Oak Street Health : JP Morgan Healthcare Presentation

J.P. Morgan Healthcare Conference

January 10, 2022

Disclaimer

This presentation contains forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. All statements other than statements of historical facts contained in this presentation, including information concerning our possible or assumed future results of operations and expenses, business strategies and plans, competitive position, business and industry environment (including the effect of the COVID-19 pandemic) and potential growth opportunities, are forward-looking statements. 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, including those set out under "Risk Factors" in our annual report on form 10-K. Given these uncertainties, you should not place undue reliance on any forward-looking statements in this presentation. Except as required by law, we disclaim any obligation to update any forward-looking statements for any reason after the date of this presentation, or to update the reasons why actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future.

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. The Company's estimates are derived from publicly available information released by third party sources, as well as data from its 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.

This presentation includes Platform Contribution and Adjusted EBITDA figures. These are non-GAAP figures and are not prepared in accordance with, and are not an alternative for metrics prepared in accordance with, generally accepted accounting principles and may be different from similar statistics used by other companies. Please refer to the definition of Platform Contribution and Adjusted EBITDA included in this presentation and to the reconciliation of Platform Contribution and Adjusted EBITDA to net loss included in the Appendix to this presentation.

Investment highlights

1

2

3

4

5

6

7

Critical need for improved primary care models for older adults

Large market opportunity for those able to provide higher quality care and an improved patient experience at lower cost

Differentiated compared to legacy primary care groups as well as small but growing group of value-based care providers

Nationally scalable model with systematic approach to new market development

Opportunity to continue to leverage increased scale and investment to further improve results and widen differentiation

Highly predictable unit economics continue to drive compelling financial model

Leading to a transformative organization that will move the needle for older adults

3

Introduction to Oak Street Health

We are…

1. patient-centricnetwork 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%1 and retain the savings generated by our care model

129	Oak Street owned and
operated centers2
19	States currently covered2
~112.5k	At-Risk Patients receiving our
care3
~$1.42b	Total 2021E revenue3, 61%
2021E revenue growth3
	Team members, all aligned
~4,800	with our mission & vision,
including ~500 primary care

providers2

1. Please see our S1, filed 2/8/2021, for information on how this statistic is calculated

2. As of 12/31/2021	4
3. Based upon the midpoint of guidance for 12/31/2021, issued during Q3 earnings call on November 8, 2021

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

Poor Outcomes 1,5		Expensive 1,2,5		Negative Experience 3,4,5

-2 years	>$3.8 tn	>40%
US life expectancy vs OECD average	Annual healthcare spend	US Physician Burnout rate
+52%	+267%	3
US diabetes hospital admits vs OECD	US per-capita healthcare spend vs	Average Net Promoter score for
average	OECD average	primary care physicians

1. Source: OECD
2. Source: Centers for Medicare and Medicaid Services (CMS.gov) 2019 data
3. Source: Medscape National Physician Burnout and Suicide Report
4. Source: The Advisory Board
5. Data is from 2019 or earlier to remove the impact of COVID-19

Medicare spend is growing at 7% annually, with 96% of that spend relating to chronic disease 2,5

5