EX-16.(C)(XX) 20 tm2419873d2_ex16cxx.htm EXHIBIT 16.(C)(XX)
Exhibit 16(c)(xx)

GRAPHIC

HIGHLY CONFIDENTIAL DRAFT FOR DISCUSSION SUBJECT TO CHANGE FOR INFORMATIONAL PURPOSES ONLY Project Savanna DISCUSSION MATERIALS FOR THE SPECIAL COMMITTEE MARCH 15, 2024 HIGHLY CONFIDENTIAL DRAFT FOR DISCUSSION SUBJECT TO CHANGE FOR INFORMATIONAL PURPOSES ONLY Confidential Treatment Requested on 8 pages, confidential information filed separately with the SEC

GRAPHIC

HIGHLY CONFIDENTIAL DRAFT FOR DISCUSSION SUBJECT TO CHANGE FOR INFORMATIONAL PURPOSES ONLY This presentation, and any supplemental information (written or oral) or other documents provided in connection therewith (collectively, the “materials”), are provided solely for the information of the Board of Directors (the “Board”) of Sharecare, Inc. (the “Company”) by Houlihan Lokey in connection with the Board’s consideration of a potential transaction (the “Transaction”) involving the Company. This presentation is incomplete without reference to, and should be considered in conjunction with, any supplemental information provided by and discussions with Houlihan Lokey in connection therewith. Any defined terms used herein shall have the meanings set forth herein, even if such defined terms have been given different meanings elsewhere in the materials. The materials are for discussion purposes only. Houlihan Lokey expressly disclaims any and all liability, whether direct or indirect, in contract or tort or otherwise, to any person in connection with the materials. The materials were prepared for specific persons familiar with the business and affairs of the Company for use in a specific context and were not prepared with a view to public disclosure or to conform with any disclosure standards under any state, federal or international securities laws or other laws, rules or regulations, and none of the Board, the Company or Houlihan Lokey takes any responsibility for the use of the materials by persons other than the Board. The materials are provided on a confidential basis solely for the information of the Board and may not be disclosed, summarized, reproduced, disseminated or quoted or otherwise referred to, in whole or in part, without Houlihan Lokey’s express prior written consent. Notwithstanding any other provision herein, the Company (and each employee, representative or other agent of the Company) may disclose to any and all persons without limitation of any kind, the tax treatment and tax structure of any transaction and all materials of any kind (including opinions or other tax analyses, if any) that are provided to the Company relating to such tax treatment and structure. However, any information relating to the tax treatment and tax structure shall remain confidential (and the foregoing sentence shall not apply) to the extent necessary to enable any person to comply with securities laws. For this purpose, the tax treatment of a transaction is the purported or claimed U.S. income or franchise tax treatment of the transaction and the tax structure of a transaction is any fact that may be relevant to understanding the purported or claimed U.S. income or franchise tax treatment of the transaction. If the Company plans to disclose information pursuant to the first sentence of this paragraph, the Company shall inform those to whom it discloses any such information that they may not rely upon such information for any purpose without Houlihan Lokey’s prior written consent. Houlihan Lokey is not an expert on, and nothing contained in the materials should be construed as advice with regard to, legal, accounting, regulatory, insurance, tax or other specialist matters. Houlihan Lokey’s role in reviewing any information was limited solely to performing such a review as it deemed necessary to support its own advice and analysis and was not on behalf of the Board. The materials necessarily are based on financial, economic, market and other conditions as in effect on, and the information available to Houlihan Lokey as of, the date of the materials. Although subsequent developments may affect the contents of the materials, Houlihan Lokey has not undertaken, and is under no obligation, to update, revise or reaffirm the materials, except as may be expressly contemplated by Houlihan Lokey’s engagement letter. The materials are not intended to provide the sole basis for evaluation of the Transaction and do not purport to contain all information that may be required. The materials do not address the underlying business decision of the Company or any other party to proceed with or effect the Transaction, or the relative merits of the Transaction as compared to any alternative business strategies or transactions that might be available for the Company or any other party. The materials do not constitute any opinion, nor do the materials constitute a recommendation to the Board, the Company, any security holder of the Company or any other party as to how to vote or act with respect to any matter relating to the Transaction or otherwise or whether to buy or sell any assets or securities of any company. Houlihan Lokey’s only opinion is the opinion, if any, that is actually delivered to the Board. In preparing the materials Houlihan Lokey has acted as an independent contractor and nothing in the materials is intended to create or shall be construed as creating a fiduciary or other relationship between Houlihan Lokey and any party. The materials may not reflect information known to other professionals in other business areas of Houlihan Lokey and its affiliates. The preparation of the materials was a complex process involving quantitative and qualitative judgments and determinations with respect to the financial, comparative and other analytic methods employed and the adaption and application of these methods to the unique facts and circumstances presented and, therefore, is not readily susceptible to partial analysis or summary description. Furthermore, Houlihan Lokey did not attribute any particular weight to any analysis or factor considered by it, but rather made qualitative judgments as to the significance and relevance of each analysis and factor. Each analytical technique has inherent strengths and weaknesses, and the nature of the available information may further affect the value of particular techniques. Accordingly, the analyses contained in the materials must be considered as a whole. Selecting portions of the analyses, analytic methods and factors without considering all analyses and factors could create a misleading or incomplete view. The materials reflect judgments and assumptions with regard to industry performance, general business, economic, regulatory, market and financial conditions and other matters, many of which are beyond the control of the participants in the Transaction. Any estimates of value contained in the materials are not necessarily indicative of actual value or predictive of future results or values, which may be significantly more or less favorable. Any analyses relating to the value of assets, businesses or securities do not purport to be appraisals or to reflect the prices at which any assets, businesses or securities may actually be sold. The materials do not constitute a valuation opinion or credit rating. The materials do not address the consideration to be paid or received in, the terms of any arrangements, understandings, agreements or documents related to, or the form, structure or any other portion or aspect of, the Transaction or otherwise. Furthermore, the materials do not address the fairness of any portion or aspect of the Transaction to any party. In preparing the materials, Houlihan Lokey has not conducted any physical inspection or independent appraisal or evaluation of any of the assets, properties or liabilities (contingent or otherwise) of the Company or any other party and has no obligation to evaluate the solvency of the Company or any other party under any law. All budgets, projections, estimates, financial analyses, reports and other information with respect to operations reflected in the materials have been prepared by management of the relevant party or are derived from such budgets, projections, estimates, financial analyses, reports and other information or from other sources, which involve numerous and significant subjective determinations made by management of the relevant party and/or which such management has reviewed and found reasonable. The budgets, projections and estimates contained in the materials may or may not be achieved and differences between projected results and those actually achieved may be material. Houlihan Lokey has relied upon representations made by management of the Company that such budgets, projections and estimates have been reasonably prepared in good faith on bases reflecting the best currently available estimates and judgments of such management (or, with respect to information obtained from public sources, represent reasonable estimates), and Houlihan Lokey expresses no opinion with respect to such budgets, projections or estimates or the assumptions on which they are based. The scope of the financial analysis contained herein is based on discussions with the Company (including, without limitation, regarding the methodologies to be utilized), and Houlihan Lokey does not make any representation, express or implied, as to the sufficiency or adequacy of such financial analysis or the scope thereof for any particular purpose. Houlihan Lokey has assumed and relied upon the accuracy and completeness of the financial and other information provided to, discussed with or reviewed by it without (and without assuming responsibility for) independent verification of such information, makes no representation or warranty (express or implied) in respect of the accuracy or completeness of such information and has further relied upon the assurances of the Company that it is not aware of any facts or circumstances that would make such information inaccurate or misleading. In addition, Houlihan Lokey has relied upon and assumed, without independent verification, that there has been no change in the business, assets, liabilities, financial condition, results of operations, cash flows or prospects of the Company or any other participant in the Transaction since the respective dates of the most recent financial statements and other information, financial or otherwise, provided to, discussed with or reviewed by Houlihan Lokey that would be material to its analyses, and that the final forms of any draft documents reviewed by Houlihan Lokey will not differ in any material respect from such draft documents. The materials are not an offer to sell or a solicitation of an indication of interest to purchase any security, option, commodity, future, loan or currency. The materials do not constitute a commitment by Houlihan Lokey or any of its affiliates to underwrite, subscribe for or place any securities, to extend or arrange credit, or to provide any other services. In the ordinary course of business, certain of Houlihan Lokey’s affiliates and employees, as well as investment funds in which they may have financial interests or with which they may co-invest, may acquire, hold or sell, long or short positions, or trade or otherwise effect transactions, in debt, equity, and other securities and financial instruments (including loans and other obligations) of, or investments in, the Company, any Transaction counterparty, any other Transaction participant, any other financially interested party with respect to any transaction, other entities or parties that are mentioned in the materials, or any of the foregoing entities’ or parties’ respective affiliates, subsidiaries, investment funds, portfolio companies and representatives (collectively, the “Interested Parties”), or any currency or commodity that may be involved in the Transaction. Houlihan Lokey provides mergers and acquisitions, restructuring and other advisory and consulting services to clients, which may have in the past included, or may currently or in the future include, one or more Interested Parties, for which services Houlihan Lokey has received, and may receive, compensation. Although Houlihan Lokey in the course of such activities and relationships or otherwise may have acquired, or may in the future acquire, information about one or more Interested Parties or the Transaction, or that otherwise may be of interest to the Board, or the Company, Houlihan Lokey shall have no obligation to, and may not be contractually permitted to, disclose such information, or the fact that Houlihan Lokey is in possession of such information, to the Board, or the Company or to use such information on behalf of the Board, or the Company. Houlihan Lokey’s personnel may make statements or provide advice that is contrary to information contained in the materials. Disclaimer 2

GRAPHIC

Page 1. Situation Overview 3 2. Management Projections and Financial Analyses 7 3. Appendix 22

GRAPHIC

HIGHLY CONFIDENTIAL DRAFT FOR DISCUSSION SUBJECT TO CHANGE FOR INFORMATIONAL PURPOSES ONLY Source: Discussions with company management. 4 ƒ In October 2023, Sharecare received proposals from Claritas Capital and » On October 3rd, Claritas Capital submitted a proposal to acquire the business for $1.35 – $1.80 per share » On October 8th, submitted a proposal to acquire the business for $1.50 per share » On October 11th, Claritas filed an amended 13D statement, publicly disclosing its offer ƒ Following inbound inquires, Savanna management has also engaged with , owner of , backed by and , as well as private equity firm » On February 2nd, 2024, submitted a proposal to acquire the business for $1.95 – $2.05 per share » On February 3rd, Claritas submitted a revised proposal to acquire the business for $1.60 – $2.00 per share » On March 5th, indicated that they would decline to engage further » On March 6th, Claritas submitted a revised proposal to acquire the business for $1.80 – $2.00 per share » On March 9th, submitted a proposal to acquire the business for $1.40 – $1.90 per share Situation Overview Process Developments Since October 2023 *Confidential treatment requested

GRAPHIC

HIGHLY CONFIDENTIAL DRAFT FOR DISCUSSION SUBJECT TO CHANGE FOR INFORMATIONAL PURPOSES ONLY Summary of Latest Proposals (1 of 2) 5 » Price ƒ $1.40 – $1.90 per share ƒ 49% – 102% premium to closing price as of March 7 ƒ 38% – 88% premium to 3-month VWAP ƒ 38% – 87% premium to 6-month VWAP ƒ $1.80 – $2.00 per share ƒ 100.5% – 122.8% premium to closing price as of March 6 ƒ 74.3% – 93.7% premium to 30-day VWAP of $1.03 ƒ $1.95 – $2.05 per share ƒ 90% – 100% premium to trailing 180- day closing price » Financing ƒ Expect to fund the proposed transaction through a combination of equity from funds and third-party debt financing ƒ Proposed transaction will not be subject to any financing contingency ‒ funds to provide “equity backstop” for the full purchase price (less balance sheet cash) ƒ Intend to raise up to $200M of debt from a limited group of direct lenders ƒ Remaining consideration would be funded with a fungible mix of new equity and rollover from existing stockholders ‒ In discussions with various parties for new equity investment ‒ Claritas may invest new equity in addition to rolling its current equity ‒ Sources of rolled equity not yet identified; not assuming that management or insiders other than Claritas will roll ƒ Potential equity and lending partners include: ƒ No financing conditionality expected ƒ No new financing required to complete the transaction (3/9/2024) Claritas Capital (3/6/2024) Source: Proposal letters from , Claritas Capital, and ; discussions with Savanna management. (2/2/2024) *Confidential treatment requested

GRAPHIC

HIGHLY CONFIDENTIAL DRAFT FOR DISCUSSION SUBJECT TO CHANGE FOR INFORMATIONAL PURPOSES ONLY 6 » Assumptions ƒ Savanna will not pay a dividend to shareholders prior to transaction closing ƒ Fully diluted share count (shares converting to common stock in a transaction) of 376,322,754 – 391,096,075 ƒ The cost to mandatorily redeem the Series A Preferred Stock will be $50M ƒ No shares of common stock will be issuable as of or prior to the closing of the transaction pursuant to warrants, earn-outs or other contractual agreements with milestones, contingent equity or the Series A Preferred Stock, and all such instruments will be cancelled with no ongoing obligations (either in the form of equity or cash) as of the closing of the transaction (other than $50M cost to redeem the Series A Preferred Stock) ƒ Fully diluted share count (shares converting to common stock in a transaction) of 388.6M – 393.4M shares ƒ Fully diluted share count (shares converting to common stock in a transaction) in the range of 395M, plus or minus 1% or 2% ƒ Elevance redemption rights on a change of control settled without cash or share dilution beyond the 5M common units that have been issued » Due Diligence, Timing and Approvals ƒ Entering into definitive agreements remains subject to completion of due diligence and receipt of final internal investment committee approval ƒ Confident that the parties will be able to finalize transaction terms efficiently and be ready to sign definitive documents no later than 4 weeks after being granted the access needed ƒ Proposal is contingent upon satisfactory completion of due diligence ƒ Execution of the definitive agreement is subject to the final approval of the investment committee; expect approval to be obtained upon completion of due diligence and negotiation of the definitive agreement ƒ Assuming imminent access to data room and management, able to complete due diligence and sign a definitive agreement expeditiously; would work in good faith to do so in advance of Savanna’s next earnings announcement date ƒ Board is highly supportive of the acquisition and this letter; required approvals not addressed (3/9/2024) Claritas Capital (3/6/2024) (2/2/2024) Summary of Latest Proposals (2 of 2) Source: Proposal letters from , Claritas Capital, and ; discussions with Savanna management. *Confidential treatment requested

GRAPHIC

Page 1. Situation Overview 3 2. Management Projections and Financial Analyses 7 3. Appendix 22

GRAPHIC

HIGHLY CONFIDENTIAL DRAFT FOR DISCUSSION SUBJECT TO CHANGE Historical and Projected Financial Data FOR INFORMATIONAL PURPOSES ONLY Management Projections (including doc.ai) Source: Company filings, management projections, FactSet, Capital IQ as of 3/12/2024. Note: Segment revenue may not sum to total revenue due to rounding 8 ($ in millions, except per share data) CAGR 21A-23E 24E-26E Revenue 6% 19% Adj. EBITDA (7%) 58% $22 $15 $62 $15 $27 $6 $24 $37 $77 $92 2021A 2022A 2023E 2024E 2025E 2026E NMF Adj. EBITDA – Capex 126% NMF Adj. EBITDA – Capex – SBC NMF ($14) ($39) ($6) $13 $53 $68 2021A 2022A 2023E 2024E 2025E 2026E ($61) ($108) ($53) ($24) $21 $36 2021A 2022A 2023E 2024E 2025E 2026E Enterprise Provider Life Sciences doc.ai $243 $259 $258 $209 $283 $369 $91 $104 $119 $123 $138 $152 $78 $80 $82 $86 $91 $98 $19 $413 $442 $19 $460 $436 $531 $619 2021A 2022A 2023E 2024E 2025E 2026E

