#1Clover Health Confidential#2Disclaimer This presentation has been prepared for use by Social Capital Hedosophia Holdings Corp. ("SCH") and Clover Health LLC ("Clover") in connection with their proposed business combination. This presentation is for information purposes only and is being provided to you solely in your capacity as a potential investor in considering an investment in SCH and may not be reproduced or redistributed, in whole or in part, without the prior written consent of SCH and Cover. Neither 5CH nor Clover makes any representation or warranty as to the accuracy or completeness of the information contained in this presentation. This presentation is not intended to be all-inclusive or to contain at the information that a person may desire in considering an investment in SCH and is not intended to form the basis of any investment decision in SCH. 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 Social Capital and the transactions contemplated in this presentation This presentation shall neither constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which the offer, sollicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE OR TERRITORIAL SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THE SECURITIES OR DETERMINED IF THIS PRESENTATION IS TRUTHFUL OR COMPLETE. Industry and Market Data. The data contained herein is derived from various internal and extemal 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. SCH and Clover assume no obligation to update the information in this presentation. Further, these financials were prepared by Clover in accordance with private Company AICPA standards. Clover is currently in the process of uplifting its financials to comply with public company and SEC requirements Trademarks SCH and Clover own or 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 SCH or Clover, or an endorsement or sponsorship by or of SCH or Claver. Salely for convenience, the trademarks, service marks, trade names and copyrights referred to in this Presentation may appear without the TM, SM, or symbols, but such references are not intended to indicate, in any way, that SCH or Clover 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. 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 SCH's and Clover's control. While al financial projections, estimates and targets are necessarily speculative, SCH and Clover 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. The inclusion of financial projections, estimates and targets in this presentation should not be regarded as an indication that Social Capital and Clover, or their representatives, considered or consider the financial projections, estimates and targets to be a reliable prediction of future events. Use of Non-GAAP Financial Measures. This presentation includes certain non-GAAP financial measures, including Adjusted EBITDA and Adjusted EBITDA Margin, and measures calculated based on these measures, that are not prepared in accordance with accounting principles generally accepted in the United States ("GAAP") and that may be different from non GAAP financial measures used by other companies. These nan GAAP measures, and other measures that are calculated using these non-GAAP measures, are an addition, and not a substitute for or superior to measures of financial performance prepared in accordance with GAAP and should not be considered as an alternative to operating income, net income or any other performance measures derived in accordance with GAAP. Clover believes that these non-GAAP measures of financial results (including on a forward-looking basis) provide useful supplemental information to investors about Clover. Clover's management uses forward looking non-GAAP measures to evaluate Clover's projected financial and operating performance. However, there are a number of limitations related to the use of these non-GAAP measures and their nearest GAAP equivalents. For example other companies may calculate non-GAAP measures differently, or may use other measures to calculate their financial performance, and therefore Clover's non-GAAP measures may not be directly comparable to similarly titled measures of other companies. 