JATT JATT Acquisition Corp

©2024 Zura Bio Ltd. Nasdaq Ticker: ZURA Building the Next Immunology Leader March 2024

©2024 Zura Bio Ltd. 2 Forward Looking Statements Disclaimer This communication includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believe,” “predict,” “potential,” “continue,” “strategy,” “future,” “opportunity,” “would,” “seem,” “seek,” “outlook” and similar expressions are intended to identify such forward-looking statements. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that could cause the actual results to differ materially from the expected results. These statements are based on various assumptions, whether or not identified in this communication. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by an investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. You should carefully consider the risks and uncertainties described in the “Risk Factors” sections of Zura Bio’s recent filings with the SEC. These filings would identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Many of these factors are outside Zura Bio’s control and are difficult to predict. Many factors could cause actual future events to differ from the forward-looking statements in this communication, including but not limited to: (1) the outcome of any legal proceedings that may be instituted against Zura Bio; (2) volatility in the price of Zura Bio’s securities; (3) the ability of Zura Bio to successfully conduct research and development activities, grow and manage growth profitably, maintain relationships with customers and suppliers, and retain key employees; (4) costs related to financing transactions and the ongoing costs relating to operating as a public company; (5) changes in the applicable laws or regulations; (6) the possibility that Zura Bio may be adversely affected by other economic, business, and/or competitive factors; (7) the risk of downturns and a changing regulatory landscape in the highly competitive industry in which Zura Bio operates; (8) the impact of the global COVID-19 pandemic; (9) the potential inability of Zura Bio to raise additional capital needed to pursue its business objectives or to achieve efficiencies regarding other costs; (10) the enforceability of Zura Bio’s intellectual property, including its patents, and the potential infringement on the intellectual property rights of others, cyber security risks or potential breaches of data security; and (11) other risks and uncertainties described in the Registration Statement and such other documents filed by Zura Bio from time to time with the SEC. These risks and uncertainties may be amplified by the COVID-19 pandemic or other unanticipated global disruption events, which may continue to cause economic uncertainty. Zura Bio cautions that the foregoing list of factors is not exclusive or exhaustive and not to place undue reliance upon any forward-looking statements, including projections, which speak only as of the date made. Zura Bio gives no assurance that it will achieve its expectations. Zura Bio does not undertake or accept any obligation to publicly provide revisions or updates to any forward-looking statements, whether as a result of new information, future developments or otherwise, or should circumstances change, except as otherwise required by securities and other applicable laws.

©2024 Zura Bio Ltd. 3 In the beginning….. 15 employees globally Coverage by 5 Analysts* US Headquarter Experienced Team Began trading on Nasdaq under “ZURA” ticker tibulizumab in-licensed from Eli Lilly and Company and PIPE announced $80M PIPE closed Entered into sponsored research agreement with Benaroya Research Institute Arnout Ploos van Amstel joined Board Rob Lisicki and Dr. Kiran Nistala joined Zura Bio Executive Leadership Inclusion into the Russell 2000® and 3000® Indexes March 2023 2023 April 2023 June 2023 September 2023 December 2023 January 2024 2024 (*) COVERING ANALYSTS (as of Mar 2024): Daniil Gataulin, PhD, Chardan; Yatin Suneja, Guggenheim Securities; Aydin Huseynov, MD, CFA, Ladenburg Thalmann & Co. Inc.; Jeff Jones, PhD, Oppenheimer; Steven Seedhouse, PhD, Raymond James Nasdaq: ZURA

©2024 Zura Bio Ltd. 4 Building an Immunology Company at Scale Establish core foundation for business and its operations Strongly aligned board, management, and investors Committed capital through 2026 Multiple high-quality clinical stage assetswith broadutility Baseline Execution $10 Billion+ Time Valuation Scale 01 02 03 Potential future valuation Emergence of global footprint and infrastructure Growth through internal and external opportunities Expert leadership progressing clinical pipeline through Phase 2 into Phase 3 Fully integrated global infrastructure with commercial ramp up Valuerecognition of business development and capital markets strategy Achieving scale through a deep pipeline spanning Phase 1, 2 & 3 Nasdaq: ZURA

©2024 Zura Bio Ltd. 5 Engineering for the promise of a better tomorrow Zura Assets Rheumatology systemic sclerosis, Sjögren's syndrome, lupus, rheumatoid arthritis Respiratory chronic obstructive pulmonary disease, asthma Dermatology alopecia areata, hidradenitis suppurativa, atopic dermatitis Validated dual-biology pathways Created by IYIKON from the Noun Project Three novel clinical stage assets Created by IYIKON from the Noun Project Tibulizumab is Zura’s lead asset and a key value driver in rheumatology, clinical trial expected to initiate in SSc in 2024 Created by IYIKON from the Noun Project ZB-168 and torudokimab have potential in Created by IYIKON from the Noun Project respiratory and dermatology Nasdaq: ZURA

