#1babylon June 2021#2Disclaimer Confidentiality and Disclosures This presentation contains proprietary and confidential information of Alkuri Global Acquisition Corporation ("Alkuri") and Babylon Holdings Limited ("Babylon") in connection with their proposed business combination. This presentation is for informational purposes only and is being provided to you solely in your capacity as a potential investor in considering an investment in Alkuri and may not be reproduced or redistributed, in whole or in part, without the prior written consent of Alkuri and Babylon. Neither Alkuri nor Babylon makes any representation or warranty as to the accuracy or completeness of the information contained in this presentation. The information in this presentation and any oral statements made in connection with this presentation are subject to change and are not intended to be all-inclusive or to contain all the information that a person may desire in considering an investment in Alkuri and are not intended to form the basis of any investment decision in Alkuri. This presentation does not constitute either advice or a recommendation regarding any securities. You should consult your own legal, regulatory, tax, business, financial and accounting advisors to the extent you deem necessary, and must make your own investment decision and perform your own independent investigation and analysis of an investment in Alkuri and the transactions contemplated in this presentation. This presentation and any oral statements made in connection with this presentation shall neither constitute an offer to sell nor the solicitation of an offer to buy any securities, or the solicitation of any proxy, vote, consent or approval in any jurisdiction in connection with the proposed business combination, 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 jurisdictions. This communication is restricted by law, it is not intended for distribution to, or use by any person in, any jurisdiction where such distribution or use would be contrary to local law or regulation. NEITHER THE SECURITIES AND EXCHANGE COMMISSION ("SEC") NOR ANY STATE OR TERRITORIAL SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THE SECURITIES OR DETERMINED IF THIS PRESENTATION IS TRUTHFUL OR COMPLETE. Forward Looking Statements. Forward-looking statements include, but are not limited to, statements regarding Alkuri's or Babylon's expectations, hopes, beliefs, intentions, or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "strive," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. You should carefully consider the risks and uncertainties described in the "Risk Factor" section of Alkuri's registration statement on Form S-1, the proxy statement/prospectus on Form F-4 relating to the business combination, which his expected to by filed by Alkuri with the SEC and other documents filed by Alkuri from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Alkuri and Babylon assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither Alkuri nor Babylon gives any assurance that either Alkuri or Babylon will achieve its expectations. Industry and Market Data. The data contained herein is derived from various internal and external sources. No representation is made as to the reasonableness of the assumptions made within or 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. Alkuri and Babylon assume no obligation to update the information in this presentation. Further, these financials were prepared by Babylon in accordance with private company AICPA standards. Babylon is currently in the process of uplifting its financials to comply with public company and SEC requirements. Use of Projections. The financial projections, estimates and targets in this presentation are forward-looking statements that are based on assumptions that are inherently subject to significant uncertainties and contingencies, many of which are beyond Alkuri's and Babylon's control. While all financial projections, estimates and targets are necessarily speculative, Alkuri and Babylon believe that the preparation of prospective financial information involves increasingly higher levels of uncertainty the further out the projection, estimate or target extends from the date of preparation. The assumptions and estimates underlying the projected, expected or target results are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the financial projections, estimates and targets, including risks and uncertainties related to the combined business's ability to execute on its business strategy, attract customers, obtain regulatory approvals, scale its produce to compete effectively commercially, manage growth and costs, and the duration and global impact of COVID-19. The inclusion of financial projections, estimates and targets in this presentation should not be regarded as an indication that Alkuri or Babylon, or their representatives, considered or consider the financial projections, estimates and targets to be a reliable prediction of future events. IFRS Financial Statements. Babylon prepares its financial statements in accordance with international financial reporting standards ("IFRS") and not in accordance with accounting principles general acceptable in the United States. In addition, this presentation contains certain non- IFRS financial measures and key metrics relating to Babylon's historical and projected future performance. A reconciliation of these non-IFRS financial measures to the corresponding IFRS measures is presented where available, although the reconciliations are not presented on a forward-looking basis because the various reconciling items are difficult to predict and subject to constant change. 