#1Clover Health Investor Presentation November 2021#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 ("DCE"). These forward-looking statements are subject to a number of risk, 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, 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. 2#3Our Ethos: Improve Every Life Our strategy is centered around deploying technology (the Clover Assistant) to providers to enable physicians across a wide network Our thesis is that Clover Assistant-powered providers drive incremental clinical and economic value, supporting our ability to offer more to our key stakeholders: ● ● ● Consumers, who receive wider network coverage at lower costs Physicians, who receive clinically-relevant technology and simple, enhanced financial incentives Government & taxpayers, who benefit from lower cost, more impactful care Our moat, driven by our highly differentiated platform, is our ability to address a myriad of populations across healthcare, including Medicare Advantage and Original Medicare In summary, our strategy is to: 1. Scale the Clover Assistant across a wide network 2. Drive more value through the Clover Assistant while promoting health equity 3. Give a meaningful amount of that value back to our key stakeholders 4. Keep repeating 1-3 3#4The Clover Investment Case 1 Clover 5 Medicare is a massive, growing opportunity and Clover has broad access to the market Wide-network approach, supported by our technology platform, allows Clover to target both MA and Original Medicare beneficiaries. 2 4 3 Strong underlying margin profile We believe that Clover is seeing significant reversion to the mean on MCR impacts related to COVID and that there is line of sight to industry-level margins at industry-leading growth levels via Stars improvements alone. Additionally, we see further upside via incremental Clover Assistant coverage and features. The Clover Assistant drives improved care on a wide network CA allows physicians to better diagnose and treat patients. In Q3 2021, MA members with a CA physician had MCRS that were more than 1,000bps lower than members who saw non-CA physicians. Multiple potential opportunities to enhance our virtuous growth cycle Direct Contracting launched earlier this year, allowing us to significantly grow our lives under CA management and scale our product engagement into Original Medicare. CA also has an opportunity to increase lives under management via long-term SaaS opportunities with third-party risk-bearing entities. Sustainable model centered around physician enablement Unlike typical MA payment models, Clover's software model does not directly or indirectly provide financial incentives for risk adjustment. We believe policy tailwinds will support this model in the long-term. 4#5Industry-Leading Growth Strategy#6Clover's Wide Network Approach Supports High Growth And A Large, Differentiated TAM Medicare Advantage Original Medicare 2019 14% CAGR $530bn $270bn $590bn PPO plans grew at a 13.9% (¹) '16-'21 CAGR, twice the rate of 6.9%(¹) HMO plans grew 4% CAGR 2025E Source for TAM data: CMS, Kaiser Family Foundation, L.E.K. (1) CMS CPSC data from October 2016 October 2021. (2) Note that DC only launched in April 2021. $665bn Conventional Approach Driving growth via narrow network HMOs faces headwinds going forward The lack of narrow networks and traditional levers such as utilization management make it more difficult to enter the Original Medicare market Clover Approach The Clover Assistant enables Clover to support a wide network PPO, at lower than HMO costs, and our revenue has grown at a 37% '18-'20 CAGR Technology-driven approach allows Clover to enter any market The Clover Assistant enables Clover to rapidly scale across the Original Medicare market via Direct Contracting Within our first year of DC launch, OM revenue went from $0 to $439mm YTD through Q3 2021(²) Clover is principally built on technology, not narrow networks, risk sharing arrangements, or brick and mortar presence, which accelerates our ability to scale nationwide and gain particularly broad access to the Medicare market, which is projected to be ~$1.25tn by 2025. CO 6#7Clover's Strategy Has Yielded Industry-Leading Growth ('000s) 43 Lives Under Management Clover doubled lives under management in the last 9 months alone through DC. 12/31/2019 58 12/31/2020 MA DC 129 62 67 9/30/2021 ($ in millions) 462 2019 Revenue- 673 2020 I Q3 2021 vs. Q3 2020 was up 153% (Note DC's launch only occurred in April 2021) 1,040 YTD Q3 2021 Clover's technology-driven strategy has resulted in robust revenue growth, with potential for accelerated growth to continue in the future. 