#1one medical + iorahealth Transforming healthcare for all through a human-centered, technology-powered model at every stage of life June 2021 www#2Disclaimer Additional Information and Where to Find It 1Life Healthcare plans to file with the SEC, and the parties plan to furnish to the security holders of lora Health and 1Life Healthcare, a Registration Statement on Form S-4, which will constitute a prospectus and proxy statement of 1Life Healthcare and will include an information statement of lora Health, in connection with the proposed Merger, referred to as a proxy statement/prospectus, whereupon the separate corporate existence of Merger Sub shall cease and lora Health shall continue as the surviving corporation of the Merger as a direct wholly owned subsidiary of 1Life Healthcare. The proxy statement/prospectus described above will contain important information about 1Life Healthcare, lora Health, the proposed Merger and related matters. A proxy statement/prospectus will be sent to all 1Life Healthcare stockholders. 1Life Healthcare also will file other documents regarding the proposed transaction with the SEC. Before making any voting decision, investors and security holders of 1Life Healthcare are urged to read the registration statement, proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC in connection with the proposed Merger as they become available because they will contain important information about the proposed Merger. Investors and security holders will be able to obtain free copies of these documents, and other documents filed with the SEC, by 1Life Healthcare through the website maintained by the SEC at www.sec.gov.In addition, investors and security holders will be able to obtain free copies of these documents from 1Life Healthcare by contacting 1Life Healthcare's Investor Relations by email at [email protected], or by going to the 1Life Healthcare web page at https://investor.onemedical.com and clicking on the links titled "Financials Information" and "Investor Services." The respective directors and executive officers of 1Life Healthcare and lora Health may be deemed to be participants in the solicitation of proxies from 1Life Healthcare's stockholders and written consents from the security holders of lora Health in connection with the proposed Merger. Information regarding the interests of these directors and executive officers in the transaction described herein will be included in the proxy statement/prospectus described above. Forward-Looking Statements This presentation and any accompanying oral presentation or communication contains forward-looking statements which include, but are not limited to, statements regarding expected timing, completion and effects of the proposed Merger. These forward-looking statements are subject to the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. 1Life Healthcare's expectations and beliefs regarding these matters may not materialize. Actual outcomes and results may differ materially from those contemplated by these forward-looking statements as a result of uncertainties, risks, and changes in circumstances, including but not limited to risks and uncertainties related to: the ability of the parties to consummate the proposed Merger, satisfaction of closing conditions precedent to the consummation of the proposed Merger, potential delays in consummating the Merger, the ability of 1Life Healthcare to timely and successfully achieve the anticipated benefits and potential synergies of the Merger and the impact of health epidemics, including the COVID-19 pandemic, on the parties' respective businesses and the actions the parties may take in response thereto. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included under the caption "Risk Factors" and elsewhere in 1Life Healthcare's most recent filings with the SEC, including 1Life Healthcare's Annual Report on Form 10-K for the year ended December 31, 2020 and any subsequent reports on Form 10-K, Form 10-Q or Form 8-K filed with the SEC from time to time and available at www.sec.gov. These documents can be accessed on the 1Life Healthcare web page at https://investor.onemedical.com and clicking on the link titled "Financial Information." Any financial projections in this filing are forward-looking statements that are based on assumptions that are inherently subject to significant uncertainties and contingencies, many or which are beyond One Medical's