Impacting Human Health2021 ESG ReportmodernaTable of contents

Message from our CEO

Moderna in 2021

Areas of focus

Medicines for patients

Employees

Environment

Community

Governance and ethics

Going forward

Appendix

Table of contents
03 Message from CEO
04 Moderna in 2021
05 Areas of focus
07 Medicines for patients
16 Employees
23 Environment

Moderna's Mission:
Deliver on the promise of mRNAscience to create a new generationof transformative medicines for patients.

26 Community
27 Governance and ethics
32 Going forward
33 Appendix

moderna

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Message from our CEO

Moderna in 2021

Areas of focus

Medicines for patients

Employees

Environment

Community

Governance and ethics

Going forward

Appendix

Message from CEO
while advancing our COVID-19 vaccine and broad
pipeline of mRNA medicines, always with a deep
sense of purpose and care for our patients, ouremployees, the environment, and our communities.

June 13, 2022

Dear Stakeholders,
I am very proud to share with all of you Moderna’s
very first Environmental, Social and Governance
Report. In its writing, we reflected on how the
COVID-19 pandemic has highlighted andexacerbated inequalities around the world:
the urgent need to increase access to quality
healthcare and medicines, to close the opportunity
gap, particularly in underserved communities, andto save the planet from the devastating impactsof climate change. We recognize that Moderna’s
commitment to Corporate Social Responsibility ismore important now than ever.
The past year was one of monumental impact
and change for Moderna. In the fight against the
pandemic, our team showed relentlessness undertight timelines and COVID-related challenges,
moderna

2021 ESG Report

Today, we are guided by our unwavering belief
that Moderna's mRNA platform can solve theworld’s greatest health challenges—from diseases
impacting millions to medicines personalized
down to the individual level. We are dedicated topursuing innovative vaccine solutions to address
infectious diseases that pose the greatest risk topublic health through collaborative research anddevelopment. We have focused on developing a
global health vaccine program since the beginningand with our recently announced Global Public
Health Strategy, we are expanding our work todevelop vaccines against priority pathogens thatthreaten global health. By launching our new mRNA
Access program, we are also creating a communityof global scientists who can access our mRNA
vaccine technology from anywhere in the world.
The world needs novel, innovative approaches
to address both known and emerging infectious
diseases and we know that we can't go it alone. We
are committed to bringing the full force of our mRNA
vaccine platform to combat infectious diseasesof public health concern and we look forward
to working with global partners to prevent future
pandemics and help millions of people worldwide.
We are also committed to being a great company
for our employees, as exemplified by our seventh
consecutive year ranked as a best company to workfor by Science and our recognition as the #1 Best
Workplace for Innovators in 2021 by Fast Company.
Being our best also means building a company that is
responsible and minimizes our impact on the planet,and I am proud of our announcement last year toachieve net zero carbon emissions by 2030. We are
passionate about addressing the inequalities madeeven clearer by the pandemic, while contributing to
the communities where we live and work. With thelaunch of the Moderna Charitable Foundation andthe generous engagement of our employees, we areextending our societal impact. And we believe that
our continuous focus on quality, transparency, andethics, is critical to build and maintain trust with all our
stakeholders.
As we work to advance these priorities, I want tothank our now global team for their relentless pursuitof our Mission and for embracing our Values andMindsets every day. Our employees have sacrificed
so much to make a difference to people andpatients across the globe. I am very grateful to allof them.
We believe Moderna could become one of themost impactful healthcare companies in the world.
A strand of mRNA can bind science, technology andhumanity together to build a healthier planet. I invite
you to read this report and learn about our progress
across our Environmental, Social, and Governancecommitments. There is much work to do, and we are
grateful for your engagement in this journey to help
us become the most impactful version of Modernaover the next several decades.
Warmest regards,

Stéphane Bancel,
Chief Executive Officer, Moderna03Table of contents

Message from our CEO

Moderna in 2021

Areas of focus

Medicines for patients

Employees

Environment

Community

Governance and ethics

Going forward

Appendix

Moderna in 2021

Key ESG Highlights
Medicines for Patients

Employees

25%

47%

of total doses of our
COVID-19 vaccine in 2021
delivered to low- andmiddle-income countries

female employees(vs. 46% in 2020)

Announced Global
Public Health Strategy to:• Advance vaccines
targeting 15 pathogens
identified as biggest publichealth risks into clinicalstudies by 2025
• Launch mRNA Access• Expand COVID-19 patentpledge• Establish mRNA
Manufacturing Facility
in Kenya, Africa

moderna

2021 ESG Report

Environment

Community

Governance & Ethics

Pledged to achieve
net-zero carbon
emissions globallyby 2030

Launched Moderna
Charitable Foundation

Incorporated
ESG metrics focusedon human capital,
engagement andbelonging in our bonus
program in 2021

40%
of U.S. employees identify
as racially or ethnicallydiverse (vs. 35% in 2020)

Grew to Eight Employee
Resource Groups
Created Artificial
Intelligence Academy

Provided support
to humanitarian crises
in Haiti and Ukraine
in 2022
Hosted 3rd annual
Moderna Volunteers
Week

AwardsFast Company’s
Best Workplaces
for Innovators

Science
Careers’ Top
Employers

BioSpace’s
Best Places toWork

Debuted at number 1 on
2021 list

Ranked for sevenconsecutive years;
number 7 on 2021 list

Ranked number 1
in large employer
category on 2022 list04

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Message from our CEO

Moderna in 2021

Areas of focus

Medicines for patients

Employees

Environment

Community

Governance and ethics

Going forward

Appendix

Our areas of focus
At Moderna, our ESG strategy and corporatesocial responsibility program are built upon afoundation of integrity, quality, and respect.
These values provide a foundation for us tobuild and support long-term programs that
demonstrate our commitment to patients,
employees, the environment, and local
communities.

Our efforts are driven by our belief that:

With the potential of
our science comes a
responsibility to themultitude of patients ourtechnology could help,

regardless of whether they
have a disease shared bymillions, or one that is uniqueto them alone

We have a responsibility
to do our part to ensure
the sustainability ofour planet, and we will

We can and should
use our expertise andresources to give back to
the communities in which
we operate

We have a responsibility
to our employees
to provide fulfilling,
purposeful careers, andWe must hold ourselves
to high ethical standards
across all areas of ourbusiness and with our
stakeholders—both internaland external—while ensuring
we have the governance andpractices in place to meetthese standards.

that our employees are
rewarded for their dedicationconsider our impact on theenvironment in the decisions
that we makemoderna

2021 ESG Report05

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Message from our CEO

Moderna in 2021

Areas of focus

Medicines for patients

Employees

Environment

Community

Governance and ethics

Going forward

AppendixWho are our Stakeholders?

Our Corporate Citizenship Framework

By identifying and engaging with the groups that impact— or are impacted
by—our business, we can better align our company’s corporate responsibility
activities to their long-term objectives. We have identified and defined our
key stakeholders and will continue working to understand their interests as wegrow and advance our potential medicines through our pipeline. Moderna’s
stakeholders include:

Moderna’s corporate responsibility strategy considers the needs and prioritiesof our key stakeholders and the areas where we believe we can have a direct
impact today and in the future. Our work now and beyond is centered on five
focus areas:

MEDICINES
FOR PATIENTSEMPLOYEESNGOs
ANALYSTSPATIENTS

INDUSTRYANALYSIS

PARTNERSLOCALCOMMUNITIESSUPPLIERSREGULATORS/GOVERNMENTPAYERSPATIENTADVOCATESENVIRONMENT

2021 ESG Report

COMMUNITYINVESTORS/SHAREHOLDERSACADEMICS
MEDIA

EMPLOYEES

modernamoderna

GOVERNANCE& ETHICS

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Message from our CEO

Moderna in 2021

Areas of focus

Medicines for patients

Employees

Environment

Community

Governance and ethics

Going forward

Appendix

Medicines for patients
Moderna’s mission is to deliver on thepromise of mRNA science to create a newgeneration of transformative medicines forpatients. We remain focused on continuing
to accelerate the development of safe andeffective mRNA medicines for people andpatients worldwide.

Doing our part to fightthe pandemic since 2020
The last two years were historic for Moderna.
The entire world has been focused on the
pandemic and the race against the virus, bothwith therapeutics and vaccines. The Moderna
team itself was incredibly focused in 2020 ongetting mRNA-1273, our vaccine candidate
against COVID-19, to the market safely and inrecord time.
In January 2020, just two days after the Chinese
authorities shared the genetic sequence of thenovel coronavirus, the National Institutes of Health(NIH) and Moderna’s infectious disease researchteam finalized the sequence for mRNA-1273. We
recognized important similarities to the MERS virus
and based on good preclinical data and analysis
from the previous two years of collaboration with
NIH decided to encode for the full-length Spike(S) protein. At that time, the National Institute ofAllergy and Infectious Diseases (NIAID), a part of
the NIH, also disclosed its intent to run a Phase 1
study using our mRNA-1273 vaccine in responseto the coronavirus threat. We quickly mobilized
toward clinical manufacture.
In just 42 days from sequence identification, we
released our first batch of mRNA-1273 for humanuse. Vials of mRNA-1273 were shipped to NIAID to
be used in the planned Phase 1 study in the U.S.
On March 11, 2020, the World Health Organization(WHO) declared the novel coronavirus a
pandemic and just days later, on March 16, NIH
announced that the first participant in its Phase 1
study of mRNA-1273 was dosed—only 63 days

moderna

2021 ESG Reportfrom sequence selection to first human dosing.
Moderna was the first company to launch a SARSCoV-2 vaccine trial in humans. It was a historic
moment.
Exactly one month later, on April 16, 2020, we
announced an award from the Biomedical
Advanced Research and Development Authority(BARDA) in the U.S. for up to $483 million toaccelerate development of mRNA-1273, which
was primarily focused on funding clinical trials.
Time was of the essence to provide a vaccine
against this pandemic virus. We had alreadybegun to prepare supply for a Phase 2 trial at ourown expense. By investing in our manufacturing
process to enable large-scale production forpandemic response, we believed that we could
supply millions of doses per month in 2020 and,with further investments, tens of millions per monthin 2021.
On May 18, 2020, we announced positive interimPhase 1 clinical trial data. By the end of themonth, the first participant had been dosed in the
Phase 2 study and the Moderna team continued
to focus on moving as fast and as safely as
possible to start our pivotal Phase 3 study.
July 2020 brought the publication of positive
interim Phase 1 data in the New England Journalof Medicine and the initiation of our Phase 3 COVE
study, which completed enrollment of more than
30,000 total participants in October. It was anotherhistoric moment for our company. The subsequentmonths also brought the presentation andpublication of Phase 1 data from older adult age
cohorts, which gave us optimism in demonstrating
mRNA-1273’s protection in this high-risk population.
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It is very important to the Moderna team that
we ensure quality and transparency so that the
public has trust in COVID-19 vaccines. To that end,
we reported weekly enrollment progress in our
COVE study, including enrollment numbers fromdiverse communities. And when we recognizeda shortcoming with minority representation in
our Phase 3 study, we decided to slow down theoverall study enrollment to ensure the participants
were representative of the communities at highest
risk for COVID-19 and of our diverse society.
We were the first company to file the full,
un-redacted version of our Phase 3 protocol
online to ensure clinicians around the world couldsee, in full transparency, the design of our COVE
study. We were pleased to set the standard andhave others in the industry follow our lead.
On November 30, 2020, the primary analysis
of our Phase 3 COVE study demonstrated a
vaccine efficacy of 94.1 percent and, importantly,
mRNA-1273’s ability to prevent severe COVID-19
disease. This positive data analysis confirmed
the high efficacy observed in the first Phase 3
interim analysis of mRNA-1273, and the vaccine
was generally well-tolerated, with no serious
safety concerns identified by an independent
Data Safety Monitoring Board. It also confirmed
our ability to potentially change the course ofthis pandemic and help prevent severe disease,hospitalizations and death.
In December 2020, we received Emergency
Use Authorization from the FDA and an Interim
Order from Health Canada authorizing thevaccine in the U.S. and Canada. At the end ofmoderna

