Exhibit (c)(2)

 CONFIDENTIAL DRAFT  Project Green Discussion Materials  August 1, 2024 

 CONFIDENTIAL DRAFT  Disclaimer and Confidentiality Statement  Lincoln International LLC (“Lincoln”, “us”, or “we”) has been retained by the special committee (the “Committee”) of the board of directors (the “Board”) of NeueHealth, Inc. (collectively with its subsidiaries and affiliates, the “Company”) to act as its financial advisor in connection with a possible Transaction (as defined herein) involving the purchase by investment funds affiliated with New Enterprise Associates, Inc. (collectively, “NEA”) of the common stock of the Company (the “Common Stock”) not currently held by NEA for cash consideration of $7.18 per share (the “Transaction”).  These discussion materials (the “Materials”) were provided to, and solely for the information of, the Committee by Lincoln in connection with its consideration of a Transaction. The Materials are incomplete without reference to and should be considered in conjunction with any supplemental information provided by and discussions held with Lincoln 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. The Materials are for discussion purposes only.  Lincoln expressly disclaims any and all liability which may be based on these Materials and any errors therein or omissions therefrom.  The Materials were prepared for specific persons familiar with the business and affairs of the Company and the Committee for use in a specific context and were not prepared with a view toward 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 Committee, Company, or Lincoln takes any responsibility for the use of the Materials by persons other than the Committee. The Materials are being provided on a confidential basis solely for the information of the Committee, other than as described in the engagement letter between Lincoln and the Company, dated July 31, 2024, and may not be disclosed, summarized, reproduced, disseminated, quoted, or otherwise referred to, in whole or in part, without Lincoln’s express prior written consent.  The Materials are necessarily based on financial, economic, market, and other conditions as in effect on, and the information available to Lincoln as of, the date of the Materials. Although subsequent developments may affect the contents of the Materials, Lincoln has not undertaken, and is under no obligation, to update, revise, or reaffirm the Materials. 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 to do so. The Materials do not address the underlying business decision of the Committee, the Company or any other party to approve, make any elections with respect to, proceed with or effect the Transaction. The Materials do not constitute an opinion, nor do the Materials or any opinion rendered by Lincoln constitute a recommendation to the Committee, 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..  The Materials may not reflect information known to other professionals in other business areas of Lincoln 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, Lincoln 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, 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.  2 

 CONFIDENTIAL DRAFT  Disclaimer and Confidentiality Statement (cont’d)  The Materials do not constitute a fairness opinion, solvency opinion, valuation opinion, credit rating, an analysis of the Company’s credit worthiness, as tax advice, or as accounting advice. The Materials do not address any other terms, aspects, or implications of the Transaction, or any agreements, arrangements, or understandings entered into in connection with 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, Lincoln 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. No company utilized in our selected public companies analysis is directly comparable to the Company.  Except as otherwise noted in the Materials, all budgets, projections, estimates, financial analyses, reports, and other information with respect to operations (including estimates of potential cost savings and expenses) reflected in the Materials have been prepared by the Company 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 Company (“Management”) and/or which Management has reviewed and found reasonable. Any 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. Lincoln has relied upon representations made by the Company that any budgets, projections or estimates contained herein have been reasonably prepared in good faith on bases reflecting the best currently available estimates and judgments of Management (or, with respect to information obtained from public sources, represent reasonable estimates), and Lincoln expresses no opinion with respect to such budgets, projections, or estimates or the assumptions on which they are based.  Lincoln 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 they are not aware of any facts or circumstances that would make such information inaccurate or misleading. In addition, Lincoln 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 information, financial or otherwise, provided to, discussed with or reviewed by Lincoln that would be material to its analyses, and that the final forms of any draft documents reviewed by Lincoln will not differ in any material respect from such draft documents.  The Materials do not constitute a commitment by Lincoln or any of its affiliates to underwrite, subscribe for or place any securities, to extend or arrange credit, or to provide any other services.  Lincoln provides mergers and acquisitions, restructuring, and other advisory services to clients, which may in the future include, one or more interested parties to the Transaction (each an “Interested Party”), for which services Lincoln may receive compensation. As of the date hereof, Lincoln has not provided and is not currently providing any other services to the Company or NEA. Although Lincoln may in the future acquire, information about one or more Interested Party or the Transaction, or that otherwise may be of interest to the Company or the Committee, Lincoln shall have no obligation to, and may not be contractually permitted to, disclose such information, or the fact that Lincoln is in possession of such information, to the Company or the Committee or to use such information on the Company’s or the Committee’s behalf.  Lincoln and our affiliates provide a range of investment banking and financial services and, in that regard, we and our affiliates may in the future provide, investment banking and other financial services to the Company, for which we and our affiliates would expect to receive compensation. In the prior two years, Lincoln has not received any fees from the Company or NEA.  THESE MATERIALS ARE NOT INTENDED TO REPRESENT NOR DO THEY REPRESENT AN OPINION BY LINCOLN.  3 

