EX-99.2 5 d380424dex992.htm EX-99.2 EX-99.2

Exhibit 99.2

 

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Project Aperture Lender Presentation Akumin Inc. August 2023 Strictly Confidential and Trade Secret For Discussion Purposes Only


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Table of Contents Introduction to Stonepeak Operational Value-Add Plan Stonepeak Investment Thesis Recent Financial Performance Review Appendix Transaction Overview Supplementary Financial Materials Strictly Confidential and Trade Secret


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Introduction to Stonepeak Strictly Confidential and Trade Secret


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Stonepeak Key Highlights Stonepeak is a leading global infrastructure and real assets-focused private equity firm with an 11-year investing history of delivering differentiated outcomes Independent & Global Platform Deep Sector Expertise $57.1bn Assets under Management1 $12.0bn In executed co-investment opportunities2 240+ Total investors 52 Total Investments 4 Infrastructure Verticals Transport & Energy & Digital Social Logistics Energy Transition Infrastructure Infrastructure Note: All figures are as of May 2023, unless otherwise noted. “Investments” include those that are signed pending close. Please see the “Important Information” at the end of this presentation for additional information. 1) Stonepeak’s AUM calculation provided herein is determined by taking into account (i) unfunded capital commitments of Stonepeak funds and any other vehicles managed by Stonepeak as of March 31, 2023, (ii) the gross asset value of such funds and vehicles, plus any feeder fund level cash with respect to such funds, parallel funds and vehicles as of March 31, 2023, and (iii) capital commitments of certain of such funds and such other vehicles accepted between April 1, 2023 and June 30, 2023. The AUM figure differs from the amount of assets under management reported for regulatory purposes and is based on gross asset values that are estimated and unaudited. 2) Reflects co-investments and standalone co-invest vehicles.


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Stonepeak’s Global Footprint Stonepeak is a leading global real assets manager with a comprehensive and complementary range of infrastructure funds across major geographies Latin America 3 investments to date North America 38 investments to date 146 total employees North America 38 investments to date 146 total employees Europe 3 investments to date 21 total employees Asia Pacific 9 investments to date 46 total employees Stonepeak Active or Prior Investment Stonepeak Presence Stonepeak Strategies Flagship Global Core Opportunities Asia Real Estate Credit Infrastructure Renewables Note: All figures as of May 2023, unless otherwise noted. “Investments” may include those that are signed pending close. Past performance is not indicative of future results, and there can be no assurance that Stonepeak will be able to implement its investment objectives or avoid substantial losses. There is no guarantee that Stonepeak or any of its managed funds will be successful. Please see the “Important Information” at the end of this presentation for additional information. Strictly Confidential and Trade Secret


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Hands-on Approach to Operational Value-Add Integrated Partnership Approach to Asset Management Stonepeak Portfolio Operations Process Stonepeak Deal Team Lead 02 Ultimate ownership and responsibility for all 01 Data Flow and Data aspects of success of an investment Integrity is Key Portfolio Frequent Touch Management Points Starts Pre-Signing 03 Stonepeak Operating Partner(s) Portfolio Company Provides strategic guidance, leadership Management 06 Quarterly mentoring, industry connections to support Critical for day-to-day success of Portfolio deal team and PortCo management the business Review Issue Resolution Process Stonepeak’s Internal Portfolio Operations Resources Valuation 04 Capital Markets Corporate Communications Committee Sustainability Team Shared Services (procurement, IT, Insurance) 05 Operational Value-Add Toolkit Business Development / Investing in Growth Cost Structure Management / Revenue Initiatives Operational Processes ïµ New customer acquisitionïµ Managing asset / platform ïµ SG&A discipline to manage fixed ïµ Build high quality PortCo creation costs management teams / deep bench ïµ Pricing initiatives (beyond CEO)ïµ Optimization of OpEx to drive ïµ Bolt-on, accretive M&A ïµ Contract restructuring operating margin improvements opportunitiesïµ Implementation of metrics-based ïµ Stonepeak has helped drive cost performance trackingïµ Strategic partnerships savings at 20 different portfolio companies by introducing them to ïµ Governance / alignment to ensure services used by other companies execution of strategic priorities PortCo = portfolio company. OpEx = operational expenditure. SG&A = selling, general & administrative. Strictly Confidential and Trade Secret


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Demonstrated Track Record of Operational Improvement Focus on driving cost optimization and incremental margin growth John Steen Stonepeak Operating Partner, Former CEO of Paradigm, Current CEO of WTG Dan Walsh Bill Fathers Will Schleier Current CEO of TRAC Stonepeak Senior Advisor, Former Investment Stonepeak Operating Partner, Intermodal Team Member, Current CFO of WTG Former CEO of Cologix Mandate to bring lagging EBITDA Former family-owned business; Tasked with restructuring margin in line with peers total cultural, operational, and management team and ESG overhaul rejuvenating sales growth EBITDA Margin Average Bookings Performance 50% $197 Comparable peer entry at 42% EBITDA margin1 67 pipeline and facility 2,000bps leaks repaired conservatism in underwrite $117 +500bps ~2.8 MMcf/d underwritten improvement 20% Q1 2023 RNG 15% volumes ~82% Q1 2023 EBITDA outperformance Margin at Entry Margin at Exit (IC 2022A relative to base case entry Prior Management Post Management (2018/19 Avg.) Base Case 2026) projection of $45mm (Q1’17-Q2’18) Refocusing (Q2’18-Q4’20) ESG = Environmental, social, and governance. RNG = renewable natural gas. MMcf/d = million cubic feet per day. Sources: TRAC (December 2022), WTG (June 2023), Cologix (December 2020). Note: There can be no assurance that Stonepeak or any of its managed funds will be able to implement its investment objectives or avoid substantial losses. There is no guarantee that Stonepeak will be successful. There can be no guarantee that any past trends will continue or that any estimates or projections will be met. Please refer to the “Important Information” at the end of this presentation for additional information. 1) Peer referenced is Direct ChassisLink Inc. (“DCLI”). Presented for illustrative purposes only. DCLI is not a portfolio company of Stonepeak and there is no assurance that Stonepeak will be able to obtain comparable returns, implement its investment strategy, achieve its investment objectives, or avoid substantial losses. There may be other companies similar to TRAC, the inclusion of which may substantially change the analysis. There can be no assurance that the analysis applies to all comparable companies. Strictly Confidential and Trade Secret 6


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Business Development / Revenue Initiatives Focus on both top-line growth and quality of revenue Increased Asset Utilization / Customer Wins Increased Revenue Visibility 54% $260.0 increase 1,500 975 $150.5 Conversion of $107.5 New Customer “Spot” Pool $73.5 3x Wins on Growing Revenue to increase $109.5 $34.0 5 – 6 Year System Net Acreage Dedication at Net Acreage Dedication at Term Leases Underwritten FY 2023 EBITDA Forecast FY 2023 EBITDA Stonepeak Entry (2019) Q4 2022 Term Lease Pool 61% (MMcf/d) increase % Fixed-Fee / 2,380 Min. Margin 65% 1,850 82% 1,475 Contracted POP Fixed Spare Fee; Institution Capacity on of Gas Price % Gas Price 35% New Build Pass-Throughs Pass-Through 80% Asset Take-or-Pays at FID Take-or-Pays at As of Q4 2022 (Q2 2019) COD (Q3 2021) At Close (Sept. 2021) Q4 2022 +$297M (34% CAGR) 160 $512M $441M ~8x increase Increased $273M Ramp-up of Take-or-Pay / $215M Booking 18 Space Activity Guarantees MW Built + Booked At Entry MW Built + Booked Today 2019 2020 2021 2022 (2017) (Q4 2022) Revenue Under Take-or-Pay / Space Guarantees COD = commercial operations date. FID = financial investment date. MW = megawatt. MVC = minimum volume commitment. POP = percent of proceeds. Sources: Oryx, TRAC, Whistler, WTG, Cologix, and Lineage (December 2022). Note: There can be no assurance that Stonepeak will be able to implement its investment objectives or avoid substantial losses. There is no guarantee that Stonepeak or any of its managed funds will be successful. There can be no Strictly Confidential and Trade Secret 7 guarantee that any past trends will continue or that any estimates or projections will be met. Please refer to the “Important Information” at the end of this presentation for additional information.


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Stonepeak Employs a Comprehensive, Multi-Faceted Strategy to Drive Growth, Including Continued Reinvestment Case study on following page Completed / Targeted Operational Strategy Selected Stonepeak Bolster Management Team / Manage Construction / Business Development / Investments Processes Build-Out Organic Growth Post-Closing Investment Northstar Tidewater Carlsbad CCR Paradigm Vertical Bridge Extenet Hygo Stonepeak N.E. Power Cologix euNetworks Lineage Oryx Midstream Venture Global LNG WTG Whistler Xplornet TRAC Digital Edge Astound Infra. Logistics Platform Emergent Cold LatAm Lumen Delta Fiber Teekay Stonepeak has invested significant capital post initial acquisition for a majority of its investments, enabling transformational organizational growth Note: There can be no assurance that Stonepeak will be able to implement its investment objectives or avoid substantial losses. There is no guarantee that Stonepeak or any of its managed funds will be successful. There can be no guarantee that any past trends Strictly Confidential and Trade Secret 8 will continue or that any estimates or projections will be met. Please refer to the “Important Information” at the end of this presentation for additional information.


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Platform Creation / Bolt-On M&A Partnering with high-quality management teams to consolidate fragmented sectors into high-quality portfolios Installed MW Ramp (Inclusive of Signed Deals Only) Lineage Capacity (MM Cu. Ft.) Stonepeak 197 Stonepeak 700 70% of current Lineage creates capacity acquired since investment platform in Lineage Stonepeak investment 408 145 130 713 70 140 53 63 45 129 44 300 38 14 103 117 0 44 2019A 2020A 2021A 2022A 2023E 2024E 2025E 2026E 2008- 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 -2010 June Japan Korea India SE Asia China 2022 Valuation Premium for Scale Platform Cumulative TEV via Acquisition ($mm) +91% Multiple $125 $666.1 Expansion 34.9x 8,000 $247 18.3x $294.3 627 Owned / Managed Owned / Managed TCF Multiple: Entry 1 TCF Multiple: Exit Sites: Entry Sites: Exit 2021 2022 YTD Feb 2023 Total TCF = tower cash flow. TEV = total enterprise value. Sources: Digital Edge and EC LatAm company materials (December 2022), Lineage company materials (June 2022), Vertical Bridge company materials (August 2021). Note: There can be no assurance that Stonpeeak or any of its managed funds will be able to implement its investment objectives or avoid substantial losses. There is no guarantee that Stonepeak will be successful. There can be no guarantee that any past trends will continue or that any estimates or projections will be met. Please refer to the “Important Information” at the end of this presentation for additional information. Strictly Confidential and Trade Secret 9 1) Owned / Managed sites at entry and exit are as of November 2014 and October 2021 respectively. TCF multiple at entry represents the blended acquisition multiple for tower transactions across the Vertical Bridge platform between 2014 to 2021. TCF multiple at exit is as of October 2021.