2021 ESG Report

Areas of focus

Medicines for patients

Employees

Environment

December 2020, we also published our Phase 3
data in the New England Journal of Medicine.
Moderna became a commercial company in2021 and started scaling rapidly for impact. In
early 2021, we doubled our monthly deliveries of
our COVID-19 vaccine to the U.S. government,
and we worked to double them again by April
to more than 40 million doses per month. As we
worked to meet these goals, we were continuallylearning and working closely with our partners
and the federal government to identify ways toaddress bottlenecks and accelerate production.
By June 2021, we made and delivered our
200 millionth dose of the Moderna COVID-19
vaccine to the U.S. government. This was aheartening milestone, knowing that many tensof millions of people had been fully vaccinatedor received their first dose in the U.S. It had taken
us just two months to go from 100 million to
200 million doses. To put that into perspective,
in 2019, we made fewer than 10,000 doses permonth. By October 2021, Moderna and ourpartners ramped up our capacity worldwide
and supplied more than 500 million doses of our
COVID-19 vaccine globally. There were several
efforts in place to continue increasing capacity ata significant pace, including the expansion of ourModerna Technology Center in Norwood, MA.
By year end, we shipped approximately 800 million
doses of our COVID-19 vaccine worldwide. That isroughly 295,000 vaccine doses per employee atModerna in 2021. This was no small task for what
was then a team of 2,700 people.

Community

Governance and ethics

Going forward

Appendix

From the beginning, our goal has been to protect
as many people as possible around the globe andexpanding access to the vaccine has remained a
top priority. We recognize that vaccine availability
continues to be a challenge in many parts of theworld, and we remain focused on ensuring that
low-income countries have access to our vaccine.
In April 2021, we announced additional
investments to increase global supply of our
COVID-19 vaccine, and in May we announced
an agreement with Gavi, the Vaccine Allianceto supply up to 500 million doses of our vaccine
at our lowest tiered price, in line with our global
access commitments. This agreement was
subsequently revised, and Moderna committed
to provide up to 650 million doses across 2021
and 2022. In October 2021, we also committed tosupply up to 110 million doses of the vaccine to
the African Union. While COVAX and the African
Union have declined to exercise certain of theiroptions for 2022 in response to sufficient vaccine
supply, we are committed to expanding ourmanufacturing and supply until our vaccine is nolonger needed in low-income countries.
Our commitment to promoting access goesbeyond the immediate needs of the current
pandemic. In October 2021, we announced
that Moderna will build a state-of-the-art mRNA
facility in Africa with the goal of producing up to
500 million doses of vaccines each year, and inparallel, we are working on plans to fill doses of
our COVID-19 vaccine in Africa as early as 2023.
We subsequently worked with the U.S. government
to identify a site for this plant, which we expect tobuild in Kenya.

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Moderna in 2021

In line with our commitment to expanding
access, and with the goal of helping to end the
pandemic in low-income countries, we worked
constructively with the U.S. government and thegovernments of EU Member States and Norway
to enable the delivery of 138 million doses of
our COVID-19 vaccine to COVAX and low- andmiddle-income countries in 2021. These facilitateddonations are in addition to direct sales to COVAX
and low- and middle-income countries of nearly
70 million doses, which collectively represent
more than 25 percent of our deliveries for 2021.
As we have continued to study how our vaccine
can be used to fight the pandemic, we havepursued approval of booster doses at 50 µg in
adult populations (compared to a primary doseof 100 µg), which allows our production to reachfarther in providing protection. We are also
pursuing the development of mRNA-1283, a next
generation COVID-19 vaccine that is designed to
be stable at refrigerated temperatures, which will
help facilitate distribution in developing countries
that lack cold-chain infrastructure. We have also
updated our approach to contracting to reflect
our commitment to equitable access to our
vaccines.
As described further below, we were the firstcompany to announce that we would notenforce our intellectual property rights related
to COVID-19 vaccines during the pandemic.
We have since expanded upon this pledge
to make clear that we will not enforce our
COVID-19 related intellectual property against
manufacturers in the Gavi COVAX Advance

Areas of focus

Medicines for patients

Employees

Environment

Market Commitment (AMC) countries, provided
that the manufactured vaccines are solely for use
in the AMC 92 countries.
These are just a few examples of how we are using
dose sharing, technical development strategies,
an updated approach to contracting, and agroundbreaking approach to intellectual property
rights to help promote the more equitable global
distribution of COVID-19 vaccines.

Community

Governance and ethics

Going forward

Appendix

Advancing our global publichealth strategy
At Moderna, we are dedicated to pursuinginnovative vaccine solutions to address infectious
diseases that pose the greatest risk to publichealth through collaborative research anddevelopment. We believe the world needs novel,
innovative approaches to address both known
and emerging infectious diseases and we knowthat we can't go it alone. We are committed
to bringing the full force of our mRNA vaccine
platform to combat infectious diseases of publichealth concern and work with global partners
to be part of the solution to prevent future
pandemics and help millions of people aroundthe world. In 2022, we announced our global
public health strategy composed of four initiatives
aimed at advancing mRNA vaccines for theprevention of infectious diseases.

Our Global Public Health Strategy
Advance vaccines targeting 15
pathogens into clinical studies by 2025
mRNA Access, a new collaborativethat will offer researchers use ofModerna’s mRNA technology to
explore new vaccines
Never enforce COVID-19 patents in
the Gavi COVAX AMC for 92 low- andmiddle-income countries
mRNA Manufacturing Facility
in Kenya, Africa

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Moderna in 2021

Addressing 15 priority pathogens andpandemic preparedness by 2025
We have spent a decade refining our mRNA
platform to accelerate the pace and success ofmRNA medicines. The speed, scale and flexibilityof our mRNA platform is uniquely suited for rapid
response to “Disease X.” Named by WHO, “Disease
X” represents the knowledge that a serious
international epidemic could be caused by apathogen currently unknown to cause humandisease. Our early clinical programs targeting
pandemic influenza, chikungunya virus and Zika
virus demonstrate our long-standing commitment
to pandemic preparedness and global health.
Our experience in the field runs deep. At the sametime, we have the agility needed to respondquickly in the face of public health crisis.
In early 2020, just as the world was first making
sense of what was then known only as the novel
coronavirus, we began working on developmentof a SARS-CoV-2 vaccine, and in 11 months, after
demonstrated clinical safety and efficacy, our
COVID-19 vaccine was authorized and hundredsof millions of people around the world have
now received the vaccine. The speed, scale
and flexibility of our mRNA platform is uniquely
suited for rapid response for “Disease X”. We arecommitted to helping prevent another global
pandemic.
We are distinctly aware of the fact that greatchallenges require the coming together of great
minds. To that end, we’re proud to partner withfoundations, government organizations anduniversities to develop mRNA solutions to criticalglobal public health challenges. This includes ourmoderna

2021 ESG Report

Areas of focus

Medicines for patients

Employees

Environment

Going forward, our goal is to advanceinto clinical studies a portfolio of
15 vaccine programs by 2025 that will
target emerging or neglected infectious
diseases. This portfolio will include
advancing vaccines that address current
diseases of significant impact to lowand middle-income countries as well as
those that prepare for Disease X. Ourdevelopment efforts will prioritize work
against pathogens identified as persistentglobal health threats, including humanimmunodeficiency virus (HIV), tuberculosis(TB) and malaria, neglected tropicaldiseases and the priority pathogens of
the WHO and the Coalition for Epidemic
Preparedness Innovations (CEPI).
partnership with the International AIDS Vaccine
Initiative (IAVI) and the Bill & Melinda Gates
Foundation to accelerate human validationof novel HIV vaccination strategies, as well
as a second mRNA-based approach to HIV
vaccination in collaboration with the NIH.
Each of these vaccine candidates against HIV
are in ongoing Phase 1 trials. IAVI and Modernawill also partner to tackle broad global healthpriorities using mRNA for vaccines and antibodies,
expanding our collaboration to target bacterial
and viral pathogens including HIV, SARS-CoV-2,
antimicrobial-resistant pathogens, and tuberculosis.
With our eye always on public health andpandemic preparedness, we also have programs
to develop a Zika vaccine and a vaccine against
the Nipah virus. The Zika vaccine program is in an

Community

Governance and ethics

Going forward

Appendix

ongoing Phase 2 trial. The Nipah virus is expected
to enter a Phase 1 study later this year. Nipah is azoonotic virus transmitted to humans from animals
that is on the WHO’s Blueprint list of epidemic
threats needing urgent R&D action.

mRNA AccessWe believe in the power of mRNA, and we also
believe collaboration is key to truly harnessing
its potential. To accelerate research with theaim of advancing additional vaccines, wehave launched mRNA Access, a new programthat offers researchers use of Moderna's mRNA
technology to explore new vaccines against
emerging or neglected infectious disease.
The mRNA Access program will open Moderna's
preclinical manufacturing capabilities andresearch and development expertise to global
partners, to promote a collaborative approach
to exploring the possibility of mRNA to tackle
the world's greatest global public health threats.
Through the program, researchers at partnering
institutions are invited to take advantage ofModerna's mRNA platform to develop mRNA
medicines for existing neglected diseases.
These programs will leverage Moderna's early
development capabilities to accelerate vaccine
development to the clinic. mRNA Access will also
allow scientists around the world to explore novel
vaccine designs against prototype viral families in
preparation for “Disease X.” And we are excitedthat partners around the world have alreadyjoined our global platform to accelerate theimpact of mRNA science. Overall, the mission ofmRNA Access is to explore the bounds of vaccine
design and enable new medicines for emerging
and neglected infectious diseases throughcollaborative research and pre-clinicaldevelopment.
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Message from our CEO

Moderna in 2021

Areas of focus

Medicines for patients

Employees

Environment

Community

Governance and ethics

Going forward

Appendix

Moderna Patent Pledge

In non-AMC 92 countries, vaccine supply is nolonger a barrier to access. In these countries,
we expect those using Moderna-patented
technologies will respect Moderna’s intellectual
property. We remain willing to license ourtechnology for COVID-19 vaccines tomanufacturers in these countries on commerciallyreasonable terms. Doing so enables us to continue
to invest in research to develop new vaccines,
prepare for the next pandemic, and meet otherpressing areas of unmet medical need.

Moderna's mRNA manufacturing facility
in Kenya, Africa
Our dedication to vaccine access has brought
us to Africa, where there is an enormous need for
vaccine manufacturing. In 2022, we announced
that with the assistance of the U.S. government,
we have entered into a Memorandum ofUnderstanding with the Government of the
Republic of Kenya to establish Kenya as thelocation for our new African mRNA manufacturing
facility. We expect to build this state-of-the-art

Access Principles

TDB

We recognize that access to vaccinesremains a challenge in many parts of theworld. That’s why Moderna is committed toworking on multiple levels to optimize theimpact of mRNA vaccines and therapeutics.
Our philosophy on pricing and accessreflects a few basic principles:
Moderna is committed to developing
a broad portfolio of vaccines andtherapeutic solutions to address
epidemiological challenges worldwide.
(v

In October 2020, we became the first company
to commit to not enforcing our COVID-19-related
IP rights during the pandemic. In 2022, to further
underscore Moderna's commitment to low- andmiddle-income countries, and as part of ourcontinued support for achieving global healthequity, we updated our patent pledge to neverenforce our patents for COVID-19 vaccines
against manufacturers in or for the 92 low–and
middle–income countries in the Gavi COVAX
AMC, provided that the manufactured vaccines
are solely for use in the AMC 92 countries.

mRNA facility with the goal of producing up to
500 million doses of vaccines each year to help
protect against future pandemics, based upon a
50 µg dose.
The WHO estimates that Africa relies on imports
for 99 percent of its vaccine needs*. We want tohelp to change that by investing up to $500 million
in this new facility, which is expected to focus on
drug substance manufacturing for the continentof Africa, and it could also be expanded toinclude fill/finish and packaging capabilities at thesite. In parallel, we are also working on plans to filldoses of our COVID-19 vaccine in Africa as earlyas 2023, subject to demand. We believe that thisstep will become one of many on a journey toensure sustainable access to transformative mRNA
innovation on the African continent and positively
impact public health.

Moderna will invest in R&D in areas ofunmet need.
Moderna will work to include communities
that have historically been underrepresented in clinical research in ourdevelopment programs, as well as thosethat are disproportionately impacted by
the respective diseases.
Moderna aims to provide effective andaffordable vaccines and therapeutics toall populations.
Moderna will price its products throughdifferential pricing frameworks.
Moderna is committed to participatingin key public-private partnerships such as
Gavi, the Vaccine Alliance.
Gavi-eligible countries will get Moderna’s
lowest prices, and Moderna commits toan annual independent third-party audit
on this commitment.

* https://www.gavi.org/vaccineswork/why-africa-needs-manufacture-its-own-vaccines
moderna

2021 ESG Report11Table of contents

Message from our CEO

Moderna in 2021

Bringing new hope in rare diseases
Rare diseases seldom have the spotlight, butthey affect the lives of millions of people andtheir families. There are approximately 7,000 rarediseases that affect more than 300 million people
worldwide. Collectively, people living with rarediseases represent one of the largest underserved
patient communities in the world, with drugs
approved for only five percent of known rarediseases. Moderna recognizes the impact of rarediseases on patients and their families, particularly
when the disease lacks any effective treatment
options. We are advancing mRNA-based
therapeutics with the goal of one day bringing
treatment options to patients and their families.

Areas of focus

Medicines for patients

Employees

Environment

Propionic Acidemia (PA)Propionic Acidemia (PA) is an incrediblyrare and severe pediatric disease in which
the body can’t break down certain partsof proteins and amino acids, which leads tothe build-up of toxic chemicals. Learn more
about PA and how Moderna is working to
one day bring treatment options to patientsand their families.

opionic acide
is

disec

Our programs
In the last year, we made great progress inadvancing our rare genetic programs, with two
programs in the clinic and another on the path tothe clinic. The Phase 1/2 studies are ongoing bothfor our Propionic Acidemia (PA) candidate, mRNA3927, and our Methylmalonic Acidemia (MMA)
program, mRNA-3705. We have also enrolled
participants into an open label extension study,
to provide continued access to our treatment toall patients who have completed the trial andwould like to continue receiving therapy. In termsof the third program, the U.S. FDA has completed
its review of the Investigational New Drug (IND)
application for our GSD1a candidate, mRNA-3745,
allowing it to proceed to the clinic. The FDA also
granted Orphan Drug designation to mRNA-3745
and we look forward to sharing clinical data in the
coming months.

moderna

2021 ESG Reporthttps://www.youtube.com/watch?v=XgiYs3zxrps&t=1s

Methylmalonic Acidemia (MMA)
Methylmalonic Acidemia (MMA) is a rare
genetic metabolic disease with significant
morbidity and mortality. Mortality rates are
estimated to be as high as 40 to 50 percent,Community

Governance and ethics

Going forward

Appendix

and there is no approved therapy that
addresses the underlying disease. Kidney andliver transplant can provide a benefit, butaccess to donors is limited and transplants
also carry significant risk of morbidity andmortality, with death rates of approximately
11 percent for liver transplants.

Glycogen Storage Disease Type 1a(GSD1a)In Glycogen Storage Disease Type 1a(GSD1a), stored glycogen cannot be
metabolized into glucose to supply energy
and to maintain steady blood glucose
levels for the body. There are no approved
therapies except cornstarch, which children
must receive through feeding tubes when
they're very young to avoid life threatening
loss of sugar. For these children, their lives
may depend on a functioning alarm clock
to wake them and their caregivers when it
is time for their next dose of cornstarch. If
a dose is missed, the disease can lead toseizures and, in rare instances, even death.
Long term complications of GSD1a include
kidney and liver damage, and risk of livercancer.

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Moderna in 2021

In research, we are exploring several other rare
genetic disorders with the hope that mRNA
technology will offer better alternatives to many
more patients and families. We will bring these
into clinical studies as guided by the safety andeffectiveness data from the research labs. And
our work in rare diseases doesn't stop with our own
therapeutic development. We have establishedpartnerships to address ultra-rare diseases as well.
This includes our research collaboration with
Vertex Pharmaceuticals to investigate how mRNAmight be used to treat Cystic Fibrosis (CF). CF isa rare genetic disease, which is progressive frombirth and leads to multi-organ damage and early
death due to lung dysfunction. It is caused by
the mutations in the CFTR gene which results inthe loss of CFTR chloride ion channel function.
This decreased function of CFTR at the cellsurface leads to thick, sticky mucus in multiple
organ systems but most pathologically the lungs.
Our approach, in collaboration with Vertex, is todeliver mRNA to the lungs to provide functional
CFTR protein expression that translates totransformative clinical benefit. It is estimated that
there are approximately 75,000 patients with cystic
fibrosis in the world, with approximately 5,000 ofthese patients not addressable with the approved
CFTR modulators. Our program is designed totreat the underlying cause of CF by enabling cells
in the lungs to produce functional CFTR protein
for the treatment of the 10 percent of patients
who do not produce any modulator-responsive
CFTR protein. Pre-clinical studies are ongoing andVertex expects to submit an IND in 2022.

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2021 ESG Report

Areas of focus

Medicines for patients

Employees

Environment

Community

Governance and ethics

Going forward

Appendix

Our commitment to addressing ultra-rarediseases
We are proud of a new collaboration with theInstitute for Life Changing Medicines to develop
a new mRNA therapeutic (mRNA-3351) for
Crigler Najjar type 1 (CN-1), an ultra-rare disease.
The goal of this partnership is to make an mRNA
therapy for the treatment of CN-1 available atno cost to patients and their families. The Institutewill not pay Moderna an upfront fee or any
downstream payments and Moderna will also
provide the mRNA-3351 material free of charge.
We are proud to be able to deploy our mRNA
platform to help combat this ultra-rare disease.

Criggler-Najjar Syndrome Type 1 (CN-1)
Crigler-Najjar Syndrome Type 1 (CN-1) is asevere condition characterized by high levelsof a toxic substance called bilirubin in the
blood (hyperbilirubinemia). Symptoms become
apparent shortly after birth and can be lifethreatening. It is estimated that there are only
approximately 70 to 100 known cases of CN-1 inthe world. Current standard of care treatments
rely on phototherapy treatments of up to 12 hours
a day throughout life. The only definitive treatment
is a liver transplant, which is associated with its
own set of side effects and risk of death.

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Message from our CEO

Moderna in 2021

Areas of focus

Medicines for patients

Employees

Environment

Ensuring diversity in clinical trials
Moderna is committed to developing medicinesand vaccines for all. We realize we cannot
maximize the potential of mRNA without ensuringthat access to these vaccines and medicines

is inclusive of all communities. We remain
unwavering in our commitment to researching
mRNA-based vaccines and therapies with a goalof bringing better health for all populations.

Moderna is committed to increasing diversity in ourclinical trials by identifying the barriers that currently
impede inclusion, and implementing approaches tomore efficiently identify, engage, recruit, and retain
study participants from racial/ethnic minority
communities and vulnerable populations.
Diseases don’t discriminate—neither
should clinical research2020 was an unexpected year for all of us.
The world looked to industry to run clinical trials for
vaccines against COVID-19 as quickly and safely
as possible. With our partners, Moderna enrolled
more than 31,000 participants in our COVID-19
vaccine trials, and our Phase 3 COVE study was
conducted in more than 100 locations across the
U.S. However, speed and quality were not the only
considerations for our vaccine program.

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2021 ESG Report

COVID-19 has a disproportionate impact on
racial and ethnic minority communities. It was ourgoal to design a trial for everyone. We were so
committed to diversity and inclusion in our COVE
study that we slowed enrollment to ensure broad
representation. In the end, our trial included
more than 11,000 participants from communities
of color, representing 37 percent of the study
population.

Community

Governance and ethics

Going forward

Appendix

Why is clinical trial Diversity & Inclusion
important?
Medical diseases and conditions may affect all
people differently, but they still can affect anyone.
We can only advance science and clinicaloutcomes for all patients if they are represented
in clinical trials. In the U.S. and abroad, regulatory
approvals for investigational products are basedon clinical trials where the participant population
enrolled in the associated trial reflects thecomposition of the general population or of thoseaffected by the disease. Trials must reflect our
diverse society, especially as populations shift.
The demographics of the U.S. population are
significantly shifting. By 2045, it is expected thatthose currently identified as racial or ethnic
minorities will become the majority. As thesedemographics change, it is paramount thatthe composition of trial participants also shifts.
We have a responsibility to trial participants
and patients to help ensure that medicinesand vaccines that help protect everyone haveeveryone involved.
Just as we worked to ensure representationof communities of color and vulnerable
populations in our COVE study, for thePhase 3 clinical trial of our cytomegalovirus(CMV) vaccine candidate, we set a goalof enrolling a diverse group of participants,
including approximately 42 percent
participants in the U.S. representing Personsof Color.

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Message from our CEO

Moderna in 2021

Areas of focus

Medicines for patients

Employees

Environment

In 2021, we were proud to announce the launchof the Moderna Research Fellowship. The goalof our Fellowship program is to support thenext generation of scientists and healthcare
professionals as they innovate in the field ofmRNA research towards improving patient careand population health. Prospective fellows may
be clinicians and scientists who are interested inadvancing mRNA research and innovation andthe program underpins Moderna’s commitment tosupporting independent research. The fellowship
program will select approximately 50 global
fellows in the first year with a focus on infectious
diseases. It will be overseen by an independent
steering committee of international experts
in science, medicine, and healthcare. The
committee expects to receive applications frominstitutions around the world who wish to appoint
a fellow in either clinical medicine, scientificresearch or another healthcare related discipline.
We can’t wait to see what our first round of fellows
can do to impact human health.

our intent to attain age, sex, and racial/ethnicbalance, and we will provide regular updates tosites about our enrollment data, specifically as it
relates to enrollment demographics.
z Collaboration: We won’t try to do it alone. We

proudly partner with sites, trusted community
organizations and experts to help assure trial
access is extended to all neighborhoods.