 CONFIDENTIAL DRAFT  Table of Contents  Section 1  Executive Summary  5  Section 2  Valuation Analysis  10  Appendix A  Supplemental Analysis and Detail  17 

 CONFIDENTIAL DRAFT  Executive Summary  Section 1 

 CONFIDENTIAL DRAFT  Executive Summary  Valuation Analysis Summary  $0.00 $2.00  Source: Management Projections  Key Valuation Metrics  WACC range  23.0% to 25.00%  Terminal Growth Rate 7.50%  6.0x to 7.0x 2026P EBITDA  of $141 million  Liquidation Preference of Series A and Series B Preferred Stock exceeds Aggregate Equity Value  Methodology  DCF:  60% OPM Volatility  DCF:  50% OPM Volatility  Selected Public Companies Analysis: 60% OPM Volatility  Selected Public Companies Analysis: 50% OPM Volatility  Intrinsic Value  Estimated Value Per Share of Common Stock  NEA Offer Price  $7.18  6  $2.71  $4.25  $3.26  $4.93  $0.00  $5.90  $8.03  $6.31  $8.49  $4.00  $6.00  $8.00  $10.00 

 CONFIDENTIAL DRAFT  Executive Summary  Valuation Analysis Summary  Source: Management Projections  Present value of tax savings related to $3.2 billion in federal NOLs and $3.8 billion in state NOLs  As of June 30, 2024  $100 million expected to be received in November 2024. $10 million expected to be received in June 2025, per Management  Present value of expected March 2025 settlement payment to CMS net of statutory capital and  surplus, per Management  Primarily reflects obligations resulting from Babylon Health's bankruptcy, per Management  Includes various non-operating assets, non-operating liabilities and one-time items, per Management  Based on a present value of expected future payments to acquire remaining ownership stake in  Centrum, per Management  Present value of projected after-tax income attributable to PMA noncontrolling interest, per Management  7   DCF Analysis Selected Public Companies   Low  High  Low  High  Indicated Enterprise Value Range (Before NOLs, Rounded)  $875  - $1,005  $845  - $990  Present Value of NOL Tax Benefits (1)  120  - 135  120  - 135  Concluded Enterprise Value Range  $995  - $1,140  $965  - $1,125  Cash and Cash Equivalents (2)  133  - 133  133  - 133  Short-Term Investments (2)  9  - 9  9  - 9  NEA Term Loan (2)  (95)  - (95)  (95)  - (95)  Hercules Term Loan (2)  (30)  - (30)  (30)  - (30)  Expected Remaining Net Proceeds from Molina (3)  110  - 110  110  - 110  CMS Settlement Payment (4)  (203)  - (203)  (203)  - (203)  DCE Deficit Adjustment (5)  (42)  - (42)  (42)  - (42)  Other Items (6)  (21)  - (21)  (21)  - (21)  Estimated Value of Centrum Noncontrolling Interest (7)  (68)  - (70)  (68)  - (70)  Estimated Value of PMA Noncontrolling Interest (8)  (100)  - (113)  (100)  - (113)  Equity Value Available to Holders of Preferred Stock and Common Stock  $689  - $819  $659  - $804  Implied Concluded Enterprise Value Multiples (Including NOL Tax Benefits)  2026P EBITDA  $141  7.1x  - 8.1x  6.8x  - 8.0x  2024E Revenue  2,712  0.37x  - 0.42x  0.36x  - 0.41x  Valuation Analysis Summary  ($ in millions, except per share values) 

