#1Jefferies London Healthcare Conference 2022 15-17 November 2022 Benevolent#2Disclaimer Forward-Looking Statements This document may contain forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as "plans", "targets", "aims", "believes", "expects", "anticipates", "intends", "estimates", "will", "may", "should" and similar expressions. Forward-looking statements include statements regarding objectives, goals, strategies, outlook and growth prospects; future plans, events or performance and potential for future growth; economic outlook and industry trends; developments in BenevolentAl's markets; the impact of regulatory initiatives; and/or the strength of BenevolentAl's competitors. These forward-looking statements reflect, at the time made, BenevolentAl's beliefs, intentions and current targets/aims. Forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. The forward-looking statements in this release are based upon various assumptions based on, without limitation, management's examination of historical operating trends, data contained in BenevolentAl's records, and third-party data. Although BenevolentAl believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond BenevolentAl's control. Forward-looking statements are not guarantees of future performance and such risks, uncertainties, contingencies and other important factors could cause the actual outcomes and the results of operations, financial condition and liquidity of BenevolentAl or the industry to differ materially from those results expressed or implied by such forward-looking statements. The forward-looking statements speak only as of the date of this release. No representation or warranty is made that any of these forward-looking statements or forecasts will come to pass or that any forecast result will be achieved. Benevolent 2#3Benevolent Because it matters Clinical-stage Al-enabled drug discovery company Uniting artificial intelligence with cutting-edge science to decipher complex disease biology and discover novel treatments#4About us $300m in platform investment Board with deep expertise across Al, drug discovery & development, pharmaceuticals Listed on EuroNext Amsterdam April 2022 Cash runway to Q4 2024 providing sufficient capital for key value inflection points TEAM as at June 2022 Full molecular biology, medicinal chemistry and in vivo pharmacology capabilities for in-house experimentation BOARD Baroness Joanna Shields CEO & Executive Director Jean Raby Non-Executive Director François Nader Chairman Jackie Hunter Non-Executive Director Science Susan Liautaud Non-Executive Director Nigel Shadbolt Non-Executive Director BizOps 350+ World Class Scientists & Technologists Tech Olivier Brandicourt Non-Executive Director John Orloff Non-Executive Director Benevolent 4#5The Benevolent Platform™ is scientifically and commercially validated and has already delivered: Named 13 Platform-generated drug programmes Identified a leading COVID-19 treatment that is now FDA approved asset in Phase II 3 assets in pre-IND Successful multi-target collaboration with AstraZeneca further validates our approach with a total of 5 novel targets selected for AstraZeneca's portfolio +10 Exploratory stage programmes Well funded with key value inflection points in the near and medium term Benevolent 5#6The Al value proposition for pharma R&D Direct R&D Cost Savings Discovery & Pre-Clinical "Faster and cost effective" INDUSTRY STANDARD $33m over 5.5 years AI-ENHANCED $15m over 3-3.5 years Based on industry benchmarks and internal programmes Reduce pre-clinical cost by >50% and time to market by 2-2.5 years Note Lab research and target identification costs and time not captured in industry data - likely to add significantly to the industry standard time and cost Notes and Sources: For illustrative purposes only; (1) Illustrative NPV for a theoretical $750m peak sales drug during initial 10Y on the market (assumes (i) peak sales reached 5 years post-launch, (ii) 90% gross margin, (iii) 