|BMO Capital Markets||Do Kim|
|Canaccord Genuity||John Newman, Ph.D.|
|Jefferies||Kelechi Chikere, Ph.D.|
|Oppenheimer & Co.||Leland Gershell, M.D., Ph.D.|
|Raymond James||Steven Seedhouse, Ph.D.|
VBI Vaccines Inc. (“VBI”) is followed by the analysts listed above. VBI believes the above to be a complete list of analyst coverage of the company through May 9, 2018, but makes no assurances as to other coverage by analysts not listed above. Please note that any opinions, estimates, or forecasts regarding VBI’s performance made by these analysts are theirs alone and do not represent opinions, forecasts, or predictions of VBI or its management and VBI does not review analysts’ reports. VBI does not by its reference above or distribution imply its endorsement of or concurrence with such information, conclusions or recommendations.