American Well : Amwell Investor Presentation November 2023

Investor Presentation

November 2023

Forward Looking Statement

This presentation contains forward-looking statements about us and our industry that involve substantial risks and uncertainties and are based on our beliefs and assumptions and on information currently available to us. All statements other than statements of historical facts contained in these comments, including statements regarding our future results of operations, financial condition, business strategy and plans and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "will," or "would," or the negative of these words or other similar terms or expressions.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements represent our beliefs and assumptions only as of the date of this release. These statements, and related risks, uncertainties, factors and assumptions, include, but are not limited to: weak growth and increased volatility in the digital care market; inability to adapt to rapid technological changes; increased competition from existing and potential new participants in the healthcare industry; changes in healthcare laws, regulations or trends and our ability to operate in the heavily regulated healthcare industry; our ability to comply with federal and state privacy regulations; the significant liability that could result from a cybersecurity breach; and other factors described under 'Risk Factors' in the prospectus for our IPO filed with the SEC. These risks are not exhaustive. Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future. Further information on factors that could cause actual results to differ materially from the results anticipated by our forward-looking statements is included in the reports we have filed or will file with the Securities and Exchange Commission. These filings, when available, are available on the investor relations section of our website at investors.amwell.com and on the SEC's website at www.sec.gov.

Investment Highlights

Transformation:	$75+ Billion
Services to
US TAM
Software Platform

Large market share

with health plans

and providers

Recurring

high margin SaaS revenue model

	A Healthy
Significant	Balance Sheet
& No Debt
Operating
Leverage

3 |

Empowering digital transformation in healthcare

Software Services Carepoints

Our Future-Ready,Digital First, Hybrid Care Delivery Platform

4 |

Seeing results, delivering value

Improve financial	Retain & optimize	Ensure superior
& clinical outcomes	workforce	patient experience
Powered by	Powered by	Powered by

5 |

Our Purpose & Value

Digital first healthcare delivery is being prioritized

97%

97%	Health Plan Executives
	are interested in their own brand
Health System Executives	of clinical programs.
say it's important to have fully-integrated,
single telehealth platform.

7 |	Amwell (n = 100 health plan executives and n = 102 health system executives), September 2021.

Dramatic Rise in Expectations - Beyond Urgent Care

On-Demand (Urgent Care, Therapy)

Home Monitoring and Devices

EHR-ScheduledFollow-up Care

Hospital at Home and Palliative Care

Emergency Room Load Balancing

Exam Room Workflows

Virtual Primary Care

Consumer Front Doors	Unscheduled Follow-ups
8 |	Care Collaboration

Significant Challenges

to achieving digital first goals exist

Workforce shortages & burnout

are hospital CEO's #1 Concern

Regulations

add complexity

Fragmentation

of many nonintegrated point solutions and portals exist

Inefficient care

models are the status quo

Rapid innovation

creates complexities

Health equity

is a growing priority

9 |

Healthcare organizations seek a

Trusted Partner

to empower & enable their own unique digital care delivery aspirations… so they

can focus on the delivery of care.