#1babylon Capital Markets Day 23 May 2022 Putting an accessible and affordable quality health service in the hands of every person on Earth O#2Disclaimer Additional information and where to find it Babylon Holdings Limited ("Babylon") is subject to the informational reporting requirements of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). We file reports and other information with the Securities and Exchange Commission (the "SEC") under the Exchange Act. Our SEC filings are available over the Internet at the SEC's website at www.sec.gov. Forward-looking statements. This presentation contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or our future financial or operating performance. When used in this presentation, the words "estimates," "projected," "expects," "anticipates," "forecasts," "plans," "intends," "believes," "seeks," "may," "will," "should," "future," "propose" and variations of these words similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements include, without limitation, information concerning Babylon's possible or assumed future results of operations, business strategies, debt levels, competitive position, industry environment and potential growth opportunities. These forward-looking statements are not guarantees of future performance, conditions, or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside of Babylon's management's control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. These risks, uncertainties, assumptions and other important factors include, but are not limited to our future financial and operating results and that we may require additional financing; uncertainties related to our ability to continue as a going concern; the growth of our business and organization; our failure to compete successfully; our ability to renew contracts with existing customers, and risks of contract renewals at lower fee levels, or significant reductions in members, pricing or premiums under our contracts due to factors outside our control; our dependence on our relationships with physician-owned entities; our ability to maintain and expand a network of qualified providers; our ability to increase engagement of individual members or realize the member healthcare cost savings that we expect; a significant portion of our revenue comes from a limited number of customers; the uncertainty and potential inadequacy of our claims liability estimates for medical costs and expenses; risks associated with estimating the amount and timing of revenue recognized under our licensing agreements and value-based care agreements with health plans; risks associated with our physician partners' failure accurately, timely and sufficiently document their services; risks. associated with inaccurate or unsupportable information regarding risk adjustment scores of members in records and submissions to health plans; risks associated with reduction of reimbursement rates paid by third-party payers or federal or state healthcare programs; risks associated with regulatory proposals directed at containing or lowering the cost of healthcare, including the ACO REACH model; immaturity and volatility of the market for telemedicine and our unproven digital-first approach; our ability to develop and release new solutions and services; the impact of COVID-19 or any other pandemic, epidemic or outbreak of an infectious disease in the United States or worldwide on our business; and the other risks and uncertainties identified in Babylon's Annual Report on Form 20-F filed with the SEC on March 30, 2022, and in other documents filed or to be filed by Babylon with the SEC and available at the SEC's website at www.sec.gov. Babylon cautions that the foregoing list of factors is not exclusive and cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Except as required by law, Babylon does not undertake any obligation to update or revise its forward-looking statements to reflect events or circumstances after the date of this presentation. Information sources The information herein is derived from various internal and external sources. Unless otherwise indicated, information contained in this presentation concerning Babylon's industry and the regions in which it operates, including Babylon's general expectations and market position, market opportunity, market share and other management estimates, is based on information obtained from various independent publicly available sources and reports provided to us, and other industry publications, surveys and forecasts. We have not independently verified the accuracy or completeness of any third-party information. Similarly, internal surveys, industry forecasts and market research, which we believe to be reliable based upon our management's knowledge of the industry, have not been independently verified. While we believe that the market data, industry forecasts and similar information included in this presentation are generally reliable, such information is inherently imprecise. In addition, assumptions and estimates of our future performance and growth objectives and the future performance of our industry and the markets in which we operate are necessarily subject to a high degree of uncertainty and risk due to a variety of factors, including those discussed under the heading "Forward-looking statements" and our filings with the SEC. 2 This presentation contains references to trademarks, trade names and service marks belonging to other entities. Solely for convenience, trademarks, trade names and service marks referred to in this presentation may appear without the ® or TM symbols, but such references are not intended to indicate, in any way, that the applicable licensor does not assert, to the fullest extent under applicable law, its rights to these trademarks and trade names. We do not intend our use or display of other companies' trade names, trademarks or service marks to imply at relationship with, or endorsement or sponsorship of us by, any other companies. Use of Non-IFRS Financial Measures This presentation includes certain financial measures to evaluate Babylon's projected financial and operating performance, and measures calculated based on these measures, including Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Claims Expense Ratio and Adjusted Claims Margin, that are not prepared in accordance with IFRS. EBITDA is defined as profit (loss) for the period, adjusted for depreciation and amortization, finance costs and income, and tax provision or benefit. Adjusted EBITDA is defined as profit (loss) for the period, adjusted for depreciation and amortization, finance costs and income, tax provision or benefit, share-based compensation, change in fair value of warrant liabilities, gain on sale of subsidiary, and foreign exchange gains or losses. Loss for the period is the most directly comparable IFRS measure to Adjusted EBITDA. Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by Total revenue for the corresponding period. IFRS Loss for the period margin is the most directly comparable IFRS measure to Adjusted EBITDA Margin. Adjusted Claims Expense Ratio is Claims Expense divided by the Value-based care Revenue, adjusted to exclude non-health plan revenue and provider incentives, add estimated reinsurance recoveries, and adjust for prior period developments through April 30, 2022. Adjusted Claims Margin is 1 less Adjusted Claims Expense Ratio. We believe that EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin are useful metrics for investors to understand and evaluate our operating results and ongoing profitability because they permit investors to evaluate our recurring profitability from our ongoing operating activities. EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin have certain limitations, and you should not consider them in isolation or as a substitute for analysis of our results of operations as reported under IFRS. We caution investors that amounts presented in accordance with our definitions of EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin may not be comparable to similar measures disclosed by other companies, because some companies calculate EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin differently or not at all, limiting their usefulness as direct comparative measures. We believe that Adjusted Claims Expense Ratio and Adjusted Claims Margin are useful metrics for investors to understand and evaluate our operating results and ongoing profitability because they permit investors to evaluate our Claims Expense as a percentage of our Value-based care revenue. In particular, we believe that the exclusion of these amounts provides useful measures for period-to-period comparisons of our business. Babylon's management team uses these measures in assessing Babylon's performance, as well as in planning and forecasting future periods. These non-IFRS financial measures are not computed according to IFRS, and the methods we use to compute them may differ from the methods used by other companies. Adjusted Claims Expense Ratio and Adjusted Claims Margin have certain limitations, and you should not consider them in isolation or as a substitute for analysis of our results of operations as reported under IFRS. A reconciliation of EBITDA and Adjusted EBITDA from the most directly comparable IFRS measure, Loss for the period, the calculations of IFRS Loss for the period margin, Adjusted EBITDA Margin, Clams Margin and Adjusted Claims Margin, and reconciliation of Adjusted Claims Expense Ratio from Claims Expense Ratio, the most directly comparable IFRS measure, have been provided in this presentation. We are not able to reconcile projected 2022 Adjusted EBITDA or 2022 Adjusted EBITDA Margin to their respective most directly comparable IFRS measures as we are not able to forecast IFRS loss on a forward-looking basis without unreasonable efforts due to the high variability and difficulty in predicting certain items that affect IFRS loss for the period, including, but not limited to, impairment expense, share-based compensation, foreign exchange gains or losses and gains and losses on sale of subsidiaries. Adjusted EBITDA should not be used to predict IFRS loss as the difference between the two measures is variable and may be significant. babylon#3Agenda 3 1.30 pm Welcome & Agenda - Charlie Steel, CFO Building Babylon: An Overview - Dr Ali Parsa, Founder & CEO Babylon's Technology: Our Competitive Advantage - Steve Davis, CTO & Saurabh Johri, PhD, CSO Our Product: An Integrated End to End Experience - Yon Nuta, CPO Break 1.35pm 2.05pm 2.25pm 2.45pm 2.55pm Babylon's Clinical Model: Transforming Delivery - Darshak Sanghavi, MD, CMO 3.20pm Fireside Chat - Misty Zelk, MD, Babylon Physician & Darshak Sanghavi, MD, CMO 3.40pm Our Financials: How We Create Value - Charlie Steel, CFO 4.00pm Q&A - All 4.20pm 4.25pm Closing Remarks - Dr Ali Parsa, Founder & CEO Reception - All babylon#4babylon Building Babylon: An Overview Dr Ali Parsa, Founder & CEO Today 10.00 AM Muscles and joints Dr. Abby Lyn + 5.6 10pt Hi, Alex Today's actions Prescription sent to: CVS 2035 4th Ave, Seattle, WA 98121 7500#5We Are at the Dawn of the Transformation of the Healthcare Sector 5 7: $ Sick Care Reactive Episodic Physical One Size Fits All Provider-centric Human Cognition Fee for Service AI Health Care Proactive Continuous Virtual Personalized Patient-centric Al Enhanced Value Based Care Transformation of one of the largest sectors of the world economy has the potential to give birth to some of the most valuable and impactful companies babylon#6The Winners will be Those That Re-engineer a Superior "Value Proposition" 6 Value || Quality Cost Accessibility • Digital first, mobile native • Delivering healthcare people need, through devices they already have || + Clinical Quality Rapid standardization: • Right expertise •Right treatment •Right rehabilitation Affordability • Majority of healthcare costs are human labor • Monitoring and early intervention - reduce crises & emergencies • Automation of clinical tasks - operational leverage for clinicians babylon#7Babylon is Creating an Integrated, Digital First, Healthcare Experience Prescriptions Ungoing Care Personal Health Graph A Digital-First Complex Care (Including Medicare) 7 Real-Time Insights High blood pressure Asthma Diabetes Anxiety Chronic Care Management Intelligent Health Goals Remote Patient Monitoring Personal Care Team for most in need patients Digital-First Pharmacy Hospitalization Support Hex You have completed Cactions today Today's Actions Sopts Self-reporting data fpt Reading an article Opt Responding to a notification Reward, Alert, Intervene Local In-Person Network Note: Some features, or elements of features may be under active development, have not been commercialized and we cannot guarantee if/when the product will be delivered to members. cos Dr. Gideon 24/7 Health Assistance Therapist Physiotherapist Cardiologist Virtual Multi Speciality Care Assistant Hi Alex, how can i help you today? Al Advisor babylon#8Our Model Rationalises the Structure and Cost of Healthcare Delivery 8 if $000's Reward Complex Care Monitor In-Person Care Multi-Disciplinary Care .... Personal Care Assistant Digital Care Data Babylon's Health Loop Plan Insight Goal Data Digital Triage Insight Goals Healthcheck Health Assessment Therapist Physiotherapist Cardiologist Plans Digital Care Plan Monitor 9733 Care Monitor babylon#9Babylon's Business Model Has Three Revenue Drivers 9 What Babylon Cloud Services Data Insight Goals 090 Health Assessment Digital Triage. Healthcheck Plans Monitor Digital Care Care Plan Monitor Fee For Service $ Babylon 360 How License Our Technology Initial FFS arrangements provides client entry point Take Patient Budgets Capture Cost Savings Who NHS Bupa PRUDENTIAL TELUS United Healthcare Humana BlueCrossⓇ BlueShield CENTENEⓇ Corporation FIDELIS CARE® Anthem BlueCross ♥aetna™ medicare solutions CENTENEⓇ Corporation How Much $s $10s $1000s babylon#10We Have Proven The Benefits of Our Operating Model in the UK 10 80% 60% 40% 20% 0% JOURNAL OF MEDICAL INTERNET RESEARCH -20% Original Paper The Effect of 24/7, Digital-First, NHS Primary Care on Acute Hospital Spending: Retrospective Observational Analysis Sam Winward, MBChB, BSc; Tejal Patel, MBBS; Mazin Al-Saffar, MBBS, BSc; Matthew Noble, MBBS Babylon Health, London, United Kingdom Acute care cost per weighted patient(2) Members' likelihood to attend A&E before and after joining Babylon (1) 35% saving £714 22% £468 Core Services weighting -6% 12 months before 12 months after 15% saving £749 £635 Adapted Core Services weighting 60% 40% 20% 0% Members' likelihood to call NHS 111 before and after joining Babylon (1) 80% -20% 1 62% Winward et al ■ North West London' average Babylon GP at Hand * Excluding Babylon GP at Hand -1% 12 months before 12 months after We reduce Emergency Room visits(¹) by over 25% as shown by an independent Ipsos Mori study And create acute care cost savings of up to 35% as proven in a peer-reviewed study of NHS data Notes: (1) Based on an evaluation by Ipsos Mori of NHS data, comparing newly registered patients at our Babylon GP at Hand (NHS) service to patients newly registered at London GP Practices. London, UK is used as the comparator as Babylon GP at Hand is based in this area. (2) Based on UK data, specifically for our Babylon GP at Hand (NHS) service. Babylon GP at Hand acute care cost per weighted patient in 2019/20 was compared to the North West London average in 2019/20, using NHS funding formulae to account for age, sex and other factors influencing health need. North West London is used as the comparator as Babylon GP at Hand is based in this area. babylon#11We Are Bringing this Digital First Model to the US As in the transformation of sectors like retail, a digital model offers the benefits of scalability, accessibility and automation Physician Groups 11 Mostly bricks and mortar Single handers/small partnerships Single Neighborhood Primarily Episodic Manual processes Low Growth/Low Capital K "Franchise" Model Mostly bricks and mortar Small/medium partnerships Multiple Neighborhoods Primarily Episodic Semi-manual processes Medium Growth/Medium Capital "Retail" Chain Model Mostly bricks and mortar Employees/contractors Multiple Neighborhoods Episodic/Continuous Semi-manual processes Medium Growth/High Capital Digital First Mostly Virtual Employed/Contracted Regional/National Primarily Continuous Leverages Digital Automation High Growth/Medium Capital Increasing scalability, operating leverage and ability to provide continuous, proactive care babylon#12Demand for Babylon's Services Suggests Product-Market Fit 12 Clinical Service Lives 4m+ US clinical services members with access to Babylon's digital suite and its virtual consultation network VBC Member Growth ↑ 16x 17k(1) members in our first contract to 271k2 members by Q1 2022 Revenue Growth 8x $29m first year revenue in US to $228m in 2021(3) (circa $1 billion (4) projected for 2022 with vast majority coming from US) Market Growth 4x 2 states at US launch in 2020 to 8 states as at Q1-22. 20 states are in our pipeline Quality Scoring Notes: (1) Babylon data related to first US VBC deal (Oct 2020). (2) Represents total US VBC members as at Q1-22 rounded to the nearest 1000. (3) Based on US Segment Revenue from audited financials as per the Form F-1 filed with the SEC on April 29, 2022. (4) 2022 full year projected revenue as of May 12, 2022, as reported in Babylon's first quarter 2022 earnings release, filed with the SEC on Form 6-K on May 12, 2022. Babylon is not reaffirming its previously reported guidance or projections at this Capital Markets Day presentation. (5) US 2021 ratings as per the Form F-1 filed with the SEC on April 29, 2022. 95%+ and 5-star Ratings (5) babylon#13Our Technology Platform Enables Us to Rapidly Scale, Delivering Extraordinary Revenue Growth... 