2021 ESG Report

Appendix

We recognize that there is not a “one size fits all”
approach to cultivating inclusivity. To that end, we
have centered our efforts on three main pillars:z Transparency: We want to be very explicit inmoderna

Going forward

Moderna Research Fellowshipprovide culturally appropriate educational
materials and recruitment support tools fordifferent populations.

Cytomegalovirus (CMV) is a leading
cause of birth defects around the world.
CMV is a common viral infection thatusually goes unnoticed or only causes
mild symptoms in most people. But if awoman becomes infected with CMV
while she is pregnant, she can pass
the infection to her unborn baby. Thiscan cause her child to suffer long-term
disability due to birth defects, including
hearing loss, or even death in very
severe cases. Currently, there is no
approved vaccine against CMV.

Governance and ethics

Where will we go now?

z Education: We are deliberate in our efforts toAbout CMVCommunity

We have the opportunity as an industry
to do the right thing and to break down
barriers to inclusivity in clinical trials. As
we build out our portfolio at Moderna,
we will focus on reducing the barriers
to diversity and inclusion in our clinical
trials and ensure that we are open andtransparent every step of the way.
Moderna named‘Champion of Diversity and Inclusion in ClinicalResearch’ during the 2021 Citiline Awards.

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Message from our CEO

Moderna in 2021

Areas of focus

Medicines for patients

Employees

Environment

Community

Governance and ethics

Going forward

Appendix

Employees
During a year of great uncertainty andstruggle, Moderna employees worked every
day to deliver on the promise of mRNAscience. We’re proud of our team’s relentless
focus on bringing innovative medicines
to patients and our commitment to themis rooted in an inclusive environment that
fosters well-being.

Workforce Highlights*

2,700

39%

full-time
employees

female leaders (at vicepresident level and above)(vs. 37% in 2020)

47%

40%

of employees hold Ph.D.,
Doctorate, M.D., J.D.,
or Master’s degrees

of U.S. employees
identify as raciallyor ethnically diverse(vs. 35% in 2020)

47%

7.4%

femaleemployees(vs. 46% in PY)

turnover(vs. 9.9% in 2020
and 16.3% in 2019)8
Employee Resource
GroupsDriving growth and innovation
2021 was a year of monumental impact andchange for Moderna. We more than doubled ourworkforce, moving from 1,300 full-time employees
at the end of 2020 to 2,700 as of December
31, 2021. We have undertaken significant hiringof talent to facilitate manufacturing of our
COVID-19 vaccine, in addition to building out
our commercial and regulatory organizations, aswell as other functions, to support this continued
roll-out. While much of this hiring has occurred at
our headquarters in Cambridge, Massachusetts
and our manufacturing facility in Norwood,
Massachusetts (outside Boston), we also increased
our hiring elsewhere in the United States andinternationally during 2021. At year-end we had
employees in 12 countries around the world,with a presence in North America (the U.S.
and Canada), Europe (Switzerland, the United
Kingdom, Poland, Germany, France, Italy, Spain)
and the Asia-Pacific region (Australia, Japan andSouth Korea).
Established in 2021, Moderna Poland hosts theModerna International Business Services (MIBS)
Center, which provides critical functions, including
finance, pharmacovigilance, human resources,and digital services and will also expand toprovide commercial capabilities. To support
our growth as we build out our commercial
and regulatory capabilities, we’ve focused
our hiring on talent with experience at otherpharmaceutical companies, particularly as we fillroles to facilitate our operations and commercial

activities in markets around the globe. We havealso continued to hire talent to support our
research and clinical capabilities across the rest of
our pipeline.
We plan to continue to expand our commercial
network in 2022 across additional countries
in Europe (Belgium, Denmark, Norway, theNetherlands, and Sweden) and in Asia (Malaysia,
Taiwan, Singapore, and Hong Kong). And wehave announced plans to establish an Enterprise
Solutions Hub in Atlanta, Georgia. Moderna's
Atlanta office will initially host finance, humanresources, procurement, and digital functions,
expecting to hire approximately 150 to 200 fulltime employees in the Atlanta Hub over the next
two years. Atlanta was identified as the market
best-positioned to deliver on Moderna's objectives
for the Hub, particularly the highly skilled anddiverse workforce, vibrant business communityand growth trajectory.
This expansion will support the delivery ofmRNA vaccines and therapeutics locally. Our
remarkable team continues to be the engine
behind everything we have been able toaccomplish and the driving force behind ourscientific progress and our culture.

We expect to have commercial subsidiaries
in 21 countries globally in 2022.

* As of December 31, 2021
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Message from our CEO

Moderna in 2021

Areas of focus

Encoding our Culture
As an organization, we are bold, collaborative,
curious and relentless. These values areunderpinned by a core set of what we call“basecamp” values – they are non-negotiable
for every Moderna employee: integrity, quality,
respect. We share our values as individuals and asteams focused on making continuous advances
in mRNA science, delivery technology andmanufacturing that allow for the development oftherapeutics and vaccines for infectious diseases,
immuno-oncology, rare diseases, cardiovascularand auto-immune diseases. In relentless pursuitof our mission, our commitment to Belonging,
Inclusion & Diversity makes us better, stronger andmore innovative.

Medicines for patients

Employees

Environment

Community

Governance and ethics

Going forward

Appendix

To support our growth, in 2021 we articulated
the Moderna Mindsets. The Mindsets are a setof beliefs by which we govern Moderna. They
define how we each behave, how we lead,and how we make decisions. We believe they
will be integral to our future success, and we areworking to integrate them into every facet of how
we identify, onboard, grow, and manage thehighest impact talent. We also began to roll out
a new coaching and development program forour senior leaders that is based on our Moderna
Mindsets. This program represents a significant
investment in our growing senior leader cohort,providing every senior leader with individualizedcoaching to help them become stronger leadersfor Moderna’s future.

Bold

Collaborative

Curious

Relentless

Deliver on the promiseof mRNA technology
to transform the lives ofpatients. Be a visionary.

Accomplish goals by working
together and respecting
others' viewpoints.
Be a part of one team.

Seek to challenge
and improve upon
the status quo.
Be innovative.

Stay undaunted bychallenges and build
quickly on successes
Be tenacious in pursuitof our mission for patients.

V

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2021 ESG Report17

Mindset 1

Message from our CEO

Mindset 2

Mindset 3Moderna in 2021

Mindset 4

Areas of focus

Mindset 5

Medicines for patients

Mindset 6

Employees

Mindset 7

Environment

Mindset 8

Community

Mindset 9

Governance and ethics

Going forward

Mindset 10

Mindset 11

We remove
viscosity

the platform.

xO
Action today
compounds
the lives saved
tomorrow.

to make the best
choice later.

as the only path
to impact.

We don’t have tobe the smartest—
we have to learn
the fastest.

in the faceof new data.

because provenmodels don’t
always fuelthe future.

becausegreatness lives
outside of
comfort zones.

The solutions
we’re building
go beyond any
job description.

driving strategy
and execution
at the same timeand at every

step.

Appendix

Mindset 12

O=0

Table of contents

to encouragecollective
action.

We digitize
over any single
product.

everywhere
possibleusing the power ofdigital information
to maximize our
impact on patients.

https://www.modernatx.com/moderna-mindsets

Moderna has been on
an incredible journey.

01:59

alll

For more information on our Mindests,
visit https://www.modernatx.com/newsroom/our-blog-coding-region/mindset-matters.
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Message from our CEO

Moderna in 2021

Areas of focus

Medicines for patients

Employees

Environment

Supporting Belonging, Inclusion& Diversity

z hosting a company-wide event on

We believe our strength comes from ourdiversity, and we are committed to building
a culture of inclusion and belonging for all.

z increasing the monitoring and reporting of

Neurodiversity in line with the CEO Action for
Diversity & Inclusion’s #DayofUnderstanding;company-wide gender and ethnicity data;z including a belonging, inclusion and diversity-

focus in every employee engagement survey;
z doubling the number of our Employee Resource<

Groups; andinspired and motivated by how
diversity is deeply ingrained in ourcompany culture... It's personal forme, as a Black, female scientist who
was born in Africa.

positive global impact.

Sayda Elbashir
Associate Director,

Infectious

In 2021, we continued to act on our commitment
to Belonging, Inclusion & Diversity. Some highlights
include:z engaging all members of our Executive

Committee, senior leaders and managers in our
Conscious Inclusion education series;
z conducting diversity-related events,

celebrations and learning opportunities for all
employees throughout the year, including Pride
Month, Women’s History Month, Black History
Month, Hispanic Heritage Month and Asian &Pacific Islander Month;moderna

2021 ESG Report

Governance and ethics

Going forward

Appendixz mPOWER serves Black, African American, andAfrican employees and allies
z mVETs (Moderna Veteran Employees Together)serves veteran employees and alliesz UNIDOS serves Hispanic and Latinx employees

and allies
z WISDM (Women in Science Driving Moderna)

serves women and allies committed to genderequality at workz joining the Disability:IN Inclusion Works Program,z VOE (Voice of the Employee) serves all Moderna

an initiative that assists employers in all aspects
of disability inclusion at work.

employees who are interested in strengthening
and supporting our culture

Empowering our employees

very proud that my contribution
in our field of infectious diseases has a

Community

Our Employee Resource Groups (ERGs) arevoluntary, employee-led groups that harness
the power of belonging in service to our people,
our company, and the community at large. They
provide support, help with personal or careerdevelopment, and create a safe space where all
employees can bring their whole selves to work.
ERGs enhance our culture with a focus on shared
identities, experiences, and allyship.
z ADAPT (Accessibility and Disability Allies

Partnering Together) serves employees withdisabilities and allies
z ASPIRE (ASian and Pacific Islander Resources

and Engagement) serves Asian, Asian American,
and Pacific Islander employees and allies

To ensure our ERGs are able to foster and growthriving communities, every ERG is provided acentralized budget and has both an Executive
Committee and Senior Leader sponsor. We believe
this creates opportunity for under-represented
employees at more junior levels to enjoy regularand routine exposure to senior management andgain valuable experience governing a substantial
budget. It also builds an environment in which the
ERGs are accountable directly to the business—
not only to Human Resources.

