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Investment Banking Services include, but are not limited to, acting as a manager/co-manager in the underwriting or placement
of securities, acting as financial advisor, and/or providing corporate finance or capital markets-related services to a company
or one of its affiliates or subsidiaries within the past 12 months.
I, Yi Chen, Ph.D. CFA and Raghuram Selvaraju, Ph.D. , certify that 1) all of the views expressed in this report accurately reflect
my personal views about any and all subject securities or issuers discussed; and 2) no part of my compensation was, is, or
will be directly or indirectly related to the specific recommendation or views expressed in this research report; and 3) neither
myself nor any members of my household is an officer, director or advisory board member of these companies.
None of the research analysts or the research analyst’s household has a financial interest in the securities of Vaccitech plc
(including, without limitation, any option, right, warrant, future, long or short position).
As of December 31, 2021 neither the Firm nor its affiliates beneficially own 1% or more of any class of common equity securities
of Vaccitech plc.
Neither the research analyst nor the Firm knows or has reason to know of any other material conflict of interest at the time
of publication of this research report.
The research analyst principally responsible for preparation of the report does not receive compensation that is based upon any
specific investment banking services or transaction but is compensated based on factors including total revenue and profitability
of the Firm, a substantial portion of which is derived from investment banking services.
The Firm or its affiliates did receive compensation from Vaccitech plc for investment banking services within twelve months
before, and will seek compensation from the companies mentioned in this report for investment banking services within three
months following publication of the research report.
H.C. Wainwright & Co., LLC managed or co-managed a public offering of securities for Vaccitech plc during the past 12 months.
The Firm does not make a market in Vaccitech plc as of the date of this research report.