 CONFIDENTIAL DRAFT  Executive Summary  Valuation Analysis Summary – Equity Allocation  See Appendix A  As of June 30, 2024  8   DCF A  Low  nalysis   High   Selected Pub  Low  lic Companies   High  Allocation of Equity Value - Option Pricing Model  Equity Value Available to Holders of Preferred Stock and Common Stock  $689  - $819  $659  - $804  Value of Common Stock: 50% Volatility  $46  - $90  $39  - $84  Fully Diluted Shares Outstanding (1)  14,243,521  - 14,243,521  14,243,521  - 14,243,521  Common Stock Per Share Value: 50% Volatility  $3.26  - $6.31  $2.71  - $5.90  Value of Common Stock: 60% Volatility  $70  - $121  $60  - $114  Fully Diluted Shares Outstanding (1)  14,243,521  - 14,243,521  14,243,521  - 14,243,521  Common Stock Per Share Value: 60% Volatility  $4.93  - $8.49  $4.25  - $8.03  Intrinsic Value Waterfall  Equity Value Available to Holders of Preferred Stock and Common Stock  $689  - $819  $659  - $804  Liquidation   Preference (2)  Series A Preferred Stock  $849  ($563)  - ($668)  ($539)  - ($656)  Series B Preferred Stock 190 (126) - (150) (121) - (147)  Equity Value Allocated to Preferred Stock  1,039  (689)  -  (819) -  (659)  -  (804)  Intrinsic Value of Common Stock  $0  -  $0  $0  -  $0  Valuation Analysis Summary  ($ in millions, except per share values) 

 CONFIDENTIAL DRAFT  Lincoln has assumed the following strategic alternatives that may be available to the Company:  ‒ Pursue a sale to NEA  Consider optimal timing of a limited outreach to other potential buyers  ‒ Status quo  ‒ Broad auction sale process  ‒ Divestiture  ‒ Recapitalization  Based on discussions with Management, Lincoln has assessed certain commercial risks and other considerations for the Committee’s evaluation of the timing for a limited outreach to other potential buyers:  ‒ Market chatter  ‒ VBC contract renewals  ‒ Provider partner ACO relationships  ‒ Liquidity concerns & financial position  ‒ Preferred stock overhang  ‒ Buyer appetite  In any limited outreach process, Lincoln would recommend that it contact:  Executive Summary  Strategic Alternatives  9 

 CONFIDENTIAL DRAFT  Valuation Analysis  Section 2 

 CONFIDENTIAL DRAFT  Lincoln performed a valuation of (i) the Company on an enterprise value basis and (ii) the common stock of the Company. Lincoln estimated ranges of enterprise values for the Company using each of the following valuation approaches described below assuming the Company would continue to operate as a public company:  Discounted Cash Flow Analysis (“DCF”) (Income Approach)  Present value of projected unlevered free cash flows discounted at a rate commensurate with risk  Key inputs include the projections provided to Lincoln by Management (the “Management Projections”), discount  rate, and terminal value assumptions  Captures value associated with long-term cash flow generating ability of the Company  Pro forma for taxes assuming no utilization of historical and future net operating losses (“NOLs”) and therefore excludes value of NOL tax savings  Market Approach  Selected Public Companies Analysis  ‒ “Public market valuation”  ‒ Value based on market trading multiples of selected public companies using comparisons of various attributes  (financial performance, capital requirements, geographic footprint, customer base, payor mix, etc.)  Lincoln did not consider a M&A Transactions Analysis due to the following:  ‒ Valuation multiple for M&A transactions reflects premium for control;  ‒ Generally computed based on historical financial performance (i.e., LTM EBITDA), which is not meaningful for the Company;  ‒ Lack of relevant recent transactions;  ‒ Historical transactions generally involved strategic acquirers resulting in implied valuation multiples inclusive of synergies  Valuation Analysis  Methodology  11 

