GeoVax Labs, Inc. GOVX‐NASDAQ EXECUTIVE INFORMATIONAL OVERVIEW® October 22, 2020 Company Description GeoVax Labs, Inc. (“GeoVax” or “the Company”) is a clinical‐stage biotechnology company developing preventive and therapeutic human vaccines against infectious diseases and cancer. The GeoVax Labs, Inc. Company’s proprietary GV‐MVA‐VLP™ vector vaccine technology 1900 Lake Park Drive, Suite 380 utilizes a Modified Vaccinia Ankara (MVA) vector, a large virus Atlanta, GA 30080 capable of carrying several vaccine antigens, that are expressed as Phone (678) 384‐7220 non‐infectious virus‐like particles (VLPs) in the individual receiving Fax (678) 384‐7281 the vaccine (in vivo). VLPs mimic a natural infection, stimulating both www.geovax.com the humoral and cellular arms of the immune system to recognize, prevent, and control the target infection through durable immune Ticker (Exchange) GOVX (NASDAQ) responses. GeoVax is capitalizing on the safety and efficacy of its Recent Price (10/22/2020) $3.19 technology platform to address the urgent need for a COVID‐19 Shares Outstanding* 3.8 million vaccine and is also developing vaccines against human immunodeficiency virus (HIV), Zika virus (ZIKV), hemorrhagic fever Market Capitalization $11.4 million (HF) viruses (Ebola, Sudan, Marburg, and Lassa Fever) and malaria. Average 3‐month Volume 377,347 Furthermore, the Company is applying its MVA‐VLP technology to Insider Ownership +>5% 6.9% cancer immunotherapy (immuno‐oncology). Institutional Ownership 25% EPS (06/30/2020)* ($0.66) Key Points Employees 8 GeoVax’s recently completed $12.8 million public offering and its * EPS figure for Q2 2020 has been restated for the 1:20 reverse uplist to Nasdaq give it the financial resources it has lacked in recent split in September 2020. years to significantly advance its new key programs, with a focus on GeoVax Labs, Inc. (GOVX‐NASDAQ) COVID‐19 and immuno‐oncology. GeoVax’s most advanced vaccine in the clinic, GOVX‐B11, is designed to protect against the clade B subtype of the HIV virus (prevalent in the Americas, Western Europe, Japan, and Australia). This vaccine, which has a documented safety profile and is highly immunogenic, has been tested successfully through a Phase 2a human clinical trial and is being used in a follow‐on clinical trial run by the HIV Vaccine Trial Network (HVTN). GeoVax’s HIV vaccine technology was developed in collaboration with researchers at Emory University, the National Institutes of Health (NIH), and the Centers for Disease Control and Prevention (CDC). The technology is exclusively licensed to GeoVax from Emory. GeoVax also has nonexclusive licenses to certain patents owned by the NIH used to develop the Company’s other vaccines. TECHNOLOGY PIPELINE GeoVax constructed multiple novel COVID‐19 vaccine candidates and is running preclinical animal studies to identify and select one to advance to a Phase 1 human clinical trial. The Company’s vaccine development activities are financially supported by the U.S. Government in the form of research grants, in‐kind support in terms of animal experiments, and indirect support for clinical trials. GeoVax’s HIV program receives substantial federal support (>$50 million to date from the NIH). By working with multiple collaborators on a variety of vaccine candidates, GeoVax manages its risk by providing many paths on the road to selecting the best vaccine candidate. †BOLD WORDS IN CONTEXT ARE REFERENCED IN THE GLOSSARY ON PAGE 79. See inside for applicable disclosures. Table of Contents Executive Overview ....................................................................................................................................................... 3 Milestones ..................................................................................................................................................................... 8 Company Leadership ................................................................................................................................................... 10 Intellectual Property .................................................................................................................................................... 14 Core Story .................................................................................................................................................................... 18 MVA‐VLP and MVA Platform Technology ............................................................................................................... 20 Infectious Disease Programs ................................................................................................................................... 25 HIV/AIDS Vaccine Program ................................................................................................................................. 25 Hemorrhagic Fever (HF) Vaccine Program ......................................................................................................... 33 ZIKA Virus (ZIKV) Vaccine Program ..................................................................................................................... 36 Malaria Vaccine Program .................................................................................................................................... 39 Coronovirus Program .......................................................................................................................................... 41 Partnerships and U.S. Government Support ...................................................................................................... 45 Cancer Immunotherapy Program ............................................................................................................................ 47 Investment Highlights .................................................................................................................................................. 56 Competition ................................................................................................................................................................. 58 Historical Financial Results .......................................................................................................................................... 61 Recent Events .............................................................................................................................................................. 64 Risks and Disclosures ................................................................................................................................................... 68 Glossary ....................................................................................................................................................................... 79 CRYSTAL RESEARCH ASSOCIATES, LLC EXECUTIVE INFORMATIONAL OVERVIEW® PAGE 2 Executive Overview GeoVax Labs, Inc. (“GeoVax” or “the Company”) is a clinical‐stage biotechnology company focused on developing human vaccines—both preventive and therapeutic. Its technology, targeting infectious diseases and cancer, employs the Company’s proprietary GV‐MVA‐VLP™ vector vaccine technology platform. This GV‐MVA‐VLP™ vector vaccine technology utilizes a Modified Vaccinia Ankara (MVA) vector, a large virus capable of carrying several vaccine antigens. MVA is a replication‐defective live vector that expresses non‐infectious virus‐like particles (VLPs) in the individual receiving the vaccine (in vivo). VLPs mimic a natural infection, stimulating both the humoral and cellular arms of the immune system to recognize, prevent, and control the target infection through durable immune responses. The Company’s development efforts are focused on preventive vaccines within the following areas (shown in Figure 1): human immunodeficiency virus (HIV), hemorrhagic fever (HF) viruses (Ebola, Sudan, Marburg, and Lassa), Zika virus (ZIKV), and malaria. GeoVax is capitalizing on the safety and efficacy of its technology platform to address the urgent need for a COVID‐19 vaccine—currently a high‐priority program for the Company. Moreover, the Company is applying its MVA‐VLP technology to cancer immunotherapy and plans to accelerate this program with proceeds from its recent financing Figure 1 DEVELOPMENT PIPELINE Source: GeoVax Labs, Inc. GeoVax’s vaccine development activities have been (and continue to be) financially supported by the U.S. Government in the form of research grants awarded directly to the Company, as well as indirect support for conducting human clinical trials. In particular, GeoVax’s HIV program receives substantial federal support (with over $50 million received to date from the National Institutes of Health (NIH). Every one of GeoVax’s preventive vaccine trials have been sponsored by the NIH, with the NIH (through the HIV Vaccine Trials Network [HVTN], www.hvtn.org) running the Company’s trials—something that is unusual within the biotechnology space. CRYSTAL RESEARCH ASSOCIATES, LLC EXECUTIVE INFORMATIONAL OVERVIEW® PAGE 3 MVA‐VLP TECHNOLOGY PLATFORM Vaccines are most often made of agents (antigens) that resemble disease‐causing microorganisms and are traditionally created from weakened or killed forms of the virus. Newer vaccines largely use recombinant DNA technology to produce vaccine antigens from specific portions of the DNA sequence of the target pathogen. The most successful of these purified antigens have been non‐infectious VLPs, used in vaccines such as the hepatitis B vaccines (Merck’s