Leerink Immuno-Oncology Roundtable Conference

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Leerink Immuno-Oncology Roundtable Conference September 28, 2017 NASDAQ:FPRX

Forward-Looking Statements Disclaimer This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "may," "will," "expect," "plan," "anticipate" and similar expressions (as well as other words or expressions referencing future events or circumstances) are intended to identify forward-looking statements. These forward-looking statements reflect FivePrime's current beliefs and expectations. Each of these forward-looking statements involves risks and uncertainties. Actual results may differ from these forward-looking statements. Forward-looking statements contained in this presentation include statements about (i) the timing of initiation, progress and scope of clinical trials for our product candidates; (ii) the potential use of our product candidates to treat patients; (iii) the extent of gene amplification and protein overexpression in and the size of certain patient populations; (iv) the prevalence and incidence of certain diseases; (v) the timing of the filing of INDs; (vi) the timing of data disclosures; and (vii) our estimated 2017 net cash used in operating activities and estimated year-end balance of cash, cash equivalents and marketable securities. Many factors may cause differences between current expectations and actual results, including unexpected safety or efficacy data observed during preclinical or clinical studies, clinical site activation rates or clinical trial enrollment rates that are lower than expected, changes in expected or existing competition, failure of our collaborators to support or advance collaborations or product candidates and unexpected litigation or other disputes. Other factors that may cause our actual results to differ from current expectations are discussed in FivePrime's filings with the U.S. Securities and Exchange Commission, including the "Risk Factors" sections contained therein. Except as required by law, we assume no obligation to update any forward-looking statements contained herein to reflect any change in expectations, even as new information becomes available. 2

Our Unique Platform is Ideal for the Design of New Drugs that Reprogram Immune Cells in the Tumor Microenvironment Immune Cell Immune Cell Extracellular Proteins Tumor Cell Discovering novel protein drugs Targeting key immune cells CD8 T cell TAM TReg Dendritic cell NK cell 3

Oncology-Focused Pipeline with Multiple Clinical Candidates Program Cabiralizumab (FPA008) CSF-1R antibody Indications Lead selection Multiple tumor settings in combination with Opdivo Pigmented Villonodular Synovitis (PVNS) IND-enabling activities Phase 1 Phase 1b Phase 2 FPA144 FGFR2b antibody FP-1039 FGF ligand trap FPA150 B7-H4 antibody FPT155 CD80-Fc Gastric and bladder cancers Mesothelioma Multiple tumor settings Multiple tumor settings I-O antibody Multiple tumor settings I-O antibody Multiple tumor settings 2016 Five Prime Therapeutics, Inc. All Rights Reserved 4

Cabiralizumab, a Product of the Five Prime Platform Blocks Survival of Macrophages Cabiralizumab (FPA008) is an antibody to CSF-1R CSF-1 IL-34 Five Prime discovered IL-34, one of the two ligands for CSF- 1R that cabiralizumab (FPA008) blocks 5

Cabiralizumab/OPDIVO Combination Trial in Multiple Tumor Settings: Preliminary Data Planned for Presentation at SITC PHASE 1a Dose escalation Cabiralizumab Monotherapy Expansion in Selected Tumors Cabiralizumab Monotherapy N ~280 patients Study Objectives Late-Breaking Abstract Submitted to SITC Cabiralizumab + OPDIVO Cabiralizumab + OPDIVO Safety First disclosure of combination data with a CSF1R and a PD(L)-1 inhibitor Phase 1a: safety, efficacy and preliminary biomarker data Phase 1b: safety, efficacy and preliminary biomarker data from one cohort PHASE 1b Cabiralizumab + OPDIVO Initiated October 2016 Anticipate completing enrollment by end of 2017 LUNG (NSCLC) Anti-PD-1 Naïve LUNG (NSCLC) Anti-PD-1 Resistant HEAD & NECK PANCREATIC RENAL OVARIAN GLIOBLASTOMA Objective response rate and duration Survival Baseline and on-treatment biopsies to assess monotherapy and combination 6

Cabiralizumab: Current Five Prime-Sponsored Phase 2 Trial in PVNS PHASE 1a Dose escalation PHASE 2 Dose expansion Alternative Dosing Schedule Study Objectives 4mg/kg 4mg/kg Q 2 weeks 30 patients 4mg/kg ~ Q 4 weeks up to 30 patients Objective response 2mg/kg Pain 1mg/kg Range of motion Initiated Phase 2 May 2016 Completed Enrollment April 2017 Preliminary Data presented at ASCO June 2017 7

FPA144 Was Designed to Recruit Tumor-Killing NK Cells into the Tumor Microenvironment Natural Killer Cell Enhanced ADCC to increase NK cell recruitment FGF7, 10, 22 FPA144 FGFR2b FPA144: antibody specific to FGFR2b splice variant Tumor Cell 8

% Change in Tumor from Baseline FPA144 Demonstrated Monotherapy Activity in Heavily Pre-treated Patients with FGFR2b+ Gastric Cancer* 40 20 0-20 -40 Best % Change in Sum of Diameters from Baseline FGFR2b+ High number of prior therapies (median = 3) Objective Response Rate: 19.0% (n=21) Disease Control Rate: 57.1% Median Duration of Response = 15.4 weeks -60-80 FPA144 Dose Level 6 mg/kg 10 mg/kg 15 mg/kg Including patients enrolled into Part 2 (Cohort A), as well as 6 patients in Part 1B * ASCO 2017 Catenacci et al 9

Preparing for Pivotal Trial of FPA144 for Front-Line Treatment of FGFR2b+ Gastric Cancer Seeking regulatory guidance on details of registrationenabling pivotal trial plan Global (including China and Japan) randomized, controlled trial Select biomarker-positive patients by ctdna (blood-based) or IHC (tumor sample) tests; approximately 10% of patients expected to be biomarker-positive Phase 1 safety run-in followed by Phase 3 trial Study start-up activities underway Study Objectives FOLFOX chemotherapy versus FOLFOX chemotherapy + FPA144 PFS OS ORR 10

FPA150: Novel B7-H4 Antibody is Designed for Two Mechanisms of Action FPA150 Blocks a T cell checkpoint pathway expressed on tumor cells Engineered to enhance ADCC against B7-H4-expressing tumor cells B7-H4 is overexpressed in breast, ovarian and endometrial cancers IND planned 4Q17 Presented at an oral poster discussion at ESMO 11

FPT155 is a CD80-Fc Fusion Protein Engineered to Activate T cells Through Multiple Pathways Normal T cell activation via CD80 FPT155 uses the binding interactions of Soluble CD80 to modulate 3 pathways CD28 Activation (activates T cells without superagonism) CTLA4 Engagement PD-L1 Blockade CD80 is a co-stimulatory molecule expressed on antigen presenting cells 12

Thank You www.fiveprime.com NASDAQ:FPRX