©2024 Zura Bio Ltd. OUR NOVEL BI-SPECIFIC APPROACH ASPIRES TO LEAVE NO PATIENT BEHIND 6 OUR STRATEGY TARGET ASSET CLINICAL PLAN Potential for paradigm shifting antibody treatment IL-17 & BAFF * Tibulizumab (ZB-106) 2024 Phase 2 Initiation in SSc Integrating two validated mechanisms in disease indications, where each has demonstrated individual efficacy IL-7R & TSLP ZB-168 2024 Phase 2 Planning IL-33 & RAGE Torudokimab (ZB-880) CMC completion to prepare for future Phase 2 (*) lead program targeting high area of un-met need Nasdaq: ZURA

©2024 Zura Bio Ltd. 7 Function Follows Form Nasdaq: ZURA Sources: Zura CSRs and Internal Data 93 patients dosed Multiple P2 external read-outs in 2024 Dual IL-7R & TSLP pathway SAD / MAD complete Potency advantages relative to other IL-7 & TSLP in development ZB - 168 244 patients dosed Dual pathway approach with IL-33 & RAGE SAD / MAD complete Potency advantages relative to other IL-33 agents in development 7 IL- 33 RED IL- 33 OX RAGE EGFR ST2 receptor independent pathway Epithelial remodeling IL- 1RAP ST2 Inflammation ST2 pathway Epithelial Damage torudokimab torudokimab ZB-880 78 patients dosed Anticipate QM dosing Combines validated IL-17 and BAFF inhibitors SAD / MAD complete Favorable PK / PD profile z Dual - Antagonist tibulizumab ZB-106 Anti-BAFF Anti-IL-17A Anti-BAFF

©2024 Zura Bio Ltd. Potential First-in-Class, Dual Antagonist Combining tabalumab and TALTZ® systemic sclerosis (SSc) tibulizumab ZB-106 Anti-BAFF x IL-17

©2024 Zura Bio Ltd. Systemic sclerosis, a rare and life-threatening disease 9 Sources: Medscape, BMJ best practice 1 Health Advanced, LLC; Lenabasum Commercial Market Assessment. 2 Tyndall et al, 2010 3 Bergamasco, A. et al., Clin Epidemiol. 2019 Apr 18;11:257-273 4 Zura Bio internal analysis and benchmarking, 5 Internal assumption based on demand research and rare disease analogues. 6 Zura Internal Data, IND Briefing. (*) no effective treatment exists that combats the disease across organ systems ~20 0 ,0 0 0 People with SSc in US, EU and Japan1 40 – 60% Mortality in 10 years 2 0 SSc specific drugs approved * 2 Drugs approved for SSc-ILD only 0 Competing IL-17 + BAFF inhibitors in SSc development LEADS TO FIBROSIS IN MULTIPLE ORGANS Lung Other organs Skin UP REGULATION OF IL-17 AND BAFF SYNERGY IN DUAL-BIOLOGY TREATMENT 6 IMPACT TO LUNG AND SKIN Anti-BAFF + Anti-IL-17 tibulizumab | ZB-106 | SSc

©2024 Zura Bio Ltd. 10 One is good, two could be better Role of BAFF in SSc BAFF and auto-antibodies are key biomarkers in SSc 5,6 SSc patients have B cell abnormalities characterized by chronic hyper-reactivity of memory B cells 4 BAFF IL-10 IL-6 Inhibit Promote Effector B cell Regulatory B cell Scleroderma Sources: 1 Fukasawa, T., et al. Annals of the Rheumatic Diseases, doi:10.1136/annrheumdis-2022-eular.2519. 2 Yang, Xiaoqin, et al. Arthritis Research Therapy, doi:10.1186/ar4430. 3 Ebata, Satoshi, et al. The Lancet Rheumatology, doi:10.1016/s2665-9913(21)00107-7. 4 Sato, Shinichi, et al. Molecular Immunology, doi:10.1016/j.molimm.2004.06.025. 5 Senécal, Jean-Luc, et al. Journal of Scleroderma and Related Disorders, doi:10.1177/2397198319870667. 6 Sato, Shinichi,, et al. The Journal of Immunology, doi:10.4049/jimmunol.165.11.6635. 7 Gordon, Jessica K., et al. Arthritis Rheumatology, doi:10.1002/art.40358. Role of IL-17 in SSc Th17 cell–derived IL-17 was significantly higher in the skin and serum of SSc patients 2 IL-17 known to play key role in the fibrotic process of various organs like lung, kidney, heart and skin + + epithelial cells endothelial cells fibroblasts MAPK pathways NFKB pathways CXCL1 CXCL2 CXCL5 CXCL8 neutrophils IL-17A/A IL-17A/F IL-17F/F IL-17RA IL-17RC - Tregs TNF-α IL-1β IL-22 IFN-γ GM-CSF IL-6 IL-8 TGF-α IL-6 IL-1β + - Th17 cells natural killer cells NK T cells Type 3 innate lymphoid cells (ILC) RORγt SEFIR Act1 TRAF6 tibulizumab | ZB-106 | SSc

