Doctor Care Anywhere Transforming lives through better healthcare Convertible Loan Note Private Placement Investment Opportunity Q4 2023 1 © 2023 Doctor Care Anywhere Important Notice and Disclaimer This presentation has been prepared by Doctor Care Anywhere Group Plc, an entity incorporated in England and Wales with English Company Number 08915336 and Australian Registered Body Number 645 163 873 (Doctor Care Anywhere or Company) and is dated 23 November 2023. This presentation is for information purposes only and it is not financial product or investment advice. The presentation is not intended to be comprehensive or provide all information required by investors to make an informed decision on any investment in the Company. References to Doctor Care Anywhere or the Company in this presentation are to the Doctor Care Anywhere group including all subsidiaries, unless stated elsewhere. 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Acceptance By attending this presentation, or accepting, accessing or reviewing this document you acknowledge and agree to the terms set out above. Executive Summary Offer highlights* 1. DCA is one of the UK’s leading private providers of telehealth services A. We deliver over 60,000 consultations per month, with +75 Net Promoter Score B. Our long-standing, exclusive partnership with AXA offers access to their 2.8 million UK health insurance members C. H1 FY23 Revenue £19m; grown at CAGR >40% since IPO 2. Opportunity in the UK today A. Shortfalls in NHS primary care workforce highlight acute need for UK telehealth B. Private care providers instrumental in filling the NHS gap C. Recent sector developments underscore strategic opportunity 3. Capital structure repositioned for the future A. Purpose of the £10.5m convertible note offer is to repay existing £10m loan with AXA B. AXA supports this raise and will participate in the convertible note offer * Certain information in this slide is based on the Company’s full year and half year audited and reviewed financial statements released on the ASX and certain numbers previously released © 2023 Doctor Care Anywhere in the Company’s ASX announcements which have been extracted from the Company’s management reports. 3 Who we are 4 © 2023 Doctor Care Anywhere Our Service Doctor Care Anywhere (DCA) Group PLC is one of the UK’s largest private providers of telehealth services. We offer private virtual General Practitioner (GP) and Advanced Nurse Practitioner (ANP) appointments, 24 hours a day, 365 days a year via video and phone. DCA is a UK-based digital health company that is committed to delivering high-quality, effective and efficient care to its patients, whilst reducing the overall cost of providing clinical services. DCA utilises its relationships with health insurers, healthcare providers and corporate customers to connect with patients and deliver a range of telehealth services. DCA was founded in 2013 in London, UK. In 2015, DCA entered a strategic relationship with AXA Health to offer virtual GP services to AXA’s customers under the AXA Doctor at Hand with Diagnostics brand. We manage the specialist referral pathway for AXA patients, to enhance their patient journey and reduce costs for AXA by avoiding unnecessary tests and interventions. 5 £19.2M > 40% 70% Revenue in 1H 2023 Revenue CAGR since IPO Returning patient share © 2023 Doctor Care Anywhere Multi-channel Distribution of Our Services We use a successful B2B2C delivery model and partnerships through multiple channels to deliver services to corporate clients and members Insurers Health providers Serving 1,500+ organisations 6 © 2023 Doctor Care Anywhere Employee engagement platforms Direct relationships The DCA Service We currently offer access to the following features... Appointments with GPs and ANPs by video call or phone, available 24/7, 365 days a year via web & app Referrals – diagnostic, open specialist and therapy referrals Up to 20 minute appointment with ANPs and GPs for a variety of health concerns My Health, which provides a range of resources to support our patient's mental wellbeing and the promotion of self-care and patient empowerment Prescriptions are sent electronically to a local pharmacy of the patient's choice or to delivery partner enabling the patient to have medication to be delivered to a chosen address. 