GRAPHIC

HIGHLY CONFIDENTIAL DRAFT FOR DISCUSSION SUBJECT TO CHANGE FOR INFORMATIONAL PURPOSES ONLY Sources: Company filings, management projections. 9 ($ in millions) Revenue Adj. EBITDA Adj. EBITDA – Capex $31 $60 $100 $16 $41 $83 $29 $54 $64 $37 $77 $92 $27 $6 $24 $0 $20 $40 $60 $80 $100 $120 2021E 2022E 2023E 2024E 2025E 2026E ($26) $6 $45 ($3) $22 $32 $13 $53 $68 ($14) ($39) ($6) ($60) ($20) $20 $60 2021E 2022E 2023E 2024E 2025E 2026E $413 $442 $460 $396 $512 $629 $443 $532 $620 $455 $487 $521 $436 $531 $619 $350 $400 $450 $500 $550 $600 $650 $700 2021E 2022E 2023E 2024E 2025E 2026E Actuals 2021 Forecast 2022 Forecast 2023 Forecast 2024 Forecast Historical and Projected Financial Data Management Projections from 2021 – 2024 vs Actual Performance

GRAPHIC

HIGHLY CONFIDENTIAL DRAFT FOR DISCUSSION SUBJECT TO CHANGE FOR INFORMATIONAL PURPOSES ONLY Illustrative Benchmarking Management Projections vs. Digital Health Companies Source: Company filings, management projections, FactSet, Capital IQ, Bloomberg as of 3/12/2024. Note: A figure is shown as NA if it is not available or not meaningful. (1) Refers to CY 2023 actuals. 10 ($ in millions, except per share data) Top-line Growth CY21A-CY23E Revenue Grow th CAGR Name Value Evolent Health, Inc. 32% Phreesia, Inc. 30% Accolade, Inc. 19% Teladoc Health, Inc. 13% Health Catalyst, Inc. 11% Alight, Inc. 8% Savanna (with doc.ai) 6% American Well Corporation 1% Revenue Growth Adj. EBITDA Growth Top-line Growth CY24E-CY26E Revenue Grow th CAGR Name Value Accolade, Inc. 20% Savanna (with doc.ai) 19% American Well Corporation 18% Phreesia, Inc. 17% Evolent Health, Inc. 15% Health Catalyst, Inc. 12% Alight, Inc. 6% Teladoc Health, Inc. 4% Profitability Growth CY21A-CY23E EBITDA Grow th CAGR Name Value Evolent Health, Inc. 71% Teladoc Health, Inc. 11% Savanna (with doc.ai) (7%) Alight, Inc. NA Accolade, Inc. NA American Well Corporation NA Health Catalyst, Inc. NA Phreesia, Inc. NA Profitability Growth CY24E-CY26E EBITDA Grow th CAGR Name Value Savanna (with doc.ai) 58% Health Catalyst, Inc. 46% Evolent Health, Inc. 23% Alight, Inc. 11% Teladoc Health, Inc. 10% Accolade, Inc. NA American Well Corporation NA Phreesia, Inc. NA [1] [1] [1] [1] [1] [1] [1] [1] [1] [1]

GRAPHIC

HIGHLY CONFIDENTIAL DRAFT FOR DISCUSSION SUBJECT TO CHANGE FOR INFORMATIONAL PURPOSES ONLY Financial Projections Comparison: Management vs. Consensus Source: Company filings, management projections, FactSet, Capital IQ as of 3/12/2024. Note: Segment revenue may not sum to total revenue due to rounding and different broker segment share of total revenues. (1) CG as of 1/3/2024, other brokers as of November 2023. 11 Consensus Revenue Projections(1) (Feb-24) Consensus Adj. EBITDA Projections(1) (Feb-24) YoY Growth Enterprise Provider Life Sciences 3% 9% 10% Adj. EBITDA Margin Adj. EBITDA 5% 9% 11% ($ in millions, except per share data) Management Revenue Projections (With doc.ai) Management Adj. EBITDA Projections (With doc.ai) (5%) 22% 8% 17% 14% $258 $228 $302 $369 $119 $123 $138 $152 $82 $86 $91 $98 $460 $436 $531 $619 2023E 2024E 2025E 2026E 4% $24 $37 $77 $92 2023E 2024E 2025E 2026E 5% 15% $258 $279 $305 $120 $134 $151 $77 $82 $454 $89 $495 $545 2023E 2024E 2025E 2026E $24 $46 $59 2023E 2024E 2025E 2026E N/A N/A Consensus estimates do not reflect loss of consensus 2024E revenue is 14% higher than management plan 2025E management plan Adj. EBITDA is 31% higher than consensus *Confidential treatment requested

GRAPHIC

HIGHLY CONFIDENTIAL DRAFT FOR DISCUSSION SUBJECT TO CHANGE Market Backdrop Since Closing of de-SPAC Transaction (7/2/21) FOR INFORMATIONAL PURPOSES ONLY Digital Health Valuation Multiples: EV / NTM Revenue 12 Revenue multiples have normalized at significantly lower levels since Savanna went public in 2021 Source: Capital IQ as of 3/12/2024. Note: Figures shown on this page are sourced directly from Capital IQ for illustrative purposes and therefore may differ from figures shown on other pages. Note: Multiples <0x or >25x considered NMF. EV refers to Enterprise Value; NMF refers to Not Meaningful Figure; NTM refers to Next Twelve Months. (1) The Company completed the de-SPAC transaction on 7/1/21 and began trading on the Nasdaq under ticker “SHCR” on 7/2/21. (2) Includes ACCD, ALIT, AMWL, EVH, HCAT, PHR, and TDOC. (3) Alight, Inc. went public via de-SPAC transaction on 7/6/21. Availability of Wall Street analyst consensus commences on 8/16/21. Source: Capital IQ as of 3/12/2024 0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x 7.0x 8.0x Jul-21 Sep-21 Nov-21 Jan-22 Mar-22 May-22 Jul-22 Sep-22 Nov-22 Jan-23 Mar-23 May-23 Jul-23 Sep-23 Nov-23 Jan-24 Mar-24 Sharecare, Inc. Accolade Alight³ Amwell Evolent Health Health Catalyst Phreesia Teladoc Health Selected Companies Index² Since Two-Year One-Year YTD de-SPAC¹ Average Average Average Sharecare, Inc. 1.7x 1.0x 0.8x 0.6x Selected Companies Index² 3.1x 2.0x 1.9x 1.9x

GRAPHIC

HIGHLY CONFIDENTIAL DRAFT FOR DISCUSSION SUBJECT TO CHANGE Market Backdrop Since Closing of de-SPAC Transaction (7/2/21) FOR INFORMATIONAL PURPOSES ONLY Digital Health Valuation Multiples: EV / NTM EBITDA 13 EBITDA multiples have normalized at significantly lower levels since Savanna went public in 2021 Source: Capital IQ as of 3/12/2024. Note: Figures shown on this page are sourced directly from Capital IQ for illustrative purposes and therefore may differ from figures shown on other pages. Note: Multiples <0x or >100x considered NMF. EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization. EV refers to Enterprise Value; NMF refers to Not Meaningful Figure; NTM refers to Next Twelve Months. (1) The Company completed the de-SPAC transaction on 7/1/21 and began trading on the Nasdaq under ticker “SHCR” on 7/2/21. (2) Includes ACCD, ALIT, AMWL, EVH, HCAT, PHR, and TDOC. (3) Alight, Inc. went public via de-SPAC transaction on 7/6/21. Availability of Wall Street analyst consensus commences on 8/16/21. S Note: Figures shown on this page are sourced directly from Capital IQ for illustrative purposes and therefore may differ from figures shown on other pages 0.0x 10.0x 20.0x 30.0x 40.0x 50.0x 60.0x 70.0x 80.0x Jul-21 Sep-21 Nov-21 Jan-22 Mar-22 May-22 Jul-22 Sep-22 Nov-22 Jan-23 Mar-23 May-23 Jul-23 Sep-23 Nov-23 Jan-24 Mar-24 Sharecare, Inc. Alight³ Evolent Health Health Catalyst Teladoc Health Selected Companies Index² Since Two-Year One-Year YTD de-SPAC¹ Average Average Average Sharecare, Inc. 23.6x 15.7x 11.2x 7.2x Selected Companies Index² 24.5x 19.1x 16.0x 14.9x

GRAPHIC

HIGHLY CONFIDENTIAL DRAFT FOR DISCUSSION SUBJECT TO CHANGE FOR INFORMATIONAL PURPOSES ONLY 14 Relative Total Shareholder Return Information Since Closing of de-SPAC Transaction (7/2/21)1 24.1% 13.5% -50.6% -89.8% -100% -75% -50% -25% 0% 25% 50% Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Sharecare, Inc. S&P 500 Index (Total Return) Nasdaq Composite Index (Total Return) Selected Companies Index² Source: Capital IQ as of 3/12/2024. (1) The Company completed the de-SPAC transaction on 7/1/21 and began trading on the Nasdaq under ticker “SHCR” on 7/2/21. (2) Includes ACCD, ALIT, AMWL, EVH, HCAT, PHR, and TDOC. Since Two-Year One-Year de-SPAC1 Return Return Sharecare, Inc. -89.8% -64.7% -56.3% S&P 500 Index (Total Return) 24.1% 28.1% 36.4% Nasdaq Composite Index (Total Return) 13.5% 31.5% 46.5% Selected Companies Index² -50.6% -28.8% -23.6%

GRAPHIC

HIGHLY CONFIDENTIAL DRAFT FOR DISCUSSION SUBJECT TO CHANGE Summary of Preliminary Financial Analysis FOR INFORMATIONAL PURPOSES ONLY Implied Prices Per Share – Present Value as of 3/12/2024 15 Source: Company filings, Savanna management projections, Wall Street research, Capital IQ as of 3/12/2024. (1) Future share price ranges shown reflect share prices projected at 12/31/2025 discounted to 3/12/2024 at Savanna’s 13.3% estimated cost of equity. (2) Provider Divestiture assumes: gross sale price based on a multiple of Provider 2024E Adj. EBITDA; NOL tax shield on gain (per management guidance); transaction occurs on 6/30/2024E; and SBC, D&A, and Change in Net Working Capital allocated to the Provider division based on share of revenue from 2024E-2026E. CapEx for RemainCo provided by Savanna management. PRESENT VALUE Current Share Price (3/12/2024): $0.95 Preliminary Selected Transactions Analysis – “Sum-of-the-Parts” ‒ Enterprise (1.50x – 2.50x 2024E Revenue): Implied Segment EV of $313M – $522M ‒ Provider (8.0x – 15.0x 2024E Adj. EBITDA): Implied Segment EV of $233M – $437M ‒ Life Sciences (10.0x – 14.0x 2024E Adj. EBITDA): Implied Segment EV of $212M – $297M ‒ Corporate overhead valued assuming perpetual growth rate of 1% – 2% and WACC of 11.0% – 12.0% PRESENT / FUTURE SHARE PRICES Preliminary Discounted Cash Flow Analysis ‒ Terminal EBITDA multiple: 9.0x – 12.0x ‒ WACC: 11.0% – 12.0% Preliminary Selected Companies Analysis (2025E Revenue Multiples) ‒ 0.75x – 1.50x 2025E Revenue Preliminary Selected Companies Analysis (2024E Revenue Multiples) ‒ 1.00x – 2.00x 2024E Revenue Preliminary Selected Companies Analysis (2025E EBITDA Multiples) ‒ 9.0x – 12.0x 2025E Adj. EBITDA Claritas Capital Offer Price (3/6/2024): $1.80 – $2.00 Offer Price (2/2/2024): $1.95 – $2.05 Offer Price (3/9/2024): $1.40 – $1.90 Illustrative Provider Divestiture (EBITDA Multiples)(1)(2) ‒ Assuming NTM Adj. EBITDA multiple range of 6.6x (current Savanna consensus multiple) – 13.4x (median Digital Health multiple) ‒ Assuming Provider segment sold for 8.0x – 15.0x 2024E Adj. EBITDA ($233M – $437M) Illustrative Provider Divestiture with Share Repurchase (EBITDA Mult.)(1)(2) ‒ Assuming NTM Adj. EBITDA multiple range of 6.6x (current Savanna consensus multiple) – 13.4x (median Digital Health multiple) ‒ Assuming Provider segment sold for 8.0x – 15.0x 2024E Adj. EBITDA ($233M – $437M) ‒ Assumes Savanna repurchases $100M – $300M of shares in 2024 at weighted average price of $1.00 – $1.20 per share Illustrative Status Quo (EBITDA Multiples)(1) ‒ Assuming NTM Adj. EBITDA multiple range of 6.6x (current Savanna consensus multiple) – 13.4x (median Digital Health multiple) Illustrative Implied Future Share Prices at 12/31/25E a M 7 – C M M u Offer Price (2/2/2024): $1 95 $2 05 u M T u M e u t h $1.12 $1.05 $1.24 $1.20 $1.66 $1.61 $1.24 $1.32 $2.81 $1.87 $2.25 $2.08 $2.12 $1.99 $2.05 $2.18 Savanna Current Multiple Selected Companies Median Mult. $1.55 $2.82 - $1.31 $2.34 - $1.40 $3.51 - *Confidential treatment requested

GRAPHIC

HIGHLY CONFIDENTIAL DRAFT FOR DISCUSSION SUBJECT TO CHANGE Preliminary Selected Transactions Analysis FOR INFORMATIONAL PURPOSES ONLY Sum-of-the-Parts 16 Source: Savanna management. Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization and Stock-Based Compensation Expense, adjusted for certain non-recurring items. E refers to Estimated. NA refers to not available. (1) Does not reflect doc.ai contribution. (2) Reflects the present value of corporate overhead expenses based on a perpetual growth rate of 1.0% on the low end and 2.0% on the high end discounted at 11.0% on the low end and 12.0% on the high end. (3) Per Savanna management. (4) Based on the present value of (i) $14.9 million of Adjusted EBITDA in 2024E and 2025E, (ii) less taxes in 2025E based on a 28.2% tax rate, and (iii) the impact of the change in net working capital of ($3.3) million and $0.2 million in 2024E and 2025E, respectively, discounted at 11.0% on the low end and 12.0% on the high end. (5) Represents liquidation preference of Series A redeemable preferred stock, convertible above $10.00 per share. (6) Non-Controlling Interest reflects a minimum of $0. Non-Controlling Interest as of 9/30/23 is ($0.5) million, per Savanna management. (7) Based on (i) ~355.1 million common shares outstanding, (ii) ~90.7 million options to purchase common stock (to the extent in the money, based on the treasury method), and (iii) ~66.9 million restricted stock units, as of 1/19/24, per Savanna management. ($ in millions, except per share data) Business Segment Basis Metric [1] Multiple Range Implied Value Enterprise 2024E Revenue $208.7 1.50x -- 2.50x $313.1 -- $521.8 Provider 2024E Adj. EBITDA $29.2 8.0x -- 15.0x $233.2 -- $437.3 Life Sciences 2024E Adj. EBITDA $21.2 10.0x -- 14.0x $212.1 -- $297.0 Corporate Overhead Discounted Cash Flow Analysis ($35.6) NA -- NA ($346.3) -- ($420.9) [2] Implied Enterprise Value Reference Range $412.2 -- $835.1 Plus: Cash & Cash Equivalents as of 12/31/2023 [3] 129.0 -- 129.0 Plus: Present Value of doc.ai Contribution as of 3/15/24 [4] 20.4 -- 20.6 Less: Total Debt as of 12/31/2023 [3] (0.5) -- (0.5) Less: Preferred Stock as of 12/31/2023 [3][5] (50.0) -- (50.0) Less: Non-Controlling Interest as of 12/31/2023 [3][6] 0.0 -- 0.0 Implied Total Equity Value Reference Range $511.1 -- $934.3 Shares Oustanding [3][7] 425.8 -- 448.8 Implied Per Share Reference Range $1.20 -- $2.08