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, that are not prepared in accordance with IFRS and that may be different from non-IFRS financial measures used by other companies. These non-IFRS measures, and other measures that are calculated using these non-IFRS measures, are an addition, and not a substitute for or superior to measures of financial performance prepared in accordance with IFRS and should not be considered as an alternative to operating income, net income or any other performance measures derived in accordance with IFRS. Babylon believes that these non-IFRS measures of financial results (including on a forward-looking basis) provide useful supplemental information to investors about Babylon. Additionally, to the extent that forward-looking non-IFRS financial measures are provided, they are presented on a non-IFRS basis without reconciliations of such forward-looking non-IFRS measures due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations. Additional Information; Participants in the Solicitation. If the contemplated business combination is pursued, Alkuri will be required to file a preliminary and definitive proxy statement, which may include a registration statement, and other relevant documents with the SEC. Stockholders and other interested persons are urged to read the proxy statement and any other relevant documents filed with the SEC when they become available because they will contain important information about Alkuri, Babylon and the contemplated business combination. Shareholders will be able to obtain a free copy of the proxy statement (when filed), as well as other filings containing information about Alkuri, Babylon and the contemplated business combination, without charge, at the SEC's website located at www.sec.gov. Alkuri and its directors and executive officers may be deemed to be participants in the solicitation of proxies from Alkuri's shareholders in connection with the proposed transaction. A list of the names of such directors and executive officers and information regarding their interests in the business combination will be contained in the proxy statement/prospectus when available. You may obtain free copies of these documents as described in the preceding paragraph. This Presentation does not contain all the information that should be considered in the contemplated business combination. It is not intended to form any basis of any investment decision or any decision in respect to the contemplated business combination. The definitive proxy statement will be mailed to shareholder as of a record date to be established for voting on the contemplated business combination when it becomes available. Trademarks. Alkuri and Babylon have rights to various trademarks, service marks and trade names that they use in connection with the operation of their respective businesses. This presentation may also contain trademarks, service marks, trade names and copyrights of third parties, which are the property of their respective owners. The use or display of third parties' trademarks, service marks, trade names or products in this presentation is not intended to, and does not imply, a relationship with Alkuri or Babylon, or an endorsement or sponsorship by or of Alkuri or Babylon. Solely for convenience, the trademarks, service marks trade names and copyrights referred to in this presentation may appear with the TM, SMⓇ or © symbols, but such references are not intended to indicate, in any way, that Alkuri or Babylon will not assert, to the fullest extent under applicable law, their rights or the right of the applicable licensor to these trademarks, service marks, trade names and copyrights. 2#3Putting an accessible and affordable quality health service in the hands of every person on Earth 3#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 Operator-led partner with unique capital relationships to support world class management and founders Approximately $345M held in trust Operator-Led Rich Williams CEO ● Former CEO of Groupon (NASDAQ:GRPN) 20+ years with scale data and technology leaders Partnership Driven Alkuri Management Sultan Almaadeed Chairman ● ● Founder of ENVST Former investor for Qatar Investment Authority (QIA) Steve Krenzer CFO ● Unique Capital Relationships ● Former COO of Groupon (NASDAQ:GRPN) 30+ years leading data, analytics and technology teams and companies 4#5Transaction Overview Transaction Overview Valuation Earnout ● Transaction Overview 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 1.8% Alkuri Sponsor shares 5.5% PIPE Investors 8.3% Alkuri SPAC Shareholders $3,515 345 15 230 $4,105 Pro Forma Ownership % @ $10.00/Share(1)(2)(3) 84.4% Existing Babylon Shareholders $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. 5#6Why Babylon Health Is The Perfect Match For Alkuri Global A B C D E Alkuri's Investment Thesis 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. Adjusted EBITDA reconciliation in Appendix. 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 6#7Babylon has Grown From its Roots in the UK Healthcare Market to Become a Leader in Scalable, Digital-First, Value Based Healthcare ● 2013 Founded in 2013 ● Note: M=million. ● 2020 Rapidly scaling in the US through Babylon's digital-first VBC model 3M lives covered (~90k capitated) 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 Coi: 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 7#8One of the Most Experienced Management Teams in Digital Health Founder & CEO Dr Ali Parsa Cercle Charlie Steel Goldman Sachs Founded and built Circle, the UK's largest privately-financed hospital chain and undertook an IPO into the London market Chief Financial Officer CIIIC cmc markets Ran CMC Markets' IPO into the FTSE 250 Chief Business Officer Paul-Henri Ferrand DELL Yon Nuta President CMO & President BREX COO Chief Product Officer 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 United Healthcare CMO, Medicare & Retirement CMO, OPTUM OptumLabs Chief Technology Officer SVP, Al & Data Steve Davis expodia group Samira Lowman Trillion DIGITAL COMMUNICATIONS Chief People Officer AMERICAN EXPRESS SVP & CIO VP, Tech & Product VP, Talent Acquisition & Development VP, Strategic Workforce Planning 8#9Understanding Babylon in 5 Questions What Problem Are We Solving? 1 2 How Do We Do It? 3 4 5 What Have We Accomplished? How Do We Monetize It? 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 Al interactions (app interactions, including digital triage, health assessment) performed in 2020. 4) Based on patient survey in the UK, US and Canada for 2020-2021 YTD. 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#10What Problem Are We Solving? 