<SEC-DOCUMENT>0001144204-14-028642.txt : 20140508
<SEC-HEADER>0001144204-14-028642.hdr.sgml : 20140508
<ACCEPTANCE-DATETIME>20140508162520
ACCESSION NUMBER:		0001144204-14-028642
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20140507
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20140508
DATE AS OF CHANGE:		20140508

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NOVAVAX INC
		CENTRAL INDEX KEY:			0001000694
		STANDARD INDUSTRIAL CLASSIFICATION:	BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
		IRS NUMBER:				222816046
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-26770
		FILM NUMBER:		14825307

	BUSINESS ADDRESS:	
		STREET 1:		20 FIRSTFIELD ROAD
		CITY:			GAITHERSBURG
		STATE:			MD
		ZIP:			20878
		BUSINESS PHONE:		240-268-2000

	MAIL ADDRESS:	
		STREET 1:		20 FIRSTFIELD ROAD
		CITY:			GAITHERSBURG
		STATE:			MD
		ZIP:			20878
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>v377890_8k.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Washington, D.C.&nbsp;20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>FORM&nbsp;8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PURSUANT TO SECTION&nbsp;13 OR 15(d)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>OF THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Date of Report (Date of earliest event reported): May 7, 2014</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOVAVAX, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Exact name of registrant as specified in charter)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr>
    <TD STYLE="vertical-align: top; text-align: center; width: 32%"><b>Delaware</b></td>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</td>
    <TD STYLE="vertical-align: top; text-align: center; width: 32%"><b>0-26770</b></td>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</td>
    <TD STYLE="vertical-align: top; text-align: center; width: 32%"><b>22-2816046</b></td></tr>
<tr>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(State or Other Jurisdiction</b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>of Incorporation)</B></P></td>
    <TD STYLE="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: top; text-align: center"><font style="font-size: 10pt"><b>(Commission File Number)</b></font></td>
    <TD STYLE="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(I.R.S. Employer</b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Identification No.)</B></P></td></tr>
</table>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>20 Firstfield Road</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Gaithersburg, Maryland 20878</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Address of Principal Executive Offices,
including Zip Code) </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(781) 860-8660</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Registrant&rsquo;s telephone number,
including area code) </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>(Former name or former
address, if changed since last report.) </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 20%; text-align: center">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">&#168;</FONT> Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">&#168;</FONT>
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">&#168;</FONT>
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">&#168;</FONT>
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>Item 2.02. Results of Operations and Financial
Condition.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><I>First Quarter Financial Results</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">On May 7, 2014,
Novavax, Inc. (the &ldquo;Company&rdquo;) issued a press release announcing the Company&rsquo;s financial results for the quarter
ended March 31, 2014. A copy of this press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The information
in Items 2.02 and 9.01 of this Form 8-K (including Exhibit 99.1) shall not be deemed &ldquo;filed&rdquo; for purposes of Section&nbsp;18
of the Securities Exchange Act of 1934 (the &ldquo;Exchange Act&rdquo;) or otherwise subject to the liabilities of that section,
nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act except as expressly
set forth by specific reference in such a filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>Item 9.01. Financial Statements and Exhibits.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(d)</TD><TD>Exhibits</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr>
    <TD STYLE="vertical-align: top; width: 15%; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Exhibit No.</b></font></td>
    <TD STYLE="vertical-align: top; width: 5%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; width: 15%; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Description</b></font></td>
    <TD STYLE="vertical-align: bottom; width: 65%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</td></tr>
<tr>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</td>
    <td colspan="2" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</td></tr>
<tr>
    <TD STYLE="vertical-align: top"><font style="font-size: 10pt">99.1</font></td>
    <TD STYLE="vertical-align: top">&nbsp;</td>
    <td colspan="2" style="vertical-align: bottom; text-align: justify; text-indent: 0in"><font style="font-size: 10pt">Press release, dated May 7, 2014, regarding the Company&rsquo;s financial results for the quarter ended March 31, 2014.</font></td></tr>
</table>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">Novavax, Inc.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">(Registrant)</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 50%">Date: May 8, 2014</TD>
    <TD STYLE="width: 6%">By:&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 44%">/s/ John A. Herrmann III</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>Name:<BR>Title:</TD>
