Bright Health : at J.P. Morgan Healthcare Conference

Bright Health Group

2022 J.P. Morgan Healthcare Conference

January 11, 2022

Disclaimer

Statements made in this presentation that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements, and should be evaluated as such. Forward- looking statements include information concerning possible or assumed future results of operations and financial performance, access to financing, and descriptions of our business plan and strategies. These statements often include words such as "will," "target," "anticipate," "expect," "plan," "believe," "intend," "project," "forecast," "estimates," "projections," "2022," and financial performance, access to financing, and other similar expressions. These forward-looking statements include any statements regarding our plans and expectations with respect to Bright Health Group, Inc. and its component businesses and segments. Such forward-looking statements are subject to various risks, uncertainties and assumptions. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. Factors that might materially affect such forward-looking statements include: a lack of acceptance or slow adoption of our business model; our ability to retain existing consumers and expand consumer enrollment; our ability to contract with care providers and arrange for the provision of quality care; our ability to accurately estimate our medical expenses, effectively manage our costs and claims liabilities or appropriately price our products and charge premiums; the impact of the COVID-19 pandemic on our business and results of operations; the risks associated with our reliance on third-party providers to operate our business; the impact of modifications or changes to the U.S. health insurance markets; our ability to manage the growth of our business; our ability to operate, update or implement our technology platform and other information technology systems; our ability to retain key executives; our ability to successfully pursue acquisitions and integrate acquired businesses; the occurrence of severe weather events, catastrophic health events, natural or man-made disasters, and social and political conditions or civil unrest; the impact of security incidents or breaches, loss of data and other related events on our members, patients, employees, and financial results; and the other factors set forth under the heading "Risk Factors" in Bright Health Group's prospectus filed pursuant to Rule 424(b)(4) on June 25, 2021 and our other filings with the U.S. Securities and Exchange Commission. All forward-looking statements contained in this presentation reflect management's beliefs as of the date hereof and, except as required by law, we undertake no obligation to update publicly any forward-looking statements for any reason after the date of this presentation to conform these statements to actual results or to changes in our expectations.

This presentation contains Adjusted EBITDA, which is a non-GAAP financial measure. This non-GAAP financial measure is an addition, and not a substitute for or superior to the most directly comparable GAAP financial measure, Net Income (Loss). Additionally, Adjusted EBITDA is not intended to be a measure of free cash flow available for management's discretionary use as it does not consider certain cash requirements such as interest payments, tax payments and debt service requirements. The presentation of this measure has limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. Because not all companies use identical calculations, the presentation of these measures may not be comparable to other similarly titled measures of other companies and can differ significantly from company to company. The reconciliation of this non-GAAP measure to the most directly comparable GAAP measure can be found in the appendix to this presentation.

A reconciliation of the projected Adjusted EBITDA, which are a forward-lookingnon-GAAP financial measure, to the most directly comparable GAAP financial measures, is not provided because the company is unable to provide such reconciliation without unreasonable effort. The inability to provide a reconciliation is due to the uncertainty and inherent difficulty predicting the occurrence, the financial impact and the periods in which the non-GAAP adjustments may be recognized. These GAAP measures may include the impact of such items as interest expense, income tax expense, depreciation and amortization, share-based compensation expense, transaction costs, changes in the fair value of contingent consideration, contract termination costs; and the tax effect of all such items. Historically, the company has excluded these items from non-GAAP financial measures. The company currently expects to continue to exclude these items in future disclosures of non-GAAP financial measures and may also exclude other items that may arise (collectively, "non-GAAP adjustments"). The decisions and events that typically lead to the recognition of non-GAAP adjustments, such as a decision to exit part of the business, are inherently unpredictable as to if or when they may occur. For the same reasons, the company is unable to address the probable significance of the unavailable information, which could be material to future results.

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Positioned to Achieve Our Full Potential

1	Focus On Areas Where We Can Demonstrate the Greatest Impact

2	Deeply Align Payors And Providers Financially, Clinically, and Technologically

3	Leverage NeueHealth To Drive Profitable, Capital-Efficient Growth

We strongly believe in our strategy and have the team, capital, and model to execute on it

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Bright Health Group Overview

Building a technology-enabled, Fully Aligned national Integrated System of Care (ISoC) personalized for consumers

2022 Footprint Across 17 States

2022 By the Numbers(1)

$6.3 - $6.5

Billion

~1M

~400k

~$2B

Integrated

Care Delivery

~1/3

Bright Health Group 2022E Revenue

Bright HealthCare AEP/OEP Membership(2)

NeueHealth Value-Based Patients

NeueHealth 2022E Revenue

NeueHealth Revenue from External Payors

(1)	2022 outlook reflects guidance provided on and as of December 7, 2021, except Bright HealthCare AEP/OEP Membership.
(2)	BHC enrollment reflects preliminary AEP / OEP results as of January 11, 2022.	5