1. IAVIs Brooklyn Design Laboratory/Historic Tax Credit Transaction By Mike Goldrich Executive Vice President & COO June 24, 2009

2. IAVIs mission and approach IAVIs mission is to ensure the development of safe, effective, accessible, preventive HIV vaccines for use throughout the world. Partnership is a core IAVI principle. We work closely with governments, scientists, and communities in low- and middle- income countries.

3. IAVI Today Fully integrated vaccine research and development effort Over 225 full time staff operating in 25 countries with regional offices in Amsterdam, Johannesburg, Nairobi, and New Delhi A (growing) global research laboratory program working with over 40 R&D organizations and 500 staff in partner organizations Trials conducted in 12 countries and on 4 continents Six novel vaccine products moved into human clinical trials in six years and a seventh just approved Raised > $850M in new resources from more than 12 governments, numerous foundations and private sources

4. IAVI Offices and Partners

5. 5 Evolution of the IAVI Design Laboratories

6. IAVI AIDS Vaccine Design and Development Laboratory A Critical Partner in IAVIs Global AIDS Vaccine Discovery Program Vaccine Design: Neut Ab and Control of HIV Problems Vaccine Development: Prioritization, Formulation and Process Development

7. Brooklyn Army Terminal 7 IAVIs Design Lab is located on the 8 th floor of the building A at the BAT

8. 8 Entrance to the Lab

9. 9 Post construction

10. 10 Post Construction

11. 11 Roof Pre-construction

12. 12 Roof: During Construction

13. The IAVI experience Challenges –These are complex transactions Our first transaction (New Markets) had one equity investor (US Bank) and two tax credit allocatees (UFA and Greystone) Our second transaction (Historic and New Markets) was layered on top of the first deal, with multiple parties: equity investor and tax credit allocatee (Bank of America), the developer of the BIOBAT (Phase 3 Properties), and the BIOBAT (joint NYC EDC and NY State entity) –Our project had to be consistent with the Historic regulations –Timing----our Historic transaction had to close before we moved into Laboratory –There were a number of issues outside of our control: The larger Historic transaction and business agreement for the BIOBATon which our deal depends Lessons Learned –These transactions can be important sources of additional revenue---and can be a win-win. But are resource intensive (management time, legal expenses) –Have expert advisors to held navigate the regulations and documentation –The more the participants can understand the key transaction points (documentation, risks, commitments) early in the process---the better

14. 14 Thank You