Astrana Health : Investor Presentation - March 2024

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March 2024

Forward Looking Statements

This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act and Section 21E of the Exchange Act. Forward- looking statements include any statements about the Company's business, financial condition, operating results, plans, objectives, expectations and intentions, expansion plans, estimates of our total addressable market, integration of acquired companies and any projections of earnings, revenue, EBITDA, Adjusted EBITDA or other financial items, such as the Company's projected capitation and future liquidity, and may be identified by the use of forward-looking terms such as "anticipate," "could," "can," "may," "might," "potential," "predict," "should," "estimate," "expect," "project," "believe," "plan," "envision," "intend," "continue," "target," "seek," "will," "would," and the negative of such terms, other variations on such terms or other similar or comparable words, phrases or terminology. Forward-looking statements reflect current views with respect to future events and financial performance and therefore cannot be guaranteed. Such statements are based on the current expectations and certain assumptions of the Company's management, and some or all of such expectations and assumptions may not materialize or may vary significantly from actual results. Actual results may also vary materially from forward-looking statements due to risks, uncertainties and other factors, known and unknown, including the risk factors described from time to time in the Company's reports to the U.S. Securities and Exchange Commission (the "SEC"), including without limitation the risk factors discussed in the Company's Annual Report on Form 10-K/A for the year ended December 31, 2022, and subsequent Quarterly Reports on Form 10-Q.

Because the factors referred to above could cause actual results or outcomes to differ materially from those expressed or implied in any forward-looking statements, you should not place undue reliance on any such forward-looking statements. Any forward-looking statements speak only as of the date of this presentation and, unless legally required, the Company does not undertake any obligation to update any forward-looking statement, as a result of new information, future events or otherwise.

Use of Non-GAAP Financial Measures

This presentation contains the non-GAAP financial measures EBITDA and Adjusted EBITDA, of which the most directly comparable financial measure presented in accordance with U.S. generally accepted accounting principles ("GAAP") is net income. These measures are not in accordance with, or alternatives to, GAAP, and may be calculated differently from similar non-GAAP financial measures used by other companies. The Company uses Adjusted EBITDA as a supplemental performance measure of our operations, for financial and operational decision-making, and as a supplemental means of evaluating period-to- period comparisons on a consistent basis. Adjusted EBITDA is calculated as earnings before interest, taxes, depreciation, and amortization, excluding income or loss from equity method investments, non- recurring transactions, stock-based compensation, and APC excluded assets costs. Beginning in the third quarter ended September 30, 2022, the Company has revised the calculation for Adjusted EBITDA to exclude provider bonus payments and losses from recently acquired IPAs, which it believes to be more reflective of its business.

The Company believes the presentation of these non-GAAP financial measures provides investors with relevant and useful information, as it allows investors to evaluate the operating performance of the business activities without having to account for differences recognized because of non-core or non-recurring financial information. When GAAP financial measures are viewed in conjunction with non-GAAP financial measures, investors are provided with a more meaningful understanding of the Company's ongoing operating performance. In addition, these non-GAAP financial measures are among those indicators the Company uses as a basis for evaluating operational performance, allocating resources, and planning and forecasting future periods. Non-GAAP financial measures are not intended to be considered in isolation, or as a substitute for, GAAP financial measures. Other companies may calculate both EBITDA and Adjusted EBITDA differently, limiting the usefulness of these measures for comparative purposes. To the extent this Presentation contains historical or future non-GAAP financial measures, the Company has provided corresponding GAAP financial measures for comparative purposes. The reconciliation between certain GAAP and non-GAAP measures is provided in the Appendix.

The Company has not provided a quantitative reconciliation of applicable non-GAAP measures, such as EBITDA margin targets, to the most comparable GAAP measure, such as net income, on a forward-looking basis within this presentation because the Company is unable, without unreasonable efforts, to provide reconciling information with respect to certain line items that cannot be calculated. These items, which could materially affect the computation of forward-looking GAAP net income, are inherently uncertain and depend on various factors, some of which are outside of the Company's control.

