Inovio Investment Overview

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3. Inovio Investment Overview Leader in new vaccines and immune therapies Differentiated product development platform Novel synthetic immunogen design: universal protection Superior delivery using proprietary electroporation (EP) technology Multiple ongoing clinical trials to address cancer & infectious disease: internal development and funding through grants & partnerships Three Phase II studies underway � interim data from two in 2012 Five Phase I studies to report data by 1H 2012 Industry-leading potency & safety Best-in-class immune responses for cervical dysplasia & HIV Durable immune responses Dominant IP position for next generation vaccines/delivery system

4. Inovio�s Optimized DNA Vaccines Advantages of DNA vaccines over traditional Harnessing the power of the body�s immune system to fight disease Achieves the powerful immune response benefits of live virus vaccines in new diseases Superior immune responses No possibility of infection All synthetic product Improved safety profile Potential utility to prevent & treat Faster development Easier to manufacture & store fChallenge: DNA vaccines require specialized delivery to work

5. Inovio�s Solution: Optimized Delivery System

6. Inovio�s In Vivo Electroporation Delivery Efficient & effective delivery 100X increase in immune responses Far stronger T-cell immune responses than viral vectors Safe and tolerable No unwanted immune response No residual carrier/vector causing toxicity Optimizing devices Delivery into muscle or skin for differentiated immune responses Facilitate mass vaccination in the field Broad and deep patent position

7. Inovio�s SynCon� Universal Vaccines

8. Strategic Approach Advance/validate SynCon� DNA immunogen + electroporation delivery platform Best-in-class immunogenicity established in human studies Increase platform value through product validation Develop proprietary products through proof-of-concept human data Maximize non-dilutive third party funding Direct: R&D grants - $35M received since 2008 Indirect: Multiple ongoing clinical studies sponsored by outside agencies Partner/out-license products for later-stage clinical development and marketing

9. Inovio Product Pipeline: Cancers

10. Inovio Product Pipeline: Infectious Diseases

11. VGX-3100: Cervical Dysplasia/Cancer Therapy Cervical cancer � 99% caused by human papillomavirus (HPV) Second leading cancer killer in women worldwide ~500,000 new cases of cervical cancer annually 50% fatal Gardasil� & Cervarix� Preventive only Far less than 100% uptake

12. VGX-3100 Therapeutic Vaccine Targets E6 + E7 oncogenes (HPV Types 16 and18) Transform HPV-infected cells into precancerous & cancerous cells

13. VGX-3100: Phase I Study Data Strong T-cell response in 14 of 18 (78%) vaccinated subjects at month 4 12 of 13 responders (92%) displayed persistent, strong T-cell responses at month 9 After 4th vaccination, 7 of 8 (87%) displaying strong T-cell responses up to over 2 years

14. T-Cell Responses: VGX-3100 vs Other Cerv. Cancer Vaccines

15. VGX-3100: Phase II Study VGX-3100 delivered with electroporation Randomized, blinded, placebo controlled 148 patients with CIN 2/3 (cervical dysplasia) + HPV 16/18 (cause 70% of cervical cancers) Up to 25 sites in 5 countries Initiated Q1 2011; enrollment ongoing 3 vaccinations over 3 months, 6 months monitoring 1�endpoint: CIN 2/3 lesion clearance at month 9 Efficacy data expected 2H 2013 Powered to detect efficacy Study timeline Launched 1Q 2011; enrollment underway Enrollment: 1 � 1 � years Potential extension to CIN 1; cervical cancer; other anogenital and head & neck cancers; additional HPV types Powered to detect efficacy Study timeline Launched 1Q 2011; enrollment underway Enrollment: 1 � 1 � years Potential extension to CIN 1; cervical cancer; other anogenital and head & neck cancers; additional HPV types

16. Partner Vaccine Phase II: Leukemia Chronic myeloid leukemia (CML) & acute myeloid leukemia (AML): 300,000+ new cases, 222,000 deaths each year Wilms� tumor gene 1 (WT1) WT1 w/o EP in humans for other cancers modest CD8+ T-cell and measurable clinical responses Mice, with EP strong CD8+ T-cell responses; killed human tumor cells expressing WT1 Phase II open label study initiated Q1 2011 37 CML patients, 37 AML patients; 100-110 AML/CML non-vaccinated controls 1� endpoints CML: molecular response to disease marker (BCR-ABL) AML: time to disease progression Interim data expected 2H 2012 222,000 deaths222,000 deaths

17. Partner Vaccine Phase II: Hepatitis C Virus CHRONVAC-C� vaccine via electroporation Phase I outcomes: safe & well-tolerated; T-cell immune responses Vaccination + subsequent standard of care (SOC: interferon & ribavirin): Rapid viral response (RVR): 5 of 7 patients (71%) Sustained viral response (SVR): 5 of 6 patients (83%) Phase II study: open label, randomized 2 vaccinations + SOC (n=20) / SOC only (n=12) 1� endpoints RVR (4 weeks) Partial early viral response (pEVR) (12 weeks) Interim data expected 1H 2012 SVR from SOC only for genotype 1 virus: typically 40-50%SVR from SOC only for genotype 1 virus: typically 40-50%

18. PENNVAX� Global HIV Vaccine Program SynCon� PENNVAX DNA vaccines target HIV gag, pol, and env proteins Env protein determines subtypes (or clades)

19. PENNVAX-B: Phase I Study Interim Data Phase I study (preventive) conducted by HVTN Randomized, placebo-controlled 3 vaccinations over 3 months 48 vaccinated subjects, 3 arms: 1 mg dose of PENNVAX-B vaccine (n=10) 1 mg dose of PENNVAX-B + IL-12 DNA (n=30) Placebo (n=8) Best T-cell immune responses compared to all other previously-tested HIV vaccines Complete data: 3Q 2011

20. T-Cell Responses: PENNVAX-B vs Other HIV vaccines

21. SynCon� Universal Influenza Vaccines

24. Financial Information

25. Investment Summary Strong management team with vast vaccine discovery & development expertise Healthy cash position, no debt Proven ability to secure third party grant funding Nine clinical studies on-going, with 3 Phase IIs Partners/collaborators funding six trials Immune response data from five Phase I studies by 1Q 2012 Interim data from two Phase II studies in 2012