®

Developing Breakthrough Biologics, Life-changing Medicines

Corporate Update September 2019 Legal Notices The information in this slide deck is current as of August 31, 2019, unless otherwise noted, and is qualified in its entirety by reference to MacroGenics’ Annual, Quarterly and Current Reports filed with the SEC. MacroGenics undertakes no obligation to update any of the information herein. Cautionary Note on Forward-Looking Statements Any statements in these materials about future expectations, plans and prospects for MacroGenics (“Company”), including statements about the Company’s strategy, future operations, clinical development of the Company’s therapeutic candidates, milestone or opt-in payments from the Company’s collaborators, the Company’s anticipated milestones and future expectations and plans and prospects for the Company and other statements containing the words “subject to”, "believe", “anticipate”, “plan”, “expect”, “intend”, “estimate”, “project”, “may”, “will”, “should”, “would”, “could”, “can”, the negatives thereof, variations thereon and similar expressions, or by discussions of strategy constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: the uncertainties inherent in the initiation and enrollment of future clinical trials, expectations of expanding ongoing clinical trials, availability and timing of data from ongoing clinical trials, expectations for regulatory approvals, other matters that could affect the availability or commercial potential of the Company's product candidates and other risks described in the Company’s filings with the Securities and Exchange Commission. In addition, the forward- looking statements included in this presentation represent the Company's views only as of the date hereof. The Company anticipates that subsequent events and developments will cause the Company's views to change. However, while the Company may elect to update these forward- looking statements at some point in the future, the Company specifically disclaims any obligation to do so, except as may be required by law. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date hereof. Trademarks DART, TRIDENT, MacroGenics, the MacroGenics logo and “Breakthrough Biologics, Life-Changing Medicines” are trademarks or registered trademarks of MacroGenics, Inc. The Incyte logo is a registered trademark of Incyte Corporation. Investigational Agents All Company product candidates described or mentioned herein are investigational and have not yet been approved for marketing by any regulatory authority.

2 September 2019 Committed to Developing Life-changing Medicines

Innovative Combinatorial Approaches Resourced for Success

Nine immuno-oncology clinical candidates $272M Cash @ 06/30/19(a)

Multiple alliances with Fc optimization platform to enhance antibodies’ immune activation leading biopharma companies

Commercial scale GMP Leading bispecific DART® platform to exploit multiple mechanisms manufacturing facility

~380 Employees Multi-program “franchises” around high-value targets (B7-H3, PD-1) (Rockville, MD & SF Bay Area)

(a) Includes cash equivalents and marketable securities.

3 September 2019 Broad Array of Engineered Antibody Formats Engaging the Immune System to Target Cancer

Fc-Optimized Antibody Drug Antibody DART/TRIDENT™ Molecules Antibody Conjugate

Bivalent Bivalent Bivalent Bivalent Tetravalent Trivalent Monospecific Monospecific Monospecific Bispecific Bispecific Trispecific Fab Region Fc Region

Key Features: • Enhance Fc-mediated • Leverage 3rd party • “Plug-and-play” multi-specific platforms activity, incl. ADCC linker-payload tech • Tailored half-life and avidity/valency to optimize product profile • Promote innate and (Synthon, Immunogen) • Broad range of modalities pursued: adaptive immunity • Deliver potent anti- – Co-blockade of multiple checkpoint molecules • Combine with tumor payload – Redirect T-cell killing checkpoint inhibitors – to augment activity Tumor-directed co-stimulation

4 September 2019 Our Advancing Immuno-Oncology Pipeline Retains major market commercial rights for 8 of 9 development candidates

Program (Target) Potential Indication Pre-IND Phase 1 Phase 2 Phase 3 Collaborator Our Commercial Rights

Margetuximab (HER2) Breast (HER2+) “SOPHIA” Zai Lab, Worldwide, excluding South Korea GC Pharma and Greater China Gastric (+anti-PD-1)

Enoblituzumab (B7-H3) Solid Tumors (+anti-PD-1) I-Mab Biopharma Worldwide, excluding Greater China H3 - MGD009 (B7-H3 × CD3) Solid Tumors (+MGA012) — Worldwide B7 MGC018 (B7-H3)(a) Solid Tumors — Worldwide

MGA012 (PD-1) Solid Tumors Incyte(b) — 1 MGD013 (PD-1 × LAG-3) Solid Tumors/Heme Mal. Zai Lab Worldwide, excluding Greater China PD -

MGD019 (PD-1 × CTLA-4) Solid Tumors — Worldwide

Flotetuzumab (CD123 × CD3) AML — Worldwide

AML (+MGA012)

MGD007 (gpA33 × CD3) Colorectal (+MGA012) — Worldwide

“MGD” = DART “MGA” = Antibody “MGC” = ADC

(a) MGC018 is an antibody-drug conjugate (ADC) based on a duocarmycin payload with cleavable peptide linker that was licensed from Synthon Biopharmaceuticals. (b) MacroGenics retains rights to develop its pipeline assets in combination w/MGA012 (INCMGA0012) and to manufacture a portion of global clinical and commercial supply needs of MGA012. All Company product candidates described or mentioned herein are investigational and have not yet been approved for marketing by any regulatory authority.

