profile
  • Potential for once per week dosing
  • Use as monotherapy or in combination with nicotine based therapies
• z Higher development risk opportunity for disease modification in Alzheimer's Disease
  • Clinically validated mechanism
  • Existing preclinical and Phase I programme for SC also supports AD at no extra cost
  • Early Go/No Go decision to start Phase II in light of competitive scenario at that time

Agenda

• 01Evotec Overview
• 02Clinical CNS Pipeline
• 03Partnerships
• 04 Financials and Outlook

Fully integrated R&D solutions from 'Target to Clinic'

** CNS only; typically done by customer or subcontracted

2/21/2007 Page 41

03 Discovery and Development Partnerships

Flexible deal structures including "risk / reward sharing" and "rights back"

03 Discovery and Development Partnerships

High value added, results-driven collaboration: Research payments, milestones, royalties, rights back

zGoal of collaboration:

• Deliver preclinical candidates
• Exploit Evotec's GPCR and other target class expertise

zScope:

2004

• Duration 5 years
• 76 FTE committed (36 from Evotec)

Expanded scope and content

Milestones achieved in 2005 + 2006

2/21/2007 Page 43 2005 2006 2007 2008 2009

The Roche partnership: Multi year, multi purpose

• z Chemical synthesis
  • Libraries
• zMedicinal chemistry
• zHERG testing
• z Licensing to Evotec
  • Build Evotec pipeline
  • Options for Roche
• z High value, results driven collaboration

Why partner with Evotec? Capabilities complementary to Roche

• • Established, profitable services provider
  • Solid track record
• • State of the art platform
  • Focus on small molecule drug discovery and development
  • Servicing over 120 customers
  • Powerful engine for proprietary research
• • CNS disease biology expertise
  • Demonstrated drug discovery
  • CNS pipeline with 3 clinical compounds
• •Flexible approach to deal structures
• •Cultural fit

Global high-value, results driven collaboration

High-value, results driven collaboration

• z CNS project initiated at Evotec
  • Undisclosed target
  • Assay development, initial screen, identified chemical matter

Innovative business model

• zJoint research in areas of strength allows maximum efficiency
• zFlexible deal structure to add further targets to grow the alliance
• zOption rights, milestones (potentially > EUR 100 m), royalties

Agenda

• 01Evotec Overview
• 02Clinical CNS Pipeline
• 03Discovery and Development Partnerships
• 04 Group Financials and Outlook

Q1 – Q3 2006: Strong performance in all divisions, guidance increased

EURilli%tmonexcep,	/01092005-	/01092006-(Eh)txcepcas	%i∆n
Revenues	325	612	1%5+
SiDiiiervcesvson-	433	477	10%+
Girossmargn	336%	379%
Oilttperangresu	()350	()223	36%+
SiDiiiervcesvson-	()47	14	119%+
Nltteresu	()356	()161	55%+
ChhdfDttasaeenoec	543	784
SIFR

Significant clinical news flow in 2007

H12007	SffEVT302hPhIdittttaroreraseses:uu
	S/EVT101fPhIbIIiidittttaroaseacognonsues:
	Sf()EVT101PhIIihidliTMEitttttaroaseanrmoareraconpan:x
H22007	fEVT201RlPhIIiliiiiitttt:esusromaseranprmarynsomnapaens
	EVTRlfPhIIdildliii201ttttessromasesneernsomnapaens:uuyy
	Sf()EVT101PhIIihiiildijttt:aroaseanneuropacpanspnacornury
	EVTPffl(PhIb)iii101tttroooconcepressasencognon:u--
	ff()EVT101PlPhIIiTMEttroooconcepressasean:u--
	CEVTlifPhIldPETdi302tttompeonoaseoeranceanses:u
	EVTChifidiifPhIIbdi101ttoceoncaonsoraseses:u

Major milestones 2008+

EVT201	Piihiiffdtttttarnerngposeproooconcepaawv--
EVT302	SfPhIIikiitttaroasensmongcessaon
	Hdlilikiibl2009tteaneressnsmongcessaonearuyy
	DiibdiiAlhi'sDittecsonaoproceengnoemerseaseuz
EVTi100seres	SfPhIIbilfEVT101tttaroaserasor
	/EVT102dEVT103iPhIdittanormoenoasesesvu

Emerging CNS company underpinned by profitable collaborative business

• z Established biotech company with powerful track record
• z Attractive CNS pipeline
  • Compounds in blockbuster indications
  • First Proof-of-Concept in Q3 2007
• z > EUR 65 million revenues, cash generative partnership business
• z> EUR 75 m in cash

Tomorrow's Drugs Today™

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