Exhibit 99.2
Investor Presentation January 2024
Disclaimer 2 This presentation (the “Presentation”) has been prepared by
Innventure, LLC (“Innventure” or the “Company”) and Learn CW Investment Corporation (“Learn CW” or the “SPAC”) in order to assist interested parties in conducting their own evaluation of the potential business combination of the Company and Learn
CW and related transactions (collectively, the “Transaction”). The Presentation does not purport to contain all information that may be required or desired by an interested party in investigating the Company, its business or prospects, or the
proposed business combination, and it shall not be deemed to be a complete description of the state of affairs of the Company historically, at its stated date or in the future. Portions of this Presentation have been prepared based on information
received from the Company, Learn CW and other sources considered reliable; however, neither the Company nor Learn CW have independently verified that such information is correct. None of the Company, Learn CW or any of their respective
affiliates, control persons, officers, directors, employees, representatives or agents make any representation or warranty, express or implied, as to the accuracy, completeness or reliability of the information contained in this Presentation or
any other information provided in conjunction with an evaluation of the Company or the proposed business combination. Only those particular representations and warranties that may be made in relation to any legally binding written definitive
agreement signed by the parties relating to the Transaction, and subject to such limitations and restrictions as may be agreed upon, shall have any legal effect. Conditions and information reported in the Presentation may change without any
notice, and Learn CW, the Company and their respective affiliates and related persons disclaim any responsibility or liability to update the information contained in this Presentation except to the extent required by applicable law or regulation.
In addition, all of the market data included in this Presentation involves a number of assumptions, limitations, projections, estimates and research. Such market data is necessarily subject to a high degree of uncertainty and risk and there can
be no guarantee as to the accuracy or reliability of such assumptions. Caution Regarding Forward-Looking Information This Presentation contains forward-looking statements, including statements about the parties’ ability to close the business
combination, the anticipated benefits of the business combination, and the financial condition, results of operations, earnings outlook and prospects of Learn CW and/or Innventure and may include statements for the period following the
consummation of the business combination, including revenue growth and financial performance. Forward-looking statements appear in a number of places in this Presentation. In addition, any statements that refer to projections, forecasts or other
characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. Forward-looking statements are typically identified by words such as “plan,” “believe,” “expect,” “anticipate,” “intend,”
“outlook,” “estimate,” “forecast,” “project,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “predict,” “should,” “would” and other similar words and expressions, but the absence of these words does not mean that a statement is not
forward-looking. These forward-looking statements are based on the current expectations and beliefs of the management of Learn CW and Innventure in light of their respective experience and their perception of historical trends, current
conditions and expected future developments and their potential effects on Learn CW, Innventure and Holdco as well as other factors they believe are appropriate in the circumstances. There can be no assurance that future developments affecting
Learn CW, Innventure or Holdco will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the parties) or other assumptions that may cause actual
results or performance to be materially different from those expressed or implied by these forward-looking statements, including those discussed and identified in the public filings made or to be made with the SEC by Learn CW, including in the
final prospectus relating to Learn CW’s IPO, which was filed with the SEC on October 12, 2021 under the heading “Risk Factors,” or made or to be made by Holdco upon closing of the Transaction, and the following:
Disclaimer 3 expectations regarding Innventure’s and the Innventure Companies’
strategies and future financial performance, including their future business plans, expansion and acquisition plans or objectives, prospective performance and opportunities and competitors, revenues, products and services, pricing, operating
expenses, product and service acceptance, market trends, liquidity, cash flows and uses of cash, capital expenditures, and Innventure’s ability to invest in growth initiatives; the implementation, market acceptance and success of Innventure’s
business model and growth strategy; the implementation, market acceptance and success of the Innventure Companies’ business models and growth strategies; that Innventure will have sufficient capital upon the approval of the proposed business
combination to operate as anticipated; Innventure’s future capital requirements and sources and uses of cash; Innventure’s ability to obtain funding for its operations and future growth; developments and projections relating to Innventure’s
and the Innventure Companies’ competitors and industries; the Innventure Companies’ ability to meet, and to continue to meet, applicable regulatory requirements for the use of their products, including in food grade applications; the Innventure
Companies’ ability to comply on an ongoing basis with the numerous regulatory requirements applicable to their products and facilities; the occurrence of any event, change or other circumstances that could give rise to the termination of the
proposed business combination agreement; the outcome of any legal proceedings that may be instituted against Learn CW or Innventure following announcement of the proposed business combination agreement and the transactions contemplated
therein; the inability to complete the proposed business combination due to, among other things, the failure to obtain the required Learn CW shareholder approval; regulatory approvals; the risk that the announcement and consummation of the
proposed business combination disrupts Innventure’s current plans; the ability to recognize the anticipated benefits of the proposed business combination; unexpected costs related to the proposed business combination; the amount of any
redemptions by existing holders of Learn CW’s common stock being greater than expected; limited liquidity and trading of Learn CW’s securities; geopolitical risk and changes in applicable laws or regulations;
Disclaimer 4 the possibility that Learn CW and/or Innventure may be adversely
affected by other economic, business, and/or competitive factors; the potential characterization of Innventure as an investment company subject to the Investment Company Act of 1940; operational risk; and the risk that the consummation of the
proposed business combination is substantially delayed or does not occur. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those
projected in these forward-looking statements. All subsequent written and oral forward-looking statements concerning the business combination or other matters addressed in this Presentation and attributable to Learn CW, Innventure, or any person
acting on their behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this proxy statement. Except to the extent required by applicable law or regulation, Learn CW and Innventure undertake no
obligation to update these forward-looking statements to reflect events or circumstances after the date of this Presentation or to reflect the occurrence of unanticipated events. Market and Industry Data Certain market, industry and other data
used herein have been obtained or derived from third-party sources and publications as well as from research reports prepared for other purposes. Although the information from these third-party sources is believed to be reliable, none of the
Company or its management has independently verified the data obtained from these sources, and no assurances can be made regarding the accuracy or completeness of such data. Forecasts and other forward-looking information obtained from these
sources are subject to the same qualifications and the additional uncertainties regarding the other forward-looking statements contained herein.
