#1Benevolent 42nd Annual J.P. Morgan Healthcare Conference Dr. François Nader - Chair and Acting CEO 11 January 2024 MM PWM : : : - E LUX#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. BenevolentAl Proprietary Benevolent 2#3Benevolent PlatformTM drives our three revenue streams A versatile, scalable and robust Al-enabled drug discovery platform built with expert scientists, leveraging multi-modal data foundations Benevolent Platform™ End-to-End Drug Discovery Drug discovery offerings ESTABLISHED BUSINESS Platform enables novel discoveries throughout the drug discovery process Continuing to expand on our industry-leading collaborations Validated by collaborations with AstraZeneca and Merck High value collaborations Upfront payments + milestones + royalties Preclinical & Clinical Development Pipeline Platform generated assets 5 high potential assets Potentially first-in-class or best-in-class assets providing novel therapeutic opportunities Progressing assets to significant inflection points Mid-long term value creation Upfront fees + milestones + royalties BenevolentAl Proprietary db NEW EXPANSION OPPORTUNITIES 3D Knowledge Exploration Tools New customisable SaaS products Suite of Al products that surface data, perform analysis, and give scientific recommendations BenAl-Q and BenAl Research Assistant products enabling enhanced decision making Building from our core technologies to develop innovative ways to serve customers and their scientists Highly scalable, recurring revenue Fees for Setup, Platform licenses & Seats + Ongoing support services Benevolent 3#4The Benevolent Platform™ Built for Scientists by Scientists Ingestion & Insight Extraction 85+ data sources, Structured Ontologies & Databases etc. Unstructured (NLP) Literature, Patents, Trials etc. Genetics & Omics sc (RNASeq), Epigenetics etc. Clinical Biobank, Partner cohorts etc.. Experimental ELNS, Assay results etc. Chemistry Binding, structural, MoA etc. Protein Structure Binding site analysis etc. Data Integration & Inference Comprehensive foundations reduce bias & gaps, breaking down therapeutic silos Data Foundations (Knowledge Graph) Al-Driven Drug Discovery Revenue Streams & Development Al technologies applied to specific DD problems + state of art wet lab and scientific capabilities . Clinical Subtyping . Mechanism Recommendation • Target Prediction & Assessment Experimental hypothesis validation ● • In silico led HitID • In silico led LeadOp . Biomarker Assessment • Indication and Drug Repurposing BenevolentAl Proprietary Benevolent PlatformTM provides multiple opportunities End-to-end drug discovery Preclinical & Clinical Development Pipeline Knowledge Exploration Tools Novel insights from public, proprietary, & inferred knowledge ✔ Unique data foundations from multiple data types curated and purpose-built for drug discovery Explainable Al models enable scientists to see rationale for predictions ✔ Applicable across therapeutic areas and modalities Benevolent 4#5AstraZeneca THERAPEUTIC AREAS 2019 - INITIAL DEAL Chronic kidney disease (CKD) GO 2022 - EXPANSION (3 year collaboration) Heart failure Idiopathic pulmonary fibrosis (IPF) Systemic lupus erythematosus (SLE) RECENT POSITIVE DEVELOPMENTS May 2023 New preclinical data on one of the IPF targets presented by AZ at American Thoracic Society (ATS) Collaboration with AstraZeneca continues to progress ● End-to-End Drug Discovery Multi-year Target-ID collaboration delivering novel targets for complex diseases • Deal structure of upfront fee, milestone payments and downstream royalties • AZ progressing four most promising targets from five initially selected in CKD and IPF • Further target selection opportunities in Heart Failure and SLE BenevolentAl Proprietary Benevolent LO 5#6Strategic collaboration with Merck KGaA Leverages End-to-End Drug Discovery capabilities including our wet lab facility in Cambridge (UK) Identify and develop innovative small molecule compounds, through Hit Identification to preclinical stage Initial delivery