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Astrana Health at-a-glance

Astrana Health is a healthcare platform that organizes and empowers providers to drive accessible, high-quality,and high- value care for all patients through a provider-centric, technology- driven approach via its three business segments:

Care Partners

Affiliated and employed provider network, empowered to take risk across all

health plan lines of business to deliver integrated care

Care Delivery

Flexible footprint of owned primary care and multi-specialty clinics with employed providers who deliver personalized care

Care Enablement

Full-stack technology and solutions platform, empowering providers to deliver the best possible care to all patients in their communities

A platform with…

Scale

~900k	10k+
Members in value-based care	Astrana Health providers1
20+	32+
Payer partners	Markets

Demonstrable Clinical Outcomes

48%	43%
Fewer hospital admissions2	Fewer ER visits2
Financial Strength
$1.39B	$146.6M
Revenue	Adj. EBITDA

Note: For more information, see "Reconciliation of Net Income to EBITDA and Adjusted EBITDA" and "Use of Non-GAAP Financial Measures" slides for more information	3
1. Includes contracted and employed providers in our provider network, across all specialties, and including both Consolidated and Managed providers

2. Astrana Health figures based on analysis of Jan-Dec 2023 internal data from all consolidated IPAs (Medicare Advantage) and compared against relevant risk adjusted benchmark

The Astrana Health Model

Improves access to care

Powers high-quality outcomes

Drives high-value care

We successfully serve our communities by building broad networks of affiliated Primary and Specialty care providers & supplementing them with our employed providers

Our flexible model meets all patients across all care settings

10,000+

Employed and affiliated providers1

Our provider-centric,purpose-built solutions drive consistency in care and superior clinical outcomes

High-quality care keeps our patients healthier and happier, improving overall quality of life

48%

Fewer hospital admissions/k vs.

benchmark2

We engage patients in preventive care and coordinate high-valuecare to reduce unnecessary medical spend

With 35+ years of experience, we have built a model that drives savings and sustainable, profitable unit economics

~1,350bps

Decrease in MCR from 2019-20233

In the communities we serve, our expansive network of providers delivers

high-quality and high-value coordinated care to patients, with seamless and flexible access

1.	Includes contracted and employed providers in our provider network, across all specialties, and including both Consolidated and Managed providers	4
2.	Astrana Health figures based on analysis of Jan-Dec 2023 internal data from all consolidated IPAs (Medicare Advantage) and compared against relevant risk adjusted benchmark

3. MCR, or Medical Cost Ratio, calculated as Cost of services, excluding depreciation and amortization, divided by Total Revenue; based on Astrana Health's Core SoCal market, comprised of ~236k members in 2019 and ~319k members as of 12/31/2023

The Astrana Health model transforms the status quo into a highly coordinated, high-value, accessible healthcare ecosystem

Status Quo

The Astrana Health Model

• Insufficient/costly access to quality care
• Poor provider and patient satisfaction
• Limited technology & coordinated care

Data Infrastructure and

Provider Solutions

+ ~20 Others

Affiliate providers

Care Delivery

Risk-bearing organization (Care Partners)

Care Enablement

Clinical and Care	Payer Delegation
Coordination Solutions	Solutions

We organize and partner with providers to create risk-bearing organizations in our Care Partners ("CP") segment

Our CP entities contract with payers, entering value-based care ("VBC") arrangements

Through our Care Enablement platform, we provide comprehensive technology and support solutions to providers

We constantly analyze our networks and build/acquire centers in our Care Delivery business to enhance access and care

Through our flexible approach, we plan to continue organizing and empowering providers across the U.S., accelerating

towards a future where all Americans have access to high-quality,high-value, and accessible healthcare

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Our flexible model optimizes delivery of accessible, high- quality, high-value care

Affiliate providers

Care Delivery

Risk-bearing organization (Care Partners)

+ ~20 Others

Care Partners

Affiliate Providers

Primary Care	Ancillary
Services

Multi-SpecialtyOutpatient

Clinics

Care Delivery

Primary Care	Ancillary
Services

Multi-SpecialtyOutpatient

Clinics

Care Enablement

Third-Party Data Infrastructure and Provider Solutions

Clients

Ops	VBE1 Suite &	Point of	Analytics &
Automation	Data Lake	Care Tools	Reporting

Clinical and Care Coordination Solutions

Quality	Clinical	UM3 & Care
Programs	RPM2 Management

Payer Delegation Solutions

Provider	Contracting &	Revenue	Prior
Relations	Credentialing	Cycle	Authorization

1. Value-Based Enablement

2.	Remote Patient Monitoring	6
3.	Utilization Management

Care Partners: High-performing network of aligned provider partners

+ ~20 Others

Care Partners

Affiliate Providers	Care Delivery
Primary Care	Ancillary Services	Primary Care	Ancillary Services
Multi-Specialty	Outpatient Clinics	Multi-Specialty	Outpatient Clinics

Acts as a "single payer" for our network of providers, enabling VBC arrangements (i.e., full-risk contracts)