and lora Health's control. While all projections are necessarily speculative, One Medical and lora Health believe that the preparation of prospective financial information involves increasingly higher levels of uncertainty the further out the projection extends from the date of preparation. The assumptions and estimates underlying the projected 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 projections. The inclusion of projections in this filing should not be regarded as an indication that One Medical and lora Health, or their representatives, considered or consider the projections to be a reliable prediction of future events. The forward-looking statements included in this presentation are made only as of the date hereof. 1Life Healthcare assumes no obligation and does not intend to update these forward-looking statements, except as required by law. 2#3Disclaimer Market and Industry Data This presentation also contains statistical data and estimates made by independent parties and by One Medical and lora Health relating to market size and growth, as well as other data about industries and businesses. This data involves a number of assumptions and limitations, and neither One Medical nor lora Health have independently verified the accuracy or completeness of this data. Neither One Medical, lora Health nor any other person makes any representation as to the accuracy or completeness of such data or undertakes any obligation to update such data after the date of this presentation. In addition, projections, assumptions and estimates of future performance and the future performance of the markets in which One Medical and lora Health operate are necessarily subject to a high degree of uncertainty and risk. No Offer or Solicitation This presentation and any accompanying oral presentation or communication are not intended to and shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote of approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus that meets the requirements of Section 10 of the Securities Act of 1933, as amended. Non-GAAP Financial Measures Financial measures included in forecasts provided to a board of directors or financial advisor in connection with a business combination transaction are excluded from the definition of "non-GAAP financial measures" under the rules of the SEC, and therefore the lora Health projections, One Medical and lora Health combined company projections, and estimated synergies included in this presentation are not subject to SEC rules regarding disclosures of non-GAAP financial measures, which would otherwise require a reconciliation of a non-GAAP financial measure to a GAAP financial measure. Reconciliations of non-GAAP financial measures were not provided to or relied upon by the One Medical board of directors, lora Health, or One Medical's or lora Health's respective financial advisors in connection with the merger. Accordingly, no reconciliation of such financial measures is provided in this presentation. 3#4Transaction Details Merger Consideration Pro Forma Ownership Board and Management Closing ● ● ● ● ● One Medical to acquire 100% of lora Health in an all stock transaction lora Health shareholders will receive 56.1 million shares of One Medical common stock Based on the closing share price of One Medical's common stock of $35.59 on June 4th, 2021, the total transaction is valued at approximately $2.1 billion One Medical shareholders: 73.25% lora Health shareholders: 26.75% A designee of lora Health will join the One Medical Board Rushika Fernandopulle will become One Medical's Chief Innovation Officer One Medical will file an S-4 with the SEC and hold a shareholder meeting to approve the transaction Expect the transaction to close in late Q3 or Q4 of 2021 ● • Subject to customary closing conditions including applicable regulatory approvals 4#5Strategic Rationale - One Medical + lora Health Creating a leading member-based, technology-powered primary care model for every stage of life Transforming health care for all from within Distinct models driving competitive advantages Significant Enlargement of TAM Accelerates Our Growth Levers Attractive Financial Profile and Opportunity ● . Similar missions of transforming healthcare with human-centered and technology-powered models Alignment of two primary care models serving key stakeholders - Consumers, Employers / Payers, Providers, Health Networks Expands proven track