Phase 2 Open-Label Extension Study of Patisiran An RNAi Therapeutic for the Treatment of Familial Amyloidotic Polyneuropathy

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Phase 2 Open-Label Extension Study of Patisiran An RNAi Therapeutic for the Treatment of Familial Amyloidotic Polyneuropathy American Neurological Association Annual Meeting October 13, 2014

Agenda Welcome Cynthia Clayton Vice President, Investor Relations and Corporate Communications Introduction John Maraganore, Ph.D. Chief Executive Officer Review of Patisiran Phase 2 Open-Label Extension Study Data Akshay Vaishnaw, M.D., Ph.D. Executive Vice President and Chief Medical Officer Q&A Session 2

Alnylam Forward Looking Statements This presentation contains forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. There are a number of important factors that could cause actual results to differ materially from the results anticipated by these forward-looking statements. These important factors include our ability to discover and develop novel drug candidates and delivery approaches, successfully demonstrate the efficacy and safety of our drug candidates, obtain, maintain and protect intellectual property, enforce our patents and defend our patent portfolio, obtain regulatory approval for products, establish and maintain business alliances; our dependence on third parties for access to intellectual property; and the outcome of litigation, as well as those risks more fully discussed in our most recent quarterly report on Form 10-Q under the caption Risk Factors. If one or more of these factors materialize, or if any underlying assumptions prove incorrect, our actual results, performance or achievements may vary materially from any future results, performance or achievements expressed or implied by these forward-looking statements. All forwardlooking statements speak only as of the date of this presentation and, except as required by law, we undertake no obligation to update such statements. 3

John Maraganore, Ph.D. Chief Executive Officer Introduction 4

Select Scientific and Clinical Meetings Mid to Late 14 Alnylam 5x15 ALN-CC5 Patisiran High Blood Pressure Research (HBPR) September 9-12, San Francisco, CA International Complement Society Workshop (ICSW) September 14-18, Rio de Janeiro, Brazil American Neurological Association (ANA) October 12-14, Baltimore, MD Alnylam 5x15 GalNAc Conjugates ALN-HBV ALN-TTRsc ALN-PCSsc ALN-AT3 ALN-CC5 Oligonucleotide Therapeutics Society (OTS)» October 12-15, San Diego, CA AASLD (The Liver Meeting)» November 7-11, Boston, MA American Heart Association (AHA)» November 15-19, Chicago, IL American Society of Hematology (ASH)» December 6-9, San Francisco, CA

Akshay Vaishnaw, M.D., Ph.D. Executive Vice President and Chief Medical Officer Review of Patisiran Phase 2 Open-Label Extension Study Data 6

Transthyretin-Mediated Amyloidosis (ATTR) Program Unmet Need and Product Opportunity RNAi to treat genetic disease ATTR is significant orphan disease» ~50,000 Patients worldwide Clinical pathology» Onset ~40 to >60 yr; fatal within 5-15 years» Two predominant forms Familial amyloidotic polyneuropathy (FAP) Familial amyloidotic cardiomyopathy (FAC) Halting disease progression remains unmet need» Liver transplantation required early» TTR stabilizers provide modest benefit Mutant transthyretin (TTR) is genetic cause Autosomal dominant with >100 defined mutations Misfolds and forms amyloid deposits in nerves, heart, other tissues RNAi opportunity as transformative therapy Aim to halt progression, possibly achieve regression Value proposition supported by pharmacoeconomics and cost of disease burden Concentrated provider base and active patient community 7

Patisiran Phase 2 OLE Study Design Patisiran dosing: 0.30 mg/kg IV q3w OLE Dose 1 OLE Dose 2 W1 W2 W3 W1 W2 W3 OLE Dose 3 W1 W2 W3 OLE Dose 4 0 0 0 0 OLE (out to 2 years) W1 W2 W3 W1 W2 W3 Serum TTR levels d 0, 1, 3, 7, 17, 84, 168, 182, 231, 232 mnis+7, other clinical measures d 0 (baseline) Cardiac biomarkers d 0 (baseline) Echo d 0 (baseline) Adverse events every 6mo every 3mo every 6mo FAP patients previously dosed on Phase 2 trial eligible to roll over onto Phase 2 OLE study Up to 2 years of dosing, with clinical endpoints evaluated every 6 months» Clinical endpoints include those in ongoing APOLLO Phase 3 study» After 2 years, patients may continue treatment on another extension study» Subjects with left ventricular wall thickness of 13 mm or greater on transthoracic echocardiogram eligible to take part in cardiac subgroup Echo performed every 6 months; cardiac biomarkers assessed every 3 months Study objectives» Primary: Safety and tolerability of long-term dosing with patisiran» Secondary: Effects on neurologic impairment (mnis+7 and NIS), quality of life, mbmi, disability, mobility, grip strength, autonomic symptoms, nerve fiber density in skin biopsies, cardiac involvement (in cardiac subgroup), serum TTR levels Timelines are not to scale 8