    <TD STYLE="vertical-align: top; border-top: #000000 1px solid">John A. Herrmann III<BR>Vice President, General Counsel and Corporate Secretary</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT INDEX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr>
    <TD STYLE="vertical-align: top; width: 15%; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Exhibit No.</b></font></td>
    <TD STYLE="vertical-align: top; width: 5%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; width: 15%; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Description</b></font></td>
    <TD STYLE="vertical-align: bottom; width: 65%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</td></tr>
<tr>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</td>
    <td colspan="2" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</td></tr>
<tr>
    <TD STYLE="vertical-align: top"><font style="font-size: 10pt">99.1</font></td>
    <TD STYLE="vertical-align: top">&nbsp;</td>
    <td colspan="2" style="vertical-align: bottom; text-align: justify; text-indent: 0in"><font style="font-size: 10pt">Press release, dated May 7, 2014, regarding the Company&rsquo;s financial results for the quarter ended March 31, 2014.</font></td></tr>
</table>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>v377890_ex99-1.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><img src="logo.jpg"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Novavax Reports First-Quarter 2014 Financial
Results </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Gaithersburg, MD (May 7, 2014) - Novavax,
Inc. (Nasdaq: NVAX), </B>a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization
of recombinant nanoparticle vaccines and adjuvants, today reported its financial results for the first quarter ended March 31,
2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Novavax Corporate Highlights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><U>Year-to-date 2014 Achievements</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 13.7pt"><FONT STYLE="font-family: Symbol">-</FONT></TD><TD STYLE="text-align: justify">Delivered positive top-line data from a dose-confirmatory Phase 2 clinical trial of its RSV&nbsp;F-protein
vaccine candidate in 720 women of childbearing age, showing:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>Vaccine candidate was well-tolerated with no vaccine-related serious adverse events</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>Highest immune responses observed with a single dose of vaccine combined with aluminum phosphate adjuvant</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>Palivizumab-like antibodies exceeded levels observed in previous trials, and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>High levels of antibodies developed within 14 days after immunization and persisted over 91-day observation period;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-family: Symbol">-</FONT></TD><TD STYLE="text-align: justify">Initiated a U.S. Phase 1/2 clinical trial of H7N9 avian influenza VLP vaccine candidate with Matrix-M&trade;,
targeted to enroll 610 healthy adult subjects between 18 and 64 years old, under the company&rsquo;s HHS BARDA contract;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-family: Symbol">-</FONT></TD><TD STYLE="text-align: justify">Published data in <I>Vaccine </I>demonstrating that an investigational vaccine candidate developed
by Novavax against recently emerged Middle East Respiratory Syndrome Coronavirus (MERS-CoV) blocked infection in laboratory studies,
adding further evidence of the power and potential of Novavax&rsquo; recombinant nanoparticle vaccine technology;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-family: Symbol">-</FONT></TD><TD STYLE="text-align: justify">Demonstrated commitment to alliance management through extension of HHS BARDA contract for development
of seasonal and pandemic influenza vaccines and continuation of RSV vaccine partnership on maternal immunization with PATH &ndash;
both collaborations bring valuable development resources, insight and experience, along with non-dilutive sources of capital funding;
and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-family: Symbol">-</FONT></TD><TD STYLE="text-align: justify">Expanded Management team with appointment of John Trizzino, Senior Vice President, Commercial Operations,
Cindy Oliver as Senior Vice President, Process Development, and Sven Andr&eacute;asson as Senior Vice President, Corporate Development.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><U>2014 Anticipated Events:</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-family: Symbol">-</FONT></TD><TD STYLE="text-align: justify">Release of top-line data from recently initiated Phase 1/2 clinical trial of H7N9 avian influenza
VLP vaccine candidate with Matrix-M in the second half of 2014;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-family: Symbol">-</FONT></TD><TD STYLE="text-align: justify">Initiate Phase 2 clinical trial of its RSV F-protein vaccine candidate for protection of infants
via maternal immunization in pregnant women in fourth quarter of 2014;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-family: Symbol">-</FONT></TD><TD STYLE="text-align: justify">Initiate Phase 2 clinical trial of its quadrivalent VLP seasonal influenza vaccine in the fourth
quarter of 2014; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-family: Symbol">-</FONT></TD><TD STYLE="text-align: justify">Initiate Phase 1 combination RSV/seasonal influenza clinical trial and Phase 1 pediatric RSV clinical
trial, both in late 2014 or early 2015.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Following the substantial progress
in our RSV and influenza vaccine development programs in 2013, I am delighted with our accomplishments in the first quarter of
2014. Based on this first quarter activity, I continue to believe that 2014 represents greater potential accomplishments across
our entire pipeline than we have ever had in our company&rsquo;s history,&rdquo; said Stan Erck, president and CEO of Novavax.