24/7 babylon Care that revolves around you S Good morning Matthew how can the you il#11Babylon is Positioned to Unify and Empower the Two Critical Trends in Healthcare Value Based Care Movement away from broken fee-for-service model Aligns system around proactive care Not scalable traditionally X Challenge addressing many patient types Babylon is Scalable, Digital-First, Value Based Care 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 11#12Creating an Alternative Using Scalable Digital-First Value Based Care $ Thousands 2) Revenue per Lives Covered(1) $ Hundreds $ Tens OAK STREET HEALTH one ●●● medical amwell Accolade L Livongo® (Pre-acquisition By Teladoc) Teladoc 100% HEALTH Scalability (2) 200% babylon O Digitally-Enabled Providers Capture significant share of health spend X Physical-first, brick and mortar models limit scalability X Limited technological capabilities Virtual Care Providers Digital-first models Scalable to most populations X Often specialized, limited care offerings X 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 active Babylon VBC contracts. 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#13How Do We Do It? 13.30#14Babylon's Offering Revenue per Lives Covered $ Thousands $ Hundreds $ Tens Value Based Care Virtual Care We offer a broad spectrum of services Data OK, what rymptom would you If you have mor me the symptom that's bothering you most Secondary Care (1) more than one tel Digital Triage Virtual Consultations Insight Healthcheck Goals Overview Rehabilitation & Health Plan 56% Howard Health Assessment Health program Lego Kalkundigd d 6,678 med Plans Your care plan stren Marke Ayu Digital Care Plan Monitor 9733 725 6550 Care Monitor Note: 1) Babylon takes on full financial responsibility for secondary care and utilises third-party partners to provide the appropriate treatment. Lives Covered 52,000 ~2 million Illustrative Market: California Overview 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 Through our virtual care and digital health suite services, we provide: o Babylon's full suite of Al and monitoring products o Care navigation and non-clinical support by live chat, phone or video o Virtual consultations with a clinical professional, for both urgent and chronic conditions 14#15Babylon is Providing Both Proactive Healthcare and Reactive Sickcare ● Insights and information about wellbeing Health goals and actions helping achieve the goals Health monitoring • Digital-first patient interactions keep the patient healthy . Health Care 3. Insight Currently provided through DayToDay. 2. Data 4. Goals (¹) 1. Engage 5. Plan Note: These products are currently provided by Babylon unless specified otherwise. 1) In late stage of development. 2) 7. Reward(¹) 6. Monitor Normalize If Abnormal ● ● ● ● 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 Early Intervention Stand Treatment andardized Standardized Expertise 15#16Babylon's Solution Provides Every Member with a Well-Structured "Care Pyramid", Aligning Resources with Needs Complex Care Referrals In Person Consultation The complete solution: Babylon manages the totality of a patient's healthcare, including taking full financial responsibility for all costs incurred in secondary and tertiary care setting Virtual Clinical Consultations Personal Health Assistant Digital Self-care Adds ongoing care: Preventive and proactive management to support ongoing primary and chronic care needs Adds clinical consultations: On-screen consultations with a clinical professional, both for urgent and chronic conditions Adds human touch: Care navigation and non-clinical support available by live chat, phone or video Digital Care Foundation: Babylon's suite of Al and monitoring products 16#17Timely, Highly Accessible Primary Care Enables Significant Cost Savings Engage Identification Contact & Education Healthcheck Office / ER Visit Digital Triage T ‒‒‒‒ 21 !! No Preventative Care or Health Education leads to repeat ER Usage or Office Visits No Established GP Relationship Patients often come to ER with minor problems Virtual Consultation Health Assessment Digital Care Plan ---- ! Physical Consultation Office/ ER Visit Care Monitor Care Monitor Cost Savings Babylon Checkpoint Physician Checkpoint Adverse Health Event Babylon Costs Traditional Healthcare Costs Time 17#18Babylon Has a Unique and Scalable Technology Stack Recognized for Excellence Clinical Care Geved Servkes 1) 2) Developers Partners Clinical and back- office admin web portals Clinical Portal Member Operations Portal Partner Portal End Users INPAA Cyber Security & Governance Appointments 100 TO Consultations FHIR Integration Platform Valide Apple Health Remote Patient Monitoring Platform Clinical Process Automation Robotic Process Automation Platform Babyon End Experience Foundation (React Native) 150 1345 Notes Clinical Portal Platform Lab and Core EMR Prescriptions Functionality Electronic Medical Record System Workflow Pea Scheduling Feature Phone/SMS Platon (USSD) GraphQL Federated API Platform / Experience Platform Identity Build Sves Storage Live Chi Channels Data Integration Platform Stal Code Insights Al Response Conversation Platform Tenancy Orchestration / Runtime Async Messaging Kube Experience Services E White-label Scanning intent Containers Connectors Stream Rewards Session Innovative, Peer-Reviewed and Safeguarded by Suite of Patents API Foundation Services (Cloud Native) Canvas COM Data Svo Deployment automation Platform As A Service (Cloud Native) Vrus & Triage & Symptom "I'm going to use it as a warning to machine-learning enthusiasts in the US - you're going to be made obsolete by companies in the UK" Babylon Advisor Messaging Infrastructure As a Service (AWS) CVCD Cache Judea Pearl, Turing Award-winner and professor of computer science at UCLA E Partner-app Monitor/Digital Partner Babylon Al Services Model of Medicine Probabilistic Graph Al Brain / Platform Session Access Monitoring/ alerting CON Cyber Security & Governance Authormooe Knowledge Health Secrets Logging Content Management Workflow Management Localization Management Epis Management Knowledge Platform Strategic Investments Capability Platform Foundation Areas Clinical Safety & Security Areas Madkal Knowledge Management Disease Model Clinical Aud Clinical Health Record/Graph Premat Pomarkt suvellance Engagement Fraud Detection Clinical Audit & Safety LifeCycle un Detection Case card Check/Flow authoring Customer Data Platform Commerce / Finance Platform Notes: Digital tools do not offer a diagnosis and references to diagnosis here are for research purposes only. 3 of the 43 pending patents have been accepted by US Patent & Trademark Office but not formally issued. Richens & Lee et al. "Improving the accuracy of medical diagnosis with causal machine learning". Management Maremm 