Patisiran Phase 2 OLE Preliminary Study Results Demographics Characteristic Number of patients Result N=27 (includes 11 patients in cardiac subgroup) Median age 64.0 years (range 29-77) Gender 18 males, 9 females TTR genotype Val30Met (V30M) = 20 Ser77Tyr (S77Y) = 2 Ser77Phe (S77F) = 2 FAP stage/pnd score Stage 1: 24 Stage 2: 3 Tyr116Ser (Y116S) = 1 Phe64Leu (F64L) = 1 Arg54Thr (R54T) = 1 I: 14 II: 10 IIIa: 2 IIIb: 1 Concurrent tetramer stabilizer use at baseline Current tetramer stabilizer use^ 13 tafamidis, 7 diflunisal, 7 none 12 tafamidis, 6 diflunisal, 9 none Total doses administered 282 Median doses/patient to date 11 (range 4-16 doses) Mean Treatment Duration* 7 months (range 3-12) ^2 subjects (1 diflunisal, 1 - tafamidis) reported stabilizer use at the time of first dose but subsequently stopped using stabilizer *As of September 8, 2014 9

Patisiran Phase 2 OLE Preliminary Study Results Baseline Characteristics Characteristic N Mean (range) Serum TTR (µg/ml) 27 245.6 (154.6 339.9) NIS (max impairment: 244) 27 34.8 (4.0-93.4) mnis+7 (max impairment: 304) 26 52.1 (2.0-122.5) 10-meter walk test (sec) 22 10.1 (4.6-22.0) Hand grip strength (kg) 27 25.8 (3.2-49.3) mbmi (kg/m 2 x albumin [g/l]) 27 1031.6 (728.6-1379.6) EQ-5D-5L QOL (max impairment: 0) 27 0.8 (0.3-1.0) R-ODS a (no limitations: 48) 24 38.2 (15.0-48.0) COMPASS-31 b (max impairment: 100) 26 16.2 (0.0-46.1) Cardiac subgroup: N = 11 NT-proBNP (ng/l) 8 823.3 (105.0-2070.0) Troponin I c (ng/ml) 8 0.14 (0.02 0.7) LV wall thickness (cm) 7 1.6 (1.3-1.9) V30M/non-V30M (N) 11 8/3 a R-ODS: Rasch-built Overall Disability Score, a 24-item questionnaire used to capture activity and social participation (Van Nes SI et al., Neurology 2011); raw scores are presented b COMPASS-31: 31-item questionnaire used to evaluate 6 autonomic domains (orthostatic intolerance, vasomotor, secretomotor, gastrointestinal, bladder and pupillomotor) (Sletten et al., Mayo Clin Proc. 2012) c Values recorded as < LLOQ were imputed to be LLOQ/2 10

Patisiran Phase 2 OLE Preliminary Study Results Safety and Tolerability - TEAEs Related or Possibly Related Preferred Term 0.30 mg/kg q3w (N=27) N (%) Severity Infusion-related reaction (IRR) 4 (14.8%) Mild Flushing 4 (14.8%) Mild Diarrhea 2 (7.4%) Mild-Moderate Peripheral Edema 2 (7.4%) Mild Ectropion 1 (3.7%) Moderate Fatigue 1 (3.7%) Moderate Infusion site irritation 1 (3.7%) Moderate Neuralgia 1 (3.7%) Mild Impairment of taste 1 (3.7%) Mild Insomnia 1 (3.7%) Mild All TEAEs mild to moderate in severity No clinically significant changes in liver function tests, renal function, or hematologic parameters 2 subjects with SAEs (unrelated to study drug); both subjects had severe sensory deficit in the legs and feet; one subject with distal femur/proximal tibia fracture and resultant osteonecrosis and one subject with ankle/foot fracture with resultant osteonecrosis which occurred after running a marathon» Both patients have continued on study drug 11

% Mean Serum TTR Knockdown Relative to Baseline (SEM) Patisiran Phase 2 OLE Preliminary Study Results Serum TTR Lowering 0 Pre-dose Post-dose 1.0 0.9 Day N Mean % Knockdown 1 25 21.4 20 0.8 3 25 46.8 7 25 71.1 0.7 17 24 77.8 40 0.6 84 23 77.1 0.5 168 20 79.1 60 0.4 182 17 87.6 231 3 81.7 0.3 232 3 80.7 80 0.2 234 3 86.3 100 0 25 50 75 100 125 150 175 200 225 250 275 Days on Treatment 0.1 0.0 238 3 89.6 248 3 85.5 273 3 84.2 Similar TTR knockdown in patients on patisiran alone or on patisiran + TTR tetramer stabilizers 12