&ldquo;Our recently announced top-line data from the Phase 2 clinical trial in women of child bearing age gives us flexibility
in the development of our RSV F vaccine candidate, not just for a maternal immunization strategy, but across all potential populations
impacted by RSV.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Financial Results for the First Quarter
March 31, 2014</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with its acquisition on July
31, 2013, Novavax AB&rsquo;s operations have been included in the company&rsquo;s consolidated results of operations and financial
position as of the acquisition date. Novavax reported a net loss of $13.8 million, or $0.07 per share, for the first quarter of
2014, compared to a net loss of $10.0 million, or $0.07 per share, for the first quarter of 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Novavax revenue in the first quarter of
2014 increased 95% to $7.5 million as compared to $3.8 million for the same period in 2013. The increase in revenue was primarily
due to the higher level of activity in the first quarter of 2014 associated with the company&rsquo;s Phase 1/2 clinical trial using
its H7N9 candidate and Matrix-M adjuvant and preliminary manufacturing work for its Phase 2 seasonal clinical trial under the HHS
BARDA contract and the PATH amendment to support the company&rsquo;s Phase 2 clinical trial in women of childbearing age.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Research and development expenses increased
57% to $14.5 million in the first quarter of 2014, compared to $9.3 million for the same period in 2013, primarily as a result
of higher employee-related costs tied to continued growth in support of the Company&rsquo;s RSV and influenza vaccine programs,
as well as Novavax AB research and development expenses. General and administrative expenses increased 50% to $4.3 million in the
first quarter of 2014 as compared to $2.9 million for the same period in 2013, resulting from higher professional fees and employee-related
costs, as well as Novavax AB general and administrative expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of March 31, 2014, the company had $112.8
million in cash and cash equivalents and investments compared to $133.1 million as of December 31, 2013. Net cash used in operating
activities for the first quarter of 2014 was $20.4 million compared to $10.6 million for the same period in 2013. The increase
in cash usage from the prior year was primarily due to higher research and development spending, including the company&rsquo;s
RSV clinical trial and higher employee-related costs, as well as timing of customer and vendor payments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Conference Call </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Novavax management will host its quarterly
conference call today at 4:30 p.m. EDT. The dial-in number for the conference call is 1 (877) 212-6076 (U.S. or Canada) or 1 (707)
287-9331 (international). A webcast of the conference call can also be accessed via a link on the home page of the Novavax website
(<U>novavax.com</U>) or through the &ldquo;Investor Info&rdquo;/&rdquo;Events&rdquo; tab on the Novavax website.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A replay of the conference call will be
available starting at 7:30 p.m. on May 7, 2014 until midnight June 7, 2014. To access the replay by telephone, dial 1 (855) 859-2056
(domestic) or 1 (404) 537-3406 (international) and use passcode 34845350. The replay will also be available as a webcast and can
be found on the &ldquo;Investor Info&rdquo;/&rdquo;Events&rdquo; on the Novavax website.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>About Novavax</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Novavax, Inc. (Nasdaq: NVAX) is a clinical-stage
biopharmaceutical company creating novel vaccines and vaccine adjuvants to address a broad range of infectious diseases worldwide.
Using innovative proprietary recombinant nanoparticle vaccine technology, the company produces vaccine candidates to efficiently
and effectively respond to both known and newly emergent diseases. Additional information about Novavax is available on the company&rsquo;s
website, novavax.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Novavax Inc., Forward-Looking Statements
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Statements herein relating to the future
of Novavax and the ongoing development of its vaccine and adjuvant products are forward-looking statements. Novavax cautions that
these forward looking statements are subject to numerous risks and uncertainties, which could cause actual results to differ materially
from those expressed or implied by such statements. These risks and uncertainties include those identified under the heading &ldquo;Risk
Factors&rdquo; in the Novavax Annual Report on Form 10-K for the year ended December 31, 2013, filed with the Securities and Exchange
Commission (SEC). We caution investors not to place considerable reliance on the forward-looking statements contained in this press
release. You are encouraged to read our filings with the SEC, available at sec.gov, for a discussion of these and other risks and
uncertainties. The forward-looking statements in this press release speak only as of the date of this document, and we undertake
no obligation to update or revise any of the statements. Our business is subject to substantial risks and uncertainties, including
those referenced above. Investors, potential investors, and others should give careful consideration to these risks and uncertainties.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><I>###</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">NOVAVAX, INC.</P>

<P STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS</P>

<P STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">(in thousands, except per share information)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; font-weight: bold; text-align: center">Three Months Ended</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31,</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2013</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; font-weight: bold; text-align: center">(unaudited)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 64%; font-size: 10pt; padding-bottom: 1pt">Revenue</TD><TD STYLE="width: 2%; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 14%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">7,462</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 14%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">3,833</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left">Costs and expenses:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 20pt">Cost of government contracts revenue</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">3,021</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,712</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 20pt">Research and