This investor presentation by Medicago provides an overview of their focus on developing influenza vaccines using a plant-based vaccine production platform called Proficia. Their platform uses virus-like particles (VLPs) produced in plants to develop vaccines, which they believe can produce large quantities of pandemic influenza vaccines much faster than egg-based methods. Medicago aims to initiate clinical trials for their pandemic influenza vaccine candidate and leverage those results to accelerate development of a seasonal influenza vaccine, while also exploring VLP opportunities for other diseases beyond influenza.

1. Investor Presentation
August 2009

2. Forward-Looking Statements
• All statements, other than statements of historical facts, included in this presentation
regarding our strategy, future operations, financial position, future revenues, projected
costs, prospects, plans and objectives of management are forward-looking statements. The
words “believe”, “anticipate”, “estimate”, “plan”, “expect”, “intend”, “may”, “project”,
“will”, “would” and similar expressions are intended to identify forward-looking statements,
although not all forward-looking statements contain these identifying words. We cannot
guarantee that we actually will achieve the plans, intentions or expectations disclosed in
our forward-looking statements and you should not place undue reliance on our forward-
looking statements. There are a number of important factors that could cause our actual
results to differ materially from those indicated or implied by forward-looking statements,
including the factors discussed under “Risk Factors” and in other sections of the prospectus.
These factors and the other cautionary statements made in the prospectus should be read as
being applicable to all related forward-looking statements wherever they appear in this
presentation.
• Our statements of “belief” in respect of our product and partner product candidates are
based primarily upon our results derived to date from our research and development
program. We believe that we have a reasonable scientific basis upon which we have made
such statements. It is not possible, however, to predict, based upon studies in vitro and
animal studies whether a new therapeutic agent or technology will be proved to be safe
and/or effective in humans. We cannot assure that the particular results expected by us will
occur.
• Any forward-looking statements and statements of “belief” represent our estimates only as
of the date of the prospectus and should not be relied upon as representing our estimates as
of any subsequent date. Except as required by law, we do not assume any obligation to
update any forward looking statements or statements of “belief”. We disclaim any intention
or obligation to update or revise any forward-looking statements or statements of “belief”,
whether as a result of new information, future events or otherwise.
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3. Medicago at a glance
Focus Influenza vaccines
Headquarters + cGMP facility Quebec City, QC
Employees 60
Patents (issued or pending) +170
Stock listing TSX-V : MDG
Recent price (August 4, 09) $0.46
Shares outstanding 93 M
Market cap (approx.) $41 M
Cash position (August 1, 09) 12 mos.
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4. Vaccines: an attractive market segment
High probability of R&D success
New cost-effective manufacturing
$21 billion platforms (plants, insect cells)
2008 world vaccine
market
High profit margins
13% growth Increased government funding
over 2006
Heightened awareness of value of
effective vaccination
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Source: Datamonitor, Kalorama

5. Influenza: a constant threat
3 pandemics every century…
8 6 8 y
91 95 96 o da ?
1 1 1 T
Spanish Asian Hong Kong Swine flu
Flu Flu Flu
H5N1
(H1N1)
25,000,000 70,000 34,000 +450 +250
deaths deaths deaths deaths to date deaths since 2003
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6. Pandemic Influenza vaccine supply challenges
• Current technologies not fast enough to be ahead of pandemic
wave
• 4-6 months before first dose available
• 2-dose products may delay protection until pandemic wave has passed
• Limited number of facilities worldwide
• Mainly US, Canada, UK, Germany, France & Italy (4 manufacturers)
• Borders will likely close
• 8-12 months before vaccine available for developing world
• Current approved vaccines require 2 doses to provide protection
• Stockpiled vaccines might not be formulated with correct
pandemic strain
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7. Current pandemic influenza challenges
“Early attempts at pandemic vaccine manufacture are so far producing two
to four times less antigen than seasonal flu strains, raising the threat
that the world’s production capacity is actually much less than hoped”
(Nature News, July 21, 2009)
“FDA Officials said today that vaccine makers are only getting ~30% as much
vaccine from H1N1 strains than they normally do when developing the
seasonal flu vaccine” (FierceVaccines, July 23, 2009)
“GlaxoSmithKline says that it should be able to supply governments with
what they need by early 2010” (FierceVaccines, July 23, 2009)
“The WHO has unofficially estimated that the world's labs may only be able
to produce around 900 million doses for the A(H1N1) strain per year, for a
planet that is home to 6.8 billion people. And there are already signs that
the wealthiest countries will snap up more than their fair share in the
rush to halt the outbreak, while Africa, Asia and Latin American will
struggle to secure adequate amounts of vaccine.” (AFP, July 27, 2009)
“Only newer technologies, such as but not limited to virus-like particles,
have the potential to produce tens of millions of dosages rapidly”
(John M. Barry, White Paper on Novel H1N1, Massachusetts Institute of
Technology, July 2009)
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8. Medicago pandemic vaccine = First responder solution
10 months
Cases
4 months Vaccine supply
p ly
sup
ine t-
va plan
e
cin
cc
sed go
ac
dv
ba dica
p p se
su g-ba
ly
Me
Eg
0 1 2 3 4 5 6 7 8 9 10 Months
Pandemic Pandemic first
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strain identified wave begins

9. Real-life scenario with influenza A (H1N1)
Egg‐based technology Medicago technology
Preparation of vaccine April 24 : Identification of
strain genetic
sequence of A (H1N1)
Optimization of virus
May 8: Genetic
growth conditions
material introduced
into plants
Virus injected in eggs
and incubated
May 8‐12: Plants
incubated in greenhouse
Virus purified and for vaccine production
inactivated
May 15: First
Vaccine filling and purified vaccine lot
release
9 7 months 14 days