GRAPHIC

HIGHLY CONFIDENTIAL DRAFT FOR DISCUSSION SUBJECT TO CHANGE FOR INFORMATIONAL PURPOSES ONLY 17 Preliminary Selected Transactions Analysis (cont’d) Source: Capital IQ, public filings and press releases. Note: No company used in this analysis for comparative purposes is identical to the Company, and no transaction used in this analysis for comparative purposes is identical to the Transaction. Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization and Stock-Based Compensation Expense, adjusted for certain non-recurring items. LTM refers to Latest 12 Months; NA refers to not available; NFY refers to Next Fiscal Year; NMF refers to not meaningful figure. (1) Transaction Value refers to the implied enterprise value of target company, based on the announced transaction equity price and other public information available at the time of the announcement. (2) Based on reported metric for the most recent LTM period prior to the announcement of the transaction. (3) Based on reported metric for the most recent NFY period prior to the announcement of the transaction. ($ in millions) Transaction Value / LTM Adjusted NFY Adjusted Transaction LTM NFY LTM Adjusted NFY Adjusted EBITDA EBITDA Announced Effective Target Acquiror Value [1] Revenue [2] Revenue [3] EBITDA [2] EBITDA [3] Margin % [2] Margin % [3] Selected Enterprise Transactions 12/19/2023 Health Trio/Decision Point mPulse Mobile, Inc. NA NA NA NA NA NA NA 11/7/2023 HealthComp, LLC Virgin Pulse, Inc. $3,000.0 NA NA NA NA NA NA 6/21/2023 Valenz Kelso & Company, L.P. NA NA NA NA NA NA NA 8/9/2023 Limeade, Inc. WebMD Health Services Group, Inc. $72.9 1.26x 1.21x NMF NMF NA NA 6/13/2023 Apixio, Inc. New Mountain Capital, L.L.C. NA NA NA NA NA NA NA 5/1/2023 Oak Street Health, Inc. CVS Health Corporation $10,825.4 5.01x 3.52x NMF NMF NA NA 1/24/2023 Benefitfocus.com, Inc. Voya Financial, Inc. $612.9 2.46x NA 14.9x NA 16.5% NA 3/29/2023 Signify Health, Inc. CVS Pharmacy, Inc. $7,594.8 9.01x 8.08x NMF NMF NA NA 2/22/2023 1Life Healthcare, Inc. Amazon.com, Inc. $3,672.5 3.84x 3.40x NMF NMF NA NA 9/1/2022 LifeWorks Inc. TELUS Corporation $2,139.7 2.71x 2.61x 13.6x 14.0x 19.9% 18.7% 6/28/2022 Tivity Health, Inc. Stone Point Capital LLC $1,940.3 3.88x 3.45x 11.9x 11.9x 32.6% 29.0% 4/6/2022 SOC Telemed, Inc. Patient Square Capital, LP $359.8 3.81x 3.02x NMF NMF NA NA 2/16/2022 Castlight Health, Inc. Vera Whole Health Inc. $303.7 2.13x 2.17x NMF NMF NA NA 9/1/2021 Iora Health, Inc. 1Life Healthcare, Inc. $1,998.2 8.99x 6.66x NMF NA NA NA 6/9/2021 PlushCare, Inc. Accolade, Inc. $380.0 10.86x NA NA NA NA NA 7/2/2021 Foley Trasimene Acquisition Corp. Alight, Inc. $7,471.0 2.74x NA 13.2x NA 20.7% NA 4/1/2021 HMS Holdings Corp. Gainwell Technologies LLC $3,399.3 5.29x 5.00x 21.1x 19.0x 25.0% 26.3% 6/22/2021 West Health Advocate Solutions, Inc. Teleperformance SE $690.0 4.93x NA 13.8x NA 35.7% NA 8/30/2019 WageWorks, Inc. HealthEquity, Inc. $1,289.0 2.78x 2.69x 11.8x 9.6x 23.6% 28.0% 8/27/2018 Cotiviti Holdings, Inc. Verscend Technologies Inc. $4,889.5 6.63x 6.16x 17.8x 14.2x 37.2% 43.5% 9/14/2017 WebMD Health Corp. Internet Brands $2,689.4 3.79x NA 11.8x NA 32.2% NA 7/14/2017 Best Doctors, Inc. Teladoc, Inc. (nka:Teladoc Health, Inc.) $440.0 4.48x NA NMF NA NA NA Low $72.9 1.26x 1.21x 11.8x 9.6x 16.5% 18.7% High $10,825.4 10.86x 8.08x 21.1x 19.0x 37.2% 43.5% Median $1,998.2 3.86x 3.42x 13.6x 14.0x 25.0% 28.0% Mean $2,829.9 4.70x 4.00x 14.4x 13.7x 27.0% 29.1% 6/19/2017 10/27/2020 7/24/2017 4/29/2019 6/19/2018 12/21/2020 9/27/2023 2/8/2023 6/21/2023 5/3/2023 9/5/2022 1/5/2022 1/25/2021 2/3/2022 6/8/2023 11/1/2022 7/21/2022 6/7/2021 4/23/2021 6/16/2022 4/5/2022 12/19/2023

GRAPHIC

HIGHLY CONFIDENTIAL DRAFT FOR DISCUSSION SUBJECT TO CHANGE FOR INFORMATIONAL PURPOSES ONLY 18 Preliminary Selected Transactions Analysis (cont’d) Source: Capital IQ, public filings and press releases. Note: No company used in this analysis for comparative purposes is identical to the Company, and no transaction used in this analysis for comparative purposes is identical to the Transaction. Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization and Stock-Based Compensation Expense, adjusted for certain non-recurring items. LTM refers to Latest 12 Months; NA refers to not available; ND refers to Not Disclosed; NFY refers to Next Fiscal Year; NMF refers to not meaningful figure. (1) Transaction Value refers to the implied enterprise value of target company, based on the announced transaction equity price and other public information available at the time of the announcement. (2) Based on reported metric for the most recent LTM period prior to the announcement of the transaction. (3) Based on reported metric for the most recent NFY period prior to the announcement of the transaction. ($ in millions) Transaction Value / LTM Adjusted NFY Adjusted Transaction LTM NFY LTM Adjusted NFY Adjusted EBITDA EBITDA Announced Effective Target Acquiror Value [1] Revenue [2] Revenue [3] EBITDA [2] EBITDA [3] Margin % [2] Margin % [3] Selected Provider Transactions 1/17/2024 Acclara Solutions, LLC R1 RCM Inc. $675.0 2.25x NA NMF NA NA NA 11/9/2023 NextGen Healthcare, Inc. Thoma Bravo $1,752.6 2.58x 2.44x 14.7x 13.8x 17.6% 17.7% 8/8/2023 Syntellis Performance Solutions, LLC Strata Decision Technology, L.L.C. $1,250.0 NA 6.76x NA 14.7x NA 45.9% 4/13/2023 ScanSTAT Technologies, LLC Verisma Systems, Inc. NA NA NA ND NA NA NA 5/2/2022 AllScripts Hospitals & Physician Practices N. Harris Computer Corporation $670.0 0.72x NA NA NA NA NA 7/27/2021 CIOX Health Datavant, Inc. $7,000.0 NA NA NA NA NA NA 7/12/2021 Sentry Data Systems, Inc. Craneware plc $400.0 4.35x NA 17.4x NA 25.0% NA 10/3/2022 Change Healthcare Inc. Optum, Inc. $12,672.0 4.12x 4.13x 13.7x 14.1x 30.1% 29.4% 12/21/2020 e-MDs, Inc. Compugroup Holding Usa, Inc. $230.0 2.39x NA 16.2x NA 14.8% NA 10/28/2019 MRO Corporation Parthenon Capital Group ND ND NA ND NA NA NA 5/8/2018 Intermedix Corporation R1 RCM Inc. $460.0 2.38x NA 9.6x NA 24.9% NA Low ND 0.72x 2.44x ND 13.8x 14.8% 17.7% High $12,672.0 4.35x 6.76x 17.4x 14.7x 30.1% 45.9% Median $672.5 2.39x 4.13x 13.7x 14.1x 21.2% 29.4% Mean $2,533.8 2.61x 4.44x 13.2x 14.2x 21.6% 31.0% Selected Life Sciences Transactions 8/14/2023 CorEvitas, LLC Thermo Fisher Scientific Inc. $912.5 NA NA NA NA NA NA 9/28/2023 Syneos Health, Inc. Veritas / Elliott / Patient Square $7,121.5 1.32x 1.40x 9.1x 10.2x 14.4% 13.7% 8/16/2021 Inizio Clayton, Dubilier & Rice $3,881.3 3.11x 2.81x 18.5x 16.2x 16.8% 17.4% 4/1/2021 Cerner Enviza LLC Cerner Corporation $375.0 2.50x NA 16.5x NA 15.2% NA 8/11/2020 Cello Health plc (nka:Cello Health Limited) Value Demonstration UK Holdings Limited $220.4 1.07x NA 12.3x NA 8.7% NA 5/1/2020 Huntsworth plc (nka:Huntsworth Limited) Clayton, Dubilier & Rice $670.2 1.98x 1.88x 10.8x 8.9x 18.3% 21.1% Low $220.4 1.07x 1.40x 9.1x 8.9x 8.7% 13.7% High $7,121.5 3.11x 2.81x 18.5x 16.2x 18.3% 21.1% Median $791.3 1.98x 1.88x 12.3x 10.2x 15.2% 17.4% Mean $2,196.8 2.00x 2.03x 13.5x 11.8x 14.7% 17.4% All Selected Transactions Low $72.9 0.72x 1.21x ND 8.9x 8.7% 13.7% High $12,672.0 10.86x 8.08x 21.1x 19.0x 37.2% 45.9% Median $1,250.0 2.78x 3.21x 13.6x 14.0x 20.3% 26.3% Mean $2,636.8 3.72x 3.74x 13.8x 13.3x 22.3% 26.4% 3/2/2022 11/23/2020 6/7/2021 9/6/2023 4/13/2023 8/8/2023 12/6/2023 1/6/2021 6/9/2021 10/28/2019 7/1/2020 5/12/2021 12/16/2020 2/26/2018 5/10/2023 7/6/2023 3/3/2020

GRAPHIC

HIGHLY CONFIDENTIAL DRAFT FOR DISCUSSION SUBJECT TO CHANGE FOR INFORMATIONAL PURPOSES ONLY $0.95 $1.42 $1.53 $1.92 $2.16 $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 Current 12/31/2024 12/31/2025 Current Savanna NTM EBITDA Multiple: 6.6x Current Selected Companies Median NTM EBITDA Multiple: 13.4x Illustrative Future Share Price Analysis – EBITDA Multiples 19 ($ and shares in millions, except per share data) Status Quo Divest Provider at 6/30/2024E for 11.5x 2024E EBITDA(1) Source: Savanna management projections, Company filings, Wall Street research, Capital IQ as of 3/12/2024. Note: Fully-diluted share count as estimated by Savanna Management. Includes all outstanding common stock, RSUs, and options as of 1/1/2024. Options converted to effective shares using treasury stock method. (1) Provider Divestiture assumptions as follows: $335M gross sale price (based on 11.5x Provider 2024E Adj. EBITDA), no tax leakage due to NOL tax shield on gain (per management guidance), transaction occurring on 6/30/2024E, and SBC, D&A, and Change in Net Working Capital allocated to the Provider division based on share of revenue from 2024E-2026E. CapEx for RemainCo provided by Savanna management. Current Savanna NTM EBITDA Multiple Current 12/31/2024 12/31/2025 NTM EBITDA $36 $45 NTM EBITDA Multiple 6.6x 6.6x 6.6x Implied TEV $235 $299 (+) Cash (Excluding SBC) 458 471 (-) Cumulative SBC (32) (55) (-) NCI 0 0 (-) Preferred Stock (50) (50) (-) Debt (0) (0) Implied Total Equity Value $611 $664 FDSO 429.5 433.3 Implied Future Share Price $0.95 $1.42 $1.53 PV of Future Share Price at 3/12/2024 $1.29 $1.23 Current Selected Companies Median NTM EBITDA Multiple Current 12/31/2024 12/31/2025 Implied Future Share Price $1.92 $2.16 PV of Future Share Price at 3/12/2024 $1.73 $1.72 $0.95 $1.29 $1.55 $2.36 $2.82 $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 Current 12/31/2024 12/31/2025 Current Savanna NTM EBITDA Multiple: 6.6x Current Selected Companies Median NTM EBITDA Multiple: 13.4x Current Savanna NTM EBITDA Multiple Current 12/31/2024 12/31/2025 NTM EBITDA $77 $92 NTM EBITDA Multiple 6.6x 6.6x 6.6x Implied TEV $507 $609 (+) Cash (Excluding SBC) 134 182 (-) Cumulative SBC (37) (69) (-) NCI 0 0 (-) Preferred Stock (50) (50) (-) Debt (0) (0) Implied Total Equity Value $553 $672 FDSO 427.5 433.9 Implied Future Share Price $0.95 $1.29 $1.55 PV of Future Share Price at 3/12/2024 $1.17 $1.24 Current Selected Companies Median NTM EBITDA Multiple Current 12/31/2024 12/31/2025 Implied Future Share Price $2.36 $2.82 PV of Future Share Price at 3/12/2024 $2.14 $2.25 Provider Sale NTM EBITDA Multiple Savanna 1 8.0x 11.5x 15.0x NTM 6.6x $1.31 $1.53 $1.72 EBITDA Mult. 13.4x $1.95 $2.16 $2.34 Illustrative Future Share Price at 12/31/2025E