2#3Disclaimer (Cont'd) See the footnotes on the slides where these measures are discussed and the Appendix for reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures. Additionally, to the extent that forward-looking non-GAAP financial measures are provided, they are presented on a non-GAAP basis without reconciliations of such forward-looking non-GAAP 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, SCH 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 SCH, Clover and the contemplated business combination. Shareholders will be able to obtain a free copy of the proxy statement (when fied), as well as other fings containing information about SCH, Clover and the contemplated business combination, without charge, at the SEC's website located at www.sec.gov.SCH and its directors and executive officers may be deemed to be participants in the solicitation of proxies from SCH'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. Forward Locking Statements. Certain statements in this presentation may constitute "forward-looking statements" within the meaning of the federal securities laws, Forward-looking statements include, but are not limited to, statements regarding SCH's or Clover'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 Factors" section of SCH's registration statement on Form 5-1, the proxy statement/prospectus on Form S-4 relating to the business combination, which is expected to be filed by 5CH with the Securities and Exchange Commission [the "SEC") and other documents filed by SCH from time to time with the SEC. These flings 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 SCH and Clover 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 Social Capital nor Clover gives any assurance that either SCH or Clover will achieve its expectations. ♡#4Solving The Big Issues In US Healthcare $ Widespread Misaligned Incentives Variability in Care Decision-Making Increasing Demands on Physicians & 090? Siloed and Inactionable Health Data i-i Abysmal Consumer Experience and Unequal Access ― Unsustainable and Wasteful Spend Meaningful Impact as a Medicare Advantage Insurer "Own" and Leverage the Data Stack Opportunity for Economic Alignment Create Better Health Outcomes for Members Consumer-Driven Marketplace 4#5Our Market: Medicare Advantage Largest, Undisrupted Market in Healthcare 14% CAGR $270bn Medicare Advantage 2019 Source: CMS, Kaiser Family Foundation, L.E.K $1.25tn TAM Overall Medicare $590bn Medicare Advantage 2025 Spurred by Aging Demographic Tailwinds and Superior Value 10,000 new baby boomers joining Medicare everyday MA penetration anticipated to rise from 36% in 2020 to 50% in 2025 More choice, often at less cost, in Medicare Advantage than Original Medicare Strong bipartisan support 5#63520 Who We Are We are a next-generation Medicare Advantage solution, deploying best-in-class technology to solve one of the world's biggest data problems Our mission is to improve every life We execute upon our mission by empowering physicians with data-driven, personalized insights at the point of care 6#7Founder-Led, Experienced Leadership Team VIVEK GARIPALLI Founder, CEO CarePoint Health Clinical flatiron. ENSEMBLE HEALTHPARINGES Dr. Sophia Chang Chief Clinical Informatics Officer Dr. Mark Spektor Chief Medical Officer Dr. Kumar Dharmarajan Chief Scientific Officer ANDREW ΤΟΥ President, CTO G divide CareMore CarePoint Health Medical Group Yale SCHOOL OF MEDICINE Tech JOE WAGNER CFO bravo HealthSpring UNITEDHEALTH GROUP Calvin Chock Chief Product Officer David Zhu VP, Head of Engineering G JAMIE REYNOSO MCKESSON Bristol Myers Squibb Chris Ross Chief Information Security Officer UNITEDHEALTH GROUP divide divide COO Microsoft G&A Luke Stepusin VP, Finance US Dept. of Health and US DOU Human Services Rachel Fish Chief People Officer GIA LEE General Counsel Wendy Richey Chief Compliance Officer Humana Mesirow Financial GORMAN HealthSpring 7#8Clover Is The Fastest Growing Medicare Advantage Plan In The US(¹) Key Metrics (2) 57K Members 34 Counties 4.5x LTV/CAC(3) Gross Premium Revenue IS in mm) $354 2018 CAGR: 37% $457 2019 Source: CMS (1) Clover was the fastest growing MA plan with at Least 50,000 members over the Last 3 AEP/OEP periods. (21 As of June 30, 2020. $664 2020E 30% 25% 20% 15% 10% 5% Market Share (established markets(4)) 2016 2017 25% 2018 2019 Jun-20 (31 LTVICAC calculation based on 01 2020 MCR results and 1H 2020 member variable OpEx Year 1 assumes new member margins; year 2+ assumes returning member margins; CAC-$1,050. (4) Markets where Clover has over 500 members prior to AEP results. Represents 13 of our 34 counties. 