13 66m Lives Covered by 153 US payors in our target pipeline (4) 271k VBC Lives covered at Q1-22(5) 17k VBC Lives (Babylon's first US VBC contract in 2020) Revenue Growth(1) ($m) $8 2018A $16 +102% 234% 4-year CAGR (2) $79 +394% $323 +309% Notes: (1) Audited financials through December 31, 2021. (2) Calculated using $1bn 2022 revenue guidance (3) 2022 full year projected revenue as of May 12, 2022, as reported in Babylon's first quarter 2022 earnings release, filed with the SEC on Form 6-K on May 12, 2022. Babylon is not reaffirming its previously reported guidance or projections at this Capital Markets Day presentation. (4) Estimate of the total addressable lives covered by Babylon's target pipeline of US payors, which are not under contract. (5) Represents total US VBC members as at Q1-22 rounded to the nearest 1000. $1Bn+(3) 2022E babylon#14Our Performance is Accelerating as We Learn from Each Contract 14 % of High Risk Prospects Signed Up Since Launch · ΜΟ GA 30% 25% 22.0% 16.7% 12.6% V 30 40 20% 15% 10% 5% 0% 0 10 -NY 20 -MS 50 60 70 29.0%(1) 80 90 ● Compared to New York and Missouri contracts, our weekly high-risk sign up rates for Georgia have been 4-5x faster and Mississippi rates have been 8-10x (²) faster Continuous optimization and tailored outreach approach driving improvement in penetration rates over time Onboarding high risk prospects early allows Babylon to quickly stratify and manage the most expensive populations' health needs Notes: (1) Missouri data from Weeks 1 to 13 from launch taken as straight line average due to incomplete data. (2) Calculated by comparing % of high risk sign ups per weeks since initial outreach. babylon#15Improvements in Margins and Performance Across All lines of Business as Value-Based Care Cohorts Develop 40.0% 30.0% 20.0% 10.0% 0.0% (1) Household Penetration Rate 15 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 2021 Adjusted Claims Margin% Full Book Longest Tenured Cohort -0.5% Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 2.1% 140 120 100 80 60 40 20 0 Inpatient Admissions / 1000 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 4.0% Pomy Apr-21 May-21 Jun-21 FOM Jul-21 Aug-21 FORCO Sep-21 FOTO Oct-21 14.3% www FOTON Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 5 4 3 2 1 Oct-20 Nov-20 Dec-2 Jan-21 12-UPC Average Length Of Stay 19.6% A Feb-21 Mar-2 Apr-2 May-2 viay-2 Jun-21 varer 12-100 Jul-21 Medicaid Medicare Advantage Commercial Notes: (1) Home State Health VBC household penetration, October 2020 to March 2022. Babylon defines household penetration as obtaining a sign up from at least one individual that lives in a household in its covered population, meaning at least one individual in the household has created a profile (through app or web registration) to generate a Babylon account. (2) Adjusted Claims Margin is 1 less Adjusted Claims Expense Ratio. Adjusted Claims Expense Ratio is Claims Expense divided by Value-based care Revenue, adjusted to exclude non-healthplan revenue and provider incentives, add estimated reinsurance recoveries, and adjust for prior period developments through April 30, 2022. See appendix slide titled 'Adjusted Claims Expense Ratio Reconciliation and Calculation of Claims Expense Ratio, Claims Margin and Adjusted Claims Margin' for additional detail. Aug-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 19.6% babylon#16Operational Leverage and Increased Scale Underpins the Route to Profitability Revenue & Adj. EBITDA Margin (unaudited)(¹) ($m) 16 (950.2)% $16 2019A (184.4)% $79 2020A $323 (53.9)% 2021A $1Bn+ (29.5)% 2022E (2) 921 ppt margin improvement in 3 years Technology & SG&A costs as a % of revenue (unaudited) (3) 285% 150% 135% Q3-2020 137% 44% 92% 112% Q4-2020 73% 253ppt (4) 116% 39% 38% Q1-2021 Q2-2021 Technology costs 79% 92% 57% 86% 65% 36% 21% Q3-2021 Q4-2021 SG&A costs Notes: (1) See appendix slide titled 'Adjusted EBITDA Reconciliation and Calculation of Adjusted EBITDA Margin' for additional detail. (2) 2022 full year projected revenue as of May 12, 2022, as reported in Babylon's first quarter 2022 earnings release, filed with the SEC on Form 6-K on May 12, 2022. Babylon is not reaffirming its previously reported guidance or projections at this Capital Markets Day presentation. (3) Technology costs is Research & development expenses and Platform & application expenses. Technology costs and SG&A costs as percentages of revenue have been calculated excluding the one-off $28.4m revenue from Q1 2021. (4) $28.4m of one-off upfront revenue recognition in connection with a software licensing arrangement in Q1 2021. Operational leverage and scalability of digital platform underpins route to profitability. 128ppt SG&A margin and 125ppt technology margin improvement since Q3-20 32% 22% 10% Q1-2022 babylon#17Babylon's Business Model Has Structural Advantages Digitization of Manual Processes and Physical Pathways 17 A AI Highly scalable - Scalability with minimal capital outlay - Accelerated speed to market - Flexible market distribution 2 states at US launch to 8 states across the US as of Q1-22 with 20 states in our pipeline Al driven - Targeting those at risk with data-centric Al risk prediction - Codification of care enabling real-time influence and modelling - Delivering real-time insights and actions at point of care Al driven 80% recall, on average, achieved by our Al compared to 83.9% recall by doctors taking the same test(¹) Highly scalable Digitization Platform operating - Highly automated back office processes - Standardised digital pathways - Patient self-service 65+ RPA and clinical workflows operate in our back office Platform operating leverage lil - Operational leverage and scale delivers path to profitability - BCS provides licence revenue with minimal up front and operational costs Fixed costs as a percentage of revenue has declined by 24% since Q1-21(2) Notes: (1) 'A comparison of artificial intelligence and doctors for the purposes of Triage and Diagnosis', 2020. (2) Calculated based on the decrease in clinical clinical care delivery expense margin between Q1-21 and Q1-22. Clinical Care Delivery Expense Margin is Clinical Care Delivery Expense divided by the sum of Value Based Care Revenue and Clinical Services Revenue. babylon#18Scale is the Key to Profitability Illustrative examples of breakeven economics at scale (1) Blended Gross Margin 1,000 18 10.0% 12.5% 15.0% 17.5% 20.0% Gradually increasing operating costs (200) (175) (150) (125) (100) 300 Denotes illustrative breakeven or profitability Blended BCS & B360 Revenue ($m) 2,000 (150) (100) (50) 0 50 350 3,000 (100) (25) 50 125 200 400 4,000 (50) 50 150 250 350 450 5,000 0 125 250 375 500 500 ● ● With the leverage in our model, we can keep growth in operating costs modest as we scale A combination of $3-4bn of VBC revenue at 7.5-10% average gross margin, and $150-200m of licensing revenue at ~90% margin could allow us to breakeven Notes: (1) Illustrative breakeven economics table shows theoretical breakeven points by calculating illustrative gross profit figures (defined as Revenue multiplied by Blended Gross Margin), minus illustrative operating costs for the corresponding revenue level to display theoretical breakeven when the illustrative gross margin are greater than illustrative operating costs. babylon#19We are Trading at a Significant Discount to Peers 2021A-2023E Revenue CAGR EV / 2023E Revenue EV / 2023E Revenue / Growth(2) 19 babylon 119.2% 0.3x Babylon Discount to Peers 0.002 Babylon Discount to Peers ~5.5x Median Peer Revenue Growth ~82% Discount to Median Peer Multiple I ~95% Discount to Median Peer TELADOC 20.4% 2.1x (90.0%) 0.10 (97.9%) amwell 12.8% 0.7x (54.0%) Source: Public filings. Market data as of May 20, 2023E based on FactSet consensus estimates. Notes: (1) FY21 revenue based on FactSet consensus revenue. (2) Growth represents 2021A-2023E Revenue CAGR. 0.05 (94.5%) OAK STREET HEALTH 44.4% 1.5x (80.7%) 0.03 (92.9%) Accolade agilon health one medical 14.9% 0.9x (81.7%) 0.06 (96.4%) 42.9% 2.0x (83.3%) 0.05 (94.0%) Digital and Telehealth 48.3% (69.6%) 0.03 (87.9%) signifyhealth 21.8% 3.0x (90.2%) 0.14 (98.2%) Digitally Enabled Providers Median: 21.8% Median: 1.5x Median: 0.05 babylon#20babylon Babylon's Technology: Our Competitive Advantage Steve Davis, Chief Technology Officer & Saurabh Johri, PhD, Chief Science Officer Today 10.00 AM Muscles and joints Dr. Abby Lyn 5.6 10pt Hi, Alex Today's actions Prescription sent to: CVS 2035 4th Ave, Seattle, WA 98121 7500#21As a Human Our Lives Have Already Been Influenced by Other Technology Companies 21 Industry leaders have influenced how we Shop, Travel, Stream, and Drive ae NETFLIX T expedia group At the foundation of these companies are Purpose-built Platforms deeply coupled with Data & Al Note: Some features or elements of features may be under active development, have not been commercialized and we cannot guarantee if / when the product will be delivered to members. babylon#22Babylon Took a Similar Approach Following Industry Leaders 1 22 The Technology Purpose-built Platform 2 Data Enabled Real-time Unified Health Graph 3 Al Powered Actionable Intelligence Note: Some features or elements of features may be under active development, have not been commercialized and we cannot guarantee if / when the product will be delivered to members. 