GRAPHIC

HIGHLY CONFIDENTIAL DRAFT FOR DISCUSSION SUBJECT TO CHANGE FOR INFORMATIONAL PURPOSES ONLY Provider Sale NTM EBITDA Multiple 1 8.0x 11.5x 15.0x Total Share $100 $1.40 $1.67 $1.90 Repurchase $200 $1.46 $1.79 $2.08 $300 $1.46 $1.88 $2.25 Illustrative Future Share Price Analysis – EBITDA Multiples (cont’d) 20 ($ and shares in millions, except per share data) Source: Savanna management projections, Company filings, Wall Street research, Capital IQ as of 3/12/2024. Note: Fully-diluted share count as estimated by Savanna Management. Includes all outstanding common stock, RSUs, and options as of 1/1/2024. Options converted to effective shares using treasury stock method. (1) Provider Divestiture assumes: gross sale price based on a multiple of Provider 2024E Adj. EBITDA; NOL tax shield on gain (per management guidance); transaction occurs on 6/30/2024E; and SBC, D&A, and Change in Net Working Capital allocated to the Provider division based on share of revenue from 2024E-2026E. CapEx for RemainCo provided by Savanna management. (2) Assumes total share repurchase of $100M is executed at weighted average price of $1.00 per share, total share repurchase of $200M is executed at weighted average price of $1.10 per share, and total share repurchase of $300M is executed at weighted average price of $1.20 per share. Divest Provider at 6/30/2024E for 11.5x 2024E EBITDA With a $200M Share Repurchase @ $1.10 / Share [1] $0.95 $1.61 $1.79 $2.39 $2.78 $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 Current 12/31/2024 12/31/2025 Current Savanna NTM EBITDA Multiple: 6.6x Current Selected Companies Median NTM EBITDA Multiple: 13.4x Illustrative Future Share Price at 12/31/2025E at Selected Companies Median NTM EBITDA Mult. (13.4x) Current Savanna NTM EBITDA Multiple Current 12/31/2024 12/31/2025 NTM EBITDA $36 $45 NTM EBITDA Multiple 6.6x 6.6x 6.6x Implied TEV $235 $299 (+) Cash (Excluding SBC) 258 271 (-) Cumulative SBC (32) (55) (-) NCI 0 0 (-) Preferred Stock (50) (50) (-) Debt (0) (0) Implied Total Equity Value $411 $464 FDSO 254.5 259.8 Implied Future Share Price $0.95 $1.61 $1.79 PV of Future Share Price at 3/12/2024 $1.46 $1.43 Current Selected Companies Median NTM EBITDA Multiple Current 12/31/2024 12/31/2025 Implied Future Share Price $2.39 $2.78 PV of Future Share Price at 3/12/2024 $2.17 $2.22 Illustrative Future Share Price at 12/31/2025E at Current Savanna NTM EBITDA Multiple (6.6x) [2] [2] Provider Sale NTM EBITDA Multiple 1 8.0x 11.5x 15.0x Total Share $100 $2.19 $2.45 $2.68 Repurchase $200 $2.45 $2.78 $3.07 $300 $2.73 $3.15 $3.51

GRAPHIC

HIGHLY CONFIDENTIAL DRAFT FOR DISCUSSION SUBJECT TO CHANGE FOR INFORMATIONAL PURPOSES ONLY 2024E Median: 1.72x Illustrative Analysis at Various Prices 21 Digital Health Median 2024E Revenue Multiple Premiums Paid – U.S. Public Tech Companies, Last 12 Months(4) 40% 55% Digital Health Median 2024E EBITDA Multiple 2024E Median: 13.4x $1.31 - $1.45 $1.87 $1.34 Source: Company filings, Savanna management projections, Capital IQ as of 3/12/2024. Metrics <0 considered NM. Note: A refers to Actual; E refers to Estimated; Adjusted EBITDA refers to earnings before interest, taxes, depreciation and amortization, adjusted for certain non-recurring items. (1) Savanna Management estimates, 2023E EBITDA does not include bonus accrual; still to be determined; (2) Non-Controlling Interest reflects a minimum of $0. Non-Controlling Interest as of 9/30/23 is ($0.5) million, per Savanna management; (3) Unaffected share price as of the last close before Claritas’ 13D filing (10/10/2023); (4) Based on U.S. announced software transactions since February 2023, 25th – 75th percentile of 1-month premiums Current Illustrative Share Prices Price Per Share $0.95 $1.00 $1.25 $1.50 $1.75 $2.00 $2.25 $2.50 Fully Diluted Shares (1/1/2024A)(1) 422.3 422.3 426.7 432.0 440.6 447.0 452.0 456.0 Equity Value $402 $422 $533 $648 $771 $894 $1,017 $1,140 Less: Net Cash (12/31/2023E)(1) (129) (129) (129) (129) (129) (129) (129) (129) Plus: Minority Interest (12/31/2023E)(2) - - - - - - - - Plus: Preferred Equity (12/31/2023E)(1) 50 50 50 50 50 50 50 50 Enterprise Value $323 $344 $455 $569 $692 $815 $938 $1,061 Premium / (Discount) to: Metric Current Share Price (3/12/2024) $0.95 - 5% 31% 58% 84% 110% 136% 163% Unaffected Share Price (10/10/23)(3) $0.94 2% 7% 34% 60% 87% 114% 141% 167% 52-Week High (3/14/2023) $2.35 (59%) (57%) (47%) (36%) (26%) (15%) (4%) 6% 52-Week Low (8/29/2023) $0.77 24% 30% 62% 95% 127% 160% 192% 225% EV / Revenue 2023E(1) $460 0.7x 0.7x 1.0x 1.2x 1.5x 1.8x 2.0x 2.3x 2024E(1) $436 0.7x 0.8x 1.0x 1.3x 1.6x 1.9x 2.2x 2.4x EV / Adj. EBITDA 2023E(1) $24 13.7x 14.6x 19.3x 24.2x 29.4x 34.6x 39.8x 45.0x 2024E(1) $37 8.7x 9.3x 12.3x 15.4x 18.7x 22.0x 25.3x 28.6x Illustrative Premia / Multiple Ranges Implied Price Range ($ and shares in millions, except per share data) Range of Current Proposals: $1.40 – $2.05

GRAPHIC

Page 1. Situation Overview 3 2. Management Projections and Financial Analyses 7 3. Appendix 22 Preliminary Financial Analyses (With doc.ai) 23 Preliminary Selected Public Market Observations 32 Preliminary Selected Benchmarking Data 43 Preliminary Weighted Average Cost of Capital Analysis 48

GRAPHIC

Page 1. Situation Overview 3 2. Management Projections and Financial Analyses 7 3. Appendix 22 Preliminary Financial Analyses (With doc.ai) 23 Preliminary Selected Public Market Observations 32 Preliminary Selected Benchmarking Data 43 Preliminary Weighted Average Cost of Capital Analysis 48

GRAPHIC

HIGHLY CONFIDENTIAL DRAFT FOR DISCUSSION SUBJECT TO CHANGE FOR INFORMATIONAL PURPOSES ONLY 24 Preliminary Financial Analysis Summary (cont’d) Source: Savanna management. Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization and Stock-Based Compensation Expense, adjusted for certain non-recurring items. CY refers to Calendar Year; E refers to Estimated. (1) Reflects sum-of-the-parts analysis. Refer to page 16 for further information on the sum-of-the-parts calculation of enterprise value. (2) Per Savanna management. (3) Based on the present value of future Federal and State net operating loss usage discounted at a cost of equity range of 12.5% on the low end and 13.5% on the high end. Per Savanna management, there are $411.6 million of Federal NOLs and $342.1 million of State NOLs outstanding as of 12/31/23. Of the $411.6 million of Federal NOLs, Savanna management has indicated that $47.2 million are subject to Section 382 limitations. (4) Based on the present value of (i) $14.9 million of Adjusted EBITDA in 2024E and 2025E (reflecting earnings relating to doc.ai that are non-recurring), (ii) less taxes in 2025E based on a 28.2% tax rate, and (iii) the impact of the change in net working capital of ($3.3) million and $0.2 million in 2024E and 2025E, respectively, discounted at 11.0% on the low end and 12.0% on the high end. (5) Represents liquidation preference of Series A redeemable preferred stock, convertible above $10.00 per share. (6) Non-Controlling Interest reflects a minimum of $0. Non-Controlling Interest as of 9/30/23 is ($0.5) million, per Savanna management. (7) Based on (i) ~355.1 million common shares outstanding, (ii) ~90.7 million options to purchase common stock (to the extent in the money, based on the treasury method), and (iii) ~66.9 million restricted stock units, as of 1/19/24, per Savanna management. ($ in millions, except per share data) Selected Companies Selected Companies Selected Companies Selected Transactions Discounted Cash Flow Analysis Analysis Analysis Analysis Analysis CY 2024E CY 2025E CY 2025E CY 2024E Terminal EBITDA Multiple Total Revenue (w.o. doc.ai) Total Revenue (w.o. doc.ai) Adjusted EBITDA (w.o. doc.ai) Sum-of-the-Parts [1] 9.0x -- 12.0x Discount Rate Corresponding Base Amount $417.4 $512.3 $61.7 11.0% -- 12.0% Selected Multiples Range 1.00x -- 2.00x 0.75x -- 1.50x 9.0x -- 12.0x Implied Enterprise Value Reference Range $417.4 -- $834.7 $384.2 -- $768.4 $555.3 -- $740.4 $412.2 -- $835.1 $602.5 -- $824.3 Cash & Cash Equivalents as of 12/31/23 [2] 129.0 -- 129.0 129.0 -- 129.0 129.0 -- 129.0 129.0 -- 129.0 129.0 -- 129.0 Present Value of Net Operating Losses as of 3/15/24 [3] 47.5 -- 50.3 47.5 -- 50.3 47.5 -- 50.3 0.0 -- 0.0 47.5 -- 50.3 Present Value of doc.ai Contribution as of 3/15/24 [4] 20.4 -- 20.6 20.4 -- 20.6 20.4 -- 20.6 20.4 -- 20.6 0.0 -- 0.0 Implied Total Enterprise Value Reference Range $614.3 -- $1,034.6 $581.1 -- $968.3 $752.2 -- $940.2 $561.6 -- $984.7 $778.9 -- $1,003.6 Total Debt as of 12/31/23 [2] (0.5) -- (0.5) (0.5) -- (0.5) (0.5) -- (0.5) (0.5) -- (0.5) (0.5) -- (0.5) Preferred Stock as of 12/31/23 [2] [5] (50.0) -- (50.0) (50.0) -- (50.0) (50.0) -- (50.0) (50.0) -- (50.0) (50.0) -- (50.0) Non-Controlling Interest as of 12/31/23 [2] [6] 0.0 -- 0.0 0.0 -- 0.0 0.0 -- 0.0 0.0 -- 0.0 0.0 -- 0.0 Implied Total Equity Value Reference Range $563.8 -- $984.1 $530.7 -- $917.9 $701.7 -- $889.8 $511.1 -- $934.3 $728.5 -- $953.2 Shares Outstanding [2] [7] 427.9 -- 450.8 426.6 -- 448.1 436.1 -- 446.8 425.8 -- 448.8 437.9 -- 449.5 Implied Per Share Reference Range $1.32 -- $2.18 $1.24 -- $2.05 $1.61 -- $1.99 $1.20 -- $2.08 $1.66 -- $2.12

GRAPHIC

HIGHLY CONFIDENTIAL DRAFT FOR DISCUSSION SUBJECT TO CHANGE FOR INFORMATIONAL PURPOSES ONLY 25 Preliminary Selected Savanna Historical and Projected Financial Data Source: Savanna management. Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization and Stock-Based Compensation Expense, adjusted for certain non-recurring items. CAGR refers to Compound Annual Growth Rate; CY refers to Calendar Year; E refers to Estimated; NMF refers to not meaningful figure; SBC refers to Stock-Based Compensation. (1) 2022 Adjusted EBITDA has subsequently been revised by the Company as compared to the public filing due to certain discussions around accepted add-backs with the SEC. (2) 2024E and 2025E Revenue and Adjusted EBITDA include contracted revenue / earnings relating to doc.ai that are non-recurring. ($ in millions) CY Ended December 31, Calendar Year Ending December 31, CAGR 2021 2022 2023E 2024E 2025E 2026E 2022 to 2026E Total Revenue $412.8 $442.4 $459.5 $436.2 $531.2 $618.9 8.8% Growth % 25.6% 7.2% 3.9% -5.1% 21.8% 16.5% Cost of Revenue (202.8) (234.7) (257.5) (223.8) (261.9) (318.5) Gross Profit $210.0 $207.7 $202.1 $212.4 $269.3 $300.4 Margin % 50.9% 47.0% 44.0% 48.7% 50.7% 48.5% Sales & Marketing (47.8) (50.7) (48.9) (46.2) (51.3) (55.1) General & Administrative (77.9) (92.7) (82.2) (82.6) (92.6) (103.1) Product & Technology (57.3) (58.5) (46.6) (46.6) (48.8) (50.1) Total Operating Expenses (183.0) (201.9) (177.6) (175.3) (192.7) (208.4) Other 0.0 0.0 (0.9) 0.0 0.0 0.0 Adjusted EBITDA [1] $27.0 $5.8 $23.6 $37.1 $76.6 $92.0 99.4% Margin % 6.5% 1.3% 5.1% 8.5% 14.4% 14.9% Growth % 273.2% -78.5% 304.9% 57.3% 106.6% 20.2% Stock-Based Compensation (46.8) (69.6) (47.1) (37.5) (31.5) (31.5) Adjusted EBITDA less SBC ($19.7) ($63.8) ($23.5) ($0.4) $45.1 $60.6 NMF Margin % -4.8% -14.4% -5.1% -0.1% 8.5% 9.8% Growth % NMF NMF NMF NMF NMF 34.2% Illustrative Selected Savanna Historical and Projected Financial Data without doc.ai Total Revenue $459.5 $417.4 $512.3 $618.9 Growth % 3.9% -9.2% 22.7% 20.8% Adjusted EBITDA $23.6 $22.2 $61.7 $92.0 Margin % 5.1% 5.3% 12.0% 14.9% Growth % 304.9% -5.8% 178.0% 49.1% Adjusted EBITDA less SBC ($23.5) ($15.3) $30.2 $60.6 Margin % -5.1% -3.7% 5.9% 9.8% Growth % NMF NMF NMF 100.3% [2]

GRAPHIC

HIGHLY CONFIDENTIAL DRAFT FOR DISCUSSION SUBJECT TO CHANGE FOR INFORMATIONAL PURPOSES ONLY CY Ended December 31, Calendar Year Ending December 31, CAGR 2021 2022 2023E 2024E 2025E 2026E 2024E to 2026E Enterprise Revenue 243.4 258.6 258.2 227.6 301.9 368.8 27.3% Growth % 29.2% 6.3% -0.2% -11.9% 32.6% 22.2% Provider Revenue 90.9 104.2 119.3 122.7 137.8 152.2 11.4% Growth % 14.6% 14.6% 14.6% 2.8% 12.3% 10.5% Life Sciences Revenue 78.5 79.6 82.0 85.9 91.5 97.9 6.7% Growth % 28.4% 1.4% 3.0% 4.8% 6.5% 7.0% Total Revenue $412.8 $442.4 $459.5 $436.2 $531.2 $618.9 19.1% Growth % 25.6% 7.2% 3.9% -5.1% 21.8% 16.5% Cost of Revenue (202.8) (234.7) (257.5) (223.8) (261.9) (318.5) Enterprise 107.2 109.9 149.4 169.5 24.2% Margin % 41.5% 48.3% 49.5% 46.0% Growth % 2.5% 36.0% 13.5% Provider 52.6 58.3 72.8 80.5 17.5% Margin % 44.1% 47.5% 52.8% 52.9% Growth % 10.9% 24.8% 10.6% Life Sciences 42.3 44.3 47.1 50.4 6.7% Margin % 51.6% 51.5% 51.5% 51.4% Growth % 4.6% 6.4% 7.0% Gross Profit $210.0 $207.7 $202.1 $212.4 $269.3 $300.4 18.9% Margin % 50.9% 47.0% 44.0% 48.7% 50.7% 48.5% Enterprise Adjusted EBITDA 10.7 23.6 51.8 63.4 64.1% Margin % 4.1% 10.4% 17.2% 17.2% Growth % 120.0% 119.9% 22.5% Provider Adjusted EBITDA 17.6 28.5 41.0 46.8 28.1% Margin % 14.8% 23.3% 29.8% 30.7% Growth % 61.9% 43.7% 14.1% Life Sciences Adjusted EBITDA 19.7 21.1 23.2 25.8 10.6% Margin % 24.0% 24.6% 25.3% 26.3% Growth % 7.3% 9.9% 11.3% Corporate Overhead (23.5) (36.1) (39.4) (44.0) Other (0.9) 0.0 0.0 0.0 Adjusted EBITDA [1] $27.0 $5.8 $23.6 $37.1 $76.6 $92.0 57.6% Margin % 6.5% 1.3% 5.1% 8.5% 14.4% 14.9% Growth % 273.2% -78.5% 304.9% 57.3% 106.6% 20.2% 26 Preliminary Selected Savanna Historical and Projected Financial Data (cont’d) Segmented Source: Savanna management. Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization and Stock-Based Compensation Expense, adjusted for certain non-recurring items. CAGR refers to Compound Annual Growth Rate; CY refers to Calendar Year; E refers to Estimated. 2024E and 2025E Revenue and Adjusted EBITDA include contracted revenue / earnings relating to doc.ai that are non-recurring. (1) 2022 Adjusted EBITDA has subsequently been revised by the Company as compared to the public filing due to certain discussions around accepted add-backs with the SEC. ($ in millions)

