#1Investor Presentation June 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.#3Drug development is failing patients $160bn+ spent per year on drug R&D Expensive & high risk OS- Overall Survival $2.6bn in average R&D and to market cost per drug The underlying mechanisms of complex multifactorial diseases are often misunderstood 96% overall failure rate in drug development Long R&D cycles 10 years to market 9,000 diseases with no effective treatment Poor efficacy & high societal cost The human body is an incredibly complex information system made up of over 37 trillion cells Leading drugs effective on 30-50% of patients Approved cancer drugs have poor response rates, with only 7% A key reason for failure in drug development is the lack of understanding of the underlying biology showing an OS advantage Scientists can't keep up with exponential growth of biomedical research and data - 2,314 exabytes of healthcare data generated last year alone Benevolent 3#4I Leveraging Al to increase efficiency of the drug discovery process Research Biology Target Identification Hyp Gen Hyp Val Hit ID & Expansion Chemistry Discovery Lead Op Candidate Seeking Preclinical Deployment Development Phase I Up to $2.6bn and c.10 years with a high probability of failure Phase II Phase III Approval & Launch 96% Failure Al already is, or will have, an impact over each segment of the Drug Development continuum, empowering scientists to make better decisions, quicker with clear financial benefits Benevolent#5Al-enabled, hypothesis-driven drug discovery platform Built for scientists, with scientists Knowledge Precision Medicine OB EO EO The Benevolent Platform™ The Benevolent Platform™ continuously learns and improves predictions Iterative Learning Further enhancing target identification & accelerating end-to-end drug discovery W Predictive Algorithms Inferences De Novo molecular design 0= Target Identification Molecular Design Benevolent Target Triage Experimental validation Comprehensive, mechanistic approach to understand complex diseases Identifying targets by understanding underlying disease drivers, drawing on a multi-modal knowledge base 85+ data sources used HAAP X Sophisticated Target Identification process Commercially & scientifically validated disease agnostic The Benevolent PlatformTM has generated all internal pipeline programmes & supports multiple commercial partnerships 20+ internal programmes - Target discovery to clinical with BEN2293 in P2 and second asset in IND enabling studies CKD, IPF, Heart Failure, SLE Novel targets selected by AstraZeneca as part of successful collaboration COVID-19 Al-driven drug repurposing hypothesis led to FDA emergency use approval of a Covid-19 drug licensed to Eli Lilly by Incyte Benevolent AstraZeneca Lilly#6BenevolentAl is revolutionising drug discovery Our mechanism-based approach empowers scientists to make better decisions in the earliest stages of drug discovery, aiming to avoid late-stage failure and discover novel targets with a higher probability of clinical success. Knowledge Discovery Integrated Knowledge platform built to ingest, represent, and surface insights from large volumes of diverse data types Predictive algorithms Precision Medicine Biological question <<<<<<< Experimental validation Target Triage Target identification Suite of Al-driven tools and precision medicine workflows allow scientists to explore underlying mechanisms and discover novel targets with high confidence HIGHER CONFIDENCE TARGET IDENTIFICATION Our Al platform supports scientists in exploring and assessing insights generated from our knowledge foundations, and is built on feedback from our in-house labs to continuously improve the quality of our target predictions. EMPOWERING SCIENTISTS TO ✔ Decipher complex disease biology ✓ Discover novel targets ✓ Run in-silico experiments in real time ✔ Accelerate the development of drug candidates ✔ Make high confidence decisions using a rigorous candidate selection process#7Target Identification: finding the underlying cause of the disease 2. Biological Question Definition Using our in-house tools and algorithms 1. Building Knowledge We curate our Knowledge to improve our representations with additional databases, literature, 'omics, patient data, and genetics relevant to the disease of interest we explore the data and define the input to our predictive models Disease Target Endpoint: What we are measuring in the assay Can we treat T2DM by reversing insulin resistance in