20% S&M expenses, (iv) 20% tax, (v) a 10% discount rate) and (vi) excludes any terminal value). (2) Based on Paul et al Nat Rev Drug Discov 2010. (3) Based on Harrison, Nat Rev Drug Discov 2016. (4) Based on Biomedtracker/Pharmalntelligence 2021. (5) Based on Odyssey Due Diligence report. PoS from Phase I to Market "Get it right more often" Highest attrition is at Phase II (current 34% success rate) (2) ~50% Phase II/III trial failures due to lack of efficacy (3) # Phase I Candidates Required for 1 Approved Drug Increasing Probability of Success Illustrative NPV(¹) Clinical Development INDUSTRY STANDARD 12% 9 c$60m AI-ENHANCED (ILLUSTRATIVE) 24% c$200m Illustrative 25% POS improvement at each clinical stage (Phase I-III) Context • Phase II trials with pre-selection biomarkers already >50% more likely to succeed (4) Industry experts estimate that the use of Al can improve the PoS of each phase by up to 45% (5) Benevolent 6#7BenevolentAl technology approach Our data foundations integrate the world's relevant and available biomedical data to surface insights through our tools, improving how scientists discover and develop new therapies 'Omics Molecules Experimental Data Literature Pathology Biological Systems 85+ Data Sources 46% information proprietary 1. Creating Data Foundations Integrated knowledge platform built to ingest, represent, and surface insights from large volumes of diverse data types Predictive algorithms Triage Evaluation Rii Hypothesis- Driven Target ID <<<<<< Progressibility Assessment <<<< Experimental validation 2. Al Tools for Scientists Suite of Al-driven tools and workflows allow scientists to explore data and discover novel, high-quality targets Portfolio Programmes Benevolent 7#8How BenevolentAl's approach compares to industry benchmarks Deployment run for chosen disease Typical proportion of targets identified validated by lab assay 23% Time from target to candidate 2-2.5 yrs Cost from target to IND $15m Industry benchmarks based on Paul et al Nat Rev Drug Discov 2010. Potential increase in chance of a drug reaching the market vs industry benchmark >2x (based on 25% increase in PoS at each clinical stage) Potential time saved relative to industry benchmarks At least 2 yrs Potential cost benefit per IND relative to industry benchmarks $18m saving >50% ACCURACY AND EFFICIENCY TIME @ COST Higher ROCE per $ spent on R&D Benevolent 8#9What that equates to: higher productivity Number of new INDS filed by year by pharma and biotech companies Median number of Phase I starts over five years (2015-2020)* Companies with >20 commercialised products Companies with 3+ commercialised products Companies with <3 commercialised products AstraZeneca Pfizer Merck Roche sanofi AMGEN GILEAD Benevolent Incyte) VERTEX REGENERON Alnylam sosel IONIS nektar Benevolent moderna DENALI Sangame aclaris. EFFECTOR 0 2 2 2 NN 2 2 3 3 3 4 4 5 1-2 7 7 8 2-4 9 10 11 2027-31 AIM 2023-26 AIM 12 Market cap¹ $188bn $257bn $219bn $273bn $101bn $130bn $79bn $1bn $15bn $72bn $62bn $24bn $1bn $6bn $1bn $1bn $51bn $3bn $1bn $1bn $0bn Note *IND filing rate is based on Phase I trial starts with the company as the lead sponsor. Average adjusted for companies which started clinical development during time period; ¹ Market cap as of 06 September 2022 Source: clinical trials.gov; Company websites: L.E.K. research & analysis BenevolentAl potential productivity is in line with medium and large companies, but at a fraction of the total cost. BenevolentAl will aim to increase the number of INDS from its Platform with incremental cost largely from development through to the clinic only Benevolent 9#10The BenevolentAl business model - leveraging our technology platform to generate new drug IP at scale Al-Discovery Tools Target Identification C соо D Precision Medicine OO Knowledge Graph Molecular Design vuju 100% owned in-house pipeline of novel discovery-stage assets taken to IND Pharma Collaborations: Selective platform collaborations which can leverage