Higher score indicates worsening of disease 300 mnis+7 (304 points) Postural BP or HRdb (2) Σ 5 NCS (10) Reflexes (20) Neuropathy Impairment Scores NIS (244 points) Used in FAP Trials QST (80) Reflexes (20) Sensation (32) Motor strength/weakness (192) Motor strength/weakness (192) 0 BP: Blood Pressure HRdb: Heart Rate response to Deep Breathing NCS: Nerve Conduction Studies QST: Quantitative Sensory Testing 13

mnis+7 (points) Patisiran Phase 2 OLE Preliminary Study Results Change in mnis+7 at 6 Months (N=19) 125 100 75 50 25 0 0 1 2 3 4 5 6 Months on treatment Each line represents individual patient Change from Baseline to Month 6 mnis+7 Mean Δ Median Δ SEM Total -0.95 0.00 2.59 NIS-weakness 0.08 0.00 1.53 NIS-reflexes -0.39 0.00 0.43 QST -0.68-2.00 1.82 NCS Σ5 0.11 0.00 0.15 Postural BP -0.05 0.00 0.10 SEM: Standard Error of the Mean 14

Patisiran mnis+7 (points) Patisiran Phase 2 OLE Preliminary Study Results Change in mnis+7 at 6 Months (N=19) By Stabilizer Use Patisiran + Stabilizer mnis+7 (points) 125 125 100 100 75 75 50 50 25 25 0 0 1 2 3 4 5 6 Months on treatment Each line represents an individual patient 0 0 1 2 3 4 5 6 Months on treatment Each line represents an individual patient mnis+7 (N=5) Mean Δ Median Δ SEM Total -5.68-2.75 5.96 mnis+7 (N=14) Mean Δ Median Δ SEM Total 0.74 0.25 2.81 SEM: Standard Error of the Mean 15

Patisiran Phase 2 OLE Preliminary Study Results Comparison of ΔNIS and ΔmNIS+7 Across FAP Studies Natural History (linear) ~ Natural History (nonlinear) # Tafamidis Fx1A- Diflunisal 201 * Phase 3 + Mean (SEM) D mnis+7 at 6 mos.^ Mean (SEM) D NIS at 6 mos. 8.9 ± 5.7 10.3 ± 5.7 PBO: 8.7 ± 2.0 Drug: 2.5 ± 2.9 7.2 ± 4.6 8.3 ± 4.6 PBO: 7.0 ± 1.6 Drug: 2.0 ± 2.3 PBO: 7.4 ± 6.9 Drug: 2.3 ± 6.0 PBO: 5.8 ± 5.4 Drug: 1.6 ± 4.8 Patisiran Phase 2 OLE Mean (SEM) D mnis+7 at 6 mos. Mean (SEM) D NIS at 6 mos. -0.95 ± 2.59 0.22 ± 1.39 Adams D et al., XIV th ISA (2014) Tafamidis EMA assessment report (2011) Berk JL et al., JAMA. 310:2658-67 (2013) ^ Translated algebraically from NIS (Natural History study, Tafamidis study) or NIS+7 (Diflunisal study) ~ Linear interpolation between 0 and 12 month progression for median NIS value (from Gompertz curve fit) # Predicted progression of median NIS value from Gompertz curve fit * PBO (Placebo) rate estimated from pre-study rate of change; drug rate as reported + Estimated from 2-year NIS progression measurement in longitudinal analysis set Using mnis+7 evaluable subset SEM: Standard Error of the Mean 16

