Evotec SE — Investor Presentation 2007

Jan 26, 2007

Evotec AG:January 2007

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.

01 Evotec Overview

Emerging CNS company underpinned by established, profitable services business

• z3 clinical CNS candidates
• z World-class integrated platform
  • Small molecule focus

  • 120 customers

  • Proprietary research
• z Financials
  • €66m in revenues (FY 2006e pro-forma)
  • 540 employees
• zFSE Prime Segment, TecDAX 30

Agenda

• 01Evotec Overview
• 02 Clinical CNS Pipeline
  • EVT 201: Insomnia
  • EVT 101: Alzheimer's Disease and/or Pain
• 03Discovery and Development Partnerships
• 04 Financials and Outlook

Corporate structure

Etoecv
----------------------------

Services Division

PharmaceuticalsDivision

Tools&Technologies (Evotec Technologies / ET)

Focusing Evotec on core business – drug discovery and development

Sources of revenues 2006e

Evotec

PharmaceuticalsDivision

• • Tools and Technologies division (ET) sold to Perkin Elmer for€23m in cash
• •Effective 01/01/2007
• • Total valuation of ET incl. Olympus deal € 30m
• •Increases Evotec's cash position to > €70m by 01/07
• •Increases flexibility to develop and expand CNS pipeline

Our CNS pipeline

Discovery	Pliilrecnca	PhIase	PhIIase	PhIIIase
EVT201GABAiliitttreceporparaposAIinsomna	dltvemouaor
EVT101NMDANR2BbttspeanagouyAlhi'sdi/Pizemerseasean	itns
EVT302OMABihibitnor-
EVT102
EVT103FllEVTt101oow-upo
Pjtroecs
AD

Fully integrated R&D solution

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

Top quality customer network

Agenda

• 01Evotec Overview
• 02 Clinical CNS Pipeline
  • EVT 201: Insomnia
  • EVT 101: Alzheimer's Disease and/or Pain
• 03Discovery and Development Partnerships
• 04 Financials and Outlook

Our compounds address three major disease areas

Market overview Alzheimer's disease:

Huge unmet need for therapies improving symptoms or slowing disease progression

zAD market rapidly growing

• CAGR 2001 – 2004: 35%
• Based on aging population and launch of memantine

zOnly 4 drugs on the market today

• Limited benefits
• Clear opportunities for novel treatments
• z AD prevalence expected to rise up to 3-fold by 2050

02 CNS Pipeline

Market research suggests that insomnia market is growing and under-penetrated

zSymptoms of insomnia very frequent

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

zSignificant consumer driven growth potential

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

Morgan Stanley survey of global sleep specialists (Feb 2006)

02 CNS Pipeline

Market overview sleep disorders: Ambienand Lunesta lead the way …

US market sharedata according to IMS, Q2 2006

…significant opportunities remain

	Characteristics of selected Hypnotics
	Onset	Maintenance	Residualeffects	$t\frac{1}{2}$	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		$\sim$ 2 $h$ rs		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

EVT 201: GABAAmodulator with differentiated mode of action

• z Potential novel insomnia treatment on GABAA receptor complex (partial positive allosteric modulator) Reduced time to sleep onset Improved sleep maintenance No next day hangover
• z Differentiated preclinical profile and mechanism of action
• z Clinical trial status
  • Well tolerated in Phase I studies at Roche and Evotec
  • Encouraging results in 2 Phase I/II proof-of-principle studies

Preclinical profile of EVT 201 encouraging

• z Binding to the benzodiazepine site of the GABAAreceptor complex
• zSlightly alpha-1 selective, high affinity partial positive allosteric modulator
• zUnlike all developed hypnotics, not sedative in rodents

	EVT201	()Fllilltuagonsaprazoam
Pt(iitoencyanxeypanc+,il)ttttanconvusanes	/Aiki00130tttceamggnrasv-dianmce	Ollihltttnsgmorepoenyy
ffAdt(iidverseeecsmparedfitroaroperormanceamnesa,,)liihdltconvusonsuponwrawa	Nbddftttoosereaosesopovu&/k30100mggpo	O/bd110kttsereaomggpov
Piifdittttoenaonoseaevffftthleecsoeano	Niiiittttopoenaonnmcea/d100ktosesupomggsc	Mkdli/k03ttareaceamggyvsc
Dlfltteeopmenooerancev	Nhilifffttttttooeanxoyceecaer4kittttweesconnuousreamen	Yes

Road trafficnoise model in a sleep laboratory

EVT 201 Phase I/II proof-of-principle study in insomnia (2.5 mg – 10 mg)

EVT 201 Phase I/II proof-of-principle study in insomnia (1.0 mg – 2.5 mg)

02 CNS Pipeline

Headline results summary Significant objective efficacy

• z 1.5, 2.0 and 2.5 mg of EVT 201 reduced both duration and percentage of WASO
• zP < 0.05, 0.05 and 0.01 respectively

z EVT 201 2.0 and 2.5 mg doses significantly increased Total Sleep Time (P < 0.05)

Headline results summary Subjective efficacy, no subjective residual effects reported

SLdlEliteeseepaaonvuQiit	Qlifltaoseepuy	Siifilidlld4ttgncanmproeaaosesyv
esonnareu	Giltttengoseep	(Nff)*toeec
	Efkiaseoaaenngw	Nfftoeec
	Elibhiarmornngeaoryvu()li&idtcmsnessrenessu	Nfftoeec