©2024 Zura Bio Ltd. Tibulizumab: A Four-Headed Hammer with Dual Ligand Knockout Mechanism 11 Sources: 1 Fukasawa, T., et al. Annals of the Rheumatic Diseases, doi:10.1136/annrheumdis-2022-eular.2519. 2 Yang, Xiaoqin, et al. Arthritis Research Therapy, doi:10.1186/ar4430. 3 Ebata, Satoshi, et al. The Lancet Rheumatology, doi:10.1016/s2665-9913(21)00107-7. 4 Sato, Shinichi, et al. Molecular Immunology, doi:10.1016/j.molimm.2004.06.025. 5 Senécal, Jean-Luc, et al. Journal of Scleroderma and Related Disorders, doi:10.1177/2397198319870667. 6 Sato, Shinichi,, et al. The Journal of Immunology, doi:10.4049/jimmunol.165.11.6635. 7 Gordon, Jessica K., et al. Arthritis Rheumatology, doi:10.1002/art.40358. GC TLS B Cell CXCL13 T1-IFN BAFF Stromal Cells Plasma Cell IL23/IL17 CXCR5+TfhCell In this respect, it can be thought of as a “four-headed-hammer” that can simultaneously knock out two distinct soluble ligands Tibulizumab does not require dual target engagement to achieve biological activity, it is a single agent combination of two independently acting bivalent antagonist moieties. Anti-BAFF Anti-IL-17A Anti-BAFF “Four-Headed Hammer” Dual Antagonist tibulizumab | ZB-106 | SSc

©2024 Zura Bio Ltd. Synergy through science 12 Sources: Zura Internal Data, IND Briefing Isotype control Anti-BAFF Anti-IL 17 Anti-BAFF + Anti-IL 17 Anti-BAFF + Anti-IL-17 7.5 5.0 2.5 0.0 20 30 40 50 Day Cumulative disease score Anti-BAFF + Anti-IL 17 Histology score 70 60 * * * * * Anti-BAFF + Anti-IL 17 Isotype control Anti-BAFF Anti-IL 17 50 40 30 20 10 0 * 25 * 20 15 10 5 0 Isotype control Anti-BAFF Anti-IL 17 ns Anti- collagen antibody (mg/ml) RA is a prototypic autoimmune disease where individually targeting IL-17-mediated inflammation or depleting B cells has been clinically validated The collagen-induced arthritis (CIA) murine model is similarly characterized by increased IL-17 production and B cells that drive disease pathogenesis Surrogate antibodies were used to evaluate whether neutralization of IL-17 and BAFF was superior to targeting individual pathways Dual Biology Blockade of IL-17A and BAFF reduced: Disease severity Anti-collagen antibodies Inflammation in the hind paw (histology score) Mice were injected with anti-IL-17A and/or anti-BAFF on days 22, 29, and 36 tibulizumab | ZB-106 | SSc

©2024 Zura Bio Ltd. 13 We believe we’re on to something special Treatment Landscape Tibulizumab neutralizes IL-17A or BAFF regardless of whether the other binding sites are occupied Tibulizumab binds in the same way as TALTZ® and tabalumab with the same number of binding sites Activity is mediated through direct target engagement and not ADCC t1/2 is 26.9 days tibulizumab | ZB-106 | SSc Tibulizumab is an IgG-scFv engineered by the fusion of ixekizumab (TALTZ®) and tabalumab 1, 2, 3 Tibulizumab inhibits BAFF-mediated proliferation in T1165 cells in an IL-17 independent manner 3 Tibulizumab inhibits IL-17 mediated CXCL1 in epithelial cells in a BAFF independent manner 3 tabalumab tabalumab + IL- 17A ZB-106 ZB-106 + IL- 17A TALTZ® TALTZ® + BAFF ZB-106 ZB-106 + BAFF Sources: 1 Liu, Ling, et al. Journal of Inflammation Research, doi:10.2147/jir.s100940. 2 Manetta, Joseph et al. Journal of Inflammation Research, doi:10.2147/jir.s67751. 3 Benschop, Robert J., et al. mAbs, doi:10.1080/19420862.2019.1624463.

