Valneva IPO Presentation Deck

Offering Summary Issuer Ticker / Exchange Base Offering Size Options to Purchase Additional Shares ADS ordinary share ratio Price Range Use of Proceeds Cash Position Bookrunners Expected Pricing Lock-up Valneva - Roadshow Presentation Valneva SE Nasdaq Global Market / VALN 7,082,762 shares/3,541,381 ADSS (-$100 million gross proceeds, based on closing price 27/04/2021, 100% primary) 1,062,414 shares/531,207 ADSS (100% primary, 15% of base deal) 2:1 Final offering price will be at least equal to the VWAP of shares on Euronext between 3-5 trading days preceding pricing date with a maximum discount of 15% Valneva intends to use the net proceeds we receive from this offering, together with its existing cash and cash equivalents, as follows: ■ Approximately $100 million to fund further development of our Lyme VLA15 vaccine candidate through completion of Phase 2 clinical trials; ■ Approximately $120 million to fund further development of our chikungunya VLA1553 vaccine candidate through BLA approval; Approximately $80 million to fund further development of our COVID-19 VLA2001 vaccine candidate through conditional licensure; and ■ Any remaining amounts to fund working capital and general corporate purposes. As of December 31, 2020, Valneva had cash and cash equivalents of €204.4 million Goldman Sachs, Jefferies, Guggenheim, Bryan Garnier May 5th, 2021 90 day lock-up for the Company, Management Board, Supervisory Board, and certain of their shareholders, 30 day lockup with respect to one of the company's 5% + shareholders April 2021

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