of three novel small molecule drug candidates THERAPEUTIC AREAS Oncology FINANCIAL TERMS ()) MERCK ● End-to-End Drug Discovery Neurology BenevolentAl Proprietary September 2023 Up to $594 million of total value, including: • Low double-digit million dollar upfront Immunology Tiered royalties on net sales of any commercialised products payment Discovery, development and commercial milestones Benevolent 6#7Our pipeline products are highly differentiated Target Market Potential Key Differentiators Asset BEN-8744: Ulcerative Colitis (UC) BEN-28010: Glioblastoma Multiforme (GBM) BEN-34712: Amyotrophic Lateral Sclerosis (ALS) Parkinson's Disease Fibrosis MOA PDE10 inhibitor CHKI inhibitor RARaß agonist Novel Target Novel Target Moderate-to-severe Ulcerative Colitis Naive and recurrent GBM regardless of MGMT methylation status Sporadic and familial forms of ALS Parkinson's and related synucleinopathies Fibrotic indications including NASH • Novel therapeutic approach: potential first-in-class peripherally restricted small molecule for the treatment of UC Discovery & Development Pipeline • Potential for meaningful differentiation from existing immunosuppressive standard-of care treatments, through disease modifying efficacy • Potential first-in-class CNS penetrant drug for GBM and metastatic brain tumours • Potential efficacy in patients resistant to chemotherapeutic SoC agents Strong rationale for combination therapy approaches in non-CNS cancers ● • Potential best-in-class CNS penetrant subtype-selective approach to drive efficacy and minimise side effect profile Neuroprotective mechanism of action, with positive effects in SOD1 mouse model ● • Potential first-in-class CNS penetrant drug with neuroprotective activity • Novel target focused on the underlying mechanisms of fibrotic diseases - broad spectrum therapeutic potential BenevolentAl Proprietary Benevolent 7#8Fundamental shift in Al landscape, with BAI strongly positioned We are applying our core Al and data foundations to create new commercial opportunities Our new generative Al products leverage our expertise in natural language processing and experience in drug discovery Built on 5+ years of development in pharma technologies that solve challenging problems in discovery and research New Knowledge Exploration tools Our new customisable SaaS products enable scientists to make higher-confidence decisions and improve discovery and research productivity BenAl-Q ● Investigate, visualise and analyse multi-modal data in real-time • Standardise workflows and automate daily research tasks • Curated platform leveraging our Knowledge Graph, bespoke Large Language Models (LLMs) and other core technologies BenAl Research Assistant Speed up reading and reviewing scientific literature Facilitates greater contextual understanding through a web browser extension ● Knowledge Exploration ● Go-to-market plan Evolving products to match customer and scientist needs, based on user testing and market research • Focus on large and mid-sized biopharma customers • Commercial function build-out in progress Targeting potential go-to-market partners ● BenevolentAl Proprietary Benevolent 8#9TM Validation of the Benevolent Platform T Target Identification with Big Pharma • Collaboration with AZ expanded from two to four disease areas • Delivered multiple novel targets into AZ's pipeline Hit Identification through to Preclinical Stage with Big Pharma . Collaboration with Merck in three therapeutic areas • Validation of our chemistry tech and lab capabilities Proven Novel Indication Expansion Leading to FDA Approval - Fast • Through our platform, identified baricitinib, a RA drug owned by Eli Lilly, as a potential COVID 19 treatment. I.e identifying novel biology through our data / algorithms • Led to FDA emergency use approval in Nov 2020 and full approval in May 2022 Internal Pipeline of Novel, Best in Class And First in Class Programmes • Demonstrates utility to find novel insights previously not connected in the literature • Develop and