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Operational Value-Add Plan Strictly Confidential and Trade Secret


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Core Framework for Akumin Partnership Opportunity to leverage operational expertise and access to capital to complete business transformation at Akumin In our view, timely consummation of the proposed transaction at this juncture provides necessary liquidity and expertise for value-maximizing operational turnaround 1 Disciplined oversight and leading operational support 2 Prudent stewardship with history of sustainable balance sheets and conservative financial policies 3 Experience providing significant growth capital investments Note: The plan presented herein is for illustrative purposes solely to provide information regarding Stonepeak’s current views and expectations regarding the opportunities that may become available. Stonepeak may modify and adapt its approach and investment decision-making process as it determines appropriate. There can be no guarantee that any past trends or estimates will continue or that any future projections will be met. Any data shown here is Strictly Confidential and Trade Secret for illustrative purposes only and is not investment advice. Please see the “Important Information” at the end of this presentation for additional information about forward-looking statements.


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Key Operating Theme: Volume Capture Keys to Volume Growth Increase volume from Maximize schedule & ensure Have the right people referrers and patients seamless patient experience at the right place at the right time to provide high-quality care Process to sustained value Growing same-store volumes is imperative to achieving improved results Note: The plan presented herein is for illustrative purposes solely to provide information regarding Stonepeak’s current views and expectations regarding the opportunities that may become available. Stonepeak may modify and adapt its approach and investment decision-making process as it determines appropriate. There can be no guarantee that any past trends or estimates will continue or that any future projections will be met. Any data shown here is Strictly Confidential and Trade Secret for illustrative purposes only and is not investment advice. Please see the “Important Information” at the end of this presentation for additional information about forward-looking statements.


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180 Day Plan – Key Areas of Operational Focus Stonepeak has identified key operating advisors to help guide transformation initiatives Key Workstreams Financial Operating Technology and Human Resources Reporting Cadence Platform Integration Managed Care / Account and Churn Compensation Customer Sales Organization Management Structure Contracting Revenue Cycle Scheduling Health IT Vendor Management Management Capital Planning / Equipment Service Oncology Payor M&A Business Strategy Relationships Development Note: The plan presented herein is for illustrative purposes solely to provide information regarding Stonepeak’s current views and expectations regarding the opportunities that may become available. Stonepeak may modify and adapt its approach and investment decision-making process as it determines appropriate. There can be no guarantee that any past trends or estimates will continue or that any future projections will be met. Any data shown here is Strictly Confidential and Trade Secret for illustrative purposes only and is not investment advice. Please see the “Important Information” at the end of this presentation for additional information about forward-looking statements.


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Stonepeak Investment Thesis Strictly Confidential and Trade Secret


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Stonepeak Investment Thesis Sector tailwinds identified in 2021 are proving out; however, we believe operational overhaul and discipline are required for Akumin to capture its share of market growth Thematic Opportunity 1 Healthcare volumes services growing: o Aging and expanding population o Preventative care Organic Growth o Radiology core backbone for diagnosis, prevention, intervention Supported by Sector Rising healthcare and higher prevalence of higher-deductible health plan lower costs driving search for cost modes Tailwinds of care o Both payors and patients Independent sites provide demonstrable savings vs. hospital-based 2 Key business attributes (scale, diverse offerings, barriers to entry, and attractive markets) provide built-in competitive advantages: Platform Scale Enables o 48 state footprint Sales Efficiencies and o >1,100 existing hospital and health system customers Operating Leverage o Density in growth markets (TX, FL) o Geographies aligned with Certificate of Need (“CON”) states, o Opportunities to cross-sell across fixed, mobile, and oncology 3 Highly fragmented market: o >6,000 imaging centers across U.S. Consolidation o >2,300 radiotherapy centers Opportunity market share for <10% leading platforms Attractive multiples for tuck-ins (est. 3-6x1 for small networks of facilities) Stonepeak maintains its conviction of long-term tailwinds fueling growth in the outpatient radiology and oncology sectors Source: RDNT data based on public company disclosures through June 2023. 1) Based on peer public company disclosure as of June 2023. Note: There can be no guarantee that any past trends or estimates will continue or that any future projections will be met. Any data shown here is for illustrative purposes only and is not investment advice. Any data shown here is for illustrative purposes only and is not investment advice. The comparisons are presented for illustrative purposes only. The entities referenced Strictly Confidential and Trade Secret herein may not be portfolio companies of Stonepeak and there is no assurance that Stonepeak will b e able to obtain comparable returns, implement its investment strategy, achieve its investment objectives, or avoid substantial losses. Public investments are inherently more volatile than private investment. A different selection of companies could suggest dissimilar trends. Please see the “Important Information” at the end of this presentation for additional information.


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1 Organic Growth Tailwinds – Radiology Freestanding radiology sector volumes continue to benefit from secular volume tailwinds Aging Population MRI Pricing (Hospital vs Freestanding Locations) (% of Population)1 ($ per Scan)2 Key sources driving greater Radiology procedures: 2-3x cheaper at freestanding facilities than 25% imaging demand: $4,000 equivalent offerings in hospitals o Aging population (e.g., Site neutral reimbursement shift expected to pressure hospital Baby Boomers, >55mm $3,500 rates, expediting development of partnerships with freestanding 23% US residents >65) $3,000 providers o Broader awareness of preventative screening $2,500 â–ª Annual mammogram 20% Imaging can help reduce $2,000 overall healthcare costs —- Hospital through early diagnosis, $1,500 18% while also driving better $1,000 —- IDTF1 patient outcomes $500 Indep. Diagnostic 15% $0 Testing Facility ‘16 ‘20 ‘30 ‘40 ‘50 ‘60 AK MI SC WI OK OR WA OH CT TX ID DC VA FL IL TN WY Under 18 Adults 65+ Cost is Key Determinate of Radiology Providers3 Imaging Volume Performed at Freestanding Locations 100% (% of Total U.S. Imaging Volumes)2 Payors increasingly steering patients to lower cost options 75% 89% across alternate site healthcare sectors Pricing differential, higher levels of convenience, and perceived customer service continue to shift patient preferences to freestanding 50% imaging centers, in our view 25% Pharma advances in tracers also reinvigorating PET / CT demand 39% 26% 26% 36% 0% 30% Low Cost High Quality Market Share Hospital Affiliation Prevalence of Higher-Deductible Health Care Plans 17% (% of Workers with High-Deductible Plan)2 28% 5% 2006 2017 2014 2020 2024 Source: 1) U.S. Census Bureau; 2) Marwood analysis and Healthcare Financial Management Association, 3) Marwood Diagnostic Imaging Commercial & Market Surveys, as of June 2021. Note: There can be no guarantee that any past trends or estimates will continue or that any future projections will be met. Any data shown here is for illustrative purposes only and is not investment advice. The comparisons are presented for illustrative purposes only. The entities referenced herein may not be portfolio companies of Stonepeak and there is no assurance that Stonepeak will b e able to obtain comparable returns, implement its investment strategy, achieve its investment objectives, or avoid Strictly Confidential and Trade Secret 16 substantial losses. Public investments are inherently more volatile than private investment. A different selection of companies could suggest dissimilar trends. Please see the “Important Information” at the end of this presentation for additional information.


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1 Organic Growth Tailwinds – Oncology Radiation oncology sector is experiencing similar volume expansion dynamics Overview U.S. Cancer Cases over Time # of New Cancer Cases (000’s)1 Cancer cases and treatments continue to increase: o Aging population o Growing chronic illnesses correlated to cancer (e.g., obesity) +3.0% 1,918 o Improving diagnosis rate (per improved technology) o Continued elevated cancer recurrence rates (e.g., est. 30% for breast cancer) 1,807 o General awareness (preventative screening) 1,735 Radiotherapy continues to be utilized in 2/3 of all U.S. cancer patient treatments (either as an adjunct or standalone treatment) Market remains fragmented, with ~2,300 radiotherapy centers in U.S. supporting an ~$3Bn U.S. market, with no player comprising >10% share2 o Much of market handled by hospitals, with fewer competing independent players to Akumin today 2018 2020 2022 Patient base and hospital referral networks overlap with radiology Cancer Cases Addressed by Radiation Oncology Radiotherapy Equipment (% of Total U.S. Cancer Cases utilizing Radiation)2 Radiation utilization has increased over past decade External beam treatment modalities – including those offered at Akumin sites such as LINAC and SRS – are heavily utilized, as they generally expose patients to lower overall radiation +11% 66% LINAC SRS 55% 2006 2019 Sources: 1) Cancer.org publicly available statistics as of August 2023; 2) CMS, American Cancer Society, National Cancer Institute, Advisory Board as of 2021; Note: There 17 can be no guarantee that any past trends or estimates will continue or that any future projections will be met. Any data shown here is for illustrative purposes only and is Strictly Confidential and Trade Secret not investment advice. Please see the “Important Information” at the end of this presentation for additional information.


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1 Organic Growth Tailwinds – AKU Performance vs. RDNT Same-Store Volume Growth Comparison (2Q 2023 YoY Same-Store Growth %) MRI PET / CT CT Routine Imaging Overall 19% 17% 16% 16% 11% 8% 9% 7% 6% 7% 4% 5% 4% 2% 2% 3% NA N/A (0%) (1%) (3%) (4%) (6%) (5%) (23%) Akumin RDNT Mobile Fixed ADG Total Rad Revenue Comparison Adj. EBITDA Comparison 1H23 YoY Growth FY23E YoY Growth 1H23 YoY Growth FY23E YoY Growth 1H23 1H23 1H22 1H22 +14% +12% +20% +13% 790 1,593 116 237 694 (8%) 1,426 (5%) (80%) 209 (88%) 97 125 245 13 23 115 232 3 3 RDNT AKU Fixed RDNT AKU Fixed RDNT AKU Fixed RDNT AKU Fixed Sources: RDNT figures based on RDNT public company filings and disclosures through August 2023; AKU same-store volume data and fixed radiology financials based on internal company materials through June 2023. Note: There can be no guarantee that any past trends or estimates will continue or that any future projections will be met. Any data shown here is for illustrative purposes only and is not investment advice. The comparisons are presented for illustrative purposes only. The entities referenced herein may not be portfolio companies of Stonepeak and there is no assurance that Stonepeak will be able to obtain comparable returns, implement its investment strategy, achieve its investment objectives, or avoid substantial losses. Public investments are inherently more volatile than private investment. Strictly Confidential and Trade Secret 18 A different selection of companies could suggest dissimilar trends. Please see the “Important Information” at the end of this presentation for additional information.