0005 Al development, monitoring and safety portals Hindsight Data Science and Analytics Platform gle Cloud Platom) Acquisition Application III Al & Safety Marketing/Opm communications 19 Business Analysis & Dindart ● ● ● Patents - Patents & Supportive Studies 29 peer-reviewed papers published in leading journals Media coverage of Babylon's Peer-reviewed Al research MIT Technology Review nature frontiers in Artificial Intelligence 10 US Patents 43 US Patents Pending (¹) Our peer-reviewed research demonstrated how diagnostic algorithms can be significantly improved through the application of counterfactual inference on causal models (²) NEURAL INFORMATION PROCESSING SYSTEMS NewScientist A Association for the Advancement of Artificial Intelligence Advances in Approximate Bayesian Inference MultiVerse: Causal Reasoning using importance Sampling in Probabilistic Programming 18#19Babylon's Digital-First Interactions are Powered by Al Brain Health assessment 1) 2) Consultations Types of Consultations Offered Al Virtual Physical Reasoning & Decision Making Learning Prediction Simulation Perception Knowledge Monitoring Comprehensive Al Comprehensive end-to-end platform: Babylon's Al platform and comprehensive model of medicine will enable Babylon's users to manage their health care needs directly through products that support patients across their healthcare journey Knowledge: Under selective test conditions, Babylon's Al demonstrates results comparable to doctors(1) Avg. Recall 93.8% 84.3% 64.1% 80.0%(2) Doctor High Doctor Median Doctor Low Babylon Al Avg. Precision 56.5% 42.9% 33.9% 44.4% Reasoning & Decision Making: We have developed (and are extending) a comprehensive, causal model of primary with state of the art inference engines Learning: Our Al has been developed to improve through continual clinician-mediated testing and feedback based on real-world member interactions Perception: We have investments in state-of-the-art clinical NLP technologies to facilitate processing of clinical information from health records and which will be a core component of our conversational platform architecture Prediction: We have developed causal models to predict future health risks Notes: Digital tools do not offer a diagnosis and references to diagnosis here are for research purposes only. Based on seven doctors participating in the study. Detailed data on number of symptom sets analyzed by doctors and recall rates available in Baker & Perov et al. A comparative study of artificial Intelligence and human doctors for the purpose of triage and diagnosis. Based on 100 independently-devised symptom sets. 19#20What Have We Accomplished? 13:00 Monitor Sup Track your 443 you vys Arkows Shortion of breat what does t One of the sunglasses- can be acasa, Medictionn Car tha#21Babylon in Numbers ~24M Lives Covered ~6M Patient Interactions in 2020 Scale Every ~5 Seconds Babylon Helps a Patient (¹) ~90K Capitated Lives in the US(³) 16 Global Reach Countries where Babylon is Live 50 US States with Licensed Providers 8% Of UK Population Covered through COVID Care Assistant ~14M Lives Covered in Developing Countries (4) 5x Growth In Annual Revenue (2) Growth 3M Covered Lives in the 1st Year in the US ~90K VBC Lives Added in First 6 Months 6x Growth in US Provider Network(5) Notes: 1) Based on ~2.0M clinical consultations (involving doctors, in virtual or physical setting) and ~3.9M Al interactions (app interactions, including digital triage, health assessment) performed in 2020. 2) 2019A-2020A revenue based on unaudited historical financials. 3) Includes VBC contracts active as of April 1, 2021. Babylon reached ~90k capitated lives within 7 months from launch of VBC services in the US. 4) Rwanda and South-East Asia. 5) 6x growth in provider and care team headcount over the past year (from January 2020 to January 2021). 21#22We Believe the $10T(1) Global Healthcare Sector has Been Unable to Balance the Needs of Accessibility, Quality and Affordability Value Quality Note: 1) Deloitte 2019 Global Health Care Outlook Report. Cost Accessibility || + Affordability Clinical Quality 22#23We Have Demonstrated Exceptional Accessibility, Quality and Affordability Across All Markets We Entered 米 95% 4 and 5-Star Ratings (³) 95% Retention (4) Accessibility Clinical Quality Affordability 98% 4 and 5-Star Ratings(¹) 90% Consultations Within 30 minutes (²) 80% Completion Rate of In-app Health Assessment (7) 102 Data Points Risk Assessment $430 34% Annual ER Cost Savings Per Member w/Digital Consults(11) Avoidance of ER/Urgent Care Visits w/Digital Consults(11) "Outstanding" CQC Awarded Ranking in Leadership 97% Up to 35% 25% NHS Quality Framework Pts in Clinical Domain Rate(8) Acute Care Savings(12)(13) Fewer A&E Visits(12) 91% 20% 91% 98% 55% 30%+ 4 and 5-Star Ratings (5) of Entire Population Registered (6) Clinical Audit Score (⁹) of Calls Answered Within 30 Seconds (10) Reduction in Unit Cost of Consultation (14) Savings on Clinical Consults (15) Notes: 1) For 2020-2021 YTD. Includes ratings from our virtual care and Babylon VBC services. 2) For 2020 General Medical consultations. 3) 2019 to date for the UK business. 4) Babylon NHS data: In the first 3 months of membership, for patients who access a consultation, across 2020. 5) 2019-2020 data. 6) Based on 2.43M users registered as of February 2021. 7) ~80% of 242 users who started the main health assessment flow went on to complete the main health assessment flow. Based on Home State Health Babylon VBC data for the period of October 1, 2020 - April 1, 2021. 8) NHS Digital: Quality Outcomes Framework (QOF) 2019/20. 9) Average across all 1,567 clinical audits in 2020. 10) Call center reports for January-February 2021 data. 11) Average saving resulting from a member having a digital consultation, given 34% of members surveyed say they would otherwise have visited ER or Urgent Care. Cost saving calculated under the assumption that the survey is accurate (assumes 80% adherence. i.e. 80% of the users who respond 'if I hadn't had access to Babylon's digital consultations offering then I would have gone to the ER' do not go to the ER following the consultation). Based on Babylon consultations data from all US Centene plans that have Alternative Health Choice (AHC) surveys as part of their consultation booking flow. The time period under consideration is January 2020 - February 2021. 