adipocytes by reducing oxidative stress? Sign Mechanism Cell type 3. Target Prediction Our Al algorithms, data queries, and endotype-driven workflows identify targets that are likely to address the biological question. Graph Models Transcriptomics Models Precision Medicine Genetics Precision Medicine 'Omics Data queries Large Language Model Aggregation Prioritization Targets 4. Target Assessment and Validation Our tools aggregate and present the necessary information to allow expert drug discoverers to triage and assess targets before taking them into the portfolio#8BenevolentAl business model Al-Discovery Tools D Target Identification ООО Precision Medicine °C 0 0 0 i Knowledge Molecular Design In-house pipeline of novel discovery-stage assets Platform Collaborations: Selective platform collaborations which can leverage the BenevolentAl PlatformTM in areas outside our core competencies Non-commercial Collaborations (DNDI, COVID-19) Economic benefits A B ESG BenevolentAl develop and commercialise Out-licence at IND, end Phase I or end Phase II (upfront, milestones, royalties) Platform validation Platform validation Decision Criteria: • Feasibility of mid and late stage clinical development (size, specialism) • Fit with emerging commercialisation model • Funding environment Data generated enriches the BenevolentAl Platform™ Data generated enriches the BenevolentAl Platform™ Benevolent 8#9Pipeline depth and progression Disease Area BEN2293 | Atopic Dermatitis (PanTrk inhibitor) BEN8744 | Ulcerative Colitis (PDE10 Inhibitor) BEN9160 | Amyotrophic Lateral Sclerosis Glioblastoma Multiforme Inflammatory Bowel Diseases CNS Diseases Antiviral Nonalcoholic Steatohepatitis (NASH) Oncology Nonalcoholic Steatohepatitis (NASH) Oncology Oncology Parkinson's Disease Chronic Kidney Disease Idiopathic Pulmonary Fibrosis Idiopathic Pulmonary Fibrosis 10+ Early Discovery Programmes (Multiple indications & targets in therapy Source: (1) GlobalData, Epidemiology forecasts 2021, Atopic Dermatitis (7MM), IBD (8MM), ALS (8MM), GBM (7MM), NASH (7MM), CKD (7MM), IPF (7MM); 7MM = 7 major markets (US, JP, EU5); 8MM = US, JP, EU5+ Canada; (2) Evaluate Pharma, Current Worldwide Market Size (data pull 22nd Sept 2021) Atopic Dermatitis, IBD, ALS, GBM, NASH, CKD, IPF Target ID Hit to Lead AstraZeneca AstraZeneca AstraZeneca Lead Opt Preclinical Phase I start in early 2023 Clinical Commercial Highlights • All Pipeline programmes generated from Benevolent Platform™ • Broad therapy area coverage given disease agnostic approach • Mix of Best in class, First in class and novel indications • Potential for rapid scaling and expansion into new modalities Benevolent 9#10BEN-2293 -Atopic Dermatitis (AD) • Atopic dermatitis is the most common chronic inflammatory skin disease, characterized by intensely itchy, red, and swollen skin o Affects 10-20% of children and up to 3% of adults (¹) o Approximately 60-70% of all cases present with mild-moderate disease severity (2) o Prevalence is rising, with market value in 7MM forecast to exceed $14 billion by expected launch of BEN-2293 in 2028(¹) Skin inflammation and chronic pruritus associated with atopic dermatitis negatively impact quality of life and psychosocial well-being • Clear unmet need in mild to moderate patient segment for treatment addressing itch and inflammation, without side effects of steroids Source: (1) GlobalData- Atopic Dermatitis: Global Drug Forecast and Market Analysis to 2027; Evaluate Pharma - Eczema/Dermatitis: Worldwide Sales 2026 (2) GlobalData-Atopic Dermatitis: Epidemiology Forecast to 2027 BEN-2293: A potent PanTrk antagonist developed to relieve inflammation and provide rapid itch resolution 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 HPA - Hypothalamus, Pituitary, Adrenal Benevolent 10#11We expect BEN-2293 to provide both symptomatic relief and to reverse disease progression in atopic dermatitis ● BEN-2293 is highly selective for Trk receptors, with IC50 potencies in the low nM range for TrkA, B, and C ● BEN-2293 dose dependently inhibits release of inflammatory Th1 and Th2 cytokines TNFa, IFNY, IL-13, and IL-4 in human peripheral blood mononuclear cells (PBMCs) stimulated with an inflammatory T-cell stimulus (anti- CD3/CD28) ● BEN-2293 inhibits the release of Calcitonin Gene- Related Peptide (CGRP), a mediator of itch, sensory nerve hypersensitisation and neurogenic inflammation, in dorsal root ganglion (DRG) isolated from adult rats and stimulated with NGF ● BEN-2293 demonstrates