advance unique and differentiated molecules BenevolentAl Proprietary AstraZeneca Merck Lilly FDA BEN-8744 BEN-28010 BEN-34712 Parkinson's Fibrosis Benevolent 9#10Business right sized and focussed on value creation Cash and Cost Base Cash¹ at 30 June 2023 H1 2023 cash burn of £37.9m before working capital movements £84.3m Cash burn reduced by around 40%² Cash runway guidance, to at least Mid-2025, inclusive of Merck, but before any future unsigned revenue Headcount reduced by c. 30%, with around 260 employees by year end Benevolent 1. Includes cash, cash equivalents and short-term deposits (maturity between 3 and 12 months) 2. vs. pre-restructure forecasts for 2024 and 2025. 2 Capital Allocation BenevolentAl Proprietary BEN-8744 - Funding Phase I trial in UC BEN-28010 - Funding IND enabling work in GBM 3 BEN-34712 - Funding IND-enabling work for ALS Continuous enhancement of the Benevolent Platform™ Investment in Knowledge Exploration tools Benevolent 10#11Key investment highlights Pioneer & leader in Al-augmented drug discovery, enabled by the Benevolent Platform™ Benevolent Clear, growing market demand from Biopharma to leverage Al in drug discovery and increase probability of success Business model offers multiple routes for revenue generation and value creation Leading End-to-End Drug Discovery solutions, validated through industry collaborations with AstraZeneca and Merck High potential Preclinical & Clinical Development Pipeline with strategic optionality delivering financial upside; lead asset BEN-8744 in Phase I New expansion opportunity through suite of Knowledge Exploration tools that leverage bio-specific natural language processing and large language models Benevolent Platform Market demand for Al in drug discovery End-to-End Drug Discovery External collaborations Internal pipeline Preclinical & Clinical Development Pipeline BEN-8744 BEN-28010 BEN-34712 Parkinson's Fibrosis New Knowledge Exploration tools P Knowledge Exploration Tools Merck AstraZeneca BenAl-Q BenAl Research Assistant Benevolent (11#12Because benevolent.com @benevolent_ai A matters in benevolentai [email protected]#13Appendix#14KEY SHAREHOLDER INFORMATION Listed on EuroNext; April 2022 REAKOU (Euronext Amsterdam: BAI) Offices in London, NYC and laboratories in Cambridge UK c.260 employees as at 31 December 2023 Top Shareholders (Dec'23): Ken Mulvany (co-founder) - 27.3% Temasek Life Sciences - 14.8% Link - 7.3% Zaoui - 7.3% (Odyssey sponsors) Ally Bridge Group - 5.9% Lansdowne Partners - 4.6% Evenstad Family - 4.4% Schroders - 3.8% Michael Brennan - 3.7% ACME Tools - 3.0% Strategic/partnership shareholders: Lilly 2.2% AstraZeneca 1.8% BOARD Dr. François Nader Acting CEO & Chair ELT Prof Sir Nigel Shadbolt Non-Executive Director Dr. François Nader Acting CEO & Chair Dr. Daniel Neil CTO Jean Raby Non-Executive & Senior Independent Director Dr. John Orloff Non-Executive Director Dr. Ivan Griffin Co-Founder Christina Busmalis CRO Dr. Olivier Brandicourt Non-Executive Director Marcello Damiani Non-Executive Director Catherine Isted CFO Anna Fullerton-Batten CPO Dr. Susan Liautaud Non-Executive Director Dr. Anne Phelan CSO Will Scrimshaw General Counsel Benevolent 14#15Delivering on Strategic Plan to Maintain Position as One of the Leaders in Al Driven Drug Discovery & TargetID ● ● End-to-End Drug Discovery MERCK Collaboration New multi-year tech- enabled collaboration Commercial validation of our End-to-End Drug Discovery platform BenevolentAl to identify and develop innovative compounds ● ● ● 88 Preclinical & Clinical Development Pipeline Pipeline Assets BEN-8744 for ulcerative colitis in a Phase I clinical trial since August 2023, with topline data readout expected in Q1 2024 BEN-28010 for GBM now IND ready BEN-34712 for ALS in IND-enabling studies ● ● db Knowledge Exploration New Knowledge Exploration Tools Initial product development substantially completed User testing underway, including with potential customers and partners BenevolentAl Proprietary ● ● Business Operations Leadership