5 September 2019 Core Product Candidates with Key Milestones Anticipated in 2019

Enhance Innate Enoblituzumab Immune Function (Anti-HER2 mAb) (Anti-B7-H3 mAb) through Fc Optimization

(a) Restore and MGA012 MGD013 Redirect T-Cell (Anti-PD-1 mAb) (PD-1 × LAG-3 DART) (CD123 × CD3 DART) Function

(a) MacroGenics retains rights to develop its pipeline assets in combination with MGA012 (INCMGA0012) and to manufacture a portion of global clinical and commercial supply needs of MGA012.

6 September 2019 Building Competitive Advantage Around Combinatorial Mechanisms

Tumor Destruction Restore T-Cell Function: Enhance T-cell Function: and Antigen Presentation Checkpoint Inhibition T-Cell Recruitment

Complementary MOA’s Complementary MOA’s

MGA012 Flotetuzumab

Margetuximab or Enoblituzumab

MGD013

TAA: tumor-associated antigen

7 September 2019 Margetuximab

Margetuximab: Anti-HER2 mAb Engineered to Enhance Activity of Immune System Positive results from pivotal phase 3 study presented at ASCO 2019

• Inhibits HER2 signaling (similar to ) Function/ • MoA Fc region engineered to engage innate and adaptive immunity as mediators of anti-tumor activity

HER2 HER2 • Ph. 3 SOPHIA study in HER2+ metastatic breast cancer Fab Pivotal Region Clinical • Ph. 2/3 MAHOGANY study w/checkpoint inhibitor in Studies HER2+ gastric cancer (anticipated start 3Q19)

• Ph. 3 SOPHIA study ‒ Positive PFS results reported ASCO 2019 Fc Region Program ‒ Interim OS results expected 4Q19, final OS in 2020 Status • BLA submission in HER2+ mBC expected 4Q19 • Ph. 1 HER2+ gastric cancer data reported ASCO GI 2019

MacroGenics’ Retained • Global rights (excl. Greater China, South Korea) Rights

Margetuximab is investigational and has not yet been approved for marketing by any regulatory authority

8 September 2019 Margetuximab

3rd/4th Line HER2+ Metastatic Breast Cancer Represents Attractive Entry Point

mBC Line of Therapy 1st Line 2nd Line 3rd/4th Line

Annual # of Patients(a) ~19,200 ~16,000 ~18,800

No consensus Trastuzumab T-DM1 (lapatinib + capecitabine; Standard of Care + (ado-trastuzumab trastuzumab + different + taxane (docetaxel) emtansine) chemo)

Median OS 56.5 months(b) 30.9 months(c) 15.8 months(d)

Median PFS 18.5 months(b) 9.6 months(c) 3.3 months(e)

ORR 80.2%(b) 43.6%(c) 8.6%

(a) US/EU5 Data from 9/13/18 Roche Virtual Late Stage Pipeline Event (b) Baselga, et al. – CLEOPATRA Study Group; Perjeta package insert (c) Verma, et al. – EMILIA Study Group; Kadcyla package insert (d) Krop, et al., The Lancet (June 2017) – TH3RESA Study Group (e) Krop, et al., The Lancet (May 2014) – TH3RESA Study Group

9 September 2019 Margetuximab

Phase 3 Study Comparing Margetuximab to Trastuzumab SOPHIA clinical trial designed to support registration in 3rd/4th line HER2+ metastatic breast cancer

Arm 1 margetuximab + HER2+ mBC Investigator’s Choice of chemotherapy 1–3 Prior Treatment Lines Chemotherapy in Metastatic Setting 1:1 Randomization (N = 536) (capecitabine, eribulin, R (including prior treatment with gemcitabine or vinorelbine) multiple other anti-HER2 agents)(a) Arm 2 trastuzumab + chemotherapy

• Sequential primary endpoints: PFS and OS − PFS and first interim OS analyses as of October 2018 − Second interim OS analysis planned at 270 events in 2H2019 − Final OS analysis planned at 385 events in 2020 Global sites: ~200

• Patients carrying CD16A (FcγRIIIa) 158F allele were pre-specified PFS (N=257, HR=0.67, α=0.05, power=90%) exploratory subpopulation OS (N=385, HR=0.75, α=0.05, power=80%)

(a) All study patients had previously received trastuzumab and pertuzumab, and approximately 90% had previously received ado-trastuzumab emtansine.