8#9A Fundamentally Different Approach To Insurance Clover Increasing access and benefits while reducing costs Consumer Experience Improving health outcomes and accessibility of healthcare va com cuckocka k Clover Assistant US Healthcare System Reducing the incidence of high-cost events that drive the largest share of healthcare expenditures A true payor/provider partnership model Physician Experience Using data to enable high-quality, personalized#10Why Choose Clover? Providing members with better care at lower cost#11Designing "Obvious" Plans Five Burning Questions Is my PCP in the network? Is my hospital in the network? Is my specialist in the network? Are drugs covered? What is the plan going to cost me? Open Access Narrow Upending the Trade-off: Access vs Cost Low Clover Typical HMOS We offer plans with the access of a PPO at lower than HMO costs. Typical PPOS Incumbents Annual Cost High 11#12Providing Better Care At A Lower Cost Out of Pocket Costs(1) Clover PCP Copay Specialist Copay Drug Deductible Avg. Annual Cost Avg. Lifetime Cost $O $5 -$20 $150 - $200(5) $1,871 $13,094 Competitor $5 $25 - $45 $200 - $240 $2,257 $15,801 Savings $5 (100%) $20-$40 (80%-89%) $0 - $90 (0% -38%) $387 $2,707 17% cost savings Note: Assumes lifetime of 7 years (1 Company analysis. Competitor column represents MA plans offered by the competitor with largest market share in the five countles where Clover has the most members. (2) Kaiser Family Foundation. Calculated assuming a 20% coinsurance rate applied to the estimated 2021 primary care visit cost of $103 and level 5 E/M visit cost of $148 respectively (from CMS). (4) 2016 average out-of-pocket spending on medical and long-term care services (from Kaiser Family Foundation) (5) Members with the federal low-income subsidy (LIS) pay $0, $200 represents an average that is comparable to our competitors after considering the LIS. Medicare $21(3) $30131 $651(2) $3,166(4) $22,162 41% cost savings 12#13Consumers Are Choosing Clover Clover was the Fastest Growing Medicare Advantage Plan with at Least 50,000 Members over the Last 3 AEP / OEP Periods (¹) 27.0% 21.6% 18.8% 3-Year AEP / OEP Member Growth CAGR 18.5% 15.9% 10.9% (1) December 2017 to May 2020. (2) Represents a total of 13 counties of our 34 counties (3) Industry data from Kaiser Family Foundation based on 2013/2014 survey. 10.3% 9.7% 8.8% 8.6% Clover Health Competitor 1 Competitor 2 Competitor 3 Competitor 4 Competitor 5 Competitor 6 Competitor 7 Competitor B Competitor 9 Top 3 Market share position in all established markets/²1 >50% Take rate in established markets over the past three years 600 bp Retention advantage compared to industry(3) 13#14Partnering With Physicians Allowing doctors to focus on what matters most#15For Physicians, The Clover Assistant Addresses Two Main Issues: Money And Time Enhanced, Streamlined Payments Clover takes the pain out of payor reimbursement by paying PCPs a prompt, predictable, and enhanced rate ~2x Industry reimbursement ratel) 4 Days Average payment days ...helping them bridge the compensation gap with their specialty peers $267k¹²) PCP salary love VS. $444k Specialist salary Impactful Interactions(31 Other 21% Clinical Face Time 33% (1) Based on estimated CMS 2021 base reimbursement fee rate for primary care visit. (2) Source: Medical Group Management Association (3) Source: Annals of Internal Medicine: Allocation of Physician Time in Ambulatory Practice: A Time and Motion Study in 4 Specialties. The Clover Assistant drives impactful interactions between PCPs and their patients <5 min Average time spent interacting with the Clover Assistant EHR and Desk Work 49% ✓ Simple Design Valuable Clinical Insights Synthesized Clinical Data Care Coordination 15#16Comprehensive Complex Care Supplemental Clinical Programs Powered by the Clover Assistant In-Home Care Home-based primary care/intensive care management for our most complex members Supportive Care Advanced care planning support and palliative care for members with limited life expectancy Readmission Prevention Program Care transition support for members recently discharged from a hospital or post-acute care Behavioral Health Program Comprehensive care coordination for members with behavioral health and social services needs Member identification, engagement and care in our clinical programs is driven by the Clover Assistant. 16#17The Clover Assistant Software platform that delivers data-driven insights to physicians at the point of care Clover Visits Filiars #AFIDAH Crested Provide Prepare for it with Cl D O/0030 Cras Caren Friscaled Clover 00000000 0500000 3000 Oley#18Data Aggregation And Machine Learning At The Point Of Care PCP Charts Specialist Charts EHR Data Pharmacy Data Lab Data Socioeconomic Data Evidence-Based Protocols Synthesis Clever Xx Clover Assistant Insight Actionable Data (at the point of care) Evidence-Based Protocols • Potential Comorbidities Cancer Screening Reminders • Medication Adherence • Annual Flu Shot . Clinical Program Engagement Action 18#19The Clover Assistant Via Telehealth 1 9 Glover Ju COFDdelekmi szömölk Cria Serdery typerpanayotis align H MI 11 WE 2 1 Va Wi TH Wa H ■ Video Call |De Pantine MYTEN B TH CO ILM M # Telehealth Features COVID-specific symptom prompts to help identify members in need of additional support from Clover Embedded video functionality * Invite a member via text or email link Given our closed loop system, we were able to rapidly build and deploy telehealth support. 