development</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">14,518</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">9,256</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 20pt">General and administrative</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">4,308</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,870</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 40pt">Total costs and expenses</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">21,847</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">13,838</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Loss from operations</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(14,385</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(10,005</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left">Interest income (expense), net</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(40</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">26</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Realized gains on investments</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">615</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left">Loss from operations before income tax expense</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(13,810</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(9,979</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Income tax expense</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><B>&mdash;</B></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">17</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Net loss</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right">(13,810</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(9,996</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Basic and diluted net loss per share</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right">(0.07</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(0.07</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 2.5pt; text-indent: -20pt; padding-left: 20pt">Basic and diluted weighted average number of common shares outstanding</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right">208,927</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">148,448</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">SELECTED CONSOLIDATED BALANCE SHEET
DATA</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(in thousands)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">March
    31, 2014</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">December 31, 2013</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">(unaudited)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 64%; font-size: 10pt; text-align: left">Cash and cash equivalents</TD><TD STYLE="width: 2%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 14%; font-size: 10pt; font-weight: bold; text-align: right">109,921</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 14%; font-size: 10pt; text-align: right">119,471</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Investments</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">2,907</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">13,597</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left">Total current assets</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">128,873</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">145,001</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Working capital</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">115,158</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">126,879</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left">Total assets</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">218,599</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">235,125</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Total notes payable and capital lease obligations</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">2,009</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,184</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left">Total stockholders&rsquo; equity</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">191,060</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">203,234</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">###</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left">Contact:</TD><TD>Barclay A. Phillips</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.75in; text-indent: 0in">SVP,
Chief Financial Officer and Treasurer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.75in; text-indent: 0in">Novavax,
Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.75in; text-indent: 0in">240-268-2000</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>logo.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 logo.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``(!`0(!`0("`@("`@("`P4#`P,#
M`P8$!`,%!P8'!P<&!P<("0L)"`@*"`<'"@T*"@L,#`P,!PD.#PT,#@L,#`S_
MVP!#`0("`@,#`P8#`P8,"`<(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,
M#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`S_P``1"``I`0@#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#Y:_X;'^,'
M_16?B;_X5%]_\<KZX_X(U_\`!5'Q3\&?VJ;7PY\2O&7B#Q!X,\?M'ICW&M:G
M+>?V->[L6\ZM*QV1LS>6^"!AU8_=KX.\+VT=]XJTFWG3S8+B^MXI4)P'1I55
MAGW!(KVS_@I9^Q-??L)?M5Z[X+E$\WAV]SJ?AR\?/^EV$C':I;O)$V8V]U!_
MB%?O^88/!5T\#4BDYIM:+I;5>:NF?AV"Q>,HM8VG)M0:OJ^M]_)V:/Z9@.0#
MZU_.7_P4?_:G^*/A3]O?XR:9I7Q+^(&F:;I_BJ]AM;2T\17<%O;1AN$1%D"J
MH[```5^J_P#P0T_X*`G]L3]F:/PUXBOO/^(/PZCBL-1,C#S=2L\8M[SU)(4Q
MN?[Z9/WA7XV?\%/`1_P42^.'_8WWW_H0KX?@[+GA\RKX;$13<8]5YK57[H^R
MXKS!5\OHXBA)I2?3T>A_0?\`\$^-;OO$W[#'PCU'4KR[U+4;[PII\]S=74S3
M3W,C0*6=W8EF8GDDDDU^??\`P52_X+XZQX!\?ZO\-_@=-8QW.C3/9ZOXLEB6
MY"SK\KPV:-E#L.5:5PPW`A1QNKZ3M/C->_L]_P#!!W2_&.FR-#J>C?"^U-E*
MIPT4\ELD,;CW5Y%/U%?SVRN;>V=RS2,BEB6.6<XR23W)/>CAC(:&+Q5?$XB-
MXQDTETO>^OIIH/B/.ZV&PU'#T':4HIM];66WKKJ>N1^,OCE^VWXWDT^/5OB=
M\4-<F'F/:175U?[%)ZF-3Y<:_@JUL^*/^">G[17P9T>37M0^%7Q&T6TM%\R2
M]M;5W:!1SN8P,SJ!ZD<5^]G_``3"_9*T']D#]CKP=HFEV4$>KZOIMOJNO7H0
M";4+V:,2.SMU(3=L4=%51COGZ#'R\C@^U+%<=NC6=+"T8^S3MKI?[M%^(8?@
MQ5:4:F)JRYVKZ=/OU?X'\V/[,/\`P5Q^/?[+6LVLVD^/-5\3:-`P\W1?$D[Z
ME9SH#R@:0F6(]LQN"/0]*_=#_@GU^WOX4_X*+?`AO$>C0R:9J=DWV'7]%EEW
M3Z7.RYP&&-T;KDI(,9&>C*0/RF_X.*_V3="^`G[4GAWQEX;L(=,L?B58SSW]
MM`@CA%_;N@DE51PID22,L!U96/5C7/?\&\/QDOOAS_P42L/#L<SKIGC[1[O3
M[R+/R/)!&;F%\?WE,;@'TD-=^<Y;@\RRO^T\-!0FES::7MNG;?9V>YPY5F&*
MR_,O[.Q$^:+?+KK:^S7;I='G7[>/BCXU?L=?M;^-_A_-\5OBC]BTB_:?2I7\
M3WV;BPF_>6[Y\WG",$/^TC5^F_\`P;Q?MB:I^T/^S%X@\)>*=:U'7/%/@+5"
M?M>H737-U<V-SF2)F=R6;;()DR2<`**\W_X.8/V2_P#A)?AQX4^,VEVVZ\\,
M2C0=<9%Y:SF<FWE;':.8E<G_`)[^U?%O_!#/]IG_`(9P_P""@_AJWN[D0:)\
M0(V\,7^YL())2&M7.>.)U1<^DAIUJ=/-L@]K"*]I%7=E9WCO]ZU^:%2JU,LS
MSV4Y/DD[:OI+;[G^1_1!7X[_`/!Q)^W;XF\-?M`>%/AGX'\5Z_X;/A?3SJFM
MRZ/J,UE)-<W/$,+M$P)"1+OP>,S`U^N_C#Q98^`/"6J:[JUPMKIFB6DM_>3-
MP(H8D+NQ^BJ:_EI_:&^,FK_M5_M&^*_&T\4USJOCG6I+FVME!9P)'"6]NH]5
M3RT`]J\#@;+HU\7+$5%>--==KO\`X%SW>,LPE1PL</3=I3?3>RU_.Q^GW_!N
M?H7Q)^-OCKQC\3O&?CCQUK_ASP]$-#TJTU/7+JZM;B]E`DFEV.Y5C%%L4$C@
MS'N*_2/]K;]I'1OV1_V=/%GQ#UTJUGX;L6GC@W8:\N#A88%]6DD9%_$GM7/?