7#8We 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 Source: CMS CPSC Data. 2021 ...With Clover Capturing An Outsized Portion Of That Market Growth 2.9k 2014 74.4k 20.9k 60.5k 110.3k 9/30/2021 Clover MA United Health Clover Direct Contracting Our capture of the MA market's growth in NJ was 1.6x that of our largest competitor since 2014. We believe the addition of DC sets us up to overtake the current market leader in the near-term. 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. 8#9We Believe We Can Replicate This Growth Nationwide 70,000 60,000 50,000 40,000 30,000 20,000 10,000 Year 1 in Market Source: CMS CPSC Data. (1) Excluding those in SNP and Group plans. MA Membership Trajectory First year of focus on growth in Georgia. Year 2 in Market Year 3 in Market Year 4 in Market Year 5 in Market NJ GA Year 6 in Market Year 7 in Market Year 8 in Market Year 9 in Market Leveraging our best-in-class plan designs, we believe we can replicate the growth seen in NJ in GA. Additionally, GA has over 460k individuals in MA(¹), which we believe gives us a sizeable market to address. 9#10We Expect Significant Growth In DC To Bolster Our MA Growth In The Near-Term And Long-Term 2,500 2,000 1,500 1,000 500 Launch (2021) DC Physician Partners(¹) Q3 2021 (Signed for 2022) We have conviction that our growth will be significant given the large increase in the number of participating providers in our Direct Contracting Entity. Note: we do not expect provider growth to exactly correlate with growth in lives under management, as there are several factors that cause volatility between provider / beneficiary ratios. (1) Participating Provider Individual NPI's submitted and approved by CMS as of November 1, 2021. 2021 NPIs that are not continuing in 2022 have been excluded. We expect to receive further guidance from CMS on the alignment and final physician count throughout Q4 2021. 10#11Line Of Sight To Attractive Margins At Industry-Leading Growth#12CA Sets Us Up To Leverage Stars Improvements To Produce Industry Level MCRs At Industry-Leading Growth Non-GAAP Normalized Medicare Advantage MCR (1) MCR is more than 1,000 bps lower for members who see a CA PCP vs. those who see a non-CA PCP. If we had no CA coverage, our MCR would be materially ---higher:- 94% Illustrative 0% CA First 9 Months 2021 Coverage 3.5 Stars = 300bps-500bps 90% Illustrative at 3.5 Stars 4.0 Stars = 500bps-700bps 84% Illustrative at 4.0 Stars Clover has already achieved 3.5 Stars rating for our PPO plans, which will benefit 2023 financials Given Clover already offers obvious plan designs, Clover can take advantage of financial benefits from Stars improvements even at 3.5 Stars The illustrative chart shows Clover can support industry- leading growth with industry level margins via Stars alone, despite new members tending to have a higher MCR Clover expects to continue to drive lower MCR via CA coverage and feature development and other care management programs, providing further upside above and beyond this illustrative analysis (1) A non-GAAP financial measure that excludes from MA MCR the impact of COVID-19 on medical costs and premium revenue and adjusts for the estimate of prior period divergence from estimates. The impact of COVID-19 on medical costs consists of direct COVID-related costs, prior period development, unrealized 2020 risk adjustment, and Excess (reduced) utilization due to COVID, and the impact on premium revenue consists of estimates of COVID-19's impact on member risk scores. We believe that this metric, which is used by our management team in the operation of the business, is helpful to investors and others in assessing the Company's financial performance and operations without the temporary distortion caused by the COVID-19 pandemic. See reconciliation on last slide of presentation. 