95/100%
Score from 2022 Rights Campaign’s
Corporate Equality Index,
marking first ratingz Moderna RaiNbow Alliance serves lesbian,gay, bisexual, transgender, queer/questioning,
asexual, intersex, nonbinary, and two spirit
employees and allies

19Table of contents

Message from our CEO

Moderna in 2021

Areas of focus

Medicines for patients

At Moderna, we believe that celebrating our employees’ uniquecultures and fostering an inclusive environment is core to driving
our mission forward.
Interview with Alana Lewis
In February 2021, as we prepared to celebrate Black History
Month at Moderna, we caught up with our colleague Alana
Lewis, who is the chair of Moderna’s Black and AfricanAmerican Employee Resource Group. Alana talked about her
love of a good challenge, spending downtime on what truly
matters, and the importance of reflection this time of year.
https://www.modernatx.com/moderna-blog/qa-with-alana-lewis

Interview with Huijuan Li
In March 2021, as we celebrated Asian and Pacific Islander
Heritage Month, we caught up with our colleague Huijuan Li,
who is a senior sponsor of Moderna’s ASPIRE (Asian & PacificIslander Resources and Engagement) Employee Resource
Group. Huijuan talked about accepting failure, turning theimpossible into the possible, and the important role we canplay in fostering diversity, inclusion and collaboration.
https://www.modernatx.com/moderna-blog/questions-answers-huijuan-li

Meet Adrian Ledesma-Mendoza
Principal Research Associate at Moderna and Co-Chair of Unidos,
our Hispanic and Latino Employee Resource Group. Adrian is
also involved in the Moderna Rainbow Alliance, a resource forour #LGBTQ+ and ally communities.

in https://www.linkedin.com/posts/modernatx_the-people-behind-thescience-activity-6844376671647232000-hUMZ

YouTube Hear from more of our team members on what it means to be
women in science. We're proud of all our colleagues who serve as
inspirational role models for young women in STEM.
https://www.youtube.com/watch?v=idCXDQQgyW4&t=93s

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2021 ESG Report

Employees

Environment

Community

Governance and ethics

Going forward

Appendix

Attracting and retaining talent
We operate in a highly competitive environment for talent, particularly as weseek to attract and retain people with experience in the biotechnology andpharmaceutical sectors. We are committed to ensuring that our employees
find that their careers at Moderna are filled with purpose, growth andfulfillment. We believe that a career at Moderna provides opportunity for:z Impact: Our people have the opportunity to do work that is unparalleled interms of its innovation and scope of impact on people’s lives.
z Growth: We provide incredible opportunities for growth and we obsess

over learning. We invest substantially through Moderna University in thedevelopment of our people.
z Well-being: We are dedicated to the health and well-being of ouremployees and their families and provide numerous family-friendly benefits
and opportunities to be healthy, including annual allowances for personalenrichment and monthly allowances for fitness and nutrition.
z Inclusion: We believe in the benefits of bringing together a diverse setof perspectives and backgrounds, and creating an environment where
differences are celebrated and leveraged. We measure and holdmanagement accountable to creating an environment of psychologicalsafety.
z Compelling rewards: To attract and retain the best talent, we provide

competitive rewards that help to drive groundbreaking work and allow
employees to share in the value we will create together, including throughour equity programs.
We are committed to equal employment opportunity and non-discrimination
for all employees and qualified applicants without regard to a person's race,color, gender, age, religion, national origin, ancestry, disability, veteran status,
genetic information, sexual orientation or any characteristic protected underapplicable law.
Though we have grown considerably in the past year, we’re equally committed
to further developing and retaining our talent. We conduct periodic talentreviews that identify key talent within the organization. We use that data to
inform specific development opportunities for key current and potential future
leaders, and to support our periodic succession planning activities for key roles.
Not only does this help ensure Moderna has a robust understanding20

Table of contents

Message from our CEO

Moderna in 2021

Areas of focus

Medicines for patients

Employees

Environmentof our workforce and a talent pipeline to growfuture leaders, it gives our employees a chance
to continuously grow and advance in a way thatmeets their aspirations and talents.

employees and their families during importantmoments in life, including fertility coverage,
16 weeks of paid parental leave, and an adoption
assistance program.

In addition to career advancement opportunities,
all employees participate in our corporate equity
programs through the receipt of equity grants,
and the percentage of equity as a componentof overall pay mix increases with seniority. We
believe that in addition to incentivizing growththat leads to shareholder value, broad eligibility
for our equity programs helps promote employee
retention as these awards generally vest over afour-year period and embed our “We act likeowners” mindset.

We obsess over learning: our approach
to training our employees

We are grateful to our employees for their
dedication and being relentless to pursue our
mission, so we are committed to their wellbeing.
Based on employee feedback, we invested inour global benefits offerings to move toward
delivering a fully holistic well-being experiencethat provides a personalized and inclusive set of
benefits.
We offer medical, dental, life and disability
insurance, critical illness coverage, and 401(k)matching (for US employees). Our employees
receive a monthly allowance for fitness andnutrition, an annual allowance for personalenrichment and subsidized daily lunch. In addition
to paid vacation days and public holidays, thecompany provides a discretionary annual oneweek shutdown for our employees to reenergize.
After five years with Moderna, employees are
eligible for a one month paid sabbatical and foran additional one month paid sabbatical every
three years thereafter. We also support our

moderna

2021 ESG Report

To further invest in our teams, we have establisheda structured training curriculum for our employees
through Moderna University and have a full-timeteam dedicated to developing its curriculum andconducting activities. The objective of Moderna
University is for every employee to be deeply
familiar with our core technology and able tolearn about technologies that might further
enable our innovation. In addition, Moderna
University is also focused on creating strong
leaders through management and leadershiptraining.
There are four core areas within Moderna
University including:z Professional development: This programprovides on-site training programs, including
those focused on leadership and project
management, as well as tools to improve
interpersonal communication.
z Digital learning library: We have built an online

library of videos covering a variety of scientificmaterial that our employees can access flexibly.
This content includes:z Presentations by external speakers at in-housescientific seminars;
z Scientific courses at external universities; andz Peer-to-peer video series in which in-house

experts provide an introductory view of complex
topics they tackle within their teams.

Community

Governance and ethics

Going forward

Appendixz Learning management system: We have

deployed a digital system to track andadminister training programs for each of ouremployees. Training content is developed
digitally and offered to our employees.
z New hire orientation: Moderna ONE is ourprogram for onboarding all new employees.
During this intensive learning program,new employees meet with members of the
management team and senior functional
leaders to learn about our company andfunctional activities.
In December 2021, we also announced thelaunch of our Artificial Intelligence (AI) Academy
in partnership with Carnegie Mellon University.
The AI Academy is intended to educate andempower employees at all levels to identify
and integrate AI and machine learning solutions
into every Moderna system and process to bringmRNA medicines to patients.

 e believe AI is a key enabler of our abilityW
to build the best version of Moderna now
and into the future.

Engaging our employees
We believe that our employees are highly
engaged, and our company and teamhave been publicly recognized for ourleadership, innovation and good corporate
citizenship. Science magazine ranked us as a
top employer for each of the last seven years.
Additionally, in 2021, Biospace ranked us thenumber one employer in its 2022 Best Places toWork in Biopharma report and Fast Company
named us the number one company on its
21

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Message from our CEO

Moderna in 2021

2021 Best Workplaces for Innovators list. We
measure employee engagement through avendor-supplied engagement software, using
validated external benchmarks to track employee
engagement factors.

Protecting well-being & safety
Our mission depends on the health,well‑being and safety of our employees.
Our teams work hard in their pursuit of scientificadvancements, and their health and safety areof the utmost importance. We are committed
to providing a safe work environment for all our
employees, contingent workers and visitors.
Every operation is performed in a manner that
ensures safety and protects the environment andwe conduct periodic internal inspections. New
employees are provided safety training for their
specific roles and refresher training is conducted
as appropriate for all employees. At our Moderna
Technology Center in Norwood and the Moderna
Science Center, in Cambridge, MA, Safety
Committees comprised of representatives fromvarious departments meet regularly to discusssafety programs and performance.

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2021 ESG Report

Areas of focus

Medicines for patients

Employees

Environment

Employee safety during COVID-19
pandemicThroughout the COVID-19 pandemic, we have
implemented various initiatives to promote thesafety of our workforce and continuity of ouroperations. We created a Coronavirus Response
Team that is responsible for implementing
various safety measures at our global sites. Our
protocols include regular COVID-19 testing andthe provision of personal protective equipment(PPE). Throughout the pandemic, much of ourworkforce has worked remotely, wherever possible
and when local conditions recommend social
distancing. Those employees who work in roles
that cannot be performed remotely—including
the scientists, engineers, and operators who
worked tirelessly to deliver our COVID-19 vaccine
to hundreds of millions of people around theworld—were supported in every way possible toensure their health and safety were protected
and their families were cared for and supported.
We also implemented remote hiring andonboarding programs to facilitate significant hiring
during 2021 in a remote work environment.

Community

Governance and ethics

Going forward

Appendix

Since October 2021, we have required all
employees in the United States to be vaccinatedagainst COVID-19, including a booster dose,absent an approved medical or religious
accommodation. In December 2020, following
the receipt of an Emergency Use Authorizationfrom the U.S. FDA for our COVID-19 vaccine, we
made the vaccine available to our employees
and adult members of their households to help
ensure continuity of our operations due to thecritical nature of our production of the vaccine. In
December 2021 and early 2022, as the Omicron
variant drove a surge in COVID-19 cases globally,
we made booster doses of our vaccine available
to our U.S.-based employees and adult membersof their households, as well as to employees in
Switzerland.

Committing to respect human rights
We believe that we will only succeed in our goals
if we are able to attract and retain individuals ofdiverse backgrounds, regardless of age, gender,
ethnicity, religion, country of origin, or sexual
orientation. Our commitment to respect humanrights is described in our Human Rights Policy.

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Message from our CEO

Moderna in 2021

Areas of focus

Medicines for patients

Employees

Environment

Community

Governance and ethics

Going forward

Appendix

Environment
We’re building a company that seeks to drivechange through what we make and how wemake it. We believe that ensuring the healthof our planet is critical to impacting humanhealth.

Growing responsibly to protect
our planet
To enable us to increase our impact on publichealth and the number of patients that we canreach worldwide, we are rapidly scaling ourcompany. The COVID-19 pandemic has been
another reminder that human health is inextricably
linked to the health of the planet, and the WHO
has stated that climate change is the biggest
health threat facing humanity*. At Moderna,
we believe that it is our responsibility to growour company in a way that protects the planet
and minimizes our impact on the environment.
As a relatively young commercial company,
we have a unique opportunity to grow in a waythat puts the protection of the environment as
a key consideration in the design of new facilities,
processes, and products.
Before we became a commercial company—and given our expectations for significant ongoingpipeline expansion and the long lead timerequired to build manufacturing infrastructure—
we built a dedicated in-house manufacturing
facility in Norwood, MA, the Moderna
Technology Center (MTC), which we have
expanded to a multi-building campus. In 2021,
we announced we will more than double thespace at MTC to approximately 650,000 square
feet, which will allow us to continue to optimize
our mRNA products as we explore additional
pharmaceutical delivery forms such as prefilled
syringes and lyophilized products.

One of the key aspects of our mRNA
platform is that a single manufacturing
facility can be used to manufacture
any of our mRNA medicines. Our facility
in Norwood produces not only mRNA
medicines for all of our preclinicalexperiments and clinical trials, it has
also produced millions of doses of our
COVID-19 vaccine for commercial use.
In 2016, following the receipt of positive
Phase 1 data, we decided to build ourclinical manufacturing site in Norwood,
Massachusetts.
We are excited to have announced a strategic
partnership with the Australian Federal
Government to establish a state-of-the-art,
domestic mRNA vaccine manufacturing facility
in Australia. We have an agreement in principlewith the government of Canada to also build
a local manufacturing facility in this country.
We’re also excited about our Memorandumof Understanding with the Government of the
Republic of Kenya to establish Kenya as thelocation for our mRNA manufacturing facility in
Africa. As we continue to expand manufacturing
capabilities, our teams are putting sustainability
as a priority in the design of these new facilities.
Also, this expansion will minimize the need to ship
products from US or EU sites and increase oursocial and economic impact in the countries.

