Babylon Investor Day Presentation Deck

Adjusted Claims Expense Ratio Reconciliation and Calculation of Claims Expense Ratio, Claims Margin and Adjusted Claims Margin We believe that Adjusted Claims Expense Ratio and Adjusted Claims Margin are useful metrics for investors to understand and evaluate our operating results and ongoing profitability because they permit investors to evaluate our Claims Expense as a percentage of our Value-based care revenue. We believe that these metrics provide useful measures for period-to-period comparisons of our business. Babylon's management team uses these measures in assessing Babylon's performance, as well as in planning and forecasting future periods. These non-IFRS financial measures are not computed according to IFRS, and the methods we use to compute them may differ from the methods used by other companies. Adjusted Claims Expense Ratio and Adjusted Claims Margin have certain limitations, and you should not consider them in isolation or as a substitute for analysis of our results of operations as reported under IFRS. The following table presents a calculation of our Claims Expense Ratio, Claims Margin and Adjusted Claims Margin and a reconciliation of Adjusted Claims Expense Ratio from Claims Expense Ratio, the most directly comparable IFRS measure, for the twelve months ended December 31, 2021 based on information available through April 30, 2022. 66 Value-based care Revenue Claims Expense Claims Expense Ratio Claims Margin Net Adjustments Net adjustments to Claims Expense Ratio Restated (Non-IFRS) Adjusted Claims Expense Ratio Adjusted Claims Margin Adjusted Claims Expense Ratio (Non-IFRS) By LOB Medicaid Medicare Adv. Commercial Adjusted Claims Margin (Non-IFRS) By LOB Medicaid Medicare Adv. Commercial 2021 $220.9 $219.6 99.4% 0.6% -2.0% 97.4% 2.6% 100.5% 96.0% 80.4% -0.5% 4.0% 19.6% Definitions Adjusted Claims Expense Ratio Adjusted Claims Margin Adjustments Exclude non-healthplan revenue Exclude provider incentives Add estimated reinsurance recoveries Prior period developments The Adjusted Claims Expense Ratio is the Claims Expense divided by the Value-based care Revenue, adjusted to exclude non-healthplan revenue and provider incentives, add estimated reinsurance recoveries, and adjust for prior period developments. Adjusted Claims Margin is 1 less Adjusted Claims Expense Ratio. In order to arrive at Adjusted Claims Expense Ratio, all non-healthplan revenue including MSO and TPA fees were excluded. In order to arrive at Adjusted Claims Expense Ratio, all provider incentive related expenses including payments for annual wellness visits were excluded. These adjustments capture expected future reinsurance recoveries that are related to prior periods but were not yet reflected in SEC reported data. Estimates are based on analysis of claims data and historical recoveries. This consists of adjustments booked in the current and prior periods which relate to prior period dates of service. We map these amounts back to the period in which they belong or were incurred to illustrate the underlying performance trend. babylon

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