 CONFIDENTIAL DRAFT  Valuation Analysis  Methodology (continued)  Lincoln then estimated ranges of aggregate equity value available to the holders of Common Stock and the Company’s Series A Preferred Stock and Series B Preferred Stock (the “Preferred Stock”) by adjusting the estimated enterprise value ranges for cash and cash equivalents, non- operating assets, debt and debt-like items, non-operating liabilities and the estimated value of noncontrolling interests.  Given that the aggregate liquidation preference of the Preferred Stock exceed the estimated ranges of aggregate equity value available to the holders of Common Stock and the Preferred Stock, Lincoln estimated the value of the Common Stock using an option pricing model (“OPM”). This valuation methodology is based on the principles of option pricing theory, whereby the Series A Preferred Stock, Series B Preferred Stock and Common Stock are each modeled as a call option with a unique claim on the estimated ranges of aggregate equity value available to the holders of Common Stock and the Preferred Stock. The economic characteristics of each security define these claims. The resulting option claims, in combination, depicts the sharing of proceeds between different securities upon a liquidity event. The result is an allocation of the aggregate equity value to each class of security. The effect in this case is an allocation of positive value to the Common Stock which represents “option value” despite the Common Stock having zero intrinsic value.  The key inputs of OPM include: (i) initial value of an underlying asset; (ii) exercise price; (iii) volatility; (iv) time to expiration; and (v) risk free rate. Lincoln utilized a term of approximately 1.00 year assuming an event that could trigger a sale or recapitalization on or before July 31, 2025. Lincoln selected a range of levered equity volatilities from 50% to 60% which was based on its review of unlevered volatiles of the selected public companies which were re-levered based on the Company’s current capital structure for the OPM.  Lincoln divided the resulting Common Stock value ranges by fully diluted shares outstanding to derive per share value ranges of the Common Stock.  Additionally, Lincoln calculated the intrinsic value of the Common Stock to be $0.  12 

 CONFIDENTIAL DRAFT  Valuation Analysis  DCF Analysis - Summary  Note: 2025P to 2027P pro forma share-based compensation expense provided by Management Source: Management Projections  (1) Normalizes depreciation and amortization expenses equal to capital expenditures   Management Projections   FY Ending December 31, 2023A 2024E 2025P 2026P 2027P  Normalized  Terminal (1)  Total Revenue  $1,161  $949  $1,719  $2,712  $3,659  $3,659  % Growth  54.5%  (18.2%)  81.1%  57.7%  34.9%  Adjusted EBITDA Excl. SBC  ($8)  $26  $87  $193  $332  Share-based Compensation Expense   (84)  (71)  (46)  (52)  (59)  Adjusted EBITDA  ($92)  ($45)  $42  $141  $273  $273  % Margin  (7.9%)  (4.8%)  2.4%  5.2%  7.5%  7.5%  % Growth  NMF  NMF  NMF  NMF  93.6%  7/24 - 12/24  Adjusted EBIT  ($5)  $24  $130  $252  $273  Pro Forma Taxes @ 23.5%  0  (6)  (30)  (59)  (64)  NOPAT  ($5)  $18  $99  $193  $209  Depreciation & Amortization  ($8)  $18  $11  $22  $0  Capital Expenditures  0  0  0  0  0  Other Operating Cash Flows  10  (0)  (1)  (1)  (1)  (Increase) Decrease in Net Working Capital  0  0  0  0  0  Unlevered Free Cash Flow  ($3)  $36  $110  $213  $208  % Growth  Enterprise Value  Low  NA  203.7%  High  94.2%  Weighted Average Cost of Capital (WACC)  25.00%  -  23.00%  Terminal Growth Rate (TGR)  7.50%  -  7.50%  Present Value of Discrete Cash Flows  $209  -  $218  Present Value of Terminal Value  666  -  788  Indicated Enterprise Value (Rounded)  $875  -  $1,005   Implied Enterprise Value Multiples   2026P EBITDA  $141  6.2x  - 7.1x  2024E Revenue  2,712  0.32x  - 0.37x  13  Discounted Cash Flow Analysis Summary  ($ in millions) 

 CONFIDENTIAL DRAFT  Valuation Analysis  Selected Public Companies Analysis – Summary  Lincoln considered public companies that operate as managed care organizations (“MCOs”) and value-based care providers (“VBCs”).  Lincoln’s selected multiples for the Company were based on a comparative analysis that considered, among other things, certain quantitative and qualitative factors including the following: relative size, historical and projected growth and profitability, capital intensity, geographic presence, customer mix, payor mix, and other financial performance metrics.  Considering the factors above, Lincoln selected a multiple range of 6.0x to 7.0x on 2026P EBITDA.  None of the selected public companies is identical to the Company.  Lincoln does not have access to non-public information regarding those companies.  Source: S&P Capital IQ, company filings, Management Projections  14  Selected Public Companies   Median Selected Multiples Financial Enterprise Value   Enterprise Value Multiple  Low  - High  MCO  VBC  Consolidated  Low  - High  Statistic  Low  - High  2026P EBITDA  4.7x  - 35.6x  7.7x  17.0x  8.3x  6.0x  - 7.0x  $141  $847  - $988  Selected Public Companies Analysis Summary  ($ in millions)  Indicated Enterprise Value Range (Rounded) $845 - $990   Implied Enterprise Value Multiples   2025P EBITDA  8.1x  - 46.3x  8.8x  28.1x  9.9x  $42  20.1x  - 23.6x  2026P EBITDA  4.7x  - 35.6x  7.7x  17.0x  8.3x  141  6.0x  - 7.0x  2024E Revenue  0.26x  - 1.45x  0.51x  0.77x  0.51x  949  0.89x  - 1.04x 

