P3 Health Partners SPAC Presentation Deck

Right Space Right Team Right Model P3's Projected Mature Market Ramp Commentary • P3's historical and projected growth can be illustrated via a simple cohort analysis • Assuming 10,000 members in year 1, a 35% CAGR implies -33k members by year 5 Revenues expected to correspondingly scale with members, increasing from $84mm in year 1 to $300mm+ by year 5 • In terms of MCR and EBITDA margins, assumes initial, temporary loss, which is expected to quickly shift to break-even and then expected to grow profitability after the first few years • Reflects benefits of driving towards ~70% MLR target over the longer term • Projected margins for year 5+ members are illustratively 28% from year 5 onwards Members (000s) Revenue ($mm) Total MCR EBITDA Margin 10 Year 1 $84 Year 1 93% Year 1 (3%) Projected Cohort Growth CAGR: 35% Year 1 14 Year 2 $104 Year 2 97% Year 2 ■Margin for year 5+ members (7%) 18 Year 2 Year 3 CAGR: 38% $156 -13% reduction Year 3 87% Year 3 3% Year 3 25 Year 4 $218 Year 4 83% Year 4 7% Year 4 co 33 Year 5 $303 Year 5 80% Year 5 10% 28% Year 5 32 P3

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