Disclaimer 5 Trademarks In addition to trademarks, service marks, trade names,
copyrights and logos of Innventure and its subsidiaries contained herein, this presentation contains trademarks, service marks, trade names, copyrights and logos of other companies, which are the property of their respective owners. Unless
otherwise stated, the use of these other trademarks, service marks, trade names, copyrights and logos herein does not imply an affiliation with, or endorsement of the information contained herein by, the owners of such trademarks, service marks,
trade names, copyrights and logos. Additional Information About the Proposed Business Combination and Where To Find It In connection with the proposed business combination, Learn SPAC Holdco, Inc. has filed with the SEC a registration statement
on Form S-4 containing a preliminary proxy statement of Learn CW, a preliminary consent solicitation statement of Innventure and a preliminary prospectus with respect to the combined company’s securities to be issued in connection with the
business combination, and after the registration statement is declared effective, the definitive proxy statement/consent solicitation statement/prospectus relating to the proposed business combination will be mailed to Learn CW shareholders and
will be sent to Innventure unitholders. This presentation does not contain all the information that should be considered concerning the proposed business combination and is not intended to form the basis of any investment decision or any other
decision in respect of the business combination. Learn CW’s shareholders, Innventure’s unitholders and other interested persons are urged to read the preliminary proxy statement/consent solicitation statement/prospectus and the amendments thereto
and, when available, the definitive proxy statement/consent solicitation statement/prospectus and other documents filed in connection with the proposed business combination, as these materials will contain important information about Innventure,
Learn CW, the combined company and the proposed business combination. When available, the definitive proxy statement/consent solicitation statement/prospectus and other relevant materials for the proposed business combination will be mailed to
shareholders of Learn CW as of a record date to be established for voting on the proposed business combination. Such shareholders will also be able to obtain copies of the preliminary and definitive proxy statement/consent solicitation
statement/prospectus and other documents filed with the SEC, without charge, once available, at the SEC’s website at www.sec.gov, or by directing a request to Learn CW Investment Corporation, 11755 Wilshire Blvd., Suite 2320, Los Angeles,
California 90025. No Offer or Solicitation This presentation shall not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of any such
securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. No offer of securities shall be made except by
means of a definitive document. Participants in the Solicitation Innventure, Learn CW and their respective directors, executive officers, other members of management, and employees, under SEC rules, may be deemed to be participants in the
solicitation of proxies of Learn CW’s shareholders in connection with the proposed business combination. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of Learn CW’s shareholders in
connection with the proposed business combination are set forth in the registration statement on Form S-4, including the preliminary proxy statement/consent solicitation statement/prospectus, and will also be set forth in the definitive proxy
statement/consent solicitation statement/prospectus when available. Investors and security holders may obtain more detailed information regarding the names and interests in the proposed business combination of Learn CW’s directors and officers in
Learn CW’s filings with the SEC and such information is also set forth in the registration statement filed with the SEC by Learn SPAC Holdco, Inc., including the proxy statement of Learn CW for the proposed business combination.
Innventure – A Technology Commercialization Company 6 Focus on Growth Track
record of value growth across various proven high demand technologies(2) MNC Technology Solution Relationships Extensive de-risked proprietary pipeline of technologies from relationships with MNCs with a combined enterprise value of nearly $800
billion(1) across numerous industries How We Identify Opportunities Proprietary DownSelect analysis has the potential to limit failure rate and enhance economic return profile What We Offer Valued partner to MNCs that commercializes
technologies with anticipated market needs, providing strategic benefit to the MNCs upon adoption of the technologies Who We Are A company that partners with MNCs and seeks to create $1B+ businesses at an attractive, de-risked cost
basis A B C D E Innventure founds, funds, operates, and scales companies in strategic collaboration with multinational corporations (“MNCs”). We source technology solutions from MNCs seeking greater value from their innovations and who
believe Innventure's funding and scaling model is the best choice for mitigating risk and achieving the full commercial potential of the technology. Aggregate enterprise value for 2 MNC partners ("MNP") and 9 active MNC opportunities (“Active
MNCs”) as of January 18, 2024. Such technology has been demonstrated as a proof of concept but has not yet been scaled or commercialized. Source: FactSet
Pro Forma Valuation Pro Forma Ownership Sources & Uses Transaction
Overview(1) 7 Sources ($ mm) SPAC Cash in Trust(2) $100 Stock Consideration to Existing Shareholders(3) (5) 379 Total Sources $479 Uses ($ mm) Stock Consideration to Existing Shareholders(3) $379 Cash to Balance
Sheet 85 Estimated Transaction Costs 15 Total Uses $479 Pro Forma Shares Outstanding (2)(3)(4)(5)(6) 51.8 (*) Share Price 10.00 Equity Value $518 (+) Existing Net Debt as of 9/30/2023 6 (-) Cash Proceeds from
Transaction (85) Enterprise Value $440 Ownership Breakdown at Close Shares % Ownership Innventure Unitholders(3) (5) 37.9 73% LCW Shareholders(2) (4) (6) 14.0 27% PF Shares Outstanding 51.8 100% ($ in Millions, except per share
values) 73% Existing Innventure Unitholders 27% LCW Public Shareholders Note: Transaction will include up to an additional $75M committed equity facility that may be drawn after the Transaction closing. Assumes that there will not be
any redemptions by current LCW shareholders. In all cases, reflective of $10.74 per share. Amount in trust reflects 9.3M LCW shares and an amount held in trust value of $10.74 per share with the total amount held in trust being $100.5M. Assumes
that there will not be any redemptions by current LCW shareholders. Excludes 5.0M share earnout to existing Innventure unitholders related to achieving commercial milestones at Innventure, Accelsius, and AeroFlexx. Excludes 0.4M share earnout