12#13COVID Had A Big Impact on Medical Expenses and Revenue $1,300 $1,200 $1,100 $1,000 $900 $800 $700 $600 $500 $400 2018-01 2018-02 2018-Q3 Plan 1 Medical Expense Impact Northern NJ Plans Allowed PMPM Since Q1 2018 Pre-Pandemic 2018-04 2019Q1 2019-Q3 2019-Q2 Plan 1 Illustrative PMPM M(1) 2019-04 2020-Q2 2020-Q1 Plan 2 PMPM 2020-Q3 2020-Q4 2021-Q1 2021-Q2 We believe Clover is starting to see a reversion to the mean in Q3 2021-Q3 Plan 2 Illustrative PMPM² 1.1 1.09 1.08 1.07 1.06 (1) Illustrative PMPM is calculated using a prior year average grossed up for 2% illustrative inflation starting Q1 2020. (2) Source: CMS MMR file. 1.05 1.04 1.03 1.02 Revenue Impact Payment Year Risk Score(2) 2017 2018 2019 2020 2021 YTD The impact of COVID in 2020 affects our PY2021 risk scores 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. 13#14DC Presents Another Opportunity To Leverage The Clover Assistant To Drive Strong Economics MCR ● ● ● OpEx ● Levers for Success Drive to near 100% Clover Assistant Coverage (unlike MA, no PCPs are "out of network"). Since launch in April, over 50% of our aligned beneficiaries have already received a Clover Assistant visit Drive clinical value (~1500 bps of identified potential) through CA and our operations. Examples of opportunities include: - In-Home Care Preferred specialists Readmission prevention Utilization in appropriate post-acute setting Appropriate classification of inpatient visits Significantly reduced CAC compared to MA given B2B sales motion Significantly reduced non-growth OpEx as a % of Revenue given elimination of plan functions (e.g., claims adjudication) 100.0% Illustrative Baseline "MCR" Illustrative Savings Opportunity 2.0 - 5.0% 15.0% Savings Illustrative Guarantee to Savings Government Potential 87.0 - 90.0% Clover DCE Potential Clover DCE Potential Post- Shared Savings With Providers In our second quarter of operations, our initial roll-out of clinical programs and COVID mean reversion has driven a 900bp+ improvement in MCR sequentially, yielding a DC Margin of 102.4% for Q3. We believe this sets us up well to drive strong margins in the quarters to come. 14#15Our Key Lever: The Clover Assistant#16Continuous New Feature Deployment Provides Further Upside In The Future Clover Assistant Medication Management Surface personalized medication recommendations powered by pharmacogenomics. We believe ensuring members are on the right medications, including deprescribing as relevant, will improve chronic disease management. Oncology Care Coordination Make oncology care management easily accessible to PCPs and their patients. We believe ensuring members have better education, care support, and referrals and providers remain aware of progress will improve outcomes, such as side effect management and palliative care planning. Chronic Kidney Disease (CKD) Care Coordination Make CKD care management easily accessible to PCPs and their patients. We believe keeping providers aware of condition development and appropriate treatment will support enhanced physician care planning, preventing/slowing progression of disease and providing better dialysis planning. Orthopedic Care Make orthopedic management easily accessible to PCPs and their patients. We believe ensuring members and providers have access to high quality network and care coordination will result in decreasing unnecessary services and ensuring that services are provided in the most efficient, appropriate setting. The above encapsulates our current view of upcoming CA features. We believe we have many more opportunities to drive outcomes improvement and margin expansion in both MA and DC. 16#17CA Positions Us To Work With Physicians To Drive Significant Revenue, Gross Margin, And OpEx Synergies Long-Term MM Clover MA Patients **** Original Medicare Patients (Launched in 2021) Clover Xu Diseles COPO andate Metal editions Majar depressive disorder, darder, Schizophrenia Secondary hyperparathy of Modu Cenwart Gapirida Tasg to 100 day scrip M Ceme CAD Nighyutatin for cardiovascuduction Video Call MMMM Third-Party MA Patients M Clover or Third-Party Managed Adjacent Populations We believe our physician enablement model allows us to enter incremental verticals in healthcare beyond MA and DC over the long-term within our existing and future installed base of partner providers. 