the Platform in areas outside our core competencies Non-commercial collaborations (DNDI, COVID-19) Economic benefits ESG A B Platform validation Platform validation BenevolentAl develop in-house Out-license at IND, end Phase I or end Phase II (upfront, milestones, royalties) Data generated enriches the Benevolent Platform™ Data generated enriches the Benevolent Platform™ Benevolent 10#11Internal validation: pipeline generated from the Benevolent Platform™ BEN-2293 | Atopic Dermatitis BEN-8744 | Ulcerative Colitis BEN-9160 | Amyotrophic Lateral Sclerosis BEN-28010 | Glioblastoma Multiforme Inflammatory Bowel Disease Amyotrophic Lateral Sclerosis Antiviral Oncology Oncology Parkinson's Disease Nonalcoholic Steatohepatitis Oncology Parkinson's Disease Chronic Kidney Disease Idiopathic Pulmonary Fibrosis Idiopathic Pulmonary Fibrosis Idiopathic Pulmonary Fibrosis Chronic Kidney Disease +10 Exploratory stage programmes Target ID Hit to Lead Lead Opt Preclinical Phase I AstraZeneca 27.01.2021 AstraZeneca 15.12.2021 AstraZeneca 17.05.2022 AstraZeneca 2 06.10.2022 AstraZeneca 06.10.2022 Phase II Phase III BEN-2293 - Phase Ib complete, Phase Ila ongoing BEN-8744 Novel target - zero prior linkage to UC 2 years from target validation to candidate selection Broad disease coverage given platform Balance of risk between "best in class" and "first in class" drug candidates Benevolent 11#12BEN-2293 - Atopic Dermatitis (AD) • Atopic dermatitis is the most common chronic inflammatory skin disease, characterized by intensely itchy, red, and swollen skin(¹) o Affects 10-20% of children and up to 3% of adults (²) o Approximately 60-70% of all cases present with mild-moderate disease severity(3) ● o Prevalence is rising (3), with market value in 7MM forecast to exceed $14 billion (2,4) Skin inflammation and chronic pruritus associated with atopic dermatitis negatively impact quality of life and psychosocial well-being(¹) Clear unmet need in mild to moderate patient segment for treatment addressing itch and inflammation, without side effects of steroids BEN-2293: Topical best-in-class PanTrk inhibitor to relieve inflammation and rapidly resolve itch in patients with AD BEN-2293 is a PanTrk inhibitor targeting TrkA, B and C receptors. The Trk receptors were identified as part of an effort to find mediators of both itch and inflammation in AD. Using our Molecular Design expertise we were able to design a PanTrk inhibitor, equipotent against the 3 receptors BEN-2293 is expected to treat atopic dermatitis by: inhibiting itch signaling and blocking nerve sensitization (TrkA) in addition to inhibiting Th1 and Th2-mediated dermal inflammation (TrkB, TrkC) • BEN-2293 will target Mild, Moderate and Severe Atopic Dermatitis patients, addressing unmet need in the treatment of mild to moderate Atopic Dermatitis as a steroid sparing alternative and in more severe patients undergoing treatment with biologics (e.g. dupilumab) that require add-on treatment Sources: (1) Weidinger et al. Nat Rev Dis Primers 2018; (2) Global Data Report 2018: Atopic Dermatitis: Global Drug Forecast and Market Analysis to 2027; (3) GlobalData Report 2018: Atopic Dermatitis: Epidemiology Forecast to 2027; (4) Evaluate Pharma Benevolent 12#13BEN-2293 - indicative data from Phase Ib Eczema Area and Severity Index (EASI) Caveats: • Phase lb was NOT powered to meaningfully assess efficacy - only 6 patients dosed with active per group • Maximum duration of dosing 14 days (EASI score changes typically measured at 28 days) Mean change from baseline -3 EASI: Eczema Area and Severity Index 1 -6 4 Cohort 3: Patients dosed 1% ointment, 30% BSA, once per day 5 Mean Change from Baseline %BSA affected in treated areas 6 7 8 Days 9 10 11 12 13 14 Cohort 4: Patients dosed 1% ointment, 30% BSA, twice per day 14 day placebo treatment 15 0.25% ointment, once per day, 10% BSA 1% ointment, once per day, 10% BSA 1% ointment, once per day, 30% BSA 1% ointment, twice per day, 30% BSA Placebo 7d Placebo 