records of delivering premier care, membership growth, population health, and cost management across Commercial and Medicare Membership-based relationships via employer sponsorships, direct-to-consumer, and attributed lives Proprietary technology platforms support key stakeholders with digital health, inviting in-person care, employed salaried providers, and health network partnerships Combination enables a lifetime relationship with members and enhances One Medical's risk-taking capabilities Adds -$700B in TAM, for combined TAM of ~$870 Billion across Commercial Primary Care and Total Medicare ~40% of the U.S. population live in One Medical & lora Health's combined 28 geographic markets, creating a large membership growth opportunity New populations and full-risk models Expand in existing markets Enter new markets ● ● ● Increase enterprise, consumer and Medicare members Expand health network partnerships, including new payer relationships Expand services offerings Accelerates One Medical's standalone long-term annual revenue growth target of mid-20%+ to a pro forma CAGR of mid-30% from 2020 2030 Expands One Medical's existing capabilities of driving membership growth, member engagement, and total healthcare cost savings into Medicare Opportunity to create significant value from revenue and cost synergies as well as capex savings 5#6.:.one medical A membership-based primary care platform with seamless digital health and inviting in-person care, convenient to where people work, shop, live and click ● Member-based longitudinal relationships serving consumers and employers ● Purpose-built technology ● Salaried-provider model ● Proven cost savings of 8% -45% to employers Clinical and digital integrations with premier health network partners Relationships with leading health plans Forbes JAMA Network Open Most Consumer Centered Healthcare Company" One Medical virtual + in-person primary care linked to 45% lower benefits costs (2) + Combining two human-centered, technology-powered primary care platforms transforming healthcare for every stage of life (1) 2019. (2) JAMA, Network Open 2020, "Utilization and Cost of an Employer-Sponsored Comprehensive Primary Care Delivery Model." ● iorahealth A human-centric, value-based primary care group with built-for-purpose technology focused on serving Medicare patients FAST COMPANY Longitudinal value-based care model largely serving Seniors in full-risk contracts Purpose-built technology Salaried-provider model Success in managing global capitation risk with proven cost savings Relationships with leading Medicare Advantage plans, Original Medicare, and new Medicare Direct Contracting program Listed as one of the Most Innovative Companies The Digital Health Startups Transforming CBINSIGHTS The Future Of Healthcare ©#7One Medical + lora Health Aligned missions, models and cultures to transform healthcare ទ 189 Creates a premier national member-based, technology-powered primary care platform to deliver better health, better care, and lower costs seamlessly across Commercial and Medicare populations Positions One Medical to advance the health of members across every stage of life Extends One Medical's platform to deliver multi-modal care -- with 24/7 national digital health and in-person care -- - across a combined 28 markets Expands potential market opportunity to $870 billion across Commercial and Medicare segments, including the new Medicare Direct Contracting program Enhances One Medical's risk-taking capabilities and extends One Medical into full-risk Medicare reimbursement models Amplifies power of purpose-built technologies to deliver premier member experiences, population health, provider support, and value-based care across every stage of life Accelerates the expansion of two high-growth organizations, with complementary cultures and models serving as a premier place to practice modernized healthcare Opportunity to create significant value, with an expected $350+ million in annual revenue synergies by 2025, ~$30 million in annual net cost synergies by 2025, and with ~$30 million in cumulative capex savings through 2025 7#8Current System Failing All Stakeholders Ti Consumers Employers & Payers 81% Constrained Access to Care 29 Days wait to see a Family Physician (2) (1) Prophet and GE Healthcare Camden Group Study 2016 (2) 2017 Merritt Hawkins Survey of Physician Appointment Wait Times (3) Kaiser Family Foundation Employer Health