Chief Executive Officer’s Statement

Beginning 2025 with the sale of Poseida represented a very significant milestone for Malin in our continuing strategy to deliver maximum value to shareholders. Having initially invested in Poseida’s Series A financing round in 2015, the Board of Malin considered the offer by Roche, which corresponded to a total equity value of approximately $1.5 billion, to represent a significant value opportunity for Malin and its shareholders and we were supportive of the transaction. In January 2025, Malin received upfront consideration in the amount of $106.5 million (€103.4 million), with potential to receive up to a further $47.3 million in the future through its interest in contingent value rights linked to the sale (“the Poseida CVRs”).

We were delighted that through the sale of Poseida, together with the divestment of Malin’s interest in CG Oncology in mid-2024, we were able to deliver a significant capital return to shareholders of €150 million in March 2025 at a price of €10.30 per share.

Following the divestment of Poseida and CG Oncology, Malin’s remaining investee company interests consist of the Poseida CVRs; contingent payments related to the 2021 sale of Kymab to Sanofi; our interest in Viamet and our shareholding in Xenex. Malin also holds a small number of legacy interests in early-stage/university spinouts to which we are not attributing any value.

The Poseida CVRs entitle Malin to receive the following contingent cash payments, conditioned upon the achievement of certain clinical development and commercial milestones, within specified time periods:

• US $2.00 per share in cash, upon the initiation of the first pivotal study of a P-BCMA-ALLO1 product for the treatment of any indication (expiring 31 December 2028);
• US $1.00 per share in cash, upon the initiation of the first pivotal study of a P-CD19CD20-ALLO1 product or of a P-BCMACD19-ALLO1 product for the treatment of an autoimmune indication (expiring 31 December 2034); and
• US $1.00 per share in cash, upon the first commercial sale of a P-BCMA ALLO1 product for the treatment of any indication (expiring 31 December 2031).

While Malin no longer has any direct involvement in Poseida, we will continue to monitor progress towards the achievement of the above milestones through the information made publicly available by Roche.

Similarly, Malin continually monitors progress towards the remaining contingent payments linked to the 2021 sale of Kymab to Sanofi which could amount to approximately $7 million in total if achieved.

Malin’s interest in Viamet represents a financial interest in VIVJOA™, a medication approved by the FDA for the treatment of recurrent vulvovaginal candidiasis (RVVC) in females with a history of RVVC and who are not of reproductive potential. Mycovia (the owner and developer of VIVJOA™) continues its engagement with the FDA in an effort to broaden the label for VIVJOA™ to a wider patient population. This has been a challenging process and Malin has adjusted downwards the estimated value of its interest in Viamet in light of these challenges. A negative outcome to the FDA engagement would likely have a material impact on this valuation. We will continue to engage with Mycovia throughout the coming months as these efforts progress.

In the case of Xenex, they have faced challenges in seeking to drive improvements in sales performance while maintaining cost efficiencies and a disciplined approach to the deployment of capital. The challenging macroeconomic situation facing hospitals in the US has proven a major headwind and the company continues to explore initiatives to expand sales channels despite these challenges. The FDA authorisation granted to Xenex’s LightStrike™ device has the potential to serve as a competitive differentiator and as a barrier to entry for competing products but this has not yet translated into a meaningful uplift in sales revenue. We are engaging with the Xenex management team as they seek to capitalise on their unique position as producers of the only FDA approved ultraviolet robot, whilst managing the company’s capital position to best deliver value to its long-term shareholder base, including Malin.

We intend to continually assess opportunities to unlock value from within Malin’s remaining investments and at all times with a focus on maximising value for our shareholders. Consistent with this strategy, any future capital deployment will occur only where the Board deems it appropriate in the context of Malin’s strategy.

The divestment of CG Oncology and Poseida, along with the return of capital in March of this year, has clearly brought the Malin portfolio into a different phase. As referred to above, Malin’s investee company interests are now concentrated in a small number of areas and due to the nature of the recent transactions, Malin’s direct involvement in its investee companies has decreased. In line with these developments within its investee portfolio, and with the aim of preserving Malin’s capital position at a healthy level, we have made significant efforts to right-size Malin’s corporate structure and operating model and anticipate a significant reduction in operating expenditure in the remainder of 2025 and going forward.

Having reviewed the benefits of Malin’s listed status and taking into account the views of shareholders and advisors, it has been determined that retaining Malin’s listed status is in the best interests of Malin for the foreseeable future. We believe that the benefits for our shareholder base of Malin’s listing outweighs the relative costs, however we intend to keep this matter under continual review.

Finally, I wish to thank shareholders for their support and feedback in the past few months and I look forward to communicating with you further as we seek to further deliver on our strategy in this new phase for Malin.

Fiona Dunlevy

Chief Executive Officer

26 August 2025