Interim report January – September 2012 Acquisition of Alterna LLCMoberg Derma AB (publ)October 25, 2012Peter Wolpert, CEO and Founder

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Disclaimer

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Statements included herein that are not historical facts are forward-looking statements. Such forward-looking statements involve a number of risks and uncertainties and are subject to change at any time. In the event such risks or uncertainties materialize, Moberg Derma’s results could be materially affected.

The risks and uncertainties include, but are not limited to, risks associated with the inherent uncertainty of pharmaceutical research and product development, manufacturing and commercialization, the impact of competitive products, patents, legal challenges, government regulation and approval, Moberg Derma’s ability to secure new products for commercialization and/or development and other risks and uncertainties detailed from time to time in Moberg Derma AB’s interim or annual reports, prospectuses or press releases.

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Continued strong growth driven by launches

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Significant events during and after Q3, 2012

� Kerasal ® Nail™ towards leading position in the U.S. – Walmart more than doubles distribution

� Strong start for European launch – all milestones expected in 2012- Milestones received Q3: 2.5 MSEK (13 MSEK)

� Recruitment completed for Limtop phase II study

� Moberg Derma acquires its US distributor Alterna

July - Sep July - Sep Jan - Sep Jan - Sep(MSEK) 2012 2011 2012 2011

Revenues 26.7 21.9 82.3 35.4

Operating profit 4.0 4.9 13.3 -11.4

EBT 4.5 5.4 14.7 -10.8

Earnings after Tax 2.8 5.4 42.1 -10.8

Earnings per Share (SEK) 0.31 0.60 4.64 -1.47

Cash position Sep 30 85.7

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Strong revenue growth under profitability

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913

21

41

56

81

98103

0

20

40

60

80

100

120

Q42010

Q12011

Q22011

Q32011

Q42011

Q12012

Q22012

Q32012

Revenues rolling 12 months, MSEK

-30 -32 -34

-20

-8

7

18 17

-45

-30

-15

0

15

30

Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012

Operating profit, rolling 12 months, MSEK

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Continued growth in Nalox™/Emtrix ® product sales

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Product portfolio

Product Indication Formulation Clinical Phase Market Pa rtners

On the market

NaloxTM Nail diseases 10 partners, 50 markets

Kaprolac® Skin 1 partner, 1 market

In development

Limtop ActinicKeratosis

MOB-015 Nail fungus

� Pipeline with over 500 MUSD in market potential

Medical device/cosmeticPharmaceutical

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Phase II data H113

Phase II data Q412

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Kerasal ® Nail™ – Rapidly gaining market share

(1) Retail sales of fungal nail SKUs in drug class of trade over the last 20 weeks as reported by IRI

� Launched Fall 2011 at CVS, Rite Aid and Walmart

� Walgreens launch March 2012

� Already #2 brand in Drug class of trade and growing(1)

� Walmart expanded doors in August: 1,325 –> 3,570 doors

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Rapid growth in Kerasal ® Nail™ sales

7 Source: RSI reporting

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Kerasal ® Nail™ is already the #2 Brand in Drugstores

8 Source: IRI

12 Week Ending Sep 9, 2012

TOTAL U.S. - DRUG

Dollar SalesDollar

Sales % Chg YAgo

Unit Sales

FUNGI NAIL CLEAR NAIL CARE ITEM NAIL TREATMENT 0.06OZ 5307617120 $1,852,602 18.48 166,829FUNGI NAIL CLEAR NAIL CARE ITEM NAIL TREATMENT 1OZ 5307610326 $1,760,860 0.68 113,703KERASAL NAIL CLEAR NAIL CARE ITEM NAIL TREATMENT 0. 33OZ 5707400161 $1,181,685 51,649FUNGI CURE CLEAR NAIL CARE ITEM NAIL TREATMENT 1OZ 7295961030 $699,244 (2.92) 62,057PRO CLEARZ CLEAR NAIL CARE ITEM NAIL TREATMENT 1OZ 8037601549 $654,485 51.91 71,085DR BLAINES TINEACIDE NAIL CARE ITEM NAIL TREATMENT ANTI FUNGAL 1.25OZ 1672805000 $635,906 1.96 33,372DR PAULS PIGGY PASTE CLEAR NAIL CARE ITEM NAIL TREATMENT 0.8OZ 5915700200 $599,015 140.82 19,949XENNA NONYX CLEAR NAIL CARE ITEM NAIL TREATMENT 4OZ 1263400101 $584,982 (18.78) 27,554FUNGI NAIL CLEAR NAIL CARE ITEM NAIL TREATMENT 0.7OZ 5307617450 $502,441 36,055MYCOCIDE NS CLEAR NAIL CARE ITEM NAIL TREATMENT 1.33OZ 8315425001 $377,159 (56.61) 27,671PRO CLEARZ CLEAR NAIL CARE ITEM NAIL TREATMENT 0.11OZ 8037601579 $349,481 (1.91) 49,073RECLEAR AF NAL ANTMCRBL ANTFNGL FOOT TREATMENT SOLUTION 1OZ 5235300024 $205,617 70.15 13,824MIRANEL NATURAL ANTI FUNGAL FOOT TREATMENT CREAM 1OZ 0395013191 $123,469 (26.23) 5,530DR SCHOLL FUNGAL NAIL CLEAR NAIL CARE ITEM NAIL TREATMENT 1OZ 1101740562 $54,877 (17.46) 5,796RECLEAR AF CLEAR NAIL CARE ITEM NAIL TREATMENT 1.5OZ 5235300023 $49,295 (82.37) 7,385FUNGI NAIL CLEAR NAIL CARE ITEM NAIL TREATMENT 0.06OZ 5307616720 $12,529 (58.36) 1,420