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1 2 Platform Scale Benefits Broad geographic reach combined with diverse offerings affords commercial opportunities Akumin’s Broad Geographic Footprint1 States with CON Legislation2 State with Radiology Locations CON Program Radiology & Oncology Locations Oncology Locations (Only) 48 states and 180 total owned and/or operated sites AKU operations in all 35 states with CON programs in place, which may prevent Value proposition to a variety of multi-site health systems, payors, patients, and (or delay) new, smaller scale entrants other referrers afforded by: High equipment costs also shield against new entrants, in our view, favoring o Broad site network established players, particularly given: o Location flexibility (via mobile) o Multiple machines required for multi-modality sites o Breadth of offerings (radiology and oncology across modalities) o Cost pressures in healthcare services post-COVID Individual Market Density State # of Sites State # of Sites AKU Fixed Sites (excl. Mobile / Onc.)1 RDNT Fixed Sites 3 FL 78 CA 161 TX 23 NY 99 MA 19 MD 55 PA 10 NJ 30 DE 6 DE 10 All Other 42 All Other 13 Total 178 Total 368 Sources: 1) Latest internal Akumin footprint map and ledger as of August 2023; 2) Marwood CON state summary as of 2021; 3) RDNT sites based on public company website as of August 2023 Note: There can be no guarantee that any past trends or estimates will continue or that any future projections will be met. Any data shown here is for illustrative purposes only and is not Strictly Confidential and Trade Secret 19 investment advice. The comparisons are presented for illustrative purposes only. The entities referenced herein may not be portfolio companies of Stonepeak and there is no assurance that Stonepeak will be able to obtain comparable returns, implement its investment strategy, achieve its investment objectives, or avoid substantial losses. Public investments are inherently more volatile than private investment. A different selection of companies could suggest dissimilar trends. Please see the “Important Information” at the end of this presentation for additional information.


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1 2 Platform Scale Benefits Despite these advantages, we believe AKU has not unlocked its full commercial potential ’21 and ’22 AKU New Radiology Revenue by Source Capitated Contracts and Hospital Pricing Relationships (% of Total New Revenue in ’21 and ’22)1 RDNT Imaging Revenue Breakout Capitated arrangements Interim Leads & Other, Campaign, 5.6% are ~10% of RDNT sales 5.8% (LTM 6/30/23 by Payment Type)2 Cold Call, 2.5% Alternative pricing is key MKT, 7.0% Customer Referral, Other opportunity for AKU 2.4% Worker’s Comp. 6% Commercial Physician Referral, 3% o No capitation today 55% 0.4% Capitated o Value-based pay could 10% offset fewer treatments per case in Oncology (as Internal and technology improves) Former Employee Referral, Existing Leveraging close existing 6.3% Relationship, hospital relationships key 70.1% Gov. Pay (Medicare + Medicaid) 25% Radiology Hospital Partnerships Case Study2 RDNT has publicized its efforts to establish fixed radiology JVs with health systems o 23 to date Stonepeak believes there is opportunity to revitalize commercial Eliminates hospital competitors, creates natural driver of volumes, establishes efforts, particularly around hospital partnerships additional leverage with payors for RDNT while allowing hospital to reap and referrers, which will serve as key driver of turnaround benefits of sector tailwinds with experienced operating partner RDNT has opened partnerships in new geographies with existing partners o Example: Digital Health a partner in CA initially in 2016; extended through another JV in Arizona in 2020 Sources: 1) Internal AKU materials, with data through 2022; 2) RDNT public company filings and disclosures through August 2023 Note: There can be no guarantee that any past trends or estimates will continue or that any future projections will be met. Any data shown here is for illustrative purposes only and is not investment advice. The comparisons are presented for illustrative purposes only. The entities referenced herein may not be portfolio companies of Stonepeak and there is no assurance that Stonepeak will be able to obtain comparable returns, implement its investment strategy, achieve its investment objectives, or avoid substantial Strictly Confidential and Trade Secret 20 losses. Public investments are inherently more volatile than private investment. A different selection of companies could suggest dissimilar trends. Please see the “Important Information” at the end of this presentation for additional information.


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1 3 Consolidation Opportunity Akumin remains a natural consolidator in the fragmented outpatient imaging space Highly Fragmented Market1 Akumin Historical Annual M&A2 Reduction given shuttering of Existing Sites ~6% unprofitable sites New Sites in Given Year 205 ~3% 180 79 <3% 126 124 2 ~80-85% 84 40 180 <3% 64 20 39 124 126 25 84 26 39 64 <3% 13 2016 2017 2018 2019 2020 2021 2022 Improved cap structure through equitization of Stonepeak’s Historical M&A execution unsecured notes (per contemplated transaction) is intended to provide greater flexibility to pursue expansion efforts o 13 fixed site centers in 2015 to 205 post Alliance acquisition Capital structure constraints since 2021 have stifled M&A engine and Stonepeak expects to take hands-on approach in supporting hindered ability to pursue de novo site expansion strategy business’ M&A function Restart of expansion could support: o Site density in key markets o Robust referral networks across local, regional & national footprint o Operational savings through integration Sources: 1) Based on public company websites and general market intelligence; 2) Internal Akumin data on historical acquisitions through 2022. Note: There can be no guarantee that any past trends or estimates will continue or that any future projections will be met. Any data shown here is for illustrative purposes only and is not investment advice. The comparisons are presented for illustrative purposes only. The entities referenced herein may not be portfolio companies of Stonepeak and there is no assurance that Stonepeak will be able to obtain comparable returns, implement its investment strategy, achieve its Strictly Confidential and Trade Secret 21 investment objectives, or avoid substantial losses. Public investments are inherently more volatile than private investment. A different selection of companies could suggest dissimilar trends. All rights to the trademarks and/or logos listed herein belong to their respective owners and Stonepeak’s use hereof does not imply affiliation with, or endorsement by, the owners of these trademarks and/or logos. Please see the “Important Information” at the end of this presentation for additional information.


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Recent Financial Performance Review Strictly Confidential and Trade Secret


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Historical Revenue – Pro Forma Combined Company (adj. for Disc. Ops.) Modest topline growth (excl. discontinued ops) since 2019 FY2019A to FY2023E Bridge Pro Forma Revenue ($mm)1 790 Revenue (incl. Disc. Ops) 747 +29 750 +5 2 751 742 75 Disc. Ops +41 +3 19 (8 ) (3 ) 59 (32 ) (0 ) 749 Revenue from 728 716 Cont. Ops 683 FY19A Radiology Oncology FY20A Radiology Oncology FY21A Radiology Oncology FY22A Radiology Oncology FY23E Commentary Core business (excl. discontinued ops – see below) has grown at 1.2% per annum since 2019 (’19 – ’23E CAGR); relatively flat topline results forecasted for 2023E 2020: Oncology resilient (non-elective volumes); radiology impacted by the COVID-19 pandemic (“COVID”) (temporary site shuttering, non-essential / preventative care postponement, COVID lockdowns reducing outdoor / strenuous activity) 2021 – 2022: o Radiology – COVID bounce back (routines resume) plus ADG acquisition (Beaches, 2021), partly muted by continuing site disruptions (Ian, COVID) o Oncology – 2022 decline from roll-off of four decade-long hospital partnership contracts from early 2010s (hospitals exercise option to in-house) 2023: Fixed radiology segment underperformance has offset volume growth in others (e.g., mobile rad) – please see further detail on following pages Disc. Ops: A) legacy AHCS interventional business, B) AZ oncology partnership (AO of AZ) – both unprofitable and sold to partners pre-’21 merger Footnotes: 1) Historical “pro forma” metrics include both legacy Akumin and legacy Alliance; includes in-year contribution only for smaller tuck-ins; 2) $751mm of revenue based on latest internal Company forecast; disclosed $740-$750mm revenue guidance range reflects conservative assumption based on uncertainty around accounting treatment for expected collections following partnership disputes at 2 sites (e.g., whether recognized as revenue – as here – or other income) 23 Note: There can be no guarantee that any past trends will continue or that any future estimates or projections will be met. Any data shown here is for illustrative purposes only and is Strictly Confidential and Trade Secret not investment advice. Past performance is not necessarily indicative of future results. Please see the “Important Information” at the end of this presentation for additional information.


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Pricing vs. Volume Decomposition (excl. Discontinued Operations) Despite challenged operating backdrop, topline (excl. Disc. Ops.) has grown 1.2% L5YE Pro Forma (Combined Company) Historical Revenue Decomposition1 Year 2019 2020 2021 2022 20232 CAGR (‘19—‘23) MRI Volumes (000’s) 878.5 778.5 864.6 875.7 879.0 0.0% MRI Price per Scan ($) $360.5 $384.8 $366.1 $349.5 $348.5 (0.8%) MRI Scan Based Revenue ($mm) $316.7 $299.6 $316.5 $306.1 $306.3 (0.8%) PET Volumes (000’s) 146.1 123.0 127.0 132.5 144.2 (0.3%) PET Price per Scan ($) $855.4 $933.3 $948.3 $922.6 $915.2 1.7% PET Scan Based Revenue ($mm) $125.0 $114.8 $120.5 $122.2 $132.0 1.4% CT Volumes (000’s) 164.6 164.9 185.0 187.8 187.9 3.4% CT Price per Scan ($) $213.2 $210.2 $192.8 $179.0 $177.7 (4.5%) CT Scan Based Revenue ($mm) $35.1 $34.7 $35.7 $33.6 $33.4 (1.2%) Routine Imaging Volumes (000’s) 817.6 850.0 982.5 971.0 909.4 2.7% Routine Imaging Price per Scan ($) $57.1 $55.2 $62.7 $92.5 $87.1 11.2% Routine Imaging Scan Based Revenue ($mm) $46.7 $47.0 $61.6 $89.8 $79.2 14.2% Total Volumes (000’s) 2,006.8 1,916.4 2,159.1 2,167.0 2,120.6 1.4% Avg. Price per Scan ($) $260.8 $258.8 $247.4 $254.6 $259.8 (0.1%) Total Scan Based Revenue ($mm) $523.4 $496.0 $534.2 $551.8 $551.0 1.3% Other Radiology Revenues ($mm) 63.0 58.5 61.3 73.1 78.9 NA Total Radiology Revenues ($mm) $586.3 $554.4 $595.5 $624.8 $629.9 1.8% Patient Starts (000’s) 10.2 9.9 10.4 10.3 10.13 (0.1%) Price per Patient Start ($) $12,447.0 $12,748.0 $12,506.9 $11,794.3 $11,098.03 (2.8%) Oncology Treatment Revenues ($mm) $126.4 $126.1 $129.6 $122.0 $112.13 (3.0%) Other Oncology Revenues ($mm) 2.9 2.8 2.7 2.3 9.23 NA Total Oncology Revenue ($mm) $129.3 $128.9 $132.3 $124.3 $121.3 (1.6%) Total Revenue ($mm) $715.7 $683.3 $727.8 $749.1 $751.2 1.2% Footnotes: 1) Historical “pro forma” metrics include both legacy Akumin and legacy Alliance; includes in-year contribution only for smaller tuck-ins; 2) $751mm of revenue based on latest internal Company forecast; disclosed $740-$750mm revenue guidance range reflects conservative assumption based on uncertainty around accounting treatment for expected collections following partnership disputes at 2 sites (e.g., whether recognized as revenue – as here – or other income). 2023 Revenue from MUSC & Philly included in Other Oncology Revenues. Strictly Confidential and Trade Secret 24 Note: There can be no guarantee that any past trends will continue or that any future estimates or projections will be met. Any data shown here is for illustrative purposes only and is not investment advice. Past performance is not necessarily indicative of future results. Please see the “Important Information” at the end of this presentation for additional information.