M\$^?V6K?]C3]D'P5X!18_P"T--LA<:M*@`^T7\Q\RX?W^=BH_P!E%K\P?^#D
M+]MG_A8/Q7T?X)Z%>%])\'%-5\0^6WRSZA(G[F`XZ^3$VXC^],.ZUSJBLZSI
MQIJU._3^6/\`G^;-G6>490I3=YVZ_P`S_P`OR1\/>(_VX?C=\0?%>K:Q+\3?
MB*EWJ4\^I7$%AKUY%;VP9B[[(T<+'$@.```%4"OJ+_@C'_P4T\7?##]LS2_#
M_P`0O&OB7Q%X3^((71';6M5FO4TR\9LVTR&5CL#.?*8C&1("?NBO9O\`@W@_
M8"TSXA_#'X@_$WQII@N]+\6V5SX-TF&5>)+1UVWTRYZ;CMB##_GG)ZU^;?[4
MO[/FK?LF_M%>+OAYJK3K?>$]1:W@N>5:X@R'M[A3_MQ-&X(Z'Z5^@<V`Q]2O
ME48I.*2NDOP_PNWS/A^7'8&G0S*4FU)MVN_Q_P`2N?U-ZKI<>LZ=<V<_F"&Z
MB:&38Y1PK`@X88*G!X(.0:_FV_;$\<_&_P#9)_:>\:_#O4/BQ\46/AK47BLY
MG\3WP-U9O^\MI?\`6\[HF0GWS7[;?\$DOVTQ^V[^QKH&O7]RLWBWP^/[$\1I
MGYS=PJ`)B.N)HRDF>F68=J^,?^#F;]DO[1I?@_XUZ7;?/9L/#?B!D7K&Y9[2
M9L>CF2,D_P#/1!7Q'"M58+,Y8#%17O>[JMI+;[_QNC[#B6#Q>6QQN&D_=][3
ML]_N_P`SWK_@W[_:\U']I7]CV]T'Q)J][K/BOX?:F]C<W5].T]U=6DV9K>1W
M8EG(S)'DD_ZH5]W5_/Q_P0(_:8_X4%^W]I>AWEQY.B_$RT?P_.&/RBZSYMH_
MU\Q6C_[;5^]?Q.^(6F?"/X<Z]XJUJ<6^D^&]/GU*\D)QMBAC+MU[X7`]Z\[B
MS+7ALRE&"TG[R^>Z^^YW\,9C]8R^,JCUAH_EU^X_'O\`X.$/V]O%6G_M6:+\
M.?`WB[Q%X;M?!&F"?5WT;4YK)KB]N@'$;M$REA'"L9`/0RM7IW_!N=X8^(OQ
M;G\:?%3QMXU\<>(-$LC_`,(]HEKJNM75W;2S_+)<SA)'*DHOEQ@XX+/7Y0_$
M_P`?>(/VI_C]K?B.6&6^\3?$'77N(K=<EGGN9L10K[#<B#V45_2[^Q3^S59?
ML@_LL^"_AY9;';P]IR)>S*!_I5X^7N)2>^Z5G/TP*^FXCC2RS**6!C%<\M&^
MNFLM?73T/GLAG4S'-*F-DWR1>BOIV7X:^I8_;!_:6TG]D']FSQ;\0]9VO;^'
MK)I8+<G!O;EL)!`OJ7E95XZ`D]J_G`UK]MGXV^-?$&J:K-\4/B1]JO)9M1ND
MLO$%['!;AGW.51'"QQ*6```"J,#TK[C_`.#D3]M3_A8/Q:T7X*Z)>%])\&[-
M5U\1M\LVHR)^YA;'!\F)BQ'9IO5:['_@@#_P3OTGXF_LX_$KQWXUT_S[#XE6
M%SX.TQ73YET_I=3IGH7F"JI'3[.?6EDE&AE.5/,<7&\JC5D^W3\+OT#.*M?,
M\R6`PLK*"=VN_7[M%ZGF_P#P0E_X*2>*?#G[7`\!?$+QAX@\1:)\1HA9Z?-K
M.IS7AL-2CRT(5I68JLREXR!@%O+K];?VQ?V<)OVIO@1JWA6Q\3Z_X,UJ5?/T
MO6M'OYK2XL+I0=C,8F4O$3\KH3AE)Z$`C^:+XR?"SQ%^RO\`'W7_``E?33V/
MB7P)K#6Z749*N)(9`\-PA_VE$<BGT85_1_\`\$ZOVNK3]MS]D;PIX\C:-=5N