Benefits Survey 2020 Dissatisfied with Consumer Experience (¹) Employer health benefit costs exceeding $21,000 for family coverage in 2020 (3) Aging US population not served well, with medical spend for this group expected to increase 8% through 2028 (6) B កុំធំ Providers Health Networks (4) Mayo Clinic Proceedings 2019 (5) American Hospital Association - Society for Healthcare Strategy & Market Development, 2019 (6) Centers for Medicare & Medicare Services 50% (63 A 75% 76% Burnout within Family Physicians in Primary Care (4) Operate their primary care networks at a loss or are willing to (5) Pursue or are likely to pursue external relationships to build physician networks (5) 8#9One Medical Transforms Health Care for Key Stakeholders Di Consumers Employers & Payers 90 Net Promoter Score (¹) 90%ile Quality Scores (HEDIS Subset) (2) 0-1 8-45% Employer (3) savings Day wait for appointment Virtual care typically within minutes B Lower ER Costs (3) កុំធំ Providers Health Networks RD PYY 100% 40%+ Provider salary model for aligned incentives B Gia 100% 100% &xxxxxxxxxx 6.93 Fewer provider EHR tasks vs. industry (4) Participation in leading health plan networks (5) Members with digital integration with network partners (6) 33% (1) For the 12 months ended December 31, 2020. NPS measures willingness of consumers to recommend our services to others based on consumer surveys. We use NPS to gauge overall member satisfaction with providers and loyalty to our brand. NPS ranges from -100 to 100. (2) HEDIS stands for Healthcare Effectiveness Data and Information Set. This is a subset of those metrics related to primary care. (3) 8% savings per client case study, and 45% total and 33% ER savings published in JAMA Network Open Publication in 2020. (4) FY19 One Medical estimate vs. 2019 industry comparison - EHR Industry tasks, Health Affairs 38, No. 7. (5) As of December 31, 2020. (6) As of December 31 2020, 100% of members are covered under health network clinically integrated partnerships. 9#10lora Health: Similarly Transforms Health Care for Key Stakeholders Ρ Consumers Payers 78 Net Promoter Score (¹) NER ~19x Avg. Member Engagements Per Year(2) Track record of improving Medical Claims Expense Ratio with member tenure (27 Percentage Points improvement over 4 years) (3) ~40% 40%+ Fewer ER Visits (4) H កុំធំ Providers Health Networks 100% 20% Provider salary model Higher provider engagement vs. industry ( (5) B 6.9 8.9 63 Participating in a growing number of Medicare Advantage health plans, as well as original Medicare, and new Medicare Direct Contracting Program ~8% Reduction in inpatient admissions (4) (1) Represents lora Health's YTD net promoter score as administered by Press Ganey for 12 months ended 12/31/2020. NPS measures willingness of consumers to recommend services to others based on consumer surveys. NPS gauges overall member satisfaction with providers and loyalty to brands. NPS ranges from-100 to 100. (2) For the 12 months ended 12/31/2020 lora Health had -19 average engagements per member per year: -16 digital and -3 in-person (3) Medical Claims Expense Ratio defined as "Medical Claims Expense"/ Revenue. Additional detail slide "lora Health: Business Model." (4) lora Health estimate compared to Medicare benchmark. (5) Per 2020 survey conducted by Culture Amp. (6) Centers for Medicare & Medicare Services. Average Annual Medicare Market Growth 2019 2028(6) 10#11lora Health: Membership Model Delivers for Seniors iora primary care Vision To be the national platform for human-centric, value-based care, driving transformation of the healthcare industry and improving the lives of millions of seniors Leading national primary care platform with strong brand, proven ability to lower costs, and customer-centric focus Headquartered in Boston with ~600 employees, taking care of ~38K members(¹) across 10 Markets in the U.S. Longitudinal value-based care membership model with 78 NPS(2) Participating in full-risk Medicare reimbursement models such as Medicare Advantage and Medicare Directing Contracting Value-based contracts with a growing number of top national payers (Humana, Cigna, United, among others) Technology-enabled primary care with 19 average engagements per member per year -- ~16 digital and ~3 in-person(³) (1) As of 3/31/2021. (2) Represents lora Health's YTD net promoter score as administered by Press Ganey for 12 months ended 12/31/2020. NPS measures willingness of consumers to recommend services to others based on consumer surveys. NPS gauges overall member satisfaction with providers and loyalty to brands. NPS ranges from -100 to 100. (3) For 12 months ended 12/31/2020. 