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Historical EBITDA – Pro Forma Combined Company FY2019A to FY2023E Bridge Pro Forma EBITDA excl. Disc. Ops ($mm)1 EBITDA 22.3% 24.7% 20.3% 19.2% 16.6% Margin % EBITDA incl. Fixed site business key driver of margin deterioration (see 159 168 146 Disc. Ops cost breakout on page 29) – Stonepeak believes operational +3 adjustment to manage costs in a variable manner (vs. +9 169 160 fixed) will enable margin rebound (3 ) 148 +2 +4 144 (8 ) (3 ) (11 ) +2 125 (9 ) (19 ) (2 ) Commentary 2020: Short-term cost saving measures, combined with CARES Act support ($7mm), maintained margins in 2020 despite reduced topline results 2021-2022: Cost management faltered during operational bounce back for several reasons: o Labor cost inflation (admin. and technician turnover and wage inflation, ’20 staffing action reversals, higher outsourced professional services fees) o Site expense inflation (medical supplies, rent, etc.) o Note: 2021 corporate cost increase driven by reallocation of legacy AKU costs from operations into corporate 2023: Margin underperformance driven by a) inability to adapt both fixed and variable costs adequately in response to volume declines in fixed segment, b) reduction in excess collections (present in 2022) related to accounts receivable balances from acquired companies, c) 2 additional oncology partnership roll-offs, d) ongoing elevated labor expenses for rad techs Footnotes: 1) Historical “pro forma” metrics include both legacy Akumin and legacy Alliance; includes in-year contribution only for smaller tuck-ins Note: There can be no guarantee that any past trends will continue or that any future estimates or projections will be met. Any data shown here is for illustrative Strictly Confidential and Trade Secret 25 purposes only and is not investment advice. Past performance is not necessarily indicative of future results. Please see the “Important Information” at the end of this presentation for additional information.


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2023 Monthly vs. Prior Year Q1 tracked ahead of ’22; however, weak April / June performance driving overall YoY declines Revenue January February March April May June Monthly Q1 revenue slight beat 2022 $56.9 $58.2 $71.1 $64.1 $61.6 $66.5 over prior year % of FY22 7.6% 7.8% 9.5% 8.5% 8.2% 8.9% 2023 $60.6 $57.7 $69.3 $59.3 $63.5 $62.1 Revenue trended % Variance to 2022 6.5% (1.0%) (2.6%) (7.4%) 3.1% (6.7%) ~50bps short of prior Cumulative year through May; however, weak June 2022 $56.9 $115.1 $186.3 $250.3 $311.9 $378.4 1 performance % of FY22 7.6% 15.4% 24.8% 33.4% 41.6% 50.5% exacerbated difference 2023 $60.6 $118.3 $187.6 $246.9 $310.4 $372.4 to 150bps decrease from % of Prior Year 106.5% 102.7% 100.7% 98.6% 99.5% 98.4% ’22 thru 1H 23 Run Rate Implied 2023 RR1 $798.7 $770.1 $755.0 $739.3 $746.0 $737.8 Illustrative Pro Forma Analysis % of Prior Year 106.5% 102.7% 100.7% 98.6% 99.5% 98.4% (differs from mgmt. projections) EBITDA January February March April May June Monthly Q1 EBITDA beat prior 2022 $7.1 $8.6 $16.3 $12.8 $9.2 $16.2 year by 3.5% % of FY22 4.9% 6.0% 11.3% 8.9% 6.4% 11.2% 2023 $10.3 $8.9 $14.0 $7.2 $10.5 $8.8 Weak April / June % Variance to 2022 45.2% 3.0% (14.2%) (44.1%) 14.5% (45.4%) performance key drivers Cumulative of YoY expected declines 2022 $7.1 $15.7 $32.0 $44.8 $54.0 $70.2 Margin deterioration % of FY221 4.9% 10.9% 22.2% 31.1% 37.5% 48.7% exacerbating EBITDA 2023 $10.3 $19.1 $33.1 $40.3 $50.8 $59.7 declines (1H down % of Prior Year 145.2% 122.0% 103.5% 89.9% 94.1% 85.0% 15%) vs. revenue (1H Run Rate down 1.5%) Implied 2023 RR1 $209.3 $175.8 $149.2 $129.6 $135.6 $122.5  Illustrative Pro Forma Analysis % of Prior Year 145.2% 122.0% 103.5% 89.9% 94.1% 85.0% (differs from mgmt. projections) Footnotes: 1) Run-rate methodology calculates implied FY23 figure based upon cumulative % of prior year achieved through each period. Note: There can be no guarantee that any past trends will continue or that any future estimates or projections will be met. Any data shown here is for illustrative Strictly Confidential and Trade Secret 26 purposes only and is not investment advice. Past performance is not necessarily indicative of future results. Please see the “Important Information” at the end of this presentation for additional information.


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2023 Performance: Revenue by Segment Mobile business continues to grow, while legacy Akumin fixed sites deteriorate 1H22A vs. 1H23A Commentary ($mm) Strong Mobile radiology revenue o Buoyed by strong market growth, % Change YoY (7.8%) (7.5%) +7.2% (5.5%) (1.6%) particularly in advanced PET / CT imaging 378.4 +10.6 372.4 o Relations with hospital partners remain strong (9.8 ) (3.3 ) (3.4 ) Fixed site business represents largest component of underperformance Oncology operations performing steadily; however, 2 site roll-offs YTD 1H22 Fixed ADG Mobile Oncology 1H23 FY22A vs. FY23E ($mm) (5.5%) (0.6%) +6.4% (2.8%) +0.2% 749.6 +18.9 751.2 (3.5 ) (13.4 ) (0.5 ) FY22A Fixed ADG Mobile Oncology FY23E Note: There can be no guarantee that any past trends will continue or that any future estimates or projections will be met. Any data shown here is for illustrative purposes only and is not investment advice. Past performance is not necessarily indicative of future results. Strictly Confidential and Trade Secret 27 Please see the “Important Information” at the end of this presentation for additional information.


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2023 Performance: EBITDA by Segment 1H22A vs. 1H23A ($mm) % EBITDA 18.6% Margin 16.0% 70.2 1 3 2 +5.5 4 +2.8 59.7 (10.1 ) (6.4 ) (2.2 ) 1H22 Fixed ADG Mobile Oncology Corporate 1H23 FY22A vs. FY23E ($mm) 19.2% 16.6% 3 1 144.1 2 4 +4.6 +2.5 125.0 (20.7 ) (3.4 ) (2.1 ) FY22A Fixed ADG Mobile Oncology Corporate FY23E Note: There can be no guarantee that any past trends will continue or that any future estimates or projections will be met. Any data shown here is for illustrative purposes only and is not investment advice. Past performance is not necessarily indicative of future results. Strictly Confidential and Trade Secret 28 Please see the “Important Information” at the end of this presentation for additional information.


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1 2023 Segment Review: Fixed Business Note: EBITDA metrics pre-Corporate EBITDA Bridge: 1H22A vs. 1H23A EBITDA Bridge: FY22A vs. FY23E ($mm) ($mm) % EBITDA % EBITDA 10.1% Margin 9.5% Margin (835 bps) (788 bps) margin margin 23.4 (19.4 ) 12.6 (9.1 ) (1.3 ) (1.0 ) (5.5%) 2.2% Revenue (7.8%) 1.2% Revenue 2.5 2.7 1H22 1H23 Rev Margin 1H23 FY22A 1H23 Rev Margin FY23E @ 1H22 Change @ 1H22 Change Margin Margin Fixed Segment Cost Breakout – 1H22A vs. 1H23A % of Sales +2.1% +0.7% +2.9% 97.8% +2.7% +2.0% (0.3% ) (0.0% ) (1.7% ) 89.9% (0.5% ) Operating shift to manage labor, medical supplies, and prof. fees in variable manner necessary to curb cost overruns 1H22 Labor Med Suppl. Prof. Fees Rent / IT Marketing Other Unit / Equip. Field Mgmt SG&A 1H23 Note: There can be no guarantee that any past trends will continue or that any future estimates or projections will be met. Any data shown here is for illustrative purposes only and is not investment advice. Past performance is not necessarily indicative of future results. Strictly Confidential and Trade Secret 29 Please see the “Important Information” at the end of this presentation for additional information.


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2 2023 Segment Review: ADG Business Note: EBITDA metrics Normalization in collections (vs. 2022 highs) along with wages have hurt margin pre-Corporate EBITDA Bridge: 1H22A vs. 1H23A EBITDA Bridge: FY22A vs. FY23E Commentary ($mm) ($mm) 2022 saw elevated collection rates % EBITDA from recently acquired personal 41.7% (379 bps) Margin 37.9% injury (ADG) acquisitions margin 35.1 % EBITDA Driven by: 46.7% 31.7 Margin (0.2 ) o Tailored effort to drive up (1,178 bps) 34.9% (3.2 ) collection rate (i.e., cents on 20.9 margin (0.6%) dollar) post-acquisitions Revenue (1.6 ) 14.4 o Easing of case backlog from (7.5%) (4.9 ) COVID period Revenue Cash receipts in excess of AR on balance sheets from these collections flow straight down to 1H22 1H23 Rev Margin 1H23 FY22A 1H23 Rev Margin FY23E EBITDA @ 1H22 Change @ 1H22 Change Normalization of these collections Margin Margin has disproportionately hurt margins Labor wage inflation also remains ADG Segment Cost Breakout – 1H22A vs. 1H23A elevated given inability to backfill % of Sales turnover at ADG sites to date Opportunity to replicate ADG’s 0.1% 65.1% expansion in GA market across +1.6% +0.3% +0.4% +1.0% +0.0% +1.3% additional “no-fault” States +6.7% +0.4% 53.3% Note: There can be no guarantee that any past trends will continue or that any future estimates or projections will be met. Any data shown here is for illustrative purposes only and is not investment advice. Past performance is not necessarily indicative of future results. Strictly Confidential and Trade Secret 30 Please see the “Important Information” at the end of this presentation for additional information.