17#18How Does The Clover Assistant Benefit MCR? The Clover Assistant enables providers to better understand and adhere to personalized, evidence-based protocols and identify and treat health conditions earlier. E> 苗 # 2 Clover Xu DOB0/1/20040001 Fo Diagnosis Diabetes New labeures en 02282020nate blood glucose level of 2440 mg/dL F Medications COPD and related conditions Randiagnosom Cathy Flowespecisiet) of cheasic ubstructive pulmonary disease with choic branta Care Team Congestive heart failure. Hyperte das with heart future was dogood on 10/28/2011 by Jacos Copa Medications Mental health conditions (Major depressive disorder, Bipolar disorder, Schizophrenia) Pak Sarraino HCL Tab 50 MG das fad on 07/27/2018 pred by Brenda MO which may treat 42 Clinical recommendations CAD: high-intensity statin for cardiovascular risk reduction 1.2 TS A> Secondary hyperparathyroidism of renal origin 82 CD often leads to Secondary hyperparathyrdam of reason, please cocera paratiroid hormone OPTHO labo U 2 2 I 6 Video 35 Convert Glimepiride Tab 2mg to 100 day script C Tab 2 valable for conversion to a 100-day fi We've found that converting to 100-day Tik improves modication 3 CLOVER HEALTH Video Call Clover Xu (3 Detach 104 End ca Stop video Mute VIDEO INVITE LINK https://eleverhealth zoomus/i/ 7987893637 NEED HELPT Check out our help page for more information about video and voice calling ● ● Using its rich underlying data platform, CA surfaces potential health conditions that have not previously been identified by PCPs. ● CA data has led physicians to identify .85 new conditions per member per year on average. This results in better, more accurate PCP assessments of patient health conditions CA then allows for better care planning for these conditions, shifting the care cycle forward, allowing for more pre-emptive, personalized evidence-based care. This supports better outcomes and a potential for a reduction in total cost of care. These improvements can compound and increase over time. MA members who see a PCP live on the Clover Assistant had MCRs that were more than 1,000 bps lower than those who see a non-Clover Assistant PCP, in Q3 2021. 18#19We Believe The Clover Assistant Can Manage An Outsized Portion Of Our Medical Expenses % of MA Members That See A PCP Live on the Clover Assistant 48% Q3 2021 70%+ Long-Term Goal While the Clover Assistant already allows us to manage a large portion of our population despite our wide network design, we believe the Clover Assistant can drive margin expansion via incremental coverage. 19#20CA Usage Is Growing Fast Across MA And DC 3,500 3,000 2,500 2,000 1,500 1,000 500 Consistently Gaining Scale... 2018-Q3 2018-04 2019Q1 Live CA Providers by NPI 2019-Q2 2019-Q3 2019-04 2020-Q1 2020-Q2 2020-Q3 2020-04 2021-Q1 2021-Q3 2021-Q2 ...Driving to More Platform Usage 90,000 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 2018-Q3 2018-04 2019Q1 2019-Q2 CA Visits 2019-Q3 2019-Q4 2020-Q1 2020-Q2 2020-Q3 2020-Q4 2021-Q1 2021-Q2 Since launching the Clover Assistant in July 2018, Clover has continuously gained scale and engagement. DC provides another additional avenue to grow PCPs enabled by the tool. 2021-Q3 20#21Clover's Model Will Enjoy Strong Policy Tailwinds Over Time#22A Different Approach To Healthcare Stakeholder Consumer Experience Physician Experience Government and Taxpayers ● Conventional Value Proposition Offers narrow network coverage Works with a narrow set of