11#12lora Health: Multi-Modal Membership Model HERO High-touch, White Glove Service Care model based on developing trusted, longitudinal relationships 30 - 60 minute visits for full engagement with the care team Virtual visits from the comfort of a member's home Supplemental services include yoga classes, wellness, and home visits Personal transportation to appointments and back home when appropriate Inviting Facilities Welcoming clinics in desirable, high-traffic retail settings Comfortable and inviting offices with a home-like feel National lora Health standards and branding with local adaptations On-site labs enhance convenience Digital Engagement Purpose-built technology supports members in managing their health Members can access their care team and health information on any device Members can communicate by both email and messaging, along with convenient online appointment scheduling Members can see results, trends, clinic notes and records anytime, anywhere 12#13lora Health: The Medicare Market is Large and Growing ● $4.2 trillion in 2021 U.S. Healthcare spend, with over $900 billion spent across Medicare programs (1) Medicare Market Overview Medicare population is projected to grow from ~62 million in 2020 to more than 70 million in 2025 (¹) Medicare Advantage represented 39% of enrollees in 2020 and is projected to grow to 46% in 2025 (²) Seniors are ~17% of the U.S. population today and projected to grow to -22% by 2050 (¹) Original Medicare Enrollment (2) Medicare Advantage Enrollment (2) 62M 2020 64M 2021E 66M 2022E 68M 69M 2023E 2024E 71M 2025E ● New Direct Contracting Program A new value-based payment program enabling provider groups to take full risk on Original Medicare Program started in April 2021 to support the ~40M individuals with Original Medicare nationwide lora is in the global direct contracting model across all of its markets, with the ability to expand into new geographies Meaningfully increases lora Health's TAM and growth opportunities -40% of lora Health's members are on Original Medicare (3) {O Opportunity to enroll members into the Direct Contracting program over time Note: Direct Contracting Program went live in April 2021. (1) Centers for Medicare & Medicare Services (2) Congressional Budget Office (3) As of 12/31/20. Original Medicare Medicare Advantage Commercial 13#14Aligned Membership-Driven Business Models .:. One Medical $475M 28% 598K 27% ~10 8%-45% Employer Medical Cost (3) Savings 2021E Revenue (1) 2017-2021E Revenue CAGR (¹) Q1 2021 Total Members 2017-Q1 2021 Membership CAGR Avg. Member Engagements Per Year (2) .:.one medical + iorahealth lora Health $299M 45% 38K 43% ~19 27%age points 2021E Revenue (4) 2017-2021E Revenue CAGR (4) Q1 2021 Total Members 2017- Q1 2021 Membership CAGR Avg. Member Engagements Per Year (2) Medical Claims Expense Ratio improvement (5) over 4 Years (1) 2021 Represents the mid-point of $465M - $485M revenue outlook provided on 5/12/2021. (2) Based on 12 months ended 12/31/2020. (3) 8% per client case study, and 45% published in JAMA Network Open Publication in 2020. (4) lora Health 2021 revenue based on One Medical Management-Adjusted lora Health Projections. (5) Medical Claims Expense Ratio defined as "Medical Claims Expense"/ Revenue. Refer to slide titled "lora Health: Business Model" for additional detail. 14#15Technology-Powered Proprietary Platforms .:. One Medical ~45% of members visit web/app monthly (¹) 5x digital to in-person engagement (¹) 50%+ completion of member health tasks (¹) 100+ conditions with automated follow + (2) up 40% reduction in provider EHR tasks (3) 95%* generic Rx powered by algorithms (4) 100% of members within health network partnerships with digital interoperability (5) Good Aftemoon. Book Visit Avremote crinoffice COVID-19 Daily Check-in Ger your dyly status bodge COVID-19 Testing See your ting options Video Chat Treat Me Now Get help with common susand ne medicatione Renewa No more refills? Request a Home renewal Hi, John. Welcome! Meet Your Care Team John Grafton We've not your typical primary care praction and our team isn't typical either. Your card team starts with you, and includes a medic provider (doctor or nurse practitioner) and Brian Fitch Max Fir Provider