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3 2023 Segment Review: Mobile Business Note: EBITDA metrics Same-store volume growth has driven topline and margin improvement in mobile pre-Corporate EBITDA Bridge: 1H22A vs. 1H23A EBITDA Bridge: FY22A vs. FY23E Commentary ($mm) ($mm) to offer Ability leading-edge PET / % EBITDA CT scans, in particular, has driven 34.5% % EBITDA Margin 33.9% 33.7% 34.9% outsized volume in mobile radiology Margin +6.5 106.5 business 101.9 +3.6 +1.9 54.8 Elevated medical supplies (bottom 49.3 (1.9 ) +6.4% chart to left) driven by higher cost +122 bps (61 bps) of PET / CT tracers, which are a +7.2% Revenue margin Revenue margin pass-through item Proactive hiring of mobile unit drivers (often requiring less popular late-night shifts) in late 2022 reduced need for higher-priced spot work (reducing tractor 1H22 1H23 Rev Margin 1H23 FY22A 1H23 Rev Margin FY23E costs, where drivers included) @ 1H22 Change @ 1H22 Change Margin Margin Mobile Segment Cost Breakout – 1H22A vs. 1H23A % of Sales +3.1% +0.0% 66.3% 65.1% (0.0% ) (0.0% ) (0.1% ) (0.5% ) (2.6% ) (0.6% ) (0.4% ) Note: There can be no guarantee that any past trends will continue or that any future estimates or projections will be met. Any data shown here is for illustrative purposes only and is not investment advice. Past performance is not necessarily indicative of future results. Strictly Confidential and Trade Secret 31 Please see the “Important Information” at the end of this presentation for additional information.


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4 2023 Segment Review: Oncology Business Note: EBITDA metrics pre-Corporate EBITDA Bridge: 1H22A vs. 1H23A EBITDA Bridge: FY22A vs. FY23E Commentary ($mm) ($mm) Stonepeak believes a re-focus on business development is essential % EBITDA for Oncology business growth % EBITDA 37.1% 38.6% 37.9% Margin 35.5% Margin (65 bps) (165 bps) 23.1 48.1 margin 46.0 margin 20.8 (1.3 ) (1.3 ) (0.8 ) (1.0 ) (5.5%) (2.8%) Revenue Revenue 1H22 1H23 Rev Margin 1H23 FY22A 1H23 Rev Margin FY23E @ 1H22 Change @ 1H22 Change Margin Margin Oncology Segment Cost Breakout – 1H22A vs. 1H23A % of Sales +0.8% +0.4% +0.9% 64.5% 62.9% +0.6% +0.4% (0.1% ) (1.0% ) (0.3% ) (0.0% ) Note: There can be no guarantee that any past trends will continue or that any future estimates or projections will be met. Any data shown here is for illustrative purposes only and is not investment advice. Past performance is not necessarily indicative of future results. Strictly Confidential and Trade Secret 32 Please see the “Important Information” at the end of this presentation for additional information.


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Maintenance Capex Adjusted for use of operating leases, maintenance capex remains consistent with prior years FY2019A to FY2023E Summary Pro Forma Revenue and Maintenance Capex ($mm)1 Revenue (excl. Disc. Ops) Maintenance Capex (excl. Disc. Ops)2 749 751 716 728 Capex 683 % of Sales 3.1% 3.1% 4.1% 2.7% 3.3% 30 24 22 21 20 FY19A FY20A FY21A FY22A FY23E FY19A FY20A FY21A FY22A FY23E 3 Commentary Over past four years, Akumin has spent ~3-4% of revenue on maintenance capex per annum For 2023E, the business’s maintenance capex is trending in line with historicals; noting, unlike prior years, Akumin received 3 mobile units under operating leases in 2Q23 (i.e., expensed vs. capitalized), requiring a $5.1mm adjustment to enable apples-to-apples comparison vs. prior years 1H23A adjusted maintenance capex (annualized above) reflects 3.3% of revenue Footnotes: 1) Historical “pro forma” metrics include both legacy Akumin and legacy Alliance; includes in-year contribution only for smaller tuck-ins; 2) Maintenance capex figures based on all maintenance capex accrued in a given period (vs. cash outlay); 3) FY23E reflects annualization of 1H23A maintenance capex of $7.1mm plus $5.1mm of adjustments (expenditure on replacement machines, recognized as expense vs. capitalized) 33 Note: There can be no guarantee that any past trends will continue or that any future estimates or projections will be met. Any data shown here is for illustrative purposes only and is Strictly Confidential and Trade Secret not investment advice. Past performance is not necessarily indicative of future results. Please see the “Important Information” at the end of this presentation for additional information.


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Appendix


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Supplementary Financial Materials Strictly Confidential and Trade Secret


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Akumin Earnings Summary (‘22 vs ’23) Key P&L Metrics by Segment ($mm) Revenue 1H22 1H23 Var ($) Var (%) FY22 FY23 Var ($) Var (%) Fixed 125.2 115.4 (9.8) (7.8%) 245.3 231.9 (13.4) (5.5%) ADG 44.7 41.3 (3.3) (7.5%) 84.1 83.6 (0.5) (0.6%) Mobile 146.3 156.9 10.6 7.2% 295.4 314.3 18.9 6.4% Rad Total $316.2 $313.7 ($2.5) (0.8%) $624.8 $629.9 $5.0 0.8% Oncology 62.2 58.7 (3.4) (5.5%) 124.8 121.3 (3.5) (2.8%) Total $378.4 $372.4 ($6.0) (1.6%) $749.6 $751.2 $1.5 0.2% Adj. EBITDA (Pre-MI) 1H22 1H23 Var ($) Var (%) FY22 FY23 Var ($) Var (%) Fixed 12.6 2.5 (10.1) (79.9%) 23.4 2.7 (20.7) (88.3%) ADG 20.9 14.4 (6.4) (30.8%) 35.1 31.7 (3.4) (9.6%) Mobile 49.3 54.8 5.5 11.1% 101.9 106.5 4.6 4.5% Rad Total $82.8 $71.8 ($11.0) (13.3%) $160.4 $141.0 ($19.4) (12.1%) Oncology 23.1 20.8 (2.2) (9.7%) 48.1 46.0 (2.1) (4.4%) Total Pre Corporate $105.9 $92.6 ($13.3) (12.5%) $208.5 $187.0 ($21.5) (10.3%) Corporate (35.7) (32.9) 2.8 (7.7%) (64.4) (61.9) 2.5 (3.8%) Total $70.2 $59.7 ($10.5) (15.0%) $144.1 $125.0 ($19.1) (13.2%) Adj. EBITDA (Pre-MI)—Margin 1H22 1H23 Var ($) Var (%) FY22 FY23 Var ($) Var (%) Fixed 10.1% 2.2% (788 bps) 9.5% 1.2% (835 bps) ADG 46.7% 34.9% (1,178 bps) 41.7% 37.9% (379 bps) Mobile 33.7% 34.9% 122 bps 34.5% 33.9% (61 bps) Rad Total 26.2% 22.9% (331 bps) 25.7% 22.4% (329 bps) Oncology 37.1% 35.5% (165 bps) 38.6% 37.9% (65 bps) Total Pre Corporate 28.0% 24.9% (312 bps) 27.8% 24.9% (292 bps) Corporate Total 18.6% 16.0% (253 bps) 19.2% 16.6% (258 bps) Note: There can be no guarantee that any past trends will continue or that any future estimates or projections will be met. Any data 40 shown here is for illustrative purposes only and is not investment advice. Past performance is not necessarily indicative of future results. Strictly Confidential and Trade Secret Please see the “Important Information” at the end of this presentation for additional information.


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Akumin Cost Breakout by Segment (1 / 2)—% of Revenue Costs as % of Revenue Fixed Costs as a % of Revenue 1H22 1H23 Var (bps) FY22 FY23 Var (bps) Labor 34.5% 36.5% 203 bps 34.3% 37.8% 345 bps Med Supplies 5.4% 8.0% 268 bps 5.7% 8.0% 236 bps Prof Services Fees 15.4% 18.3% 287 bps 16.3% 17.7% 140 bps Rent/Office/IT Expenses 12.4% 14.5% 214 bps 12.8% 14.5% 177 bps Customer Marketing 0.8% 0.5% (33 bps) 0.8% 0.6% (17 bps) Other Exp 0.4% 1.1% 70 bps 0.4% 0.8% 43 bps Total Customer / Site 68.8% 78.9% 1,008 bps 70.1% 79.4% 924 bps Unit & Tractor 7.8% 7.8% (2 bps) 7.9% 7.8% (5 bps) Field Management 3.2% 1.5% (165 bps) 2.9% 1.8% (116 bps) Total Costs (Pre SG&A) 79.8% 88.2% 841 bps 80.9% 89.0% 804 bps Segment SG&A 10.1% 9.6% (52 bps) 9.5% 9.9% 32 bps Total Costs 89.9% 97.8% 788 bps 90.5% 98.8% 835 bps ADG Costs as a % of Revenue 1H22 1H23 Var (bps) FY22 FY23 Var (bps) Labor 24.9% 31.6% 673 bps 27.7% 30.2% 244 bps Med Supplies 1.0% 1.3% 35 bps 1.3% 1.2% (12 bps) Prof Services Fees 10.8% 12.1% 133 bps 11.3% 11.4% 14 bps Rent/Office/IT Expenses 8.1% 9.7% 158 bps 8.7% 9.5% 88 bps Customer Marketing 2.6% 2.9% 28 bps 2.8% 2.8% 5 bps Other Exp 0.6% 1.0% 42 bps 0.5% 0.8% 26 bps Total Customer / Site 47.9% 58.6% 1,069 bps 52.3% 55.9% 364 bps Unit & Tractor 4.4% 5.5% 104 bps 4.9% 5.1% 13 bps Field Management – – – – – –Total Costs (Pre SG&A) 52.3% 64.1% 1,173 bps 57.2% 61.0% 377 bps Segment SG&A 1.0% 1.0% 6 bps 1.0% 1.0% 1 bps Total Costs 53.3% 65.1% 1,178 bps 58.3% 62.1% 379 bps Note: There can be no guarantee that any past trends will continue or that any future estimates or projections will be met. Any data 41 shown here is for illustrative purposes only and is not investment advice. Past performance is not necessarily indicative of future results. Strictly Confidential and Trade Secret Please see the “Important Information” at the end of this presentation for additional information.


