Malin (MLC) Investor presentation summary

Strategic vision and investment focus

• Aims to deliver significant shareholder returns and transformative patient outcomes by investing in innovative life sciences companies, with a focus on oncology, immunology, and genetic diseases.

• Immediate priority is translating progress in investee companies into shareholder value, targeting near-term value inflection or realization points.

• Portfolio includes 4 priority assets, 6 growth potential assets, 3 revenue-generative assets, 2 early-stage assets, and 1 public asset.

• Committed to returning realized capital to shareholders and maintaining flexibility for future investments.

Financial highlights and asset valuation

• IPEV fair value of assets at year-end 2018 was €404 million, with €43 million in cash and €55 million in debt.

• Priority assets valued at €298 million and growth potential assets at €106 million.

• Intrinsic equity value per share estimated at €8.57, with shares trading at a discount at €5.00 per share as of December 2018.

• Management emphasizes efficient cost structure, with operating expenses under 1.5% of asset fair value.

Progress and milestones in priority assets

• Poseida Therapeutics advanced CAR-T programs, closed a $142m financing round, and reported positive clinical data.

• Immunocore progressed pivotal trials in uveal melanoma, secured major partnerships, and strengthened its executive team.

• Kymab reported positive data in autoimmune and oncology programs, filed for IPO, and expanded its pipeline.

• Viamet completed a structured sale of its lead asset, VT-1161, with potential for significant milestone and royalty payments.