providers, predominantly those sophisticated enough to take on risk Focus on risk adjustment and risk-sharing does not lower costs over the long-term Narrow network approach does not promote health equity Clover Value Proposition Offers wide network coverage via a PPO with lower than HMO costs, in traditionally served and underserved markets alike Works with all providers and enables them to deliver better, more efficient care via the Clover Assistant Drives incentives via simple, enhanced payment structure Technology creates potential for cost savings and outcomes improvement nationwide, including underserved markets 22#23Clover Is Well Positioned To Navigate The Long-Term Headwinds That Are Facing The Medicare Industry Macro-Headwinds COVID-19 has driven policy makers to prioritize health equity Increased scrutiny on practices that incentivize providers to upcode risk scores directly or indirectly Narrow network plans face growth challenges due to a limited future customer base Primary care models focused on the at-risk population take patients away from their existing PCPs, creating friction in the community Why Now? Clover Tailwind Clover has been identified as a high performing MA plan based on a prototype of the Health Equity Summary Score Clover's payment model does not incentivize risk adjustment upcoding Clover Assistant's ability to drive clinical value allows for wide networks Home-based primary care is offered as a service to existing PCPs, helping to ensure continuity and coordination of care, while driving significant clinical value Underlying incumbent and new upstart strategies include some or all of the problems above. 23#24Clover Assistant Is Ready For Next-Generation Medicare The Problem % of premiums arrangements drives risk adjustment, not value Vertical payor/providers can avoid regulation around loss ratios and puts pressure on employed. physicians to focus on coding Star rating system promotes health inequity Focus on risk adjustment, not clinical value The Solution Materially increase risk adjustment intensity factor on these arrangements Risk adjustment audits Materially increase risk adjustment intensity factor on these arrangements Make the Health Equity Summary Score a high weight measure Changes to health risk assessment policies Clover Clover focused on building open networks without capitation contracts. The Clover Assistant's payment model is based on fixed payments, not capitation. Clover uses software to align with providers, not M&A. Upside for quality payments, given high minority and low-income population and high health equity scores. Demonstrable clinical value separate from risk scoring impact. We believe our strategy sets us up well to execute and scale in the long-term. 24#25Clover's Underlying Financials Are Becoming Clear#26Clover Is Growing Rapidly With An Attractive Underlying Margin Profile Clover is experiencing accelerated growth above the industry average... Revenue ($mm) YoY growth (1) 358/¹) 2018 29% 463(¹) 2019 46% 673 T 2020 (2) 1,040 YTD Q3 2021 ...And we believe our MCR is reverting back to the mean... GAAP MA MCR 89.4% 109.3% 111.0% 102.5% Source: Company filings and CMS. (1) Includes ceded premiums. (2) Direct Contracting launched in April 2021. Q3 2021 (including the full impact of DC) was up 153% YoY. Proven ability to achiev solid margins despite implicit headwinds from best-in- class plan designs and industry-leading growth Q1 Q2 Q3 Q4 Q1 Q2 Q3 2020 2020 2020 2020 2021 2021 2021 Illustrative MCR ...with further upside from operating initiatives and successes: Operating efficiencies from the increase to 3.5 Stars in PPO from 3.0 Stars. Line of sight to industry level MCRS at industry-leading growth with 4.0 Stars New Clover Assistant Features offer upside beyond Stars Other medical expense efficiencies such as improvement in expediting recognizing recoveries and utilization management process changes Lower operating expense as a percentage of revenue due to efficiencies and scale Clover's underlying fundamentals are becoming more clear. We expect to see a materially more attractive cost structure over the next 18 months as COVID costs ultimately subside, future CA features are rolled out, and operating synergies are realized. 