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Akumin Cost Breakout by Segment (2 / 2)—% of Revenue Costs as % of Revenue Mobile Costs as a % of Revenue 1H22 1H23 Var (bps) FY22 FY23 Var (bps) Labor 20.2% 19.7% (52 bps) 20.2% 19.9% (37 bps) Med Supplies 10.8% 13.9% 312 bps 11.3% 14.1% 280 bps Prof Services Fees 0.4% 0.5% 3 bps 0.4% 0.5% 4 bps Rent/Office/IT Expenses 0.4% 0.4% (4 bps) 0.4% 0.4% (1 bps) Customer Marketing 0.0% 0.0% (1 bps) 0.0% 0.0% 1 bps Other Exp 1.8% 1.7% (14 bps) 1.8% 1.6% (23 bps) Total Customer / Site 33.8% 36.2% 243 bps 34.2% 36.5% 225 bps Unit & Tractor 24.7% 22.1% (265 bps) 24.5% 22.5% (207 bps) Field Management 3.9% 3.4% (56 bps) 3.5% 3.4% (12 bps) Total Costs (Pre SG&A) 62.4% 61.6% (77 bps) 62.3% 62.3% 6 bps Segment SG&A 3.9% 3.4% (44 bps) 3.2% 3.8% 55 bps Total Costs 66.3% 65.1% (122 bps) 65.5% 66.1% 61 bps Oncology Costs as a % of Revenue 1H22 1H23 Var (bps) FY22 FY23 Var (bps) Labor 29.9% 29.8% (13 bps) 29.3% 29.0% (24 bps) Med Supplies 1.6% 2.1% 57 bps 1.8% 2.2% 45 bps Prof Services Fees 5.1% 5.9% 75 bps 5.2% 5.6% 36 bps Rent/Office/IT Expenses 7.9% 8.3% 42 bps 7.7% 8.1% 45 bps Customer Marketing 1.5% 0.5% (102 bps) 1.3% 0.8% (52 bps) Other Exp 1.3% 1.1% (27 bps) 1.2% 1.2% 4 bps Total Customer / Site 47.3% 47.6% 32 bps 46.4% 47.0% 54 bps Unit & Tractor 10.8% 10.8% (1 bps) 10.7% 10.1% (56 bps) Field Management 1.4% 1.8% 39 bps 1.3% 1.4% 7 bps Total Costs (Pre SG&A) 59.5% 60.2% 70 bps 58.5% 58.5% 5 bps Segment SG&A 3.4% 4.4% 95 bps 3.0% 3.6% 59 bps Total Costs 62.9% 64.5% 165 bps 61.4% 62.1% 65 bps Note: There can be no guarantee that any past trends will continue or that any future estimates or projections will be met. Any data 42 shown here is for illustrative purposes only and is not investment advice. Past performance is not necessarily indicative of future results. Strictly Confidential and Trade Secret Please see the “Important Information” at the end of this presentation for additional information.


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Akumin Cost Breakout by Segment (1 / 2) – Nominal Cost Breakout ($mm) Fixed Segment Cost Breakout 1H22 1H23 Var ($) Var (%) FY22 FY23 Var ($) Var (%) Labor 43.2 42.1 (1.0) (2.4%) 84.3 87.7 3.4 4.0% Med Supplies 6.7 9.3 2.6 38.2% 13.9 18.6 4.7 33.9% Prof Services Fees 19.3 21.1 1.8 9.4% 39.9 41.0 1.1 2.6% Rent/Office/IT Expenses 15.5 16.7 1.3 8.1% 31.3 33.7 2.4 7.6% Customer Marketing 1.0 0.6 (0.5) (45.1%) 1.9 1.4 (0.5) (26.0%) Other Exp 0.5 1.2 0.8 164.3% 0.9 1.8 1.0 111.3% Total Customer / Site $86.2 $91.1 4.9 5.7% $172.1 $184.1 12.0 7.0% Unit & Tractor 9.8 9.0 (0.8) (8.1%) 19.3 18.1 (1.2) (6.0%) Field Management 4.0 1.8 (2.2) (55.7%) 7.1 4.1 (3.1) (43.0%) Total Costs (Pre SG&A) $99.9 $101.8 1.9 1.9% $198.5 $206.3 7.8 3.9% Segment SG&A 12.7 11.1 (1.6) (12.6%) 23.4 22.9 (0.5) (2.3%) Total Costs $112.6 $112.9 0.3 0.3% $222.0 $229.2 7.2 3.3% ADG Segment Cost Breakout 1H22 1H23 Var ($) Var (%) FY22 FY23 Var ($) Var (%) Labor 11.1 13.1 2.0 17.5% 23.3 25.2 1.9 8.2% Med Supplies 0.4 0.5 0.1 26.7% 1.1 1.0 (0.1) (9.7%) Prof Services Fees 4.8 5.0 0.2 3.9% 9.5 9.6 0.1 0.6% Rent/Office/IT Expenses 3.6 4.0 0.4 10.5% 7.3 8.0 0.7 9.6% Customer Marketing 1.2 1.2 0.0 2.3% 2.3 2.4 0.0 1.1% Other Exp 0.3 0.4 0.2 60.9% 0.5 0.7 0.2 46.5% Total Customer / Site $21.4 $24.2 2.8 13.2% $44.0 $46.8 2.8 6.4% Unit & Tractor 2.0 2.3 0.3 14.2% 4.2 4.2 0.1 2.0% Field Management NA NA Total Costs (Pre SG&A) $23.4 $26.5 3.1 13.2% $48.1 $51.0 2.9 6.0% Segment SG&A 0.4 0.4 (0.0) (2.2%) 0.9 0.9 0.0 0.8% Total Costs $23.8 $26.9 3.1 13.0% $49.0 $51.9 2.9 5.9% Note: There can be no guarantee that any past trends will continue or that any future estimates or projections will be met. Any data 43 shown here is for illustrative purposes only and is not investment advice. Past performance is not necessarily indicative of future results. Strictly Confidential and Trade Secret Please see the “Important Information” at the end of this presentation for additional information.


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Akumin Cost Breakout by Segment (2 / 2) – Nominal Cost Breakout ($mm) Mobile Segment Cost Breakout 1H22 1H23 Var ($) Var (%) FY22 FY23 Var ($) Var (%) Labor 29.6 30.9 1.3 4.5% 59.8 62.5 2.7 4.4% Med Supplies 15.9 21.9 6.0 38.1% 33.3 44.2 10.9 32.9% Prof Services Fees 0.7 0.8 0.1 14.9% 1.2 1.4 0.2 17.4% Rent/Office/IT Expenses 0.7 0.6 (0.0) (1.8%) 1.3 1.3 0.0 3.7% Customer Marketing 0.0 0.0 (0.0) (60.6%) 0.0 0.1 0.0 121.5% Other Exp 2.6 2.6 (0.0) (1.1%) 5.4 5.0 (0.4) (6.8%) Total Customer / Site $49.4 $56.8 7.4 15.0% $101.0 $114.6 13.5 13.4% Unit & Tractor 36.2 34.6 (1.5) (4.3%) 72.5 70.6 (1.9) (2.6%) Field Management 5.7 5.3 (0.5) (8.1%) 10.4 10.6 0.3 2.7% Total Costs (Pre SG&A) $91.3 $96.7 5.4 5.9% $183.9 $195.8 11.9 6.5% Segment SG&A 5.7 5.4 (0.3) (5.0%) 9.6 11.9 2.4 24.5% Total Costs $97.0 $102.1 5.1 5.3% $193.5 $207.8 14.3 7.4% Oncology Segment Cost Breakout 1H22 1H23 Var ($) Var (%) FY22 FY23 Var ($) Var (%) Labor 18.6 17.5 (1.1) (5.9%) 36.5 35.2 (1.3) (3.6%) Med Supplies 1.0 1.2 0.3 28.8% 2.2 2.7 0.5 22.2% Prof Services Fees 3.2 3.4 0.3 8.3% 6.5 6.8 0.3 3.9% Rent/Office/IT Expenses 4.9 4.9 (0.0) (0.5%) 9.6 9.9 0.3 2.8% Customer Marketing 1.0 0.3 (0.7) (68.4%) 1.7 1.0 (0.7) (40.4%) Other Exp 0.8 0.6 (0.2) (24.6%) 1.5 1.5 0.0 0.9% Total Customer / Site $29.4 $28.0 (1.4) (4.9%) $58.0 $57.0 (1.0) (1.7%) Unit & Tractor 6.7 6.3 (0.4) (5.6%) 13.3 12.3 (1.0) (7.9%) Field Management 0.9 1.0 0.2 21.4% 1.7 1.7 0.0 2.2% Total Costs (Pre SG&A) $37.0 $35.3 (1.6) (4.4%) $73.0 $71.0 (2.0) (2.7%) Segment SG&A 2.1 2.6 0.4 20.6% 3.7 4.3 0.6 16.6% Total Costs $39.1 $37.9 (1.2) (3.1%) $76.7 $75.3 (1.4) (1.8%) Note: There can be no guarantee that any past trends will continue or that any future estimates or projections will be met. Any data 44 shown here is for illustrative purposes only and is not investment advice. Past performance is not necessarily indicative of future results. Strictly Confidential and Trade Secret Please see the “Important Information” at the end of this presentation for additional information.


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Note: EBITDA metrics 1H Results: Segment EBITDA Bridges pre-Corporate Fixed Segment ADG Segment ($mm) ($mm) 10.1% % EBITDA 46.7% Margin 20.9 Change from topline 34.9% 12.6 assuming constant costs 14.4 (3.3 ) (3.1 ) 2.2% 2.5 (9.8 ) (0.3 ) 1H22 Costs Other 1H23 1H22 Costs Other 1H23 Constant Change Constant Change Mobile Segment Oncology Segment ($mm) ($mm) 34.9% 37.1% 33.7% 35.5% +10.6 54.8 23.1 +1.2 20.8 49.3 (5.1 ) (3.4 ) 1H22 Costs Other 1H23 1H22 Costs Other 1H23 Constant Change Constant Change Note: There can be no guarantee that any past trends will continue or that any future estimates or projections will be met. Any data shown here is for illustrative purposes only and is not investment advice. Past performance is not necessarily indicative of future results. Strictly Confidential and Trade Secret Please see the “Important Information” at the end of this presentation for additional information.