19#20Power To Bend The Cost Curve Over Time Surfacing of potential comorbidities enables early evaluation and treatment of disease, driving better care and reducing the likelihood of acute episodes Without The Clover Assistant Mrs. James annual physical Seems healthy, but missed. markers Jan 20 Jan 22 Jan 26 I Visits PCP with fatigue Stage 4 CKD diagnosis ER visit after fall and broken hip Heightened mortality risk post-fracture 3 more years of CKD and progression to ESRD Chronic and Acute Care Costs CKD costs $22K annually over 4 years $1K ER Visit $39K Hip Surgery $80K ESRD Treatment") ~$208k in Costs Source: CDC 131 Excludes Medicare spending on prescription drugs associated with ESRO. With The Clover Assistant Jan 20 Feb 20 Jan 26 Mrs. James annual physical PCP orders PTH lab test CA receives results (elevated PTH) CA recommends medication regimen PCP prescribes meds via CA Mrs. James remains happy and healthy ~$208k in Savings 20#21The Clover Assistant Is... 1. Scalable 5.2x growth in CA primary care physicians from January 2019 to June 2020 61% of members are attributed to a provider already contracted on platform 2. (31 Represents Q2 2020 survey results. 121 Represents the average since launch in July 2015 Engaging 92% of eligible member visits utilize CA 641 Net Promoter Score Clover Legacy Assistant EHRS Category Leaders NETFLIX Cable amazon Retailer 3. Improving Releases every 3 Weeks highlighting rapid improvement cycle and closed Joon euctora(2) Synthesis Insight Action ...most importantly driving an economic advantage that enables us to finance best-in-class benefits at best-in-class margins. 21#22Growth Our playbook to build a national MA plan#23Our Virtuous Growth Cycle Capture and synthesize data Drive strong market leading organic membership growth ↑ Clover Share superior economics with members via lower cost and better benefits Apply machine learning to provide data-driven, personalized insights at the point of care via the Clover Assistant 1 Improve clinical decision-making to drive better care 23#24We Are In 34 Counties Representing 3.1mm Medicare Lives 57k Members 8% Market Share $664mm FY20E Gross Premium Revenue (1) Individual, non-SNP lives in markets where Clover has over 500 members prior to AEP results. Established markets represent a total of 13 of our 34 counties. -25% Market Share in Established Markets(¹) 24#25A Scalable Playbook For Virtually The Entire US Leading Market Share... 50.0% 40.0% 30.0% 20.0% 10.0% Year 1 Year 2 Hudson Source: CMS and US Census (1) Population per square mile. Year 3 -Cumberland Year 4 -Bergen Year 5 ...Across Urban, Suburban, and Rural Markets Cumberlan Hudson Bergen d Population Density(¹) Median Household Income Minority (%) MA Penetration Market Share 13.7k $66k 71% 37% 48% 0.3k $53k 55% 33% 36% 3.9k $96k 45% 25% 24% 25#26In 2021, We Will Be In 108 Counties Representing 4.4mm Medicare Lives 73k Members) 7% Market Share(1) $872mm FY21E Gross Premium Revenue (1) Estimates based on management projections States with new counties Attractive 2020 AEP performance, giving confidence to expand broadly across new geographies 26#27The Path To $25bn In Revenue ~28mm Medicare Advantage Lives expected by 2030(¹) ~40% Of markets in the US(2) 12% Market Share in addressed markets(2) Source: CMS data, census data, and company projections. (1) Individual, non-SNP Market. (2) Company projections.#28Direct Contracting Expands Our Addressable Market Illustrative PCP Medicare Patient Mix(¹) Medicare Advantage 64% Original Medicare ($660bn+)(²) 36% Ideally, 1 PCP can serve up to 400 Medicare Patients Expansion through physicians, not consumers New program for Original Medicare (OM) beneficiaries Contract with PCPs, adding thousands of lives to the platform through a single contract Costs will be managed by Clover, based on an economic construct similar to MA Success via technology-driven value proposition for physicians Medicare Advantage 73k 2021E 200k+ (1) Based on current MA penetration. (2) Market size represents 2025E (3) According to a leading physician group practice focused on serving seniors, their per physician patient panels are about 400 patients. Average Clover Lives Covered >200k lives already under contract 139k 2023E 450k+ 28#29Financials Building A Technology-Driven Financial Competitive Advantage 29#30Market Leading Growth And Improving Margins