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June 7th, 2017

Jefferies Healthcare Conference

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• This presentation and the accompanying oral commentary contain forward -looking statements that involve risks, uncertainties and assumptions. If the risks or uncertainties ever materialize or the assumptions prove incorrect, our results may differ materially from those expressed or implied by such forward-looking statements. All statements other than statements of historical fact could be deemed forward-looking, including, but not limited to, any projections of financial information; any statements about historical results that may suggest trends for our business; any statements of the plans, strategies, and objectives of management for future operations; any statements of expectation or belief regarding future events, future regulatory clearances or approvals, potential markets or market size, technology developments, or enforceability of our intellectual property rights; and any statements of assumptions underlying any of the items mentioned.

• These statements are based on estimates and information available to us at the time of this presentation and are not guarantees of future performance. Actual results could differ materially from our current expectations as a result of many factors, including but not limited to: quarterly fluctuations in our business; market acceptance of our products; the effects of competition and technological advances on our ability to successfully commercialize our products; delays or denials of reimbursement for diagnostic products; the regulatory regime for our products; and any adverse changes in our strategic relationships, including with licensors of our technologies and manufacturers and distributors of our products. These and other risks and uncertainties associated with our business are described in our filings with the U.S. Securities and Exchange Commission. Except as required by law, we assume no obligation and do not intend to update these forward-looking statements or to conform these statements to actual results or to changes in our expectations.

Forward-looking Statements

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•

NanoString

Company Snapshot

Leader in

Precision Oncology

• nCounter® – a complete biomarker solution

• Adopted by leading academic, biopharma, & clinical labs

• Diagnostic pipeline building via biopharma partnerships

Strong Financial

Performance

• FY2016 revenue of $86.5M, growth of 38%

• ~510 system installed base, ~33% increase over past year

• $100,000+ annualized consumable revenue per system

Positioned for

Continued Growth

• Unique platform with large untapped markets

• Playing key role in immuno-oncology revolution

• Riding wave of oncology companion diagnostics

• Compelling roadmap of future instruments

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Precision Oncology

nCounter®: Well-Differentiated Platform

Powerful Chemistry, Simple Workflow

Digitally Counts Single Molecules of Up to

800 Unique Targets

Rapid Downstream Validation of

NGS-Generated Data

Translating Signatures for Clinical Applications

Expanding Portfolio of Consumables, including

Immuno-oncology Panels and 3D Biology

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Precision Oncology

nCounter: Complete Biomarker SolutionIn

str

um

en

ts

SPRINT

Co

ns

um

ab

les

Research Diagnostics

MAX FLEX

PanCancer PanelsTranslational Research

™

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Precision Oncology

Unique Clinical Capabilities

FDA CLEARED nCOUNTER DX ANALYSIS SYSTEM1

REGULATORY CLEARANCES IN 30 COUNTRIES

~75 SYSTEMS INSTALLED IN 13 COUNTRIES

DIAGNOSTIC DEVELOPMENT TEAM OF 40+ PEOPLE

4 ONGOING IVD REGISTRATIONAL STUDIES

1 – Prosigna Breast Cancer Prognostic Gene Signature Assay for use on the nCounter Dx Analysis System is

510(k) cleared for in vitro diagnostic use. See www.prosigna.com for Package Insert.

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Precision Oncology

Platform-of-Choice from Discovery to Diagnostic

DevelopmentResearch Treatment

1,600+ publications

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Precision Oncology

Discovery to Diagnostic: Merck Collaboration

Purchases

First

nCounter

System

Q4 2008

First Custom

Codeset for

Tumor

Immunology

Q3 2013

Systematic

use in

Analyzing

Tumor

Samples

Q4 2013 Q2 2016Q1 2016Q2 2015

Development

& Analytical

Performance

Presented

Expand

Collaboration

to Develop

Companion

Diagnostic

Clinical

Research

Collaboration

for Keytruda

IVD Assay1:

Tumor

Inflammation

Signature

1- The Tumor Inflammation Signature assay for use on the nCounter Dx Analysis System is for investigational use only.

Limited by United Stated law to investigational use.