M8/L6MVZ?\NNH0X2=<=@6PZ_[,BUR\98!4*M+-,)HI6VVO:Z?HU^7F=/">.=:
MG4R[%:N-]][;-?)_GY'X`?'7XJ_M#_LV_%G7/`WC'XD?%'2O$?AZX,%S%_PE
M%\4D'5)HV\SYXG7#*PX(/KD5^S/_``1;_P""E2?MS?`S_A'_`!+=I_PL_P`$
M0)#JRL0K:O;?=COT'?=]V0#[LG/`=:G_`."Q/_!+VS_;U^$BZ[X<@M[7XI^$
M[=CI$YPBZM`,LUA,WHQR8V/W'/96:OPH^"WQI\=?L=_&Z#Q-X8N[WPOXR\.2
M3V<B3P_/$Q#13031-PPSD%6'#*#U`KU(T\+Q#EUJ:4*T.RMK_P#(O\/D>;.I
MB<BQ]YMSI3\[Z?YK\3]-_P#@OA_P52U3PYXJC^"OPQ\0WVD7VER)<^*]8TN[
M>"XAD`#1V$<L9#*1P\I!S]Q/[PKRC_@C=\`?C5^W=\5?^$F\4?$[XIP_"KPE
M=+_:#GQ/?I_;MRN&%C&?-R4'!E8=%(7JV1\P_L$?L0^+_P#@I#^TF-"MKJ^2
MP:8ZGXJ\13YE:RA=R7D+'[]Q*VX(IZL2Q^537]'/P1^"OAO]G?X5Z)X+\(Z;
M%I/A[P];+:V=NG)`')=FZL[-EF8\LS$GK7%G6)PV38*.6X9)U6O>=D[7W?J^
MG9:]CLRFAB,VQCQ^(;5)/17T=MEZ+KW>GIU,<8AC5%&%48`]!12T5^;'Z"?R
M8>#?^1TT3_L)6W_HY*_H7_X+*_L!C]N;]E>Z&C6J2>/_``4'U7P\X&'NB%_?
M6>?29!@>CI&?6OYY?!MRG_":Z)\XS_:5M_Z.2OZTV.2#["OU+CC%U,-B<+B*
M3M*/,U_Y+^9^;<&X6&(H8FA57NRY5_Z4?R^?L+_M<ZW^PU^T_P"'O'^F+<O%
MITIL]:T[E&O[%V"W$#`]'&-RY^[)&OH:C_;^\=Z5\4?VV/BMXFT*\BU'1?$'
MB&YU"PN8^5GAEVLK#\#R.QR*^JO^#@#]@,?LU?M`+\4/#EEY/@KXDW+O>)%'
MB+3-6QNE7CA5G`,B_P"T)1Z5^>LER@B8;AP#7UV6U,-C.7,Z/Q2CRO[[V?FG
M_6Q\OF,,1A.;+ZNJC*Z^[=>35F?T`>*?AA??&/\`X-]+;P]IL;3ZA=?"ZSN+
M>-1EI7@@CN`H'<GRL`>]?@!(?M=D2A_UJ94_4<5_3S_P3A`F_P""?GP;!`=7
M\':<"",@C[.O%?E1_P`%5/\`@AMXP^#_`,0-9\=_!_0[KQ1X"U6:2]N-$L(S
M)J'AYV)9T2(?--;Y)*[,L@^4@@!J^,X5SJA0Q5?"5Y*/--M-[7O9K\K'UG$^
M4UJ^&HXJBK\L4FEO:UT_EJ?K+^P5\>](_:4_9`^'_BW1KF.XBO-&M[>[1&!:
MTNXHUCGA<#[K+(K#![8/0BO7J_EW_9J_;?\`BQ^PQXFOAX$\5ZEX6FNI`;_2
M;J%9+6X<#&9;68$!P.-P`;'&:]M\>?\`!?[]I?QMX;ETW_A--!T%)T\M[G2=
M&A@NL8ZK(Y?8?=0"*XL9P'BI5Y/#3BX-W3;=TON>WXG9A>-L-&@E7C)32L[+
M?\4>U?\`!S-\>=*\=_M%^!/`FFW4-W=^!M,N+K5/+;=]FGNVC*0MZ,(H@Q'8
M2+ZUY)_P;]_#6]\>?\%+_#.HP12/9^$=+O\`5;R11\L0:$V\8)[;GF`'K@U\
MY?!/]G/XH?MH_$.2V\'>'?$?C?6M4N#->:@0\D(D=LM+<7<GR+DG)9VS]>E?