New! You can now see your medications in Chirpe Click on the pit icon in the left-hand navigation What is a Heath Coach? What is Chirp? D m 2:55 Check in for knee pain. Accomplish on or after Dec 23, 2019 We'd The to quickly check in on your knee pain Use the below to let us know Options Please keep your provider updated on your health 2:55 Submit Decine Chirp- Welcome to the patient. application for lora Health Please sign in to continue Sign dygning you agree to the Oma Ergolour pass Berta pem +one medical Mood check-in Park the to check y esper to yo singhet welke took you befo how you've been recent Over the 2 wek how whes how you been bartered by any of the following o Little interest or pleasure in doing things Not at All Several Days More than Half the Day Nearly Every Day Next nest.chirpcare.com Phone Call on Jun 10, 2020 Shared by your care team. Most recent first. Andrew Schutzbank Andrew Schutzbank E Sorry your ankle is broken, glad to talk to you today Note updated on June 10, 2020 at 3:00pm Phone Call on May 16, 2017 = sleg is actually doing wel No intervention at this time, but he wil further call us if things wor Note updated on Jun 27, 2017 at 1:13am Andrew Schutzbank A in-Office Vist on Mar 13, 2017 A C lora Health 45K+ average digital patient communications per month (¹) 5x digital to in-person engagement (6) 150+ decision support elements across ~20 condition/demographic pathways (2) 1 in 10 new actively managed chronic conditions identified by population health analytics platform (¹) 95%* generic Rx powered by algorithms 90% of hospital admissions/ER visits with real time notifications (¹) (1) Data from December 31, 2020 last twelve months. (2) As of December 31, 2020. (3) FY'19 One Medical estimate vs 2019 industry comparison - EHR Industry tasks, Health Affairs 38, No. 7. (4) For common conditions. (5) As of December 31, 2020, all members are covered by health network partners. (6) In FY 2020, lora Health had -19 average engagements per member per year: -16 digital and -3 in-person 15#16lora Health Accelerates Our Growth Strategy Opportunity to serve adjacent Commercial and Medicare populations across our combined 28 markets and beyond = strategies enhanced by lora Health Grow Membership in Existing Markets Increase consumer awareness and brand recognition Continue to increase growth with employees and their dependents Increase engagement across all members Grow alongside our employer sponsors 50 Grow New Markets and Network Partnerships Expand into new Markets Enroll large multi-market employers Grow across footprints of existing health network partners Develop new health network partnerships in new markets Expand Services, Populations, Channels Services and program expansions (e.g. remote visits, pediatrics, behavioral health, COVID-19 care) New populations and risk models Expanded platform solutions through technology interoperability with potential channel partners and third-party offerings Expand Margin with Tech & Ops Leverage Technology to further reduce in-office provider desktop medicine burdens and further advance virtual care efficiencies Longitudinal digital primary health care allowing for further member growth per footprint Increasing volume across existing investment base 16#17National Digital Health and Expanding In-Person Care * One Medical announced new markets in 2021: Raleigh-Durham, Milwaukee, Columbus, Houston, Kansas City, Huntsville, and Birmingham. Announced New markets in 2022: Miami and Dallas. Seattle Portland ::. San Francisco Los Angeles Orange County San Diego 28 Total Markets Phoenix Tucson Denver Dallas* Austin Milwaukee* Chicago Kansas City* Columbus* Huntsville* Birmingham* Houston* Complementary geographic presence creates an opportunity to leverage existing market footprint for further extensions. Charlotte 10 New York Boston Atlanta Greensboro Standalone lora Health Markets Hanover Washington DC Miami* Cape Cod Raleigh-Durham* 22 Yasmin Nibbe, MD Standalone One Medical Announced Markets 17#18Transaction Significantly Expands Addressable Market Opportunity to address ~$870 Billion of the $4.2 trillion (¹) U.S. Healthcare market One Medical TAM Commercial Primary Care ~$170B(2) U.S. Total ~$80B(3) Top 50 MSAS ~$55B(3) One Medical + lora Health Announced Markets -$50B (3) One Medical's. 22 Announced Markets lora Health TAM Medicare Advantage Market¹4) -$250B U.S. Total ~$125B Top 50 MSAS -$80B One Medical + lora