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IPO Candy Presentation Transcript Amwell (American Well Company) IPO Roadshow September 2020 Ido Schoenberg, MD, Chairman & CEO I am Ido Schoenberg, the CEO of Amwell. Together with me, today, is Keith Anderson, our chief financial officer and head of M&A. Together we are thrilled to tell you the story of Amwell. When Roy and I started the company 15 years ago, the very notion that digital care delivery would transform healthcare was a novelty. Today, it's very much a reality. The mission of Amwell is simple. We aim to connect and enable the key players in healthcare (providers, insurers, patients, and innovators) to deliver greater access to more affordable, higher- quality care. Our main focus is on improving financial and clinical outcomes and if you could do that with less visits, that's perfectly fine. At the high level we are a technology company. We take great strength from the huge number of key players (providers, payers, consumer aggregators, and innovators) that are already using our platform and rely on it day by day. In 2019 we had $149 million in revenue. Eighty-nine percent of it was recurring in the first half of this year. In the first half of this year 38% of the operating income came from platform subscriptions; 11% from software, hardware, and services; and 51% was related to visits that went up in an unusual way because of COVID. We have done more than 5.6 million visits, but our number one KPI is not revenue or visits; it is active providers. We have 57,000 active providers on our platform today. We have our own network of about 5,000 affiliated providers and we see that network as an augmentation, and not replacement, to the 57,000 active providers. The company is relatively small (with a little over 680 employees) and very passionate about the user experience -- both providers and consumers -- with an average NPS over 56 and 4.8 over 5.0 in star ratings. On our cap table you are going to find many very sophisticated financial investors. In addition to that, we grew the company with many strategics. You are going to find on our board the likes of Allianz, Anthem, Teva, and Philips, [all of whom] have contributed much to the success we have today. When you think about the transformation in healthcare, it's nothing short of a revolution. If you need a headline, "Care is Moving Home." All of us are going to emit signals continuously from our bodies into the cloud, where this information is going to be collected, analyzed, and compared, and based on what happened and the best practices, there is going to be a coalition of newcomers (like retailers) and older players (like providers and payers) that are going to work together in order to offer the most efficient, most convenient, most effective intervention at the most convenient location, which typically is the home, but can also be a retail pharmacy or the workplace. It's like a giant loop that begins and ends at the home. Page 1 of 12 IPO Candy Presentation Transcript Unlike most of our competitors, we don't aim to create an alternative to care. Rather, we see our main goal is to strengthen and enable the sacred bond between patients and their existing, trusted providers. We don't compete with doctors, patients, health plans, health systems, and government, but rather see our main goal [as one that enables all of these parties] to work together to realize this new model of care. At our core, we are a technology. Think about it a little bit like Oracle, a giant piece of technology that nobody really cares to fully understand. It's very complicated, but many pe0ple would want to rely on it. Think about it like a giant switchboard of clouds or participants (for example, a cloud of patients and a cloud of providers -- doctors, nurses, and others). We use different types of business tools and clinical roles in order to create the best match between supply and demand. The "home" part of our platform is connecting consumers or patients to providers and the "hospital" part of our platform is connecting one point of care to another, one provider to another provider. Outside the main hub -- the main circle -- we have pieces of technology that address very specific use case or need like telestroke, teleICU, and telebehavioral health. And in the outer tier, we have different screens: different browsers, different mobile apps, televisions, cards, kiosks, and so on. When you think about our penetration to date, we have quite a big market share inside the United States. In providers, we power more than 2,000 hospitals in 150 health systems. Our health plans cover 150 million lives and already give our platform the coverage benefits to 80 million Americans. Totaling 55 payers, these include Anthem (a board member), United, Cigna, 30 Blue Cross Blue Shields, and quite a few government entities, including the US Navy. To them indirectly we offer our services to 36,000 employers and we work with many consumer aggregators including Google, Apple, Samsung, and so on. When we talk about healthcare innovators, we're really talking about organizations that also focus on improving financial and clinical outcomes. These include pharma companies, disease management companies, and medical device manufacturers (the likes of Philips and TytoCare). When we built our technology, there were two things that we had to think about. Number one, we made the decision that the users should not come to us, but we should rather embed our technology and connectivity into domains that they already are in. Think about it a little bit like Google Map. You don't really need to understand the technology, but you can very easily embed it inside your website to provide directions for your clients. The second decision we made was that any user of Amwell -- any enterprise user -- should be able to trade services and information with anyone else, and it doesn't really matter if you're a provider, an employer, a health plan, a device manufacturer, and so on. In way of an example, the fact that we use our software development kit to embed it in sites like hospital apps, in health plans' apps, and in many other places means three important things. One, the user got a really rich experience. If connectivity is embedded into the main app of, say, Cleveland Clinic, I can also see my bill. I can see my latest lab results. I can schedule a physical appointment with my doctor and get online connectivity. Page 2 of 12 IPO Candy Presentation Transcript The second thing is when we did it this way, we were less accountable for the customer acquisition cost. We connected to a place that has huge followers already there. Most importantly, by working this way we made sure that we never compete with our clients in the mindshare of consumers. It's their brand. It's their site. And in healthcare, trusting your own doctor is far easier than trusting a third party. When you think about providers, it's even more important. Unlike our competitors, we are not asking providers to come to our app or website and sell their time. Rather, we built it in a way that embedded our services into the screen they are familiar with and use every day; namely, their electronic medical record (their EMR) or their practice management system. We have relationships with many EMR and practice management systems including Epic, Netsmart, and others; but, I'd like to emphasize a very important one we have with Cerner. This is a very deep strategic relationship. Cerner operates 25% of the hospitals in the United States and together we worked to create a totally seamless experience for their clients that allows everything to be built in very streamlined connectivity into the very large ecosystem which is already connected to our platform. When you think about a technology that allows any customer of ours to connect to any other customer (that we call Exchange), I'd like to give you one example. Anthem is a client of Amwell. They cover 40 million lives in 800 national accounts. And Cleveland Clinic is an enterprise client of Amwell. They are one of the best brands as it relates to cardiology care in the United States and maybe the world. By using Exchange, both those enterprise clients were able to virtually see each other and be connected to one another. That meant that any user of Anthem (say someone that works in Google, for example) can log into the Anthem service that we power and can get all the services of Anthem. In addition to that, [they] can see a boutique store of Cleveland Clinic and directly subscribe to their services. Think about this a little bit like going to Neiman Marcus and entering into the boutique of Louis Vuitton or Chanel. [These are brands] that you immediately recognize and can offer you several unique services. For the doctor in Cleveland Clinic, they only offer [00:11:07], their EMR. In addition to seeing their client, they see members from Anthem. For the health plan, it's an opportunity to turn to all their clients of national accounts and others, and really enrich, dramatically, the type of services and the brand trust of all they offer. For a hospital, it's a way to completely transform how they think about their business model, go well beyond their catchment area, and sell their expertise to many more people that, in many cases, are fully covered for their services.

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