François Nader Chair assumed role as Acting CEO Catherine Isted appointed as Chief Financial Officer . Christina Busmalis appointed as Chief Revenue Officer ● $ Business Operations Business Right-Sized Cash runway extended to at least Mid 2025 Key skills, expertise and capabilities retained Benevolent 15#16Benevolent PlatformTM - Built for Scientists by Scientists Capabilities 1. Expansive data foundations (knowledge graph) with multimodal data types - curated and purpose-built for drug discovery OUR TECH 2. Explainable Al models enable scientists to see rationale for predictions 3. Applicable across therapeutic areas and modalities 110 XX Our Expertise 1. Experts in Al, bioinformatics, natural language processing and Generative Al 2. Tech platform built/co- designed with internal scientists 3. Continual Tech innovation Unique combination of tech and science, working together in an integrated process Capabilities 1. State of the art wet lab capabilities 2. Hypothesis driven approach 3. Working across diseases at speed, generating novel IP OUR USP Insights and novelty, across multiple therapeutic areas, that avoid disease siloes and limitations from single data streams OUR SCIENCE BenevolentAl Proprietary Our Expertise 1. Leading drug discovery scientists, that understand Al 2. Working with the Tech team to solve real industry problems 3. Not just theoretical modeling Scientist led evaluation and development Systematic, unbiased, repeatable process, that translates into transparent and actionable insights Benevolent 16#17High potential proprietary and partner pipeline Chemistry & Lead Opt Programme BEN-8744 BEN-28010 BEN-34712 Indication Fibrosis Ulcerative Colitis Glioblastoma Multiforme Parkinson's Disease ALS Chronic Kidney Disease Idiopathic Pulmonary Fibrosis Target PDE10 CHKI RARaß Novel Target Novel Target Multiple Targets Multiple Targets Oncology, neurology, immunology Multiple Targets Phase 1 topline data readout: Q1 2024 IND-ready: Q4 2023 - completed IND-ready: Q2 2024 Preclinical AstraZeneca MERCK Regular re-evaluation of 10+ paused programmes and potential new pipeline entries Discovery & Development Pipeline End-to-End Drug Discovery Phase 1 Phase 2 . Further AZ target selection potential across Heart Failure and Systemic Lupus Erythematosus • Initial delivery of 3 novel small molecule drug candidates Benevolent 17#18BEN-8744 Phase la study overview Study objectives: To assess the safety and tolerability of single and multiple oral doses, and the effect of food on pharmacokinetic profile, of BEN-8744 in healthy volunteer subjects Study conducted with healthy adult volunteers (18-65 y/o) at a phase 1 unit (HMR) in London, UK Part A - SAD Part B - Food Effect Part C - MAD ● 4 of upto 6 groups of healthy volunteers dosed @ 2mg, 6mg, 20mg and 60mg 8 subjects per group: (6:2) Single oral doses of BEN-8744 administered in fasted state Monitored up to 72h after dosing, with follow up 7 days after inpatient stay Upto 2 groups of healthy volunteers. . Scheduled 11th Dec ● 6 subjects per group: 6 active • Crossover design with 2 sessions per subject, 7 days apart o One dose BEN-8744 fasted o One dose BEN-8744 after high fat meal ● BenevolentAl Proprietary 8 subjects per group: (6:2) ● ● First of upto 3 groups of healthy volunteers dosed ● Daily (BID) oral doses of BEN-8744 for 14 days Monitored up to 72h after dosing, with follow up 7 days after inpatient stay Study initiated in August 2023, topline data expected Q1 2024 Benevolent 18#199xchange Partnership Benevolent X 9xc Announced partnership 16 May 2023: 9xchange, is a biopharma marketplace created for innovators to match, buy and sell drug assets Marketplace and partnership promote information sharing and collaboration across the biopharma industry to accelerate new drug discovery and development BenevolentAl provides its Al technology to evaluate drug repurposability and indication expansion in the 9xchange marketplace ● CEO & Founder Anat Naschitz also co-founded and co-led OrbiMed Israel, where she