12) Based on UK data, specifically for our UK GP at Hand (NHS) service. 13) 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. 14) From 2018 to 2020. 15) For Senior Nurse / GP consultations. In 2020, 32% of triage nurse calls were treated at the triage stage; 68% proceeded to Senior Nurse / GP consultations. 23#24Our Technology is Licensed Across the Globe to ~15 Million People in Long Term Licensing Contracts Three WiFi Call 15:29 EN BM PRUDENTIAL pulse Temui pemeriksa simptom per anda 24/7 pada telefon anda powered by babylon MARI MULAKAN ← 92 1 to see how you're doing Taninmis Got it d SEEL Ⓡ Typing Pulse App How much time each week do you do moderate exercise like walking, casual cycling or cleaning? * The 40 mins-2hrs 30 mins 25-50 mins OK, and what about intense exercise like running, mountain biking or boxing? A 8 Home Check Symptoms Assess Health 640 kcal Nasi Lemak with Fried Chicken Check Symptoms How can I help you, Christopher ? Upload your selfie Know your BM *60% 23:5 A You need to jog for 1hour 45mins! What is influenza? influenza is a highly contagious respirato to Ca 10:00 ask App for NHS (Birmingham a&e and RWT) ask a&e Ok, what symptom would you like me to check? Enter a symptom eg headache 10:00 Back ask a&e This needs looking into, I symptoms would benefit f further investigation or tr a GP. I would advise speaking with a GP i hours. If your symptoms worsen or y unwell in the meantime, seek medic more urgently. 10:00 14:18 We're here for you. How can we help? Looking after y meth A breath You You Check symptoms 米 exercise can help and oty breathing to help ca TheCOD-29 information and tips the 464% www 10:46 TELUS Babylon by Telus Dr. Clara Moore dache all over, or mostly in f your head? There's one area where it's most sore headache start suddenly or s the pain? also noticed either eye to light or skurring of ch? Eye sensitivity to light ▸ Slurred speech Neither 0 Gradually Moderate 941 babylon by TELUS Health 24#25How Do We Monetize It? 13.30#26Attractive Illustrative Economics of Babylon's Modular & Bundled Product Offerings Clinical Services Software Licensing Babylon VBC Virtual Care A Digital Health Suite ● ● Description Combines Babylon's digital health suite and virtual care platform to manage the totality of a patient's healthcare Takes full financial responsibility for all costs incurred in both primary, secondary and tertiary care settings, with stop loss protection Payment on a fixed and recurring capitation basis per covered life with ability to capture any cost savings On-screen consultations with a clinical professional Preventable and proactive care management Digital suite of Al and monitoring products Care navigation and non-clinical support available by live chat Revenue Model PMPY Capitated model PMPM Fee-for-service Annual licensing fees Illustrative Revenue per Life Covered(1)(2) Thousands of Dollars Tens of Dollars Dollars Illustrative Gross Margin by Cohort(2) Projection Based on Management Estimates(³) ~5% YO 17% (4) Case Study: Select UK Contracts Y1 30%+ ~55% Y3 YO Notes: 1) Management estimates based on active contracts. 2) Indicative proportions shown, as details are partner-specific. 3) Based on analysis vs VBC competitors with a brick & mortar model who lack front-end digital services and back-end digital automation services. 4) Gross Y1 (June 19 - June 20) Margin from select UK contract. 5) Average of select B2B contracts' Gross Margin over FY20. 6) Gross Margin as shown includes some technology costs that are classified as operating expenses in the company's financial projections. 25%(5) Case Study: Select Software Contract (6) Y3 90%+ Y1 26#27Babylon VBC Babylon VBC Captures Cost Savings Through Proactive Primary Care 100% Total Premium to Partner I Partner Margin & Admin costs Source: Management estimates. Note: Indicative proportions shown, as details are partner-specific. Partners pay Babylon a fixed capitation per covered life 1 ~80% % Premium to Babylon Fixed, not shared cost savings model Extra Margin to Partner Babylon enables users to better manage their health and proactively provides highly cost-effective primary care 2 Primary Care Costs (Proactive Health Manager) Lowering the need for expensive, reactive secondary care cost 3 Secondary Care Costs Expanding Babylon's margin over time as expensive secondary care is replaced by efficient primary care 4 30%+ Total Babylon Margin 27#28Babylon VBC Capitated Contracts Review Babylon VBC Revenue Profit 1 2 Monthly Reimbursement per Member 3 3 4 LO 5 6 Contract Lives Note: 1) Illustrative PMPM for a Babylon VBC contract Total Monthly Contract Revenue Total Monthly Contract Revenue Primary Healthcare Costs Secondary & Tertiary Costs Monthly Contract Profits ~10K Lives ~$150 PMPM(1) (Per Member Per Month) ~$1.5M MRR (Monthly Recurring Revenue Received over Contract Term) Illustrative Example Babylon VBC revenue is recognized consistently over the contract term Babylon provides efficient and cost-effective primary care... ...lowering the need for more expensive, reactive secondary & tertiary care Stop loss provision of contracts ensures floored $ amount risk, enabling maximization of profits 28#29Path to 2021E and 2022E Projected Revenue Based on Achievable and Visible Contract Pipeline of ~$3.6BN(1) with Upside Potential Projected Revenue ($M) Annualization & Growth of Existing Contracts as of April 1, 2021 (2) 2021 Converted Pipeline Contracts (3) 2022 Converted Pipeline Contracts(4) 3) 4) 5) 6) $79 2020A(6) Revenue ~$175 ~$67 ~80% delivered by contracts active as of 1 Apr-21 2021E Revenue Bridge -$321 Dec-20 ARR(5) ~$170M 2021E Revenue ~$83 ~$103 ~$203 ~70% delivered by contracts expected to be active as of 31 Dec-21 2022E Revenue Bridge Source: Management estimates. Management reporting. Notes: 1) Based on management estimates and a pipeline of contracts under discussion as of March 15, 2021. 