Business presentation slide for Business

Business presentation

1. 1 September 2023 Africa Healthcare Network (AHN) Expanding access to world class, life saving care at an affordable cost

2. 2 Executive Summary External Developments Tanzania : Govt continues to want to reduce rates, with stronger resolve. They’re cutting # of sessions, pharma pricing, and looking to exit contracts with Harsh/Fresenius, creating major PPP opportunity for AHN Kenya : Continued Fx slide (Jan 124:1  April 132:1  Sept: 146:1), new taxes, and local kit purchases are impacting margins. On positive side, NHIF payment improving and more brownfield opportunities emerging Rwanda : Transplant program has launched (small scale, 9 to-date). Govt. has back-tracked on rate increases recently announced, creating confusion. Rate intervention needed (A50 / USAID support?) Recent “hits” Financing: Local teams navigated cash crunch and limited the distraction over prolonged process Deal signings: Continued progress across all three countries, with our 42 nd center recently signed. Promising opportunities in Zambia ($100/session) Local capabilities: Country teams maturing with broader and deeper talent pools emerging SG&A: Total overhead remains lower than one year ago, despite ~60% YoY volume growth Recent “misses” Project delays: New center openings have lagged (in part but not fully due to funding delays) Volumes: Slow organic growth in Tanzania for Q1-Q2, though promising uptick so far in Q3 Margins: As Bain requires full pre-payment, we’ve used local kits in KE (on credit), adding $4-5/session EBITDA: Impacted by several factors (project delays, TZ growth, local kits, Fx ); some of which is temporary ALMC: Legal process continues, as we seek NHIF sweep and/or asset seizure (next court date 9 th Sept)   Overall, our 2023 plan is 2-3 months behind target, with Q3 focus on closing the gap

3. Current Performance Snapshot 3 # of Clinics Operational + Signed Dec 2022 Aug 2022 Comment Total Volume # of Sessions / Week Unit Margins EBITDA % Overhead Total SG&A (Annualized) EBITDA Run-Rate (Annualized) 31 42 BD is on-track overall, despite some project / signing delays 1,730 2,100 Organic growth largely on-track (puts/takes), with gaps on inorganic XX % 39 % Margin - X.X % vs. plan due to mix effect, Fx impact & local kit usage $ X.Xm $ X.Xm SG&A flat despite top-line volume growth, as we continue to scale up $ X.Xm $ X.Xm As noted, EBITDA uptick 2-3 months behind; focus on closing the gap We’ll do projections together Mike to fill the first two columns in

4. Current Performance Snapshot 4 # of Clinics Operational + Signed Dec 2022 Aug 2022 Total Volume # of Sessions / Week Unit Margins EBITDA % Overhead Total SG&A (Annualized) EBITDA Run-Rate (Annualized) 31 42 1,730 2,100 XX % 39 % $ X.Xm $ X.Xm $ X.Xm $ X.Xm Dec 2023 50 3,000 XX-YY% $X.X- Y.Ym $X.X- Y.Ym After a tough Q2, we have solid momentum to close out the year We’ll do projections together Mike to fill the first two columns in

5. 5 Q1’21 Q2’21 Q3’21 Q4’21 Q1’22 Q2’22 Q3’22 Q4’22 Q1’23 Q2’23 Q3’23 1 * 3 * 1 * Q4’23 2 2 5 5 Tanzania Rwanda Kenya Zambia Total centers Total hospital signings, by quarter 22 23 25 25 27 28 3 1 32 3 5 3 7 4 2 47+ BD: We continue to sign new centers, in line with expectations Goal remains: ~50 centers by the end 2023, ~75 by 2024, and ~100 by 2025 +10 in last 4Qs +5 in prior 4Qs +10 in next 2Qs * Expected, not yet signed

6. Volumes: Key levers to boost volumes by December 2023 6 Current
Run-Rate KE: Metropolitian
+ Ladnan 130 KE: Other
brownfields KE: Center
openings 130 KE: Organic 120 TZ: Organic 30 RW: Organic Dec’23
Projection Compared to Dec’22, this would be 73% YoY growth Despite financing delays, we have a good shot to close the year in a strong way Exact deals we win TBD Likely +/- in some areas, but reasonable in aggregate As context, in Dec’22 we did 1,730 sessions 5 new centers plus 2 expansion projects Weekly Volumes (# sessions)

7. 7 © Africa Healthcare Network – highly confidential Total EBITDA (in 000s) Q1’21 Q2’21 Q3’22 Q2’22 Q1’22 Q3’21 Q4’21  $203  Q4’22 Q1’23 $361 Q2’23 $525 Q3’23 Q4’23 Based on this trajectory, we’d exit 2023 with a $ 3.0 m EBITDA run-rate Q2 performance gap Projects ‘paused’ Slow TZ growth BD deal timing Local kits used Rate/ Fx impact Q3-Q4 trajectory solid as we close gap: Clinic openings Solid TZ growth Good BD wins More Bain kits Rate/ Fx impact TBD EBITDA: Despite Q2 headwinds, the overall trajectory remains solid These are placeholders – need to estimate Q3/Q4 with Mike

8. Bridge: Original investor model vs. latest projections 8 © Africa Healthcare Network – highly confidential All placeholders Dec’23 Original
Investor Model Project Delays Fx Impact Organic Growth Rate Changes Local Kits Dec’23 Latest
Projection Consumable Sales -$0.2 -$0.5 -$0.5 -$0.3 -$0.3 -$0.2 Better to do this on monthly result not annualized figure? THIS IS A VERY DANGEROUS SLIDE AND COULD CAUSE THEM TO BE SCARED OFF … OR IT COULD EXPLAIN THE GAP ANALYTICALLY AND HELP PUT TTHEM AT EASE. LET’S DISCUSS! EITHER WAY, WE NEED TO HAVE THE NUMBERS IN OUR BACK POCKET TO BE READY TO EXPLAIN VERBALLY. PLUS, HIGHLIGHT SOME OF THE FACTORS WHERE WE CAN CATCH UP VS. THOSE WHERE WE CAN’T