2 • The following presentation contains forward-looking statements regarding Ligand’s prospects, plans and strategies, drug development programs and collaborations. Forward- looking statements include financial projections, expectations regarding research and development programs, and other statements including words such as “will,” “should,” “could,” “plan,” etc. Actual events or results may differ from Ligand’s expectations. For example, expense reductions and drug development programs may not be realized. In addition there can be no assurance that Ligand will achieve its guidance in 2011 or beyond. • The forward-looking statements made in the presentation are subject to several risk factors, including, but not limited to, Ligand’s reliance on collaborative partners for milestone and royalty payments, regulatory hurdles facing Ligand’s product candidates, uncertainty regarding Ligand’s product development costs, the possibility that Ligand’s drug candidates might not be proved to be safe and efficacious, the commercial performance of Ligand’s approved products, decreased demand for Captisol material and a possible failure to successfully combine the businesses of CyDex with Ligand’s business. Additional risks may apply to forward-looking statements made in this presentation. • The risk factors facing Ligand are explained in greater detail in Ligand’s filings with the SEC, including the most recently filed annual reports on Form 10-K and quarterly reports on Form 10-Q, as well as other public filings. • While forward-looking statements reflect our good faith beliefs (or those of the indicated third parties), they are not guarantees of future performance. We disclaim any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Safe Harbor Statement | 
