#1The Case for Boardroom Change at Forte Biosciences Prepared by Camac Partners and ATG Capital August 2023#2Legal Disclaimer The materials contained herein (the "Materials") represent the opinions of Camac Fund, LP (together with its affiliates, "Camac"), ATG Capital Management, LLC (together with its affiliates, "ATG") and the other participants named in the proxy solicitation (collectively, the "Group" or "we") and are based on publicly available information with respect to Forte Biosciences, Inc. (the "Company" or "Forte"). The Group recognizes that there may be confidential information in the possession of the Company that could lead it or others to disagree with the Group's conclusions. The Group reserves the right to change any of its opinions expressed herein at any time as it deems appropriate and disclaims any obligation to notify the market or any other party of any such changes. The Group disclaims any obligation to update the information or opinions contained herein. 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Concerned Stockholders of Forte Biosciences#3Table of Contents 01 02 Why We Are Here: The Case for Boardroom Change The Path Forward: Stockholder-Nominated Directors 03 Appendix: Director Candidate Bios Concerned Stockholders of Forte Biosciences#4Why We Are Here: The Case for Boardroom Change#5Why We're Here Today We believe Forte is in need of stockholder-designated directors following years of poor performance and worst-in- class governance under Chairman and CEO Dr. Paul Wagner and the current Board: × Extremely Dilutive Capital Raises × Appointment of Director with 20-Year Relationship to Dr. Wagner × X Blatant Disregard for Stockholder Wishes Delay of Stockholder Meeting × Adopting "Poison Pill" with Low 10% Trigger × Failure to Comply with SEC Rule 14a-13(a)(3) Concerned Stockholders of Forte Biosciences | 5#6About Camac and ATG Our Group owns an ~8.5% stake in Forte, making us one of the Company's largest stockholders ● ● ● Camac has a track record of using private and public engagement with North American companies to improve mismanagement and poor governance Camac's engagement has delivered substantial returns for stockholders Recent value-enhancing engagements include: o Imvescor o Liberated Syndication o Cedar Realty o Pasithea Therapeutics • Camac has been a significant stockholder in Forte since 2022 • ATG has used private and public engagement with its portfolio companies to improve governance and long- term performance ● ● ATG previously spear-headed the declassification of the board of directors of Texas Pacific Land Corporation (NYSE: TPL) o ATG also ran a successful “vote no” campaign against a TPL director in 2021 ATG has been a significant stockholder in Forte since 2022 Concerned Stockholders of Forte Biosciences#7About Forte Biosciences We believe that Forte is a biotechnology company that had a singular asset, FB-401 Forte's singular asset for atopic dermatitis failed in its phase 2 clinical trial in September 2021 ● ● ● ● ● The Company made what appears to be a highly speculative pivot to the development of FB-102 for autoimmune diseases Despite Forte peddling FB-102 as demonstrating potentially "best in class activity," the reality is that the compound is still in preclinical indication The Company has only six employees - yet has an eight-member Board of Directors (the "Board") - burned $7 million in the last fiscal quarter and its CEO lives in Puerto Rico while the Company is based in Dallas Concerningly, the Company's auditor, Mayer Hoffman McCann P.C., recently resigned stating that "the Company had ineffective controls to sufficiently review the completeness and accuracy of the annual tax provision" $60 Source: Bloomberg; Company filings. (1) Stock price shown since 2020 IPO to August 30, 2023; (2) As of August 30, 2023. $50 $40 $30 $19.05 $20 $10 $50.06 FBRX Stock Price Since Initial Public Offering ("IPO”") (1) $0 6/15/20 6/15/21 6/15/22 The Company's current market capitalization is ~$30 million (2) and Forte's equity is down nearly 95% over Drs. Wagner and Eichenfield's tenures $0.83 6/15/23 Concerned Stockholders of Forte Biosciences 7#8Significant Value Destruction Under Chair and CEO Dr. Wagner Forte has delivered negative total stockholder returns ("TSR") and significantly underperformed relevant indices over all relevant time horizons 20% 0% -20% -40% -60% -80% -100% 1-Year TSR 14.7% -13.9% Forte Biosciences -0.2% 3-Year TSR 1.5% -95.6% ■NASDAQ Biotechnology Index -3.8% TSR Since IPO Source: Bloomberg. TSR as of market close on May 24, 2023 (the day before Camac's preliminary proxy statement was filed with the SEC). 