4 24/7 Member Focused Digital-First Approach babylon#23Health Graph | The foundation of our innovation 23 Note: Some features or elements of features may be under active development, have not been commercialized and we cannot guarantee if / when the product will be delivered to members. babylon#24Health Graph | How we collect the data 24 Data Sources Babylon Application Generic Adapters CSV JSON EMRS/HIE* athenahealth REDOX^ carequality TXT Other external systems* Ⓒhigi VALIDIC Signature API Integration Flow Engine Data Platform Realtime Event Fabric dFHIR Events (Common Models) Raw Events Functions Platform Health Graph / Al Surgenes Prescriptions Ungoing Care pottery Al Note: Some features or elements of features may be under active development, have not been commercialized and we cannot guarantee if / when the product will be delivered to members. Capabilities Analytics Data warehouse BI Tools Dashboards Member / Clinical Experiences Cached Datastore Population Health Management Federated API babylon#25Health Graph | Real-time data fabric "first_name": "Donna", "last_name": "Wilson", "weight": "187.00 lbs", "height": "64.00 in", "bmi": "32.10 kg/m2", "conditions": [ "Type 2 diabetes" 25 U21 < Back D AVERAGE 188.5 lbs Today W A an 06 Weight Apps Weight M 6M Lose It! - Calorie Counter FitNow Calorie Counter: Tracker Arise A.R.I.S.E. Apps resulting in self enhancement Ltd. MealPrepPro Meal Planner Nibble Apps Ltd al de 10 MyFitnessPal: Calorie Counter aill? Add Data Y 2 - O 100 170 160 height event: 66.54 in (user_id: 11944) bmi event: 23.69 kg/m2 (user_id: 11944) weight event: 149.16 lbs (user_id: 11944) bmi event: 23.69 kg/m2 (user_id: 11944) height event: 66.54 in (user_id: 11944) bmi event: 23.69 kg/m2 (user_id: 11944) weight event: 149.16 lbs (user_id: 11944) bmi event: 23.69 kg/m2 (user_id: 11944) height event: 66.54 in (user_id: 11944) bmi event: 23.69 kg/m2 (user_id: 11944) weight event: 149.16 lbs (user_id: 11944) "last_claim_date": "2022-01-03 12:26:39", bmi event: 23.69 kg/m2 (user_id: 11944) "last_claim_amount": "13,456 USD", height event: 66.54 in (user_id: 11944) "last_admission_date": "2021-11-27 01:26:39", bmi event: 23.69 kg/m2 (user_id: 11944) "last_admission_location": "UT Southwestern Mweight event: 149.16 lbs (user_id: 11944) edical Center", bmi event: 23.69 kg/m2 (user_id: 11944) height event: 62.71 in (user_id: b3ac1) weight event: 134.00 lbs (user_id: b3ac1) bmi event: 23.95 kg/m2 (user_id: b3ac1) weight event: 218.26 lbs (user_id: bd8d8) height event: 71.26 in (user_id: bd8d8) bmi event: 30.22 kg/m2 (user_id: bd8d8) height event: 62.71 in (user_id: b3ac1) bmi event: 23.95 kg/m2 (user_id: b3ac1) weight event: 134.00 lbs (user_id: b3ac1) bmi event: 23.95 kg/m2 (user_id: b3ac1) height event: 62.71 in (user_id: b3ac1) bmi event: 23.95 kg/m2 (user_id: b3ac1) weight event: 134.00 lbs (user_id: b3ac1) bmi event: 23.95 kg/m2 (user_id: b3ac1) height event: 62.71 in (user_id: b3ac1) bmi event: 23.95 kg/m2 (user_id: b3ac1) weight event: 134.00 lbs (user_id: b3ac1) bmi event: 23.95 kg/m2 (user_id: b3ac1) height event: 62.71 in (user_id: b3ac1) 1, "medications": [ "metformin" ], "at_risk_conditions": [ "hypertension", "chronic kidney disease" ] Note: Some features or elements of features may be under active development, have not been commercialized and we cannot guarantee if / when the product will be delivered to members. babylon#26Al Platform | Rapid iteration of Al models to predict and prevent 26 O Note: Some features or elements of features may be under active development, have not been commercialized and we cannot guarantee if / when the product will be delivered to members. O 00 babylon#27Al Platform | Rapid iteration of Al models to predict and prevent 27 # python3 Python 3.7.12 | packaged by conda-forge | (default, Oct 26 2021, 06:08:53) [GCC 9.4.0] on linux Type "help", "copyright", "credits" or "license" for more information. >>> import torch as th >>> from DPU import * >>> health_graph Warm loading = load_health_graph ("hypertension", "icd_10", "high_risk") Loading saved data... Done! Processing data... 100 % | This temporal thin dataset provides features of type: icd_10_codes metadata times And provides the following tasks: Hypertension (3) Done! >>> load_DPU_transformer (health_graph) DPU_transformer loaded >>> train_down 1/1 [00:15<00:00, 15.89s/it] Note: Some features or elements of features may be under active development, have not been commercialized and we cannot guarantee if / when the product will be delivered to members. babylon#28Health IQ | Growing library of disease and risk prediction models 28 O O OO Note: Some features or elements of features may be under active development, have not been commercialized and we cannot guarantee if / when the product will be delivered to members. babylon#29Health IQ | Growing library of disease and risk prediction models 29 HealthIQ lopenapi.json 12 month hospital admission risk prediction GET /health Health GET POST 0.1.0 OAS3 Schemas / Index /predict Handler HTTPValidationError > PredictBody > ValidationError > 1.0.2. This might lead to breaking code or invalid results. Use at your own r isk. For more info please refer to: https://scikit-learn.org/stable/modules/model_persistence.html#security-mainta inability-limitations UserWarning, /opt/conda/lib/python3.7/site-packages/sklearn/base.py: 338: UserWarning: Tryin g to unpickle estimator DecisionTreeRegressor from version 0.23.2 when using v ersion 1.0.2. This might lead to breaking code or invalid results. Use at your own risk. For more info please refer to: https://scikit-learn.org/stable/modules/model_persistence.html#security-mainta inability-limitations UserWarning, /opt/conda/lib/python3.7/site-packages/sklearn/base.py: 338: UserWarning: Tryin g to unpickle estimator Gradient BoostingClassifier from version 0.23.2 when us ing version 1.0.2. This might lead to breaking code or invalid results. Use at your own risk. For more info please refer to: https://scikit-learn.org/stable/modules/model_persistence.html#security-mainta inability-limitations UserWarning, [2022-05-19 09:59:12,184] WARNING [2022-05-19 09:59:12,184] WARNING Sentry is not configured LOGGING CONFIG environment variable is not set, falling back to basic logging 2022-05-19 09:59:12,186 [INFO] Loaded predict function from (risk_prediction_a pi.pottery_predict:predict) 2022-05-19 09:59:12,196 [DEBUG] Using selector: EpollSelector INFO: Started server process [1830] 2022-05-19 09:59:12,259 [INFO] Started server process [1830] INFO: Waiting for application startup. 2022-05-19 09:59:12,260 [INFO] Waiting for application startup. INFO: Application startup complete. 202 -19 09:59:12,262 [INFO] Application startup complete. INFO: Uvicorn running on http://0.0.0.0:8080 (Press CTRL+C to quit) 2022-05-19 09:59:12,264 [INFO] Uvicorn running on http://0.0.0.0:8080 (Press C TRL+C to quit) INFO: INFO: 172.17.0.1:54056 "GET /docs HTTP/1.1" 200 OK 172.17.0.1:54056 Note: Some features or elements of features may be under active development, have not been commercialized and we cannot guarantee if / when the product will be delivered to members. "GET /openapi.json HTTP/1.1" 200 OK babylon#30Health IQ | Growing library of disease and risk prediction models 30 000000 wwwww ooooo 00000 000000 1000 00000 ooooo 00000 000 00000 100000 100000 000000 www. 00000 000 100000 00000 ooooo 00000 Note: Some features or elements of features may be under active development, have not been commercialized and we cannot guarantee if / when the product will be delivered to members. 