Creating a Leading Global HBV Therapeutics Company

Jefferies 2015 Global Healthcare Conference

June 2015

NASDAQ: TKMR www.tekmira.com

Forward Looking Statements

This presentation contains forward-looking statements within the meaning of the Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and forward looking information within the meaning of Canadian securitieslaws (collectively, “forward-looking statements”). Forward-looking statements in this presentation include statements about, among others: meeting a significant unmet medical need; developing a curative regimen for HBV and the eradication of HBV; long term value creation and the potential creation of significant value; advancing non-HBV assets; the potential of the combined company product candidates; upcoming company milestones in the HBV and non-HBV pipelines; the quantum of projected 2015 burn; capitalizing on a global market opportunity; development of an all oral combination treatment regimen to significantly increase HBV cure rates; and intent to generate value from non-HBV assets.

With respect to the forward-looking statements contained in this presentation, Tekmira has made numerous assumptions regarding, among other things: stability of economic and market conditions; the effectiveness and commercial viability of thecompany’s products. While Tekmira considers these assumptions to be reasonable, these assumptions are inherently subject to significant business, economic, competitive, market and social uncertainties and contingencies. Forward-looking statements herein involve known and unknown risks, uncertainties and other factors that may cause the actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements. Such factors include, among others: the company’s product pipeline may not prove to be effective or commercially beneficial; and economic and capital market conditions. A more complete discussion of the risks and uncertainties facing Tekmira appears in Tekmira's Annual Report on Form 10-K and Tekmira’s continuous disclosure filings which are available at www.sec.gov and at www.sedar.com. Tekmira disclaims any obligation to update any forward-looking statements or to publicly announce the result of any revisions to any of the forward-looking statements contained herein to reflect future results, events or developments, except as required by law.

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Corporate Overview

• Well positioned to capitalize on the global market opportunity in HBV and create significant long-term value for shareholders

• Industry’s leading portfolio of therapeutic approaches to cure HBV, addressing a significant unmet medical need

• 8 unique drug candidates to be used in combination regimens

• Proven management team and scientific leadership, including former Pharmasset executives

• Forging rapid path to development of a combination treatment regimens to significantly increase HBV cure rates

• Clear intent to generate value from non-HBV assets for Ebola, cancer, and metabolic diseases

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Chronic HBV – greatest global unmet medical need

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350Mpeople chronically infected with HBV

780Kpeople die

every year as a consequence of HBV

HCV Market Evolution Provides a Road Map for the HBV Opportunity

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Our Goal – develop combination regimens to increase cure rates for HBV

• HBV biology is complex

• More complex than HCV

• HBV persists by

1. Replicating continually in liver hepatocytes

2. Expressing viral antigens that suppress the patients’ immune response

3. Establishing a stable cccDNA reservoir in the nucleus

• Curative therapy will require a combination of drugs that overcome these “three pillars” of viral persistence

• Ultimate goal is all oral curative regimen

• We have assembled a unique set of clinical & preclinical assets which target these “three pillars” of viral persistence

• 8 therapeutic assets under one roof

• Enables efficient development of drug combinations

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Our Strategy – all needed assets under one roof

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• Provide a cure by developing combination therapies acting by complementary mechanisms of action against the virus

• Aggressively suppress viral replication

• Reactivate/stimulate the immune system

• Eliminate cccDNA

• Considered the “Holy Grail” in achieving a cure

• Efficiently use development capital

• Resulting in a finite treatment duration

To succeed in achieving an HBV Cure, all facets of HBV persistence need

to be addressedSuppress

Viral Replication

Reactivate/ Stimulate the

Immune System

Eliminate cccDNA

Tekmira HBV Development Pipeline

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TKM-HBV: Targets Multiple HBV Genomic Sites

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• Target sites are regions of high conservation in Hep B viral genomes

• 3-trigger combo increases potency & extends coverage to 99.8% HBV genotypes

• Primary viral target is HBsAg

• Other targeted viral elements;

• eAg, viral DNA and cccDNA may expand therapeutic benefit

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* Target Sites (1, 2, 3)

TKM-HBV: Reduction in Multiple HBV Markers

• Deep reduction in HBsAg

• Strong inhibition of HBeAg

• Viral DNA and cccDNA are reduced by TKM-HBV

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Liver HBV DNAcccDNA Liver Serum

n=5, mean ± SEM

Day 32 Day 42 (terminal analyses)