7 consults per month Access to Fit notes Secure medical records including all GP and ANP written notes 550+ GPs and ANPs 2.8m+ 30+ specialists eligible lives reached viaAnywhere AXA on contract with DCA © 2023 Doctor Care 60,000+ 1500+ corporate customers +75 net promoter score Key Metric Overview* Track record of growth 376 965 869 559 1H 2022 2H 2022 180 433 2H 2020 313 260 756 675 303 137 1H 2021 2H 2021 1H 2022 2H 2022 1H 2023 2H 2020 19.2 1.3 13.7 1.0 11.2 2H 2021 2H 2020 1H 2021 2H 2021 1H 2022 2H 2022 5.8 2H 2020 -3.5 17.9 0.9 14.2 12.7 13.4 -5.6 8.3 -7.5 1H 2021 2H 2021 Utilisation 1H 2022 Subscription Other 2H 2022 1H 2023 -9.1 Total -11.5 Revenue by half year (£m’s) 8 1H 2023 14.5 1.1 2.0 6.9 1.0 1H 2023 Consultations by half year (000’s) Activated Lives by half year (000’s) 15.3 1.1 1H 2021 -10.7 EBITDA loss by half year (£m’s) * Based on the Company’s full year and half year audited and reviewed financial statements released on the ASX and certain numbers previously released in the Company’s ASX © 2023 Doctor Care Anywhere announcements which have been extracted from the Company’s management reports. Clear Disconnect Share price versus business value Market valuation A$ 0.31 A$ 0.12 Share price EV (£m) A$ 0.05 37.7 20.6 16.5 2021 2022 Today Financial performance 12m 12m 6m 30 19 43% 44% 22% 25% Revenue (£m) 25 Gross Profit Margin 42% Contribution Margin EBIT Margin 20% -24% -82% -66% 2021 2022 H1 2023 Comments from Bell Potter, Analyst Report July 2023 • “We upgrade from Hold to Buy (Speculative) with valuation raised to $0.08. The rate negotiation with AXA is completed, the roll out of the MCW is imminent, patient numbers continue to grow and guidance has been maintained. Commentary • “The company continues to make good progress towards profitability. The sale of GP2U and conclusion of rate negotiations with AXA represent significant milestones. • “Our valuation is limited to 100% upside from the current market value, hence remains well below the EV/Revenue multiple applied to peers” 1H23 Business update 10 © 2023 Doctor Care Anywhere 1H23 Results Overview* 375,000 265,000 20,000 consultations delivered returning patient consultations secondary care journeys (+24% on 1H22) (70% recurring) (+46% on 1H’22) Driven by acquisition of 210,000 new patients Demonstrating quality and retention value of service £19.2 M 43.6% (£3.5) M revenue 1H23 gross profit margin ebitda (+26% revenue growth on 1H’22) (+170bps on 1H’22) (+60% loss reduction on 1H’22) Demonstrating improving base economics of DCA * Based on the Company’s full year and half year audited and reviewed financial statements released on the ASX and certain numbers previously released in the Company’s ASX announcements which have been extracted from the Company’s management reports. © 2023 Doctor Care Anywhere 11 1H23 Highlights Continued growth in consultations 375,000 consultations delivered in 1H23 +32% year-on-year • May 23 monthly high of 65,000 consultations (excludes Australian subsidiary GP2U sold in July 2023) • Volume growth drives increased revenue to £19.2m – up 26% compared to 1H22 which supports margin expansion Sale of GP2U • Sale of Australian subsidiary GP2U (completed in early July 2023) for $3m to My Emergency Doctor (“MED”). • Consideration comprising A$2.5m worth of unlisted ordinary shares in MED and $0.5m of cash, adjusted for normalised working capital • This will reduce ongoing losses by $0.8m AUD p.a. (£0.5m) and allow to Care focus on our core UK market © 2023 Doctor Anywhere 12management Successful launch of Mixed Clinical Workforce proposition • Advanced Nurse Practitioners (ANPs) are now live on the DCA platform; ANPs are able to diagnose, prescribe and refer patients • ANPs provide DCA with additional capacity to support our growth and reduce cost to serve • Over 8,000 appointments performed in June 2023, with share of appointments expected to grow • Significant margin improvements forecast in 2H 23 following launch of Mixed Clinical workforce proposition Working towards EBITDA breakeven • EBITDA loss reduced to £3.5m in 1H 23 vs high of £11.5m in 2H 21, through combination of revenue growth, margin growth and close management of fixed costs • Market guidance, as released Feb-23 : EBITDA breakeven in 1H 24 • Further efficiencies to come through automation projects and sublet of corporate headquarters 2H 2023 Key Initiatives Realign capital structure • AXA facility in December 22 was a bridge into a long-term, stable and pro-growth capital structure • Operating performance supports proposed debt and accelerating cash build-up next 18 months • Repurposing balance sheet and internally generated cash positions DCA to win in the UK Change in operating model driving margins • Successful launch of Mixed Clinical workforce in Q2 expected to support increased margins in H2 • Enhanced patient experience as we use health information to guide patients through the care journey • Management continues to drive efficiencies in operating model and enhance platform service capacity Significant strategic opportunities in the UK 13 © 2023 Doctor Care Anywhere • Our platform capabilities deemed core for full-service