00000 Bo ●0000 100000 ooooo d 00000 000000000 0000 00000 00000000000 100000 000000 babylon#31Advisor | Health IQ predictions driving better health outcomes 31 Babylon Risk Predictions (i.e. 12-month admission risk) HCC & RAF Care Gap Predictor Partner Risk Predictions Industry & Academic Partnerships Prescriptions Ungoing Care Note: Some features or elements of features may be under active development, have not been commercialized and we cannot guarantee if / when the product will be delivered to members. babylon Clinical Decision Support Donna 24/7 Digital-First Population Health Management babylon#32Advisor | NLP Capabilities 32 babylon WILSON, Donna SENT WITH LOVE Male 17 Apr 1966 (56) +44 7590 037800 ID: 527 465 31 May 2022, 17:40 10 min video call Consult. ID: 418 6252 View.help Review consultation Mark as no show Stop video call 0:00:19 Speech processing on REC Note Assistant PREPARATION Alerts babylon employee Membership code Booking reason (Patient entered) Hypertension review Patient summary Problems list (0) No problems found for this patient from the Babylon Clinical Portal Patient timeline Future (6) 31 May 2022 Note: Some features or elements of features may be under active development, have not been commercialized and we cannot guarantee if / when the product will be delivered to members. Future consultation GP MY CONSULTATION Create alert babylon#33babylon Our Product: An Integrated End to End Experience Yon Nuta, Chief Product Officer Today 10.00 AM Muscles and joints Dr. Abby Lyn + 5.6 10pt Hi, Alex Today's actions Prescription sent to: CVS 2035 4th Ave, Seattle, WA 98121 7500#34Babylon Prototype 34 9:41 2 of 3 all DISOO Creating your personal Health Graph Fueled by Al, we're creating a personalized data dashboard where you can monitor your health. We're HIPAA-compliant to protect your data privacy and safety. Congratulations Your acccount has been activated. Continue Note: Some features or elements of features may be under active development, have not been commercialized and we cannot guarantee if / when the product will be delivered to members. babylon#35babylon Babylon's Clinical Model: Transforming Delivery Darshak Sanghavi, MD, Chief Medical Officer Today 10.00 AM Muscles and joints Dr. Abby Lyn 5.6 10pt Hi, Alex Today's actions Prescription sent to: CVS 2035 4th Ave, Seattle, WA 98121 GOAL 7500#36We Are Reengineering the Healthcare Continuum 36 Reward Complex Care Monitor In-Person Care Multi-Disciplinary Care Personal Care Assistant Digital Care Data Babylon's Health Loop Plan Insight Goal Data they ha Digital Triage Insight Healthcheck 0.0 Goals Overview Health Assessment Therapist Physiotherapist Cardiologist Plans Your care plan Digital Care Plan Monitor ill Care Monitor babylon#37Becoming A Single Gateway for Our Members' Health Needs Clinical Notes Hospital Visits Personal Health Graph Assistant Hi Alex, how can i help you today? Al Advisor 37 Real-Time Insights Digital-First Complex Care (Including Medicare) Intelligent Health Goals High blood pressure Asthma Diabetes Anxiety Chronic Care Management Most Appropriate Care Plan Personal Care Team for most in need patients My Health Blood pressu 131/85mmHg Hake 5.5% Say Blood 98mald Today 1 Blood oxygen Today 12:00pm Pun bu 70% · Proactive Health Monitoring Digital-First Pharmacy Remote Patient Monitoring Hospitalization Support Note: Some features or elements of features may be under active development, have not been commercialized and we cannot guarantee if / when the product will be delivered to members. Sy 5 You co Tactions today Downing the app Booking an appointment on TO Adanding an apporter PCP Rewards Local In-Person Network G Dr. Gideon 24/7 Health Assistance Therapist Physiotherapist Cardiologist Virtual Multi Speciality Care babylon#38Babylon's Care Team Is Assembled Based On Member Needs Care advisor Specialist 38 Physiotherapist Primary care physician Nurse Mental health nurse Specialist A wraparound virtual care team provides a 24/7 seamless member experience, across chat, email and audio/video calls, tailored to the members' needs. Health advisors and coordinators Member support managers Primary care physicians Registered nurses Psychiatrists and Behavioral Health specialists Clinical pharmacist Health coaches And others Illustrative Note: Some features or elements of features may be under active development, have not been commercialized and we cannot guarantee if / when the product will be delivered to members. babylon#39Real-life Member Case Study Amy(¹) Rural Midwest member, in late 20s 39 Notes: (1) Member name anonymised. Health Assessment ● Prescriptions Ungoing Care Jan 2021: Initial digital assessment Chronic back pain ● Chronic gynecological pain caused by previous childbirth Jan 2021: Virtual PCP/Insight History of PCOS, food sensitivities, abnormal labs including thyroid abnormalities hadn't been tx'd • Anxiety and depression from childhood trauma Treatment Digital Primary Care • Thyroid issue treated with Rx Care Team Virtual Care • Therapy course for anxiety (digital) Virtual dietician visit with nutrition plan Virtual specialist gyn visit Monitor/Data/Plan ● Longitudinal Care ● Continued therapy to monitor and reduce anxiety, regular monitoring for GAD-7, PHQ-9 Pursued pregnancy after anxiety addressed Treatment of abnormal pap smear Enabled Through Proactive Care Team Support Reminders to attend appointments Proactive outreach to discuss and reschedule after Jane missed appointments Support managing bills from previous medical treatment babylon#40babylon Our Data Enabled Approach | Deep Dive Surgentes Prescriptions Ungoing Care#41Clinical Playbook 41 1 2 3 Telehealth Clinical Programs (Provider-driven) 24/7 Primary Care Longitudinal, prevention and disease management Integrated Behavioral Health Focus on collaboration with other providers Babylon Specialty Offerings Timely access to a virtual specialty consult ORD 4 5 CO 6 Population Health Management (CareTeam-driven) Chronic Condition Management Risk-based management of 11 chronic diseases Episode Management Transitions of Care, NICU, elective surgical 24/7 Health Assistance Personal care team for high risk members babylon#42Formula for Achieving B360 Margin in the U.S. Claims Savings Programs Adjustment Factor for Member Engagement 42 24/7 Primary Care + Integrated Behavioral Health + Babylon Specialty Offerings (eConsults, network navigation) + Chronic Condition Management + Episode Management (TCM, NICU) + 24/7 Health Assistance (High Risk, Personal Care Team) Revenue Generation Quality care gap closure Prescriptions Risk documentation Optimize COCD National Network & Skills Mix + & Maximizing Use of Data babylon#43Our Care Management Initiatives Address the Top Conditions in Our Population 43 Spend by CMS Chronic Condition Warehouse defined chronic conditions (1) Masked claims are mostly SUDs and STDs $12 $10 $8 $6 $4 $2 $0 % spend(3) % members(3) $11.25 Childbirth 8% 3% $9.68 Masked 7% 5% $9.56 Anxiety 7% 10% $8.41 Hypertension 6% 5% $7.98 Depression 6% 7% $7.61 Obesity 5% 7% $7.12 Tobacco Use 5% 4% $6.75 Anemia 5% 3% $6.62 Diabetes 5% 2% $4.97 Key Asthma 3% 6% Currently addressed On roadmap (²) Not addressed $4.96 CKD 3% 2% Notes: (1) The initiatives cannot be summed as there will be overlap between them. This represents condition-related claims i.e. diabetes-related claims rather than cost of diabetic members. $pmpm, all Medicaid populations, most recent 12 months of data used, so time periods vary. Claims data for the most recent 12 months available for Medicaid health plans in Missouri, Georgia, Mississippi and lowa. (2) Some features or elements of features may be under active development, have not been commercialized and we cannot guarantee if / when the product will be delivered to members. (3) Percentage of spend and members have been rounded to one significant figure. babylon#44Our Clinical Initiatives Target 5 Key Focus Areas Which Have High Spending Impact Our Q2 initiatives focus on maternity and behavioural health, which are key areas of spend across all populations. Georgia HSH Magnolia Commentary Maternity Behavioural health Chronic conditions Lifestyle Masked claims Spending impact: 44 lowa High Med Spend is concentrated around childbirth in non-expansion states, rather than pre- or postnatal care Anxiety and depression are top spend drivers for children and adults (18-44-years-old) across all populations Concentrated in >45-year-olds Focus on building solutions for hypertension, diabetes and chronic kidney disease • Modifiable lifestyle factors (e.g. smoking, obesity) are high-spend categories in the adult population and will lead to more costly chronic conditions downstream • Masked claims cannot be viewed due to privacy concerns • As a category it is significant, but the fragmentation of conditions is unknown Notes: Based on Babylon's analysis of claims spend distribution for each population, where we have identified the highest spend areas for each population. We then applied clinical judgement to determine the focus areas to address for each population. Data is from the most recent 12 months available and varies by plan. babylon#45Deep Dive: Chronic Condition Management Lifetime support of chronic conditions to improve longevity and inhibit unnecessary progression of disease Chronic condition management supported by monitoring, proactive analytics, and patient education, outreach, and intervention 45 Identification and stratification of chronic risk members (delivered via Babylon Health Graph) Outreach strategy customized to targeted members in consultation with our partners delivered through the Babylon platform of solutions Longitudinal engagement with patients through areas such as: biometric monitoring, medication management / adherence, gaps in care closure, patient education, alerts and escalations 8#46Chronic Condition Management and Intelligent Intervention 46 Diabetes Mental Health Substance Use Disorder Musculoskeletal Health (¹) Sexual Health (1) Sleep(¹) Heart Health (¹) Kidney Health (1) Lung Health (¹) Cancer (1) Fitness (1) Example Type 2 Diabetes Depression, Anxiety