GRAPHIC

HIGHLY CONFIDENTIAL DRAFT FOR DISCUSSION SUBJECT TO CHANGE FOR INFORMATIONAL PURPOSES ONLY Enterprise Channel – Revenue Detail 27 ($ in millions) Source: Management projections and commentary. ($m) 2023E 2024E 23E-24E Growth Digital $54 $36 (33%) Coaching / Advocacy* $91 $69 (24%) Marketplace $16 $13 (19%) Blue Zones $19 $14 (26%) Home Health $44 $46 5% Other* $34 $10 (71%) Booked $258 $188 (27%) Go-Get $0 $21 Total $258 $209 (19%) *Confidential treatment requested

GRAPHIC

HIGHLY CONFIDENTIAL DRAFT FOR DISCUSSION SUBJECT TO CHANGE FOR INFORMATIONAL PURPOSES ONLY Provider Channel – Revenue Detail 28 ($ in millions) Source: Management projections and commentary. Selected Highlights & Assumptions – Per Company Management *Confidential treatment requested

GRAPHIC

HIGHLY CONFIDENTIAL DRAFT FOR DISCUSSION SUBJECT TO CHANGE FOR INFORMATIONAL PURPOSES ONLY Life Sciences Channel – Revenue Detail 29 ($ in millions) Source: Management projections and commentary. Selected Highlights & Assumptions – Per Company Management *Confidential treatment requested

GRAPHIC

HIGHLY CONFIDENTIAL DRAFT FOR DISCUSSION SUBJECT TO CHANGE FOR INFORMATIONAL PURPOSES ONLY 30 Preliminary Selected Companies Analysis Source: Company filings, Capital IQ as of 3/12/2024, Bloomberg, Wall Street research. Multiples <0x or >25x considered NMF. Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization and Stock-Based Compensation Expense, adjusted for certain non-recurring items. CY refers to Calendar Year; E refers to Estimated; NMF refers to not meaningful figure. (1) Enterprise Value equals equity market value + debt outstanding + preferred stock + minority interests – cash and cash equivalents. (2) Based on closing prices as of 3/12/2024. (3) Based on diluted shares. (4) Multiples based on forward looking financial information have been calendarized to the Company’s fiscal year end of December 31st. (5) CY 2023E revenue and adjusted EBITDA reflects actual results for the period ended 12/31/23. ($ in millions, except per share data) Share Equity Market Enterprise Enterprise Value [1] to Revenue Enterprise Value [1] to Adjusted EBITDA Selected Company Price [2] Value [2] [3] Value [2] [3] CY 2023E [4] CY 2024E [4] CY 2025E [4] CY 2023E [4] CY 2024E [4] CY 2025E [4] Accolade, Inc. $9.41 783.3 761.5 1.88x 1.59x 1.34x NMF NMF 24.6x Alight, Inc. [5] $9.00 5,392.8 8,108.8 2.38x 2.27x 2.13x 11.0x 10.1x 9.1x American Well Corporation [5] $0.91 307.9 (49.3) NMF NMF NMF NMF NMF NMF Evolent Health, Inc. [5] $33.65 4,201.8 4,606.0 2.33x 1.86x 1.61x 23.7x 18.2x 14.1x Health Catalyst, Inc. [5] $8.15 504.2 414.5 1.40x 1.34x 1.20x NMF 16.7x 11.1x Phreesia, Inc. $23.25 1,427.0 1,337.3 3.83x 3.17x 2.66x NMF NMF NMF Teladoc Health, Inc. [5] $15.37 2,735.0 3,150.0 1.21x 1.18x 1.14x 9.6x 8.6x 7.7x Low 1.21x 1.18x 1.14x 9.6x 8.6x 7.7x High 3.83x 3.17x 2.66x 23.7x 18.2x 24.6x Median 2.11x 1.73x 1.47x 11.0x 13.4x 11.1x Mean 2.17x 1.90x 1.68x 14.7x 13.4x 13.3x Savanna $0.95 $379.9 $301.8 0.66x 0.61x 0.55x 12.4x 6.6x 5.2x

GRAPHIC

HIGHLY CONFIDENTIAL DRAFT FOR DISCUSSION SUBJECT TO CHANGE FOR INFORMATIONAL PURPOSES ONLY 31 Preliminary Discounted Cash Flow Analysis – Adjusted EBITDA Source: Savanna management projections. Note: Present values as of 3/15/24; mid-year convention applied. Refer to WACC calculation for derivation of discount rate. Adjusted EBIT refers to Earnings Before Interest and Taxes and Stock-Based Compensation Expense, adjusted for certain non-recurring items. Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization and Stock-Based Compensation Expense, adjusted for certain non-recurring items. CY refers to Calendar Year; E refers to Estimated; PV refers to Present Value. (1) Tax at 28.2%, per Savanna management. (2) Implied from corresponding discount rate and 2026E Adjusted EBITDA multiple. ($ in millions) Projected CY Ending December 31, 2024E 2025E 2026E Total Revenue $436.2 $531.2 $618.9 Growth % -5.1% 21.8% 16.5% Cost of Revenue (223.8) (261.9) (318.5) Discount Rate 9.0x 10.5x 12.0x Sales & Marketing (46.2) (51.3) (55.1) 11.00% 8.4% 8.8% 9.1% General & Administrative (82.6) (92.6) (103.1) 11.25% 8.7% 9.0% 9.3% Product & Technology (46.6) (48.8) (50.1) 11.50% 8.9% 9.3% 9.6% Adjusted EBITDA $37.1 $76.6 $92.0 11.75% 9.2% 9.5% 9.8% Margin % 8.5% 14.4% 14.9% 12.00% 9.4% 9.8% 10.0% Depreciation & Amortization (55.5) (42.0) (32.5) Stock-Based Compensation (37.5) (31.5) (31.5) Adjusted EBIT ($55.8) $3.2 $28.1 Taxes [1] 0.0 (0.9) (7.9) Unlevered Earnings ($55.8) $2.3 $20.2 Discount Rate 9.0x 10.5x 12.0x Depreciation & Amortization 55.5 42.0 32.5 11.00% 100.1% 100.0% 100.0% Capital Expenditures (23.8) (23.7) (24.3) 11.25% 100.1% 100.1% 100.1% Change in Net Working Capital (8.1) (4.2) (7.5) 11.50% 100.1% 100.1% 100.1% Unlevered Free Cash Flows ($32.3) $16.3 $20.8 11.75% 100.1% 100.1% 100.1% 12.00% 100.1% 100.1% 100.1% Present Value PV of Terminal Value of Cash Flows as a Multiple of Implied Enterprise Value (2024E - 2026E) 2026E Adjusted EBITDA Discount Rate 9.0x 10.5x 12.0x 9.0x 10.5x 12.0x 11.00% ($0.3) $618.5 $721.6 $824.7 $618.2 $721.3 $824.3 11.25% ($0.4) $614.6 $717.1 $819.5 $614.2 $716.6 $819.1 11.50% ($0.5) + $610.8 $712.6 $814.4 = $610.2 $712.0 $813.8 11.75% ($0.6) $607.0 $708.1 $809.3 $606.3 $707.5 $808.7 12.00% ($0.7) $603.2 $703.7 $804.2 $602.5 $703.0 $803.5 Implied Perpetual Growth Rate [2] PV of Terminal Value as a % of Enterprise Value

GRAPHIC

Page 1. Situation Overview 3 2. Management Projections and Financial Analyses 7 3. Appendix 22 Preliminary Financial Analyses (With doc.ai) 23 Preliminary Selected Public Market Observations 32 Preliminary Selected Benchmarking Data 43 Preliminary Weighted Average Cost of Capital Analysis 48

GRAPHIC

HIGHLY CONFIDENTIAL DRAFT FOR DISCUSSION SUBJECT TO CHANGE FOR INFORMATIONAL PURPOSES ONLY 33 Trading Market Snapshot Public Market Trading Overview 1-Day 5-Day 10-Day 20-Day 30-Day 1-Month 3-Month 6-Month 9-Month 12-Month $0.97 $0.95 $0.96 $0.99 $1.02 $0.99 $1.01 $1.02 $1.10 $1.23 Historical VWAP10 (As of 3/12/2024) Sources: Bloomberg, Capital IQ, and public filings. Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization and Stock-Based Compensation Expense, adjusted for certain non-recurring items. CY refers to Calendar Year; E refers to Estimated. (1) Per the Company’s Form 10-Q for the period ended 9/30/23. (2) Reflects dilutive impact of (i) ~18.6 million warrants to purchase common stock as of 9/30/23 (to the extent in the money, based on the treasury method), (ii) ~96.9 million options to purchase common stock as of 9/30/23 (to the extent in the money, based on the treasury method), and (iii) ~46.7 million restricted stock units as of 9/30/23. (3) Reflects book value, net of debt discount and deferred financing costs. (4) Assumes conversion of Series A preferred stock to common stock. The aggregate liquidation preference of the Series A preferred stock is $50 million. (5) Per Capital IQ. (6) Per Bloomberg. (7) Per public filings. (8) Represents common shares outstanding excluding those held by current and former directors and executive officers. Does not reflect share acquisitions or disposals not publicly disclosed as of 3/12/2024. (9) Reflects consensus analyst estimates per Bloomberg. (10) VWAP based on cumulative trading activity over designated number of trading days (based on intraday trading) per Bloomberg as of 3/12/2024. (shares outstanding and $ in millions, except per share data and where otherwise noted) ($ per share in actuals) Public Market Enterprise Value Derivation Selected Market Information as of March 12, 2024 Closing Stock Price as of March 12, 2024 $0.95 1-Month Average [5] $0.99 Common Shares Outstanding [1] 352.4 3-Month Average [5] $1.02 Dilutive Shares [1] [2] 46.7 6-Month Average [5] $1.01 Fully Diluted Shares 399.1 52-Week High (3/14/23) [5] $2.35 Market Value of Equity $379.9 52-Week Low (8/29/23) [5] $0.77 Debt [1] [3] 0.5 Preferred Stock [4] 50.0 90-Day Average Daily Trading Volume (in millions) [5] 0.9 Non-Controlling Interest [1] (0.5) % of Total Shares Outstanding 0.3% Total Cash and Cash Equivalents [1] (128.0) 90-Day Average Daily Trading Value (in millions) [5] $0.9 Public Market Enterprise Value $301.8 % of Market Value of Equity 0.2% Number of Analysts Covering the Company [6] 4 Total Public Float [7] [8] 335.8 % of Total Shares Outstanding 95.3% Implied Multiples CY 2023E [9] CY 2024E [9] CY 2025E [9] Enterprise Value / Total Revenue 0.66x 0.61x 0.55x Enterprise Value / Adjusted EBITDA 12.4x 6.6x 5.2x

GRAPHIC

HIGHLY CONFIDENTIAL DRAFT FOR DISCUSSION SUBJECT TO CHANGE FOR INFORMATIONAL PURPOSES ONLY 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 $0.00 $1.00 $2.00 $3.00 $4.00 $5.00 $6.00 $7.00 $8.00 $9.00 $10.00 Jul-21 Sep-21 Nov-21 Jan-22 Mar-22 May-22 Jul-22 Sep-22 Nov-22 Jan-23 Mar-23 May-23 Jul-23 Sep-23 Nov-23 Jan-24 Mar-24 Daily Trading Volume Sharecare, Inc. Current Stock Price [2] Closing Stock Price (dollars per share) Daily Volume (millions) Timeline and Stock Trading History Since Closing of de-SPAC Transaction (7/2/21)1 34 Selected Events Event Date Comment A 7/2/2021 Sharecare, Inc. begins trading on the Nasdaq after completing the acquisition of Falcon Capital Acquisition Corp. in a reverse merger transaction. B 8/11/2021 The Company announces the acquisition of CareLinx, a nationwide home care platform. Concurrently, the Company announces Q2 CY 2021 earnings, reporting $98.5 million of revenue (versus $78.2 million in the prior year period) and adjusted EBITDA of $6.6 million (versus $7.9 million in the prior year period). C 11/10/2021 The Company announces Q3 CY 2021 earnings, reporting $105.6 million of revenue (versus $80.2 million in the prior year period) and adjusted EBITDA of $7.9 million (versus $13.3 million in the prior year period). D 3/31/2022 The Company announces Q4 and full CY 2021 earnings, achieving full year revenue of $412.8 million (versus $328.8 million in the prior year period) and adjusted EBITDA of $27.0 million (versus $32.3 million in the prior year period). E 5/12/2022 The Company announces Q1 CY 2022 earnings, reporting $100.7 million of revenue (versus $90.2 million in the prior year period) and adjusted EBITDA of $0.2 million (versus $7.1 million in the prior year period). Concurrently, the Company announces a $50 million share repurchase program. F 8/10/2022 The Company announces the initiation of a strategic review of its non-enterprise businesses concurrently with Q2 CY 2022 earnings, reporting $103.8 million of revenue (versus $98.5 million in the prior year period) and adjusted EBITDA of $2.1 million (versus $6.6 million in the prior year period). Withdraws CY 2022 guidance. G 11/10/2022 The Company announces Q3 CY 2022 earnings, reporting $114.6 million of revenue (versus $105.6 million in the prior year period) and adjusted EBITDA of $7.2 million (versus $7.9 million in the prior year period). A B C F D E Current Stock Price2: $0.95 Event Date Comment H 3/29/2023 The Company announces Q4 and full CY 2022 earnings, achieving full year revenue of $442.4 million (versus $412.8 million in the prior year period) and adjusted EBITDA of $15.8 million (versus $27.0 million in the prior year period). The Company provides CY 2023 revenue and adjusted EBITDA guidance of $450 to $460 million and $25 to $30 million, respectively. I 5/10/2023 The Company announces Q1 CY 2023 earnings, reporting $116.3 million of revenue (versus $100.7 million in the prior year period) and adjusted EBITDA of $2.1 million (versus $0.2 million in the prior year period). J 5/31/2023 The Company announces that it completed the strategic review process initiated in 2022, concluding to continue executing on the Company's strategic plan to drive growth and efficiencies across all three business channels. The Board re-authorizes a $50 million stock repurchase program. K 8/9/2023 The Company announces Q2 CY 2023 earnings, reporting $110.4 million of revenue (versus $103.8 million in the prior year period) and adjusted EBITDA of $3.8 million (versus $2.1 million in the prior year period). L 10/12/2023 The Company announces the receipt of an unsolicited preliminary non-binding proposal from Claritas Capital to acquire all of the outstanding shares of common stock of the Company, not already beneficially owned by Claritas Capital and its affiliated funds, for cash consideration of between $1.35 and $1.80 per share. M 11/9/2023 The Company announces Q3 CY 2023 earnings, reporting $113.3 million of revenue (versus $114.6 million in the prior year period) and adjusted EBITDA of $9.6 million (versus $5.2 million3 in the prior year period). Announces new CEO beginning 1/2/24. N 3/12/2024 The Company announces it will delay Q4 and full CY 2023 earnings from 3/13/24 to 3/28/24 and that its Board formed a special committee of independent directors to evaluate multiple proposals for a potential sale and other alternatives. G H I K J L M Sources: Capital IQ and public filings. Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization and Stock-Based Compensation Expense, adjusted for certain non-recurring items. CY refers to Calendar Year; Q refers to quarter. (1) The Company completed the de-SPAC transaction on 7/1/21 and began trading on the Nasdaq under ticker “SHCR” on 7/2/21. (2) As of 3/12/2024 close. (3) Q3 CY 2022 Adjusted EBITDA was recasted from $7.2 million to $5.2 million, reflecting the Company’s updated computation methodology effective 9/30/23. N