2) Reflects i) annualization and growth in existing contracts as of December 31, 2020 and ii) revenue from contracts active between December 31, 2020 and April 1, 2021. Reflects revenue impact of new business from converted pipeline contracts in 2021. Cohorts based on an illustrative set of contracts signed at varying points in time in 2021 with impact of annualization recognized in 2022. Reflects revenue impact of new business from converted pipeline contracts in 2022. Cohorts based on an illustrative set of contracts signed at varying points in time in 2022. Relevant December ARR (Annual Run-Rate Revenue) is calculated at a point in time by multiplying December revenue by 12. Unaudited financials. -$710 Dec-21 ARR(5) ~$475M 2022E Revenue 29#30Understanding Babylon's Pipeline 4) 5) 6) 7) Need to sign ~2 of 27 VBC contracts in 2021 to achieve 2021E Revenue(¹) Projected Revenue ($M) $79 2020A(6) Revenue 2021E Revenue Bridge Total Pipeline Annual Value of Contracts split over 2 calendar years -$321 2021E Revenue 2022E Revenue Bridge -$710 $3.6BN ARR(7) 2022E Revenue Annualization & Growth of Existing Contracts as of April 1, 2021(3) Projected Revenue ($M) $79 Need to sign ~3 of 27 VBC contracts in 2022 to achieve 2022E Revenue(²) 2021E Revenue Bridge 2021 Converted Pipeline Contracts (4) 2020A(6) Revenue ~50 Contracts -$321 2021E Revenue 2022E Revenue Bridge 2022 Converted Pipeline Contracts (5) Source: Management estimates and a pipeline of contracts under discussion as of March 15, 2021. Management reporting. Notes: 1) Assumes i) contracts begin recognizing revenue in Q4 2021, and ii) deliver ARR of ~$130M based on the average VBC contract in the pipeline. 2) Assumes i) contracts begin recognizing revenue in Q2 2022, and ii) deliver ARR of ~$130M based on the average VBC contract in the pipeline. 3) Reflects i) annualization and growth in existing contracts as of December 31, 2020 and ii) revenue from contracts active between December 31, 2020 and April 1, 2021. Reflects revenue impact of new business from converted pipeline contracts in 2021. Cohorts based on an illustrative set of contracts signed at varying points in time in 2021 with impact of annualization recognized in 2022. Reflects revenue impact of new business from converted pipeline contracts in 2022. Cohorts based on an illustrative set of contracts signed at varying points in time in 2022. Unaudited financials. ARR (Annual Run-Rate Revenue) at the end of a given month is calculated at a point in time by multiplying that month's expected revenue by 12. -$710 2022E Revenue ~$130M Avg. ARR of VBC Contracts (7) 30#31Highly Recurring and Diversified Projected Revenue in 2021 E Through 2023E Revenue breakdown Fixed vs Demand-Driven(¹) 2021E 9% Demand-Driven Revenue Virtual Care: Fee-For-Service 3% 91% Fixed Revenue Babylon VBC: Capitation Fee & Software: Fixed Fee 2023E Demand-Driven Revenue Virtual Care: Fee-For-Service ОО 97% Fixed Revenue Babylon VBC: Capitation Fee & Software: Fixed Fee Low volume risk 9% UK 2021E 4% Emerging Markets (2) Geography 3% Other Developed Markets (3) 84% US 2023E 6% Emerging Markets (2) 2% UK OO Focus on US Source: Management estimates. Notes: 1) Demand-driven revenue reflects revenue from Virtual Care contracts. Fixed revenue reflects revenue from Babylon VBC and Software contracts. Includes SE ASIA, China, LATAM, Rwanda, Middle East, Africa and India. 2) 3) Includes Canada and Other Developed Markets (including Australia, New Zealand, Japan, and Continental Europe). 6% Other Developed Markets (3) 85% US 10% Software 2021 E 9% Virtual Care 81% VBC Product 10% Software 2023E 3% Virtual Care 87% VBC Babylon VBC augmented by high-margin software licensing 31#32Babylon VBC Babylon has Achieved Rapid Engagement with the Home State Health (HSH) Member Population... Home State Health - Illustrative Penetration Over Time Babylon VBC has Rapidly Scaled and Reduced High Cost Care Utilization by HSH Members Penetration 20% 5% 234 % households signed up 5 months HSH VBC penetrated (1) ~20%(2) of member households in 5 months As of Q2 2020 Oak Street Health indicated less than 5% penetration (1) of total patients in its existing markets 1 year Time ...and Early Evidence Suggests Babylon's Value Based Care Reduces Unplanned ER Visits... Home State Health - ER Visit Reduction Mar-21 Feb-21 Jan-21 Dec-20 Nov-20 Oct-20 31% 47% 33% 44% 40% 50% Patients that booked digital consults said they would have used ER or Urgent Care (³) if Babylon's services had not been available CENTENEⓇ Corporation ...Thus Enabling Cost Savings and Driving the Profitability Increase Babylon VBC(4) - Gross Margin Improvement + 820 bps + 1,215 bps Q4-20 vs. Oct-20 Q1-21 vs. Oct-20 (as compared to Oct-20) Source: Management reporting, Oak Street Health corporate presentation (October 2020). Notes: 1) Babylon defines penetration as the receipt of registration from a household in its covered population. Oak Street Health and other companies in our industry may calculate penetration and similarly titled measures differently, which could reduce the usefulness of penetration as a tool for comparison. Within 5 months Babylon obtained at least 1 registration from 584 of 3,169 households in its assigned population. Based on responses in the Alternative Health Choices survey (as part of consultation booking flow). Includes all VBC contracts in the US (i.e. Fresno, Home State Health). 32#33Expect Babylon's Margins to Expand as it Gains Operational Leverage $BN $1.6 $1.4 $1.2 $1.0 $0.8 $0.6 $0.4 $0.2 $0.0 ($0.2) 2019A We Expect Babylon will Grow Profitably... Revenue Gross Margin -Adj. EBITDA (¹) 2020A 2021E Constantly Improving Margins 2022E Source: Management estimates. Notes: 1) Adjusted EBITDA reconciliation in Appendix. 2) In 2020 95% of all bookings across Babylon's geographies were digital (including cancellations). CAGR 2020A-2023E: +166% Increasing Operating Leverage Margin: 23% Margin: 0% Medium-Term Target 2023E Gross Margin ~30% EBITDA Margin ~15% ...By Providing Digital-First End-to-End Care Babylon's highly-accessible, digital-first service will allow it to: Divert patients from expensive Urgent Care to proactive & accessible virtual primary care Avoid expensive downstream costs of chronic conditions by solving healthcare issues earlier ...and Reducing Expensive Delivery Costs Leverage technology and automation to significantly reduce the cost of primary care: Increase in efficiency by automating admin and other lower-value tasks Use digital triage to increase the proportion of interactions served by lower-cost healthcare professionals Reducing costs associated with physical services by solving ~95%(2) of issues via digital consultations 33#34Historical and Projected Financial Summary $M Revenue % growth Gross Profit % growth % margin Adj. EBITDA (2²) % margin Source: Management estimates. Notes: 1) Unaudited financials. 