Investor Presentation

January 2023

Disclaimers and Forward-Looking Statements

FORWARD-LOOKING STATEMENTS AND OTHER INFORMATION

Statements in this presentation that are not historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, among other things, statements regarding our and our officers' intent, belief or expectation as identified by the use of words such as "may," "will," "project," "expect," "believe," "intend," "anticipate," "seek," "target," "forecast," "plan," "potential," "estimate," "could," "would," "should," and other comparable and derivative terms or the negatives thereof. Examples of forward-looking statements include, among other things: (i) statements regarding timing, outcomes and other details relating to current, pending or contemplated new markets, new partnership structures, financing activities, dispositions, or other transactions discussed in this presentation; and (ii) statements regarding growth opportunities, ability to deliver sustainable long-term value, business environment, long-term opportunities and strategic growth plan including without limitation with respect to expected revenue and net income, total and average membership, Adjusted EBITDA, and other financial projections and assumptions, as well as comparable statements included in other sections of this presentation. Forward-looking statements reflect our current expectations and views about future events and are subject to risks and uncertainties that could significantly affect our future financial condition and results of operations. While forward-looking statements reflect our good faith belief and assumptions we believe to be reasonable based upon current information, we can give no assurance that our expectations or forecasts will be attained. Further, we cannot guarantee the accuracy of any such forward-looking statement contained in this presentation, and such forward-looking statements are subject to known and unknown risks and uncertainties that are difficult to predict. These risks and uncertainties that could cause actual results and outcomes to differ from those reflected in forward-looking statements include, but are not limited to: our history of net losses, and our ability to achieve or maintain profitability in an environment of increasing expenses; our ability to identify and develop successful new geographies, physician partners and payors, or to execute upon our growth initiatives; our ability to execute our operation strategies or to achieve results consistent with our historical performance; our expectation that our expenses will increase in the future and the risk that medical expenses incurred on behalf of members may exceed the amount of medical revenues we receive; our ability to secure contracts with Medicare Advantage payors or to secure Medicare Advantage payments at favorable financial terms; our ability to recover startup costs incurred during the initial stages of development of our physician partner relationships and program initiatives; significant reductions in our membership; challenges for our physician partners in the transition to a Total Care Model; inaccuracies in the estimates and assumptions we use to project the size, revenue or medical expense amounts of our target markets; the spread of, and response to, the novel coronavirus, or COVID-19, and the inability to predict the ultimate impact on us; security breaches, loss of data or other disruptions to our data platforms; the impact of devoting significant attention and resources to the provision of certain transition services in connection with the disposition of our California operations; our subsidiaries' lack of performance or ability to fund their operations, which could require us to fund such losses; our dependence on a limited number of key payors; the limited terms of our contracts with payors and that they may not be renewed upon their expiration; our reliance on our payors for membership attribution and assignment, data and reporting accuracy and claims payment; our dependence on physician partners and other providers to effectively manage the quality and cost of care and perform obligations under payor contracts; our dependence on physician partners to accurately, timely and sufficiently document their services and potential False Claims Act or other liability if any diagnosis information or encounter data are inaccurate or incorrect; reductions in reimbursement rates or methodology applied to derive reimbursement from, or discontinuation of, federal government healthcare programs, from which we derive substantially all of our total revenue; statutory or regulatory changes, administrative rulings, interpretations of policy and determinations by intermediaries and governmental funding restrictions, and their impact on government funding, program coverage and reimbursements; regulatory proposals directed at containing or lowering the cost of healthcare and our participation in such proposed models; the impact on our revenue of CMS modifying the methodology used to determine the revenue associated with MA members; the potential that we may incur future indebtedness; and risks related to other factors discussed under "Risk Factors" in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2022 and Annual Report on Form 10-K for the year ended December 31, 2021. Except as required by law, we do not undertake, and hereby disclaim, any obligation to update any forward-looking statements, which speak only as of the date on which they are made.