10 September 2019 Margetuximab

SOPHIA Ph. 3 Demonstrated Superiority to Trastuzumab in Primary PFS Endpoint PFS prolonged in margetuximab arm vs. trastuzumab arm

PFS Primary Endpoint (ITT Population): Planned Exploratory Subpopulation (CD16A 158F Carriers): 24% Risk Reduction of Disease Progression 32% Risk Reduction of Disease Progression

Margetuximab Trastuzumab Margetuximab Trastuzumab + Chemotherapy + Chemotherapy + Chemotherapy + Chemotherapy (n=266) (n=270) (n=221) (n=216) # of events 130 135 # of events 103 112 Median PFS 5.8 months 4.9 months Median PFS 6.9 months 5.1 months (95% CI) (5.52–6.97) (4.17–5.59) (95% CI) (5.55–8.15) (4.14–5.59) HR=0.76 (95% CI, 0.59–0.98) P=0.033 HR=0.68 (95% CI, 0.52–0.90) P=0.005 free Survival (%) free Survival (%) - - Progression Progression

Margetuximab + chemotherapy Margetuximab + chemotherapy Trastuzumab + chemotherapy Trastuzumab + chemotherapy

Time from Randomization (Months) Time from Randomization (Months)

Margetuximab 221 157 84 42 21 8 6 4 2 0 Trastuzumab 216 129 62 30 11 2 2 1 1 1 1

ITT=Intent to Treat population: N=536. CD16A 158F Carriers=FF or FV Genotype. CI=confidence interval. HR=Hazard Ratio (by stratified Cox model). (Presented ASCO 2019)

11 September 2019 Margetuximab

First Interim OS Analysis (Oct 2018): Preliminary Trend in Favor of Margetuximab 158 (41%) of 385 events needed for final OS analysis; second interim analysis at 270 events

OS Primary Endpoint Planned Exploratory Margetuximab Trastuzumab Subpopulation Margetuximab Trastuzumab (ITT Population) +Chemotherapy +Chemotherapy +Chemotherapy +Chemotherapy (n=266) (n=270) (CD16A 158F Carriers) (n=221) (n=216) # of events 78 80 # of events 59 65 Median OS 18.9 months 17.2 months Median OS 23.6 months 16.9 months (95% CI) (16.16–25.07) (15.80–33.31) (95% CI) (16.56–NA) (15.41–20.53) HR=0.95 (95% CI, 0.69–1.31) HR=0.82 (95% CI, 0.58–1.17)

NA=not achieved. ITT=Intent to Treat population. CI=Confidence Interval. HR=Hazard Ratio (by stratified Cox Model). (Presented ASCO 2019)

12 September 2019 Margetuximab

Summary of Adverse Events (AEs) Similar overall safety profiles

Margetuximab + Trastuzumab + Chemotherapy (n=264) Chemotherapy (n=265) Any grade AE, n (%) 258 (97.7) 255 (96.2) Grade ≥3 AE, n (%) 138 (52.3) 128 (48.3) SAE, n (%) 39 (14.8) 46 (17.4) AE leading to treatment discontinuation, n (%) 8 (3.0) 7 (2.6) AEs resulting in death,* n (%) 2 (0.8)† 2 (0.8)‡

Safety Population (randomized patients who received any study treatment): N=529. *No AEs resulting in death were considered related to anti-HER2 study therapy. †Pneumonia (n=1), pneumonia aspiration (n=1). ‡Pneumonia (n=1), acute kidney injury (n=1). SAE=serious AE. (Presented ASCO 2019)

