#1babylon Investor Presentation September 2021#2Disclaimer Additional information and where to find it In connection with the proposed business combination between Alkuri Global Acquisition Corporation ("Alkuri Global") and Babylon Holdings Limited ("Babylon") and the other parties to the Merger Agreement dated June 3, 2021 (the "Merger Agreement"), Babylon filed a registration statement on Form F-4 with the U.S. Securities and Exchange Commission (the "SEC") on July 2, 2021 and Amendment thereto on September 15, 2021 (as may be further amended, the "Registration Statement") with respect to Babylon's securities to be issued in connection with the proposed business combination, and Alkuri Global intends to file a preliminary proxy statement in connection with Alkuri Global's solicitation of proxies for the vote by Alkuri Global's stockholders in connection with the proposed business combination and other matters as described in the proxy statement, as well as the preliminary prospectus relating to the offer of the securities to be issued to Alkuri Global's stockholders in connection with the completion of the business combination. After the Registration Statement has been declared effective, Alkuri Global will mail a definitive proxy statement and other relevant documents to its stockholders as of the record date established for voting on the proposed business combination. Alkuri Global's stockholders and other interested persons are advised to read the preliminary proxy statement and any amendments thereto and, once available, the definitive proxy statement/consent solicitation/prospectus, in connection with Alkuri Global's solicitation of proxies for its special meeting of stockholders to be held to approve, among other things, the proposed business combination (the "Special Meeting"), because these documents will contain important information about Alkuri Global, Babylon and the proposed business combination. Alkuri Global's stockholders may also obtain a copy of the preliminary proxy statement/prospectus, or definitive proxy statement/prospectus once available, as well as other documents filed with the SEC regarding the proposed business combination and other documents filed with the SEC by Alkuri Global, without charge, at the SEC's website located at www.sec.gov. Additional information about the proposed business combination, including a copy of the Merger Agreement and investor presentation, is provided in a Current Report on Form 8-K which was filed by Alkuri Global with the SEC and is also available at www.sec.gov. Participants in solicitation Alkuri Global, Babylon, and their respective directors and officers may be deemed participants in the solicitation of proxies of Alkuri Global stockholders in connection with the proposed business combination. Alkuri Global stockholders and other interested persons may obtain, without charge, more detailed information regarding the directors and officers of Alkuri Global in Alkuri Global's registration statement on Form S-1 (File No. 333-251832), which was declared effective by the SEC on February 4, 2021. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to Alkuri Global stockholders in connection with the proposed business combination and other matters to be voted upon at its Special Meeting will be set forth in the proxy statement/prospectus for the proposed business combination when available. Additional information regarding the interests of participants in the solicitation of proxies in connection with the proposed business combination will be included in the Registration Statement that Babylon intends to file with the SEC. Forward-looking statements This communication contains, and certain oral statements made by representatives of Babylon and Alkuri Global and their respective affiliates, from time to time may contain, a number of "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 communication, the words "estimates," "projected," "expects," "anticipates," "forecasts," "plans," "intends," "believes," "seeks," "may," "will," "should," "future," "propose" and variations of these words or 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 or Alkuri Global's possible or assumed future results of operations, business strategies, debt levels, competitive position, industry environment, potential growth opportunities, Babylon's and Alkuri Global's expectations with respect to the future performance of the combined company, including whether this proposed business combination will generate returns for stockholder, the anticipated addressable market for the combined company, the satisfaction of the closing conditions to the business combination, and the timing of the transaction. 