Mustang Bio : Corporate Presentation January 2022

Corporate Presentation

January 21, 2022

Forward-Looking Safe Harbor Statement

This presentation may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. For such forward-looking statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, any statements relating to our growth strategy, products and product development programs and any other statements that are not descriptions of fact. Forward-looking statements are based on management's current expectations and are subject to risks and uncertainties that could negatively affect our business, operating results, financial condition and stock price. Factors that could cause actual results to differ materially from those currently anticipated include the risks and uncertainties inherent in clinical trials, drug development, and commercialization, as well as other risks described in our Securities and Exchange Commission filings. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as may be required by law. The information contained herein is intended to be reviewed in its totality, and any stipulations, conditions or provisos that apply to a given piece of information in one part of this presentation should be read as applying mutatis mutandis to every other instance of such information appearing herein. as required by law.

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Mustang Bio is Pioneering Innovative CAR-T Therapies for Cancer and Gene Therapies for Primary Immunodeficiencies

Overview

• Robust pipeline of cell and gene therapies targeting cancers and rare diseases
• Entering 2 pivotal trials & 1 phase 1/2 trial in 2022, with 1 ongoing Phase 1/2 clinical trial
• Fully integrated cell processing capabilities and 27,000 sq ft facility with capacity to launch at commercial scale

Key assets:

Anticipated 2022 milestones:

	▪ First-in-classCD20-targetedCAR-T is generating highly	▪ Present updated data at Tandem Meeting† (1Q22)
MB-106	compelling results for lymphoma & chronic lymphocytic	▪ Enroll 1st patient in Mustang IND Phase 1/2 trial (1Q22)
	leukemia	▪ Present Mustang IND data (4Q22)
MB-107 /	▪ Transformational ex vivo lentiviral gene therapy for XSCID	▪ Present data from St. Jude newborn trial (2Q22)
(rare genetic disease, fatal without transplant) - no	▪ Enroll 1st patient in newborn trial (3Q22)
MB-207
industry competition	▪ Enroll 1st patient in previously transplanted trial (3Q22)
	▪ First-in-classCAR-T for glioblastoma, for combination with	▪ File Mustang IND for Phase 1 combination trial (3Q22)
MB-101	first industry-sponsored combination of a CAR-T with an
	oncolytic virus - Mustang's own MB-108
In vivo	▪ Novel platform and approach to make CAR-Ts without	▪ Publish in vivo proof-of-concept in tumor model (2H22)

CAR-T	external manufacturing - being developed in
collaboration with our partners at Mayo Clinic
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XSCID = X-linked severe combined immunodeficiency

†Tandem Meeting:https://www.astct.org/attend/tandem-meetings

Leadership Team with Extensive Cell, Gene & Rare Disease Therapy Experience

Manuel Litchman, MD	Knut Niss, PhD	Brian Achenbach, MBA	Debra Manning, SPHR	Bruce Dezube, MD	Lynn E. Bayless, MS
President & Chief	Chief Technology	SVP, Finance &	Vice President, Human	Senior VP & Head of	Head, Regulatory
Executive Officer	Officer	Corporate Controller	Resources	Clinical Development	Affairs

Scott Smith, MBA	Susan Ward, PhD	James Edinger, PhD	Matthew Wein, JD	Greg Furrow, MS, FRQA	Regan Flynn, SHRM-CP
Senior Director, Alliance	Vice President, Clinical	Vice President,	Vice President &	Vice President, Quality	Executive Assistant /
& Program Mgmt	Operations	Preclinical Sciences	General Counsel		HR Generalist

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R&D Collaborators: World Class Team of Scientific Experts

• Technology licensed from City of Hope (COH), Fred Hutch Cancer Research Center (FHCRC), Nationwide
  Children's Hospital, St. Jude Children's Research Hospital, & Mayo Clinic
• Research based on pioneering work by:

Dr. Stephen Forman	Dr. Christine Brown	Dr. Brian Till	Dr. Kevin Cassady	Dr. Brian Sorrentino	Dr. Larry Pease
City of Hope	City of Hope	FHCRC	Nationwide	SJCRH (1958-2018)	Mayo Clinic

MB-101,MB-102

MB-106

MB-108

MB-107,MB-207

In vivo CAR-Ts

• First-in-humantrials are conducted at our partners' academic institutions

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