2009 was also an important year for Santaris Pharma A/S in that the company expanded its reach to include new US-based operations in San Diego, California, USA, and broadened its management team. The US office was opened in response to increasing global interest in the company and its LNA Drug Platform, and will assist with the generation and management of new US-based collaborations and will improve access to US-based talent pools. The executive management team of Santaris Pharma A/S was expanded in 2009 with the addition of three new members: Art Levin, Ph.D. as Vice President, Chief Development Officer and President, U.S. operations; Mark Wedel, M.D., FACP as Vice President and Chief Medical Officer; and Stuart Mackey, J.D. as Vice President and Chief Business Officer. This team will help position Santaris Pharma A/S to respond to the increasing range of opportunities presented by the advancing pipeline and broadening interest in the LNA Drug Platform.
The significant progress achieved in 2009 by the Company would not have been possible without the hard work and dedication of the Santaris Pharma A/S employees. I would like to thank each of them for their contributions and enthusiasm over the past year.
Given the impressive progress for Santaris Pharma A/S in 2009, the Company is poised to continue its success in 2010 to provide significant value to its stakeholders while bringing RNA medicines one step closer to reality, today.

Flemming Ørnskov, M.D., M.P.H.
Chairman of the Board
| 4 Dec 2009 | New data published in Science show breakthrough microRNA-targeted therapy developed using Santaris Pharma A/S proprietary LNA technology holds promise as new treatment for Hepatitis C |
| 28 Oct 2009 | Santaris Pharma A/S expands executive team, appoints Chief Medical Officer and Chief Business Officer to advance proprietary RNA-targeted drug development programs |
| 6 Sep 2009 | New collaborations and breakthrough advancements in RNA-based drug development programs lead Santaris Pharma A/S to establish US operations |
| 24 Aug 2009 | Santaris Pharma A/S forms strategic alliance with Shire plc to develop RNA-based medicines for the treatment of rare genetic disorders |
| 4 Jun 2009 | EZN-2968 - an inhibitor of HIF-1alpha was well tolerated and showed early signs of clinical benefit in previously treated cancer patients with advanced malignancies |
| 27 Apr 2009 | Santaris Pharma A/S delivers six LNA-based RNA inhibitors to Enzon Pharmaceuticals ahead of schedule |
| 20 Apr 2009 | Data presented at AACR show that LNA-based RNA oligonucleotides potently inhibit cancer-associated microRNAs |
| 20 Mar 2009 | EZN3042 - a Survivin inhibitor advances into the clinic for patients with solid tumors and lymphomas |
| 12 Jan 2009 | Wyeth Pharmaceuticals and Santaris Pharma A/S Announce Strategic Alliance to Develop RNA-based Medicines |