Agilon health : September 2022 Investor Presentation

Investor Presentation

September 2022

Disclaimers and Forward-Looking Statements

FORWARD-LOOKING STATEMENTS AND OTHER INFORMATION

Statements in this release 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 release; 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 release. 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 release, 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 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 and network contribution. Management believes network contribution and Adjusted EBITDA help 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 network contribution and Adjusted EBITDA provide useful information about agilon's operating results, enhance the overall understanding of past performance and future prospects, and allow for greater transparency with respect to key metrics used for financial and operational decision-making. Management believes network contribution and 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 network contribution and Adjusted EBITDA or similarly-titlednon-GAAP measures differently from the way the Company calculates these metrics. As a result, the Company's presentation of network contribution and Adjusted EBITDA may not be comparable to similarly titled measures of other companies, limiting their usefulness as comparative measures. Adjusted EBITDA and network contribution have limitations as analytical tools 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 © 2022 agilon health. Confidential internal document containing proprietary information. Do not distribute.

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Trusted Partner Empowering Physicians

agilon health Partners with Leading Physician Groups, Transforming Their

Medicare Business to a Value-Based, Total Care Model

~500,000	1,600+ Partner Primary Care
Risk Members on Platform	Physicians (2,200+ Total PCPs)

23 Partner Groups	Diverse Partners
12 States	Groups: Primary Care, Multi-Specialty,
Scaled Networks, Health Systems
25 Geographies
Markets: <100K to >2M in Population

Note: Metrics reflect management's expectation for 2023, including new partner groups currently under implementation.

Copyright © 2022 agilon health. Confidential internal document containing proprietary information. Do not distribute.

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Investment Highlights

Large, Growing	First Mover	Long-Term Alignment with
Addressable Market	Advantage	Local Physician Leaders

Unlocking Diverse &	Physicians Are	Capital Light,
Non-Traditional Geographies	Winning	High Visibility Model

Copyright © 2022 agilon health. Confidential internal document containing proprietary information. Do not distribute.

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Healthcare Challenges Require a Scaled Solution

Structural Factors Accelerating Demand for Value	PCPs Are the Key
to Unlocking Value for Seniors…

	62M		Medicare population		…But Don't Have the Business
Senior	78M is increasing (2020-2030)		Model to Support It
Population			MA penetration
	39%
is Growing	55% is increasing (2020-2030)
PCP	~200,000 Physicians in 2020	Capacity/
			Number of Primary Care	Model
Strained	~10-20% care capacity by 2030
Capacity is			Projected shortage in primary
	Massive	Minorities and low-income	Economic	Current
	Variations	beneficiaries report worse		Trajectory
Increasing	health outcomes
Focus			Of Medicare beneficiaries to		Time
on Value		100% be treated by a provider in
			value-based care model by 2030*

*CMS expectation

Copyright © 2022 agilon health. Confidential internal document containing proprietary information. Do not distribute.

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