Average Clover Members 31.457 2018 34% CAGR 41,143 2019 $6,328 22 1H20 Gross Premium Revenue ($ in mm) Run rate: $664 37% CAGR 1 $354 $334 1H20 Adjusted EBITDA Margin(¹) (%) (50.1%) 2019 (15.7%) 89.4% MCR 1020 (1.0% ² 79.5% MCRI) 2018 2019 2018 1H20 (1) Adjusted EBITDA is a non-GAAP financial measure defined by us as net loss before interest expense and amortization of notes and securities discount, provision for income taxes, depreciation and amortization expense, change in fair value of warrants, loss on derivative, restructuring cost. stock-based compensation expense and health insurance industry fee. Adjusted EBITDA Margin is a non-GAAP financial messure defined by us as Adjusted EBITDA divided by premiums eamed, gross. See reconciliation in Appendix. Historical numbers reflect an update to presentation materials dated 9/28. 30 (2) Includes impact of reduced utilization of services due to COVID-19. (3) Represents Medical Care Ratio, which is defined as total net medical claim expenses incurred divided by premiums earned, in each case on a gross or net basis, as the case may be, in a given period.#31Clover Has Strong Unit Economics With Upwards Trajectory, While Providing Members With A High Value Offering -($250) Year 1 Yearly LTV Contribution ~$5,100 Years 2-6 *$4,850 Cumulative LTV LTV/CAC of 4.5x, underpinned by... Stable, recurring revenue Strong retention leading to multi-year member lifetime Margin enhancement over time Upside in future cohort LTV/CAC Note: LTVICAC calculation based on 01 MCR results and 1H Member Variable Operating Expenses. Year 1 assumes new member margins: year 2+ assumes retuming member margins: CAC = -$1,050. 31#32Our Best-In-Class Growth Directly Impacts Margin Results Gross Premium Revenue Medical Expenses Medical Care Ratio (MCR) (¹) Operating Expenses New Members Limited visibility into health profile (~$800 per member per month) Limited time to impact 95% - 105% Acquisition costs Returning Members Year 1 loss Strong visibility into health profile (~$1,100 per member per month) Cost savings over time 70%-85% Variable operating expenses Operating Margin (1) Defined as total net medical daim expenses incumed divided by premiums eamed, in each case on a gross or net basis, as the case may be, in a given period. The MA program requires us to spend a minimum of 85% of total premium revenue received by the insurer on health care services, covered benefits and quality improvement efforts. That calculation is separate and distinct from the computation of MCR as presented herein. Profitable 32#33The Clover Assistant Has Already Made An Impact Rapidly Improving Clover Assistant MCR (¹,2) While Delivering... 89.2% FY2019 82.0% Q1 2020 Future ... A Value Proposition To The Consumer The access of a PPO lo Out-of-pocket cost savings. (1) MCR, or Medical Care Ratio, is defined as total net medical claim expense incurred divided by premiums eamed, in each case on a gross or net basis, as the case may be, in a given period. (2) MCRS represent retuming members in Clover Assistant physician panels. New and retuning members are defined on a calendar year basis. Any member who is active on July 1 of a given year is considered a returning member in 33 the following year. Any member who joins a Clover plan after July 1 in a given year is considered a new member for the entirety of the following calendar year.#34How We Achieve Enhanced Margins At Best-In-Class Growth (4) The Clover Assistant allows us to generate positive margins while maintaining 30+% annual growth Room for margin expansion over time: o Stars enhanced payment mechanism o Improvement in the CA product o Increase in CA adoption and coverage Enhanced margins = more $ available to reinvest in operating expenses and in enhancing the health plan value to the consumer Metric Member Growth[¹] Clover Assistant Penetration Clover Assistant Returning Member MCR(2) Consolidated MCR(2) Adjusted EBITDA Margin(3) 2019 31% 59% 89% (38%) Q1 2020 38%/4) 61% 82% (17%) 2022E 35% 76% (3%) Long-Term Target 30%+ 70%+ <75% 6-7% (1) Excludes Direct Contracting. (2) MCR, or Medical Case Ratio, is defined a total net medical daim expense incurred divided by premiums eared in each case on a gross or met basis, in the case may ba, in a given period. MCRs represent returning members in Clover Assistant physician panels. New and retuning members are defined on a calendar year basis. Any member who is active on July 1 of a given year is considered a retuming member in the following year. Any member who joins a Clover plan after July 1 in a given year is considered a new member for the nity of the following calendar year. (3) Adjusted EBITDA is a non-GAAP financial measure defined by us as net loss before interest expense and amortization of notes and securities discount, provision for income taxes, depreciation and amortization expense, change in fair value of warrants, loss on derivative, restructuring cost stock-based compensation expense and health insurance industry fee. Adjustled EBITDA Margin is a non-GAAP financial measure defined by us as Adjusted EBITDA divided by premium eamed, gross. See reconciliation in Appendix Historical numbers reflect an update to presentation materials dated 20. Based on full year 2020 membership estimates. 