excellent tolerability and safety margins in IND/CTA-enabling toxicology studies Key: Tropomyosin-related kinase (Trk) receptor tyrosine kinase family, namely TrkA, TrkB, and TrkC; Nerve Growth Factor (NGF); Brain Derived Neurotrophic Factor (BDNF); Neurotrophin-3 (NTF-3)/NT3 BEN-2293 Inhibition of human primary T-cell activation Luminescence % inhibition 25000 20000- 15000- 10000- 5000- 0.1 125- 100- 75- 50- 25- 0- -25- -50- TNFa TIE 10 100 1000 10000 BEN-2293 nM -2 BEN-2293 mediated inhibition of CGRP in DRG neurons (n=2) - Donor 1 Donor 2 Hillslope 2.827 IC50 -1 Log BEN-2293 (UM) 0 0.03033 Human peripheral blood mononuclear cells from 2 blood donors. Stimulated with a T-cell stimulus (anti-CD3/CD28) +/- BEN-2293 1 1500- Luminescence 1000- 20 500- 04 IL-4 0.1 THE THIE 10 100 1000 10000 BEN-2293 nM -Donor 1 - Donor 2 Inhibition of sensory neuron activation Benevolent 11#12BEN-2293 is progressing in an adaptive Phase I/II clinical study, with full data expected end of 2022 Part A 1 2 First in Human Dose Escalation 3 Part A Completed Dec 2021 8 Mild-Moderate AD patients (18-65 years) per cohort, randomised 3:1 BEN-2293:Placebo Safety, Tolerability, PK Adaptive ascending dose cohort design Includes efficacy endpoints MALDI imaging (evaluate human skin PK) SRC: Safety Review Committee Part A ✓ Complete SRC approval for progression to Part B Part B: Protocol under final Ethics review Part B Efficacy Cohort(s) Full data expected end of 2022 45 Mild-Moderate AD patients (18-65 years) per arm, 28 day dosing. Efficacy Outcome measures include itch (NRS) and inflammation (VIGA, EASI) Additional safety, tolerability and PK Biomarker panel (reflects PanTrk mechanism and AD effect) Our intention is to out-licence development and commercialisation of BEN-2293 following completion of this trial, with key Big Pharma and Dermatology specialists as potential partners Benevolent 12#13BEN-8744 - Ulcerative Colitis (UC) Affects 0.4% US population (¹), 1.7 million patients in 7MM (2), forecast $7.8bn market by 2026(3) • A chronic, lifelong disease that causes inflammation and ulceration of the inner lining of the colon and rectum • Efficacy - 20-40% of Moderate-severe patients do not respond to anti-TNF (main treatment paradigm) • Safety - Treatments have many side effects from steroids to anti-TNF and JAK inhibitors (black box warnings) • High unmet need for an alternative oral small molecule treatment option with improved safety profile and efficacy in treatment of refractory patients 64% Mild- moderate Ulcerative Colitis 31% Moderate- severe 5% Severe- fulminant Source (1) and (2):GlobalData: Ulcerative Colitis, Global Drug Forecast and Market Analysis to 2026; (3) Evaluate Pharma: Gastro-intestinal, Inflammatory bowel disease (IBD), Ulcerative colitis, Worldwide Overview (report 17th Sep 2021) BEN-8744: Best-in-class, oral, peripherally restricted potent and selective drug for the treatment of Moderate-Severe Ulcerative Colitis • Phosphodiesterase 10 (PDE10) was identified by our TargetID platform as an entirely novel target for the treatment of UC/IBD • Using our Molecular Design expertise we optimally designed a best in class peripherally restricted PDE10 inhibitor: BEN-8744 • BEN-8744 is expected to provide an efficacious disease modifying oral treatment for UC/IBD • BEN-8744 will target Moderate and Severe UC/IBD patients, meeting the unmet need left by existing therapies including: o Patients refractory to anti-TNFS or other biologics o Improved safety and tolerability profile compared to competitors o A Precision Medicine approach to target key responder patient cohorts, avoiding the safety risks associated with ineffective therapies Benevolent 13#14BEN-8744 - Phosphodiesterase 10 (PDE10) - a novel target for UC Transcriptomics data support the rationale for PDE10 as a novel target for UC PDE10 regulates signal transduction by hydrolysing CGMP PDE10 is significantly upregulated in UC-derived colon and colonic mucosa samples, whilst guanylyl cyclase, which makes CGMP, is down-regulated ● ● Reduced levels of guanylyl cyclase correlate with increased TNF-a in UC colonic mucosa* ● cGMP is downregulated in UC and its expression inversely correlates to disease severity ● PDE10 is well-studied in CNS disorders but not in inflammation with zero linkage to UC PDE10 was experimentally validated as a novel target using ex vivo biopsies from pharmacotherapy resistant UC patients Inflammatory cytokine release from UC samples significantly reduced