NON-GAAP

This presentation includes references to non‐GAAP financial measures, including but not limited to Adjusted EBITDA. Management believes Adjusted EBITDA helps identify underlying trends in agilon's business and facilitate evaluation of period-to-period operating performance of agilon's live geographies by eliminating items that are variable in nature and not considered by the Company in the evaluation of ongoing operating performance, allowing comparison of agilon's recurring core business operating results over multiple periods. The Company also believes Adjusted EBITDA provides useful information about agilon's operating results, enhances the overall understanding of past performance and future prospects, and allows for greater transparency with respect to key metrics used for financial and operational decision-making. Management believes Adjusted EBITDA or similarly titled non-GAAP measures are widely used by investors, securities analysts, ratings agencies, and other parties in evaluating companies in agilon's industry as a measure of financial performance. Other companies may calculate Adjusted EBITDA or similarly-titlednon-GAAP measures differently from the way the Company calculates Adjusted EBITDA. As a result, the Company's presentation of Adjusted EBITDA may not be comparable to similarly titled measures of other companies, limiting its usefulness as a comparative measure. Adjusted EBITDA has limitations as an analytical tool and should not be considered in isolation or as an alternative to GAAP measures or other financial statement data presented in agilon's consolidated financial statements. Reconciliation of such non-GAAP measures to the applicable GAAP measures are set forth in the appendix.

TRADEMARKS

All rights to the trademarks included herein, other than the Company's trademarks, belong to their respective owners and our use hereof does not imply any endorsement by the owners of these trademarks.

Copyright © 2023 agilon health. Confidential internal document containing proprietary information. Do not distribute.

2

Primary Care Physicians Need a New Business Model

Senior Population

Increasing

Primary Care

Growing

Focus on Value

Capacity is Strained

62M 75M

100%

~10-20%

Medicare population

CMS target for Medicare

Projected shortage in primary

2020-2030

beneficiaries in total cost models

care capacity by 2030

Traditional Fee for Service

agilon Total Care Model

Unsustainable Economics

Subscription Economics

(Per Visit Revenue, Transactional)

(Member per Month Revenue, Holistic)

Uncoordinated

Coordinated, Proactive

(Limited Time and Access)

(Team-based, Expanded Access)

Fragmented

Single Experience

(Defined by Payors)

(Defined by Primary Care Physicians)

Copyright © 2023 agilon health. Confidential internal document containing proprietary information. Do not distribute.

3

agilon Is Leveraging Powerful Drivers

Scaled

11 to 25 markets from 2021-2023

First Mover

238k to ~500k members from 2021-2023

PCPs Are

1,300 to 2,200+ PCPs from 2021-2023

Winning

>$400M reinvested with PCPs since 2018

PCPs Join

Invest More in

agilon Network

Care Delivery

Better

4+ Star quality performance

Outcomes

30-40% better utilization vs. Medicare FFS

for Patients

Market

48% MA penetration in 2022 vs. 37% in 2018

Opportunity

Accelerating

100% of Medicare beneficiaries in value by 2030

Powerful

20-year highly aligned partnerships

Financial

LT earnings power: >65% of members on platform <3 years

Model

Create New

Drive Better

Physician

Patient

Economics

Outcomes

Copyright © 2023 agilon health. Confidential internal document containing proprietary information. Do not distribute.

4

agilon and Market Opportunity at Inflection Point

MarketsMembers

Medicare Advantage (MA)

25

Direct Contracting/ACO REACH

~500K

~65%

17

>50%

360K 400K+

CAGR

CAGR

11

238K

270K

8

186K

131K

4

90K

2

57K

Member Additions

Medicare Advantage (MA)

>130K

Direct Contracting/ACO REACH

>120K

107K

84K

55K

41K

34K

28K

2018

2019

2020

2021

2022

2023

2018

2019

2020

2021

2022G

2023G

2018

2019

2020

2021

2022G

2023G

Copyright © 2023 agilon health. Confidential internal document containing proprietary information. Do not distribute.

5

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agilon health Inc. published this content on 09 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 January 2023 13:38:06 UTC.