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Financial Performance

Strong Revenue Growth

Annual Revenue Quarterly Revenue

Instrument and Service

Consumables

Collaboration

2014 2015 2016 2017

$47.6M

$62.7M

$86.5M

$106.0 -

111.0M

GuidanceQ1'16 Q1'17

$14.7M

$18.1M

Q1’16 Q1’17

+32%

+38%

+23-28%+23%

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Financial Performance

Key Growth Drivers

2014 2015 2016

Cancer of systems sold ~75% ~70% ~75%

International of systems sold >50% >60% >50%

BioPharma of consumables sales~30% ~35% ~45%

Panels of consumables sales~30% ~45% ~50%

Companion Dx of collaboration revenue$3.1M $6.0M $17.4M

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Financial Performance

First Quarter 2017 Highlights

Biopharma• Revenue grew by ~40% year-over-year

• Represented 40% of instrument revenue

Academic

• Revenue grew by ~20% year-over-year

• Improved outlook under new budget proposal boosting NIH

funding by $2 billion in FY17

Diagnostic• Revenue grew by ~90% year-over-year

• Record Prosigna revenue of $1.4 million

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Financial Performance

Balance Sheet Strengthened

• Ended Q1’17 with $57M of cash and investments

• Raised net proceeds of $56M in June ‘17 in a “bought deal” follow-on offering• 3,450,000 shares priced at $16.75 per share

• Positions company to capitalize on key business and technology development milestones over next 12-18 months

• Strengthens position in ongoing business development negotiations

• Cash from additional biopharma and technology collaborations expected to augment offering proceeds

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2017 Priorities

Strategic Objectives for 2017

Optimize Reach and Support of our Commercial Channel

New Products to Grow Revenue and Differentiate nCounter

Lay Foundation for Expanding Companion Diagnostic Menu

Advance Development of Digital Spatial Profiling and Hyb & Seq™

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Optimize Commercial Channel

Continuing Expansion of Installed Base

Potential

Placements1

1,000

5,000

10,000

FLEX

MAX

SPRINT

Significant Market Opportunity for All Systems

Current

Penetration

~ 7%

~ 7%

< 1%

1 – Company estimates

Individual

Researcher

Labs

Core

Research

Labs

Clinical

Labs

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Optimize Commercial Channel

Drive Installed Base Growth with SPRINT

nCounter Installed Base

MAX and FLEX

SPRINT

2014 2015 2016 Q1-17

~270

~360

~480

~50% of systems sold in Q1-17 were SPRINT

~510

Q1’17 SPRINT System Trends

• 100% to new customers

• ~90% to cancer researchers

• ~50% to distributor regions, mostly APAC

• ~30% to biopharma

• ~20% motivated in part by 3D biology

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Optimize Commercial Channel

Commercial Investments Underway

• Recruiting a new SVP of Sales and Marketing

• Increasing Sales headcount by ~30%

• Expanding inside sales and adding field-based consumables reps

• Investing in infrastructure to identify, qualify and convert sales leads

• New website and expanded tradeshow presence

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Launch New Products

Unprecedented Wave of Product Launches in 1H’17

PlexSetTM Reagents

• Alternative to qPCR enabling rapid high-throughput multiplexed digital gene expression

Low RNA Input Kit

• Enables sample input of 1-10 ng and is compatible with all gene expression panels and custom

codesets

Vantage 3DTM Applications

• RNA MAPK-PI3K Pathways Panel – curated gene expression panel designed to be combined with

Vantage 3D DNA SNV and Protein Solid Tumor Panels

• Intracellular Compatible Universal Cell Capture Kit – enables Vantage 3D RNA:Protein Immune Cell

Signaling Assay with as few as 20,000 cells

Myeloid Innate Immunity Panel

• Curated gene expression panel designed in partnership with Lisa Coussens, Ph.D. of OHSU to profile

the innate immune response in cancer and other diseases

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Launch New Products

3D Biology™ Applications Having Early Impact

1 DNA

Panel

10 RNA

Panels

4 Protein

Panels

Multiple Vantage 3D™ Product Launches

Important

factor in

~20%of

system

sales

40+3D Biology

customers

5 Trial usages

by Biopharma

Companies

First peer-reviewed

publication

Dec.