3.8% -94.8% S&P Pharmaceuticals Select Industry Index 0.7% Concerned Stockholders of Forte Biosciences 8#9Investors Growing Frustrated with Management and the Board Tellingly, between May 24, 2022 and August 9, 2022, four new Schedule 13Ds were filed by the Company's stockholders, each of which disclosed dissatisfaction with leadership and began pushing for change: BML It has become clear to me that shareholders would be far better off if the Board had decided to liquidate the company and return cash to shareholders rather than pushing forward with its current plan. FB- 102 was not even mentioned until the 10-K filed on 3/31/22, giving the strong impression that the company's new "lead drug" was nothing more than an afterthought until recently. BML Capital Management 13D Filing May 24, 2022 "" CAMAC PARTNERS NEW YORK, NY UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D/A (Amendment No. 2) Under the Securities Exchange Act of 1934 Forte Biosciences Inc. (Name of Issuer) Common Stock (Title of Class of Securities) 34962G109 (CUSIP Number) ERIC SHAHINIAN CAMAC PARTNERS. LLC 350 PARK AVENUE, 13TH FLOOR NEW YORK, NY 10022 914-629-8496 (Name. Address and Telephone Number of Person Authorized to Receive Notices and Communications) 8/17/22 (Date of Event Which Requires Filing of this Statement) Camac Partners 13D/A Filing - August 1, 2022 -ATG- CAPITAL MANAGEMENT LLC UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D Under the Securities Exchange Act of 1934 (Amendment No. )* Forte Biosciences, Inc. (Name of Issuer) Common Stock, par value $0.001 per share (Title of Class of Securities) 34962G109 (CUSIP Number) Gabriel Gliksberg ATG Capital Management, LLC 805 N. Milwaukee Avenue, Suite 301 Chicago, IL 60642 (786) 519-0995 (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) July 25, 2022 (Date of Event which Requires Filing of this Statement) ATG Capital Management 13D Filing - August 4, 2022 M Mr. Ma-Weaver requested that the Company publicly disclose additional information about its lead development candidate, including the anticipated cost of preclinical activities, so that shareholders can make their own informed assessment of its prospects. Mr. Ma-Weaver observed current depressed trading levels of the Shares, noted the possibility that the company could meaningfully advance its development program with less than all of its capital, and expressed a preference for the return of capital to shareholders. "" CABLE CAR CAPITAL Cable Car Capital's Letter to Forte Biosciences August 24, 2022 The Company responded with nearly zero communication with investors, followed by adopting a poison pill and conducting two major dilutive transactions. Prior to the two dilutive capital raises, these four investors represented ~40% of Forte's ownership Concerned Stockholders of Forte Biosciences#10Dr. Wagner Does Not Appear Aligned with Forte Stockholders We question how much Dr. Wagner believes in the long-term viability of Forte, given he has been an active seller in recent years Dr. Wagner was worth more than $100 million on paper when Forte traded over $40 per share in 2020 After FB-401 failed in September 2021, Dr. Wagner sold 1,000,000 shares at $4.3471 All moves since the FB-401 debacle appear to be a gamble by Dr. Wagner - using stockholder cash - to keep his job and enrich himself o Betting the farm on a new and unproven molecule, never before mentioned in filings until the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2021 o 9/2/2021: At the time of the FB-401 failure, the Company had $50,000,000 and ~14,800,000 shares 5/16/2022: At the time of "pivot" announcement, the Company had just $40,000,000 and the same share count Where did $10,000,000 go for a six-person company over the prior eight months? Summer 2022: Forte sold ~6,000,000 shares through its ATM program at below cash value Summer 2023: Forte sold ~15,000,000 shares and pre-funded warrants exercisable into ~9,700,000 shares at below cash value through a highly dilutive private placement on July 28, 2023 (the "2023 Private Placement") ● ● ● ● If you invested in June 2022, over the ensuing 14 months, Forte's share count went from ~14,000,000 to ~36,000,000 - all sold at prices well below the net cash per share Forte's Board and management essentially sold nearly the entire Company away from existing stockholders and reconstituted the stockholder base, all at prices well under liquidation value Concerned Stockholders of Forte Biosciences Source: Company fillings. 10