US MARKET

Moderna: S&P 500 inclusion looming TRADING MATTERS SERIES: ahead STOCK HIGHLIGHT DIGITAL ENGAGEMENT TEAM Features a single stock and zooms in on its performance in 19 JULY 2021 the market

KEY METRICS Moderna Inc (MRNA US) Current Price 286.43 Price Chart Latest Dividend N/A 295.00 16 July 2021: Dividend Ex-Date N/A 286.43 Indicated Dividend Yield N/A 205.00 RSI 79.62 Analysts 12M Target Price 192.79 115.00

REFINITIV STOCKREPORTS+ 200 Day MA AVERAGE SCORE 100 Day MA 50 Day MA 25.00 3/10 Jul 20 Oct 20 Jan 21 Apr 21 Jul 21 The red lines drawn on the price charts are trendlines, which are visual representations of support & As of 19 July 2021 resistance levels. They are drawn by connecting a series of prices together to help indicate the data’s best fit or the presence of any trend over a time frame, and are for illustration purposes only. As of 16 July 2021 closing Refer to page 3 for indicator components

KEY MARKET EVENTS S&P 500 Index Price Chart 22 Jul 16 July 2021: US Initial Jobless 4,400 4,327.16 Claims

27 Jul 4,000 US CB Consumer Confidence Release 3,600 (Jul) 28 Jul US Fed Interest 200 Day MA 3,200 Rate Decision 100 Day MA 50 Day MA 2,800 29 Jul Jul 20 Oct 20 Jan 21 Apr 21 Jul 21 US GDP Release As of 16 July 2021 closing (Q2) 02 Aug US ISM Manufacturing PMI Release (Jul) 1 of 5 All data and information extracted from Bloomberg as of 16 July 2021 closing, unless otherwise stated Headline News & Information • Moderna, Inc. operates as a clinical stage biotechnology company. The Company focuses on the discovery and development of messenger RNA therapeutics and vaccines. Moderna develops mRNA medicines for infectious, immuno-oncology, and cardiovascular diseases (Bloomberg)

• Moderna surges as S&P 500 inclusion boosts vaccine maker (16 Jul 2021, Bloomberg) • The Covid-19 vaccine maker rallied 10% to US$286.43 on 16 July 2021. Moderna will replace Alexion Pharmaceuticals Inc. in the S&P 500 Index before the opening of trading on July 21 • Earlier this week, its market valuation surpassed US$100 billion, putting it in an elite group of biotech firms of that size • Moderna is entering the S&P 500 after reporting only one quarter -- its most recent -- of profitability as a public company • Managers of index mutual funds and exchange-traded funds, who either track the S&P 500 or use it as a benchmark, could be looking at selling shares of other stocks listed on the gauge in order to add Moderna shares, potentially further propelling its gains this year • The stock’s immense valuation is a point of debate with analysts as their average price target for Moderna implies a more than 34% drop

• Moderna’s next act is using mRNA vs. Flu, Zika, HIV, and Cancer (14 Jul 2021, Bloomberg) • Moderna has drugs in trials for heart disease to cancer to rare genetic conditions • The company has vaccines for 10 viruses that are in, or about to be in, human trials. These include three types of Covid-19 boosters that are in midstage trials, a seasonal flu shot that began its first human study in July, and HIV shots that are slated to begin studies later this year TRADING FLOWS RESISTANCE LEVELS SUPPORT LEVELS • Moderna’s shares are • 299.00 (Highest • 259.68 (15 Jul 2021) up 23% in the past 5 Analyst Target Price • 214.07 (08 Jul 2021) days and rose 44% in by Goldman Sachs) • 200.00 (18 Jun 2021) the past 30 days

All data and information extracted from Bloomberg as of 16 July 2021 closing, unless otherwise stated 2 of 5 Fundamental Viewpoint

An Extract from STOCKREPORTS+

Analyst Price Target and Recommendations

Source: REFINITIV STOCKREPORTS+, extracted 19 July 2021

All data and information extracted from Bloomberg as of 16 July 2021 closing, unless otherwise stated 3 of 5 US Peer Analysis (STOCKREPORTS+)

Source: REFINITIV STOCKREPORTS+, extracted 19 July 2021

Global Peer Analysis (Bloomberg) Mkt Cap P/B P/E 5Yr Indicated Ticker Name (USD) Last Px P/E P/B 5Yr Avg Yield (%) (Millions) Avg Average 58,162 213.74 43.76 25.58 9.93 7.88 2.88

MRNA US MODERNA INC 115,010 286.43 229.67 29.93 11.08 N/A AMGN US AMGEN INC 142,466 247.96 19.08 18.47 15.28 13.71 2.84 GILD US GILEAD SCIENCES INC 86,074 68.63 9.97 11.76 4.54 4.49 4.14 REGENERON REGN US PHARMACEUTICALS 62,141 583.24 17.91 19.66 5.19 5.32 N/A VERTEX VRTX US PHARMACEUTICALS 52,363 202.28 18.90 32.37 5.83 8.31 N/A BIIB US BIOGEN INC 48,873 324.62 20.86 11.30 4.58 3.89 N/A ALEXION ALXN US PHARMACEUTICALS 39,790 180.03 15.63 11.83 3.20 2.39 N/A SGEN US SEAGEN INC 26,566 146.39 40.55 7.75 11.80 N/A ROYALTY PHARMA RPRX US PLC- CL A 24,618 40.55 15.13 5.04 1.68 HORIZON HZNP US THERAPEUTICS PLC 21,007 93.46 49.95 73.63 5.45 4.24 N/A ALNYLAM ALNY US PHARMACEUTICALS 20,868.95 177.54 N/A 22.49 13.61 N/A Source: Bloomberg, extracted 19 July 2021, 5.30 SGT

All data and information extracted from Bloomberg as of 16 July 2021 closing, unless otherwise stated 4 of 5 DISCLAIMER

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All data and information extracted from Bloomberg as of 16 July 2021 closing, unless otherwise stated 5 of 5