Our Mission

1. 9920 Belward Campus Drive, Rockville, MD 20850 Phone: (240) 268-2000 Website: www.novavax.com Investor & Media Relations: ir@novavax.com Employment Opportunities: hr@novavax.com Our Mission Novavax, Inc. (Nasdaq: NVAX), a clinical-stage biopharmaceutical company, employs its cutting- edge technology to create next-generation vaccines to prevent serious infectious diseases, such as pandemic and seasonal flu and respiratory syncytial virus (RSV).   The company’s proprietary virus-like particle (VLP) technology and single-use bioprocessing system enable rapid vaccine development and production where and when needed, worldwide. For more information about Novavax, please visit www.novavax.com. Proprietary TechnologyVLPs mimic the external structure of viruses but lack the live genetic material that causes viral replication and infection. VLPs can be designed quickly to match individual viral strains and be produced efficiently using portable cell-culture technology. Novavax VLP-based vaccine candidates are produced more rapidly than egg-based vaccines using proprietary, portable, recombinant cell-culture technology. Highlights May 2011Novavax Named Biotechnology Firm of the Year by Tech Council of Maryland February 2011 NOVAVAX Awarded HHS-BARDA Contract Valued Up to $179 Million to Develop Pandemic and Seasonal Influenza Vaccines January 2011 Launches Phase I Clinical Trial for RSV December 2010 Novavax and UM School of Med Report that RSV Vaccine Candidate Completely Protects Mice From RSV Replication in Lungs in Preclinical Study August 2010Endorsed New U.S. Initiatives to Develop Medical Countermeasures Acknowledged by the President’s Council of Advisors on Science & Technology (PCAST) in the “Report to the President on Reengineering the Influenza Vaccine Production Enterprise to Meet the Challenges of Pandemic Influenza” Shared Positive Results from Preclinical Safety Study of Novavax Respiratory Syncytial Virus (RSV) Vaccine Candidate July 2010Key U.S. Patent Issued to Novavax for Influenza Virus-Like Particle Vaccines Collaborations & Partnerships HHS BARDA – contract to develop pandemic and seasonal influenza vaccine Cadila Pharmaceuticals (CPL Biologicals) – joint venture for development and production of VLP vaccines in India Novavax Licenses Recombinant VLP Influenza Vaccine to LG Life Sciences for South Korea and Other Countries    Nasdaq Stock Symbol NVAX 52-week range $1.92-3.17 Stock price (7/1/11) $1.97 Employees (7/1/11) 110 Incorporated 1987 IPO 1995

2. Management Team Stanley C. Erck, M.B.A. President and CEO Gregory Glenn, M.D. Senior Vice President, Chief Medical Officer John Trizzino, M.B.A. Senior Vice President, Business Development Timothy Hahn, Ph.D. Senior Vice President, Manufacturing Fred Driscoll Vice President, Chief Financial Officer and Treasurer Louis Fries, III, M.D. Vice President, Clinical Affairs Jane Halpern, Ph.D. Vice President, Regulatory Affairs Gale Smith, Ph.D. Vice President, Vaccine Development Denise G. Courbron, M.S., PMP Executive Director, Global Program Management John Herrmann III, J.D. Executive Director, Legal Affairs and Corporate Secretary Jill Hoyt, SPHR, CCP Executive Director, Human Resources & Administration Board of Directors James Young, Ph.D. ChairmanFormer President R & D, MedImmune, Inc. Richard Douglas, Ph.D.Senior Vice President, Corporate Development, Genzyme Corporation Gary C. Evans Chairman and Chief Executive Officer and founder of GreenHunter Energy, Inc., Owner and co-founder, Wind Hunter, LLC, Retired Chairman, President and Chief Executive, Magnum Hunter Resources, Inc. John O. Marsh, Jr. Distinguished Professor of Law, George Mason University, Former Secretary of the Army and U.S. Congressional Representative Michael A. McManus, Jr. President, Chief Executive Officer and Director, Misonix, Inc. Dr. Rajiv I. ModiManaging Director, Cadila Pharmaceuticals Stanley C. Erck, M.B.A.President and Chief Executive Officer, Novavax, Inc. Recombinant cell verses traditional egg-based manufacturing Novavax’s single-use bioprocessing system has significant advantages over the traditional egg-based method. Less space is needed; it takes one 1,000 liter stir tank compared to one million eggs to produce one million doses of vaccine. The use of disposables makes it efficient and highly cost effective. Furthermore, Novavax can produce reliable and effective flu vaccine in about half the time it takes for the traditional egg-based method. Novavax stands ready to partner with governments to quickly respond when the next influenza pandemic strikes. • Pending Milestones • Announcement of new vaccine candidate target in 2011. • Execute regional deal licensing agreement. • Seasonal Flu – Head to head Phase II data in older adults. • RSV – Top-Line Phase I data.