26#27Historical Financial Results (3) $ In millions unless otherwise noted MA Membership DC Lives Total Lives Under Management YOY Growth (%) Total Revenue YOY Growth (%) Net Medical Claims Incurred YOY Growth (%) Gross Profit Gross Margin (%) MA GAAP MCR MA Normalized MCR (Non-GAAP)(2) Salaries and Benefits plus General and Administrative Expenses Net Loss Adjusted EBITDA(3) 2019A 42,592 42,592 31% $462 59% $451 61% $11 2.4% 98.6% N/A $186 ($364) ($175) 2020A YTD Q3'2021 58,056 67,281 1,818 129,099 125%(¹) 58,056 36% $673 46% $590 31% $83 12.3% 88.7% 96.6% $192 ($136) ($74) $1,040 105%(1) $1,109 170%(1) ($69) (6.6%) 107.1% 94.2% $332 ($401) ($317) Membership growth supported by existing markets and new market expansion and launch of Direct Contracting Our Medicare covered medical expenses increased meaningfully due in part to the launch of Direct Contracting in April 2021, MA membership growth, and the impact from the COVID-19 pandemic CMS assigned Clover's Medicare Advantage PPO plan 3.5 stars on the Medicare Star Ratings for the 2020 measurement year; the higher rating could positively impact MCR for our PPO plan beginning in 2023 We recognized a ($115) million change in the fair value of our public and private placement warrants in Q3 2021 Note: Medical care ratio (MCR) is calculated dividing total net medical claim expenses incurred by premiums earned, in each case on a gross or net basis, as the case ma be, in a given period. Clover's subsidiary Clover Health Partners, LLC, began participating as a Direct Contracting Entity in the CMS's Global and Professional Direct Contracting Model on April 1, 2021. (1) YTD 3Q 2021 vs. YTD3Q 2020. (2) A non-GAAP financial measure that excludes from MA MCR (as defined below) the impact of COVID-19 on medical costs and premium revenue and adjusts for the estimate of prior period divergence from estimates. The impact of COVID-19 on medical costs consists of direct COVID-related costs, prior period development, unrealized 2020 risk adjustment, and Excess (reduced) utilization due to COVID, and the impact on premium revenue consists of estimates of COVID-19's impact on member risk scores. We believe that this metric, which is used by our management team in the operation of the business, is helpful to investors and others in assessing the Company's financial performance and operations without the temporary distortion caused by the COVID-19 pandemic. See Reconciliation in Appendix. Adjusted EBITDA is a non-GAAP financial measure defined by us as net loss before interest expense, amortization of notes and securities discount, depreciation and amortization, change in fair value of warrants payable, (gain) loss on derivative, and stock-based compensation expense. See Reconciliation in Appendix. 27#28Non-GAAP Reconciliations (dollars in millions) Net Loss Adjustments: Interest Expense Amortization of Notes and Securities Discounts Income Taxes Depreciation and Amortization Change in fair value of warrants payable Loss (gain) on Derivative Restructuring Cost Stock-based Compensation Health Insurance Industry Fee Adjusted EBITDA (Non-GAAP) 2019 ($363.7) 23.2 15.9 0.6 2.9 138.6 3.9 3.3 2020 ($136.4) ($400.6) 36.0 21.1 YTD Q3'21 0.6 80.3 (93.8) 2.7 7.1 8.0 ($175.4) ($74.4) 2.8 13.7 0.4 (66.1) 132.5 ($317.3) MA GAAP MCR Adjustments: Direct COVID costs Unrealized 2020 risk adjustment Prior period development and other Excess (reduced) utilization due to COVID MA Normalized MCR (Non-GAAP) FY 2020 YTD '21 Q3' 20 Q3' 21 88.7% 107.1% (8.6%) (7.3%) (2.3%) (3.1%) 0.0% (3.8%) 0.0% (3.8%) (1.6%) 5.0% 2.9% 2.1% 14.3% (0.2%) 7.0% (3.7%) 96.6% 86.7% 102.5% This slide includes non-GAAP measures. Non-GAAP financial measures are supplemental and should not be considered a substitute for financial information presented in accordance with GAAP. Note: final numbers may not tie to sums given rounding. 94.2% 96.4% 94.8% 28