* https://www.who.int/news-room/fact-sheets/detail/climate-change-and-healthmoderna

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In addition, substantial manufacturing capabilities
are realized through relationships with Contract
Manufacturing Organizations (CMOs) in the UnitedStates and abroad, providing drug substance andfill-finish capacity for the COVID-19 vaccine, andwe expect to enter into additional collaborations
as we continue to scale.
With the rapid growth ahead of us, we understandthat we are uniquely positioned to act withurgency and make sustainability a key priority
in our manufacturing design and investments,
working with our partners to create a valuechange that minimizes impact to the environment.
With this sense of urgency, in 2021, we announced
our goal to achieve net-zero carbon emissions
globally by 2030. We are making progress on key
environmental sustainability initiatives, including:z Establish baseline metrics including Energy,

Waste and Water to inform the creationand implementation of a comprehensive
environmental sustainability program, which isone of the five key areas of our CSR program.
z Develop a comprehensive renewable energy

strategy.
z Our Cambridge headquarters is located in aGold LEED-certified building, and the Moderna
Technology Center, located in Norwood,
Massachusetts, was designed to incorporate
many LEED energy efficient design elements
when it was first opened in 2018, and it willcontinue to do so as we expand.

moderna

2021 ESG Report

Areas of focus

Medicines for patients

Employees

Environmentz Invest in the new Moderna Science

Center at 325 Binney Street in Cambridge,
Massachusetts, to create a purpose-built
space to support our next chapter of discovery
and serve as our principal executive offices.
The high-performance building is targeting
LEED Platinum Core & Shell and LEED Zero
Energy certifications. The building will include
ultra-efficient building systems with acousticaland light pollution mitigation measures.
z Incorporate sustainable design and construction

elements into all new projects, starting with our
new manufacturing plants in Canada, Australia,
and in Kenya, including access to renewableenergy sources and LEED Certifications as partof site selection criteria.

Community

Governance and ethics

Going forward

Appendix The journey ahead to achieve net zero“carbon emissions in our global operations in
2030 is a challenge in line with our mindsets
at Moderna to act with urgency and push
past possible. With our engineering andmanufacturing teams, we are designing
our roadmap to embed sustainability bydesign in our current facilities and future
manufacturing sites. The advantage ofour mRNA platform is that we can apply
sustainability design learnings across sites”
Deborah Donovan,
Senior Vice President Environment, Health and Safety

z Continue to encourage green transportation

among our employees by offering fully
subsidized public transport, bike sharing andfree electric vehicle charging stations across all
campuses.
z Work with each of our suppliers to ensure thatthey also move to net-zero carbon and partner
across industries to seek innovative solutions andachieve net-zero targets.

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In 2021, our teams in Moderna Science
Center in Cambridge continued
with efforts to improve lighting, water
efficiency and recycling. In theTechnology Square R&D Center, wechanged all office space lighting fixtures
to LED; this work is continuing in lab
spaces where possible. Work also has
been done to adjust lighting schedule
to ensure maximum efficiency to scaleback during not occupied times. There
were replacements of key equipment
which are contributing to water efficiency
that support our laboratories, such asparts and labware washers. A Green
Team, made up of people from different
parts of the business, seeks to improvesustainability on-site by identifying andimplementing ideas to reduce waste andconserve natural resources. They haverecently established site wide composting
and recycling programs, expanding toinclude metal and plastic from kitchens,
office area and laboratories.

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Medicines for patients

Employees

Environment

Community

Governance and ethics

Going forward

AppendixIn our journey to get a clearer picture of ourenvironmental impact, in Q1 we calculated our
Scope 1 and 2 greenhouse gas (GHG) emissions
in 2021 to establish our baseline. This baseline iscritical as we work on our roadmap to net zero.
We will share our 2021 baseline data on our
website after third party verification has been
completed in the first half of 2022.

Accelerating our commitment
to the environment
We have a lot of work to do and are deeplycommitted to understanding our impact on theenvironment and taking action to protect thehealth of the planet. It is critical for a high-growthcompany like ours to set ambitious environmental
goals and we aspire to also put Moderna among
the global leaders in managing the impact ofwaste from our business and decreasing thenatural resources we use, to promote long‑term,
sustainable growth for the planet and ourorganization. We will continue to work on ourroadmap to net-zero carbon emissions, establishingnext our baseline for Scope 3 GHG emissions.
In this journey, we are committed to remaintransparent with our stakeholders and are also
working to increase our ability to share dataaccording to recognized reporting standards.
We are creating the best version of Moderna by
investing in a sustainable future.

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Medicines for patients

Employees

Environment

Community

Governance and ethics

Going forward

AppendixCommunity
We aspire to be an active contributor tothe communities where we live and work.

Moderna Charitable Foundation
We launched the Moderna Charitable Foundationin 2022 to support organizations and causes that
promote public health and access to quality
healthcare, advancing scientific education andinnovation, and advocating for diversity andinclusion, particularly in underserved populations.
The Moderna Foundation is an extension of thesocietal impact we have made with our COVID-19
vaccine. We are passionate about addressing
the ongoing needs in communities impacted
by COVID-19, including the societal conditions
exacerbated by the pandemic along with theinequalities this challenging period has revealed.
We aspire toward a long-lasting impact by:z Grant-making to support organizations that alignwith our missionz Philanthropic giving to provide support during

humanitarian crisesz Employee matching to enable our people tosupport causes that matter most to them
The Moderna Charitable Foundation wasestablished by the Moderna Board of Directors,
which approved an initial up-front endowmentof $50 million. The Foundation and its grant
program will focus on charitable programswith a particular emphasis on supporting local
and global communities impacted by the
pandemic, advancing scientific education andinnovation, promoting public health and accessmoderna

2021 ESG Reportto healthcare, and advocating for diversity andinclusion. When we launched the Moderna
Charitable Foundation in 2022, we announced
approximately $5 million in initial grants to five
local and global nonprofit organizations working
to address these areas of need, including:z Boston Medical Center’s Good Grief Program,to help meet growing demand for traumainformed, culturally responsive therapeutic
services for children who have experienced
loss, such as the death of a loved one due to
COVID-19
z Heading Home, to provide permanent,

supportive housing for extremely low-income
individuals in Cambridge, Massachusetts
z International Rescue Committee, to support

infection prevention and control programs for
improved and resilient health systems in West
and Central Africa, particularly in countries thathave been impacted by conflict

our employees already contribute their timeand expertise to causes and organizations in
our region and beyond. As a company, we areproud to support these efforts. We will continue
to encourage individual employee volunteerism
by providing our people with paid time off tovolunteer at the organizations of their choice.
We will also leverage our collective strengths andexpertise for community engagement.
In 2021, the number of employees thatparticipated in volunteering activities increased
by 70% compared to the previous year. This isa remarkable engagement in a year marked
by our efforts to scale-up the company. And
during our annual #VolunteerWeek in 2021, ouremployees around the world were able to makea difference for 16 nonprofit organizations in our
local communities.

z Life Science Cares, to support nonprofit

partnerships and programs fighting poverty andits effects in the Greater Boston Areaz Year Up, to support a workforce development

program that closes the opportunity divide
between young adults and companies acrossthe U.S.

Giving back to communities
At Moderna, we’re proud to support efforts that
aim to make a difference in the world. We knowthat we hire talented and passionate people
who are committed to making a difference inthe world beyond our four walls—and many ofModerna Switzerland’s first donation drive26

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Areas of focus

Medicines for patients

Employees

Environment

Community

Governance and ethics

Going forward

Appendix

Governance and ethics
At Moderna, our basecamp values of quality,
integrity, and respect guide our work andactions every day. These values are critical tobringing new medicines to patients aroundthe world.
Central to our mission is our commitment totransparency and upholding the highest ethicalstandards. These values are embedded in every
aspect of our business, from our preclinicalresearch and clinical trials to our regulatory andmanufacturing processes and our commercial
functions to how we conduct ourselves in our
relationships with employees, patients, investors
and other stakeholders.

Building good corporate
governance
Our Board of Directors believes that soundgovernance practices and policies provide
the foundation for establishing Moderna as a
responsible corporate citizen and maintaining
the trust of our stakeholders, as well as ensuring
the success of our company. Our Board of
Directors has set high standards for themselves,
our employees, officers and directors.
We have adopted a Code of Business Conduct
and Ethics that applies to our Board of Directors
and all our officers and employees. In addition, we
have adopted Corporate Governance Guidelinesthat formalize certain fundamental board policies
and practices.
Among other things, we expect that all our directors
will have the following experience and traits:
z substantial experience at a strategic or

policymaking level in a business, government,
non-profit, or academic organization of highstanding, able to contribute to Moderna’s
strategic growth and able to offer advice andguidance to Moderna’s senior management
based on that experience;z highly accomplished in his or her respective field;

Our Board of Directors has established fourcommittees: Audit, Compensation and Talent,
Nominating and Corporate Governance, andProduct Development. All members of all four
Board committees are independent directors.
For more information, please see our Proxy
Statement (page 12).

Board diversity
We believe that the best decisions arise whenpeople of varied backgrounds, perspectives andexperiences come together. Our Board of nine
directors includes three directors that identify as
female and two directors that identify as membersof two or more races or ethnicities. As we pursue
future Board recruitment efforts, our Nominatingand Governance Committee will continue toseek out candidates who can contribute to thediversity of views and perspectives of the Boardin accordance with the committee's Policies andProcedures for Director Candidates. This includes
seeking out individuals of diverse ethnicities, abalance in terms of gender, and individuals withdiverse perspectives informed by other personal
and professional experiences.
Please see Board Diversity Matrix in our Proxy
Statement (pages 12 and 13).

z the ability to contribute positively to the Board’s

collaborative culture;z knowledge of our business;z understanding of the competitive landscapefacing our business; andz expertise relevant to our growth and businessstrategy.
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2021 ESG Report

ESG governanceA true commitment to ESG requires engagement
and oversight at every level of the organization.
Our Board’s Nominating and Corporate
Governance Committee oversees ESG mattersand practices so that ESG is incorporated into
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our governance practices at the highest level ofthe organization. The committee reports to thefull Board on ESG matters and our progress on
sustainability initiatives. Our Chief Legal Officer,
reporting to the CEO, leads Moderna’s ESG
strategy, with Executive Committee members
overseeing additional elements of particular
ESG initiatives. For instance, our carbon footprint
reduction efforts pull on multiple functions,
including our facilities team, which is overseen by
our Chief Technical Operations and Quality Officer.
In 2021, we took ESG accountability a stepfurther by incorporating human capital metrics
in our bonus program for that year. These goals
were focused on maintaining or improving upon
employee survey responses that seek to measure
belonging and engagement, which we view as
key elements of attracting and retaining a diverse
workforce. In 2022, in addition to maintaining ahuman capital metric for our bonus program, weare adding a vaccine access metric focused on
low- and middle-income countries to incentivize
meeting demand from these countries.

Transparency
Clinical trials
We believe that making clinical trial data
accessible ensures trust and transparency
between researchers, participants/patients,
the public and the pharmaceutical industry.
Moderna recognizes that it is important for
regulators, researchers, trial participants and otherconcerned parties to have access to clinical trial
information to advance medical understanding
and progress. Knowledge enlightens andempowers stakeholders to help make soundmoderna

2021 ESG Report

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Medicines for patients

Employees

Environment

medical decisions. It is also important that thisaccess works in ways that protect patient privacy,
preserve regulatory authority, and cultivate/encourage new research.
We share clinical trial results and data in thefollowing ways:
z We submit clinical trial results for publicationin peer-reviewed journals after the primary
completion date.
z We provide results on ClinicalTrials.gov and theEuropean Union Clinical Trials Register (EU CTR)
within the timelines required by United States law
and regulations issued by the U.S. Department
of Health and Human Services (HHS) and theEuropean Medicines Agency (EMA).
z We provide access to detailed clinical data

in response to reasonable requests fromresearchers and regulators.
z We post clinical study report (CSR) synopses

on our website with a link to the data on
ClinicalTrials.gov.
z We will be rolling out easy-to-read summaries oftrial findings to eligible clinical trial participants
who wish to receive them and will begin piloting
this with certain Phase 2 trials.
R ead more about our commitment in our Moderna
Clinical Trial Disclosure and Transparency Policy.