Health Announced Markets ~$15B Current lora Health markets Total TAM -$870 Billion New: lora Health TAM Direct Contracting Opportunity(5) ~$450B U.S. Total -$205B Top 50 MSAS ~$140B One Medical + lora Health Announced Markets -$20B Current lora Health markets (1) Centers for Medicare & Medicare Services (CMS). (2) Commercial segment represents estimated primary care spend for US population with commercial insurance per US Census 2019 American Community Survey and One Medical primary care market estimate. (3) One Medical markets and top 50 MSAS represent estimated primary care spend for those under 65 with commercial insurance per US Census 2019 American Community Survey. (4) Revenue PMPM before medical expenses used to calculate TAM; Enrollment data as of January 2020. Source: CMS; DRG. Assumes the following MA lives: -2M lives in lora Health's current markets; -8M lives in One Medical + lora Health Markets; -13M lives in Top 50 MSAS; -24M lives in Total U.S. (5) Note: Direct Contracting Program went live in April 2021. Direct Contracting model represents potential 30x or more annual revenue opportunity for aligned lives for full-risk global models. Assumes the following Original Medicare Lives: -2M in lora Health's current markets; -11M in One Medical + lora Health markets; -17M in Top 50 MSAS; -38M in Total U.S. Source: CMS. Note that Direct Contracting eligibility requirements could impact the number of beneficiaries eligible for alignment with lora Health. 18#19Attractive Valuation and Growth Profile 2021E Revenue Growth YoY(1) .:.one medical 13.1x 2020 25% 10.5x 2021E AV / Revenue (2)(3) iorahealth 9.9x 2020 41% 7.0x 2021E (1) One Medical revenue growth based on 2020 reported financials and the mid-point of 2021 revenue outlook provided on 5/12/2021 of $465M - $485M for FY21. lora Health's 2020 financials are preliminary and unaudited as of December 31, 2020. Revenue based on ASC 606. lora Health 2021 revenue based on One Medical Management-Adjusted lora Health Projections. (2) One Medical market data as of 6/4/2021. 2020 revenues based on reported financials. 2021 revenue based on mid-point of 2021 revenue outlook provided on 5/12/2021 of $465M - $485M. (3) lora Health multiple reflects implied total transaction value of $2.1Bn. lora Health's 2020 financials are preliminary and unaudited. Revenue based on ASC 606. lora Health 2021 revenue based on One Medical Management-Adjusted lora Health Projections. 19#20Summary Forecast Pre-Synergies Prepared in connection with the transaction One Medical Total Revenue % year-over-year Total Care Margin % of revenue Total Adj. EBITDA % of revenue lora Health (2) Total Revenue % year-over-year Total Care Margin % of revenue Total Adj. EBITDA % of revenue 2020 $380M $145M 38% ($14M) (4%) 2020 $213M ($35M) (16%) ($75M) (35%) 2021E (¹) $475M 25% $180M 38% ($10M) (2%) 2021E $299M 41% ($39M) (13%) ($90M) (30%) (1) 2021 Represents the mid-point of 2021 outlook provided on 5/12/2021: FY21 revenue of $465M - $485M, FY21 care margin of $170M - $190M, FY21 adjusted EBITDA of ($20M) - breakeven. (2) lora Health's 2020 financials are preliminary and unaudited. Revenue based on ASC 606. 2021 financials are based on One Medical Management-Adjusted lora Health Projections.#21lora Health: Business Model Risk-based membership economics allow lora Health to capture value created through improved care quality and outcomes ● Membership-driven business model ● Value-based contracts create predictable and visible per-member revenue streams ● Revenue Per Member can improve over time through quality-improvement initiatives Medical Claims Expense¹ can improve over time from primary care engagement and population health management, improving member health and satisfaction, while reducing the need for avoidable and costly care, thus lowering total costs for seniors, plan sponsors, and CMS Improvements in Medical Claims Expense Ratio create a flywheel for future growth investment as well as long-term profitability 27 percentage points improvement over 4 years 103% (1) Medical Claims Expense represents costs paid to third-parties for care delivered outside of lora Health's primary care Historical Medical Claims Expense Ratio Demonstrated track record of improving medical claims expense ratio with member tenure 92% 90% 2017 76% Member Cohort Year 1 Medical Claims Expense Ratio 109% 104% 2018 = Year 2 83% Member Cohort Medical Claims Expense Revenue 