with PDE10 inhibition nitric oxide synthase arginine soluble guanylyl cyclase NOS NO readily diffuses across plasma membranes NO Lactivates GC GTP *Brenna et al, 2015 PDE10 degrades CGMP CGMP activates protein kinases and other proteins breaks down phosphodiesterase e.g. PDE10 GUCYZC Log FC FDE10A LORFC Differential RNA expression of PDE10A and GUCY2C: normal vs UC colonic mucosa con (w/6d)9-11 20000- 15000- 10000- 5000- DMSO Prednisolone Tofacitinib BEN-3218 IL-8(pg/ml) 30000- 20000- 10000- 0 G DMSO Prednisolone Tofacitinib BEN-3218 Selective PDE10 inhibition showed comparable reduction of IL-6 and IL-8 to the positive controls in ex vivo UC biopsies Benevolent 14#15BEN-8744 results and progress to date 2020 Target validation 2019 Novel, potent advanced lead molecule developed within 2 years TARGET IDENTIFICATION Novel target for UC Discovered using Benevolent TargetID tools PDE10 has zero linkage to UC in all available biomedical literature Experimentally validated in ex-vivo UC colon samples from patients refractory to SoC treatment 2021 CHEMISTRY Candidate nomination Rapid and efficient lead optimisation Molecular Design tools enabled rapid and efficient lead optimisation Candidate nominated in Sep '21 Novel, potent, selective, peripherally restricted PDE10. Inhibitor, with low dose prediction Only 2 years from programme initiation 2022 Preclinical 2023 Phase I clinical study CLINICAL DEVELOPMENT Developing responder and progression endotypes We will develop responder and progression endotypes, adding molecular descriptors These will inform our trial designs, patient selection and target identification in UC Augmenting a further loop of iteration on an enriched graph Benevolent 15#16ILLU benevolent.com Thank you @benevolent_ai in benevolentai [email protected]#17Cash runway to at least end-2024 providing sufficient capital for next stage of growth Pro Forma cash BenevolentAl Cash¹ Odyssey cash held in trust PIPE Cash Runway Transaction fees4 Total Pro Forma Cash €m € 48 € 89 € 136 (€58) € 215 Benevolent 5 Capital allocation Fund Phase I/II trial for PanTrk in Atopic Dermatitis (before subsequent out-license) Fund Phase I trial for PDE10 in Ulcerative Colitis and commencement of Phase II trial in 2024 Target funding 5 further Phase I trials and readouts by 2025 A technology platform continually innovating to accelerate our global leadership in Al-enabled Drug Discovery Invest in the operational platform to support listing status and further collaboration agreements Source: Company information Notes:. (1) £40.6m, as of 31 December 2021 (2) €80m Equity Commitments secured, to ensure that minimum cash requirement for closing will be met and Transaction close certainty is increased (3) Assumes no share redemptions from Odyssey shareholders; (4) Expenses for both SPAC and target including deferred underwriting fees, PIPE fee, financing fees, and advisory, legal, accounting and other fees. Benevolent 17#18Multiple value inflection milestones expected BEN-2293 (Atopic Dermatitis) BEN-8744 (Ulcerative Colitis) AZ Collaboration Pipeline depth and progression Other Platform Collaborations 2021 I Phase I/II Part A completed H1 2022 Candidate nominated for IND-Enabling Studies in Sep (2y from initiation) 12 programmes named (Chemistry and beyond) H2 2022 Phase I/II Part B completes Q4 2022 CTA filing expected by late 2022 6 new targets added to the pipeline Up to 3 assets enter IND-enabling studies 2023+ Three targets selected and advancing (2 xIPF 'and CKD) with extension of collaboration into two new disease areas (SLE and Heart Failure) Discussions with a number of parties underway Asset ready for Out- licensing I I Phase I starts 1H-2023 Growing number of INDS per year from 2024 Benevolent 18#19BenevolentAl is positioned to productionize drug development ✓ Complete 2020 Chemistry 12 12 2021 Pre-Clinical 2020-2025 In-House Pipeline Progression On track 18 16 2022 Ph.I 23 20 2023 Ph. II 29 2024 21 36 ...... Un-risked 23 2025 Industry Standard ✓ Delivered 12 named programmes by end 2021 including 1 Phase I/II (Atopic Dermatitis) and 1 Preclinical (Ulcerative Colitis) ✓ Building a deep in-house clinical pipeline with commercial launches targeted by end of the decade ✔ Supplemented by out-licensed assets Platform aims to allow continuous programme generation - building a clinical stage pipeline that delivers at scale Source: Company filings and estimates. Paul et al (2010) and BIO (2021) for industry standards Confidential Benevolent 19