13 September 2019 Margetuximab

AEs Regardless of Causality

Margetuximab + Trastuzumab + Chemotherapy (n=264) Chemotherapy (n=265) Most common AEs, n (%) All Grade* Grade ≥3† All Grade* Grade ≥3† Fatigue 103 (39.0) 12 (4.5) 92 (34.7) 7 (2.6) Nausea 81 (30.7) 3 (1.1) 84 (31.7) 1 (0.4) Neutropenia 73 (27.7) 51 (19.3) 51 (19.2) 30 (11.3) Diarrhea 59 (22.3) 6 (2.3) 62 (23.4) 5 (1.9) Anemia 48 (18.2) 12 (4.5) 55 (20.8) 17 (6.4) Neutrophil count decreased 32 (12.1) 22 (8.3) 35 (13.2) 25 (9.4) Febrile neutropenia 8 (3.0) 8 (3.0) 12 (4.5) 12 (4.5) AEs of special interest, n (%) All Grade Grade ≥3 All Grade Grade ≥3 Infusion-related reaction (IRR)‡ 34 (12.9) 4 (1.5) 10 (3.8) 0 Left ventricular dysfunction 6 (2.3) 3 (1.1) 7 (2.6) 1 (0.4) Discontinuation due to IRRs, n (%) 3 (1.1) 2 (0.8) 0 0

Safety Population: N=529. *Incidence ≥20% in either treatment group. †Incidence ≥5% in either treatment group. ‡All patients received prior trastuzumab. In pivotal trials of trastuzumab, IRRs occurred in 21% to 40% of patients (US package insert). (Presented ASCO 2019)

14 September 2019 Margetuximab

Capturing Full Potential of Margetuximab Planned development strategy

3 Future Development Opportunities • Neoadjuvant breast cancer • Other HER2+ populations

2 Follow-on Indications • 1st Line Gastric Cancer (w/checkpoints) − Phase 2/3 MAHOGANY initiation in 3Q19

1 Potential Approval • 3rd/4th line HER2+mBC (w/chemo) − BLA submission planned in 4Q19

15 September 2019 Margetuximab

Promising Activity in Advanced Gastric Cancer Patients in Phase 2 Study 33% ORR in HER2 3+ gastric cancer previously treated with chemotherapy PD-L1 Negative 120 PD-L1 Positive 100 Status Unknown 80 Ongoing 60 40 20 0 -20 -40 Changefrom Baseline (%) -60 -80 Gastric Cancer N ORR DCR mPFS mOS -100 HER2 IHC 3+(a) 55 32.7% (18/55) 69.1% (38/55) 4.70 (2.66, 7.49) NR (12.48, NR) IHC3+/PD-L1+(b) 23 52.2% (12/23) 82.6% (19/23) 4.14 (2.60, 15.54) NR (6.74, NR)

Data cut-off January 8, 2019. Includes patients who received ≥1 margetuximab and pembro dose in expansion phase, and had baseline measurable disease and ≥1 post-baseline disease assessment. (a) Immunohistochemistry (IHC) test gives score of 0 to 3+ that measures amount of HER2 receptor protein on surface of cells in cancer tissue sample. Score of 0 to 1+ is called “HER2 negative”, score of 2+ is called "borderline“, score of 3+ is called “HER2 positive.” (b) “PD-L1 Positive” reflects Combined Positive Score (per standard FDA approved assay) ≥1% (PD-L1 tested on archival tissue by IHC; clone 22C3 pharmDx). (Presented ASCO GI 2019)

16 September 2019 Margetuximab

Margetuximab + Anti-PD-1 Data in 2L Presents Opportunity to Advance to 1L HER2+ gastric cancer benchmarks

1st Line 2nd Line 3rd Line SOC SOC Ongoing Ph 2 Study Failed Ongoing Study Trastuzumab + (c) ​(d) Agent Margetuximab + Pembrolizumab Chemo(a) + Paclitaxel(b) (KEYNOTE-61) DS-8201(e) (Study) (TOGA)​ (RAINBOW)​ ​IHC 3+ IHC 3+/PD-L1+ PD-L1+

ORR 47% 28% 33% 52% 15.8% 43%

Median PFS 6.7 mos. 4.4 mos. 4.7 mos. 4.1 mos. 1.5 mos. 5.6 mos.

Median OS 13.1 mos.​ 9.6 mos.​ 14.6 mos. Not yet reached 9.1 mos.​ 12.8 mos.

Overall: N/A 41% Neutropenia ≥ Grade 3 TRAEs 68% 20% 14% 48% 15% Hypertension 12% Fatigue

Gastric/GEJ Patient Mix 80/20% 80/20% 100%/0% 70%/30​% 80%/20%

SOC = Standard of Care (a) Data from Herceptin package insert; Bang, et al., Lancet, 2010; (b) Data from Cyramza package insert; Wilkes, et al., Lancet Oncology, 2014; (c) Data presented at ASCO GI 2019; Updated data expected at ESMO 2019; Grade 3 TRAE includes all GC and GEJ patients. (d) Shitara, et al., 2018, Lancet; (e) Shitara, et al., 2019, Lancet Oncol.