built companies such as pharma spinout 89bio (Nasdaq:ETNB) The 9xchange marketplace is a curated, members-only biopharma marketplace that matches asset buyers and sellers and removes friction by anonymising, automating and enhancing many steps required to get a deal done BenevolentAl Proprietary Benevolent 19#20H1 2023 Financial highlights Revenue Research and development¹ G&A - Business operations ["Bus Ops"]¹ G&A - Unrealised foreign exchange (loss)/gain Normalised share-based payment ("SBP") expenses Other income Normalised operating loss Normalised EPS (in pence)² Weighted average ordinary shares outstanding (in millions) 1. Excludes exceptional costs related to the restructuring programme and Business Combination, in addition to SBP expenses and unrealised FX losses/gains. 2. Normalised EPS also excludes taxation impact from exceptional items and finance income related to the Business Combination. Six months ended 30 June 2023 £'000 5,297 (31,506) (11,451) (409) (2,600) 109 (40,560) (27.0) 117.5 BenevolentAl Proprietary 2022 £'000 4,843 (29,976) (9,730) 3,221 (19,869) 72 (51,439) (45.2) 100.5 Revenue increase across AstraZeneca collaboration, reflecting the ongoing second Al-enabled drug discovery collaboration with AstraZeneca. R & D spend increase driven by advancing pipeline into later stages of development, in particular BEN-8744 and its preparation for the P1 trial in H2 2023, combined with an increase in staff-related costs supporting the continued innovation of the Benevolent Platform™. The Group also has costs relate to BEN-2293 which, as communicated in May 2023, will not be subject to further investment following the Phase 2a trial results. Bus Ops spend has increased driven by a full six months of listing costs in H1 2023, as compared to 2 full months in H1 2022. Benevolent 20#21Reported to Normalised¹ Reported operating loss Adjustments for: R&D - Restructuring programme expenses G&A Restructuring programme expenses G&A Direct Transaction costs G&A - Transaction-related listing service SBP expense G&A - Transaction-related employee-related SBP expense G&A Transaction-related stamp duty Normalised¹ group operating loss 1. Excludes exceptional costs related to the restructuring programme and 2022 Business Combination. Six months ended 30 June 2023 £'000 (45,850) 4,052 1,238 (40,560) BenevolentAl Proprietary 2022 £'000 (153,384) 11,255 83,067 3,883 3,740 (51,439) The HY 2023 reported operating loss driven in part by £5.3m non-recurring provision for restructuring programme undertaken across R&D and G&A, reflecting full year costs recognised at the point of committing to the plan in May 2023. These restructuring costs comprise: • Staff costs Professional fees . Committed costs now onerous Facility and equipment costs associated with the downsizing ● The HY 2022 reported operating loss included the categorised costs related to the Business Combination Transaction. Benevolent 21#22Cash flows focused upon drug and platform development Normalised¹ operating loss Depreciation & amortisation Equity SBP expense Foreign exchange loss Cash flows from changes in working capital Cash expended from underlying operating activities Opening cash balance² Closing cash balance² 1. Excludes exceptional costs related to the restructuring programme. 2. Includes cash, cash equivalents and short-term deposits (maturity between 3 and 12 months). Six months ended 30 June 2023 £'000 BenevolentAl Proprietary (40,560) 1,530 6,211 391 (20,117) (52,545) 130,182 84,320 Main movements for Normalised¹ operating loss to Cash expended from underlying operating activities • £0.8m depreciation on property-related leases. Employee-related SBP expenses removed from the P&L (no cash impact). • £1.2m unrealised gain from EUR holdings, £1.6m unrealised loss from USD holdings. • Driven by increase in R&D tax credit receivable (£7.1m); decrease in trade & other payables (£6.9m); and decrease in SBP employer-related tax provision (£3.6m). • Period end cash position of £84.3m. Benevolent 22