BenevolentAI SPAC Presentation Deck

An Illustrative 25-35% POS Improvement at Each Clinical Stage (Phl-Ph3) has the Potential to Dramatically Shift the Economics of Drug R&D PoS from Phase I to Market # Phase I Candidates Required for 1 Approved Drug Illustrative NPV(¹) Industry Standard 11.6% 8.6 $66m Al-Enhanced (Illustrative) 22.7% -28.6% 3.5-4.4 $382 - 414m Discovery & Pre-Clinical Industry Standard $33m over 5.5 years Al-Enhanced $13m over 3 years Probability of Success at Each Phase of Development Phase III / Registration Reduce Pre-Clinical Cost by ~60% 54.0% Phase I Industry Standard 72.9% 67.5% Phase II Al-Enhanced (Illustrative) 34.0% 45.9% 42.5% 63.4% Industry Al-Enhanced Standard (Illustrative) 85.6% 79.3% Market • Phase II trials with pre-selection biomarkers already >50% more likely to succeed (3) • ~50% Phil/III trial failures due to lack of efficacy(4) • Industry experts estimate that the use of Al can improve the PoS of each phase by up to 45% (2) Beyond the PoS improvement, an Al-enhanced approach could reduce (i) pre-clinical costs by ~60% and (ii) the time to market by ~2.5 years Source: Paul et al, 2010, Odyssey Due Diligence report, Biomed Report 2021, Harrison, 2016 Note: 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, and (v) a 10% discount rate. (2) Based on Odyssey Due Diligence report. (3) Based on Biomed Report 2021. (4) Based on Harrison, 2016. Benevolent 19 Industry Al-Enhanced Standard (Illustrative) Cumulative Pos from Phase I to Market Illustratively assumes 25-35% increase in PoS for Phases I-III vs. Industry Standard Al-Enhanced (Illustrative) 22.7% -28.6% Industry Standard 11.6% ~2.0x-2.5x improvement in Pos

View entire presentation