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 Babylon's or Alkuri Global'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: (a) the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement and the proposed business combination contemplated thereby; (b) the inability to complete the proposed business combination due to the failure to obtain approval of the stockholders of Alkuri Global or other conditions to closing in the Merger Agreement; (c) the ability to meet the listing standards of the New York Stock Exchange (the "NYSE") following the consummation of the proposed business combination; (d) the failure of investors in the PIPE to fund their commitments upon the closing of the proposed business combination; (e) the risk that the proposed business combination disrupts current plans and operations of Babylon or its subsidiaries as a result of the announcement and consummation of the transactions described herein; (f) the ability to recognize the anticipated benefits of the proposed business combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (g) costs related to the proposed business combination; (h) changes in applicable laws or regulations, 2 including legal or regulatory developments (such as the SEC's recently released statement on accounting and reporting considerations for warrants in SPACS) which could result in the need for Alkuri Global to restate its historical financial statements and cause unforeseen delays in the timing of the business combination and negatively impact the trading price of Alkuri Global's securities and the attractiveness of the business combination to investors; (i) the possibility that Babylon may be adversely affected by other economic, business and/or competitive factors; and (j) other risks and uncertainties to be identified in the registration/proxy statement relating to the business combination, when available, and in other documents filed or to be filed with the SEC by Alkuri Global and Babylon and available at the SEC's website at www.sec.gov. Babylon and Alkuri Global caution that the foregoing list of factors is not exclusive, and caution readers not to place undue reliance upon any forward- looking statements, which speak only as of the date made. Except as required by law, neither Alkuri Global nor Babylon undertakes any obligation to update or revise its forward-looking statements to reflect events or circumstances after the date of this release. No offer or solicitation This communication is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any securities pursuant to the proposed business combination or otherwise, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. No assurances There can be no assurance that the proposed business combination will be completed, nor can there be any assurance, if the proposed business. combination is completed, that the potential benefits of combining the companies will be realized. Information sources; no representations This communication has been prepared for use by Babylon and Alkuri Global in connection with the proposed business combination. The information herein does not purport to be all-inclusive. The information herein is derived from various internal and external sources, with all information relating to the business, past performance, results of operations and financial condition of Alkuri Global was derived entirely from Alkuri Global and all information relating to the business, past performance, results of operations and financial condition of Babylon was derived entirely from Babylon. No representation is made as to the reasonableness of the assumptions made with respect to the information herein, or to the accuracy or completeness of any projections or modeling or any other information contained herein. Any data on past performance or modeling contained herein is not an indication as to future performance. No representations or warranties, express or implied, are given in respect of this communication. To the fullest extent permitted by law in no circumstances will Alkuri Global, Babylon, or any of their respective subsidiaries, affiliates, shareholders, representatives, partners, directors, officers, employees, advisors or agents, be responsible or liable for any direct, indirect or consequential loss or loss of profit arising from the use of this communication, its contents (including without limitation any projections or models), any omissions, reliance on information contained within it, or on opinions communicated in relation thereto or otherwise arising in connection therewith, which information relating in any way to the operations of Babylon has been derived, directly or indirectly, exclusively from Babylon and has not been independently verified by Alkuri Global. Neither the independent auditors of Alkuri Global nor the independent auditors of Babylon audited, reviewed, compiled or performed any procedures with respect to any projections or models for the purpose of their inclusion in this communication and, accordingly, neither of them expressed any opinion or provided any other form of assurances with respect thereto for the purposes of this communication. babylon#33 Putting an accessible and affordable quality health service in the hands of every person on Earth#4Alkuri Global Acquisition Corp at a Glance: Deep Expertise in Marketing, GTM and