to LCW Sponsor related to achieving commercial milestones at Innventure, Accelsius, and AeroFlexx. Stock Consideration to Existing Shareholders calculated as $385M Enterprise Value - $6M existing net debt as of 9/30/2023 presented for
illustrative purposes. Cash and debt as of closing will be used to calculate the stock consideration to existing Innventure shareholders. Ownership and share count includes 9.3M LCW Class A ordinary shares, 4.5M LCW Class B ordinary shares, and
0.1M Independent Director of Learn CW Shares, excludes 18.6M outstanding LCW warrants (strike price of $11.50 or 15% (out-of-the-money)) and assumes no redemptions by current LCW shareholders. A
Innventure at a Glance 8 2015 2018 2022 2024+ Innventure Company New Company
#4, #5, . . . Technology Polypropylene Recycling Technology Liquids Packaging Technology Thermal Management Technology Technology #4, #5, . . . MNC 11 Current MNCs showing technologies to be commercialized with aggregate enterprise value
of nearly $800 billion(2) Three companies launched since Innventure's inception: PureCycle Technologies (Nasdaq: PCT), AeroFlexx, and Accelsius Innventure founds, funds, and operates companies around transformative, sustainable technology
solutions acquired or licensed from MNCs Leveraging MNC market data, Innventure identifies opportunities where it believes well-protected, disruptive technology solution has the potential to add $1B+ in enterprise value Innventure acquires or
licenses technology solutions from the multinational corporations, funds the commercialization, and launches and scales new “Innventure Companies" Innventure has an established network of MNCs interested in partnering with Innventure to monetize
new technology solutions Procter & Gamble Nokia Procter & Gamble PureCycle Technologies became public in 2021 (Nasdaq “PCT”) and, as of December 31, 2023, Innventure owns less than 2% of PCT. Aggregate enterprise value for 2 MNPs and
9 Active MNCs as of January 18, 2024. Source: FactSet Innventure's model, which has evolved over time, was created by a handful of current executives who have worked together for over three decades in the creation of disruptive companies
utilizing breakthrough technology solutions across different industries NASDAQ: PCT A Innventure maintains control as part of the new "Disruptive Conglomerate Model" (1)
Liquidity for Investors X X ✔ ✔ Investor / LP Time
Constraint Significant Significant Limited None Ability to Redeploy Cash Flow X X ✔ ✔ Portfolio Expected Success Rate Low Medium Low High Operational Expertise Limited Limited Mature products and technology Early and growth
stage, disruptive products and technology Cost Basis Low High / Leveraged High Near-Zero Our View of What Differentiates Innventure's Model 9 Venture Capital Traditional Private Equity MNCs Innventure creates companies that are
designed to reduce risk: (i) they serve an expected market need informed by proprietary MNC data, (ii) they own or license developed technology with significant time and capital previously invested by the MNC, and (iii) they have an expected
built-in customer pipeline (via the MNC) A
What Makes Innventure Unique 10 Acquire or license a proven technology(1) from MNC
that addresses an expected unmet need Built-in channel to market through MNC accelerates adoption of technology Founder stage owner-operators can create substantial financial leverage Significant monetary and time investment by MNC in each
technology PCT(2) has long-term supply agreements with P&G and other global partners 18.8x Return on PCT(2) (3) Systematic approach to found, fund, and operate companies with a focus on transformative, sustainable technology solutions
acquired or licensed from MNCs Innventure has developed a network of MNC relationships, as well as the know-how, to repeatably build successful companies Such technology has been demonstrated as a proof of concept but has not yet been scaled or
commercialized. PureCycle Technologies became public in 2021 (Nasdaq “PCT”) and, as of December 31, 2023, Innventure owns less than 2% of PCT. Calculated based upon PCT's closing share price on Jan. 24, 2024 and illustrative of an investor's
return if they had invested in PCT at inception and exited on Jan. 24, 2024. A
Innventure Company Operations 11 Ironton Production Plant Westchester Facility
Filling Machines Cooling System Demonstration A PureCycle Technologies became public in 2021 (Nasdaq “PCT”) and, as of December 31, 2023, Innventure owns less than 2% of PCT. (1)
Benefits to Multinational Companies 12 MNCs invest hundreds of billions of dollars
annually in Research & Development – much of that is not commercialized From 2021 to 2022. Metric as of June 18, 2014 Source: FDI Intelligence
(https://www.fdiintelligence.com/content/feature/global-innovation-leaders-2022-edition-82527) MNCs invest in R&D to access the value of a particular technology Innventure commercializes technologies from MNCs, providing strategic benefit
to the MNCs via adoption of the technology The top 100 companies in industrial R&D spending invest >$720B each year, growing by 15% YoY(1) A growing amount of which is in the technology sector >$700B The opportunity:
Systematically acquire or license these technologies and launch successful businesses But they only commercialize a small fraction of promising projects MNCs spend billions developing new technology each year Many projects are not
commercialized, even after millions are spent on technical development, de-risking, and market analysis Percentage of 2.1M active patents that fail to be licensed or commercialized 95% Innventure takes a data-and-value driven approach using
proprietary access to partner data to identify and acquire valuable technologies and then scale them into successful businesses Equity value created at Innventure Companies since founding ~$1B B (2)
Innventure’s Disruptive Conglomerate Model v. Traditional Venture
Model 13 Technology Creates a new technology and takes all risk that it will ultimately work Innventure starts with a proven technology(1) developed by the MNC Funding Profile Funds riskiest portion of R&D spend which is the development
and validation of the technology Benefits from all the capital and time the MNC has already invested into technology development and validation Customer Base & Commercialization Organically build a customer base from scratch Expected
built in customer base in the MNC (as well as its peers) Company Lifecycle (Technology Development Through Commercialization) Traditional Venture Capital Company B TIME SINCE INCEPTION NET CASH POSITION MNC (Earlier Stage / Higher
Risk) (Later Stage / Lower Risk) Innventure provides potential for economic returns with a later-stage risk profile T = 0 Such technology has been demonstrated as a proof of concept but has not yet been scaled or commercialized.