©2024 Zura Bio Ltd. Tibulizumab targets the combination of two clinically validated pathways for SSc 14 Brodalumab IL-17 receptor antagonist Achieved 1º endpoint of treatment difference of least square mean: (−21.2 [95% CI -3.9, -18.5]; P<0.001), in mRSS and 2º endpoint of improved FVC, both at 24 weeks 1 Demonstrated therapeutic effects on lung/respiratory functions, digital ulcers, the symptoms of gastroesophageal reflux disease, and QOL without noteworthy safety concerns Belimumab BAFF antagonist 52-week, investigator initiated, single center, double blind, placebo-controlled pilot study in 20 participants with dcSSC on MMF Both treatment groups experienced improvements in mRSS favoring belimumab (-10 vs -3; p=NS) All secondary endpoints favored belimumab with statistical significance in 2 endpoints: SHAQ DI and VAS Raynaud’s phenomenon Sources: 1 Fukasawa, T., et al. Annals of the Rheumatic Diseases, doi:10.1136/annrheumdis-2022-eular.2519. 2 Gordon, Jessica K., et al. Arthritis Rheumatology, doi:10.1002/art.40358. Δ -21.2 units Δ +5.2% CLINICAL PRECEDENT Phase 3 brodalumab study mRSS FVC (% predicted) CLINICAL PRECEDENT Phase 2 belimumab IIT study (52 weeks) mRSS FVC (% predicted) Δ -7.0 units Δ +7.0% tibulizumab | ZB-106 | SSc

©2024 Zura Bio Ltd. Phase 2 SSc Trial Design* 15 (*) Trial design is subject to change due to factors such as regulatory feedback PART A: RANDOMIZED TRIAL (mRSS) EFFICACY PERIOD (24 WEEKS) PLACEBO TIBULIZUMAB DOSE LEVEL 1 R PART B: OPEN LABEL EXTENSION (FVC) EFFICACY PERIOD (24 WEEKS) E TIBULIZUMAB DOSE LEVEL 1 KEY EFFICACY ENDPOINTS • mRSS- primary • HAQ-DI (Function) • Clinician Global • Patient Global • FVC • Modified CRISS (Ph3 endpoint) KEY INCLUSION CRITERIA • Diffuse cutaneous SSc • mRSS 10-29 • First symptoms of sclerosis other than RP within 5 years • Evidence of recent disease progression* • HAQ-DI >0.25 • Stable background therapy, including MMF Potential trigger for pivotal study tibulizumab | ZB-106 | SSc

©2024 Zura Bio Ltd. Additional Indications Under Consideration 16 tibulizumab | ZB-106 | SSc BAFF pathway IL-17 pathway Rheumatology systemic sclerosis 1 Sjögren’s syndrome 1 systemic lupus erythematosus 1 rheumatoid arthritis 1 Dermatology hidradenitis suppurativa 1 Sources: 1 ClinicalTrials.gov BAFF IL-17 Anti-IL-17 scFv TALTZ® Anti-BAFF Ab tabalumab tibulizumab Anti BAFF x IL-17 * * Clinical Validation

©2024 Zura Bio Ltd. Product Candidates ZB-168 & torudokimab

©2024 Zura Bio Ltd. ZB-168, potent molecule with validated pathway 18 UPB-101 (α-TSLPR) tezepelumab (TSLP) bempikibart (IL-7Rα) ZB-168 (IL-7Rα) α-TSLPR mAb TSLP mAb IL-7Rα mAb IL-7Rα mAb TSLP Induced Signals 16.1 ng / ml / 0.1nM (CCL17)(4) 67 ng / ml / 0.44nM (CCL17)(4) 24 nM (CCL2)(5) 7.5 ng / ml / 0.05nM (CCL17)(2) 11 ng / ml / 0.07nM (CCL22)(2) 0.08 nM (CCL2)(5) IL-7 Induced Signals Neg Neg 0.6 nM (IL-7 at 0.25ng/ml)(5) 2.1 nM (IL-7 at 2.5ng/ml)(5) 0.46nM (pSTAT5)(3) ZB-168: IL-7R / TSLP 93 Participants Dosed Participants with single dose 60 Participants with multiple doses up to 12 weeks 33 ZB-168 is nearly 10-fold more potent than AZ/AMG’s tezepelumab, and tezepelumab does not inhibit IL-7 signaling ZB-168 is >300-fold more potent than Q32Bio’s bempikibart in TSLP-induced markers, but similar in IL-7-induced pSTA5 5 Dosing to date 1 Potency Sources: 1 IB and CSR. 2 Zura Internal Data. 3 Herold, Kevan C., et al. JCI Insight, doi:10.1172/jci.insight.126054. 4 Numazaki, Mako, et al. Journal of Pharmacology and Experimental Therapeutics, doi:10.1124/jpet.121.000686. 5 Yamniuk, Aaron P., et al. Antibodies against Il-7r Alpha Subunit and Uses Thereof. 18 May 2021. ZB-168