GRAPHIC

HIGHLY CONFIDENTIAL DRAFT FOR DISCUSSION SUBJECT TO CHANGE FOR INFORMATIONAL PURPOSES ONLY Fiscal Year Ends December 31 2021A 2022A 2023A Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Total Revenue $90.2 $98.5 $105.6 $118.5 $100.7 $103.8 $114.6 $123.3 $116.3 $110.4 $113.3 Guidance (Low) 96.5 103.0 120.3 95.0 101.0 111.0 109.5 111.0 Guidance (High) 98.5 105.0 121.3 98.0 103.0 113.0 110.5 113.0 % Beat / (Miss) 1.0% 1.6% (1.9%) 4.4% 1.8% 3.8% 0.3% 1.2% Consensus GM (%) 51.5% 49.2% 52.0% 51.0% 49.5% 49.5% 46.7% 47.7% 41.6% 44.2% Actual (GAAP) GM (%) 50.8% 50.6% 51.5% 50.3% 48.9% 48.7% 47.4% 40.6% 41.6% 43.0% 43.2% Difference (0.9%) 2.3% (1.7%) (2.1%) (0.7%) (2.1%) (6.1%) (6.0%) 1.4% (1.0%) As Reported Adj. EBITDA $6.5 $6.6 $7.9 $5.4 $0.2 $2.1 $7.2 $4.6 $2.1 $3.8 $9.6 Guidance (Low) 6.5 6.0 8.0 0.0 1.0 1.0 2.5 8.0 Guidance (High) 6.5 7.0 9.0 0.0 2.0 2.0 3.5 10.0 % Beat / (Miss) 2.3% 21.6% (37.0%) NA 42.3% 40.3% 27.2% 6.7% Restated Adj. EBITDA $7.1 $6.6 $7.9 $5.4 ($1.3) ($0.6) $5.2 $2.5 $0.6 $3.3 $9.6 Historical Performance vs. Guidance and Consensus Source: Company press releases, filings, Savanna Management, FactSet, Capital IQ as of 3/12/2024. (1) Sourced directly from each quarter’s press release. Guidance sourced from the prior quarter’s press release. (2) Adjusted EBITDA has subsequently been revised by the Company as compared to the public filing due to certain discussions around accepted add-backs with the SEC. 35 ($ in millions, except per share data) 2021 2022 2023 $408 $415 $415 $413 $415 $31 $29 $30 $29 $30 $0 $50 $100 $150 $200 $250 $300 $350 $400 $450 $500 6/1/2021 8/11/2021 11/10/2021 $485 $485 $488 $476 $445 $444 $33 $33 $31 $31 $11 $14 $0 $50 $100 $150 $200 $250 $300 $350 $400 $450 $500 3/31/2022 5/12/2022 8/10/2022 11/10/2022 $455 $456 $456 $456 $460 $460 $483 $479 $28 $28 $28 $24 $30 $27 $24 $24 $0 $50 $100 $150 $200 $250 $300 $350 $400 $450 $500 3/29/2023 5/4/2023 8/9/2023 11/9/2023 Revenue Mgmt. Guidance Revenue Consensus EBITDA Mgmt. Guidance EBITDA Consensus (1) (2) Guidance withdrawn Withdrawn Withdrawn

GRAPHIC

HIGHLY CONFIDENTIAL DRAFT FOR DISCUSSION SUBJECT TO CHANGE FOR INFORMATIONAL PURPOSES ONLY Last Twelve Months Last Nine Months Last Six Months Last Three Months 36 Selected Historical Trading Activity As of 3/12/2024 Volume: 323.8 million VWAP1: $1.23 Volume: 236.0 million VWAP1: $1.10 Volume: 119.1 million VWAP1: $1.02 Volume: 53.3 million VWAP1: $1.01 36.7% 23.0% 17.9% 20.2% 0.2% 1.0% 1.1% $0.75- $1.00 $1.00- $1.25 $1.25- $1.50 $1.50- $1.75 $1.75- $2.00 $2.00- $2.25 $2.25- $2.50 50.3% 31.6% 5.9% 12.0% 0.2% 0.0% 0.0% $0.75- $1.00 $1.00- $1.25 $1.25- $1.50 $1.50- $1.75 $1.75- $2.00 $2.00- $2.25 $2.25- $2.50 55.8% 44.2% 0.0% 0.0% 0.0% 0.0% 0.0% $0.75- $1.00 $1.00- $1.25 $1.25- $1.50 $1.50- $1.75 $1.75- $2.00 $2.00- $2.25 $2.25- $2.50 49.9% 50.1% 0.0% 0.0% 0.0% 0.0% 0.0% $0.75- $1.00 $1.00- $1.25 $1.25- $1.50 $1.50- $1.75 $1.75- $2.00 $2.00- $2.25 $2.25- $2.50 Source: Bloomberg as of 3/12/2024. VWAP refers to Volume Weighted Average Price. (1) Based on VWAP over specified period (last twelve months, last nine months, last six months, or last three months). Reference to “Month” is based on Calendar months. VWAP in dollars.

GRAPHIC

HIGHLY CONFIDENTIAL DRAFT FOR DISCUSSION SUBJECT TO CHANGE FOR INFORMATIONAL PURPOSES ONLY $0.00 $1.00 $2.00 $3.00 $4.00 Mar-23 May-23 Jul-23 Sep-23 Nov-23 Jan-24 Mean Analyst Price Target Share Price Savanna Analyst Perspectives 37 Wall Street Price Targets Consensus Price Targets vs. Stock Price Analyst Recommendations $2.81 $0.95 Premium to Current: 195.8% # of Ratings 5 5 4 4 4 4 4 4 4 4 4 4 4 4 4 4 Sources: Bloomberg, Capital IQ, and Wall Street research as of 3/12/2024. E refers to Estimated; EV refers to Enterprise Value; NA refers to Not Available. (1) Houlihan Lokey does not have access to equity research reports published by certain analysts including Nephron Research. Selected Wall Street Analyst Commentary Analyst Report Date and Rating Comments BTIG 1/31/24 Buy “We like that SHCR “advocates” for its members and takes an extensive and personalized view on each member to deliver proven outcomes. Its value-based approach should be attractive to health plans and providers who are looking for actual health and well-being weight loss changes that can also help manage costs.” “SHCR reported good results in 3Q:23, and re-affirmed full-year 2023E revenue guidance and its expectation to be cash-flow break-even by year-end.. EBITDA for the company is reaching an inflection point, and we expect momentum to continue.” Canaccord Genuity 1/3/24 Buy “The stock currently trades at a deeply discounted valuation, likely due to lack of action from the strategic initiative earlier in 2023, some questioning of the logic behind the synergies the three business generate, and customer Koch Industries selling its stake in the business. Further, the offshoring cost initiatives do provide some risks, particularly as the company approaches free cash flow breakeven. With adj-EBITDA now shored up to SEC guidelines, solid cash position of ~$128M at the end of 3Q, and we believe a clear line of sight to free cash flow breakeven, we have greater confidence in the longer term outlook of the business.” Morgan Stanley 12/15/23 Equal Weight “Valuation looks attractive relative to peers, but we see limited upside to estimates, which may cap any potential re-rating in the shares near term…Management discontinued the COVID vaccine assistant and health passport program and is retooling the legacy patient-centered medical home business from Healthways, while stepping up investments in Enterprise. The company recently finalized a strategic review and the Board opted to continue operating 3 segments, raising the bar to deliver on its vision.” Broker Date Rating Price Target Methodology CG 3/12/24 Buy $2.00 14.7x EV / '24E Adj. EBITDA BTIG 1/31/24 Buy $5.00 2.9x EV / '25E Rev. MS 12/15/23 Equalweight $1.50 0.8x EV / '24E Rev. Nephron 12/13/23 Buy $2.75 NA¹ Median $2.38 Mean $2.81 60% 60% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 40% 40% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% Buy Hold 4

GRAPHIC

HIGHLY CONFIDENTIAL DRAFT FOR DISCUSSION SUBJECT TO CHANGE FOR INFORMATIONAL PURPOSES ONLY 38 Canaccord Genuity Sum-of-the-Parts Analysis Source: Canaccord Genuity research report dated 3/12/2024. Analyst Report Date and Rating Comments Canaccord Genuity 3/12/2024 Buy “Evaluating the company from a sum-of-the-parts perspective backs the conclusion that shares are undervalued. Assuming a 2.8x 2023 revenue multiple, in line with the employer and health plan peer group, for Sharecare's Enterprise business implies $714.9 million value for the division. Applying a 3.3x 2023 revenue multiple, a 50% discount to the pharma marketing and commercialization peer group, to the Life Sciences business derives a $252.5 million value for the pharma marketing business. Finally, assuming a 2.3x 2023 revenue multiple for the Provider business (medical records), in line with provider-focused technology peer group, yields a $277.9 million value for the segment. In total, the implied enterprise value for these businesses is $1.245 billion. Adding 127.6 million net cash exiting 3Q'23, subtracting $50 million liquidation preference for Series A preferred shares, and assuming 398.2 million fully diluted shares yields a $3.32 per share value. This is well above our current $2 price target, further implying our view that Sharecare is undervalued at current levels."

GRAPHIC

HIGHLY CONFIDENTIAL DRAFT FOR DISCUSSION SUBJECT TO CHANGE FOR INFORMATIONAL PURPOSES ONLY Savanna: Wall Street Consensus Fiscal Year Estimates Detail (Post-Q3’23 Earnings Release) Source: Wall Street research, Savanna management. (1) Management guidance as of Sharecare Q3 2023 earnings release, November 9, 2023. (2) Management forecast as of 2/20/2024 (includes doc.ai). 39 ($ millions) FY 2023E BTIG CG MS Wall Street Avg. CapIQ Guidance Range(1) Mgmt Forecast(2) Enterprise $255 $257 $260 $258 $258 Provider 121 123 116 120 119 Consumer 77 77 77 77 82 Total Revenue $453 $457 $454 $454 $455 $452.5 - $460 $460 Adj. EBITDA $23 $26 $24 $24 $24 $21 - $26 $24 % Margin 5.6% 5.1% 5.3% 5.3% 5.3% 4.6% - 5.7% 5.2% FY 2024E BTIG CG MS Wall Street Avg. CapIQ Mgmt Forecast(2) Enterprise $273 $275 $287 $279 $228 Provider 134 141 128 134 123 Consumer 81 85 81 82 86 Total Revenue $488 $501 $496 $495 $495 $436 Adj. EBITDA $42 $47 $48 $46 $46 $37 % Margin 9.3% 8.5% 9.8% 9.2% 9.2% 8.5% FY 2025E BTIG CG MS Wall Street Avg. CapIQ Mgmt Forecast(2) Enterprise $294 $303 $318 $305 $302 Provider 151 162 141 151 138 Consumer 87 93 85 89 91 Total Revenue $558 $532 $544 $545 $545 $531 Adj. EBITDA $57 $55 $64 $59 $59 $77 % Margin 10.2% 10.2% 11.8% 10.7% 10.7% 14.5%

GRAPHIC

HIGHLY CONFIDENTIAL DRAFT FOR DISCUSSION SUBJECT TO CHANGE FOR INFORMATIONAL PURPOSES ONLY 40 Ownership Summary (shares in millions) Sources: Capital IQ and public filings as of 3/12/2024. designates holdings excluded from public float computations. Common Stock Holder Shares % Outstanding Claritas Capital 36.7 10.4% BlackRock, Inc. (NYSE:BLK) 23.6 6.7% The Vanguard Group, Inc. 17.0 4.8% Hearst Corporation 16.2 4.6% Samjo Management, LLC 13.1 3.7% Allspring Global Investments, LLC 7.7 2.2% Geode Capital Management, LLC 6.8 1.9% Pennsylvania Capital Management, Inc. 6.6 1.9% State Street Global Advisors, Inc. 6.0 1.7% Cowen Prime Advisors LLC 5.9 1.7% Current / Former Directors and Executive Officers 16.7 4.7% Other 196.4 55.7% Total 352.4 100.0%

GRAPHIC

HIGHLY CONFIDENTIAL DRAFT FOR DISCUSSION SUBJECT TO CHANGE FOR INFORMATIONAL PURPOSES ONLY Savanna Institutional Shareholder Evolution Source: Capital IQ as of 3/12/2024. The analysis below estimates the average cost basis of Savanna’s top institutional shareholders based on when they bought shares Increased position Decreased position 41 3-Month VWAP $1.02 $1.20 $1.55 $2.26 Current % Delta (6.4%) (20.5%) (38.8%) (57.8%) Investor Current % Held Estimated Cost Basis Wtd. Avg. Current % Prem. / (Disc.) vs. Basis Dec-23 Sep-23 Jun-23 Mar-23 Claritas Capital 10.4% NA (Low) NA 36,692,258 36,857,499 36,857,499 36,857,499 BlackRock, Inc. (NYSE:BLK) 6.7% $2.87 (66.9%) 23,576,926 22,299,511 22,680,449 20,613,029 The Vanguard Group, Inc. 4.8% $3.50 (72.8%) 16,962,031 16,588,526 16,267,951 15,050,804 Hearst Corporation 4.6% NA (Low) NA 16,194,139 16,194,139 16,194,139 16,194,139 Samjo Management, LLC 3.7% $1.50 (36.6%) 13,074,000 16,401,000 6,200,000 3,750,000 Allspring Global Investments, LLC 2.2% $1.03 (7.4%) 7,658,126 40,371 40,371 - Geode Capital Management, LLC 1.9% $4.09 (76.7%) 6,755,599 6,473,040 6,414,881 6,073,401 Pennsylvania Capital Management, Inc. 1.9% $1.20 (20.8%) 6,648,333 6,648,333 - 17,260 State Street Global Advisors, Inc. 1.7% $2.81 (66.2%) 5,980,710 6,768,139 6,707,009 6,508,793 Cowen Prime Advisors LLC 1.7% $2.07 (54.0%) 5,861,000 5,861,000 5,861,000 4,650,600 Mudrick Capital Management, L.P. 1.4% $1.75 (45.6%) 4,853,800 4,853,800 6,250,000 6,250,000 Private Management Group Inc 1.2% $1.03 (7.2%) 4,083,276 - - - ExodusPoint Capital Management, LP 1.1% $1.18 (19.3%) 3,892,046 3,390,127 - - Northern Trust Global Investments 0.8% $2.84 (66.5%) 2,655,403 2,801,700 2,884,732 2,486,297 Charles Schwab Investment Management, Inc. 0.6% $5.24 (81.9%) 2,246,383 2,231,954 2,375,354 2,323,419 Aflac Asset Management LLC 0.6% $1.75 (45.6%) 2,208,644 2,208,644 2,208,644 2,208,644 Kennedy Capital Management LLC 0.5% $1.79 (47.0%) 1,884,925 1,912,900 1,907,928 1,732,364 Swiss Re Asset Management (Americas) Inc. 0.4% $2.46 (61.2%) 1,391,647 1,391,647 1,391,647 1,391,647 Teachers Insurance and Annuity Association-College Retirement Equities 0.4% $1.73 (44.9%) 1,327,804 1,324,271 960,860 717,384 BNY Mellon Asset Management 0.4% $3.00 (68.2%) 1,266,424 1,056,516 1,053,654 1,023,194 Top 20 Institutions 46.9% $1.65 (42.3%) 165,213,474 155,303,117 136,256,118 127,848,474