 CONFIDENTIAL DRAFT  Valuation Analysis  Selected Public Companies – Financial Metrics  Source: S&P Capital IQ, company filings, Management Projections  (1) 2024E to 2026P based on Management Projections  15  Company Name  2023A Financial Statistics  Revenue Growth  EBITDA Margin  Revenue EBITDA  2023A  2024E 2025P  2026P  2023A  2024E 2025P  2026P  MCOs  Alignment Healthcare, Inc.  $1,824  ($102)  27.2%  38.6%  22.3%  20.7%  (5.6%)  (3.7%)  (2.4%)  (1.8%)  Centene Corporation  153,999  5,845  6.5%  0.2%  2.9%  3.7%  3.8%  2.9%  3.0%  3.2%  Clover Health Investments, Corp.  2,034  (186)  (41.5%)  (34.0%)  3.1%  6.1%  (9.1%)  (6.1%)  (5.4%)  (5.2%)  Elevance Health, Inc.  170,209  12,118  9.3%  1.3%  6.6%  7.5%  7.1%  7.7%  7.9%  8.0%  Humana Inc.  106,374  5,712  14.5%  7.6%  0.9%  5.9%  5.4%  3.5%  4.0%  4.4%  Molina Healthcare, Inc.  33,003  1,751  6.1%  20.4%  7.5%  8.1%  5.3%  5.1%  5.3%  5.5%  Oscar Health, Inc.  5,863  (205)  47.9%  47.9%  25.6%  18.0%  (3.5%)  0.8%  2.4%  4.1%  The Cigna Group  195,322  11,980  8.1%  20.6%  4.5%  6.2%  6.1%  5.7%  5.9%  6.0%  UnitedHealth Group Incorporated  371,622  36,330  14.6%  7.5%  7.8%  7.4%  9.8%  9.8%  10.2%  10.4%  Mean - MCOs  $115,583  $8,138  10.3%  12.2%  9.0%  9.3%  2.1%  2.8%  3.4%  3.8%  Median - MCOs  106,374  5,712  9.3%  7.6%  6.6%  7.4%  5.3%  3.5%  4.0%  4.4%  VBCs  agilon health, inc.  $4,316  ($164)  80.7%  42.8%  21.7%  18.6%  (3.8%)  (1.8%)  (0.6%)  0.0%  Astrana Health, Inc.  1,387  125  21.2%  27.0%  22.4%  19.3%  9.0%  8.8%  8.3%  8.3%  CareMax, Inc.  751  (74)  19.0%  14.0%  24.4%  17.2%  (9.8%)  (6.3%)  (1.4%)  1.8%  InnovAge Holding Corp.  688  (6)  (1.5%)  10.7%  13.4%  NA  (0.9%)  1.7%  4.8%  NA  P3 Health Partners Inc.  1,266  (91)  20.7%  20.2%  14.0%  NA  (7.2%)  (0.3%)  0.7%  NA  Privia Health Group, Inc.  1,658  35  22.2%  0.6%  12.2%  13.8%  2.1%  2.1%  2.8%  3.2%  Mean - VBCs  $1,678  ($29)  27.0%  19.2%  18.0%  17.2%  (1.8%)  0.7%  2.4%  3.3%  Median - VBCs  1,327  (40)  20.9%  17.1%  17.9%  17.9%  (2.4%)  0.7%  1.7%  2.5%  Mean - Consolidated  $70,021  $4,871  17.0%  15.0%  12.6%  11.7%  0.6%  2.0%  3.0%  3.7%  Median - Consolidated  4,316  35  14.6%  14.0%  12.2%  8.1%  2.1%  2.1%  3.0%  4.1%  NeueHealth, Inc. (1)  $1,161  ($92)  54.5%  (18.2%)  81.1%  57.7%  (7.9%)  (4.8%)  2.4%  5.2%  Data Updated Through: July 31, 2024  Selected Public Companies Analysis - Financial Metrics  ($ in millions) 