14d Benevolent 13#14Strategic validation: successful collaboration with AstraZeneca Multi-year Target-ID collaboration is delivering multiple, novel targets for complex diseases with high unmet need Separate data environment established to integrate AstraZeneca's data into a bespoke Knowledge Graph BenevolentAl and AstraZeneca teams working in close collaboration to explore, identify and validate targets Deal structure of upfront license fee, milestone payments and downstream royalties Collaboration enables BenevolentAl to enrich its platform via the data generated as part of the collaboration but also further validate the use of our Al platform THERAPEUTIC AREAS INITIAL DEAL (APRIL 2019) GO Chronic kidney disease (CKD) AstraZeneca EXPANSION (DEC 2021) Heart failure KEY MILESTONES CKD Jan 2021 do IPF Dec 2021 3 To date, five novel targets have been validated & selected for AstraZeneca's portfolio IPF May 2022 Idiopathic pulmonary fibrosis (IPF) Systemic lupus erythematosus CKD Oct 2022 IPF Oct 2022#15Regulatory validation: identified a COVID-19 treatment now fully approved for use by the FDA ✓ NOVEL ✓ RAPID EFFECTIVE FDA U.S. FOOD & DRUG ADMINISTRATION Our technology and Al workflows identified a previously unknown antiviral mechanism (¹) The Benevolent Platform™ empowered scientists to rapidly formulate a hypothesis in just 48 hours Baricitinib shown to reduce mortality from COVID-19 in randomised controlled trials: COV-BARRIER trial showed baricitinib reduces mortality by 38% in hospitalised patients(2), and by 46% in ventilated or ECMO patients (3) FDA approved the use of baricitinib to treat COVID-19 in May 2022(4) after first granting emergency use authorisation for baricitinib in combination with remdesivir in Nov 2020 (5) Sources: (1) Richardson et al. Lancet 2020; (2) Marconi et al. Lancet Respiratory Medicine 2021; (3) Ely et al. Lancet Respiratory Medicine 2022; (4) Lilly press release 11 May 2022; (5) Lilly press release 19 Nov 2020 BenevolentAl published research in Feb 2020(¹) THE LANCET Led to equity investment from Eli Lilly Lilly Benevolent 15#16Cash runway to Q4-2024 providing sufficient capital for key value inflection points Cash Runway Cash at 30th June 2022 H2 2022 cash spend £165m £36m-£40m BEN-2293 trial costs (c.£15m) fall away in 2023 Cash runway guidance assumes no future capital from licensing or collaboration agreements Multiple assets at or close to key value inflection points and ready for out-licensing Benevolent Capital allocation Fund Phase I/II trial for BEN-2293 in Atopic Dermatitis (before subsequent out-license) Fund Phase I trial for BEN-8744 in Ulcerative Colitis and commencement of Phase II trial in 2024 Prioritisation of clinical spend on target Therapeutic Indications, with 2 Phase I trial starts by 2025 Continuous enhancement of the Benevolent Platform™ Investment to support listing status and further collaborations Benevolent 16#17Multiple value inflection points expected H2 2022 BEN-2293 Atopic Dermatitis BEN-8744 Ulcerative Colitis BEN-28010 Glioblastoma multiforme BEN-9160 Amyotrophic lateral sclerosis Pipeline depth and progression AZ Collaboration Other Platform Collaborations I Complete Phase lla clinical study File Clinical Trial Application (CTA) late 2022 Commence IND enabling studies Move at least 1 project into lead opt & Initiate 2 - 4 new drug discovery programmes 2023 I Full data package available Q1 2023 Out-licensing Begin Phase I study early 2023 Submit Clinical Trial Application (CTA) Commence IND enabling studies Submit Clinical Trial Application (CTA) Expect to add 4-6 names drug programmes 2024 Discussions with a number of parties ongoing 1 Phase I data package early 2024, with Phase II to follow shortly after Initiate Phase I study Initiate Phase I study Aim to progress 1-2 CTA/IND stage drug candidates every year Five targets selected and advancing (3 x IPF and 2x CKD) - extension of collaboration into two new disease areas (SLE and Heart Failure) Benevolent 17