GRAPHIC

HIGHLY CONFIDENTIAL DRAFT FOR DISCUSSION SUBJECT TO CHANGE FOR INFORMATIONAL PURPOSES ONLY Illustrative Premiums Paid Select Public Target Software Deals, Last 12 Months 42 (2) (3) Source: Capital IQ as of 3/13/24. Note: The analysis includes 20 software take-private transactions completed or announced since 3/12/23. (1) Premiums based on unaffected share price due to rumors / leaks prior to announcement. (2) “NM” indicates an EV / NTM EBITDA multiple >= 40.0x. (3) “NM” indicates a New Debt / NTM EBITDA multiple <=0.0x or >= 10.0x. Date Rev Growth EV EV / Rev EV / EBITDA Offer Premium vs. Average Stock Price New Debt New Debt / Target Buyer Announced NTM USD (M) NTM NTM 1-Day 30-Day 60-Day 90-Day 180-Day USD (M) NTM EBITDA ZeroFox Holdings, Inc. Haveli Investment Management 1/28/2024 2.4% 322 1.4x NA 31% 55% 67% 58% 28% N/A N/A Everbridge, Inc. Thoma Bravo 2/4/2024 2.9% 1,800 3.9x 17.6x 47% 54% 58% 61% 47% N/A N/A ANSYS, Inc. Synopsys 1/15/2024 6.0% 32,437 13.5x 28.6x 6% 14% 21% 21% 18% 16,000 NM Pagero Group AB (publ) Thomson Reuters Corporation 1/11/2024 (1.7%) 821 8.8x NM 141% 158% 186% 200% 215% N/A N/A Alteryx, Inc. Clearlake Capital, Insight Partners 12/18/2023 11.4% 4,393 4.3x 27.2x 59% 49% 28% 27% 2% N/A N/A Rover Group, Inc. Blackstone 11/29/2023 21.7% 2,152 8.1x 37.7x 29% 48% 60% 65% 95% N/A N/A EQS Group AG Thoma Bravo 11/16/2023 20.7% 462 5.0x 28.8x 53% 63% 56% 52% 57% N/A N/A Q4 Inc. Sumeru Equity Partners 11/13/2023 11.8% 163 2.5x NM 37% 47% 47% 48% 61% N/A N/A EngageSmart, Inc. Vista Equity 10/23/2023 14.8% 3,523 8.4x NM 14% 21% 27% 26% 25% N/A N/A Tribal Group plc Elucian Company 10/5/2023 (0.4%) 211 2.1x 13.8x 42% 51% 61% 67% 65% N/A N/A LiveVox Holdings, Inc. NICE 10/3/2023 6.9% 427 2.8x 38.6x 14% 14% 20% 25% 31% N/A N/A Splunk Inc. Cisco 9/21/2023 8.5% 28,550 6.8x 28.0x 31% 39% 44% 48% 57% N/A N/A SUSE S.A. EQT 8/17/2023 4.0% 3,453 4.9x 14.3x 58% 48% 31% 21% 4% N/A N/A New Relic, Inc. TPG, Francisco Partners 7/30/2023 7.7% 6,597 6.4x 33.8x 14% 20% 20% 25% 37% 2,650 NM Kahoot! ASA Goldman Sachs Asset Management 7/12/2023 12.6% 1,636 9.2x 33.2x 84% 84% 88% 90% 158% N/A N/A Absolute Software Corporation Crosspoint 5/10/2023 11.1% 868 3.5x 14.8x 34% 40% 40% 23% 15% N/A N/A Software AG Silver Lake 4/21/2023 5.5% 2,779 2.5x 15.0x 57% 57% 57% 45% 41% 1,057 5.7x Cvent Holding Corp. Blackstone, ADIA 3/14/2023 11.7% 4,577 6.5x 35.9x 24% 50% 52% 52% 54% 1,000 7.8x Momentive Global Inc. Symphony Technology Group 3/13/2023 3.0% 1,561 3.2x 17.0x 46% 52% 36% 22% (18%) 450 4.9x Qualtrics International Inc. Silver Lake, Canada Pension Plan 3/12/2023 14.1% 10,911 6.6x NM 62% 73% 73% 72% 53% 1,200 4.9x Upper Quartile 11.8% 4,176 6.9x 33.5x 57% 56% 61% 63% 57% 1,563 5.7x Median 9.4% 1,976 5.0x 28.0x 44% 50% 54% 50% 44% 1,028 4.9x Mean 8.9% 5,064 5.5x 25.6x 45% 52% 54% 53% 52% 2,869 4.9x Lower Quartile 4.4% 833 3.2x 16.0x 30% 42% 33% 25% 26% 525 4.9x (1) (1) (1) (1) (1) (1)

GRAPHIC

Page 1. Situation Overview 3 2. Management Projections and Financial Analyses 7 3. Appendix 22 Preliminary Financial Analyses (With doc.ai) 23 Preliminary Selected Public Market Observations 32 Preliminary Selected Benchmarking Data 43 Preliminary Weighted Average Cost of Capital Analysis 48

GRAPHIC

HIGHLY CONFIDENTIAL DRAFT FOR DISCUSSION SUBJECT TO CHANGE FOR INFORMATIONAL PURPOSES ONLY 43% 44% 71% 66% 49% 47% 37% 33% 24% 5% 5% 22% 13% 10% 4% (3%) (12%) (64%) $455 $460 $3,410 $2,602 $1,975 $405 $349 $296 $259 Enterprise Value(1) $302 $762 $8,109 ($49) $4,606 $414 $1,337 $3,150 Market Cap.(1) $380 $783 $5,393 $308 $4,202 $504 $1,427 $2,735 Preliminary Digital Health Industry Benchmarking Operating Metrics Source: Capital IQ as of 3/12/2024. Wall Street research. Metrics <0 considered NM. Note: Savanna metrics based on Street consensus estimates; A refers to Actual; E refers to Estimated; Adjusted EBITDA refers to earnings before interest, taxes, depreciation and amortization, adjusted for certain non-recurring items. (1) Based on diluted shares. Based on closing prices as of 3/12/2024. (2) Median excludes Savanna. (3) Reflects gross margin estimate for fiscal year ending February 2024. 2023E Revenue & 2023E / 2024E Revenue Growth 2023E Gross Profit & Gross Margin 2023E Adj. EBITDA & Adj. EBITDA Margin 44 3% / 9% 9% / 5% 8% / 2% 23% / 25% 14% / 18% 27% / 21% 7% / 4% (7%) / 1% $195 $1,843 $230 $145 $192 $95 $1,140 $465 $24 $739 $328 $195 $11 ($13) ($43) ($165) Savanna Median(2): $405 9% / 5% Median(2): 4% / $11 Median(2): 47% / $230 Savanna Consensus Savanna Consensus Savanna Consensus Savanna Management Savanna Management Savanna Management $24 $202 4% / (5%) ($ in millions, except per share data) (3)

GRAPHIC

HIGHLY CONFIDENTIAL DRAFT FOR DISCUSSION SUBJECT TO CHANGE FOR INFORMATIONAL PURPOSES ONLY Enterprise Value(1) $302 $762 $8,109 ($49) $4,606 $414 $1,337 $3,150 Market Cap.(1) $380 $783 $5,393 $308 $4,202 $504 $1,427 $2,735 LTM Share Perf. (56%) (21%) 4% (63%) 11% (30%) (30%) (37%) Inst. Ownership 37% 77% 71% 38% 98% 81% 96% 73% Preliminary Digital Health Industry Benchmarking Valuation Metrics EV / 2024E Revenue EV / 2024E Revenue / 2023E – 2024E Revenue Growth Source: Capital IQ as of 3/12/2024, Wall Street research. Multiples <0x or >100x considered NMF. Note: Savanna metrics based on Street consensus estimates; A refers to Actual; E refers to Estimated; Adjusted EBITDA refers to earnings before interest, taxes, depreciation and amortization, adjusted for certain non-recurring items. (1) Based on diluted shares. Based on closing prices as of 3/12/2024. (2) Median excludes Savanna. EV / 2024E EBITDA 45 Savanna Consensus Savanna Consensus Savanna Consensus Median(2): 1.7x Median(2): 0.23x Median(2): 13.4x Savanna Savanna Management Savanna Management Savanna Management ($ in millions, except per share data) Savanna Savanna 6.6x 8.7x 18.2x 16.7x 10.1x 8.6x NMF NMF NMF M di (2) 0.6x 0.7x 3.2x 2.3x 1.9x 1.6x 1.3x 1.2x NMF Savanna Savanna 0.07x NMF 0.48x 0.46x 0.31x 0.15x 0.09x 0.07x NMF

GRAPHIC

HIGHLY CONFIDENTIAL DRAFT FOR DISCUSSION SUBJECT TO CHANGE FOR INFORMATIONAL PURPOSES ONLY 46 Preliminary Benchmarking Data Sources: Bloomberg, Capital IQ, Savanna management and public filings. Note: No company shown for comparative purposes is identical to the Company. Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization and Stock-Based Compensation Expense, adjusted for certain non-recurring items; CY refers to Calendar Year; E refers to Estimated; EV refers to Enterprise Value; LTM refers to the most recently completed 12-month period for which financial information has been made public, other than for the Company, in which case LTM refers to Latest 12 Months; NA refers to not available; NMF refers to not meaningful figure. (1) Based on public trading prices of common stock. (2) Based on public filings, market data and other public information as of 3/12/2024. (3) Refers to CY 2023 actuals. (4) On 7/2/21, Alight completed its Business Combination with Foley Trasimene Acquisition Corp. Adjusted EBITDA pro forma for the acquisition is not available. (5) On 1/20/23, Evolent Health completed the acquisition of National Imaging Associates, Inc. Historical figures do not reflect results pro forma for the acquisition. ($ in millions) Size Size [1] Leverage [1] Liquidity (LTM Revenue, millions) (Enterprise Value as of 3/12/24, millions) (Debt to EV as of 3/12/24) (Current Ratio as of 3/12/24) Alight, Inc. $3,410.0 Alight, Inc. $8,108.8 Health Catalyst, Inc. 55.0% American Well Corporation 4.8 Teladoc Health, Inc. $2,602.4 Evolent Health, Inc. $4,606.0 Teladoc Health, Inc. 48.8% Health Catalyst, Inc. 4.4 Evolent Health, Inc. $1,975.3 Teladoc Health, Inc. $3,150.0 Alight, Inc. 34.5% Teladoc Health, Inc. 3.5 Savanna (with doc.ai) $463.2 Phreesia, Inc. $1,337.3 Accolade, Inc. 27.3% Savanna (with doc.ai) 2.4 Savanna (without doc.ai) $463.2 Accolade, Inc. $761.5 Evolent Health, Inc. 13.0% Savanna (without doc.ai) 2.4 Accolade, Inc. $388.5 Health Catalyst, Inc. $414.5 Phreesia, Inc. 1.0% Accolade, Inc. 2.4 Phreesia, Inc. $337.9 Savanna (with doc.ai) [2] $301.8 Savanna (with doc.ai) [2] 0.1% Phreesia, Inc. 2.0 Health Catalyst, Inc. $295.9 Savanna (without doc.ai) [2] $301.8 Savanna (without doc.ai) [2] 0.1% Alight, Inc. 1.3 American Well Corporation $259.0 American Well Corporation ($49.3) American Well Corporation 0.0% Evolent Health, Inc. 1.0 Historical Growth Projected Growth Projected Growth Projected Growth (CY 2021 to CY 2022 Revenue) (CY 2022 to CY 2023E Revenue) (CY 2022 to CY 2024E Revenue) (CY 2022 to CY 2025E Revenue) Evolent Health, Inc. 41.6% Phreesia, Inc. 26.7% Evolent Health, Inc. 24.0% Phreesia, Inc. 22.2% Phreesia, Inc. 32.4% Evolent Health, Inc. [3] 22.9% Phreesia, Inc. 23.8% Evolent Health, Inc. 21.3% Accolade, Inc. 23.6% Accolade, Inc. 14.3% Accolade, Inc. 16.3% Accolade, Inc. 17.0% Teladoc Health, Inc. 18.4% Alight, Inc. [3] 8.9% Alight, Inc. 6.9% Health Catalyst, Inc. 7.7% Health Catalyst, Inc. 14.2% Teladoc Health, Inc. [3] 8.1% Health Catalyst, Inc. 5.7% Alight, Inc. 6.7% American Well Corporation 9.7% Health Catalyst, Inc. [3] 7.1% Teladoc Health, Inc. 5.2% Savanna (with doc.ai) 6.3% Alight, Inc. 7.4% Savanna (with doc.ai) 3.9% Savanna (with doc.ai) -0.7% American Well Corporation 5.2% Savanna (with doc.ai) 7.2% Savanna (without doc.ai) 3.9% American Well Corporation -2.8% Savanna (without doc.ai) 5.0% Savanna (without doc.ai) 7.2% American Well Corporation [3] -6.5% Savanna (without doc.ai) -2.9% Teladoc Health, Inc. 4.7% Projected Growth Projected Growth Projected Growth Historical Growth (CY 2023E to CY 2024E Revenue) (CY 2023E to CY 2025E Revenue) (CY 2024E to CY 2025E Revenue) (CY 2021 to CY 2022 Adjusted EBITDA) Evolent Health, Inc. [3] 25.1% Evolent Health, Inc. [3] 20.4% American Well Corporation 23.1% Evolent Health, Inc. [5] 60.3% Phreesia, Inc. 21.0% Phreesia, Inc. 20.0% Savanna (without doc.ai) 22.7% Teladoc Health, Inc. -8.0% Accolade, Inc. 18.4% Accolade, Inc. 18.4% Savanna (with doc.ai) 21.8% Savanna (with doc.ai) -78.5% Alight, Inc. [3] 4.9% American Well Corporation [3] 11.6% Phreesia, Inc. 19.0% Savanna (without doc.ai) -78.5% Health Catalyst, Inc. [3] 4.3% Health Catalyst, Inc. [3] 8.0% Accolade, Inc. 18.3% Alight, Inc. [4] NA Teladoc Health, Inc. [3] 2.5% Savanna (with doc.ai) 7.5% Evolent Health, Inc. 16.0% Accolade, Inc. NMF American Well Corporation [3] 1.1% Alight, Inc. [3] 5.6% Health Catalyst, Inc. 11.8% American Well Corporation NMF Savanna (with doc.ai) -5.1% Savanna (without doc.ai) 5.6% Alight, Inc. 6.3% Health Catalyst, Inc. NMF Savanna (without doc.ai) -9.2% Teladoc Health, Inc. [3] 3.1% Teladoc Health, Inc. 3.7% Phreesia, Inc. NMF Projected Growth Projected Growth Projected Growth Projected Growth (CY 2022 to CY 2023E Adjusted EBITDA) (CY 2022 to CY 2024E Adjusted EBITDA) (CY 2022 to CY 2025E Adjusted EBITDA) (CY 2023E to CY 2024E Adjusted EBITDA) Savanna (with doc.ai) 304.9% Savanna (with doc.ai) 152.4% Savanna (with doc.ai) 136.1% Health Catalyst, Inc. [3] 124.6% Savanna (without doc.ai) 304.9% Savanna (without doc.ai) 95.3% Savanna (without doc.ai) 119.7% Savanna (with doc.ai) 57.3% Evolent Health, Inc. [3] [5] 83.1% Evolent Health, Inc. [5] 54.3% Evolent Health, Inc. [5] 45.2% Evolent Health, Inc. [3] [5] 30.1% Teladoc Health, Inc. [3] 33.1% Teladoc Health, Inc. 21.9% Teladoc Health, Inc. 18.5% Teladoc Health, Inc. [3] 11.7% Alight, Inc. [3] 12.1% Alight, Inc. 10.5% Alight, Inc. 10.7% Alight, Inc. [3] 8.9% Accolade, Inc. NMF Accolade, Inc. NMF Accolade, Inc. NMF Savanna (without doc.ai) -5.8% American Well Corporation [3] NMF American Well Corporation NMF American Well Corporation NMF Accolade, Inc. NMF Health Catalyst, Inc. [3] NMF Health Catalyst, Inc. NMF Health Catalyst, Inc. NMF American Well Corporation [3] NMF Phreesia, Inc. NMF Phreesia, Inc. NMF Phreesia, Inc. NMF Phreesia, Inc. NMF