The Closed Loop Model 14 Systematic mitigation of risks inherent in creating and
growing high growth, disruptive companies Access Advantage Developed Technology Institutional Data Set Early Customer Adoption Access to technology that is available only through MNCs Access Advantage The MNC is motivated to catalyze
early adoption by becoming an early customer and/or facilitate the initial customer base to drive financial and strategic value Early Customer Adoption Institutional Data Set Deep MNC market knowledge related to the unmet market need,
technology solution, industry value creation, market size, and channels of distribution Funded beyond proof of concept, strong patent strategy and early tailored technical support Developed Technology Innventure’s closed loop model mitigates
risk and serves as a value creation flywheel B
The Innventure Strike Zone 15 Seeking proven technologies(1) that have been
significantly de-risked by MNC partners with benefit of market data De-Risked Business Leverage MNC data and built-in adoption to confirm market demand and identify early customers, de-risking go-to-market pathway and ensuring customer
adoption Unmet Customer Need Commercial-grade technology solutions that enable significant, additional quantifiable value opportunities Proven Industrial Technology(1) Targeting opportunities believed to have the potential for billion+ dollar
outcomes Path to Economic Return Innventure’s data-centric approach reduces principal risk to scaling and execution B Such technology has been demonstrated as a proof of concept but has not yet been scaled or commercialized.
Innventure’s DownSelect Analysis 16 Seeks to identify a significant unmet market
need with a transformative technology solution that generates meaningful economic value (for both NewCo and MNC) and has a derived, strategic path to market adoption through the MNC…completing the Closed Loop Model Innventure Value
Creation Phases Analyze high-level business, financial, and technology issues to determine whether the opportunity meets key criteria and to identify potential critical factors that must be resolved Assess and prioritize an opportunity’s
critical model, success, and risk factors to create a holistic assessment and a systematic evaluation plan to quantify value, address critical factors, and mitigate risk factors Quantify and validate the immediate, new economic value creation
that will drive early customer adoption (via a pre-determined path) and long-term business profitability with a model that manages risk and capital requirements to increase probability of success Develop the initial strategy for launch,
commercialization, early adoption, scaling, secure control of the technology via licensing or ownership, and create the new company that is intended to reduce risk – ultimately intended to position the technology solution to drive financial value
and accelerate success for both Innventure and the MNC PHASE 1 Opportunity Screen ~1 Month PHASE 2 Critical Factor Assessment ~2 Months PHASE 3 Comprehensive Quantification ~5 Months Strategy & Formation PHASE 4 Recommendation
made to Innventure Board of Directors on Innventure Company formation C NewCo is positioned for potential value creation
Pipeline of MNCs for Company Launches 17 Innventure’s target is to be in dialogue
with the globe’s 50 most innovative companies The Company has active relationships at 29 MNCs, and has been shown nearly 100 technologies / potential companies to-date Innventure is in active dialogue with 11 MNCs, including its current MNC
partners, where technologies are being actively reviewed and validated for their commercial viability +2 ONGOING MNC PARTNERS P&G Nokia +9 ACTIVE MNC OPPORTUNITIES Active Multinational Pipeline Growth (1) 80+% Growth MNC pipeline as of
December 2023. Active Multinational Pipeline includes: (1) Current MNC Targets, (2) Active MNC Opportunities, and (3) Ongoing MNC Partners. Innventure Value Creation 17 FUTURE & 18 CURRENT MNC TARGETS 35 D
Drivers of the Innventure Opportunity 18 Technology constantly changes business
across a diverse set of use-cases. Innventure has extensive experience screening technologies for commercialization to meet expected unmet market needs. Key market drivers and markets in need of a technology solution are what feed the initial
stage of DownSelect Innventure Value Creation Markets in Need of Technology Solutions Revenue capture in new categories and price points Meet current & evolving customer needs Operating Margin Optimization of input, labor, energy, and
distribution costs Improved scale and throughput Market competition Supply chain insulation Sustainability & regulatory compliance Top Line Growth Economic Value to Customers Drive Business & Profit Goals Consumer Retail, Packaging
& Distribution Data Infrastructure & Telecommunications Industrial Manufacturing & Operations Clean Energy Industrial Agriculture & Chemical Applications Healthcare & Life Science Services Risk Management D
Illustrative Innventure Company Creation Timeline 19 Target and build
relationships with MNCs Commercialize the technology and scale the business: Execute operating plan and scale production in-line with concrete revenue Expand customer set to capture market share Innventure shareholders may realize economic
returns such as: Equity market cap growth and / or exit monetization Disciplined operating strategy with high hurdle rates for capital investment Evaluate opportunity via DownSelect: Test technology’s business viability using MNC
data Evaluate market and operational risk factors Forecast initial investment timeline and cash flows Innventure Company launch: Build foundation and infrastructure Feature expected significant embedded revenue opportunity via MNC
relationship Company Creation MNC invests significant time and money into developing a technology and gathering market data; Innventure’s value as the catalyst to commercialize technology is driven by the following MNC friction points (and MNC
willingly shares market data with Innventure): Inability or lack of appetite to fund No internal sponsor and/or equipped operator Non-core to company strategy Not of critical mass to impact MNC financials Inefficient org-structure to develop
a new company Symbiotic relationship with MNCs creates potential value for both parties Innventure Value Creation MNC may realize economic benefits such as: Revenue and / or expense synergies for core business Company-specific economic
incentives – e.g., royalties, etc. D
Risk Considerations and Mitigation 20 Execution Seasoned leadership team with
entrepreneurial, operational, and capital markets expertise in early-stage companies from inception through commercialization Adoption MNCs catalyze early market adoption by becoming first customer and/or providing channel access Macro/Market
Level DownSelect assessment conducts deep diligence on the technology solution and the market factors that could lead to its success and early adoption by MNCs Technology Access to advanced MNC-funded technology solution with robust patent
protection Origination Leverage MNC proprietary market knowledge of unmet need Funding Innventure funds early-stage capital investment leveraging preexisting and significant MNC investment. Near-zero basis initial investment creates potential