2#35Continued Growth And Path To Profitability Gross Premium Revenue ($ in mm) NA $664 2020F $872 2021E $1,214 2022€ $1,717 3023E 82.9% 2020F Consolidated MCR (%)(¹) 89.3% 2021E 85.7% 2022E 84.0% 2003E Adjusted EBITDA Margin (%) (2) [6.4%) 2020E (9.4%) 2021E 2022E 2023E (1) MCR, or Medical Care Ratio, is defined as total net medical claim expense incurred divided by premiums earned, in each case on a grass or net basis, as the case may be, in a given period. (2) Adjusted EBITDA is a non-GAAP financial measure defined by us as net loss before interest expense and amortization of notes and securities discount, provision for income taxes, depreciation and amortization expense, change in fair value of warrants, loss on derivative, restructuring cost, stock-based compensation expense and health insurance industry fee: Adjusted EBITDA Margin is a non-GAAP 35 financial measure defined by us as Adjusted EBITDA divided by premiums earned, gross. See reconciliation in Appendix.#36Financial Summary (in millions) Counties Average Members YOY Growth (%) Total Revenue(¹) YOY Growth (%) Gross Profit Gross Margin (%) MCR Net Loss Adjusted EBITDA (2) Total EBITDA Margin (%) 2018A 19 31,467 $358 $15 97.1% ($202) ($177) (50.1%) 2019A 41,143 31% $462 29% $12 ($364) ($176) 2020E 34 56,707 $671 $121 18.0% 82.9% ($43) 2021E 108 73,477 30% $880 31% $102 11.5% 89.3% ($82) (9.4%) 2022E 161 99,194 35% $1,219 39% $178 ($31) 2023E 219 138,871 40% $1,723 41% $281 16.3% $16 0.9% (01) Gross premium revenue plus investment income and other income. (1) Adjusted EBITDA is a non-GAAP financial measure defined by us as net loss before interest expense and amortization of notes and securities discount, provision for income taxes, depreciation and amortization expense, change in fair value of warrants, loss on derivative, restructuring cost, stock-based compensation expense and health insurance industry fee. Adjusted EBITDA Margin is a non-GAAP financial measure defined by us as Adjusted EBITDA divided by premiums esmed, gross. See reconciliation in Appendix. Historical numbers reflect an update to presentation materials dated 9/28. CAGR 35% 37% 81% 36#37Investment Highlights Large, growing market Aging population and awareness spurring MA growth Obvious plan designs for consumers Clover offers richer benefits and lower costs to consumers Technology competitive advantage driven by software platform Home-grown software provides personalized, real-time insights at the point of care Rapid growth and scale Demonstrated ability to grow rapidly and efficiently Strong unit economics Favorable LTV / CAC across all cohorts Significant upside ahead Clover's technology can excel in many adjacent opportunities 37#38Transaction Overview 38#39Transaction Overview Pro forma valuation (SM except per shore values) IPOC illustrative share price Pro forma shares outstanding (M)|¹|| Total equity value Net cash on balance sheet) Total enterprise value Total Enterprise Value / Revenue 4.2x (based on 2021E Revenue of $880 M) 2.1x (based on 2023E Revenue of $1,723M) $10.00 443.5 $4,435 ($733) $3,702 Sources and uses Sources Cash from IPOC Cash from PIPE (including co-investment) Total sources Uses Cash to balance sheet Secondary proceeds Estimated transaction fees and expenses Total uses Total shares include 300.0 million rollover equity shares, 82.8 million IPOC public shares, 40.0 million shares from PIPE and 20.7 million IPOC founder shares (exclusive of PIPE shares). Assumes no redemptions and no management awards. The terms of the management awards are subject to continuing negotiations between the parties, and as a result, the pro forma ownership percentages displayed may differ. Any dilution with respect to such management awards may be bome by all shareholders (2) Cash on balance sheet includes unrestricted cash and marketable securities less corporate debt as of June 30, 2020 plus $658 million of proceeds from this transaction. $828 $400 $1,228 $668 $500 $60 $1,228#40Transaction Overview (Cont'd) Pro forma enterprise value of $3.70B $400M PIPE raised