GRAPHIC

HIGHLY CONFIDENTIAL DRAFT FOR DISCUSSION SUBJECT TO CHANGE FOR INFORMATIONAL PURPOSES ONLY 47 Preliminary Benchmarking Data (cont’d) Sources: Bloomberg, Capital IQ, Savanna management and public filings. Note: No company shown for comparative purposes is identical to the Company. Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization and Stock-Based Compensation Expense, adjusted for certain non-recurring items. CY refers to Calendar Year; Depr. refers to Depreciation; E refers to Estimated; EV refers to Enterprise Value; FYE refers to the most recently completed fiscal year for which financial information has been made public. LTM refers to the most recently completed 12-month period for which financial information has been made public, other than for the Company, in which case LTM refers to Latest 12 Months. NMF refers to not meaningful figure; NOL refers to Net Operating Loss. (1) Refers to CY 2023 actuals. (2) On 1/20/23, Evolent Health completed the acquisition of National Imaging Associates, Inc. Historical figures do not reflect results pro forma for the acquisition. (3) Refers to CY 2024 estimates. (4) Refers to CY 2023 estimates. (5) Based on public trading prices of common stock. (6) Based on public filings, market data and other public information as of 3/12/2024. ($ in millions) Projected Growth Projected Growth Profitability Profitability (CY 2023E to CY 2025E Adjusted EBITDA) (CY 2024E to CY 2025E Adjusted EBITDA) (CY 2023E Adjusted EBITDA to CY 2023E Revenue) (CY 2024E Adjusted EBITDA to CY 2024E Revenue) Health Catalyst, Inc. [1] 84.4% Phreesia, Inc. 368.0% Alight, Inc. [1] 21.7% Alight, Inc. 22.5% Savanna (with doc.ai) 80.3% Accolade, Inc. 200.2% Teladoc Health, Inc. [1] 12.6% Teladoc Health, Inc. 13.7% Savanna (without doc.ai) 61.8% Savanna (without doc.ai) 178.0% Evolent Health, Inc. [1] [2] 9.9% Evolent Health, Inc. 10.2% Evolent Health, Inc. [1] [2] 29.4% Savanna (with doc.ai) 106.6% Savanna (with doc.ai) 5.1% Savanna (with doc.ai) 8.5% Teladoc Health, Inc. [1] 11.8% Health Catalyst, Inc. 51.5% Savanna (without doc.ai) 5.1% Health Catalyst, Inc. 8.0% Alight, Inc. [1] 10.0% Evolent Health, Inc. 28.7% Health Catalyst, Inc. [1] 3.7% Savanna (without doc.ai) 5.3% Accolade, Inc. NMF Teladoc Health, Inc. 12.0% Accolade, Inc. NMF Accolade, Inc. 2.1% American Well Corporation [1] NMF Alight, Inc. 11.1% American Well Corporation [1] NMF Phreesia, Inc. 1.9% Phreesia, Inc. NMF American Well Corporation NMF Phreesia, Inc. NMF American Well Corporation NMF Profitability Relative Depreciation Internal Investment Net Operating Losses (CY 2025E Adjusted EBITDA to CY 2025E Revenue) (LTM Depr. to LTM Adjusted EBITDA) (LTM Capital Expenditures to LTM Revenue) (FYE Federal and State NOL) Alight, Inc. 23.5% Alight, Inc. 57.0% Accolade, Inc. 1.1% Teladoc Health, Inc. $3,728.7 Teladoc Health, Inc. 14.8% Evolent Health, Inc. 63.4% Evolent Health, Inc. 1.5% Health Catalyst, Inc. $1,108.1 Savanna (with doc.ai) 14.4% Teladoc Health, Inc. 102.7% Health Catalyst, Inc. 4.5% American Well Corporation $907.8 Savanna (without doc.ai) 12.0% Savanna (with doc.ai) [3] 149.6% Alight, Inc. 4.7% Accolade, Inc. $875.8 Evolent Health, Inc. 11.4% Savanna (without doc.ai) [3] 249.8% American Well Corporation 5.9% Savanna (with doc.ai) $697.2 Health Catalyst, Inc. 10.9% Health Catalyst, Inc. 383.1% Teladoc Health, Inc. 6.0% Savanna (without doc.ai) $697.2 Phreesia, Inc. 7.6% Accolade, Inc. NMF Savanna (with doc.ai) [4] 6.3% Phreesia, Inc. $493.3 Accolade, Inc. 5.5% American Well Corporation NMF Savanna (without doc.ai) [4] 6.3% Evolent Health, Inc. $361.6 American Well Corporation NMF Phreesia, Inc. NMF Phreesia, Inc. 7.1% Alight, Inc. $165.0 Net Operating Losses [5] (FYE Federal and State NOL % of EV) Health Catalyst, Inc. 267.3% Savanna (with doc.ai) [6] 231.0% Savanna (without doc.ai) [6] 231.0% Teladoc Health, Inc. 118.4% Accolade, Inc. 115.0% Phreesia, Inc. 36.9% Evolent Health, Inc. 7.9% Alight, Inc. 2.0% American Well Corporation NMF

GRAPHIC

Page 1. Situation Overview 3 2. Management Projections and Financial Analyses 7 3. Appendix 22 Preliminary Financial Analyses (With doc.ai) 23 Preliminary Selected Public Market Observations 32 Preliminary Selected Benchmarking Data 43 Preliminary Weighted Average Cost of Capital Analysis 48

GRAPHIC

HIGHLY CONFIDENTIAL DRAFT FOR DISCUSSION SUBJECT TO CHANGE FOR INFORMATIONAL PURPOSES ONLY 49 Preliminary Weighted Average Cost of Capital Analysis Source: Company filings, Capital IQ as of 3/12/2024, Bloomberg, Wall Street research, 2022 Duff & Phelps Valuation Handbook. Notes: No company used in this calculation for comparative purposes is identical to the Company; *excluded from median and mean data; NA refers to not available. (1) Total Cap refers to total capitalization, which equals Equity Market Value + Total Debt + Pfd. Stock. (2) Total Debt refers to total debt amount based on most recent public filings as of 3/12/2024. (3) Dd refers to Implied Tax-Deductible Debt, which equals the lesser of (a) 30% of Adjusted Taxable Income/Cost of Debt, or (b) Total Debt; LTM Adjusted EBITDA based on most recent public filings as of 3/12/2024, is assumed to be a valid proxy for Adjusted Taxable Income for the selected companies. (4) Dnd refers to Implied Non-Tax-Deductible Debt, which equals Total Debt minus Dd. (5) Equity Market Value based on closing price on 3/12/2024 and on diluted shares as of 3/12/2024. (6) Pfd. Stock refers to preferred stock, which is the amount as stated in most recent public filings as of 3/12/2024. (7) Based on actual levered beta per Bloomberg 5-year weekly as of 3/12/2024. (8) Unlevered Beta = Levered Beta/(1 + ((1 – tax rate) * Dd to Equity Market Value) + (Dnd to Equity Market Value) + (Pfd. Stock to Equity Market Value)). (9) Based on review of studies measuring the historical returns between stocks and bonds, theoretical models such as supply-side and demand-side models and other materials. (10) Kroll Cost of Capital Navigator ("Navigator"). (11) Cost of Equity = Risk-Free Rate of Return + (Levered Beta * Equity Risk Premium) + Size Premium. Risk-Free Rate of Return as of 3/12/2024, based on 20-year U.S. Treasury Bond Yield. (12) Based on selected company weighted average interest rate per most recent public filings, unless the selected company has publicly traded debt, in which case the cost of debt is based on the market-based yield to worst for such securities as of 3/12/2024. (13) Based on selected company weighted average preferred dividend per most recent public filings 3/12/2024. Total Debt to Dd to Dnd to Total Debt to Dd to Equity Dnd to Equity Pfd. Stock to Equity Market Pfd. Stock to Total Cap Total Cap Total Cap Equity Market Market Value Market Value Total Cap Value to Total Equity Market Selected Company [1] [2] [1] [3] [1] [4] Value [2] [5] [3] [5] [4] [5] [1] [6] Cap [1] [5] Value [5] [6] Accolade, Inc. 21.0% 0.0% 21.0% 26.6% 0.0% 26.6% 0.0% 79.0% 0.0% Alight, Inc. 34.1% 34.1% 0.0% 51.8% 51.8% 0.0% 0.0% 65.9% 0.0% American Well Corporation 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 100.0% 0.0% Evolent Health, Inc. 8.9% 8.9% 0.0% 10.2% 10.2% 0.0% 3.6% 87.5% 4.2% Health Catalyst, Inc. 31.1% 5.6% 25.6% 45.2% 8.1% 37.1% 0.0% 68.9% 0.0% Phreesia, Inc. 0.9% 0.0% 0.9% 1.0% 0.0% 1.0% 0.0% 99.1% 0.0% Teladoc Health, Inc. 36.0% 35.4% 0.7% 56.3% 55.2% 1.0% 0.0% 64.0% 0.0% Median 21.0% 5.6% 0.7% 26.6% 8.1% 1.0% 0.0% 79.0% 0.0% Mean 18.9% 12.0% 6.9% 27.3% 17.9% 9.4% 0.5% 80.6% 0.6% Savanna 0.1% 0.1% 0.0% 0.1% 0.1% 0.0% 11.6% 88.3% 13.2% Levered Unlevered Equity Risk Size Cost of Cost of Cost of Pfd. Selected Company Beta [7] Beta [8] Premium [9] Premium [10] Equity [11] Debt [12] Stock [13] WACC Accolade, Inc. 2.22 1.76 5.75% 1.14% 18.3% 7.6% NA 16.1% Alight, Inc. 1.10 0.80 5.75% 0.64% 11.4% 7.9% NA 9.4% American Well Corporation 1.84 1.84 5.75% 1.99% 17.0% NA NA 17.0% Evolent Health, Inc. 1.25 1.12 5.75% 0.95% 12.6% 1.4% * 11.4% 11.5% * Health Catalyst, Inc. 1.10 0.77 5.75% 1.99% 12.7% 8.1% NA 11.2% Phreesia, Inc. 1.29 1.28 5.75% 1.39% 13.2% 7.3% NA 13.2% Teladoc Health, Inc. 1.11 0.79 5.75% 1.21% 12.0% 6.5% NA 9.4% Median 1.25 1.12 12.7% 7.6% 11.4% 12.2% Mean 1.42 1.19 13.9% 7.5% 11.4% 12.7% Savanna 0.90 0.79 5.75% 1.99% 11.6% 7.1% NA 10.2%

GRAPHIC

HIGHLY CONFIDENTIAL DRAFT FOR DISCUSSION SUBJECT TO CHANGE FOR INFORMATIONAL PURPOSES ONLY 50 Preliminary Weighted Average Cost of Capital Analysis (cont’d) Source: Company filings, Capital IQ as of 3/12/2024, Bloomberg, Wall Street research, 2022 Duff & Phelps Valuation Handbook. (1) Risk-Free Rate of Return as of 3/12/2024, based on 20-year U.S. Treasury Bond Yield. (2) Based on a review of studies measuring the historical returns between stocks and bonds, theoretical models such as supply side and demand side models and other materials. (3) Navigator. (4) Forward tax rate, per Company management. (5) Savanna 2023E Adjusted EBITDA is assumed to be a valid proxy for Sharecare, Inc. Adjusted Taxable Income. (6) Savanna Total Debt refers to total debt amount of Savanna as of 3/12/2024. (7) Savanna Dd refers to Implied Tax-Deductible Debt of Savanna, which equals the lesser of (a) 30% of Savanna Adjusted Taxable Income/Cost of Debt, or (b) Savanna Total Debt. Based on Capital Structure Assumptions. (8) Savanna Dnd refers to Implied Non-Tax-Deductible Debt of Savanna, which equals Savanna Total Debt minus Savanna Dd. (9) Based on review of corresponding metrics of selected companies listed on previous page. (10) Based on the Company's Dd and Dnd and the Capital Structure Assumptions regarding Total Debt to Total Capitalization and Equity Market Value to Total Capitalization. (11) Based on review of selected companies’ unlevered betas listed on previous page. (12) Computed Levered Beta = Selected Unlevered Beta * (1 + ((1 – Tax Rate) * Dd to Equity Market Value) + (Dnd to Equity Market Value) + (Preferred Stock to Equity Market Value)); based on Market and Capital Structure Assumptions. (13) Cost of Equity = Risk-Free Rate of Return + (Computed Levered Beta * Equity Risk Premium) + Size Premium. Based on Market Assumptions. ($ in millions) Market Capital Structure Cost of Equity for Assumptions Assumptions Computed WACC Risk-Free Rate of Return [1] 4.42% Savanna Adjusted Taxable Income [5] $23.6 Selected Unlevered Beta [11] 1.12 Equity Risk Premium [2] 5.75% Savanna Total Debt [6] $0.5 Computed Levered Beta [12] 1.34 Size Premium [3] 1.14% Savanna Dd [7] $0.5 Cost of Equity [13] 13.3% Tax Rate [4] 28.17% Savanna Dnd [8] $0.0 Total Debt to Total Capitalization [9] 21.0% Dd to Total Capitalization [10] 21.0% Dnd to Total Capitalization [10] 0.0% Total Debt to Equity Market Value 26.6% Dd to Equity Market Value [10] 26.6% Dnd to Equity Market Value [10] 0.0% Preferred Stock to Total Capitalization [9] 0.0% Equity Market Value to Total Capitalization [9] 79.0% Preferred Stock to Equity Market Value NA Cost of Debt [9] 7.6% Cost of Preferred Stock [9] 11.4% Computed Weighted Average Cost of Capital 11.6% Selected Weighted Average Cost of Capital Range 11.0% -- 12.0%

GRAPHIC

51 CORPORATE FINANCE FINANCIAL RESTRUCTURING FINANCIAL AND VALUATION ADVISORY HL.com