NEWS RELEASE

Moderna Recommends Shareholders Reject

Amended “Mini-Tender” O er by TRC Capital
Investment Corporation
9/29/2023

CAMBRIDGE, MA / ACCESSWIRE / September 29, 2023 / Moderna, Inc. (NASDAQ:MRNA) has become aware that TRC
Capital Investment Corporation (TRC Capital) has amended its unsolicited "mini-tender" o er to purchase up to
1,000,000 shares of Moderna's common stock, at an o er price that is now $99.00 per share, down from $107.56
per share under the original o er. TRC Capital's amended o er price of $99.00 per share is lower than the closing
price of Moderna common stock on the Nasdaq Global Select Market on September 28, 2023, the last trading day
prior to the announcement of the updated o er.

Moderna does not endorse TRC Capital's unsolicited mini-tender o er and recommends that shareholders do not
tender their shares in response to TRC Capital's o er because the o er is at a price below the current market value
of Moderna common stock and is subject to numerous conditions. Per the terms of the o er, any shareholders who
tender (or have already tendered) their shares can withdraw them prior to the expiration of the o er, currently
scheduled for 12:01 a.m., New York City time, on October 13, 2023, in accordance with the o ering documents, but
subject to extension at TRC Capital's discretion.

Moderna is not a liated or associated in any way with TRC Capital, its mini-tender o er or its mini-tender o er
documents. Consistent with the cautionary guidance from the U.S. Securities and Exchange Commission (SEC)
referenced below, Moderna urges investors to obtain a current market quotation for their shares, consult with their
broker or nancial advisor and exercise caution with respect to TRC Capital's o er.

1
TRC Capital's purported mini-tender o er seeks less than one percent of Moderna's outstanding common stock,
thereby avoiding many disclosure and procedural requirements of the SEC that apply to o ers for more than ve
percent of a company's outstanding shares. As a result, mini-tender o ers do not provide investors with the same
level of protections as provided by larger tender o ers under U.S. securities laws.

The SEC's cautionary guidance to investors regarding mini-tenders, which is available at

https://www.sec.gov/reportspubs/investor-publications/investorpubsminitend, warns that those making mini-
tender o ers sometimes purposely underprice the o ers, "hoping that they will catch investors o guard if the
investors do not compare the o er price to the current market price."

TRC Capital has made similar unsolicited mini-tender o ers for stock of other public companies. Moderna
encourages brokers and dealers, as well as other market participants, to review the SEC's letter regarding broker-
dealer mini-tender o er dissemination and disclosure at
https://www.sec.gov/divisions/marketreg/minitenders/sia072401.htm.

Moderna requests that a copy of this press release be included with all distributions of materials related to TRC
Capital's mini-tender o er related to Moderna's common stock.

About Moderna

In over 10 years since its inception, Moderna has transformed from a research-stage company advancing programs
in the eld of messenger RNA (mRNA), to an enterprise with a diverse clinical portfolio of vaccines and therapeutics
across seven modalities, a broad intellectual property portfolio and integrated manufacturing facilities that allow
for rapid clinical and commercial production at scale. Moderna maintains alliances with a broad range of domestic
and overseas government and commercial collaborators, which has allowed for the pursuit of both groundbreaking
science and rapid scaling of manufacturing. Most recently, Moderna's capabilities have come together to allow the
authorized use and approval of one of the earliest and most e ective vaccines against the COVID-19 pandemic.

Moderna's mRNA platform builds on continuous advances in basic and applied mRNA science, delivery technology
and manufacturing, and has allowed the development of therapeutics and vaccines for infectious diseases,
immuno-oncology, rare diseases, cardiovascular diseases and auto-immune diseases. Moderna has been named a
top biopharmaceutical employer by Science for the past eight years. To learn more, visit www.modernatx.com.

Moderna Contacts

Media:
Chris Ridley
2
Vice President, Communications
617-800-3651
Chris.Ridley@modernatx.com

Investors:
Lavina Talukdar
Senior Vice President & Head of Investor Relations
617-209-5834
Lavina.Talukdar@modernatx.com

SOURCE: Moderna,Inc.

View source version on accesswire.com:

https://www.accesswire.com/788998/moderna-recommends-shareholders-reject-amended-mini-tender-o er-
by-trc-capital-investment-corporation