for equity return opportunity and allows company leadership teams to focus on operations Risk Considerations Mitigation Strategies D
PureCycle(1) Case Study 21 PureCycle (“PCT”) is the first $1B+ Innventure
Company PureCycle, the first Innventure Company, validates the Innventure business model and provides tangible proof point of Innventure’s multi-billion-dollar value creation strategy Multinational Corporation ~$1.0 Billion Current
Enterprise Value(2) Relevant History Innventure Monetization Company Description PureCycle Technologies became public in 2021 (Nasdaq: “PCT”) and, as of December 31, 2023, Innventure owns less than 2% of PCT, though Innventure's strategy is
to operate the Innventure Companies going forward. S&P Capital IQ as of December 29, 2023. Calculated based upon PCT's closing share price on Jan. 24, 2024 and illustrative of an investor's return if they had invested in PCT at inception
and exited on Jan. 24, 2024. 2015 Launch 2019 1st Pilot Plant Operational 2020 1st Commercial Plant Funded 2021 Public Listing Patented recycling process removes color, odor and other contaminants from plastic waste feedstock to
transform it into Ultra-Pure Recycled Polypropylene (“UPRP”) resin with virgin-like properties PCT plants have long term supply agreements with P&G and other global partners PCT expects its recycled polypropylene to consistently achieve a
price premium over virgin polypropylene Innventure monetized 2/3 of its holdings at a $1.45B market capitalization post-IPO and maintains a small minority position Aligned with UN Sustainability Goals 18.8x Return on
PureCycle(3) P&G E (1)
AeroFlexx Case Study 22 Milestones Company Description Multinational
Corporation AeroFlexx has sole exclusive rights to commercialize the technology globally, across all categories and with any partner Proprietary Integrated Valve Eliminates the need for discrete closures, removes the need for pumps, and
enhances the consumer use experience Proprietary Air Frame Provides structural rigidity throughout entire package lifecycle, including end of life collection and sortation 2018 P&G develops technology 2018 Pilot manufacturing
capability launched Recyclability achieved First Commercial Line 2023 Curbside recyclable pack available (1) 2022 2021 Innovative Liquid Package Revolutionary liquids packaging solution that combines the benefits of both rigid and
flexible packaging into a single offering Sustainable Solution Sustainability benefits that are expected to eliminate 50-70% of plastic used in an equivalent package, potentially up to 85% less virgin plastic with recycled content and can be
curbside recyclable(1) Health & Safety at the Forefront of Design Designed with hygiene in mind with tamper proof packaging to keep products safe Built for E-Commerce Supply Chains Allows seamless adoption into E-commerce channel for
liquid products and addresses a significant supply chain challenge Fills Market Need Solves a clear market need for customers and brands while enhancing the overall consumer experience (1) May not be recyclable in all communities. Check
locally. P&G E
Accelsius Case Study 23 Company Description Groundbreaking Two-Phased
Technology Accelsius groundbreaking NeuCool™ Platform employs a direct to chip cooling method, using a two-phased fluid reducing energy usage by up to 49% Current Technology at Limits Replaces current air-cooling technology that is approaching
its limits and requires a significant amount of unused floor space Easy Integration Flexible configurations fit standard server racks & servers agnostic of current datacenter configuration and infrastructure Liquid Cooling market expected
to reach $7.8B by 2028 Accelsius Drives Wide Range of Efficiencies Innventure fully owns IP Average royalties to Nokia of 1-2% based on their uptake Multinational Corporation Up to 76% IT Space Savings Cooling accounts for 40% of a data
center’s energy consumption 59% TCO Savings AI services such as ChatGPT use .5L of water for up to 50 prompts Zero Water Consumption Accelsius allows data centers to densify, putting more equipment in each rack & moving racks closer 416
TW or 3% of the world’s power was consumed by data centers(1) 49% Energy Savings Data Center Electricity Use (MWh) Based on 100,000 sq. ft. Data center 49% Reduction (1) Data as of 2016. Nokia E
24 Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Technology
transfer Patents filed Secured feedstock & offtake agreements Tech Validated – FEU production line completed PCT becomes public at $1.2B valuation (NASDAQ: PCT) Ironton Plant produces first pellets Ownership: ~1.5%
Shares Ownership: ~31% Ownership: ~67% Technology transfer Fameccanica partnership to scale technology Recyclability patent granted West Chester HQ opened Tech validated – commercial line installed Commercial production level
reached Technology transfer Accelsius is moving at a much faster pace than its predecessors Patents filed Optimized design & beta testing Finalized design for manufacturing Securing offtake for commercialization Repeatable
methodology and track record of building highly valued companies within several years of launch Pilot manufacturing capability launched P&G P&G Nokia E Timeline for Innventure Companies PureCycle Technologies became public in 2021
(Nasdaq: “PCT”) and, as of December 31, 2023, Innventure owns less than 2% of PCT. As of September 30, 2023, Innventure owns ~31% of AeroFlexx and ~67% of Accelsius. Please see the Registration Statement on Form S-4 filed by Learn SPAC Holdco,
Inc. on January 26, 2024 for more information. (2) (2) (1)
Sustainability as a Value Driver 25 Evidence of our ability to operate
sustainably PureCycle(1) – Purifies and recycles post-industrial and post-consumer polypropylene waste back to a like virgin grade polymer, usable across a broad range of applications and markets AeroFlexx – May use up to 85% less virgin
plastic to create a liquid packaging solution that is fully curbside recyclable(2) Accelsius – Cooling solution designed to maximize capacity, reduce operating costs, and increase energy efficiency for server, switching, and edge
environments Innventure helps MNC partners meet their sustainability goals by building companies around technology solutions Responsibility Material sustainability issues create new markets and are primary drivers of revenue, cost, and risk
that impact value creation for long-term business performance Economic Value Driver We believe continuous sustainability assessment, management, adherence and improvement processes strengthen Innventure’s core model to systematically build
transformative businesses Core Model Strength Evaluating MNC technologies for their potential to address unmet need, rather than starting with a particular lens on which issues to solve, allows for broader value creation potential Agnostic
Advantage Helping MNC partners unlock economic value while achieving sustainability targets Economic viability is a key component of sustainability E PureCycle Technologies became public in 2021 (Nasdaq: “PCT”) and, as of December 31, 2023,
Innventure owns less than 2% of PCT. May not be recyclable in all communities. Check locally.