Assessments Changes in Other Clinical Assessments N Baseline Mean (SEM) Month 6 Mean (SEM) Δ Baseline to Month 6 Mean (SEM) 10-Meter Walk^ (sec) 15 10.6 (1.2) 9.6 (0.9) -1.0 (0.4) Hand Grip Strength (kg) 22 25.0 (2.7) 24.3 (2.5) -0.70 (1.0) EQ-5D (max. impairment: 0) 20 0.77 (0.03) 0.77(0.03) - 0.002 (0.02) R-ODS (no limitations: 48) 19 36.8 (2.0) 36.3 (2.4) -0.53 (0.9) mbmi (kg/m 2 x albumin (g/l)) 22 1032.9 (35.8) 1032.9 (42.2) 0.01 (15.0) COMPASS-31 (max. impairment: 100) 17 14.5 (2.9) 16.5 (3.4) 1.93 (2.5) Orthostatic Intolerance 17 4.5 (1.8) 6.8 (2.1) 2.35 (1.7) Vasomotor 17 0.5 (0.3) 0.5 (0.3) 0 (0.1) Secretomotor 17 2.1 (0.8) 2.1 (0.8) 0 (0.7) Gastrointestinal 17 6.0 (1.1) 5.7 (1.0) - 0.37 (0.4) Bladder 17 0.7 (0.3) 0.6 (0.2) -0.13 (0.4) Pupillomotor 17 0.7 (0.3) 0.8 (0.2) 0.08 (0.2) IENFD (fibers/mm) Location: Leg 15 4.1 (1.9) 3.9 (1.9) -0.16 (0.6) Location: Thigh 15 10.2 (2.7) 9.0 (2.8) -1.19 (0.9) SGNFD (m/mm 3 ) Location: Leg 14 4.1 (1.0) 3.9 (1.0) -0.19 (0.6) Location: Thigh 15 7.3 (0.9) 8.4 (1.1) 1.15 (0.6) Cardiac Biomarkers # (Cardiac Subgroup, N=11) NT-proBNP (ng/l) 5 803.8 (391.3) 1005.0 (429.5) 201.2 (51.5) Troponin I (ng/l) 5 0.2 (0.1) 0.03 (0.01) -0.15 (0.1) Echocardiogram (Cardiac Subgroup, N=11) LV Mass (g) 7 253.0 (24.1) 253.5 (24.6) 0.5 (8.9) LV wall thickness (cm) 7 1.6 (0.1) 1.6 (0.1) 0.01 (0.03) Ejection fraction (%) 7 64.8 (1.9) 62.6 (4.6) -2.2 (3.1) Peak longitudinal strain (%) 7-17.3 (1.5) -16.9 (1.8) 0.4 (1.5) Paired t-tests were performed to determine statistically significant changes at Month 6; none of the assessments were significant after adjustments for multiple testing were performed using a Bonferroni correction. ^ One subject with an SAE due to ankle injury prior to month 6 was removed from the 10-meter walk analysis. # Values reported as <LLOQ were imputed to be LLOQ/2 for the analysis. IENFD: Intraepidermal nerve fiber density SGNFD: Sweat gland nerve fiber density SEM: Standard Error of the Mean 17

Patisiran Phase 2 OLE Preliminary Study Results Summary Chronic dosing with q3 weekly patisiran well tolerated in FAP patients, including patients on concurrent tetramer stabilizers» 282 doses administered to date, median of 11 doses/patient» Mean treatment duration of 7 months, longest treatment duration out to 1 year» IRRs infrequent (~15% incidence), mild in severity, did not result in any discontinuations» No significant LFT or renal function changes» No drug-related SAEs Patisiran achieves sustained serum TTR lowering of at least 80%, with further nadir of up to 89.6% between doses» Based on serial TTR measurements for over 9 months» Pharmacodynamic activity similar in patients with or without concurrent tetramer stabilizers Neuropathy impairment scores stable after 6 months of treatment with patisiran» Similar results for QOL and multiple additional neurologic and cardiac measures» Similar outcome in patients with or without concurrent tetramer stabilizers» Mean decrease in mnis+7 of 0.95 points compares favorably to the rapid increase in mnis+7 estimated at 6 months from prior FAP studies in a patient population with similar baseline NIS 18

Randomized, double-blind, placebo-controlled, global study Sample size and randomization» N=200» 2:1, Patisiran vs. placebo Key eligibility criteria» V30M and non-v30m FAP» Baseline FAP stages 1 and 2 Phase 3 Trial of Patisiran in FAP Treatment regimen» Patisiran 0.30 mg/kg vs. placebo IV q3w for 18 months» All completers eligible for patisiran treatment on Phase 3 OLE study Primary Endpoint mnis+7 1 at 18 months Secondary Endpoints Study Ongoing Norfolk QOL-DN, NIS-weakness, mbmi, timed 10-meter walk, COMPASS-31 autonomic symptom score Statistical Considerations Placebo mnis+7 progression rate of 17.8 points/yr derived from natural history study of 283 FAP patients Study with 90% power to detect as little as 37.5% difference in ΔmNIS+7 between treatment groups with 2-sided alpha=0.05 Blinded interim analysis of variability planned for potential sample size re-estimation Suanprasert et al., J Neurol Sci., 344(1-2):121-8 (2014) 19

Patisiran Phase 2 Open-Label Extension Study Data Q&A 20

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