17 September 2019 Margetuximab

MAHOGANY Phase 2/3 Study: Registration Path in 1L Gastric & GEJ Cancer Planned initiation of global study in 3Q2019

Margetuximab + MacroGenics’ Anti-PD-1 (Chemo-free Regimen)

(add’l patients to support potential (n=40) Accelerated Approval in the US ) HER2+ (IHC 3+) Primary Single Experimental Arm: Go/ Single Experimental Arm: Endpoint: and margetuximab + MGA012 No Go margetuximab + MGA012

Module A Module PD-L1+ (≥1% CPS) ORR ORR and Tolerability

Margetuximab + Chemo + MacroGenics’ Checkpoint Inhibitor (n=50 per arm) Standard of Care: trastuzumab+ chemo (n=250 per arm) HER2+ Experimental Arm #1: Standard of Care: (IHC 3+ or margetuximab + chemo + MGA012 trastuzumab + chemo Primary IHC 2+/FISH+) Futility Endpoint: Analysis R BLA R Experimental Arm #2: Experimental Arm: Module B Module regardless of OS margetuximab + chemo + MGD013 Assess marge + chemo + CPI* PD-L1 status Safety/efficacy of Experimental Arm #3: Experimental margetuximab + chemo Arms #1 and #2

MAHOGANY (Margetuximab in HER2-positive Gastric Cancer * Pending chronic tox study (if regimen with MGD013 is selected).

18 September 2019 MGA012

MGA012: Development Across Eleven Clinical Studies Global collaboration with Incyte

Function/ • Humanized, hinge-stabilized IgG4 mAb MoA • Inhibits PD-1

PD-1 PD-1 • Eleven monotherapy or combo studies ongoing Clinical • Initial monotherapy data projected in 2020(a) Studies • Planned combination with margetuximab ± chemo in Phase 2/3 MAHOGANY study in gastric cancer

Global Incyte • $150M Upfront cash payment Transaction • Up to $750M in milestones ($15M received in 2018) • Tiered royalties of 15-24% on future MGA012 sales

MacroGenics’ • Develop pipeline assets in combination with MGA012 Retained • Rights Manufacture portion of global MGA012 supply

(a) Ongoing studies in MSI-high endometrial cancer, Merkel cell carcinoma and anal cancer are potentially registration-directed.

19 September 2019 MGA012

MGA012: Building a Pipeline within a Product Comprehensive development program includes multiple registration-directed clinical studies

MSI-High Merkel Cell Anal Gastric Head & Neck Endometrial Cancer Carcinoma Cancer Cancer Cancer

monotherapy monotherapy monotherapy + margetuximab ± chemo + enoblituzumab ± chemo

Data Expected Data Expected Data Expected Initiation Expected Initiation Expected 2020 2020 2021 3Q19 4Q19

• Additional benchmarking studies being conducted by Incyte

Non-small Cell Lung Cancer ± Chemo Melanoma Renal Carcinoma Urothelial Cancer Soft Tissue Endometrial Cervical Cancer Sarcoma Cancer

• Combination studies with pipeline assets ongoing or planned by both Incyte and MacroGenics

20 September 2019 MGD013

MGD013: First Bispecific Checkpoint Molecule in Clinical Trials

• Simultaneous and/or independent blockade of two Function/ MoA checkpoint molecules • LAG-3 LAG-3 Reactivation of exhausted T cells

• PD-1 PD-1 Ph. 1 dose expansion in nine tumor types (solid and Clinical liquid); checkpoint-naïve and checkpoint-experienced Studies • Phase 2/3 MAHOGANY study with margetuximab and chemotherapy in gastric cancer (Module B) planned

• ~100 patients enrolled in ongoing Ph. 1 dose Status expansion; data expected 2H19 • Exploring correlative biomarkers (with Nanostring)

MacroGenics’ Retained • Global rights (excl. Greater China) Rights

21 September 2019 MGD013

MGD013: Synergistic T-cell Activation DART construct enhances T-cell activation vs. anti-PD-1 + anti-LAG-3 mAbs in vitro

Enhancement of Primary T-cell Response Following SEB Stimulation

MGD013MGD013 (PD -(PD-11 x LAG x LAG-3-3 DART DART) mol.)