Leadership – Executive Committee 26 Bill Haskell – Chief Executive Officer Bill
serves as Chief Executive Officer for Innventure. Previously, he was a co-founder and President of XL TechGroup that created the foundational business building methodology upon which Innventure is based. Bill has worked with the key principals of
Innventure for over 20 years. He has also served as a public company CEO and has been a director of over a dozen private and public companies. Prior to joining Innventure in 2021, Bill was a partner at a boutique investment bank focused on
converting private companies into employee-owned enterprises. He has over 30 years of experience in company creation and development. In addition to being a Director of Innventure, Bill serves as Chairman of Accelsius and is a Director of
AeroFlexx – two partnership companies created by Innventure. Bill holds a B.S. degree in engineering and conducted post graduate work in applied mathematics at Iowa State University. David Yablunosky – Chief Financial Officer David’s finance
career spans over 30+ years with large public and private multinational corporations. Prior to Innventure, David was Chief Financial Officer of Embraer Aircraft Holding, Inc., the U.S. subsidiary of the Brazilian aerospace and defense
conglomerate Embraer, SA. He was also CFO and Board Member of Embraer Executive Aircraft, Inc., and Board Member of Embraer Defense and Security, Inc. Over his career David has worked for large MNCs such as Ford Motor Company, Ford Credit, Office
Depot, Oxbow Carbon LLC, and Embraer. Before his career in finance, David served nine years in the U.S. Navy and worked in the Pentagon on General Colin Powell’s staff. David holds a B.S. in Mathematics from the U.S. Naval Academy and an MBA in
Finance from the University of Maryland. He also holds a graduate-level certificate in Accounting from the Harvard University Extension School and has completed the Advanced Management Program at the Harvard Business School. Dr. John Scott –
Co-founder, Strategy John is an Innventure Co-founder, member of the Investment Committee, and serves in a strategy role at Innventure. Prior to co-founding Innventure, John served as Founder and CEO of XL TechGroup where he developed the
DownSelect Method that Innventure uses today to vet disruptive technologies from top Multinational Corporations (MNCs) and their associated business opportunities. John also served as an academic scientist at numerous universities and government
labs including the Universities of Maryland, North Carolina and Arizona, as well as the NASA Goddard Space Flight Center. He earned his Ph.D. in Physics and Astrophysics from the University of Arizona and has published over 60 academic
papers. E Mike Otworth – Co-founder, Executive Chairman, International Mike is an Innventure Co-founder and currently serves as Executive Chairman of the Board and in an international role at Innventure. Mike was the Founding CEO and Chairman
of the Board of PureCycle (PCT), an Innventure Company, from 2015-2022. Mike and team took PCT from early-stage concept to operational pilot, fully funded first commercial plant, followed by a successful public offering in March of 2021. Prior to
Innventure, Mike served as President and Founding Partner of Green Ocean Innovation for six years a company that provided technology sourcing, innovation strategy, and development services to Lilly/Elanco Animal Health. Mike also served as Vice-
President and Founding CEO of multiple start-ups at XL TechGroup. Mike began his career on Capitol Hill working as a legislative aide and committee staff member in the U.S. House of Representatives. Roland Austrup – Capital Markets In addition
to his Innventure role, Roland serves as Chairman of WaveFront Global Asset Management Corp., a Toronto-based global hedge fund company he co-founded in 2003. Roland is also a founding Director of Envest Corp., a downstream energy company, and an
Advisory Board member of both the Master of Quantitative Finance program at the University of Waterloo and First Tracks Capital, a Canadian private equity firm. Roland was an Investment Advisor with BMO Nesbitt Burns Inc. and began his career as
a Commodities Broker with ScotiaMcLeod Inc., hedging commodity price risk for corporate clients. Roland holds a B.A. with Honors from the University of Western Ontario.
Lucas Harper, CAIA – Chief Investment Officer, Investment Committee Lucas is a
member of the Investment Committee and serves as Chief Investment Officer of Innventure and brings over 20 years of experience in managing investment teams, building companies / business units and the seeding and buildout of multiple investment
platforms and investment products for both large institutional investment and start-up organizations. Prior to joining Innventure, Lucas held a Principal role at Santa Monica Capital Group as well as serving as President & CEO of Ocean Avenue
Investment Partners. He earned his B.A. in Economics from the University of California at Santa Barbara, is a Chartered Alternative Investment Analyst (CAIA) and currently holds a Series 7 and Series 63 license. Bill Grieco – Chief Technology
Officer Bill is an entrepreneur, innovator, and business leader who has spent the last 25 years leading R&D and commercialization organizations in the chemical, pharmaceutical, cleantech, and specialty materials industries. Prior to
Innventure, Bill was CEO of The RAPID Manufacturing Institute®, a public-private partnership created to promote modular process intensification and transform manufacturing in the process industries. Bill also serves on the Advisory Boards for the
School of Chemical and Biological Engineering at Georgia Tech and the FSEC Energy Research Center at the University of Central Florida. He holds chemical engineering degrees - a PhD and Master’s degree from M.I.T., and a Bachelor’s degree from
Georgia Tech. Leadership 27 E Tom Cripe – Head of Strategic Partnerships Thomas is currently Head of Strategic Partnerships for Innventure. He is heavily involved in building and managing new strategic relationships for the identification of
new technologies that have the potential to form the basis for new Innventure Companies. In 2018, he retired from Procter & Gamble (P&G) after a 32-year career which culminated as Director, Global Business Development. Reporting to
P&G’s Treasurer, Controller and EVP he was responsible for executing the Business Development strategies of a $40B business. During his 15-year tenure in Global Business Development he helped oversee a wide array of in-bound and out-bound
deals. He joined P&G in 1985 where Tom held various senior roles in R&D which included leading a team of 65 global researchers and he is a listed inventor on ~60 different patents. Tom holds a Ph.D. and M.S. degrees in Chemistry.
