Oak Street Health : J.P. Morgan Healthcare Conference Presentation

Oak Street Health, Inc

J.P. Morgan Healthcare Conference

January 9, 2023

Disclaimer

The presentation contains 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, and the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements include statements regarding Oak Street Health, Inc.'s (the "Company") future growth and our financial outlook for the fiscal year 2023. Forward-looking statements are subject to risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. Actual results may differ materially from the results predicted and reported results should not be considered as an indication of future performance.

Important risks and uncertainties that could cause the Company's actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: (i) changes in laws and regulations applicable to our business model; (ii) changes in market or industry conditions, regulatory environment and receptivity to our technology and services; (iii) results of litigation or a security incident; (iv) the loss of one or more key customers or partners; (v) the impact of COVID-19 on our business and results of operation; and (vi) changes to our abilities to recruit and retain qualified team members. For a detailed discussion of the risk factors that could affect the Company's actual results, please refer to the risk factors identified in the Company's SEC reports, including, but not limited to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2021 filed with the SEC on February 28, 2022. The Company assumes no obligation to update any forward-looking statement as a result of new information, future events or other factors.

Any estimated results for the fiscal year ended December 31, 2022 included herein are preliminary, unaudited and subject to completion, reflect management's current views and may change as a result of management's review of the results and other factors, including a wide variety of significant business, economic and competitive risks and uncertainties. Such estimated results for the year ended December 31, 2022 are subject to the finalization and closing of the Company's accounting books and records (which have yet to be completed), and should not be viewed as a substitute for full annual financial statements prepared in accordance with accounting principles generally accepted in the U.S. ("GAAP"). The Company cautions you that the fiscal year 2022 estimates are not guarantees of future performance or outcomes and that actual results may differ materially from those described above. Neither the Company's independent registered public accounting firm nor any other independent registered public accounting firm has audited, reviewed or compiled, examined or performed any procedures with respect to the estimated results, nor have they expressed any opinion or any other form of assurance on the estimated results.

This presentation includes information concerning economic conditions, the Company's industry, the Company's markets and the Company's competitive position that is based on a variety of sources, including information from independent industry analysts and publications, as well as the Company's own estimates and research.

Certain information included herein is derived from publicly available information released by third party sources, as well as data from the Company's internal research, and are based on such data and the Company's knowledge of its industry, which the Company believes to be reasonable. The independent industry publications used in this presentation were not prepared on the Company's behalf. While the Company is not aware of any misstatements regarding any information in this presentation, forecasts, assumptions, expectations, beliefs, estimates and projects involve risk and uncertainties and are subject to change based on various factors. The Company has not reconciled its estimated fiscal year 2022 Adjusted EBITDA or 2023 guidance for Adjusted EBITDA to net loss, the most directly comparable GAAP measure, and has not provided a reconciliation of estimated fiscal year 2022 Adjusted EBITDA to net loss, because of the uncertainty around certain items that may impact net loss, including stock-based compensation, that are not within the Company's control or cannot be reasonably predicted or which have yet to be completed. The Company has not reconciled its estimated fiscal year 2022 adjusted general and administrative expenses or 2023 guidance for adjusted general and administrative expenses to corporate, general and administrative expenses, the most directly comparable GAAP measure, because of the uncertainty around certain items that may impact corporate, general and administrative expenses, including stock-based compensation, that are not within the Company's control or cannot be reasonably predicted or which have yet to be completed. The Company has not reconciled its estimated fiscal year 2022 adjusted sales and marketing expenses or 2023 guidance for adjusted sales and marketing expenses to corporate, sales and marketing expenses, the most directly comparable GAAP measure, because of the uncertainty around certain items that may impact corporate, sales and marketing expenses, including stock-based compensation, that are not within the Company's control or cannot be reasonably predicted or which have yet to be completed. The Company has not reconciled its estimated fiscal year 2022 platform contribution or 2023 guidance for platform contribution to gross profit, the most directly comparable GAAP measure and has not provided a reconciliation of estimated fiscal year 2022 platform contribution because of the uncertainty around certain items that may impact gross profit that are not within the Company's control or cannot be reasonably predicted or which have yet to be completed.

This presentation contains the following "non-GAAP" financial measures within the meaning of Item 10 of Regulation S-K promulgated by the SEC: Adjusted EBITDA, patient contribution, platform contribution, adjusted
general and administrative expenses and adjusted sales and marketing expenses. The Company believes that non-GAAP financial measures provide an additional way of viewing aspects of our operations that, when viewed
with the GAAP results, provide a more complete understanding of its results of operations and the factors and trends affecting our business. These non-GAAP financial measures are also used by management to evaluate
financial results and to plan and forecast future periods. However, non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding measures calculated
in accordance with GAAP. These are non-GAAP figures and are not prepared in accordance with, and are not an alternative for metrics prepared in accordance with GAAP and may be different from similar statistics used by
other companies. Please refer to the definition of patient contribution, platform contribution, Adjusted EBITDA, adjusted general and administrative expenses and adjusted sales and marketing expenses included in this
presentation and to the reconciliations of patient contribution and platform contribution to gross profit, their most directly comparable GAAP metric; Adjusted EBITDA to net loss, its most directly comparable GAAP	2
metric; adjusted general and administrative expenses to corporate, general and administrative expenses, its most directly comparable GAAP metric, and adjusted sales and marketing expenses to sales and marketing
expenses, its most directly comparable GAAP metric, in the Appendix to this presentation.

Investment Highlights

1. Purpose built platform that addresses root causes of high cost, low quality and poor experience for Medicare patients
2. Nationally scalable model with systematic approach to new market development supported by Canopy, our proprietary technology platform
3. Unrivaled care model performance demonstrated across programs and geographies
4. Highly predictable unit economics drive compelling financial model

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Introduction to Oak Street Health

We are…

A patient-centric network of primary care centers for Medicare-eligible patients

We leverage…

The Oak Street Health platform to provide comprehensive care for our patient population

We improve…

Experiences and outcomes for our patients

We reduce…

Hospitalizations by over 50% and retain the savings generated by our care model

169	Oak Street owned and operated centers1
21
States currently covered1
≥159k
At-risk patients receiving our care2
≥ $2.155B
Est. 2022 revenue2
~6,000
Team members, all aligned with our mission &
vision, including ~600 primary care providers1

1.

Data as of 12/31/2022

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2. Data represents latest guidance, as of 1/9/2023

Problems with the U.S. healthcare system are well-documented

Expensive1,2 Poor Outcomes1 Negative Experience3,4

$4.1T	-2 years	>40%
US annual healthcare spend	US life expectancy vs OECD average	US Physician burnout rate
+267%	+52%	-1.2
US per-capita healthcare spend vs OECD	US diabetes hospital admits vs OECD average	Average Net Promoter score for primary care
average		physicians

High costs and poor outcomes are concentrated in older adults, who tend to be the sickest patients. Today, 96% of Medicare spend relates to chronic disease.2

1. Source: OECD

2. Source: Centers for Medicare and Medicaid Services (CMS.gov) 2020 data

3. Source: Medscape National Physician Burnout and Suicide Report

4. Source: The Advisory Board

Note: All OECD comparisons are from 2019 or earlier to remove any uneven impact of COVID-19	5