client propositions – private AND public • Executive leadership team focused on capitalising on changing competitive landscape • Pathway to significant new partnerships via channels parallel to private health insurance Opportunity in the UK today 14 © 2023 Doctor Care Anywhere Our proposition in demand more than ever Private market participants could be well positioned to capitalise and address unmet needs caused by the NHS facing unprecedented pressure. There are 3 main drivers of the pressure faced by the UK healthcare market: A massive growth in demand Significant supply-side pressures (e.g., capacity, staffing) Which are only likely to be unlocked through: Increased spending from - the government to ameliorate NHS challenges - employers and individuals to increase private insurance coverage - self-pay for others to access additional capacity Significant reform is needed to address structural challenges in the NHS (e.g., limited diagnostics capacity)…and will take time A renewed focus on enhancing efficacy and productivity to maximise capacity of existing resources Slow and challenging post-COVID recovery, which is amplified by strikes, inflation, and labour pressures 15 © 2023 Doctor Care Anywhere Changing patterns of demand and supply side responses (e.g., increasing outsourcing, private sector, and private pay) Patients are noticing the shortfall in GP care Ease of access to GP services %, 2017 – 2023 Timely availability of GP services %, 2017 – 2023 % of people who spoke to someone at a time they wanted to or sooner % of people that found it easy to get through to their practice by phone 70 68 71 68 68 65 62 -18%p 57 59 53 50 2017 16 2018 2019 2020 2021 2022 2023 2017 2018 2019 © 2023 Doctor Care Anywhere Source: GP Patient Survey 2017-2023, Strategy & Analysis -21%p 56 2020 2021 51 50 2022 2023 Shortfalls in primary care workforce highlight acute need for UK telehealth Estimated FTE shortfalls based on current policies 2021/22-2030/31 Number of appointments cancelled due to industrial action across the NHS 000s, Jan 2023 – Aug 2023 Forecast Total strike cancellations Junior doctor strike cancellations 8.6% 839.3 8,800 6,700 GPs 4,200 195.0 175.0 2021/22 2023/24 All strikes Jan-Aug 2023 -4.2% Nurses 50,600 30,300 2021/22 2023/24 102.0 June July 61.2 2030/31 Forecast 44,500 106.1 March April August # strike days n/a 3 4 3 5 5 # doctors on strike n/a 28,708 27,631 23,158 20,432 23,682 As % of total appt. n/a 1.7% 2.3% 1.1% n/a n/a 2030/31 Notes: (1) Assumes workforce numbers increase in line with current trends and policies already being implemented to promote staff recruitment and retention; (2) Includes both weekend days; (3) Reflects the number of doctors on strike at peak of strike; (4) Total inpatient admissions and attendant outpatient appointments; (5) NHS has not yet released July and August 2023 attendance as of preparation date of these materials. 17 © 2023 Doctor Care Anywhere Source: The Health Foundation, NHS England, Strategy & Analysis. Private care providers instrumental in filling the NHS gap Private healthcare admissions by funding source 000s, 2019 – 2022 Healthcare activity by provider and funder % activity, 2019-22 Privately funded, NHS provided Privately funded, Privately provided NHS funded, Privately provided NHS funded, NHS provided 1% 6% 6% 1% 5% 6% 1% 6% Private insurance admissions Private self-pay admissions Total 7% 819 779 88% 89% CAGR 19-22 86% 758 199 (26%) 525 262 (35%) 272 (33%) 145 (28%) 2019/20 2020/21 2021/22 Total private provision 11.2% 10.8% 13.0% Total private spending 6.4% 6.3% 7.5% 18 580 (74%) 2019 © 2023 Doctor Care Anywhere Source: PHIN, BHI, Strategy & Analysis 380 (72%) 2020 496 (66%) 547 (67%) 2021 2022 (1.9%) 11.0% Recent sector developments underscore strategic opportunity Several players have either vertically integrated or been carved-up • The UK health sector is experiencing an exciting pace of change • Private equity firms have clinched 150 deals with UK healthcare companies in the past 2 years (LaingBuisson) • Healthcare providers are combining in-person and digital services, either through partnerships or acquisition • DCA’s capabilities in digital health, clinical workforce management and patient navigation are highly relevant 19 © 2023 Doctor Care Anywhere Ascenti acquires My Online Therapy (August 2023) Babylon UK goes into administration…business sold for £0.5m (August 23) “Circle’s new virtual GP service offers you access…” “Kry launches digital care pathways for chronic respiratory “IK Fund acquires condtions” (May 23) Medica Group, international provider of high quality telemedicine services” (July 23) PureHealth acquires Circle Health for $1.2 billion (Aug 23) Proposed Transaction 20 © 2023 Doctor Care