at $10.00 per share, including $155M from IPOC sponsors 100% rollover by existing Clover management Existing shareholders to receive super voting shares (10:1) with sunset provisions Over $733M of pro forma net cash held on balance sheet Completion of transaction is expected by 1021 Pro forma ownership(¹) 18.7% IPOC shareholders 9.0% 4.7% PIPE IPOC sponsors 67.6% Existing Clover shareholders Total shares include 300.0 million rollover equity shares, 82.8 million IPOC public shares, 40.0 million shares from PIPE and 20.7 milion IPOC founder shares (exclusive of PIPE shares). Assumes no redemptions and no management awards. The terms of the management awards are subject to continuing negotiations between the parties, and as a result, the pro forma ownership percentages displayed may differ. Any dilution with respect to such management awards may be bome by all shareholders 12) Excludes any investment in PIPE. 40#41Appendix 41#42The Clover Assistant Platform Enables Real-Time Actionable Insights Provider Engagement Provides highly-actionable clinical content to providers at the point of care. Member Engagement Matches and engages members to mast appropriate clinical interventions. Machine Learning Automatically and continuously improves based on real-time closed feedback loop. Clinical Expert System Matches data to personalized, evidence- based protocols. Longitudinal Data Platform Collects, cleans, and standardizes data only available to us as an insurer. Provider Action Layer Member Action Layer Machine Learning Platform Clinical Expert System Patient Data Platform Platform is built in a flexible, cloud-based architecture that is scalable across geographies, healthcare delivery systems, and IT infrastructures Action Insight Synthesis 42#43We Can Scale At The Breadth And Speed Of Software Broad Market Expansion Capabilities Because our primary lever is deploying software, we believe we can viably address virtually any market in the country.... Methodical Market Prioritization Adjacencies: expand once landed Network: target markets that allow for quickest build-out of network adequacy Differentiation: target markets with least obvious incumbents 43#44COVID-19 Impact P Patients Implemented prescription medication home delivery and remote care support to provide continued care for members Implemented multi-channel member communications, including provider network support for telehealth adoption, and a nurse practitioner COVID-19 hotline 0 Physicians Rapidly enhanced our CA platform to focus on video and telephonic visits Targeting to reopen field activities in the third quarter of 2020 Financials Have incurred additional costs during 2020 to care for members who contracted the virus Increased medical expenses are being offset by the reduction in overall utilization of healthcare services across our entire membership base; with a portion of these services believed to be deferred into near-term future 44#45Non-GAAP Reconciliations (in millions) Net Loss Adjustments: Interest Expense (including amortized debt discount) Income Taxes Depreciation and Amortization Change in Fair Value of Warrant Expense Loss (gain) on Derivative Restructuring Cost Stock-based Compensation Health Insurance Industry Fee Adjusted EBITDA Premiums Earned, Gross Adjusted EBITDA Margin Years ended December 31, Three months ended March 31, Six months ended June 30, 2018 2019 2020 2020 ($201.9) ($363.7) ($28.2) [$22.8] 0.5 3.6 ($177.1) $353.9 (50.1%) 39.0 0.6 138.6 3.9 3.3 ($175.5) $457.8 (38.3%) 7.8 0.1 ($27.4) 164.0 (16.7%) 16.3 0.3 11.9 (19.4) 4.5 ($3.4) $334.3 A reconciliation of net loss/income to adjusted EBITDA, as projected for 2020-2023 is not provided. Clower does not forecast not loss income as it cannot, without unreasonable effort, estimate or predict with certainty various individual components of net income, including changes in the fair value of warrants or derivatives. Additionally, discrete tax items could drive variability in our projected effective tax rate. All of these components could significantly impact such financial measures. Further, in the future, other items with similar characteristics to those currently included in adjusted EBITDA, that have a similar impact on comparability of periods, and which are not known at this time, may exist and impact adjusted EBITDA. Reflects an update to presentation materials dated 928. 45#46Other Financial Measures (in millions) Premiums Earned, Net Ceded Premiums Premiums Earned, Gross Medical Care Ratio, Net Medical Care Ratio, Gross Years ended December 31, 2018 286.5 67.4 $353.9 97.1% 2019 456.9 $457.8 98.8% Six months ended June 30, 2020 334.0 0.3 $334.3 79.6% 46