MGA012 + MG Anti-LAG-3 + NS PD-1 × LAG-3 DART Molecule PD-1 LAG-3 Nivo* + 25F7*

MGA012 Anti-PD-1 25 nM Nivo* Anti-PD-1 6.25 nM 1.56 nM MG's Anti-LAG-3 0.39 nM 0.09 nM Ratio-paired t-test (25 nM group): BMS' Anti-LAG-3 (25F7* ) 0.024 nM *p = 0.0262 0.006 nM **p = 0.0022 NS = not significant Control IgG Number of subjects = 11–13

0 50 100 150 200 250 300 350 400 450 Relative IFN-γ Induction (% of 25 nM MGA012, mean ± sem) *IFNγ release by 25 nM MGA012 = 3276±744 pg/ml.

22 September 2019 MGD013

Rationale for MGD013 in MAHOGANY Phase 2/3 Study: High LAG-3 Expression

• LAG-3 positivity: 88% (30/34) observed across gastric cancer samples*

H&E and LAG-3 IHC profile for gastric cancer patient sample 20x H&E LAG-3 IHC Isotype Control

• cPR in 67 y.o. gastric cancer patient in MGD013 monotherapy Phase 1 study − Refractory to − Complete resolution of target lesions − Treatment ongoing as of May 2019 for ~31 weeks

* IHC performed using anti-LAG-3 mAb EPR43292(2); Positivity defined as detection of at least one LAG-3 positive Tumor Infiltrating Lymphocyte (TIL)

23 September 2019 Enoblituzumab

Enoblituzumab: Potential Leading Anti-B7-H3 mAb Leveraging immune modulation through Fc optimization

• Fc region optimized to enhance immune response, Function/ including ADCC MoA • Evidence of T-cell immunomodulation B7-H3 B7-H3 • Ph. 1 study in SCCHN and NSCLC (including PD-L1 Fab negative) Region Clinical Studies • Ph. 2/3 study in SCCHN in combination with MGA012 (anticipated start 4Q19)

Fc Region Status • Ph 1. data in SCCHN and NSCLC reported at SITC 2018

MacroGenics’ Retained • Global rights (excl. Greater China) Rights

24 September 2019 Enoblituzumab

Rationale for Targeting B7-H3 in Cancer Associated with adverse clinical features and outcome in various solid tumors

Tumor Cells Expression on: • Primary tumor & metastases • Cancer stem cells • Tumor stroma and vasculature Myeloid-Derived Suppressor Cells Cancer Potential immunological role Stem Cells • Inhibition of T-cell activation • Correlated with lack of response to anti- PD-1 therapy(a)

Tumor-autonomous role • Migration & invasion • Tumor metabolic advantage • Associated with chemotherapy resistance Tumor Vasculature T Cells

(a) Yonesaka, et al., CCR, 2018

25 September 2019 Enoblituzumab

Confirmed High Penetrance in Broad Set of Solid Tumors Majority of B7-H3 positive tumors express high levels of B7-H3 (≥ 2+)

IHC Summary of >1,400 Tumor Tissue Samples Screened Potential Indications B7-H3 Positive(a) 2+ or Above Head and Neck 19/19 100% 19/19 100% Kidney Cancer 77/78 99% 75/78 96% Glioblastoma 65/66 98% 63/66 95% Thyroid Cancer 34/35 97% 33/35 94% Enoblituzumab +Anti-PD-1 Mesothelioma 41/44 93% 39/44 89% Combination Melanoma 132/146 90% 94/146 64% Study Indications Prostate Cancer 88/99 89% 51/99 52% Evaluated Pancreas Cancer 69/78 88% 45/78 58% Bladder 134/156 86% 123/156 79% Lung Cancer 324/379 85% 300/379 79% Breast Cancer 189/249 76% 156/249 63% Ovarian Cancer 59/79 75% 36/79 46%

Limited expression in normal tissue  favorable profile for targeting B7-H3

(a) B7-H3 positivity reflects any grade staining via fixed tumor microarray; B7-H3 is expressed on tumor as well as tumor vasculature.

26 September 2019 Enoblituzumab

Antitumor Activity in SCCHN Patients (Anti-PD-1/PD-L1 Naïve) + anti-PD-1 mAb Induction of tumor regression in SCCHN patients, irrespective of HPV status HPV- 60 HPV+ First new lesion 40 Treatment ongoing 20 0 HPV- -20 50 HPV+ -40 40 * Treatment ongoing -60 30 -80 Change fromBaseline (%) 20 -100 0 5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95 100 105 110 115 120 10 Weeks Since Treatment Indication 0 -10 * -20 -30 -40 -50 All Patients B7-H3 (Tumor) ≥ 10% -60 * -70 N= 18 15 -80 CR+PR 6/18 (33.3%) 6/15 (40.0%) -90 * CR+PR+SD 11/18 (61.1%) 11/15 (73.3%) -100 * Data cut-off date: October 12, 2018. Received ≥1 prior line of chemotherapy and TKI treatment. B7-H3 testing was retrospective. (Presented SITC 2018)

