Inovio Expands Ebola Vaccine Trial

Maxim Group, Inovio Pharmaceuticals Inc. Research Report, August 11, 2016

I, Jason McCarthy, Ph.D., attest that the views expressed in this research report accurately reflect my personal views about the subject security and issuer. Furthermore, 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.

I, Jason Kolbert, attest that the views expressed in this research report accurately reflect my personal views about the subject security and issuer.

Furthermore, 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.

The research analyst(s) primarily responsible for the preparation of this research report have received compensation based upon various factors, including the firm’s total revenues, a portion of which is generated by investment banking activities.

Maxim Group makes a market in Inovio Pharmaceuticals Inc

Maxim Group received compensation for investment banking services from Inovio Pharmaceuticals Inc in the past 12 months.

Maxim Group expects to receive or intends to seek compensation for investment banking services from Inovio Pharmaceuticals Inc in the next 3 months.