International Growth Decades of experience building and growing global, profitable public and private technology businesses ● 4 Operator-led partner with unique capital relationships to support world class management and founders Approximately $345M held in trust Operator-Led Alkuri Management Rich Williams CEO Former CEO of Groupon (NASDAQ:GRPN) 20+ years with scale data and technology leaders Partnership Driven Sultan Almaadeed Chairman ● Founder of ENVST Former investor for Qatar Investment Authority (QIA) Unique Capital Relationships Steve Krenzer CFO ● Former COO of Groupon (NASDAQ:GRPN) 30+ years leading data, analytics and technology teams and companies#5Transaction Overview Transaction Overview Transaction Overview Valuation 5 Earnout • Babylon to merge with Alkuri in a combined equity value of $4.2BN, with an estimated $540M in cash funded by $230M committed PIPE investment by top-tier institutional investors ● Existing Babylon shareholders will roll 100% of their equity and will own ~84% (1) (2) (3) of the Pro Forma capital outstanding at $10.00 share. Babylon's Founder & CEO will own ~26% economic ownership at closing(1) (2) (3) • ~41M of Babylon Founder & CEO's shares at closing will constitute high-vote shares (4), a further 38.8M earnout shares (3) will carry high-vote rights (4) from closing unless and until redeemed in the event such shares have not satisfied the share price triggers prior to the Relevant Date (5) Completion of transaction is expected by Q3 2021 • Pro Forma Enterprise Value of $3.6BN (5.1x 2022E revenue of $710M) • $540M of Net Cash held on the Pro Forma Balance Sheet • 1.294M Alkuri Sponsor earnout shares(2) (15% of promote shares outstanding) and 40.0M Babylon earnout awards (3) (38.8M high-vote shares (4) and 1.2M equity-linked awards) • All subject to vesting in four equal tranches at $12.50, $15.00, $17.50 and $20.00 per share $M, except share price metrics Illustrative Share Price Pro Forma Shares Outstanding (million) (1) (2) (3) Equity Value Plus: Net Debt / (Net Cash) (6) Enterprise Value TEV /2022E Revenue ($710M) $10.00 416.3 $4,163 (540) $3,623 5.1x Sources & Uses Sources of Funds ($M) Existing Babylon Shareholder Equity(7) Alkuri Cash in Trust Existing Cash on Balance Sheet(8) PIPE Financing Total Sources Uses of Funds ($M) Existing Babylon Shareholder Equity(7) Cash Consideration To Selling Shareholders Est. Fees & Expenses (⁹) Pro Forma Cash to Balance Sheet(6) Total Uses Pro Forma Ownership % @ $10.00 / Share(1), (2), (3) 1.8% Alkuri Sponsor shares 5.5% PIPE Investors 8.3% Alkuri SPAC Shareholders 84.4% Existing Babylon Shareholders $3,515 345 15 230 $4,105 $3,515 50 540 $4,105 Source: Management reporting. Notes: (1) Based on Pro Forma share count of 416.3M which includes 351.5M Babylon rollover equity shares (including the impact of in-the-money options to subscribe for ~15.1M shares, calculated using the Treasury Stock method at $10.00/share), 34.5M Alkuri SPAC shares, 23.0M PIPE investor shares and 7.331M Alkuri Sponsor shares. Babylon Founder & CEO shares reflect shares held by Dr. Ali Parsadoust and related companies and by the Parsa Family Foundation. Number of Pro Forma shares outstanding does not reflect the impact of the Alkuri SPAC warrants, the Alkuri Sponsor warrants, the post-closing Equity Incentive Plan, the 1.294M Alkuri Sponsor earnout shares (described in footnote 2 below), nor the 40.0M Babylon earnout awards (described in footnote 3 below). (2) The Pro Forma share count does not include 1.294M Alkuri Sponsor earnout shares that are subject to the earnout milestones being achieved, except that on a change of control, the Alkuri Sponsor earnout shares will be deemed to have been earned, regardless of whether such milestones have been met. (3) The Pro Forma share count does not include 40.0M Babylon earnout awards. The 38.8M earnout shares issued to Babylon's Founder & CEO will carry no economic rights (i.e. no right to participate on a change of control, accrual but no payment of any declared dividends and no rights on a liquidation, dissolution or winding up and no ability to transfer for value) until the earnout milestones are achieved but will carry voting rights from the closing of the transaction. These 38.8M earnout shares will be high-vote shares, carrying 15 votes per share. The 1.2M earnout awards for the remainder of Babylon management will not be issued and outstanding until following the closing of the transaction and will be awarded as equity-linked securities which will allow them to subscribe for low-vote shares, carrying 1 vote per share. (4) High-vote shares carry 15 votes per share versus 1 vote per share for all other shares in issue at closing. (5) Relevant Date means the fifth anniversary of the six month anniversary of the closing date. (6) $540M of cash proceeds to balance sheet. Pro Forma debt assumed to be zero. (7) 351.5M Babylon rollover equity shares includes the impact of in-the-money options to subscribe for ~15.1M shares, calculated using the Treasury Stock method at $10.00/share. (8) As of 8/31/21, per company forecast. (9) Transaction fees & expenses are estimates.