27 September 2019 Enoblituzumab

Antitumor Activity in NSCLC Patients (Anti-PD-1/PD-L1 Naїve) + anti-PD-1 mAb Induction of tumor regression in NSCLC patients with <1% PD-L1

100 Squamous 80 Non-squamous 60 First new lesion Treatment ongoing 40 20 0 50 Squamous -20 40 Non-squamous -40 -60 30 Treatment ongoing * Change fromBaseline (%) -80 20 -100 0 5 10 15 20 25 30 35 40 45 50 55 60 65 10 Weeks Since Treatment Indication 0 -10 -20 * -30 -40 * -50 All Patients B7-H3 (Tumor) ≥ 10% -60 * -70 N= 14 11 -80 CR+PR 5/14 (35.7%) 5/11 (45.4%) -90 CR+PR+SD 13/14 (92.9%) 10/11 (90.9%) -100 *

Data cut-off date: October 12, 2018. Received ≥1 prior line of chemotherapy and TKI treatment. B7-H3 testing was retrospective. Tumor PD-L1 expression <1% by DAKO IHC. (Presented SITC 2018)

28 September 2019 Enoblituzumab

Encouraging Enoblituzumab + Anti-PD-1 Combo Data SCCHN and NSCLC benchmarks

SCCHN Study Results Agent Enoblituzumab Nivolumab Pembrolizumab Pembrolizumab (Study) + Pembrolizumab (CM-141)(a) (KN-012)(b) (KN-040)(c) N 18 240 174 247 ORR 33.3% 13% 16% 15%

NSCLC Study Results Agent Enoblituzumab Nivolumab Nivolumab Pembrolizumab (Study) + Pembrolizumab (CM-057)(d) (CM-017)(e) (KN-001)(f) Histology Both Non-Squamous Squamous Both PD-L1 Status PD-L1<1% PD-L1<1% PD-L1<1% PD-L1<1% N 14 108 54 87 ORR 35.7% 9% 17% 8%

(a) Ferris, et al., 2016, N Eng J Med (d) Borghaei, et al., 2015, NEJM (b) Keytruda® package insert (e) Brahmer, et al., 2015, NEJM (c) Cohen, et al., 2017, ESMO LBA45 (f) Garon, et al., 2015, NEJM

29 September 2019 Enoblituzumab

Enoblituzumab Phase 2/3 Study: Registration Path in 1st Line SCCHN Planned initiation of global study in 4Q2019

Phase 2 Phase 3

(n=50 per arm) Control Arm: 1L pembrolizumab+ chemo (n=260 per arm) Squamous Cell Experimental Arm #1: Control Arm: Primary Carcinoma enoblituzumab + MGA012 Pembrolizumab + chemo Go/ Endpoint: BLA of the Head No-Go R R Experimental Arm #2: Experimental Arm: OS and Neck enoblituzumab + MGA012+ chemo enoblituzumab + MGA012 ± chemo (SCCHN) Assess Safety/efficacy of Patients Experimental Arm #3: Experimental MGA012 + chemo Arms #1 and #2

30 September 2019 Flotetuzumab

Flotetuzumab: CD123 × CD3 DART Molecule

• Redirected T-cell killing against leukemia cells Function/ – Eliminates leukemic stem cells MoA – Spares normal hematopoietic stem cells – Engages any T-cell without HLA-restriction • Ph.1 monotherapy study in relapsed or refractory acute CD123 CD3 Clinical myeloid leukemia (r/r AML) Studies • Ph.1 combination study with MGD012 in r/r AML (anticipated start 3Q19 ex-US)

• Preliminary Ph.1 monotherapy data at ASH 2018 • Updated Ph.1 monotherapy data expected 2H19 Status – 50 Patients enrolled at recommended Phase 2 dose, including 30 patients with primary refractory AML

MacroGenics’ Retained • Global rights Rights

31 September 2019 Flotetuzumab

Flotetuzumab: Phase 1/2 Study Design

Dose Escalation Dose Expansion #1 Dose Expansion #2 Intra-patient and multi-patient Data presented at ASH 2018 Enrollment completed; escalation cohorts Present data in 2019