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

EVT 201 Phase I/II study conclusions consistent across both studies -

• z Novel pharmacological profile: A partial positive allosteric modulator of GABAA receptors
• zGood hypnotic efficacy in traffic noise model of insomnia
• zPositive effect on sleep architecture (increased slow wave sleep)
• zThe optimum dose range at 1.5 – 2.5 mg
• zNext day residual effects minimal
• z Promising potential as a differentiated treatment for insomnia with activity on both sleep induction and maintenance

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

	Silnge	20mg
	SdEVT20tuy-Dfidi25osenngmgffRdTiMdloaracoeo(12bjhlhlttsuecseayma	dEVT2002tuy-di125ngmgmg–ffiMdlIicoeonsomna12bjtsuecs
S	SdEVT20031tuy--ildidngeascenngoseildl1225neerymg,,bj24tsecsu	SdEVTtuyRdtepeaos&125b24su	S20032dEVT20033tuy----iRdildltenongepeaoseneeryuy25mgmg16bjttecssuecs
P2	SdEVT2004tuy-ffhIIaseproooconce--dihiiosesncroncprmaittpaens66bjtsecsu	itpongongiirnsomnay	Pha2dosesi	SdEVT2005tuy-IIldlittseeerpaensyihildlincronceerprmaryyiittnsomnapaens13bj5tsuecs

02 CNS Pipeline

EVT 101: Oral NR2B subtype selective NMDA receptor antagonist

• z Potential for Alzheimer's Disease, Parkinson's Disease and Pain
• z Selectivity on NR2B subtype of EVT 101 may be advantageous
• z 'Memantine' – a non-selective NMDA competitor drug shows blockbuster potential in AD
• z Clinical trials:
  • Phase I successfully completed Phase II to start in 2007

02 CNS Pipeline

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

• z NR2B subunit has a distribution in brain restricted to areas important in:
  • Alzheimer's disease (cortex, hippocampus)
  • Parkinson's disease (basal ganglia)
  • Pain sensation (dorsal horn, thalamus, cortex)

EVT 101 Phase I trial: SAD and MAD

zSingle Ascending Doses (SAD) of up to 15 mg safe 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)
• z Multiple Ascending Doses (MAD) in young and elderly well tolerated with no change in PK
  • 24 young subjects: 4 mg twice daily, 8 mg once daily for 8 days
  • 20 elderly subjects: Up to 3 mg twice daily
• z Systemic exposure exceeds concentrations predicted to be therapeutically active

02 CNS Pipeline

EVT 301/302: Second generation orally active, potent, and selective MAO-B inhibitors

• z Potential in neurodegenerative diseases (AD, PD) and addiction
• z First generation MAO-B inhibitor: Phase III clinical validation in AD
• z Second generation development:
  • EVT 301: Several cases of elevated liver function test, Phase I stopped
  • EVT 302 back-up: Early Phase I, Phase I studies to continue in 2007

Agenda

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

Fully integrated R&D solutions from Target to Clinic

** CNS only; typically done by customer or subcontracted

1/3/2007 Page 30

03 Discovery and Development Partnerships

Various deal structures:From FTE deals to collaborations to out-licensing

Risk and profit sharing

03 Discovery and Development Partnerships

Boehringer - Evotec: High value added, results-driven collaboration

Roche - Evotec: High value added, results-driven collaboration

zCNS project initiated by Evotec

• Undisclosed target
• Assay development, initial screen, identified chemical matter

zRoche deal

• 50:50 collaboration
• Joint development to Clinical Candidate
• Opt-in right for Roche at Clinical Candidate
• If not exercised, opt-in right for Evotec
• Milestones potentially over 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,	0109/2005-	0109/2006-	%i∆n
Reenesvu	532	612	15%+
SiDiiiervcesvson-	433	477	10%+
Girossmargn	336%	379%
Oilttperangresu	()305	()223	36%+
SiDiiiercessonvv-	()47	14	119%+
Ntlteresu	()365	()161	55%+
ChhdfSttt.asaeenoep	543	573	6%+
SIFR

04 Financials and Outlook

Strong "Sales & Order Book": Services and Pharmaceuticals Division

Pro-forma Sales & Order Book as of October 2005, 2006

in €million

Key milestones 2006

H12006	9fCSEiNilihhiliitpansonoppenerogncensngxu-
	9SEVT101PhIADltaseresus:
	9/EVT201Rlf2dPhIIIdiltttesusonasesuynvouneers:
	9BhiIlhi(BI)iltoerngerngeemmesone
	9EidifBIllbittxpansonanexensonocoaoraon
	9CSNdihiihBiPhttscoveryparnerspwgarma
H22006	9CEVTlPhI,flll101ttompeeaseuresus:
	9fEVT301RlPhIdttessoases:uuy
	EVTIiiPhIIiiii2019ttttnaeasennsomnapaens:
	EThlildPkiEltt9oececnoogessooernmerv
	SiDiiihidhEUR0t5ervcesvsoncasgeneraveyearencasm>,

Major milestones 2007

2007	EVTSffhPhIdi302ttttaroreraseses:uu
	SfEVT101PhIIttaroase:
	EVTRlfUSPhIIdi201tttessooaseses:uwu
	fEVT302RlPhIdittessromaseses:uu
	fIblbdllbittncreasenumeroresusasecoaoraons-
	MilfBhiIlhi(BI)llbittesonesromoerngerngeemcoaoraon
	CSidhdidhifitttonnuegrowanncreasecasgeneraonromervces

Tomorrow's Drugs Today™

																					Yttrn
																					ocoacsu:
																					JAldörnag
																					COPid&Et
																					resen
																					()P490406081-3575+:
																					@jldtoernaaevoec.com
																					g
																					AHknneennece
																					DiIRlitttreconvesoreaons
																					r,
																					P()4904056081-286:+
																					@hktanneenneceeoec.comv