’16

Top 10Innovation award

from The Scientist

Plenary Session

presentation at

AGBT 20173D Biology

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Expand Diagnostics

Prosigna® Provides Solid Base for Dx Business

Revenue and Installed Base

2014 2015 2016

37

70

55

Status

Installed Base

Annual Revenue

$0.7M

$2.5M

$4.2MTreatment Guidelines

– ASCO Guidelines at parity with market

leading test

Reimbursement Progress

– >90% of US indicated patients covered

– Medicare in all 50 states

– New coverage from AETNA, CIGNA

and Humana

– Positive assessment from Blue Cross

Blue Shield Evidence Street

– Governments of France and Spain

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Expand Diagnostics

Biopharma CDx Collaborations Provide Multiple Value Drivers

Pipeline of New Products

Under Development3

2014 2015 2016

$12M

$18M

$63M

Celgene

Merck

New

Collaborations

2014 2019

Lymphoma Subtyping

Test

Cumulative Non-Dilutive Cash to

Fund Operations

Growth from Layers of

Collaboration Revenue

Tumor

Inflammation

Signature1

Lymphoma

(DLBCL)

Subtyping Test2

Annual

US Incidence

~22,000

~100,000

1-seer.cancer.gov, 2-lymphoma.org, 3-These NanoString assays for use on the nCounter Dx Analysis System are for

investigational use only. Limited by United States law to investigational use.

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Expand Diagnostics

Increase Penetration of CDx Opportunity in Oncology

Drug (Company) Therapeutic Area

100

90

80

70

60

50

40

30

20

10

0

Pre-clinical Early clinical Late clinical

1 - Tufts Center for the Study of Drug Development

Marketed Drugs with Companion Dx

100% = $25B annual sales*Cancer Drugs in Development with Companion Dx

Pe

rce

nt

Pe

rce

nt

Oncology Dominates

Marketed Precision Medicines1

Most Cancer Drugs in Development

Have Companion Dx1

1

1

1

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Expand Diagnostics

Leading Position in Immuno-Oncology

PublicationsResearch Products Partnerships

90+peer-reviewed papers

5key partnerships

IO RNA:Protein

Profiling Panel

PanCancer Immune

Profiling Panel

Myeloid Innate

Immunity Panel

200+panel customers

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Expand Diagnostics

Tumor Inflammation Signature for Anti-PD1 Response3

1 – Specificity

Se

ns

itiv

ity

Genes Capture Indicators of

Tumor Inflammation1

Potentially More Accurate Than

PD-L1 IHC Tests2

1 – ASCO 2016 Poster 1536: T-Cell Inflamed Gene Expression Signatures Predict Clinical Benefit

2 – ASCO 2016, Abstract 6010, Biomarkers and response to pembrolizumab in recurrent/metastatic head and neck squamous cell carcinoma (R/M HNSCC).

3 – The TIS assay for use on the nCounter Dx Analysis System is for investigational use only. Limited by United States law to investigational use.

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Expand Diagnostics

Evolve Toward Companion Dx for Multiple IO Agents

COLD HOT

Sup

pressio

n in

tum

or

micro

-enviro

nm

ent

Anti-PD-1 or Anti-PD-L1

LAG-3, TIM-3, CD137, IDO blockade

MDSC targeting = Carbo/TaxolTreg targeting = CTLA-4 inhibitors

Anti-VEGF

HDAC or BET inhibitors

Wnt, PI3K, or PARP-γ inhibitors

CTLA-4 inhibitorsSTING, TLR, OX-40, or CD137 agonists

Vaccines or CAR-T

Tumor Inflammation

Signature

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Advance Instrument Pipeline

Digital Spatial Profiling Advances into Commercial Development

Concept

Unveiled Jan 2016

Reality

Data at AACR, AMP, SITC, & ASCO meetings

CD9CD4

IL2RPD-L1

CD28

H

i

Lo

Expression Protein

RNA

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Advance Instrument Pipeline

Expanding our Technology Access Program for DSP

FFPE Slides Processed on

Digital Spatial Profiling Instrument

Molecular Barcodes Counted on

Standard nCounter Systems

Commercial Launch Planned for Late 2018

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Advance Instrument Pipeline

Hyb & Seq™ Offers Novel Clinical Sequencing Solution

Rapid Sample-to-AnswerSimple Workflow Clinically-relevant Samples

LysateFFPE

TissueBlood

DNA

RNA

Short Read

Long Read

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Advance Instrument Pipeline

Hyb & Seq™: Status & Next Steps

• Hyb & Seq chemistry de-risked

• Looking to engage genomics community on key

application development

• Evaluating corporate and academic partnerships

• Complete ~4,000 barcode set and customer

presentation of data for AGBT 2018

• Beta instruments expected in 2019

Targeted Sequencing of from FFPE

Direct Single-Molecule RNA Sequencing

Accurate Reference Guided Assembler

Long Read Targeted Sequencing

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2017 and Beyond

Numerous Growth Drivers

Unique platform with

large untapped

markets

Compelling

roadmap of future

instruments

Playing key role in

immuno-oncology

revolution

Riding wave of

oncology companion

diagnostics

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Thank You