Anywhere Illustrative Term Sheet: £10.5 M Convertible Loan Note (Private Placement) 21 © 2023 Doctor Care Anywhere Key Terms Range Maturity 4 year, bullet Non-callable Cannot be prepaid for 2 years Coupon 0% Conversion A$0.0875 per CDI Issue size £10.5 m Covenants Market standard ; unsecured Use of Proceeds Convertible loan note issue is a refinancing of existing senior debt Sources of Capital from Raise • £10.5 M new issue CLN • Stable capital structure to maturity • AXA and market investors participate Uses of Capital from Raise • £10.5 M retire accrued AXA senior loan • Avoid repayments £0.8 M/qtr from Nov’23 • Amendment of liquidity covenants Net impact A. AXA becomes strategic investor in DCA’s growth, but without blocking stake if converts B. DCA balance sheet resources free to focus on operations and growth C. Underscores current market valuation gap to business performance D. Shows DCA access to new capital, after period of stabilisation in 2023 22 © 2023 Doctor Care Anywhere AXA supports this raise AXA is swapping their loan for convertible notes: reflects a re-alignment to DCA’s significantly improved position today, versus a year ago. 1. Repayment of principal: accelerated 2. Continuity of service: de-risked 3. Repriced yield to market rate: coupon reset 4. Transparent, arms-length validation: market terms 5. Participation in value created: equity upside 6. Reduced administration and reporting: streamlined 23 © 2023 Doctor Care Anywhere Indicative deal timeline – subject to change Executing in Q4 2023 1.Q3 Results and Market announcement: 18 October 2.Binding commitments: week of 23 October 3.Board meeting: 24 October 4.Closing and funding: Nov. / Dec., based on ASX / UK shareholder approval rules 24 © 2023 Doctor Care Anywhere GLOSSARY 1.Eligible Lives: the total number of people who have an entitlement to use DOC’s services, generally through a subscription funded by an insurer or employer. 2.Activated Lives: The total number of people who “sign up” for DOC’s service and enter their personal details via the DOC app or website. 3.Consultations: The number of GP and ANP consultations delivered to patients over the period. 4.Secondary Care Journeys: The number of secondary care journeys completed by patients over the period following a referral from an initial GP or ANP consultation on the DCA platform; the journey involves a diagnostic test, a Virtual Specialist Review of the test results, and a GP/ANP follow-up consultation with the patient. 5.Repeat Patients: The number of consultations completed by patients who had previously completed an appointment. 6.Advanced Nurse Practitioners (ANP): ANPs are educated to Masters level in clinical practice and have been assessed as competent in practice. They have the authority to make autonomous decisions in the assessment, diagnosis and treatment of patients. 25 © 2023 Doctor Care Anywhere Key Risks Concentration of revenue A significant portion of DOC’s revenue is derived under several agreements it has with AXA PPP Healthcare Group Limited (AXA). In FY2022, the relationship with AXA accounted for approximately 90% of the Company’s total revenue. A decrease in revenue received from AXA for any reason could have a material adverse effect on DOC’s revenue and profitability. AXA may terminate its arrangements with DOC DOC is party to several agreements with AXA which govern most material aspects of the relationship, including the terms on which clinical services are provided to AXA, and the terms on which technology development, hosting and maintenance services are provided to AXA. In particular, certain documents set out the joint venture arrangements between AXA and DOC including the Joint Venture Agreement. These arrangements contain various rights for AXA to trigger a call option to acquire DOC’s shares in the joint venture entity and to terminate the joint venture arrangements, including a right to terminate these arrangements due to a material breach of the Joint Venture Agreement or for convenience between 1 February 2025 and 27 April 2025. Termination of the arrangements with AXA would have a materially adverse effect on the Company’s ability to generate revenue and would materially adversely impact the Company’s operations and business. In October 2023, DOC and AXA agreed non-binding Heads of Terms, subject to a formal binding agreement, for certain changes to be made to the contractual relationship between the parties. These changes include the termination of the joint venture arrangements between DOC and AXA and the winding-up of the joint venture entity, while continuing the commercial arrangements between the parties in relation to sharing the economic benefits of the diagnostic referral pathway management services provided by DOC to AXA. However, there is a risk that the parties do not enter into formally binding arrangements to effect these intended changes to their contractual relationship, and there is a risk that even if these intended changes are made, the expected benefits do not materialise or are not as significant as initially thought. 