MO5_P2>_X)GV'_!.OX.7<5_=6NL^/_%+1SZ]J,"D0Q!`?+M(,C/E1[F.XX+LQ
M8@#`'MYOBL/E&4?V=&?--Q<;+?7=OLM7:YX^5X:OFF:_VA*#4$T_NV2?797/
MH#X__!?2?VB_@GXJ\":Z@?2O%6F3:=.2,F/>I"R#_:1MK#W45_+?\1/`?B#X
M`?%K6?#>I&2P\3^"M6>TE=?E:*YMY?ED7V)574^A!K^K^OQ)_P"#D_\`9._X
M5M^T#X?^+>FVVS2O'\']FZJR+A8]1MTPCG'0RP`?4P'UKP.!,R5+$RP<_AJ+
M3U7^:O\`<CW>-<O=7#QQ4-X/7T?^3_4]S_X*C_\`!2:W\??\$</!&J:5=+%K
MWQUMH=-N(XSAK=(0#J0XZ`.GE?26OCK_`((*?LE?\-)?MRZ?K^HVOG^&_AA$
MNO7.Y<QRWF2EG$>,9\S=+CTA]Z^-]8^(6I:SX3T?1;W4[B?1_#AN7TZU=LQ6
M9G<23%1VWLH)]Q7]`W_!"[]DH_LN?L):-?ZE:FW\3_$1QXCU/<N)(HI$`M83
M_NP;6QV:1Z]S-(4\CRFI1HOWJLFEZ/\`RCIZGB9;4GG&9TZM5>[3BK^J_P`Y
M:^A[K^VU^U-I?[&7[,7BSXAZKLE.AVA^PVS-@W]X_P`EO`/7=(5SCHH8]J_F
M%\<>,]6^)7B_6/$.N7LM_KFOWDVH7]T_+33RN7=N?<G`[#`K]#O^#C/]N!?B
MW\?M.^#^B7P?0/AVWVG6#&V4N=5D3A#CKY$38]GE<=5J+_@A9_P2R\)_MF:)
MXO\`'GQ/T:;5_!UC*NCZ-:"YFMENKL8>>;=&RL1&I1`,X+._=:GARG1R?*Y9
MCBEK.S\[=$O7?T]"\_J5<VS)8##/2%_2^[;]-O4Z[X`_\'%GAG]G#X*^%_`G
MA[X&W\>C^%=.BT^WSXEC#2[%^:1OW'WG?<[>[&ODW_@IU^WEH/\`P4,^+.A^
M--/\!W'@C6['3SINHL^I)>+J<:ONA8XC0JZ;G7)SE6`["OV+_P"'#G[+/_1-
MG/\`W'+_`/\`CU4?$_\`P0,_9EUCPWJ%GI_@:?2K^ZMI(K:^CUB]D>SE92$E
M"M*58JV#@@@XYK@PF?Y#A\1]9I4IJ;O=WOOO>\M3MQ>29UB*'U>K4@XZ:6MM
MM:T4?E[_`,$+OVU?^&3?VRK/1-7O/L_@[XF>7HNH[VQ%;7>X_9+@YX&'8QD_
MW9<]J_=']J;X`:9^U+^SOXP^'NL!1:>*=-ELQ(1G[--C=%,/=)0CC_=K^7KX
MN?#36/@9\4O$/@WQ`CV>O>%=1ETZ["Y4B6)R-ZGT8`.I]&!K^A[_`()`?ML)
M^V[^QCH6K7]VMQXO\,`:'XB4M\[7$2C9.1UQ-'MDS_>+CM5<;X%QG3S7#/M=
MKOO&7Z?)$\'XSFA4RS$+:]D^VTE_7F?SQ:KIGB+X"_%2XL[@2Z7XM\$:N8W'
M*M:WMK-U'TD0$>HK]>?^"RG_``44L?B%_P`$K_AY_8%RL=]\>H()KB*-N;:T
MA59+R,]_]>$A/KEA7SQ_P<;_`+)P^#G[56F?$W3;;RM$^)UOMO&1<)%J=NH5
M\XZ&6'RW]RCFOS^U[XAZGX@\-Z)I>H:E<W6F>&(9H-,MY&)2QCEE::14'8-(
MS,?<U]/3P]#-XX7,7]C5KSMJOE)(^=G7K95+$X!)VEHOOW^<6_F?<?\`P;W?
MLF'X^_MH_P#":ZE;&7P_\*[<:EN9<I+J,NY+5/J@$DOL8T]:_9_]LK]IW2?V
M._V:?%OQ$UAE:/P]9,]K;LV#?7;_`"6\`]WE*CCH,GM7CO\`P1=_9(/[)/["
M?AJVU"V^S^*/&7_%2:UN7$B23JIBA;O^[A$:X/1MWK7P!_P<A?MMI\1OC-H_
MP7T6^#Z1X'*ZEKOEOE9]2D3]U$<<'R86)(_O3>JU\5BD\\SWV:_AQT_[=CO]
M[V]4?78:V39+[1KWY:_]O/;[EOZ'YQ>/?&VK?%'QIK/B37KV6^USQ#>RZAJ%
MT>6EFE<N[#/N>!V``[5^GGP1_P"#CCPU^S_\'_#7@GP_\#+ZWT;PMIT.G6J_
M\))&"RQJ`7;]Q]YCEB>Y8UQG_!"O_@EEX2_;*T'QAX[^*&BSZQX1LI5T?1;7
M[3-;+<W0P\\VZ-E8B-2B`9QEW[BOT%_X<._LM?\`1-G_`/!Y?_\`QZO>X@SK
M)G5^IXNG*?L_Y=$M%VDMMO(\7(LIS94_K6%G&//WWM?T>_XGXP_\%*?VT]"_
M;X^/EK\0-*\$S^"-3FTV.PU6.345O%U!XB1%-D(FUA&=ASG(1?2OHG_@W=_;
M/_X4;^U!=_#'6;LQ>'/BAM%EO;"6VK1*?*QZ>=&&C/JRQU][?%/_`(("?L[>
M(?AIK]AX9\&RZ#XCN[":+2]1&KWDOV*Z*'RI"KR,K`/MR""",U^"5W'K?P<^
M(LEO<?:-%\4>$M4*.`2DMC>6TW4>A61/TKMP&(R_-\!4R_#)Q459*6Z[-:O9
MK]#DQM#'97CH8[$-2<G=M;/NMENO(_>[_@LS_P`%2(/V&?A5_P`(MX3NX9OB
MKXMMV%@HPW]AVQRK7TH_O=5B4_>8$]$.?PY^$'[/?Q"_:GU7Q7<>%-'U3Q9?