10. Manufacturing platform – ProficiaTM
Fast, inexpensive
and easily scalable
• From plants to vaccines in 5 days
• Start production of any new
pandemic vaccine in 1 month
• Substrate easy to supply (plants in
greenhouses)
• Simple process and manufacturing
facilities
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11. Vaccine Technology -VLP: Virus Like Particles
Influenza Virus
HA spikes
Medicago
purified VLP
• Ability to produce influenza virus-like particles in plants
using only one gene of the influenza virus (Hemagglutinin)
• Particles resemble influenza virus but with no genetic
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material (non-infectious)

12. Medicago strategy
Clinical development of pandemic and seasonal Influenza
vaccines
• Initiate Phase I (pandemic candidate)
• Leverage clinical results of pandemic to accelerate development
of seasonal candidate
• Execute agreements with target countries to enable domestic
vaccine production infrastructure
Explore other VLP opportunities outside of influenza
• VLPExpress: high throughput platform that will accelerate
discovery and development
– leverages technology platform to address multiple applications
• Value added development and manufacturing for selected
partners in vaccines, biofuels, biodefense, antibodies
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13. Lead product: H5N1 VLP vaccine
Cross protection against different strains of influenza
Type A
Subtype
H1, H2, H3, …
or lineage
H5 H5
Clade
clade 1 clade 2
Viet-Nam
H5
Subclade Indonesia
clade 2.1
H5
Turkey
clade 2.2
H5
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clade 2.3

14. Lead product: H5N1 VLP vaccine
Lethal challenge study in ferrets with Viet Nam strain
100
80
% s u r v i v a l r a te
60
40
20
0
-2 1 2 3 4 5 6 7 8 9 10 11 12 13 14
14
Day after challenge

15. Lead product: H5N1 VLP vaccine
High level of antibodies after
single dose of 5ug in key ferret model
Immunogenicity study in ferrets
Study group
Days CHMP Criterias
5 µg
% 4-fold increase in HI titer >40% 100%
14
(post Mean geometric increase 2.5 15.6
1st inj.)
% of HI titer of 1/40 70% 100%
Mean HI titer 78
* European Committee for Medicinal Products for Human Use (CHMP) criteria for licensure of influenza vaccines
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16. 2009 Milestones
Pandemic vaccine
H1N1 results from immunogenicity study in mice
Completion of preclinical studies
Submission of Medicago’s First CTA & Start Phase I with H5N1 Q3 09
Phase I results Q4 09
Seasonal vaccine
Immunogenicity study in mice Q4 09
International development
Pandemic vaccine production facility agreement with first country
Production facility agreement with Middle Eastern country 2009
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17. Philip Morris International Partnership
Medicago $15.975 M Secure resources to initiate
investment clinical development in 2009
PMI brings expertise in relation to
tobacco genetics, genomics, and
cultivation
PMI 49.8% ownership Interested in exploring adjacent
of MDG technologies
Synergies with current field of
knowledge and R&D activities
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18. Management
Mr. Andy Sheldon, 20 years managerial experience in the vaccine sector including
President and CEO approval of new products and signing of pandemic plan
Shire Biologics, Biochem Pharma, Institut Mérieux, Smithkline
Beecham, Ayerst-Wyeth
Dr. Louis-Philippe Vézina, 20 years experience in research in agronomy, molecular biology
and protein production Laval University, Agriculture & AgriFood
Chief Scientific Officer Canada
Mr. Pierre Labbé, 20 years of financial experience in public and private companies:
Chief Financial Officer Virginia Mines (TSX:VGQ), Sequoia Minerals Inc. and Mazarin
Inc.(TSX-V:MAZ.H), Agrinove, and agrifood cooperative, Coopers
& Lybrand
Ms. Irene Clement, 27 years experience in the biotech industry at Sanofi-Pasteur,
Shire Biologics, ID Biomedical, GSK; obtained & maintained
Acting VP Regulatory Affairs
several licenses (30 products in 70 countries)
Ms. Nathalie Landry, 17 years of experience in the biotech industry. Previous
VP Product Development experience in a biotech company holding various positions in
R & D and product development.
Ms. Brigitte Barbeau, 20 years experience in QA/QC in commercial production of
VP Manufacturing influenza vaccines GSK Biologicals, ID Biomedical, Shire Biologics
Mr. Frederic Ors, 11 years experience in biotech business development, IP
VP Business Development management, and licensing in Europe and North America
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19. Board of Directors
Dr. Randal Chase, Former President, Shire Biologics, Aventis Pasteur
Chairman of the Board Former Director of Acambis (London and NASDAQ) and
BioJect (NASDAQ)
Mr. Pierre Des Marais II, Former board member: Rothmans, Imperial Oil, RBC,
Director Sleeman Breweries, CN Railways, Carling O’Keefe,
Canadair and Air Canada
Mr. Jonathan R. Goodman, President and Chief Executive Officer, Paladin Labs Inc.
Director (TSX)
Mr. Pierre Seccareccia, Corporate Director
Former President PricewaterhouseCoopers, Montreal
Director
Mr. Damien Levesque, Director Avenir Luzerne
Director
Mr. Andy Sheldon, CEO – Medicago Inc
Director Former VP Sale & Marketing Shire Biologics (NASDAQ)
Dr. Louis-Philippe Vézina, CSO - Medicago Inc.
Director
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