Innventure’s Economic Sustainability Playbook Process for systematically scaling
our businesses MNC has invested millions of dollars over several years to develop technology solutions as well as understands unmet strategic market need Identify Technology Solutions Innventure team led by executives with a track record of
scaling technology businesses Deploy World-Class Team Commercialize MNC becomes early adopter of technology solution and/or provides endorsement to channel partners E Evergreen Consolidated model is expected to allow cash flows from
operations and monetizations to fund Innventure going forward 28
Innventure Companies
AeroFlexx Overview 30 Superior Sustainability Benefits Strong Value Proposition
to Customers Aligned with UN Sustainability Goals Virgin Plastic Avoidance Significant reduction by using up to 85% less virgin plastic vs. rigid bottle/cap alternatives Package Circularity Package can incorporate up to 50% recycled content
without compromise Curbside Recyclability Curbside recyclable where all plastic bottles are accepted(1) Lifecycle Analysis By eliminating excess packaging material in e-commerce, AFX can deliver 83% less waste to landfills, up to 69% GHG
reduction, and 73% less water use Designed for E-Commerce & Retail ISTA-6 approved for shipping liquids via e-comm channel. Pak eliminates damages from breakage/handling and saves costs from elimination of prep & materials Flexible
Manufacturing No molds enables rapid adoption at a lower cost vs. traditional bottles Get to market quickly for consumer feedback Capital efficient deployment with turnkey solutions for filling Logistics Improvements Ships flat before
fillings with form factor that takes up less than 10% in shipping vs rigids Simplifies sourcing with consolidated supply chain Reduces transit damage & shipping losses Brand Differentiation Wrap around canvas in full color to showcase
brands Custom shapes & sizes capabilities (1) May not be recyclable in all communities. Check locally.
AeroFlexx Executive Leadership 31 Andrew Meyer– Chief Executive Officer Andrew is
the CEO of AeroFlexx and Serial CEO for Innventure. He brings with him extensive experience in entrepreneurial environments having spent the last 15 years within 4 different venture-backed technology start-ups that included value-add exits such
as an IPO and a trade sale to a strategic partner. Kevin Green – VP, Commercial & Business Development Matt Kevin has over 25 years of experience in the development and commercialization of sustainable packaging products and running
multinational operations. Kevin possesses comprehensive technical, production, and commercial experience in material science, inks and coatings, recycling, flexible packaging, and rigid packaging along with the associated manufacturing
processes. Jim Traut – VP, Finance And Accounting Jim brings with him extensive experience within finance and enterprise risk management environments. Before AeroFlexx, he co-founded and served as CEO of a cloud-based motion graphics video
production start-up. Jim also worked for the H. J. Heinze Company for 24 years in various global strategy, accounting, risk, control, audit, due diligence, and ethics leadership roles. Cedric D’Souza – Chief Technology Officer Cedric is the CTO
of AeroFlexx and an entrepreneurial leader with an insatiable passion for leveraging technology to transform global supply chains. Cedric has over 28 years of experience, leading culturally diverse organizations and project teams in Asia, Europe,
Latin America, and North America. Over his career he has lived in 4 different countries. Veronica Sebald – VP, Quality Control Veronica brings over 18 years in Quality and Manufacturing. Veronica's focus is establishing AeroFlexx’s Quality
Systems, Control, and Assurance Plans. She is responsible for the Food Safety System development, implementation and compliance to regulatory requirements.
Accelsius Overview 32 Target Market Transformative Technology Telco NeuCool™
can cool high power servers driven by 5G and profitable edge services which we predict, based on calculations made in reliance on data from the 451 Group, to grow to over 2M servers installed annually in edge locations by 2027 Data
Centers Accelsius increases compute density while reducing the power usage on a market that is expected to grow to $56B by 2030 with an expected 17.1% CAGR Embedded Semiconductors Increased software stack (including AI) requires higher
performance chips, a rapidly growing market as AI grows Aligned with UN Sustainability Goals Direct to Chip Cooling is in direct contact with heat source, compatible with existing and new installations Two-Phase Transition from liquid to
vapor ensures larger heat dissipation
Accelsius Executive Leadership 33 Josh Claman – Chief Executive Officer Josh has
over 30 years of leadership experience driving growth in Fortune 100 companies such as Dell and NCR and as a CEO in startups with successful exits. He is passionate about businesses that make a positive impact to our world. Jeff Taus – VP of
Engineering Jeff brings extensive server systems engineering expertise from Dell. He has over 25 years of leadership experience delivering products in enterprise computing and in the appliance and automotive industries, telco-focused edge
servers, and in hyper-scale server deployments. Richard Bonner, Ph.D. – Chief Technology Officer Dr. Bonner has over 18 years of industrial experience as a heat transfer researcher and advanced thermal product developer. He is a recognized
expert in two-phase cooling and thermal issues as they relate to the energy-water nexus. Matt Cruce – Chief Supply Chain Officer Matt brings expertise in managing complex global supply chains with experience in Dell’s server division where he
successfully minimized lead times and ensured parts availability. Prior to Dell, Matt worked at Lockheed Martin. Robert Wehmeyer – VP of Finance Robert has over 25 years of financial leadership experience with companies such as Dell and
National Instruments. Prior to Dell, Robert worked at Westinghouse Motor Company, Presidio Enterprises, and Arthur Andersen.
