Investment Thesis

11/13/2002


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Table of Contents

PPT Slide

PPT Slide

Investment Thesis

U.S. HIV Landscape

Fusion Inhibitors

TORO (T-20 vs. Optimized Regimen Only

TORO-1

TORO-1

TORO-1

TORO Clinical Trials

TORO-1 Subgroup Analysis

Baseline PSS score: Subgroup analysis of mean change from baseline in log10 HIV-1 RNA at week 24 (ITT population)

Fusion Inhibitors May Become the Therapeutic Foundation for Treatment Experienced Patients

PPT Slide

Estimated Time and Event Schedule for Fuzeon Filing and Launch

Current U.S. HIV Market – $3.3Bn

New Classes/Drugs Expand Antiretroviral Market

U.S. HIV Patient Segments

Fuzeon Launch

Fuzeon Growth Strategies

Second Generation Fusion Inhibitor T-1249

T1249-101

Fusion Inhibitor Franchise Expansion

Senior Management Team

Financial Position

Upcoming Fusion Inhibitor Presentations

Milestones

PPT Slide