M^'M-G\1:W/O,DWE*V7=F;F25V)(7EG(;&<&H?&'C;QS^V=^T'+J-_-?>,/B!
MX[U%(41%S)=SN0D<4:CA(U&%"C"HJ]@":_H?_P""9'[`VD_\$^_V;K'PW&8+
MWQ7JQ74/$NIHO_'Y>%<;%/7R8@=B#T!;JQKSZE6CPU@8QA:5:>_RW\[+9=WJ
M=T(5N(<:Y3O&C#^E\WN_N/P4_8!_;F\2_L#_`!]T_P`::"TM]I-P%MM>T@2;
M8]8LR<E.>!*GWHW[,,=&8'^DGX&_&WPU^T;\)M#\;>$-2CU7P]XAMEN;6=>&
M`/#(X_AD1@593R&4BOQ3_P""[?\`P3*/[+/Q1?XI>#-/V?#SQG=G[?;0)B/0
M-2<DE0!PL$QRR]E?<O`*BN/_`.",O_!4&?\`87^+/_"*^*[V9_A5XON5^W!B
M670+ML*M\@[(>%E`ZJ`W5>9SS+:6=8..98%>^EJNKMNG_>73O]P\FS"KE&+>
M7XQ^XWH^B[/T?7_AS^@BBHK&]AU.QAN;>:*YM[F-98I8G#QRHPRK*PX((P01
MP0:*_*V?I=S.'@#000?[$T?(.1_H47_Q-:V.,444Y2;W8DDMBOJ6DVNLV_DW
MEM;W<60WESQ+(N1T.&!&:HGP!H)&/[$T?G_IRB_^)K6HIJ<ELP<4]T,M;6.R
MMTAAC2**,;41%"JH]`!P!3^X/.1114L9R7Q`^`7@7XL,6\4^"_"GB1R,;]3T
MF"Z?_OIU)KE-)_8.^".A7HN;3X1?#:"=3N#KX=M"0?7E*]8HK:.)JQ7+&;2]
M692H4I.\HIOT15T70[+PWIL=EIUG::?9PC"06T*PQ)]%4`"K5%%9-WU9KML%
M5]3T>TUJ%8KVUMKR-6W!)XED4'UPP/-6**+]0>NC,C_A7^@D$?V'H_/_`$Y1
M?_$UK)&(T"J`JJ,``8`'I2T4.3>[$DEL9<_@?1;J=Y9='TJ661BSN]G&S.3U
M))&2?>KNGZ9;:1;+!:6\%K"I)$<,8C0$G).!Q4]%#DWHV%DG=(****0S-O/!
MNCZC=//<:3IEQ/)R\DMK&[MQW)&34^E^'[#0PXLK&SL_,P7\B!8M^.F=H&:M
MT53D[6N+E6]BMJ>B6>MQ+'>VEK>1H=RK/"LBJ<=0&!P:I?\`"`:#_P!`/1__
M``"B_P#B:UJ*%-K9@XI[H0(%4+V'`'I6;<^"-%O+F2:;1]*FFE.YY'M(V=SZ
MDD9)^M:=%)2:V!I/<@T[3+;2+98+2W@M85)(CAC6-`3UX`Q4]%%)OJ,*S+GP
M1HM[<233:/I4TTK%G=[2-F<GN21DFM.BFFUL)I/<S;/P;H^G723V^DZ9;SQG
M*216L:.A]00,BM+'3VHHH;;W!)+8YOXO_"70/CO\,-<\'>*=/BU7P_XBM'LK
MVVD'#QL.H/\`"RG#*PY5E!'(K^:[]O\`_8B\0?L$?M%ZIX(UGSKW2Y`;S0=5
M9,)JUBS$(_IYB_<D7LPST89_IUK\G?\`@Z3_`.11^"W_`%_ZI_Z*@K[/@?,:
MM+'+"I^Y.]UV:5[K[K?TCY'C+`4JN#>(:M*%K/R;LU^ID?\`!`C_`(*GFQFT
M[X!_$/428Y#Y7@O5+F3[I_Z!DC'\3"3[Q_W!17Y:_"K_`)*QX3_[#MA_Z4QT
F5ZW$W#E%XKVU&7+S:M6NK]UM:YYG#F?5?JOLZJYN71._3[NA_]D_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