2) Adjusted EBITDA reconciliation in Appendix. HISTORICAL 2019A(1) 16 102% (4) (24%) (152) 2020A(1) 79 394% 12 15% (142) ‒‒‒‒‒ ‒‒‒‒‒ 2021E 321 305% 49 299% 15% (140) (44%) PROJECTED 2022E 710 121% 129 166% 18% (119) (17%) ‒‒‒‒‒‒‒‒‒‒ 2023E ‒‒‒‒‒ 1,484 109% 342 165% 23% LO 5 0% 34#35How Will We Grow? 24/7 babylon Care that revolves around you S Good morning Matthew how can the you il#36Babylon has Multiple Value-Accretive Growth Levers Note: M&A not included in base business financial forecasts 1 Potential Addressable Market for Existing Customers(1) 2 ● Potential to expand covered population with existing customers Potential to increase scope of contract to a full capitation construct through Babylon VBC Expanding Babylon's Geographic Coverage with Existing Customers (2) Potential Addressable Market for Existing Covered Populations (3) Dec-20 ARR(4) for Existing Contracts ~$50BN ~$5BN ~$170M Strong Contract Pipeline Strong track record of winning new contracts worldwide Over $3.5BN of additional aggregated ARR possible in the pipeline through existing customers and new business Existing Clients New Clients Total Pipeline Projected ARR(4) ~$1.2BN ~$2.4BN ~$3.6BN 3 ● Targeted Acquisitions & Strategic Investments Opportunity to consolidate brick & mortar, integrated care providers in the US Acquiring new partners to augment Babylon's end-to-end platform Consolidation Example Completed Deal Ⓒhigi Technology & Content (5) Distribution Omni-channel consumer health engagement platform with nationwide retail network of 10,000 FDA-cleared, free-to-use Smart Health Stations which help identify health risks and match consumers to care Source: Based on management estimates and a pipeline of contracts under discussion as of March 15, 2021. Notes: 1) Reflects potential addressable market based on existing clients including contracts not currently in the pipeline. Market size based on annualized monthly revenue of potential new contracts with existing customers. 2) Addressable market for Babylon VBC based on lives covered by Babylon's existing clients. Calculated using an illustrative Babylon VBC PMPY pricing assumption based on management's current discussions and market knowledge; number of lives based on managements best estimates. 3) Assumes Babylon's existing clients with software license contracts purchase either fee-for-service or Babylon VBC for the lives covered under their existing contracts based on management's expectations. Assumes Babylon's existing clients with fee-for-service contracts purchase Babylon VBC for lives covered under their existing contracts. Calculated using illustrative pricing assumptions based on management's current discussions and market knowledge. 4) ARR (Annual Run-Rate Revenue) at the end of a given month is calculated at a point in time by multiplying that month's expected revenue by 12. 5) Babylon owns a 22% equity stake in Higi. 36#37Putting an accessible and affordable quality health service in the hands of every person on Earth 37#38of (1-0) 2 A ds² Thank you babylon#39Appendix#40Revenue Growth Coupled with Gross Margin Expansion Year-over-Year Growth % 102% 3 394% 305% 121% 109% ($M) $16 1) 2) 2019A (2) $79 2020A Revenue (2) 166% CAGR $321 2021E $710 2022E $1,484 2023E Year-over-Year Growth % 99% 581% 180% 104% 103% ($M) $25 2019A Year-End ARR(1) (2) $170 2020A (2) 126% CAGR $475 2021E Source: Management estimates. Notes: Year-end ARR (Annual Run-Rate Revenue) is calculated at a point in time by multiplying December's expected monthly revenue by 12. Unaudited financials. $967 2022E $1,960 2023E (24%) ($M) ($4) 2019A (2) Gross Profit % Gross Margin 15% 15% 18% 23% $12 2020A (2) 204% CAGR $49 2021 E $129 2022E $342 2023E 40#41Rapid-Growth Profile Provides an Attractive Entry Valuation TELADOC"¹ 2020E-2022E Revenue CAGR EV / 2022E Revenue EV / 2022E Revenue / Growth (2) babylon 2) 3) 199.3% ~6.2x Median Peer Revenue Growth ~40% Discount to Median Peer Multiple 5.1x @$10.00/Share Babylon Discount to Peers ~90% Discount to Median Peer 0.03(³3) @$10.00/Share Babylon Discount to Peers O 37.3% 10.3x (50.3%) 0.28 (90.6%) amwell Growth represents 2020-2022E Revenue CAGR. Assuming Babylon TEV of $3,623M, 2022E Revenue of $710M, and 2020-2022E Revenue CAGR of 199.3%. 17.5% 7.9x (35.6%) 0.45 Source: Babylon revenue growth and multiple based on management estimates; public peers based on CapIQ, public filings, Wall Street research. Notes: Market data as of May 7, 2021 based on CapIQ consensus estimates. 1) 2020 Revenue pro forma for acquisitions. (94.3%) OAK STREET HEALTH 52.8% 7.0x (26.6%) 0.13 (80.3%) Accolade 42.4% 8.7x (41.4%) 0.21 (87.3%) signifyhealth 26.5% 7.2x (29.1%) 0.27 (90.4%) Digital & Telehealth • one medical Median: 31.9% 25.7% Median: 8.3x 10.3x (50.5%) Median: 0.27 0.40 (93.5%) Digitally Enabled Providers 41#42Adjusted EBITDA Reconciliation $ in millions Net Income (+) Depreciation & Amortization (1) (+) Net Finance Costs (+) Tax EBITDA (+) Impairment(2) (+) Share Based Payments (3) (+) Exchange Rate (Gains) / Losses (4) Adjusted EBITDA Unaudited 2019A (140.3) 2.5 0.1 (5.6) (143.2) 8.0 (17.1) (152.4) Unaudited 2020A (184.7) 1) Reflects Right of Use Assets and PPE by the amount of $1.9M in 2019A and $3.4M in 2020A, Development Costs by the amount of $0.6M in 2019A and $10.1M in 2020A and Acquired Intangibles Assets of $1.0M in 2020A. 2) Impairment of technology development costs. 3) Share based compensation relating to employees. 4) Gain includes those resulting from inter-company relationships with significant GBP balances within USD companies translated at rates in accordance with IFRS. 14.5 3.9 4.6 (161.7) 6.4 10.9 2.8 (141.6) Source: Management reporting. Notes: We have not reconciled the non-IFRS measures for the future periods to their corresponding IFRS measures because certain reconciling items such as share-based payments and exchange rate gains and losses depend on factors such as the share price at the time of award of future grants and foreign exchange rates and thus cannot be reasonably predicted. Accordingly, reconciliation to the non-IFRS projected measures are not available without unreasonable effort. 