Establish Target Dose and Schedule (n=47) Relapsed/Refractory AML (n=31) Target Dose: 500 ng/kg/day Cycle 1: Continuous Infusion over 28 Days Relapsed/Refractory AML (n=25) Cycle ≥ 2: 4 Days On/ 3 Days Off Incorporated multi-step, lead-in dosing Enrich for primary refractory sub-pop. and supportive care to mitigate CRS Further optimize lead-in dosing; evaluate correlative biomarkers

• Primary refractory population: ‒ Refractory to ≥2 induction attempts, or ‒ 1st relapse with initial CR duration of <6 months, or Inclusion/Exclusion Criteria ‒ HMA failure to ≥4 cycles • Relapsed population (initial CR >6 months) • No prior allogeneic hematopoietic cell transplant • Safety and disease status assessed by modified IWG criteria Endpoints • Gene expression profiling performed using NanoString® PanCancerIO 360™ assay

32 September 2019 Flotetuzumab

Primary Refractory AML Patients Have Been Most Responsive to Flotetuzumab Dose expansion #1 data presented at ASH 2018

50 Primary Refractory 40 Relapsed Median Duration of 30 Failed 2 Cycles of HMA Response = 3.1 mos. 20 10 SD SD SD SD SD SD SD SD SD SD SD PR(b) MLF CR CR CR CRi CRi(a) 0 -10 PD PD PD PD PD PD PD -20 -30 -40 -50 Benchmark -60 AML Population ORR CR/CRi CR/CRi -70 Primary Refractory 6/17 (35.3%) 5/17 (29.4%) 13%(c) -80 -90 Relapse 1/7 (14.3%) 0/7 (0%) — Bone Marrow Blast Change from Baseline (%) Baseline from Marrow Change Blast Bone -100 • 31 Patients treated at RP2D: 27 response evaluable (2 PD on PB blasts), 25 pts in waterfall plot • 3 Patients non-evaluable pts (2 pts withdrew consent, 1 pt. withdrawn due to TRAE); 1 pt. ongoing • Acceptable safety: primarily low-grade CRS, w/Grade 3=12.9% (4/31 patients)

Data cut-off date: Nov. 1, 2018 CR=Complete Response; CRi=Complete Response with incomplete hematological improvement; MLF=Morphologic Leukemia-free state; PR=Partial Response; SD=Stable Disease; PD=Treatment Failure (a) Patient subsequently underwent HSCT in remission (b) Patient with PR had duration of response = 1.4 months (c) CR/CRp rate reported by Kantarjian, et al. (Cancer 2018) in large-scale analysis of chemotherapy-based salvage therapy in primary refractory AML patients (Presented ASH 2018)

33 September 2019 Financial Overview

• $272M Cash, cash equivalents and marketable securities as of June 30, 2019 • Historical financial details: 6 Mos. Ended June 30, $ in Millions 2014 2015 2016 2017 2018 2019 2018 Total Revenues $48 $101 $92 $158 $60 $20 $24 R&D Expense 70 98 122 147 191 99 98 Total Operating Expenses 86 121 152 180 231 121 118 Cash & Investments 158 339 285 305 233 272 301

• Revenues from collaborative and government agreements (>$450M since 2013 IPO):

$150

$100

$50 $ in Millions

$0 2014 2015 2016 2017 2018

34 September 2019 Anticipated Development Progress of Core Product Candidates in 2019

Margetuximab Enoblituzumab (Anti-HER2 mAb) (Anti-B7-H3 mAb)

 Positive SOPHIA study PFS data  Initiate MGA012 combo study (4Q)  Updated gastric combo data  Initiate MAHOGANY study (3Q)  SOPHIA interim OS (n=270) (4Q)  BLA submission (4Q)

MGA012(a) MGD013 Flotetuzumab (Anti-PD-1 mAb) (PD-1 × LAG-3 DART molecule) (CD123 × CD3 DART molecule)

(Subject to Incyte’s disclosure)  Present clinical update (4Q)  Initiate MGA012 combo study (4Q)  Present additional mono. data (4Q)

(a) MacroGenics retains rights to develop its pipeline assets in combination with MGA012 and to manufacture a portion of global clinical and commercial supply needs of MGA012.

35 September 2019 Thank You!

Investor Relations Inquiries: Jim Karrels – Senior Vice President, CFO 301-354-2681 | [email protected] Anna Krassowska, Ph.D. – Vice President, Investor Relations and Corporate Communications 301-461-4042 | [email protected]

Business Development Inquiries:

Eric Risser – Senior Vice President, Chief Business Officer 301-354-2640 | [email protected]

www.macrogenics.com Link to our latest presentations: http://ir.macrogenics.com/events.cfm

36 September 2019