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Note: EBITDA metrics FY23E Reforecast: Segment EBITDA Bridges pre-Corporate Fixed Segment ADG Segment ($mm) ($mm) % EBITDA 41.7% 9.5% 37.9% Margin Change from topline 35.1 23.4 assuming constant costs 31.7 (0.5 ) (2.9 ) 1.2% (13.4 ) 2.7 (7.2 ) FY22A Costs Other FY23E FY22A Costs Other FY23E Constant Change Constant Change Mobile Segment Oncology Segment ($mm) ($mm) 33.9% 34.5% 38.6% +18.9 37.9% 101.9 106.5 48.1 (14.3 ) +1.4 46.0 (3.5 ) FY22A Costs Other FY23E FY22A Costs Other FY23E Constant Change Constant Change Note: There can be no guarantee that any past trends will continue or that any future estimates or projections will be met. Any data 46 shown here is for illustrative purposes only and is not investment advice. Past performance is not necessarily indicative of future results. Strictly Confidential and Trade Secret Please see the “Important Information” at the end of this presentation for additional information.


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Note: EBITDA metrics 1H Results: Fixed & ADG Nominal Cost Breakout pre-Corporate Fixed Segment Cost Breakout – 1H22A vs. 1H23A Nominal Change ($mm) 112.6 +2.6 +1.8 +1.3 +0.8 112.9 (0.5 ) (0.8 ) (2.2 ) (1.0 ) (1.6 ) 1H22 Labor Med Suppl. Prof. Fees Rent / IT Marketing Other Tractor Field Mgmt SG&A 1H23 ADG Segment Cost Breakout – 1H22A vs. 1H23A Nominal Change ($mm) +0.4 +0.0 +0.2 +0.3 +0.0 26.9 +2.0 +0.1 +0.2 23.8 (0.0 ) 1H22 Labor Med Suppl. Prof. Fees Rent / IT Marketing Other Tractor Field Mgmt SG&A 1H23 Note: There can be no guarantee that any past trends will continue or that any future estimates or projections will be met. Any data 47 shown here is for illustrative purposes only and is not investment advice. Past performance is not necessarily indicative of future results. Strictly Confidential and Trade Secret Please see the “Important Information” at the end of this presentation for additional information.


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Note: EBITDA metrics 1H Results: Mobile & Oncology Nominal Cost Breakout pre-Corporate Mobile Segment Cost Breakout – 1H22A vs. 1H23A Nominal Change ($mm) +6.0 +0.1 102.1 97.0 +1.3 (0.0 ) (0.0 ) (0.0 ) (1.5 ) (0.5 ) (0.3 ) 1H22 Labor Med Suppl. Prof. Fees Rent / IT Marketing Other Tractor Field Mgmt SG&A 1H23 Oncology Segment Cost Breakout – 1H22A vs. 1H23A Nominal Change ($mm) 39.1 +0.3 +0.3 +0.2 +0.4 37.9 (0.0 ) (0.2 ) (0.4 ) (1.1 ) (0.7 ) 1H22 Labor Med Suppl. Prof. Fees Rent / IT Marketing Other Tractor Field Mgmt SG&A 1H23 Note: There can be no guarantee that any past trends will continue or that any future estimates or projections will be met. Any data 48 shown here is for illustrative purposes only and is not investment advice. Past performance is not necessarily indicative of future results. Strictly Confidential and Trade Secret Please see the “Important Information” at the end of this presentation for additional information.


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Note: EBITDA metrics FY23E Reforecast: Fixed & ADG Nominal Cost Breakout pre-Corporate Fixed Segment Cost Breakout – FY22A vs. FY23E Nominal Change ($mm) +3% +4.7 +1.1 +2.4 +1.0 229.2 222.0 +3.4 (0.5 ) (1.2 ) (3.1 ) (0.5 ) FY22A Labor Med Suppl. Prof. Fees Rent / IT Marketing Other Tractor Field Mgmt SG&A FY23E ADG Segment Cost Breakout – FY22A vs. FY23E Nominal Change ($mm) +6% +0.7 +0.0 +0.2 +0.1 +0.0 +0.0 51.9 49.0 +1.9 +0.1 (0.1 ) FY22A Labor Med Suppl. Prof. Fees Rent / IT Marketing Other Tractor Field Mgmt SG&A FY23E Note: There can be no guarantee that any past trends will continue or that any future estimates or projections will be met. Any data 49 shown here is for illustrative purposes only and is not investment advice. Past performance is not necessarily indicative of future results. Strictly Confidential and Trade Secret Please see the “Important Information” at the end of this presentation for additional information.


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Note: EBITDA metrics FY23E Reforecast: Mobile & Oncology Nominal Cost Breakout pre-Corporate Mobile Segment Cost Breakout – FY22A vs. FY23E Nominal Change ($mm) +7% +10.9 +0.2 +0.0 +0.0 +0.3 +2.4 207.8 193.5 +2.7 (0.4 ) (1.9 ) FY22A Labor Med Suppl. Prof. Fees Rent / IT Marketing Other Tractor Field Mgmt SG&A FY23E Oncology Segment Cost Breakout – FY22A vs. FY23E Nominal Change ($mm) (2%) 76.7 +0.5 +0.3 +0.3 +0.0 +0.0 +0.6 75.3 (1.3 ) (0.7 ) (1.0 ) FY22A Labor Med Suppl. Prof. Fees Rent / IT Marketing Other Tractor Field Mgmt SG&A FY23E Note: There can be no guarantee that any past trends will continue or that any future estimates or projections will be met. Any data 50 shown here is for illustrative purposes only and is not investment advice. Past performance is not necessarily indicative of future results. Strictly Confidential and Trade Secret Please see the “Important Information” at the end of this presentation for additional information.


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Note: EBITDA metrics FY23E Reforecast: Fixed & ADG Costs as % of Revenue pre-Corporate Fixed Segment Cost Breakout – FY22A vs. FY23E % of Revenue +2.4% +1.4% +1.8% +0.4% +0.3% 98.8% 90.5% +3.5% (0.2%) (0.0%) (1.2%) FY22A Labor Med Suppl. Prof. Fees Rent / IT Marketing Other Tractor Field Mgmt SG&A FY23E ADG Segment Cost Breakout – FY22A vs. FY23E % of Revenue +2.4% +0.1% +0.9% +0.0% +0.3% +0.1% +0.0% +0.0% 62.1% 58.3% (0.1%) FY22A Labor Med Suppl. Prof. Fees Rent / IT Marketing Other Tractor Field Mgmt SG&A FY23E Note: There can be no guarantee that any past trends will continue or that any future estimates or projections will be met. Any data 51 shown here is for illustrative purposes only and is not investment advice. Past performance is not necessarily indicative of future results. Strictly Confidential and Trade Secret Please see the “Important Information” at the end of this presentation for additional information.


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Note: EBITDA metrics FY23E Reforecast: Mobile & Oncology Costs as % of Revenue pre-Corporate Mobile Segment Cost Breakout – FY22A vs. FY23E % of Revenue 65.5% +2.8% +0.0% +0.0% +0.6% 66.1% (0.4%) (0.0%) (0.2%) (2.1%) (0.1%) FY22A Labor Med Suppl. Prof. Fees Rent / IT Marketing Other Tractor Field Mgmt SG&A FY23E Oncology Segment Cost Breakout – FY22A vs. FY23E % of Revenue 61.4% +0.5% +0.4% +0.4% +0.0% +0.1% +0.6% 62.1% (0.2%) (0.5%) (0.6%) FY22A Labor Med Suppl. Prof. Fees Rent / IT Marketing Other Tractor Field Mgmt SG&A FY23E Note: There can be no guarantee that any past trends will continue or that any future estimates or projections will be met. Any data 52 shown here is for illustrative purposes only and is not investment advice. Past performance is not necessarily indicative of future results. Strictly Confidential and Trade Secret Please see the “Important Information” at the end of this presentation for additional information.