©2024 Zura Bio Ltd. Torudokimab: a potent molecule with a validated pathway 19 Inhibition of IL-33 blocks both ST2 and RAGE is signaling 4 Well tolerated in ph1 and ph2 trials conducted by Eli Lilly 2 141 health volunteers in ph1 study Analyses confirmed key biomarker reduction (IL-13, periostin and CCL17/TARC) and no ADA impact 3 Potential utility in diseases driven by epithelial information 1 103 participants with moderate to severe atopic dermatitis in Phase 2 The lower kd value for torudokimab suggests tighter binding to its target, implying higher specificity and potentially superior therapeutic efficacy. 0 25 50 75 100 125 150 175 200 225 250 Torudokimab Etokimab Itepekimab 39 112 215 kd (pM) IL- 33 RED IL- 33 OX RAGE EGFR ST2 receptor independent pathway Epithelial remodeling IL- 1RAP ST2 Inflammation ST2 pathway Epithelial damage torudokimab Mechanism of Action Dosing to date 2 Potency Torudokimab: IL-33 / RAGE torudokimab | ZB-880 Sources: 1. Cohen et al. 2015 Nature, 2. https://clinicaltrials.gov/ct2/show/NCT03913260; https://clinicaltrials.gov/ct2/show/NCT03343587; https://clinicaltrials.gov/ct2/show/NCT03831191, Section 6.1, DSUR for period 23-Sep-2019 to 22- Sep-2020, 3. doi.org/10.1111/bjd.21631 4. Okragly et al Journal of Inflammation Research 2021:14 3823–3835, 5.. doi:10.1056/NEJMoa2024257

©2024 Zura Bio Ltd. 20 Sources: ClinicalTrial.gov, Company Press Release Abbreviations: AA, alopecia areata; AD, atopic dermatitis; COPD, chronic obstructive pulmonary disease; HS, hidradenitis suppurativa, PsA, psoriatic arthritis; SLE, systemic lupus erythematosus; UC, ulcerative colitis Nasdaq: ZURA Key External Catalysts Through 1H-2025 ZB-168 External Catalyst (1Q/2Q-2024) Topline Ph2 in UC OSE Immunotherapeutics , OSE-127 (1Q/2Q-2024) Topline Ph2 in COPD Astra Zeneca / Amgen, tezepelumab 2024 2025 (3Q-2024) Topline Ph3 in Asthma (reducing corticosteroid) Astra Zeneca / Amgen, tezepelumab (4Q-2024) Topline in Ph2 in AD Q32 Bio, bempikibart (4Q-2024) Topline in Ph2 in AA Q32 Bio, bempikibart Torudokimab External Catalyst Q1 Q2 Q3 Q4 Q1 Q2 (2Q-2025) Ph3 in COPD Sanofi/Regeneron, itepekimab

Nasdaq Ticker: ZURA 2024 Key Objectives: On time clinical trial execution Build leadership team with specific expertise Translational excellence & validating external clinical readouts

©2024 Zura Bio Ltd. 22 Experienced management team with proven ability to successfully execute and build a leading market position Board of Directors Executive Team Amit Munshi Arnout Ploos van Amstel Jennifer Jarrett Neil Graham, M.D. Parvinder Thiara Sandeep Kulkarni, M.D. Someit Sidhu, M.D. Steve Schoch Chairman Independent Director Independent Director Independent Director Independent Director Independent Director Director Independent Director Mike Howell Ph.D. Chief Scientific Officer and Head of Translational Medicine Kim Davis Chief Legal Officer Kiran Nistala M.D., Ph.D. Chief Medical Officer and Head of Development Gary Whale Ph.D. Chief Technology Officer Someit Sidhu M.D. Founder, Chief Executive Officer and Director Verender Badial Chief Financial Officer Robert Lisicki President and Chief Operating Officer Nasdaq: ZURA