Political engagement
We believe that public policy and legislation
related to our industry and the patients that weserve should be rooted in sound science andan understanding of how innovation benefits
us all. To that end, we engage directly withgovernment officials and policymakers, as well asCommunity

Governance and ethics

Going forward

Appendix

through trade associations and other advocacy
organizations, to help ensure that public policy
decisions and legislation are well informed andthat they continue to promote innovation and our
mission of delivering for patients. The Nominating
and Corporate Governance Committee of theBoard of Directors, which is composed solelyof independent directors, annually reviews ourpolicy on political engagement and disclosure(our Political Engagement Policy) and exercises
oversight of Moderna’s political engagement,
including our engagement with trade associations
and other tax-exempt organizations that may
engage in political activity.
Our approach to political engagement, as
outlined in our Political Engagement Policy, isdefined by the following principles: We do notcontribute corporate funds to political candidates,
parties, or committees for public office or to
527 groups (including political action committees,or PACs); we do not make independent politicalexpenditures in direct support of or in opposition
to political campaigns; and we do not sponsor an
employee PAC, and have no plans to do so.

Trade associations
We believe that membership in trade associations
and contributions to advocacy organizations
can help advance the biotechnology industry,
promote a policy environment that continues toencourage innovation, and promote our missionof creating a new generation of transformative
medicines for patients. To the extent that wecontribute more than $25,000 in any calendar
year to a trade association, we will disclose thename of that organization and the dollar amountof any membership dues or contributions that28

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are ineligible for deduction as an “ordinary andnecessary” business expense. Such disclosures will
be made twice per year.
In 2021, Moderna, Inc. and its subsidiaries paiddues and made other payments in excess of$25,000 to the following trade associations
and 501(c)(4)s: Academy of Managed Care
Pharmacy, the American Pharmacists Association,and the Biotechnology Innovation Organization(BIO).

Healthcare partners and patientorganizations
Collaboration between industry, healthcare
professionals and healthcare organizations is
critical to the development and effective useof new vaccines and medicines. Moderna
recognizes that ethical relationships withhealthcare professionals and organizations are
critical to its mission to deliver on the promise ofmRNA science to create a new generation oftransformative medicines for patients.
We are committed to complying with allapplicable laws, regulations, and codes ofconduct governing the transparency of ourinteractions with healthcare professionals andorganizations. We are working to publicly disclose
the transfers of value made to healthcare
professionals, healthcare organizations, andpatient associations through applicablegovernment portals and the Moderna website.

Corporate Policies
Our Code of Business Conduct and Ethics establishes the minimum standards that are expectedfrom all our employees when conducting businessand their day-to-day activities. To ensure it’s topof mind, all directors, officers, and employees aremoderna

2021 ESG Report

Areas of focus

Medicines for patients

Employees

Environment

expected to review the Code and acknowledge
their understanding on a periodic basis.
We have established comprehensive policies
to guide our employees in applying the highest
ethical standards in their decisions. Some ofour key compliance policies and guidance aresummarized below:
z Anti-Bribery: Moderna does not permit orcondone bribes, kickbacks or other improper
payments, transfers or receipts.
z HCP Engagements: Moderna requires the

specific business need for each healthcare
professional (HCP) engagement to be
documented and approved before conducting
any business, and will only compensate HCPs
based on an independently established fairmarket value for their time.
z Conflict of Interest: our employees are

responsible for avoiding activities and situations
that present a potential or actual conflict
between their personal interests and Moderna’s
interests.
z Ethical Promotion: we require and train our

employees to follow regulatory requirements forpromoting our products for their approved andintended use, and other company policies thatgovern the creation of promotional material
to ensure it is consistent with our approvedcommercial label.
z Trade Compliance: Moderna is committed

to meeting the regulatory requirements of
all countries in which we operate, includinginternational trade regulations. Our Code ofBusiness Conduct and Ethics requires all Moderna
personnel to understand how international trade
regulations apply to their work.
z Sexual Harassment and Other Discriminatory

Harassment: Moderna promotes a workplace

Community

Governance and ethics

Going forward

Appendixthat is free from all forms of discriminatory
harassment based on protected personal
characteristics, including, without limitation,
sexual harassment. We do not tolerateprohibited discriminatory harassment towards
our employees and third parties with whom
Moderna works, including partners, vendors,
and consultants.
z Human Rights: Moderna personnel have an

obligation to report any human rights concerns
they may identify in the course of their work
responsibilities, including those that may occur ina Moderna service provider or supplier.

Patient Safety
There is nothing more important to Moderna than
the safety of the people and patients receiving
our products.

Clinical trials
Moderna is committed to designing andconducting clinical trials in accordance withthe highest scientific and ethical standards andin compliance with all applicable regulatory
requirements. We have defined a framework ofpolicies and standards to design all Modernasponsored clinical trials in accordance with local
laws and regulations, international standards
including those defined under the International
Conference for Harmonization-Good Clinical
Practice and Moderna’s policies and procedures.
Our standards are applicable to all Moderna
employees and agents and to all parties withwhom Moderna contracts (e.g., contract researchorganizations (CROs), vendors, or consultants)
involved in Moderna-sponsored clinical trials.
A qualified and independent Institutional Review
Board (IRB) or Ethics Committee must review
and approve all Moderna-sponsored trials prior
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to initiation of a given study. Study participants
may only be enrolled in a clinical trial only after
providing their voluntary informed consent or
informed assent, as applicable, in compliancewith local laws and regulations. Moderna respects
the privacy rights of its study participants andsafeguards the confidentiality of their medical
information in accordance with all applicablelaws and regulations.

“As we embarked on our journey tocreate, make, study, and deliver our
Covid-19 vaccine, I saw the industry cometogether in an unprecedented fashion
to address a global public health crisis.
Regulators, manufacturers, and suppliers
worked together to eliminate competitiveboundaries, align on standards, expedite
the regulatory processes, and address
distribution and access challenges. I
saw our company pivot fearlessly fromits initial focus on clinical projects to a
fully operational commercial company
delivering on a COVID-19 vaccine in lessthan 12 months. That remarkable transition
would not have been possible if not for
the quality culture, the commitment of
our leaders and talented associates, andthe collaborations with industry, partners,
regulators and governments. I am proud
to have been part of that effort.”
Jennifer White,
SVP, Global Quality

moderna

2021 ESG Report

Areas of focus

Medicines for patients

Employees

Environment

Community

Governance and ethics

Going forward

Appendix

Animal welfare
Sometimes using animals in testing is the only
way to advance science, but we take our
responsibility to these animals seriously and lookfor non-animal alternatives whenever possible.
Moderna’s Institutional Animal Care and Use
Committee (IACUC) oversees the welfare andhumane treatment of any animals used fortesting at Moderna. Animals used for research atModerna are treated humanely and we comply
with the 3R-principle (Reduce, Refine, Replace).
To qualify testing facilities to which we contract
animal studies, we require IACUC and appropriate
accreditation for utilizing animals in research that
ensures the welfare of the animals.

Quality
We believe that quality is essential to our mission todeliver on the promise of mRNA science to create
a new generation of transformative medicines
for patients. Our Quality Unit, led by Moderna’s
Chief Technical Operations and Quality Officer—amember of our Executive Committee—grew into
an international organization with the introductionof our COVID-19 vaccine and scale out of
manufacturing capabilities. Leaders at Moderna
drive our quality culture and Quality Assurance
ensures it is applied consistently and thoughtfully
across the globe. We seek to ensure quality andcompliance at Moderna through a combinationof a robust Quality Management System (QMS),
our quality culture, and our people.
We have established, documented, andimplemented a global QMS to assure continued
compliance with applicable national andinternational regulations and laws related to

product quality. We work with partners and vendors
to ensure Moderna standards are understoodand followed. We train and develop our teams,
providing a learning environment where teammembers and leaders build and expand theirtechnical capabilities and regulatory skillsets. As
part of our governance and oversight obligations,
the QMS elements within Moderna and at ourpartners and vendors, are periodically audited
and effectiveness verified. Senior management
is engaged in the review of the quality system’s
performance and the organizational health, whiledriving a culture of sustainable compliance andcontinuous improvements.
We have established a culture that encourages
transparency, accountability, and ownership ofquality at all levels in the organization. As we scale,
we have focused on hiring the best talent with therequired experience, training, and education.

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Clinical Safety and Pharmacovigilance
The safety and quality of our products is paramountto us, and we are deeply dedicated to the safetyof all our patients in our clinical trials and of thosereceiving our products after authorization. The
Clinical Safety and Pharmacovigilance teamsupports Moderna’s mission of bringing
transformative mRNA therapies to patients
through proactive safety assessment, effective risk
management, and transparent risk communication
throughout the life cycle of our products. All
products in clinical development have dedicatedcross-functional Safety and Risk Management
Teams (SRMTs) which continuously review and assess
all emerging safety data for the program. The SRMTs
are overseen by Moderna’s Safety Review Board(SRB), a senior level, cross-functional, safety
governance body led by the Chief Safety Officer.
Moderna has a pharmacovigilance (PV) systemthat assures comprehensive safety monitoringand signal detection across Moderna’s portfolio
of products and clinical programs. Moderna’s
standards and our QMS assure compliance withnational and international reporting requirements
as well as special reporting obligations inaccordance with regulatory commitments. As
part of Moderna’s governance and oversightobligations, the effectiveness of the PV system
is monitored and periodically audited, withoutcomes reported to our senior leadership. All
Moderna employees and contractors are required
to complete training on the company’s adverse
event reporting policy.

Areas of focus

Medicines for patients

Employees

Environment

in counterfeit medicines can have a serious impact
on public health and safety, lead to social andenvironmental concerns (substandard labor andproduction practices), and result in other criminal
acts, such as fraud. With all these concerns in
mind, Moderna’s Brand Protection Team works toproactively counter this criminal activity.

Suppliers
Our business activities are built on a frameworkthat drives economic, social and environmental
sustainability. We always aim to do the right thing
the right way and we expect the same of ourbusiness partners. As a result, we strive to conductbusiness with entities who share our commitments,
standards and values.
Moderna’s Third Party Code of Business Conduct(Third Party Code*) was established to document
our expectations of the companies with whom
Moderna has agreements, such as distributors,
consultants, service providers, joint ventures, copromotion and research or licensing partners.

Community

Governance and ethics

Going forward

Appendix

Our distributors and agents are evaluated forany concerns related to corruption, money
laundering, human rights, and other ethicalprinciples before agreements are signed.

Speak UpAt Moderna, we trust and rely on all of our people tobe catalysts for acting with integrity and doing theright thing. Asking a question to gain understandingor speaking up when something may be wrong or
inappropriate is part of acting as an owner and inaccordance with the Moderna Mindsets.
Our Speak Up Hotline empowers our employees
and third parties to submit a question or voicea concern that we may not be meeting thevalues that we strive to achieve every day. Bothemployees and third parties may choose tosubmit reports anonymously.
Moderna strictly prohibits retaliation under its
Code of Business Conduct and Ethics.