97% Year 3 85% 2019 Member Cohort Member Cohort 99% Year 4 2020 21#22lora Health: Attractive Mature Risk-Based Economics Opportunity to leverage One Medical's technology to deliver attractive, long-term economics across Medicare patients One Medical & lora Health can build upon their track records of lowering healthcare costs across different patient populations to further improve Medical Claims Expense and Cost of Care¹ over time Optimizing Care Margin and SG&A by leveraging combined technology, people, real estate, and go-to-market strategies Targeting long-term Adjusted EBITDA of 17%+ of revenue per member Revenue Target Risk-Based Membership Economics Medical Claims Expense Cost of Care¹ SG&A Medical Claims = Medical Claims Expense Expense Ratio Revenue 17%+ Long-term Adj. EBITDA per member Adj. EBITDA (1) Cost of care excludes depreciation and amortization and primarily includes provider and support employee-related costs for both in-office and virtual care, occupancy costs, medical supplies, insurance and other operating costs 22#23Synergy Opportunities $350M+ annual revenue synergies by 2025 Revenue synergies through accelerated membership growth Opportunity to serve parents and grandparents of One Medical's 598K members ● Expand into Medicare services in One Medical markets Expand into Commercial services in lora Health Markets Seamless age-in and extend lifetime relationship with members as they transition from Commercial to Medicare Leverage brand recognition to accelerate membership growth in overlapping markets Leverage Health Network Relationships Further potential additional synergies in new markets and services Synergies enabled by One Medical's strengths Drive Membership Seattle Portland San Francisco Los Angeles Orange County San Diego Reduce Medical Costs Phoenix Tucson Denver Dallas Austin Milwaukee Chicago Columbus" Kansas City" Huntsville Birmingham Houston Charlotto €49 Engage Members Atlanta ndje, Jukebenytte Hanover Greensboro Raleigh-Durham Washington DC Miami Cape Cod 23#24Synergy Opportunities ~$30M annual net cost synergies by 2025 ~$30M cumulative Capex savings through 2025 Adj. EBITDA Breakeven Around Year End 2024 Enhanced cost savings for improved profitability ● Efficiencies across virtual and in-person care delivery, space design, staffing, processes and technology platforms Increased leverage across existing investment base Combined business models for greater scale Reciprocal access across offices to optimize combined physical footprint Good Atemn Book VOLT L WERKSPACERO Create M 2 Office V Mas Cine 5 Mag TIMELINE 24#25Long-Term Projections (Non-GAAP) One Medical Long-Term Goals Mid-20%+ Long-term Annual Revenue Growth 20% Long-term Adjusted EBITDA Margin Target :::one medical + iorahealth Mid-30% 2020 2030 Revenue CAGR 17%+ Long-term Adjusted EBITDA Margin Target 25#26One Medical + lora Health Aligned missions, models and cultures to transform healthcare Creates a premier national member-based, technology-powered primary care platform to deliver better health, better care, and lower costs seamlessly across Commercial and Medicare populations Positions One Medical to advance the health of members across every stage of life Extends One Medical's platform to deliver multi-modal care -- with 24/7 national digital health and in-person care -- across a combined 28 markets Expands potential market opportunity to $870 billion across Commercial and Medicare segments, including the new Medicare Direct Contracting program Enhances One Medical's risk-taking capabilities and extends One Medical into full-risk Medicare reimbursement models Amplifies power of purpose-built technologies to deliver premier member experiences, population health, provider support, and value-based care across every stage of life Accelerates the expansion of two high-growth organizations, with complementary cultures and models serving as a premier place to practice modernized healthcare Opportunity to create significant value, with an expected $350+ million in annual revenue synergies by 2025, ~$30 million in annual net cost synergies by 2025, and with ~$30 million in cumulative capex savings through 2025 É KURTË, KANË KOHË MË KOHË, WILLË KËSHE HA HA HA 11 UNIVERSE 26#27.:: one medical + iorahealth Transforming healthcare for all through a human-centered, technology-powered model to deliver better health, better care, and better value at every stage of life#28Thank You 28