#1Clover The software defined physician JP Morgan Healthcare Conference January 11, 2022#2Disclaimer This presentation and the accompanying oral presentations include forward-looking statements, including statements regarding strategy and plans; market size and opportunity; competitive position; potential growth opportunities; business model and growth expectations; plan performance; and impact and growth of our Direct Contracting Entity. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described in the risk factors set forth in the Quarterly Report on Form 10-Q of Clover Health Investments, Corp. ("Clover," "we," "our," or "us"), filed with the Securities and Exchange Commission ("SEC") on November 9, 2021. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this presentation may not occur, and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future results, performance or events and circumstances reflected in the forward-looking statements will be achieved or occur. Moreover, except as required by law, neither we nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. Forward-looking statements represent our management's beliefs and assumptions only as of the date of this presentation. We undertake no obligation to update publicly any forward-looking statements for any reason after the date of this presentation to conform these statements to actual results or to changes in our expectations. In addition to U.S. GAAP financial information, this presentation includes certain non-GAAP financial measures. These non-GAAP financial measures are in addition to, and not a substitute for or superior to, measures of financial performance prepared in accordance with U.S. GAAP. A reconciliation of historical non-GAAP measures to historical GAAP measures is included on the last slide of this presentation.#3C ● ● CarePoint Health Medical Group ● VIVEK GARIPALLI Founder, CEO ENSEMBLE HEALTH PARTNERS flatiron. Healthcare executive with significant industry experience Founder of CarePoint Health, a fully integrated healthcare system in New Jersey Founding investor in Flatiron Health (sold to Roche) Co-founder of Ensemble Health, a healthcare services revenue cycle company ● ● ANDREW ΤΟΥ President, CTO Google → divide Technology executive with over 20 years of industry experience Android team leader at Google, focused on Machine Learning, Enterprise Search and Analytics for G-Suite Co-founder and CEO of Divide, a enterprise mobile software company acquired by Google in 2014#4"Software is eating the world..." Mark Andreessen#5Clover: The software defined physician 157 LBS 63 BPM Clover OfMEDECINE 104 Software has allowed Clover to: Enhance the quality of care provided by physicians through the union of software and their clinical experience Help physicians access the latest and most complete view of patient data and protocols Improve the ability of physicians to make better decisions by releasing updated software ...Clover Assistant empowers any physician to deliver data driven, evidence-based primary care.#6Clover Assistant: Empowering action by Primary Care Physicians PCP Charts Specialist Charts EHR Data Pharmacy Data Lab Data Socioeconomic Data Evidence-Based Protocols Synthesis => M Clover Xu Diagnosis cu fede Diabetes COPD and related conditions Mental health conditions (Major depressive disorder, Bipolar disorder, Schizophrenia) Congestive heart failure Clover Assistant Medications Secondary hyperparathyroidism of renal origin Mob Clinical recommendations Convert Climepiride Tab 2mg to 100 day script CAD: high-intensity statin for cardiovascular risk reduction Dags va 12 2 Insight "V A3 A1 01 SUVER HEALTH Video Call De Fieldi 77007 Check out our f calling and ext 40 ve ● ● ● Actionable Data (at the point of care) Evidence-Based Care planning Potential Comorbidities Early detection test suggestions Medication Adherence Annual Flu Shot Clinical Program Engagement Action • ● .. Key Features EHR Integration Telehealth Functionality Patient Panel Listing Built-In Referral Workflow#7Clover Assistant is built for cross-healthcare scale Action: Devices, Applications, and UI Layer Insight: Clinical Expert System Synthesis: Longitudinal Data Platform Provider Engagement Office Assistant Surface Payments Physician Assistant Surface Admin and Role Management Provider View Stack Task Service Data Access APIs Machine Learning Model Runtime API Ingest Lab Results Claims Member Engagement Home Health loT Authentication Layer Security Layer Patient Service Recommendation Engine EHR Integration Utilization Management Fully Managed Member Portal Member Tablet Omnichannel / Virtual Member Engagement Data Persistence & Storage Flat File Ingest Smart Wearable Devices Clinical Rules Engine Cohorting Service SQL Query Layer Customer Service Data Pharmacy Paper Document Ingest CMS Data Admit / Discharge Infrastructure Kubernetes Container-Centric Cloud Deployment Machine Learning Model Training Infrastructure Analytics & Business Intelligence Our technology stack is built in a flexible, cloud-based architecture that is scalable across geographies, healthcare delivery systems, and IT infrastructures. Pub-Sub Event Transport#8The software-defined physician drives healthcare efficiency Incurred MCR improvements versus Non-CA PCPs 13% Year 1 17% Year 2 20% Year 3 Based on data from the first nine months of 2021. Incurred MCR is a non-GAAP financial measure that excludes prior period development from GAAP MCR. A reconciliation of Incurred MCR (Non-GAAP) to GAAP MCR is provided on the last slide of this presentation.