Brand Protection
The illicit trade of falsified medicines is carried out
by criminal organizations. Criminals do not adhere
to any sort of standards in production, so the trademoderna

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TED* expected launch in Q3 2022
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Medicines for patients

Employees

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Community

Governance and ethics

Going forward

Appendix

Going forward
Dear Stakeholders,This is just the beginning of a tremendously
important journey at Moderna, where we seek tomore deeply engage, listen and understand what
our stakeholders expect from us as a responsible
business and leader in mRNA medicines. We
know that we will not be able to create the mostimpactful version of Moderna in isolation; so weare determined to seek feedback from across our
stakeholder groups, to make sure we are meetingyour expectations and are able to anticipate yourneeds. Your continuous input into our purpose
is critical for us to create long-term value andimpact.
With our long-term ambitions in mind, we beganbuilding out a more robust approach to ourEnvironmental, Social and Governance strategy
only a few months after becoming a commercial
company. We continue to challenge ourselves
and to expand the impact that our commitments
can have on our stakeholders. As the external
ESG reporting landscape evolves, you will see
us continuing to improve our programs anddisclosures, so we can be held accountable forour commitments and outcomes.

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2021 ESG Report

New this year, we will host our first-ever ESG investor
and analyst event in November. This is an exampleof how we are working to increase the visibility
that stakeholders can have into our actions,
including through the communication of goals
and performance that can help others assess ourprogress in the months and years to come.
Our journey is just beginning. We have a lot ofwork to do, and this report represents our strong
commitment to transparency about our efforts andprogress right from the start of our journey. Thankyou for continuous engagement and feedback,which helps to keep us on track and ensures that
we stay true to our purpose.
With best regards,

Shannon Thyme Klinger,
Chief Legal Officer, Moderna
President, Moderna Charitable Foundation

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Appendix

Appendix
SASB Index
The Sustainability Accounting Standards Board(SASB) Foundation was founded in 2011 as a
not-for-profit, independent standards-settingorganization. SASB standards are designed
to enable communications on corporate
performance on industry-level sustainability
issues in a cost-effective and decision-usefulmanner using existing disclosure and reporting
mechanisms.

As we continue to progress in our corporatesocial responsibility and ESG journey, we willrefer to widely recognized standards to improve
our disclosures of environmental, social andgovernance impacts, and to share how we create
value over the long-term. We are presenting
our disclosures within the SASB Framework
below for the first time, which is designed for thebiotechnology & pharmaceuticals industry, andinclude references to sections in this report orother filings we have made with the U.S. Securities
and Exchange Commission. We will continue
to expand upon our ability to share metrics
according to this standard and expand our use ofother recognized frameworks that will allow us toreport on our activities to relevant stakeholders.

Topic

SASB Code

Accounting Metric Description

2021 Disclosure Location

Safety of Clinical Trial
Participants

HC-BP-210a.1

Discussion, by world region, of management process for ensuring quality
and patient safety during clinical trials

Page 27, Governance and ethics

HC-BP-210a.2

Number of FDA Sponsor Inspections related to clinical trial management
and pharmacovigilance that resulted in: (1) Voluntary Action Indicated(VAI) and (2) Official Action Indicated (OAI)

We report material regulatory issues in ourannual 10K filing.

HC-BP-210a.3

Total amount of monetary losses as a result of legal proceedings
associated with clinical trials in developing countries

None. In 2021, we were not a party to any
material legal proceedings.

HC-BP-240a.1

Description of actions and initiatives to promote access to health careproducts for priority diseases and in priority countries as defined by theAccess to Medicine Index

Page 07, Medicines for Patients

HC-BP-240a.2

List of products on the WHO List of Prequalified Medicinal Products as partof its Prequalification of Medicines Programme (PQP)

None

HC-BP-240b.1

Number of settlements of Abbreviated New Drug Application (ANDA)
litigation that involved payments and/or provisions to delay bringing an
authorized generic product to market for a defined time period

None in 2021.

HC-BP-240b.2

Percentage change in: (1) average list price and (2) average net priceacross U.S. product portfolio compared to previous year

N/A

HC-BP-240b.3

Percentage change in: (1) list price and (2) net price of product withlargest increase compared to previous year

N/A

Access to Medicines

Affordability & Pricing

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Appendix

Topic

SASB Code

Accounting Metric Description

2021 Disclosure Location

Drug Safety

HC-BP-250a.1

List of products listed in the Food and Drug Administration’s (FDA)
MedWatch Safety Alerts for Human Medical Products database(FDA) MedWatch Safety Alerts for Human
Medical Products database

HC-BP-250a.2

Number of fatalities associated with products as reported in the FDA
Adverse Event Reporting System

FDA Adverse Event Reporting System

HC-BP-250a.3

Number of recalls issued, total units recalled

Three lots of product manufactured for Japan
were suspended in 2021. In October 2021,
Takeda and Moderna published a report ofthe investigation prompted by the observationof foreign particles in unpunctured vials froma single lot of Moderna’s COVID-19 vaccine
distributed in Japan by Takeda. The lot wassuspended on August 26, 2021, and voluntarily
recalled on September 2, 2021. Two other lots
manufactured in the same series were includedin the suspension and voluntary recall as aprecautionary measure. The full joint statement
and investigation report can be read here:
https://investors.modernatx.com/Statements-Perspectives/Statements--PerspectivesDetails/2021/Joint-Statement-from-Modernaand-Takeda/default.aspx
There have been no other or further instancesof our product being pulled/recalled from themarket in 2021.

Counterfeit Drugs

Ethical Marketing

Employee Recruitment,
Development & Retention

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2021 ESG Report

HC-BP-250a.4

Total amount of product accepted for take-back, reuse, or disposal

We are not reporting against this metric

HC-BP-250a.5

Number of FDA enforcement actions taken in response to violations ofcurrent Good Manufacturing Practices (cGMP), by type

We report material regulatory issues in ourannual 10K filing.

HC-BP-260a.1

Description of methods and technologies used to maintain traceability of
products throughout the supply chain and prevent counterfeiting

Page 27, Governance and Ethics

HC-BP-260a.2

Discussion of process for alerting customers and business partners ofpotential or known risks associated with counterfeit products

Page 27, Governance and Ethics

HC-BP-260a.3

Number of actions that led to raids, seizure, arrests, and/or filing of
criminal charges related to counterfeit products

We are not reporting against this metric

HC-BP-270a.1

Total amount of monetary losses as a result of legal proceedings
associated with false marketing claims

None. In 2021, we were not a party to any
material legal proceedings.

HC-BP-270a.2

Description of code of ethics governing promotion of off-label use of
products

Page 27, Governance and Ethics

HC-BP-330a.1

Discussion of talent recruitment and retention efforts for scientists andresearch and development personnel

Page 16, Employees

HC-BP-330a.2(1) Voluntary and (2) involuntary turnover rate for: (a) executives/senior
managers, (b) mid-level managers, (c) professionals, and (d) all others

Page 16, Employees

34

Table of contents

Message from our CEO

Moderna in 2021

Areas of focus

Medicines for patients

Employees

Environment

Community

Governance and ethics

Going forward

Appendix

Topic

SASB Code

Accounting Metric Description

2021 Disclosure Location

Supply Chain
Management

HC-BP-430a.1

Percentage of (1) entity's facilities and (2) Tier I suppliers' facilities
participating in the Rx-360 International Pharmaceutical Supply Chain
Consortium audit program or equivalent third-party audit programs for
integrity of supply chain and ingredients

We are not reporting against this metricBusiness Ethics

HC-BP-510a.1

Total amount of monetary losses as a result of legal proceedings
associated with corruption and bribery

None. In 2021, we were not a party to any
material legal proceedings.

HC-BP-510a.2

Description of code of ethics governing interactions with health care
professionals

Page 27, Governance and ethics

HC-BP-000.A

Number of patients treatedPage 07, Medicines for patients

HC-BP-000.B

Number of drugs (1) in portfolio and (2) in research and development(Phases 1-3)

Page 16, 10K

Activity Metricmoderna

2021 ESG Report35

Table of contents

Message from our CEO

Moderna in 2021

Areas of focus

Medicines for patients

Employees

Environment

Community

Governance and ethics

Going forward

Appendix

About this report
This report describes our efforts and progress on Environmental, Social and Governance topics that we consider more important based on Moderna’s Corporate
Social Responsibility Program and that are relevant to reporting standards and frameworks. All our business operations are in scope and have included ESG
performance data from January 1, 2021, to December 31, 2021, unless otherwise stated. Our 2021 Annual Report on Form 10-K contains our financial disclosures.

Forward-Looking Statements
This report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including statements regarding: the potential for theCompany’s mRNA platform to solve the world’s greatest health challenges and prevent future pandemics; the Company’s ability to expand its portfolio and address critical unmet medical
needs with its mRNA platform; the Company’s plans to expand its portfolio of global public health vaccines to 15 total programs against priority pathogens, and the timing for advancing thesevaccine programs into clinical studies; the Company’s goal of achieving net-zero carbon emissions globally by 2030; the Company’s plans for achieving sustainable growth; timing for clinicaldata for mRNA-3745; expected timing of the Company’s Phase 1 study of its Nipah vaccine candidate; the potential of mRNA technology to address rare genetic disorders; the Company’s
collaboration with the Institute for Life Changing Medicines on the development of mRNA-3351 and the structure of the collaboration; the potential ability to leverage the Company’s platform
to address “Disease X”; the Company’s mRNA Access initiative to allow researchers access to Moderna’s mRNA platform; the Company’s commitment not to enforce its COVID-19 patents in
the Gavi COVAX AMC 92 low- and middle-income countries; the buildout of the Company’s commercial, manufacturing and regulatory capabilities and networks; the Company’s collaboration
with governments to facilitate donations or prioritize shipments of vaccine to countries with the greatest need; supply of and demand for the Company’s COVID-19 vaccine in 2022; the ability of
the Company to enroll study participants from minority communities and vulnerable populations in its clinical trials; the Company’s plans to construct an mRNA manufacturing facility in Kenya,
including the capacity for that facility and the potential for conducting fill/finish services; plans to allow the Company to fill doses of its COVID-19 vaccine in Africa as early as 2023; the Company’splans to establish an Enterprise Solutions Hub in Atlanta, Georgia and anticipated hiring and staffing for the Hub; plans to establish additional subsidiaries in new markets; the expansion of theModerna Technology Center and the potential for the expansion to facilitate advancements in new pharmaceutical delivery forms; the Company’s investment in the new Moderna Science
Center and the features of that facility, including its environmental footprint; the Company’s collaborations with the Australian and Canadian governments to develop mRNA manufacturing
facilities; the Company’s expectation that it will enter into additional collaborations with governments; and the areas of focus of the Moderna Charitable Foundation. In some cases, forwardlooking statements can be identified by terminology such as “will,” “may,” “should,” “could,” “expects,” “intends,” “plans,” “aims,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,”“continue,” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. The forward-looking statements in this report
are neither promises nor guarantees, and you should not place undue reliance on these forward-looking statements because they involve known and unknown risks, uncertainties, and otherfactors, many of which are beyond Moderna’s control and which could cause actual results to differ materially from those expressed or implied by these forward-looking statements. These risks,
uncertainties, and other factors include, among others, those risks and uncertainties described under the heading “Risk Factors” in Moderna’s most recent Annual Report on Form 10-K filed with
the U.S. Securities and Exchange Commission (SEC) and in subsequent filings made by Moderna with the SEC, which are available on the SEC’s website at www.sec.gov. Except as required bylaw, Moderna disclaims any intention or responsibility for updating or revising any forward-looking statements contained in this report in the event of new information, future developments orotherwise. These forward-looking statements are based on Moderna’s current expectations and speak only as of the date of this report.

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2021 ESG Report36

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