Serves all patients, including Medicare FFS, Medicare Advantage, Medicaid, Commercial and Exchange

Enables continuity of care in Astrana Health's ecosystem across age, stage of life, or life circumstance

Empowers providers, with support from our Astrana Health's Care Teams, Care Enablement technology, and operations platform

Meets providers where they are; enables independent providers to remain independent while succeeding in value-based care

Care Enablement

Data Infrastructure and	Clinical and Care	Payer Delegation
Provider Solutions	Coordination Solutions	Solutions

7,200+

Affiliated Astrana

Providers1

~850k

Members in VBC

Contracts

~90%

Astrana Health's

Revenue Mix2

10-20%

Long-term

EBITDA Margin

Target

Note: See "Use of Non-GAAP Financial Measures" slide for more information	7
1.	Includes contracted and employed providers in our provider network, across all specialties, and including only Consolidated providers
2.	As of February 1, 2024

Care Delivery: Extensive, high-quality network of employed providers

+ ~20 Others

Care Partners

Affiliate Providers	Care Delivery
Primary Care	Ancillary Services	Primary Care	Ancillary Services
Multi-Specialty	Outpatient Clinics	Multi-Specialty	Outpatient Clinics

Primary care, multispecialty care, imaging, and laboratory clinics with 61 locations across 3 states to enhance access to care for patients

We analyze our Care Partners networks by specialty and geography, and build / acquire practices and provider groups to fulfill network gaps in access, and ensure patients have high-quality access to care

Ability to build out clinics tailor-made for specific markets help us scale as we enter de novo into new markets

Provides Astrana Health with a de-risked growth avenue, as we can acquire high-performing Care Partners or Care

Enablement clients

	Care Enablement		>60
Data Infrastructure and	Clinical and Care	Payer Delegation	Locations
Provider Solutions	Coordination Solutions	Solutions

Note: See "Use of Non-GAAP Financial Measures" slide for more information

1. As of the TTM period ending January 31, 2024; Astrana Health standalone data (does not pro forma for CFC acquisition)

>800k

Unique Patients Seen Annually

~5%

Astrana Health's

Revenue Mix1

10-20%

Long-term

EBITDA Margin

Target

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Care Enablement: End-to-end integrated clinical, operational, financial, and administrative platform

+ ~20 Others

Care Partners

Our technology and support platform enhances delivery of high-quality and high-value care to our patients

Our Care Enablement tools are leveraged across our Care Partners and Care Delivery lines of business

Our Care Enablement solutions are also used by 3rd party providers outside of our ecosystem

Affiliate Providers	Care Delivery
Primary Care	Ancillary Services	Primary Care	Ancillary Services
Multi-Specialty	Outpatient Clinics	Multi-Specialty	Outpatient Clinics

Our platform is underpinned by 35+ years of real-world data, driving superior clinical and financial outcomes

Care Enablement

Data Infrastructure and	Clinical and Care	Payer Delegation
Provider Solutions	Coordination Solutions	Solutions

10,000+

Providers in Astrana

Health Network1

~900k

Members in

VBC Contracts

~5%

Astrana Health's

Revenue Mix2

20-30%

Long-term

EBITDA Margin

Target

Note: See "Use of Non-GAAP Financial Measures" slide for more information	9
1.	Includes contracted and employed providers in our provider network, across all specialties, and including both Consolidated and Managed providers
2.	As of February 1, 2024

Astrana Health's diverse member base is served by its experienced and loyal provider network through all stages of life

~900k

Benefits of the Astrana Health platform

Total value-based lives

Diverse patient demographics

Significant risk-taking opportunity

			Hispanic /
13%			Latino
		AAPI1
6%
48%		White /
12%
	Caucasian
21%			Black / African
		American

Other

96%

Total members in full-risk or partial risk arrangements

Astrana Health serves members

across their lifetimes

Seamless access to high- quality primary care and broad specialty care networks

All stakeholders benefit from earlier, high-value, preventive and coordinated care, keeping members healthier as they age into Medicare

Improved clinical outcomes

Robust provider retention

Experienced providers

98%		Membership by Age Group					1%
Avg annual
provider retention2		29%				36%		23%			11%
11.1
			< 18 yrs		18 - 45 yrs		45 - 65 yrs		65 - 85 yrs		85+ yrs

Average provider tenure of

Astrana Health-owned IPAs

1. Asian American and Pacific Islander
2. Based on owned IPA provider network

for all patient types and ages, decreasing medical costs in the long-run

Care from engaged providers, enabled by actionable technology

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