SerumeAg

0

25

50

75

100

125

%U

ntrea

ted

atD

ay42

0

25

50

75

100

125

%U

ntrea

ted

atD

ay32

Serum HBsAg

0 7 14 21 28 35 420

20

40

60

80

100

Day

Seru

mH

BsA

gas

%B

ase

li ne

Untreated

TKM-HBV 0.3 mg/kg

Treatments

TKM-HBV: Reduces HBsAg in Multiple Genotypes

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Primary Human Hepatocyte Model

TKM-HBV: Therapeutic Objective HBsAg Loss

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• Address HBsAg mediated pathophysiology

• Inflammation, cirrhosis, HCC

• ‘Seroconversion’ – break tolerance, restore immune function

• Breakthrough goal is ‘functional cure’ – allow withdrawal of all therapies

OCB-030 is a Differentiated Cyclophilin Inhibitor

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• Sangamide – originating from sanglifehrin

• Three step semisynthesis from fermentation product

• Bacterial strain has engineered biosynthesis to make product

• Not from the cyclosporin class

• Ten-times more potent than cyclosporins (Alisporivir, SCY635)

• No bilirubin elevation drug transporter mediated effects observed

• No cardiotox, genotox, or hepatotox liabilities identified

• Demonstrated safe in seven day non-GLP toxicology study

OCB-030

OCB-030 Has Both Direct Antiviral Activity and Immune Response Boosting Capability

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• Direct via inhibition of nucleartransport

• Indirect via Interferon Regulatory Factors (IRF)

Summary of OCB-030

• Most potent cyclophilin inhibitor published to date

• Data support a dual mechanism of action

• Combination potential with other classes of HBV drugs

• Clean drug-drug interaction profile

• Clean preclinical safety profile to-date

• Liver-targeted pharmacokinetics

• Suitable for oral, once-daily dosing

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• Demonstrated cross genotype activity

• Evidence suggesting high barrier to viral resistance

• Active against HBV polymerase-resistant mutants in vitro

• Strong IP position—multiple cases including composition of matter

• Manufacturing process ready for GMP

Combination Development Strategy Driven by the “ELECTRON engine”

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Relationship with Baruch S. Blumberg InstituteBlumberg Institute is One of the Leading Research Institutes Focused on HBV• License Agreements with Blumberg and Drexel University (Drexel) — February 2014

and November 2014

• cccDNA Inhibitors

• Capsid Assembly Inhibitors

• Epigenetic Modifiers of cccDNA

• STING Agonists

• Patent License Agreements with Blumberg and Drexel via Enantigen Acquisition —October 2014

• Surface Antigen Secretion Inhibitors

• Capsid Assembly Inhibitors

• Research Funding and Collaboration Agreement with Blumberg — October 2014

Three-year, renewable research collaboration and funding agreement - exclusive rights to in-license any IP generated through relationship

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Integral part of HBV portfolio with research collaboration a continued source of potential novel drug candidates and technologies

Advancing Non-HBV Programs

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Upcoming Company Milestones

HBV Pipeline

• 2H15: Results from SAD trial of TKM-HBV, formulation selection

• 2H15: Initiate phase IIa, multi-dose efficacy study for TKM-HBV in chronic infected patients

• 4Q15: File IND for OCB-030

• 1H16: Interim Phase IIa efficacy results for TKM-HBV

• 2H16: Full Phase IIa efficacy results for TKM-HBV

• 2H16: Results from SAD trial of OCB-030

• 1H17: Initiate combination drug studies in HBV patients

Non-HBV Pipeline

• 2H15: Results from TKM-PLK1 Phase IIa trial in GI-NET/ACC

• 2H15: Results from TKM-PLK1-HCC phase IIa dose-escalation trial, continue expansion phase

• 2H15: Update from phase II clinical efficacy trial of TKM-Ebola-Guinea

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Financial Highlights

• Market capitalization: ~$750 million

• Daily trading volume (3 month average): ~790,000

• Cash as of 3/31/2105: $232 million

• Projected 2015 burn: $60-$70 million

• Shares outstanding: 54.1 million basic, 57.0 fully diluted

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Summary

• Well positioned to capitalize on the global market opportunity in HBV and create significant long-term value for shareholders

• Industry’s leading portfolio of therapeutic approaches to cure HBV, addressing a significant unmet medical need

• 8 unique drug candidates to be used in combination regimes

• Proven management team and scientific leadership, including former Pharmasset executives

• Forging rapid path to development of combination treatment regimens to significantly increase HBV cure rates

• Clear intent to also generate value from non-HBV assets for Ebola, cancer, and metabolic diseases

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Creating a Leading Global HBV Therapeutics Company

NASDAQ: TKMR www.tekmira.com