#6Why Babylon Health Is The Perfect Match For Alkuri Global Alkuri's Investment Thesis A 6 B с D E Massive Total Addressable Market Artificial Intelligence-Led Disruptor Global Traction & Opportunity Scalability of Margins World-Class Team Notes: (1) Deloitte 2019 Global Health Care Outlook Report. (2) Defines profitability based on Adj. EBITDA. (> >> >> Babylon Exceeds All of Alkuri's Acquisition Criteria $10T global healthcare market (1) that is ripe for disruption and shift to value-based care Proprietary technology and Al poised to lead the transformation to Digital Health Services Proven global product-market fit and performance with demonstrated traction in the US ~166% revenue CAGR 2020A-2023E, improving unit economics and path to profitability in 2023E (2) Margin expansion over time through scale as expensive secondary care is replaced with cost-efficient primary care Gross margin scaling to ~23% by 2023E Visionary founder and talented management that knows how to grow and operate at scale#7Babylon has Grown From its Roots in the UK Healthcare Market to Become a Leader in Scalable, Digital-First, Value Based Healthcare ● 7 ● ● 2013 Founded in 2013 datab Note: M=million, K=thousand 2020 Rapidly scaling in the US through Babylon's digital-first VBC model 3M lives covered (~90K capitated by 1-Apr-21) Licensed providers in 50 States Established leadership in UK digital healthcare Proved care model and benefits in a world class, but cost-constrained health system C: Proved utility of Al and digital health software in a range of care delivery environments via licenses to leading regional partners 2018 NHS PRUDENTIAL TELUS 2017 Mount Sinai Ascension CENTENEⓇ Corporation Demonstrated ability to deliver top-quality healthcare in a system with limited resources Proved ability to tailor the Babylon system to observe cultural priorities BILL & MELINDA GATES foundation babylon Poised for US Expansion Leading with Digital value based care High margin SaaS Software Licensing Scaling rapidly - 24M lives under coverage Global business - Focus on US Attractive margin improvement profile#8One of the Most Experienced Management Teams in Digital Health Founder & CEO Dr Ali Parsa 8 Circle Chief Financial Officer Charlie Steel Goldman Sachs Founded and built Circle, the UK's largest privately-financed hospital chain and undertook an IPO into the London market CIIIC cmc markets Ran CMC Markets' IPO into the FTSE 250 Chief Business Officer Paul-Henri Ferrand DELL Yon Nuta Chief Product Officer President CMO & President BREX COO Microsoft Served as one of the earliest CPOs of Xbox Chief Operating Officer Stacy Saal amazon Darshak Sanghavi, MD Globally rolled out Amazon Prime and Amazon Fresh Chief Medical Officer CMO, Medicare & Retirement United Healthcare CMO, OPTUM OptumLabs Chief Technology Officer Steve Davis expedia group Samira Lowman Vrbo SVP & CIO VP, Tech & Product Trillion DIGITAL CURSENIFATIONE Chief People Officer GE AMERICAN SVP, Al & Data EXPRESS VP, Talent Acquisition & Development VP, Strategic Workforce Planning#9Understanding Babylon in 5 Questions 01 02 03 04 What Problem Are We Solving? How Do We Do It? What Have We Accomplished? How Do We Monetize It? 05 How Will We Grow? ● $10T global healthcare sector(¹) has been unable to balance the needs of accessibility, quality and affordability Babylon's Digital-First Value Based Care (VBC(2)) offering seeks to align system-wide incentives Through the creation of a proactive, digital-first care network, which provides every member with a well structured "Care Pyramid," shifts the majority of member interactions to the mobile device and provides timely and targeted in- person care when needed We continue to scale at an impressive rate, with ~5x revenue growth in 2020, serving 24M lives across North America, Europe, Africa and Asia and delivering a patient interaction every 5 seconds (3) We have achieved 90% 5-star ratings (4) and demonstrated up to 35% cost savings (5) Through Clinical Services (taking the entire or proportion of medical cost of a population & capturing cost savings) & Software Licensing (selling technology to those who want to achieve similar results) Compelling financial model with 30%+ margins in clinical services & 90% + margins in software licensing(6) Expanding our existing service with our current customers into their wider operations and converting more of them to VBC (currently less than 1% penetration) Replicating existing model to new customers with the same needs in current markets & selective acquisitions Notes: T=trillion. (1) Deloitte 2019 Global Health Care Outlook Report. (2) VBC - arrangement where providers are paid the total health budget for the managed lives. (3) Based on ~2.0M clinical consultations (involving doctors, in virtual or physical setting) and ~3.9M AI interactions (app interactions, including digital triage, health assessment) performed in 2020. (4) Based on patient survey in the UK, US and Canada for 2020-2021YTD. (5) Based on UK data, specifically for our UK 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. (6) Based on a select software licensing contract. Gross Margin includes some technology costs that are classified as operating expenses in the company's financial projections. 