 CONFIDENTIAL DRAFT  Valuation Analysis  Selected Public Companies – Valuation Multiples  Source: S&P Capital IQ, company filings  Enterprise Value = Market Capitalization + Management Equity + Debt + Preferred Stock + Non-Controlling Interest – Cash & Equivalents – Net Non-Operating Assets  16   EV as a Multiple of   Stock Price as  % of 52  Market  Enterprise  2024  2025  2026  2024  Company Name  of 7/31/24  Week High  Capitalization  Value  EBITDA  EBITDA  EBITDA  Revenue  MCOs  Alignment Healthcare, Inc.  $8.74  86.0%  $1,875  $1,852  NMF  NMF  NMF  0.73x  Centene Corporation  76.92  94.5%  41,036  39,786  9.0x  8.4x  7.6x  0.26x  Clover Health Investments, Corp.  1.91  97.0%  1,114  803  NMF  NMF  NMF  0.60x  Elevance Health, Inc.  532.03  95.8%  124,473  128,036  9.7x  8.8x  8.1x  0.74x  Humana Inc.  361.61  68.2%  43,811  45,969  11.4x  9.9x  8.5x  0.40x  Molina Healthcare, Inc.  341.27  80.5%  20,321  18,190  9.0x  8.1x  7.1x  0.46x  Oscar Health, Inc.  17.68  75.4%  4,935  2,452  36.7x  9.3x  4.7x  0.28x  The Cigna Group  348.67  95.3%  100,759  120,928  9.0x  8.4x  7.7x  0.51x  UnitedHealth Group Incorporated  576.16  99.1%  537,973  577,491  14.8x  13.2x  11.9x  1.45x  Mean - MCOs  88.0%  $97,366  $103,945  14.2x  9.4x  8.0x  0.60x  Median - MCOs  94.5%  41,036  39,786  9.7x  8.8x  7.7x  0.51x  VBCs  agilon health, inc.  $6.89  32.0%  $2,903  $2,570  NMF  NMF  NMF  0.42x  Astrana Health, Inc.  52.46  96.7%  2,392  2,256  14.6x  12.6x  10.6x  1.28x  CareMax, Inc.  6.22  7.2%  24  378  NMF  NMF  17.0x  0.44x  InnovAge Holding Corp.  6.28  81.2%  892  882  66.0x  20.2x  NA  1.11x  P3 Health Partners Inc.  0.63  21.4%  105  442  NMF  36.0x  NA  0.29x  Privia Health Group, Inc.  20.74  74.1%  2,717  2,412  68.9x  46.3x  35.6x  1.45x  Mean - VBCs  Median - VBCs  52.1%  53.0%  $1,506  1,642  $1,490  1,569  49.8x  66.0x  28.8x  28.1x  21.1x  17.0x  0.83x  0.77x  Mean - Consolidated  73.6%  $59,022  $62,963  24.9x  16.5x  11.9x  0.69x  Median - Consolidated  81.2%  2,903  2,452  13.0x  9.9x  8.3x  0.51x  Data Updated Through: July 31, 2024  Selected Public Companies Analysis - Valuation Multiples  ($ in millions, except share count and per share amounts) 

 Supplemental Analysis and Detail  Appendix A 

 CONFIDENTIAL DRAFT  Supplemental Analysis and Detail  Premiums Paid Analysis  To identify the relevant transactions in the Premiums Paid Analysis, Lincoln screened S&P Capital IQ using the following criteria:  Total Transaction Value ($USDmm, Historical rate): Is between 500 and 2,500  Target Market Cap 1-Day Prior ($USDmm, Historical rate): is greater than 1  M&A Closed Date: [7/31/2019-7/31/2024]  Geographic Locations (Target/Issuer): United States of America  Percent Sought (%): is greater than 49  Offer per share ($USD, Historical rate): is greater than 0.01 – resulted in All Deals (n = 259)  Industry Classifications (Target/Issuer): Health Care (Primary)  Industry Classifications (Target/Issuer): NOT (Pharmaceuticals, Biotechnology and Life Sciences – for Health Care Deals (n = 19)  Source: S&P Capital IQ  Note: Excludes transactions involving special purpose acquisition corporations; Reflects calendar day trading metrics  18  25th Percentile  20%  22%  29%  Median  29%  31%  43%  75th Percentile  46%  45%  57%  NEUE- Stock Price as of July 31, 2024  $6.53  $5.21  $5.48  NEA Offer Price @ $7.18  10.0%  37.8%  31.0%  Percent Premiums Paid Per Share   Premium to 1-Day 7-Day 30-Day   Price Price VWAP   All Deals (n = 259)  31%  $7.18  10%  25th Percentile  14%  16%  17%  35%  7.40  13%  Median  30%  33%  39%  40%  7.67  18%  75th Percentile  51%  56%  64%  45%  7.95  22%  50%  8.22  26%  Health Care Deals (Excl. Pharmaceuticals, Biotechnology and Life Sciences) (n = 19) 55% 8.50 30%  Premium to  ($5.48)  30-Day VWAP Implied Offer  Price  Premium to 7/30 Closing Price ($6.53)  60%  65%  8.77  9.04  34%  38% 

