Change Healthcare : Q3 FY21 Earnings Conference Call Presentation

THIRD QUARTER FISCAL 2021 EARNINGS CONFERENCE CALL

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FORWARD LOOKING STATEMENT:

This presentation contains "forward-looking statements" within the meaning of federal securities laws. Any statements made in this presentation that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements include information concerning possible or assumed future results of operations, including, but not limited to, our third quarter fiscal year 2021 guidance, the supplemental information and assumptions regarding fiscal year 2021, the potential length and impact of COVID-19 and descriptions of our business plans and strategies. These statements often include words such as "anticipate," "expect," "suggest," "plan," "believe," "intend," "estimate," "target," "project," "should," "could," "would," "may," "will," "forecast," "outlook," "potential," "continues," "seeks," "predicts," and the negatives of these words and other similar expressions. Forward-looking statements involve known and unknown risks, uncertainties, including, but not limited to, the uncertainty around the length and severity of the COVID-19 pandemic; the ongoing impact of the COVID-19 pandemic on our operations and financial results, on our customers and on national, state and local economies; and new risks that may arise due to responses to the pandemic by the government, our customers and us, and other factors disclosed in our Annual Report on Form 10-K for the fiscal year ended March 31, 2020 in the section entitled "Risk Factors," as such factors may be updated from time to time in our periodic filings with the SEC, 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. Given these uncertainties, you should not place undue reliance on any forward-looking statements in this presentation. All forward-looking statements are based on information currently available to Change Healthcare and are qualified in their entirety by this cautionary statement. The statements herein speak only as of the date such statements were first made. Except to the extent required by law, Change Healthcare assumes no obligation to update any such forward-looking statements or other statements included in this presentation.

NON-GAAP MEASURES DISCLOSURE:

In the company's earnings releases, prepared remarks, conference calls, slide presentations and webcasts, there may be use or discussion of non- GAAP financial measures. We believe such measures provide supplemental information to investors with regard to our operating performance and assist investors' ability to compare our financial results to those of other companies in the same industry. The GAAP financial measure most directly comparable to each non-GAAP financial measure used or discussed, and a reconciliation of the differences between the comparable GAAP financial measure and each non-GAAP financial measure are included in this presentation after the consolidated financial statements. These non- GAAP financial measures are calculated and presented on the basis of methodologies other than in accordance with GAAP. These non-GAAP financial measures should be considered only as supplemental to, and not as superior to, financial measures prepared in accordance with GAAP and may be defined and calculated differently by others in the same industry.

© 2021 Change Healthcare LLC and/or one of its subsidiaries. All Rights Reserved. PROPRIETARY & CONFIDENTIAL	2

02.04.21

Overview and Business Update

Neil de Crescenzo

President and CEO

© 2021 Change Healthcare LLC and/or one of its subsidiaries. All Rights Reserved. PROPRIETARY & CONFIDENTIAL	3

Change Healthcare - Third Quarter FY21 CEO Summary
Financial Results	Business	Accelerating Market
Q3 FY2021	Highlights	Potential
Solutions	Strong Q3 FY21	Enhancing Core
Revenue	Performance	Franchises
$735m
Adjusted EBITDA	New Contract	Executing on
Wins Across
$233m	Strategic M&A
Portfolio
Adjusted Diluted	Advancing	Expanding
Distribution
EPS	Market
Channels
$0.34	Leadership

© 2021 Change Healthcare LLC and/or one of its subsidiaries. All Rights Reserved. PROPRIETARY & CONFIDENTIAL	4