The Alterna acquisition

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Strong performance enables investment in direct U.S. market access

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Swedish pharmaceutical company with strong growth in t he global market

� Growth during eight consecutive quarters, positive cash flow and profit ahead of plan

� Sales in 19 countries

� Close co-operation with distributors and partners provide local market expertise, faster market penetration and limits capital need

Delivering on our strategy – growth organically and throu gh acquisitions

� Strong performance enables investments in additional products and owndistribution in selected markets

� EBITDA margin target of ≥ 25 percent in three to five years under continuedgrowth

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The Alterna acquisition:A logical step in Moberg Derma's long term growth strat egy

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A proven marketing and distribution organization

� Channels include the largest U.S. food and drug chains

� Network of international distributors

� Strong track record from recent successful launches (e.g. Kerasal Nail™)

Positive impact from day one

� Topline to benefit from rapidly growing sales of Alterna products

� Adds established brands with high potential to our portfolio

� Provides direct relationship with end-customers.

� Enables future U.S. launches under own management

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Alterna in brief

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� Founded 2005 with acquisition of Taro Pharmaceutical’s consumer healthcare products division

� Focus on building effective niche consumer healthcare brands

� Customers include major retailers, e.g. CVS, Rite Aid and Walmart

� Principal brands: - Kerasal® (foot care)- JointFlex® (arthritis pain)

� Owned by Altaris Capital Partners

� Headquarters Cedar Knolls, NJ

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The transaction in brief

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Purchase price

� 133 MSEK (MUSD 20), of which 33 MSEK (MUSD 5) through issue in kind of825,652 shares, and 100 MSEK (MUSD 15) in cash

� 33 MSEK (MUSD 5) in additional consideration based on sales for the period 1 Jan 2012 - 30 June 2014 (2 x MUSD 2.5)

� The consideration corresponds to a multiple of 1.8 times Alterna’s revenue for the past 12 months (Sep 30, 2012), approximately 72 MSEK (MUSD 11)

Financing of cash part

� 32 MSEK through directed issue to Swedish institutions, including AP3 and Rhenman & Partners

� 40 MSEK through bank financing from Swedbank� 28 MSEK with own funds (Cash Reserves Sep 30: 86 MSEK)

Timetable

� EGM: November 19, 2012� Closing: Before November 30, 2012� Estimated registration of non-cash issue: Beginning of December, 2012

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Highly Effective Supply Chain & Distribution Model

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Alterna’s brands

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®

CONFIDENTIAL

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U.S. & Canada Retail Customers*

16* Not an all inclusive list. Kerasal is well distributed among smaller chains and independents,

commissaries, and some hospital pharmacies.

Moberg Derma going forward

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A stronger Moberg Derma

� Continued focus on growth and profitability

� Bring unique patented products to the U.S. Market

� Under own management market niche brands in the U.S. / Canada and otherselect markets

� Sell through distributors in other markets

� Expand the product portfolio through acquisitions and / or inlicensing

� Inlicense from EU to U.S. and vice versa

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Combined product portfolio

Product Indication Formulation Clinical Phase Market Par tners

On the market

Nalox™ Nail diseases 10 partners, 50 markets

Kaprolac® Skin 1 partner, 1 market

Kerasal® Dry crackedfeet

US: Direct SalesSeveral int. distributors

KerasalNail™

Nail appearance US: Direct Sales

JointFlex® Arthritispain

US: Direct SalesSeveral int. distributors

In development

Limtop ActinicKeratosis

MOB-015 Nail fungus

Medical device/cosmeticPharmaceutical

Phase II data H113

Phase II data Q412

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Ongoing launch on 50 markets –Alterna brings a well-proven U.S. marketing organizati on as well as complementary distributor network

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Financial Overview

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Combining two growth companies

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2012 2011(MSEK) Jan – Sep Jan - Sep Growth 2011

Revenues 82.3 35.4 132% 55.9

EBITDA 13.3 -11.4 -7.6

Earnings after Tax 42.1 -10.8 -6.4

2012 2011(MSEK) Jan - Sep Jan - Sep Growth 2011

Revenues 68.3 42.7 60% 54.1

EBITDA 4.7 2.9 60% 2.1

Earnings after Tax 1.5 -0.4 -2.0

Note: Stand-alone P&Ls, Pro forma figures will include adjustments for Kerasal Nail Sales and marketing costs

Summary

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The Alterna acquisition:A major step in Moberg Derma’s growth strategy

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DIRECT MARKET ACCESS IN THE U.S. THROUGH FORWARD INTEGRATION

REVENUE GROWTH THROUGH ACQUISITION OF PRODUCTS

Attractive financingstructure in place

Target company’sperformance and corporate culture

well known

Operational and financial strength

secured

Delivery on strategicand financial targets