#9Clover Assistant Usage Is Growing Fast 3,500 3,000 2,500 2,000 1,500 1,000 500 0 Consistently Gaining Scale... Live CA Providers by NPI 2018-Q3 2018-Q4 2019Q1 2019-Q2 2019-Q4 2019-Q3 2020-Q1 2020-Q2 2020-Q3 2021-Q1 2020-Q4 2021-Q2 2021-Q3 90,000 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0 ...Driving More Platform Usage CA Visits 2018-Q3 2018-Q4 2019Q1 2019-Q2 2019-Q3 2019-Q4 2020-Q1 2020-Q2 2020-Q3 2020-Q4 2021-Q1 Since launching the Clover Assistant in July 2018, Clover has continuously gained scale and engagement. 2021-Q2 2021-Q3 9#10Lives Under Clover Assistant Growing Rapidly 29,084 Lives Under CA Management Sept. 30, 2020 94,081 Sept. 30, 2021#11The Clover Assistant Drives Outsized Value For All Key Constituents in Healthcare Synthesize Broad Data Surface Dynamic Insights Spur Action Clover Assistant Value For Providers ● ● Simplifies data-driven care decisions Accelerates transition to value based Value For Patients Knowledge that they are seeing a well informed physician care ● Designed to drive better long-term outcomes and lower costs Value For Payors Lower costs and improves outcomes Less variability of care in the network#12Appendix#13Clover's Strategy Has Yielded Industry-Leading Growth ('000s) 43 Lives Under Management 12/31/2019 58 Clover lives are expected to increase -60% in 2022 12/31/2020 ■MA DC 62 67 9/30/2021 207+ 125 82 2022E ($ in millions) *2022E revenue is based on analyst consensus estimates from IR Insight on 1/10/2022 462 2019 673 Revenue 2020 Clover revenue projected to grow 84% YoY in 2022 by research analysts 1,445 2021E Clover's technology-driven strategy has resulted in robust lives and revenue growth 2,664 2022#14We Have Line Of Sight To A Market Leadership Position In Our First State The Individual, Non-SNP MA Market Has Grown Dramatically In NJ... 151,155 2014 298,949 2021 ...With Clover Capturing An Outsized Portion Of That Market Growth 3k 74k 2014 81k 110k Source: CMS CPSC Data. *United Health 2022 estimated Medicare lives in New Jersey is based a historical growth rate of 5.8% from 2014 to 2021 for members. Clover Medicare lives include both MA and DCE lives. 9/30/2021 113k 116k 2022E* ■Clover Medicare Lives United Health Our capture of the MA market's growth in NJ was 1.6x that of our largest competitor since 2014. We believe our expanding leadership position in NJ gives us a strong margin of safety as we continue to grow our business in additional markets. 14#15We Believe We Can Replicate This Growth Nationwide 70,000 60,000 50,000 40,000 30,000 20,000 (1) 10,000 0 Year 1 Year 2 MA Membership Trajectory Year 3 Year 4 Year 5 Year 6 ☐NJ GA Year 7 Year 8 Year 9 We believe we can replicate our NJ results in GA, where there are over 460k individuals in MA(1), which we believe gives us a sizeable market to address. Clover lives in Georgia nearly tripled from 2021 to 2022 Source: CMS CPSC Data. Excluding those in SNP and Group plans. Year-5 GA data is based on 12/20/2021 CMS payment file and likely under-represents lives in GA. Year 6 through 9 GA projections reflect hypothetical growth trajectory baked on past history in New Jersey. 15#16We Expect Significant Growth In DC To Bolster Our CA Growth In The Near-Term And Long-Term (1) 140,000 120,000 100,000 80,000 60,000 40,000 20,000 0 Launch (2021) DCE Lives(1) 2022E We are at least doubling Direct Contracting Lives Under Management from launch to the second year. Launch DCE lives based on Q2 2021 DCE lives disclosed in 2Q 2021 Form 10-Q, and 2022 estimated DCE lives based on guidance issued in November 2021. 16#17COVID Had A Big Impact on Medical Expenses and Revenue $1,300 $1,200 $1,100 $1,000 $900 $800 $700 $600 $500 $400 (1) (2) 2018-Q1 2018-Q2 2018-Q3 Plan 1 Medical Expense Impact Northern NJ Plans Allowed PMPM Since Q1 2018 Pre-Pandemic 2018-Q4 2019Q1 2019-Q2 2019-Q3 7, 2019-Q4 2020-Q1 2020-Q2 2020-Q3 4-0202 2021-Q1 2021-Q2 Plan 1 Illustrative PMPM1¹) -Plan 2 PMPM - Plan 2 Illustrative PMPM 2021-Q3 2 1.14 Illustrative PMPM is calculated using a prior year average grossed up for 2% illustrative inflation starting Q1 2020. Source: CMS MMR file. 2022E represents management's projections based on profile of its members. 1.12 1.1 1.08 1.06 1.04 1.02 1 Revenue Impact Payment Year Risk Score(2) 2017 2018 2019 2020 2021E2022E Given our focus on serving traditionally underserved populations and our geographic mix, we saw impacts to medical expense and revenue that are not commensurate with our historical baseline. The impact of COVID in 2020 affected our PY2021 risk scores 17#18Reconciliation: Incurred MCR (Non-GAAP) to GAAP MCR (Medicare Advantage Members in First Nine Months of 2021) GAAP MCR Prior Period Development Incurred MCR (Non-GAAP) 107.1% -1.6% 105.5% We calculate our Medical Care Ratio (MCR) by dividing total net medical claims incurred by premiums earned, in each case on a gross or net basis, as the case may be, in a given period. Incurred MCR (Non-GAAP) excludes prior period development from GAAP MCR.#19Tesla: The software defined car T WOMAN Tesla Software Update Now Loading... 21 #72 Software has allowed Tesla to: Produce a superior car that is the union of its software and hardware capabilities Improve the capabilities of existing hardware just by releasing updated software Satisfy users who know that they are constantly running the latest and greatest version of their car ... Tesla created a software-defined car and sparked a generation of innovation in the auto industry.