BenevolentAI

Shareholder Letter December 2023

Regulatory News:

Posted to shareholders on 27 December 2023

Dear Shareholders

AI is becoming an accepted and validated approach to drug discovery and development with long term structural trends supporting its growth. With the investment we have made in our Platform over many years, combined with the acceleration in interest in AI in drug discovery and development, I believe we are well placed to benefit from this trend.

At BenevolentAI we serve patients by leveraging our proprietary and validated Benevolent Platform^TM that integrates AI and science to uncover new biology, predict novel targets and develop first-in-class or best-in-class drugs for complex diseases. As we mature as a company, we are laser-focused on value creation by ensuring that our Platform remains one of the best, and strengthening our commercial capabilities to deliver our differentiated offerings.

2023: A year of transition

Despite 2023 being a challenging year and a transition period for BenevolentAI, we have made significant progress in executing our strategic plan. In September we clarified the equity story / investment thesis with the three pillars of revenue providing a business model, driven by the Benevolent Platform^TM, and geared towards value creation.

We strengthened the Leadership Team with the appointments of our new Chief Financial Officer, Catherine Isted, and our Chief Revenue Officer, Christina Busmalis, a newly-created role focused on sustainable growth through revenue generation.

We were pleased with the signing of the new strategic collaboration with Merck KGaA in September. Collaborations and partnerships remain vital to our future success, therefore, improving and investing in our Business Development capabilities has been key in the last quarter of the year and further investment in this will continue in 2024.

The Benevolent Platform drives our three revenue streams - it is a versatile, scalable and robust AI-augmented drug discovery platform built with expert scientists, leveraging multi-modal data foundations. Our platform offers:

• A unique combination of tech and science, working together in an integrated process
• Insights and novelty, across multiple therapeutic areas, that avoid disease siloes and limitations from single data streams
• Systematic, unbiased, repeatable process, that translates into transparent and actionable insights

Progress in the last quarter of 2023