Alcohol and Opioid Use Disorder Lower Back Pain Contraception; Maternity Chronic Insomnia ASCVD risk CKD Asthma Colon Cancer Screening Obesity Sample Engagement Twice daily reminder for glucose testing, automated test strips refills, automated insulin/diabetic drug refills, patient visibility into out of range glucose results Care journey engagement assisted by digital and clinical resources w/ escalation and alerts; app-based care journeys; Collaborative Care Model Enrollment in BH programs, daily monitoring, alerts Care plan engagement via patient facing app for management of symptoms and exercises Automated flow for contraception prescription and refills / notifications for home delivery; postnatal care journey Home based sleep apnea test and sleep schedule recording + sleep coaches end education Home-based BP monitoring device, home based lab testing, risk management Home-based urine microalbumin test, medication review, alerting for CKD Stage 3 or higher Asthma control test survey, daily symptom check, daily peak flow measurement (connected device) Home-based colon cancer testing, digital tools for Q&A, one-touch referral for in-person or virtual visits Weight tracking (cellular scale), exercise tracking, alerting Notes: (1) Conditions have not been commercialized and we cannot guarantee if / when these will be delivered to members. The current aim is to deliver them by the end of Q4 2022. babylon#47Chronic Condition Management | Guiding Members Through Our DayToDay App Good morning! Day 5/60 of your care journey Stay Away From Tobacco Products Even after giving birth, you'll need to stay away from smoking and other.... Diet plan Wellbeing Wy 47 € Surgical site care Emergency To guide patient to do everything they have to do today You're off to a great start My Metrics. Swipe up to see your progress © 25% NA å Goal oriented monitoring to motivate patients around their care and prevent issues HI Mary, how can I help? Messages Friday, Oct 25 + I have a question. My partner measured that I am having fever for 3 days, what should I do? I am sorry to hear that Can you tel more about your other vital signs, or filled out the daily health check so can better assist you? M Progres High touch, end to end presence and support provided by care team 9:41 Learn Mom's Recovery c-Section What is C-Section Delivery? AC-section is a common planned or emergency... C-Section Recovery and Expectations It will take four to six weeks to recover fully. You can expect... Surgical site care Check for signs of infection 1 and care for your sites by. When to Call your Care Team Knowing how to take care of yourself and whan to talk to. Adiusting to life After Rirth 1 Consumer friendly, tailored and holistic content to support patients and caregivers with advice, information and clear checklist of actions 9:41 Note: The DayToDay app operates via s separate tech stack and is available separately from the Babylon app. The DayToDay app will be integrating with the Babylon app in due course. Describe your wound Groin Describe the wound base White Red Yellow Black Other Describe the wound adar Cancel Submit photo Monitor and prevent issues before they become a serious problem 9:41 Daily Health Check Compared to yesterday, are you feeling better? OYes O No Do you have shortness of breath at rest or with mild exertion, such as walking across the room? Yes O No Are you feeling well enough today to continue all your normal activities? Next TEAM 8:36 00 TRENDS Macbook Air Better risk management for clinicians. Identifying high risk patients due to increased visibility & reduced cancellations due to patient being unprepared babylon#48babylon Fireside Chat Misty Zelk, MD, Babylon Physician & Darshak Sanghavi, MD, CMO Today 10.00 AM Muscles and joints Dr. Abby Lyn + 5.6 10pt Hi, Alex Today's actions Prescription sent to: CVS 2035 4th Ave, Seattle, WA 98121 7500#49babylon Our Financials: How We Create Value Charlie Steel, Chief Financial Officer Today 10.00 AM Muscles and joints Dr. Abby Lyn + 5.6 10pt Hi, Alex Today's actions Prescription sent to: CVS 2035 4th Ave, Seattle, WA 98121 7500#50Babylon's Business Model Has Three Revenue Drivers What Babylon Cloud Services Data Insight Goals 090 Health Assessment 50 Digital Triage. Healthcheck Plans Monitor Digital Care Plan Fee For Service $ Babylon 360 Care Monitor How License Our Technology Initial FFS arrangements provides client entry point Take Patient Budgets Capture Cost Savings Who NHS Bupa PRUDENTIAL TELUS United Healthcare Humana BlueCrossⓇ BlueShield CENTENEⓇ Corporation FIDELIS CARE® Anthem BlueCross ♥aetna™ medicare solutions CENTENEⓇ Corporation How Much $s $10s $1000s babylon#51Our Technology Platform Enables Us to Rapidly Scale, Delivering Extraordinary Revenue Growth... 51 Revenue Growth(1) ($m) $8 2018A $16 +102% 234% 4-year CAGR (2) $79 +394% $323 +309% $1Bn+(3) 2022E Notes: (1) Audited financials through December 31, 2021. (2) Calculated using $1bn 2022 revenue guidance. (3) 2022 full year projected revenue as of May 12, 2022, as reported in Babylon's first quarter 2022 earnings release, filed with the SEC on Form 6-K on May 12, 2022. Babylon is not reaffirming its previously reported guidance or projections at this Capital Markets Day presentation. babylon#52...with Human Resources Being the Main Driver of Healthcare Costs, Digital Only Interactions Drive Down Our Cost of Care Delivery... 52 20.0 15.0 10.0 5.0 0.0 Cumulative user interactions (from 2019 to date) (¹) 2.7 1.4 1.3 Q1-19 3.4 1.7 1.6 4.0 2.0 2.0 Q2-19 Q3-19 4.8 2.4 2.4 5.8 15 million interactions over 3 years 2.9 2.9 7.5 4.2 3.3 Q4-19 Q1-20 Q2-20 Total Appointments (2) 9.1 Notes: (1) Rounded to nearest millions. (2) Total Appointments include Face to Face and Virtual Appointments. 5.3 3.8 Q3-20 10.6 6.2 12.2 4.4 7.1 5.1 13.9 8.0 6.0 15.4 8.6 6.8 16.5 8.9 7.6 17.7 9.3 8.4 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Digital Only Interactions Over the last 3 years, digital- only interactions have been over half of all interactions with Babylon across all our geographies babylon#53...and Utilisation Rates in the U.S. are Increasing to Reach the Steady State Levels Seen in our Mature Markets... Clinician Utilisation By Geography (%)(¹) 53 100% 80% 60% 40% 20% 0% Jan-20 Apr-20 -UK -US Rwanda Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Notes: (1) Clinician utilisation is the % of our clinician capacity which is filled by our appointment volume. 91.1% 90.7% 58.9% Apr-22 Over 90% clinician utilisations rates in our most mature markets US utilisation has ramped up to almost 60% as our appointment volume increases to fill our existing clinician capacity And we expect to continue to drive improvements through cross-state licensing and economies of scale babylon#54...and Clinical Care Delivery Expense Margin is Reducing as Our Care Model Scales 54 Clinical Care Delivery Expense Margin (¹) (%) 33% Q1-2021 24ppt 9% Q1-2022 Notes: (1) Clinical Care Delivery Expense Margin is Clinical Care Delivery Expense divided by the sum of Value Based Care Revenue and Clinical Services Revenue. ● Over two-thirds reduction in Clinical Care Delivery Expense ratio year over year We expect our Clinical Care Delivery Expense ratio to continue to decline despite using engagement to drive down claims cost The decrease is driven by increased efficiency and improved utilisation as we scale up new contracts babylon#55With Mature Cohorts We Are Beginning To See The Impact Of Up-Front Engagement, Efficiency and Scale 40.0% 30.0% 20.0% 10.0% 0.0% Oct-20 Nov-20 Dec-20 55 (1) Household Penetration Rate 2021 Adjusted Claims Margin% ■Full Book Longest Tenured Cohort -0.5% 2.1% Medicaid Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 (2) 140 120 100 80 60 40 20 0 Inpatient Admissions / 1000 V Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 4.0% M SONGS Aug-21 Sep-21 Oct-21 FO MO 14.3% Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 FC-MON 6 5 4 3 2 0 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 12-021 Average Length Of Stay Mar-21 wat 19.6% Apr-21 Aprzer May-21 May-21 Jun-21 Jun-21 Jul-21 Jul-21 Medicare Advantage Notes: (1) Home State Health VBC household penetration, October 2020 to March 2022. Babylon defines household penetration as obtaining a sign up from at least one individual that lives in a household in its covered population, meaning at least one individual in the household has created a profile (through app or web registration) to generate a Babylon account. (2) Adjusted Claims Margin is 1 less Adjusted Claims Expense Ratio. Adjusted Claims Expense Ratio is Claims Expense divided by Value-based care Revenue, adjusted to exclude non-healthplan revenue and provider incentives, add estimated reinsurance recoveries, and adjust for prior period developments through April 30, 2022. See appendix slide titled 'Adjusted Claims Expense Ratio Reconciliation and Calculation of Claims Expense Ratio, Claims Margin and Adjusted Claims Margin' for additional detail. Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Commercial 19.6% babylon#56Operational Leverage and Increased Scale Underpins the Route to Profitability... 56 Technology & SG&A costs as a % of revenue (unaudited)(¹) 285% 150% 135% Q3-2020 137% 44% 92% 112% Q4-2020 73% 39% 253ppt 116% 79% 38% Q1-20212) Q2-2021 Technology costs 92% 57% 36% 86% 65% 21% Q4-2021 Q3-2021 SG&A costs 32% 22% 10% Q1-2022 Operational leverage and scalability of digital platform underpins route to profitability 128ppt SG&A margin and 125ppt technology margin improvement since Q3 2020 Notes: (1) Technology costs is Research & development expenses and Platform & application expenses. Technology costs and SG&A costs as percentages of revenue have been calculated excluding the one-off $28.4m revenue from Q1 2021. (2) $28.4m of one-off upfront revenue recognition in connection with a software licensing arrangement in Q1 2021. babylon#57...and Delivers Steady Margin Improvement 57 Revenue & Adj. EBITDA Margin (unaudited)(¹) ($m) (950.2)% $16 2019A (184.4)% $79 2020A $323 (53.9)% 2021A $1Bn+(2) (29.5)% 2022E (2) 921 ppt margin improvement in 3 years Notes: (1) See appendix slide titled 'Adjusted EBITDA Reconciliation and Calculation of Adjusted EBITDA Margin' for additional detail. (2) 2022 full year projected revenue as of May 12, 2022, as reported in Babylon's first quarter 2022 earnings release, filed with the SEC on Form 6-K on May 12, 2022. Babylon is not reaffirming its previously reported guidance or projections at this Capital Markets Day presentation babylon#58Scale is the Key to Profitability Illustrative examples of breakeven economics at scale (1) Blended Gross Margin 1,000 10.0% 58 12.5% 15.0% 17.5% 20.0% Gradually increasing operating costs (200) (175) (150) (125) (100) 300 Denotes illustrative breakeven or profitability Blended BCS & B360 Revenue ($m) 2,000 (150) (100) (50) 0 50 350 3,000 (100) (25) 50 125 200 400 4,000 (50) 50 150 250 350 450 5,000 0 125 250 375 500 500 ● ● With the leverage in our model, we can keep growth in operating costs modest as we scale A combination of $3-4bn of VBC revenue at 7.5-10% average gross margin, and $150-200m of licensing revenue at ~90% margin could allow us to breakeven Notes: (1) Illustrative breakeven economics table shows theoretical breakeven points by calculating illustrative gross profit figures (defined as Revenue multiplied by Blended Gross Margin), minus illustrative operating costs for the corresponding revenue level to display theoretical breakeven when the illustrative gross margin are greater than illustrative operating costs. babylon#592022 Full-Year Guidance(1) 59 Revenue Guidance Full year revenue guidance of $1.0bn Long Term Profitability Guidance Adjusted EBITDA and cash flow breakeven no later than 2025 Adjusted EBITDA Guidance Adjusted EBITDA guidance to be a maximum loss of $(295)m at $1.0bn revenue Funding Guidance Sufficient cash to fund 2022, and continuing to pursue funding options for the long term (²) Notes: (1) 2022 full year guidance as of May 12, 2022, as reported in Babylon's first quarter 2022 earnings release, filed with the SEC on Form 6-K on May 12, 2022. Babylon is not reaffirming its previously reported guidance or projections at this Capital Markets Day presentation. (2) See "Funding Requirements" in our Management Discussion and Analysis for the three months ended March 31, 2022, attached as Exhibit 99.3 to our Form 6-K filed with the SEC on May 20, 2022, and our Condensed Consolidated Financial Statements for the three months ended March 13, 2022 attached as Exhibit 99.2 to the Form 6-K. babylon#6077 (1-e) 2 ds² Q&A 60 30#6177 (1-e) 2 ds² Thank you! 60 30#62Risk Factors Summary We have a history of incurring losses, may not be able to achieve or maintain profitability, anticipate increasing expenses in the future and may require additional capital to support business growth. Additional financing may not be available on favorable terms or at all. Our historical operating results and dependency on further capital raising indicate substantial doubt exists related to our ability to continue as a going concern. If we fail to effectively manage our growth, we may be unable to execute our business plan, adequately address competitive challenges, maintain our corporate culture or grow at the rates we historically have achieved or at all. We may face intense competition, which could limit our ability to maintain or expand market share within our industry. Our existing customers may not continue or renew their contracts with us, or may renew at lower fee levels or decline to license additional applications and services from us, and significant reductions in members, per member per month (PMPM) fees, pricing or premiums under these contracts could occur due to factors outside our control. 62 We are dependent on our relationships with physician-owned entities and our business could be harmed if those relationships or our arrangements with our providers or our customers were disrupted. Failure to maintain and expand a network of qualified providers could adversely affect our future growth and profitability. We may be unable to increase engagement of the individual members that interact with our platform, and even if we are successful in increasing member engagement, if are unable to realize the member healthcare cost savings that we expect, our future profitability could be adversely affected. A significant portion of our revenue comes from a limited number of customers, and the loss of a material contract could adversely affect our business. The recognition of a portion of our revenue is subject to realizing healthcare cost savings and achieving quality performance metrics, and may not be representative of revenue for future periods. Our claims liability estimates for medical costs and expenses are uncertain and may not be adequate, and adjustments to our estimates may unfavorably impact our financial condition. If our estimates of the amount and timing of revenue recognized under our licensing agreements and value-based care agreements with health plans are materially inaccurate, our revenue recognition could be impacted. Our physician partners' failure to accurately, timely and sufficiently document their services could result in nonpayment for services rendered or allegations of fraud. Our records and submissions to a health plan may contain inaccurate or unsupportable information regarding risk adjustment scores of members. Reimbursement rates paid by third-party payers or federal, state or foreign healthcare programs may be reduced, and third-party payers or government payers may restrain our ability to obtain or provide services to our members. Regulatory proposals directed at containing or lowering the cost of healthcare, including the ACO REACH model, and our participation in such proposed models, could impact our business and results of operations. The market for telemedicine is immature and volatile and our digital-first approach is relatively new and unproven. We may not be able to develop and release new solutions and services, or successful enhancements, new features and modifications to our existing solutions and services. Our proprietary solutions may not properly operate or interoperate with our customers' existing and future infrastructures. Our relatively limited operating history makes it difficult to evaluate our current business and future prospects. If we are unable to hire and retain talent to operate our business, we may not be able to grow effectively. Our growth depends in part on the success of our relationships with third parties. Our quarterly results may fluctuate significantly, adversely impacting the value of our Class A ordinary shares. Risks associated with our international operations, economic uncertainty, or downturns. babylon#63Risk Factors Summary (Continued) 63 -Failure to adequately expand our direct sales force will impede our growth. .We may invest in or acquire other business and we may have difficulty integrating any such acquisitions successfully. We may also enter into collaborations and strategic alliances with third parties that may not result in the development of commercially viable solutions or the generation of significant future revenues. Our use of open-source software could adversely affect our ability to offer our solutions and subject us to possible litigation. Catastrophic events and man-made problems, and a pandemic, epidemic, or outbreak of an infectious disease, including the COVID-19 pandemic, could adversely affect our business. .Our sales and implementation cycle can be long and unpredictable and requires considerable time, expense and ongoing support, the failure of which may adversely affect our customer relationships. -Failure to obtain or maintain insurance licenses or authorizations allowing our participation in risk- sharing arrangements with payers could subject us to significant penalties and