9#1010 What Problem Are We Solving?#11Babylon is Positioned to Unify and Empower the Two Critical Trends in Healthcare 11 Value Based Care Movement away from broken fee-for-service model Aligns system around proactive care Not scalable traditionally X X Challenge addressing many patient types Babylon is Scalable, Digital-First, Value Based Care X X Digital Health Leverages technology-driven efficiencies Bringing care to the patient vs patient to care Not scaled to address holistic care Shifts site of care vs addressing overall care and cost#12Creating an Alternative Using Scalable Digital-First Value-based Care $ Thousands Revenue per Lives Covered (1) $ Hundreds $ Tens OAK STREET HEALTH one medical amwell Accolade L Livongo® (Pre-acquisition By Teladoc) Teladoc. HEALTH 100% Scalability(2) 200% babylon Digitally-Enabled Providers X Capture significant share of health spend Physical-first, brick and mortar models limit scalability Limited technological capabilities Virtual Care Providers Digital-first models Scalable to most populations Often specialized, limited care offerings Lower revenue per user Notes: Axes are not to scale and based on management estimates. (1) Based on projected primary revenue contribution. Sourced from public filings unless otherwise stated. ONEM, OSH, and TDOC reflect FY20 revenue divided by the average of the current and prior year lives covered. TDOC FY20 Revenue pro forma for acquisitions. LVGO reflects FY19 revenue divided by average of FY19 and FY18 covered lives under diabetes management. ACCD reflects LTM revenue as of Q3 2020 divided by the average of Q3 2020 lives covered and lives covered in the S-1 as of December 2019. AMWL reflects FY20 revenue divided by current lives covered. Babylon reflects estimated revenue per life based on active Babylon VBC contracts. (2) Scalability defined as 2020A-2022E Revenue CAGR plus 2022E Gross margin. 2022E peer data sourced from Factset and CapIQ consensus estimates as of May 7, 2021, except LVGO FY20 and FY22 forecasts based on Factset consensus estimates as of August 4, 2020, one day prior to Teladoc acquisition announcement. TDOC FY20 Revenue proforma for acquisitions. Babylon financials based on management estimates. 12#1313 How Do We Do It?#14Babylon's Offering We Offer a Broad Spectrum of Services Secondary Care (1) Revenue per Lives Covered $ Thousands Value Based Care $ Hundreds Virtual Care $ Tens Digital Health Suite Data OK: what symptom would you ke me to check? If you have more than one, sel me the symptom that's bothering you most Search for 18:3 Digital Triage Insight (TO) Virtual Consultations Rehabilitation & Health Plan Goals Overview 56% ap Check your pre eed looking via 0-enzang Hide deta Health program La botteg W pia mai vista paradies connd your Ch Healthcheck Health Assessment Collect your medicine Your 6.678 A smady to be acted a O Plans Your care plan per a Hemnehty and balanced mas Do for une plates in the house to pense perdre and che Amore to your 30 minutes everyday Getot a Menge and we to Lope de during the week, go to a park on the d your activity on the tra Digital Care Plan Monitor .. 9733 725 Add Mood 6550m A Care Monitor Illustrative Market: California Lives Covered Notes: (1) Babylon takes on full financial responsibility for secondary care and utilises third-party partners to provide the appropriate treatment. 14 52,000 ~2 million ● The complete solution: through our Babylon VBC service we manage the totality of patients' healthcare, including taking full financial responsibility for all costs incurred in secondary and tertiary care setting Overview Through our virtual care and digital health suite services, we provide: ● ● Babylon's full suite of Al and monitoring products Care navigation and non-clinical support by live chat, phone or video Virtual consultations with a clinical professional, for both urgent and chronic conditions#15Babylon is Providing Both Proactive Healthcare and Reactive Sickcare Health Care • Insights and information about wellbeing Health goals and actions helping achieve the goals Health monitoring Digital-first patient interactions keep the patient healthy 15 ● 3. Insight 2. Data 4. Goalsm 1. Engage 5. Plan 7. Reward (¹) 6. Monitor Normalize If Abnormal Notes: These products are currently provided by Babylon unless specified otherwise. (1) In late stage of development. (2) Currently provided through DayToDay. Sick Care Access to the clinician team Right care, medication, and treatment as soon as needed Clear Clinical Care plan for treatment and recovery Health monitoring ● ● ● ● Monitoring (2) Standardized Rehabilitation Intervention Early Star Treatment tandardized Standardized Expertise