Risk Factors 34 All references to the “Company,” “we,” “us” or “our” refer to
Innventure, prior to the business combination and to Holdco following the business combination. The risks presented below are certain of the general risks related to the business of the Company, Learn CW and the business combination between the
Company and Learn CW, and such list is not exhaustive. The list below has been prepared solely for purposes of inclusion in this Presentation and not for any other purpose. Investors are encouraged to perform their own investigation with respect
to the business, prospects, financial condition and operating results of the Company and our business, prospects, financial condition and operating results following the completion of the business combination. The occurrence of one or more of
the events or circumstances identified in these risk factors, alone or in combination with other events or circumstances, may adversely affect the ability to complete or realize the anticipated benefits of the business combination, and may have a
material adverse effect on the business, cash flow, financial condition and results of operations of the Company following the business combination. The Company may face additional risks and uncertainties that are not currently known, or that are
currently deemed immaterial, which may also impair the Company’s business, prospects, financial condition or operating results. Risks relating to the business of the Company, the business combination and the business of Learn CW will be
disclosed in future documents filed or furnished by the Company, Holdco and/or the SPAC with the SEC, including the documents filed or furnished in connection with the business combination between the Company and Learn CW. The risks presented in
such filings will be consistent with those that would be required for a public company in its SEC filings, including with respect to the business and securities of the Company and Learn CW and the business combination, and may differ
significantly from, and be more extensive than, those presented below. Any capitalized terms used but not defined in this presentation have the meanings given to them in the Registration Statement. CWAM LC Sponsor LLC (the “Sponsor”) and certain
SPAC stockholders affiliated with the Sponsor (together, the “Sponsor Persons”) have agreed to vote in favor of the business combination, regardless of how Learn CW’s public shareholders vote. Learn CW may not be able to complete the business
combination or any other business combination within the prescribed timeframe, in which case Learn CW would cease all operations, except for the purpose of winding up, and Learn CW would redeem the Learn CW Class A Ordinary Shares and
liquidate. Since the Sponsor Persons have interests that are different, or in addition to (and which may conflict with), the interests of Learn CW’s shareholders, a conflict of interest may have existed in determining whether the business
combination with Innventure is appropriate as Learn CW’s initial business combination. Such interests include that Sponsor will lose its entire investment in Learn CW if an initial business combination is not completed. Following the
consummation of the business combination, Holdco’s only significant asset will be its ownership interest in Innventure, and such ownership may not be sufficient to pay dividends or make distributions or loans to enable us to pay any dividends on
Holdco Common Stock or satisfy our other financial obligations. Learn CW’s public shareholders will experience immediate dilution as a consequence of the issuance of Holdco’s common stock (“Holdco Common Stock”) as consideration in the business
combination and due to future issuances pursuant to the Equity Plan. A national securities exchange may not list Holdco's securities on its exchange, which could limit investors' ability to make transactions in Holdco's securities and subject
Holdco to additional trading restrictions, and such ownership may not be sufficient to pay dividends or make distributions or loans to enable us to pay any dividends on Holdco Common Stock or satisfy our other financial obligations.
Risk Factors 35 Innventure’s principal revenues are expected to be earned in the
future, through its subsidiaries and through the Innventure Companies, and Innventure depends on its subsidiaries for cash. Innventure may not be successful in finding future opportunities to license or acquire breakthrough technology solutions
from MNCs. If Innventure is deemed to be an investment company under the Investment Company Act of 1940, as amended, it may be required to institute burdensome compliance requirements and its activities may be restricted, which may make it
difficult to operate or to execute its growth plans. The Innventure Companies are currently pre-revenue early commercial stage companies that may never achieve or sustain profitability. If Innventure or the Innventure Companies are not able to
satisfy the requirements imposed by MNC partners or have disagreements with those MNC partners, their relationships with these partners could deteriorate, which could have a material adverse effect on the business of Innventure and the Innventure
Companies. Innventure may not be able to obtain additional financing to fund the operations and growth of the business. There is uncertainty regarding Innventure's ability to maintain liquidity sufficient to operate its business effectively,
which raises substantial doubt about its ability to continue as a going concern. AFX currently relies on a single facility for all of its operations. The failure of AFX’s suppliers to continue to deliver necessary raw materials or other
components of its products in a timely manner and to specification could prevent it from delivering products within required time frames and could cause production delays, cancellations, penalty payments and damage to its brand and
reputation. Failure of AFX’s target customers, who are subject to cyclical downturns, to achieve success or maintain market share could adversely impact AFX’s sales and operating margins. AFX’s ability to establish substantial commercial sales
of its products is subject to many risks, any of which could prevent or delay revenue growth and adversely impact its customer relationships, business and results of operations. AFX may not be able to meet applicable regulatory requirements for
the use of AFX’s products in food grade applications, and, even if the requirements are met, complying on an ongoing basis with the numerous regulatory requirements applicable to AFX’s products and AFX’s facilities will be time-consuming and
costly. Accelsius is an early-stage company, and its limited operating history makes it difficult to evaluate its future prospects and the risks and challenges it may encounter. The market, including customers and potential investors, may be
skeptical of the viability and benefits of Accelsius’ cooling products because they are based on a relatively novel and complex technology. Accelsius’ cooling products may be subject to increased regulatory scrutiny due to their use of working
fluid refrigerants that contain fluorine.
Risk Factors 36 Innventure may be unable to sufficiently protect the intellectual
property rights of itself and the Innventure Companies and may encounter disputes from time to time relating to its use of the intellectual property of third parties. The market price of the Holdco Common Stock is likely to be highly volatile,
and you may lose some or all of your investment. Volatility in Holdco’s share price could subject Holdco to securities class action litigation. If securities or industry analysts do not publish research or reports about Holdco, or publish
negative reports, Holdco’s stock price and trading volume could decline. Innventure, the Innventure Companies, and Innventure’s MNC partners may be negatively impacted by volatility in the political and economic environment, such geopolitical
unrest, economic downturns and increases in interest rates, and a period of sustained inflation, which could have an adverse impact on Innventure’s and the Innventure Companies’ business, financial condition, results of operations and
prospects. Innventure, the Innventure Companies, and their MNC partners face risks and uncertainties related to litigation, regulatory actions and investigations. Cyber-attacks or a failure in our information technology and data security
infrastructure could adversely affect Innventure’s business and operations. In addition to this summary discussion, you should carefully consider the risks and uncertainties described in Holdco’s filings with the SEC, including the Registration
Statement.