 CONFIDENTIAL DRAFT  Share Price  NeueHealth, Inc. (NYSE:NEUE) - Historical Trading Summary  In USD  Supplemental Analysis and Detail  Historical NEUE Stock Trading Chart  0.00  0.40  0.80  1.20  1.60  2.00  $0  $200  $400  $600  $800  $1,000  Sep-21  Dec-21  Mar-22  Jun-22  Sep-22  Dec-22  Mar-23  Jun-23  Sep-23  Dec-23  Mar-24  Jun-24  Volume (millions)  Volume  Price  (1)  Source: S&P Capital IQ  (1) ~ 5.77 million shares of daily trading volume on May 26, 2023  Note: The graph and table above reflects the pricing and volume of NeueHealth’s equity listing under the ticker symbol “NEUE” on the NYSE and is pro forma for the 1-for-80 reverse stock split effective May 22, 2023  19  Stock Price as of July 31, 2024  $6.53  One-Week Average  6,908  Two -Week Average  6,088  Stock Price as of July 31, 2023  12.64  % of Shares Outstanding  0.1%  % of Shares Outstanding  0.1%  Stock Price as of July 31, 2022  134.40  % of Float  0.2%  % of Float  0.2%  10-Day Volume Weighted Average Price ("VWAP")  $5.92  One-Month Average  23,964  Six-Month Average  15,607  30-Day VWAP  5.48  % of Shares Outstanding  0.3%  % of Shares Outstanding  0.2%  60-Day VWAP  5.48  % of Float  0.7%  % of Float  0.5%  90-Day VWAP  5.68  52-Week Average Closing Price  $7.40   Equity Analyst Coverage   52-Week High Closing Price  17.58  Firm Date Price Target Rating  52-Week Low Closing Price  5.01  RBC Capital Markets 5/29/2024 $8.00 Hold  104-Week Average Closing Price  $32.39  104-Week High Closing Price  164.00  104-Week Low Closing Price  5.01   NeueHealth, Inc. - Common Stock Overview    NeueHealth, Inc. - Historical Daily Trading Volume  

 CONFIDENTIAL DRAFT  Supplemental Analysis and Detail  Equity Capitalization Table  Source: Management O/S = Outstanding ITM = In-the-money  (1) Reflects weighted average strike price for stock options  20  Fully Diluted  ITM  Strike Price /  Conversion  Shares O/S  Shares O/S  Price (1)  Common Stock  8,279,173  8,279,173  N/A  RSUs and PSUs  3,163,424  3,163,424  N/A  Stock Options  534,229  37  $133.50  Series A Preferred Stock  3,188,294  0  $283.19  Series B Preferred Stock  2,053,194  0  $98.68  Warrants  2,800,887  2,800,887  $0.01  Total  20,019,201  14,243,521   Equity Capitalization Table  

 CONFIDENTIAL DRAFT  Supplemental Analysis and Detail  Debt and Preferred Stock Capitalization Table  Source: Management  Interest rate consists of 9.65% cash and 2.50% PIK  Maturity date assumed to be 91 days after the Hercules Term Loan maturity date Note: Balances as of June 30, 2024  21   Pricing and Term   Maturity Interest Security Date Rate Feature  Current Balance  Hercules Term Loan (1)  May. '28  12.15%  $30  NEA Debt (2)  Aug. '28  15.00%  95  Total Debt  $125  Series A Preferred Stock  Perpetual  5.00%  Convertible  849  Series B Preferred Stock  Perpetual  5.00%  Convertible  190  Total Debt and Preferred Stock  $1,166  Cash and Cash Equivalents  (133)  Short-Term Investments  (9)  Net Debt and Preferred Stock  $1,023  Debt and Preferred Stock Capitalization Table  ($ in millions)