NGM282, NAS and fibrosis in NASH: a phase 2 study Design Follow-up Liver biopsy with NASH NAS * ≥ 4 with a score ≥ 1 for each component Stage 1-3 of fibrosis Liver fat content ≥ 8% (MRI-PDFF) NGM282 1 or 3 mg NGM282 1 or 3 mg Rosuvastatin (if needed) D-28 D1 W2 W4 W6 W8 W12 W18 MRI-PDFF X Liver MultiScanTM Liver biopsy * NAS (NAFLD Activity Score): steatosis (0 to 3), lobular inflammation (0 to 3), ballooning (0 to 2) NGM282: engineered variant of human FGF19 Rosuvastatin: started at W2 if LDL-cholesterol rise ≥ 10 mg/dl Endpoints Primary: decrease in absolute liver fat content (MRI-PDFF) ≥ 5% at W12 Exploratory: change in liver histology at W12 NGM282-phase 2 Harrison SA, AASLD 2018, Abs. 104 1

NGM282, NAS and fibrosis in NASH: a phase 2 study Baseline characteristics, mean (SD) NGM282 1 mg N = 24 NGM282 3 mg N = 19 Age, years (SD) 49.4 (10.7) 51.4 (12.6) Male/ Female, N 5 / 19 4 / 15 Liver fat content, MRI-PDFF (proton density fat fraction), % 19.2 (7.1) 17.1 (5.6) AST, U/L 70 (39) 64 (32) ALT, U/L 92 (53) 82 (39) Fibrosis stage 2.3 (0.8) 2.5 (0.8) NAFLD activity score 5.4 (1.5) 5.7 (1.5) LDL cholesterol, mg/dL 103 (24) 97 (27) Statin naïve/experienced 20 / 4 13 / 6 7α-hydroxyl-4-cholesten-3-one (C4), ng/mL (SD) 35.6 (27.0) 35.1 (24.2) NGM282-phase 2 Harrison SA, AASLD 2018, Abs. 104 2

NGM282, NAS and fibrosis in NASH: a phase 2 study Mean C4 levels (ng/ml) Mean total serum bile acids (µmol/L) 40 10 35 30 25 20 15 5 NGM282 1 mg Baseline W6 W12 * NGM282 3 mg 40 10 35 30 25 20 15 5 Baseline W6 W12 * NGM282 1 mg 6 2 5 4 3 1 Baseline W6 W12 * NGM282 3 mg 6 2 5 4 3 1 Baseline W6 W12 * * p < 0.001 vs baseline NGM282-phase 2 Harrison SA, AASLD 2018, Abs. 104

Primary endpoint: mean absolute liver fat content at W12, % NGM282, NAS and fibrosis in NASH: a phase 2 study Primary endpoint: mean absolute liver fat content at W12, % 40 5 15 10 Baseline W6 W12 *** NGM282 1 mg NGM282 3 mg 40 5 15 10 Baseline W6 W12 *** Absolute and relative changes in LFC at W12: -11.2 % and -67% (3 mg) ; -10.9% and -57% (1 mg) 100% (3 mg) and 92% (1 mg) of subjects achieved primary endpoint of ≥ 5% absolute LFC reduction 100% (3 mg) and 92% (1 mg) had a relative decrease in LFC ≥ 30% at W12 63% (3 mg) and 33% (1 mg) of subjects normalized LFC (≤ 5%) by W12 NGM282-phase 2 Harrison SA, AASLD 2018, Abs. 104

Mean transaminases (IU/L) NGM282, NAS and fibrosis in NASH: a phase 2 study Mean transaminases (IU/L) NGM282 1 mg 100 Baseline 80 60 40 20 W2 W4 W6 W8 W10 W12 NGM282 3 mg 100 80 60 40 20 Baseline W2 W4 W6 W8 W10 W12 ALT AST NGM282-phase 2 Harrison SA, AASLD 2018, Abs. 104

Histological parameters, % NGM282, NAS and fibrosis in NASH: a phase 2 study Histological parameters, % NGM282 1 mg NGM282 3 mg Improved No change Worsened -1.9 (1.7) 20 40 60 80 100 -1.0 (0.9) -0.4 (0.6) -0.5 (0.9) Mean change at W12 (SD) NAS Steatosis Inflammation Ballooning 8% 17% 75% 33% 67% 46% 42% 12% NAS Steatosis Inflammation Ballooning -2.3 (1.8) -1.1 (0.9) -0.4 (0.7) -0.7 (0.9) 84% 74% 26% 53% 42% 5% 20 40 60 80 100 11% NGM282-phase 2 Harrison SA, AASLD 2018, Abs. 104

Fibrosis at baseline and W12 in the NGM282 1 mg group NGM282, NAS and fibrosis in NASH: a phase 2 study Fibrosis at baseline and W12 in the NGM282 1 mg group Fibrosis Stage at baseline, % Fibrosis Histologic Response at W12, % Mean fibrosis stage = 2.3 F4 F1 F2 F3 38 % 42 % 16 % 4 % Improved No change Worsened (1 point) Mean change from baseline in fibrosis stage: - 0.1 One subject had a 2-stage improvement in fibrosis: F2 to F0 NGM282-phase 2 Harrison SA, AASLD 2018, Abs. 104

Mean LDL-cholesterol changes during treatment, mg/dL NGM282, NAS and fibrosis in NASH: a phase 2 study Mean LDL-cholesterol changes during treatment, mg/dL Baseline 200 100 50 W2 W4 W6 W8 W10 W12 150 NGM282 1 mg NGM282 1 mg + rosuvastatin (if needed, titration at W4, W8) NGM282 3 mg NGM282 3 mg + r0osuvastatin (if needed, titration at W4, W8) LDL-C levels drop below baseline with rosuvastatin Decreased C4 and increased LDL-cholesterol reflect potent CYP7A1 inhibition Lipid particle change primarily driven by increase in large LDL particles Significant reductions in serum triglycerides: -25 % (1 mg) and -34 % (3 mg) at W12 NGM282-phase 2 Harrison SA, AASLD 2018, Abs. 104

Safety and tolerability NGM282, NAS and fibrosis in NASH: a phase 2 study Safety and tolerability Favorable safety and tolerability profile consistent with other NGM282 studies: no new safety signals identified Mild gastrointestinal symptoms (loose/frequent stools) were the most common treatment emergent adverse events Majority were mild and resolved during treatment phase No subject withdrew from treatment due to any drug-related AEs Gastrointestinal symptoms were largely mitigated with separating the timing of injection around meals and decreasing meal size Five severe adverse events, all unrelated to study drug: Pneumonia Pleurisy Chest tightness Cardiac arrest (non myocardial infarction) Renal mass NGM282-phase 2 Harrison SA, AASLD 2018, Abs. 104

NGM282, NAS and fibrosis in NASH: a phase 2 study Summary Potent C4 and bile acid suppression consistent with FGF19 hormone activity Significant and clinically meaningful reductions across non-invasive markers of NASH-related disease Large percentage of patients demonstrated histological improvement at W12 Statin co-administration rapidly mitigates LDL-cholesterol elevations Treatment was safe and well tolerated NGM282-phase 2 Harrison SA, EASL 2018, Abs. GS-014