adversely impact our operations. -Foreign currency exchange rate fluctuations and restrictions could adversely affect our business. .We operate in a heavily regulated industry, and we are subject to evolving laws and government regulations. The changes in tax laws in different geographic jurisdictions could materially impact our business. We may be treated as a dual resident company for United Kingdom tax purposes. The applicability of tax laws on our business is uncertain and adverse tax laws could be applied to us or our customers. .We may be unable to sufficiently protect our intellectual property, and our ability to successfully commercialize our technology may be adversely affected. We may be subject to intellectual property infringement claims, medical liability claims or other litigation or regulatory investigations. Certain of our software products could become subject to U.S. Food and Drug Administration (FDA) oversight, and certain of our products and operations are subject to medical device regulations. -Cyberattacks, security breaches and other incidents, and other disruptions have compromised and could in the future compromise sensitive information and adversely affect our business and reputation. Our failure to comply with data privacy laws or to adequately secure the information we hold could result in significant liability or reputational harm. Any disruption of service at our third-party data and call centers or Amazon Web Services, or of third party infrastructure provider services, could interrupt our ability to serve customers, expose us to litigation and negatively impact our relationships with customers and members. The trading price of our Class A ordinary shares is volatile, and the value of our Class A ordinary shares may decline. An active trading market for our securities may not develop or be sustained. The dual class structure of our ordinary shares limits shareholders' ability to influence important transactions and has an unpredictable impact on the trading market for our Class A ordinary shares. Our status as an "emerging growth company" and a "foreign private issuer" may make our ordinary shares less attractive and affords less protection to our shareholders. We expect to lose our foreign private issuer status for 2022. As a "controlled company," we qualify for exemptions from certain corporate governance requirements. Our issuance of additional Class A ordinary shares will dilute all other shareholders. Future resales of our ordinary shares could cause the market price of our Class A ordinary shares to drop significantly, even if our business is doing well. .We do not currently intend to pay dividends on our Class A ordinary shares. Some of our management team has limited experience managing a public company, and our management is required to devote substantial time to public company compliance. If our remediation of our identified material weaknesses is not effective, or if we fail to develop an effective internal control system, our ability to produce timely and accurate financial statements or comply with applicable laws could be impaired. .U.S. holders that own 10% or more of our equity interests may be subject to adverse U.S. federal income tax consequences. Our U.S. holders may suffer adverse tax consequences if we are classified as a "passive foreign investment company." The Internal Revenue Service may not agree that we are non-U.S. corporation for U.S. federal income tax purposes. Our shareholder rights and responsibilities are governed by Jersey law, which differs materially from U.S. companies' shareholders rights and responsibilities. It may be difficult to enforce a U.S. judgment or to assert U.S. securities law claims outside of the United States. The other matters described in the "Risk Factors" section of our Annual Report on Form 20-F, filed with the SEC on March 30, 2022, and our other SEC filings. babylon#6477 (1-e) 2 ds² Appendix 60#65Adjusted EBITDA Reconciliation and Calculation of Adjusted EBITDA Margin IFRS Loss for the Period Adjustments to calculate EBITDA: Depreciation and amortization Finance costs and income Tax provision/(benefit) EBITDA Adjustments to calculate Adjusted EBITDA: Recapitalization transaction expense Share-based compensation Change in fair value of warrant liabilities Gain on remeasurement of equity interest Gain on sale of subsidiary 65 Impairment expense Exchange (gain) / loss Adjusted EBITDA Calculation of Adjusted EBITDA margin: Adjusted EBITDA IFRS Revenue Adjusted EBITDA margin (%) FY2019 (140,287) 2,496 101 (5,559) (143,249) 7,966 (17,075) (152,358) (152,358) 16,034 (950.2)% FY2020 (188,030) 14,487 3,920 4,639 (164,984) 9,557 6,436 2,836 (146,155) (146,155) 79,272 (184.4)% FY2021 (374,511) 35,004 13,965 (1,474) (327,016) 148,722 46,307 (27,811) (10,495) (3,917) 941 (868) (174,137) (174,137) 322,921 (53.9)% Note: See "Item 5. Operating and Financial Review and Prospects--A. Operating Results--Key Business and Financial Metrics--EBITDA and Adjusted EBITDA" in our Form 20-F filed with the SEC on March 30, 2022. We are not able to reconcile projected 2022 Adjusted EBITDA or 2022 Adjusted EBITDA margin to their respective most directly comparable IFRS measures as we are not able to forecast IFRS loss on a forward-looking basis without unreasonable efforts due to the high variability and difficulty in predicting certain items that affect IFRS loss for the period, including, but not limited to, impairment expense, share-based compensation, foreign exchange gains or losses and gains and losses on sale of subsidiaries. Adjusted EBITDA should not be used to predict IFRS loss as the difference between the two measures is variable and may be significant. The table above includes non-IFRS measures. Non-IFRS financial measures are supplemental to and should not be considered a substitute for financial information presented in accordance with IFRS babylon#66Adjusted Claims Expense Ratio Reconciliation and Calculation of Claims Expense Ratio, Claims Margin and Adjusted Claims Margin We believe that Adjusted Claims Expense Ratio and Adjusted Claims Margin are useful metrics for investors to understand and evaluate our operating results and ongoing profitability because they permit investors to evaluate our Claims Expense as a percentage of our Value-based care revenue. We believe that these metrics provide useful measures for period-to-period comparisons of our business. Babylon's management team uses these measures in assessing Babylon's performance, as well as in planning and forecasting future periods. These non-IFRS financial measures are not computed according to IFRS, and the methods we use to compute them may differ from the methods used by other companies. Adjusted Claims Expense Ratio and Adjusted Claims Margin have certain limitations, and you should not consider them in isolation or as a substitute for analysis of our results of operations as reported under IFRS. The following table presents a calculation of our Claims Expense Ratio, Claims Margin and Adjusted Claims Margin and a reconciliation of Adjusted Claims Expense Ratio from Claims Expense Ratio, the most directly comparable IFRS measure, for the twelve months ended December 31, 2021 based on information available through April 30, 2022. 66 Value-based care Revenue Claims Expense Claims Expense Ratio Claims Margin Net Adjustments Net adjustments to Claims Expense Ratio Restated (Non-IFRS) Adjusted Claims Expense Ratio Adjusted Claims Margin Adjusted Claims Expense Ratio (Non-IFRS) By LOB Medicaid Medicare Adv. Commercial Adjusted Claims Margin (Non-IFRS) By LOB Medicaid Medicare Adv. Commercial 2021 $220.9 $219.6 99.4% 0.6% -2.0% 97.4% 2.6% 100.5% 96.0% 80.4% -0.5% 4.0% 19.6% Definitions Adjusted Claims Expense Ratio Adjusted Claims Margin Adjustments Exclude non-healthplan revenue Exclude provider incentives Add estimated reinsurance recoveries Prior period developments The Adjusted Claims Expense Ratio is the Claims Expense divided by the Value-based care Revenue, adjusted to exclude non-healthplan revenue and provider incentives, add estimated reinsurance recoveries, and adjust for prior period developments. Adjusted Claims Margin is 1 less Adjusted Claims Expense Ratio. In order to arrive at Adjusted Claims Expense Ratio, all non-healthplan revenue including MSO and TPA fees were excluded. In order to arrive at Adjusted Claims Expense Ratio, all provider incentive related expenses including payments for annual wellness visits were excluded. These adjustments capture expected future reinsurance recoveries that are related to prior periods but were not yet reflected in SEC reported data. Estimates are based on analysis of claims data and historical recoveries. This consists of adjustments booked in the current and prior periods which relate to prior period dates of service. We map these amounts back to the period in which they belong or were incurred to illustrate the underlying performance trend. babylon