42#43Pro Forma Capitalization Select Babylon Shareholders Babylon Founder & CEO(1)(3) (High-Vote Shares (4) issued as per footnotes) Kinnevik Online AB Vostok New Ventures (VNV) Ltd. PIF (The Public Investment Fund) Centene Corp. Other(5) Total Rolling Babylon Shareholder Ownership Alkuri SPAC Public Shareholders PIPE Investors Alkuri Sponsor(1)(2) Total % Ownership at Close(1)(2)(3) 26.2% 13.1% 8.7% 8.5% 2.1% 25.8% 84.4% 8.3% 5.5% 1.8% 100.0% 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) Includes equity ownership of other Babylon shareholders and current and former employees, as well as the impact of in-the-money options to subscribe for ~15.1M shares, calculated using the Treasury Stock method at $10.00/share. 43#44Glossary Term A&E AI ARR B2B CAGR EBITDA ER GP GTM Definition Accident & Emergency Artificial Intelligence Annual Run-Rate Revenue Business to Business Compounded Annual Growth Rate Earnings Before Interest Tax Depreciation & Amortisation Emergency Room General Practitioner Go-to-market Term HSH NHS QOF PIPE PMPM PMPY RWT SaaS TEV VBC Definition Home Street Health National Healthcare Service Quality Outcomes Framework Private Investment in Public Equity Per Member Per Month Per Member Per Year The Royal Wolverhampton NHS Trust Software as a Service Total Enterprise Value Value Based Care 44#45Risk Factors Summary 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. We have a history of net losses, we anticipate increasing expenses in the future, and we may not be able to achieve or maintain profitability. Our relatively limited operating history makes it difficult to evaluate our current business and future prospects and increases the risk of your investment. If we fail to effectively manage our growth, we may be unable to execute our business plan, adequately address competitive challenges or maintain our corporate culture, and our business, financial condition and results of operations would be harmed. Our business and growth strategy depend on our ability to maintain and expand a network of qualified providers. If we are unable to do so, our future growth would be limited and our business, financial condition and results of operations would be harmed. We are dependent on our relationships with physician-owned entities, which are affiliated professional entities that we do not own, to hold contracts and provide healthcare services, and our business would be harmed if those relationships were disrupted. If we are unable to attract new customers and expand member enrollment with existing customers, our revenue growth could be slower than we expect, and our business may be adversely affected. If our existing customers do not continue or renew their contracts with us, renew at lower fee levels or decline to purchase additional applications and services from us, it could have a material adverse effect on our business, financial condition and results of operations. Our revenue sources are highly concentrated, the loss of any of which would have a material adverse effect on our business, financial condition and results of operations. Under many of our agreements with health plans, we assume some or all of the risk that the cost of providing services will exceed our compensation. Over time, we expect the proportion of risk-based revenue may increase. We may face intense competition, which could limit our ability to maintain or expand market share within our industry, and if we do not maintain or expand our market share our business and operating results will be harmed. If we are not able to develop and release new solutions and services, or successful enhancements, new features and modifications to our existing solutions and services, our business could be adversely affected. There are significant risks associated with estimating the amount of revenue that we recognize under our risk-based agreements with health plans, and if our estimates of revenue are materially inaccurate, it could impact the timing and the amount of our revenue recognition or have a material adverse effect on our business, financial condition, results of operations and cash flows. Security breaches, loss of data and other disruptions could compromise sensitive information related to our business or members, or prevent us from accessing critical information and expose us to liability, which could adversely affect our business and our reputation. Our use, disclosure, and other processing of personally identifiable information, including health information, is subject to HIPAA, the GDPR and the DPA 2018, and other privacy and security regulations, and our failure to comply with those regulations or to adequately secure the information we hold could result in significant liability or reputational harm and, in turn, a material adverse effect on our client base, member base and revenue. If we are unable to obtain, maintain and enforce intellectual property protection for our technology or if the scope of our intellectual property protection is not sufficiently broad, others may be able to develop and commercialize technology substantially similar to ours, and our ability to successfully commercialize our technology may be adversely affected. We may become subject to medical liability claims, which could cause us to incur significant expenses and may require us to pay significant damages if not covered by insurance. We have been and may in the future become subject to litigation or regulatory investigation, which could harm our business. We rely on internet infrastructure, bandwidth providers, third-party computer hardware and software and other third parties for providing services to our customers and members, and any failure or interruption in the services provided by these third parties could expose us to litigation and negatively impact our relationships with customers and members, adversely affecting our operating results. We conduct business in a heavily regulated industry and if we fail to comply with these laws and government regulations, we could incur penalties or be required to make significant changes to our operations or experience adverse publicity, which could have a material adverse effect on our business, financial condition, and results of operations. The impact of recent healthcare reform legislation and other changes in the healthcare industry and in healthcare spending on us is currently unknown, but may adversely affect our business, financial condition and results of operations. We depend on our talent to grow and operate our business, and if we are unable to hire, integrate, develop, motivate and retain our personnel, we may not be able to grow effectively. 45