26 © 2023 Doctor Care Anywhere Restrictions on the expansion of DOC’s business The agreements with AXA include various exclusivity restrictions that may prevent the Company from developing or making available products that include both online GP services and the facilitation of diagnostics to any direct competitor of AXA (this includes healthcare providers, administrators and distributors) or other large providers in the UK or Republic of Ireland. In addition, if DOC intends to provide similar services in Italy, France, Spain, Germany, Switzerland, Belgium, Japan or Mexico, the opportunity to provide those services must first be provided to the Joint Venture Entity. These restrictions may make it more difficult for DOC to achieve its objectives by growing its business in new products or markets. There is also a risk that if DOC fails to comply with such restrictions, it will give rise to an immediate termination right by AXA. This could adversely impact DOC’s reputation and its financial performance and position. Under the Heads of Terms, among other changes, DOC and AXA agreed that the exclusivity restrictions imposed on both DOC and AXA under the existing contractual arrangements would be terminated. This change enables DOC to sell its services to other health insurers and providers, while also enabling AXA (subject to a specified notice period) to procure services from DOC’s competitors. There is a risk that, despite the longstanding relationship and established operational processes in place between the parties, AXA chooses to procure services from DOC’s competitors, which could lead to a reduction in DOC’s revenues from AXA and a deterioration in its financial performance and position. There is also a risk that the intended changes to the contractual relationship as described in the Heads of Terms (including termination of these exclusivity restrictions) are not concluded in a binding contract. Early-stage business risk DOC is an early-stage business that does not generate profits. DOC’s ability to achieve its anticipated growth is dependent on the successful implementation of its growth strategy, including DOC’s ability to expand into new markets and increase revenue under channel relationships. DOC does not have a significant history of operations and there can be no assurance that it would be able to generate or increase revenues from its existing and proposed products or avoid losses in any future period. Activation of existing eligible lives and utilisation of the service Whilst DOC understands that there is a large potential market for its services, and it already has approximately 3 million people who have an entitlement to use its services (Eligible Lives), there is no guarantee that DOC will be successful in converting the market for its services into Eligible Lives or that DOC’s existing Eligible Lives will subscribe and utilise DOC’s services. Acquisitions, expansion or growth initiatives by DOC may not be successful As part of its growth strategy, DOC may investigate and undertake expansion, acquisition and other growth initiatives from time to time. It is possible that despite analysis and assumptions made by the Company, there will be a failure to realise the anticipated synergies and any anticipated increases in the revenue, margins and net profit from any acquired businesses or growth initiatives. There is also a risk that the integration of the acquired business may result in more time and cost than originally anticipated. There is also a risk that DOC’s due diligence fails to identify all material risks and liabilities relating to the acquired business. Any of these matters could materially adversely impact DOC’s financial performance and position. Requirements for additional funding Additional funding may be required to meet the objectives of DOC in the event that costs exceed the expectations of the Company or further opportunities arise for capital expenditure, investment in new projects, acquisitions or joint ventures. Should such event occur, the Company could look to raise additional funds via equity financing or debt financing. There can be no assurance that additional financing will be available when needed, on terms appropriate to DOC or that do not involve substantial dilution to securityholders. Key Risks Inability to attract new customers DOC distributes services to patients through various sales channels,