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Important Information This presentation is provided to you upon request on a confidential basis for discussion and informational purposes only to provide background information with respect to Stonepeak Partners LP (together, with its affiliates, “Stonepeak”) and its investment activities, in connection with discussions of potential future partnership opportunities with you, and is not an offer to sell or the solicitation of an offer to buy an interest in any current or future vehicle, account, product, or fund sponsored or managed by Stonepeak (each fund, a “Fund”). Your acceptance of this presentation from Stonepeak constitutes your agreement to (i) keep confidential all the information contained in this presentation, as well as any information derived by you from the information contained in this presentation (collectively, “Confidential Information”) and not disclose any such Confidential Information to any other person, (ii) not use any of the Confidential Information for any purpose other than to evaluate Stonepeak, (iii) not use the Confidential Information for purposes of trading any security, including securities of any Stonepeak portfolio companies, (iv) not copy this document without the prior consent of Stonepeak, and (v) promptly return this document and any copies hereof to Stonepeak, or destroy any electronic copies hereof, in each case upon Stonepeak’s request and subject to the confidentiality provisions more fully set forth in any other written agreement between you and Stonepeak. Unless otherwise indicated, the information provided herein is based on matters as they exist as of the date of preparation of this presentation and not as of any future date. Certain information contained in this presentation (including certain forward looking statements and information) has been obtained from sources other than Stonepeak. In addition, certain information contained herein may have been obtained from companies in which investments have been made by Stonepeak. While such sources are believed to be reliable, none of Stonepeak, any Fund, or any of their respective directors, officers, employees, partners, members, shareholders, or their affiliates, or any other person, assumes any responsibility for the accuracy or completeness of such information, and Stonepeak is under no obligation to update or keep current such information. This presentation is not intended to, and does not, include all information necessary to make the statements herein not misleading. “Operating Partners” and “Senior Advisors” are not employees or affiliates of Stonepeak and are often compensated by Stonepeak, its funds, or its portfolio companies. The nature of the relationship varies considerably; compensation can include retainers and expense reimbursements, such as for travel. Payments to Operating Partners and Senior Advisors are not deemed paid to or received by Stonepeak and do not offset the management fee or any other fee paid to a Stonepeak fund’s investment advisor. From time to time, Stonepeak adds additional Operating Partners and Senior Advisors who were not acting as such, and thus were not named in offering documents, at the time of a fund’s offering. Industrial Specialists are also not employees or affiliates of Stonepeak and are specialist executives who provide services to certain portfolio companies, but who report directly to Stonepeak and have historically been used to monitor certain processes or augment management teams. The fees, costs and expenses of any Industrial Specialists are borne by the portfolio companies for which they perform services and thereby, indirectly by the funds. Certain information contained in this presentation constitutes “forward-looking statements,” which can be identified by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “target,” “intend,” “continue” or “believe,” or the negatives thereof, other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events or results or the actual performance of any actual or hypothetical investments described herein may differ materially from the events, results or performance reflected or contemplated in such forward-looking statements. Any projections, targets, forecasts and estimates contained herein are based upon certain assumptions that Stonepeak considers reasonable. Projections, targets, forecasts, and estimates are necessarily speculative in nature, and it can be expected that some or all of the assumptions underlying the projections, targets, forecasts, and estimates will not materialize and/or that actual events and consequences thereof will vary significantly from the assumptions upon which projections contained herein have been based. The inclusion of projections, targets, forecasts, and/or estimates herein should not be regarded as a representation or guarantee regarding the reliability, accuracy, or completeness of the information contained herein, and Stonepeak is under no obligation to update or keep current such information. Actual realized returns on any hypothetical investments may differ materially from Stonepeak estimates and will ultimately depend on, among other factors, future operating results, EBITDA growth, customer growth, future business plans, commodity prices, taxes, exchange rate fluctuations, capital expenditures, working capital requirements, expected holding period, the value of the assets, and market conditions at the time of disposition, legal and contractual restrictions, any related transaction costs, and the timing and manner of sale, all of which may differ from the assumptions and circumstances on which the valuations and other figures indicated herein are based. Certain information in this presentation relates to portfolio companies of Stonepeak Funds and their operations and/or financial condition. Such information is intended to provide insight into Stonepeak’s investment strategy. They are not representative of all investments that will be made by Stonepeak or a Fund, and it should not be assumed that a Fund will make equally successful or comparable investments. Past performance is not indicative of future results. Moreover, the actual investments to be made by a Fund will be made under different market conditions and differ from those investments presented or referenced in this presentation. Information relating to a Fund’s portfolio companies and their operations and/or financial condition is commercially sensitive and highly-confidential. While Stonepeak believes the statements made herein with respect to current and future operating performance and financial condition of such portfolio companies are reasonable under the circumstances, there can be no guarantee of future performance of such portfolio companies, which is difficult to predict and subject to a number of uncertainties and risks (both known and unknown). There can be no assurance that the conditions upon which Stonepeak’s assumptions are based will materialize. Employee totals presented exclude Stonepeak’s relying adviser Snowhawk Partners. All rights to the trademarks and/or logos listed herein belong to their respective owners and Stonepeak’s use hereof does not imply an affiliation with, or endorsement by, the owners of these trademarks and/or logos. Materials herein were prepared by Stonepeak and its advisors and are not a work product of Akumin. Strictly Confidential and Trade Secret 53


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Project Aperture Lender Follow Up Akumin Inc. August 2023 Strictly Confidential and Trade Secret For Discussion Purposes Only


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Executive Summary Initial discussion on 8/21 resulted in specific follow-up items regarding historical performance and go-forward business plan Table of Contents Components of Value Creation 1 Decomposition of combined company earnings decline from ’19A – ’23E demonstrates key turnaround priorities required in near-term IT Standardization Plan 2 Estimated $2.8 – $3.3mm to standardize IT stack to enable both efficient business operations and KPI tracking Capex 3 Historical capex (both WholeCo and Legacy AHCS) in-line with historical periods Fixed Site Segment Deep Dive 4 We believe fixed site business represents principal source of underperformance Source: Company Materials. Note: The plan presented herein is for illustrative purposes solely to provide information regarding Stonepeak’s current views and expectations regarding the opportunities that may become available. Stonepeak may modify and adapt its approach and investment decision-making process as it determines appropriate. There can be no assurances that Stonepeak will be able to implement its investment strategy, achieve its investment objectives, or avoid substantial losses. There can be no guarantee that any past trends or estimates will continue or that any future projections will be met. Any data shown here is for Strictly Confidential and Trade Secret illustrative purposes only and is not investment advice. Please see the “Important Information” at the end of this presentation for additional information about forward-looking statements.


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1 Key Components of EBITDA Deterioration Stonepeak has identified 5 key near-term addressable drivers of historical earnings declines FY19A – FY23E EBITDA 159.2 A B C D (5.5 ) E F (10.7 ) 125.0 (5.0 ) 2.0 (3.5 ) (11.6 ) Opportunity to reverse drivers A-D (est. +$30mm EBITDA visibility) Additional near-term initiatives (+$17 – 19mm): o Public company cost-out: +$5mm o Insourcing legal function: +$2mm o Catch-up on SS volume growth1: +$10 – $12mm FY19A Lost Volume Volume Insufficient Labor Port Charlotte Labor Net Org Re-Design FY23E EBITDA from Declines Management (Temp. Closure) Inflation & Other EBITDA Staffing Mismatch Commentary A Lost Volume from Staffing Mismatch: Losses of volumes due to lack of staff availability from mismatches across sites between labor and demand B Volume Declines: Decreases in volume due to sales team inefficiencies and other operational issues C Insufficient Labor Management: Lack of standard staffing model, driving overstaffing in certain areas as well as use of temporary labor and overtime at above market rates D Port Charlotte: Closure of facility due to Hurricane Ian – first phase re-opening expected Nov. 23 E Labor Inflation: Structural increases to cost of site-level and back-office employees (Stonepeak views increased hourly staffing rates as requisite to maintain employee base) F Org Re-Design: Achieved cost savings initiatives via McKinsey engagement, net of other cost increases Source: Company Materials. 1) Assumes ~2% revenue growth CAGR on Fixed Sites for 4 years (’19 – ’23) at 50-60% incremental margin. Note: There can be no guarantee that any past trends or estimates will continue or that any future projections will be met. Any data shown here is for illustrative purposes only and is not investment advice. The comparisons are presented for illustrative purposes only. The entities referenced herein may not be portfolio companies of Stonepeak and there is no assurance that Strictly Confidential and Trade Secret Stonepeak will b e able to obtain comparable returns, implement its investment strategy, achieve its investment objectives, or avoid substantial losses. Public investments are inherently more volatile than private investment. A different selection of companies could suggest dissimilar trends. Please see the “Important Information” at the end of this presentation for additional information.


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Performance Improvement – Expected Quick Wins Initiatives below would be expected to be completed in the first 6 months1 of potential ownership Description / Details Potential Investment ($mm) A â–ª Selective management changes, including internal transfers from Ongoing Leadership Mobile team; new strong COO and CFO already in place $0.6mm Changes â–ª Currently recruiting HR leader & physician sales leader A â–ª Tech COLA adjustments implemented in Aug. ‘23 Talent & Recruitment â–ª Develop recruiting SLAs / metrics (WIP) No Cost Strategy â–ª Hiring/retention bonuses implemented2 A C â–ª Standard staffing model and processes for centers Standardized & â–ª Central position control and variable staffing implementation No Cost Centralized Operations B â–ª Usage of existing real-time and daily metrics â–ª Marketing initiative to develop collateral Improved Physician â–ª Rolled out CRM management in Q2 ‘23 $0.1mm Sales Organization â–ª Performance management approach to driving referrals â–ª Production of body of materials highlighting key AKU differentiators B â–ª Roll-out following features: online scheduling & registration, auto- Single Enhanced RIS & 3 reminders, virtual waiting room, EMR connectivity, tech-enabled $0.5mm EMR Connectivity authorizations, etc. B C â–ª Consistent centralized approach to schedule filling (e.g., same or Enhanced Scheduling next day gaps) $0.2mm â–ª Implement schedule coordinator model used in Mobile D â–ª Accelerate re-opening of Port Charlotte site closed due to the Re-open Port Charlotte hurricane $0.2mm â–ª Phase 1 opening targeted for Nov. ’23 We believe Stonepeak oversight and moderate investment (~$1.6mm) could drive $30 – 49mm in run-rate EBITDA gains in the first five months post closing Source: Company Materials. 1) Timelines referenced here-in are subject to change; 2) $10k annual bonus (for up to 5 years) for key technologist roles; 3) Initial deployment across key areas expected to be achieved in <5 months; full deployment across entire platform estimated ~1 year to completion Note: There can be no guarantee that any past trends or estimates will continue or that any future projections will be met. Any data shown here is for illustrative purposes only and is not investment advice. There can be no guarantee that this transaction will be consummated or that, if consummated, it will be on terms currently contemplated. Stonepeak’s recommended course Strictly Confidential and Trade Secret 3 of action presented herein is based on Stonepeak’s current views and expectations regarding the company, which Stonepeak deems reasonable. Stonepeak may modify and adapt its approach and investment decision-making process as it determines appropriate. There can be no assurances that Stonepeak will be able to implement its investment strategy, achieve its investment objectives, or avoid substantial losses. Please see the “Important Information” at the end of this presentation for additional information.


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Performance Improvement – Medium / Longer Term Initiatives Initiatives below would be expected to be completed after the first 6 months of potential ownership Description / Details Potential Investment ($mm) A â–ª Enterprise roll-out of remote operated command center for ROCC $0.3mm performing exams B â–ª Enlist outside vendors to help manage maintenance Strengthen Informatics â–ª Invest in resources to allow completion of major projects & future $2.5 – 3.0mm Function growth B Clinic Appearance â–ª Investment in improved clinic appearance (e.g., paint, furniture, To be assessed Enhancement signage) E Improved Equipment â–ª Measure and actively manage downtime No Cost Service Strategy â–ª Review current vendors and implement changes where beneficial E Develop holistic procurement strategy, including plan for bulk / Vendor Management volume purchases To be assessed Review legacy vendors and vet alternatives â–ª Build density in key micro-markets through combination of Micro-Market Density To be assessed acquisitions, de novo, or partnerships â–ª Centralized strategic approach to managed care contracting Managed Care Strategy $0.3mm â–ª Self-pay pricing and chargemaster updates Hospital Partnerships â–ª Strategic partnerships with hospitals No Cost â–ª Target tuck-in acquisitions once current platform integration is M&A To be assessed complete Medium-Term Initiatives (6 – 12 months)1 Longer-Term Initiatives (13 – 24+ months)1 Source: Company Materials. 1) Timelines referenced here-in are subject to change. Note: There can be no guarantee that any past trends or estimates will continue or that any future projections will be met. Any data shown here is for illustrative purposes only and is not investment advice. There can be no guarantee that this transaction will be consummated or that, if consummated, it will be on terms currently contemplated. Stonepeak’s recommended course Strictly Confidential and Trade Secret of action presented herein is based on Stonepeak’s current views and expectations regarding the company, which Stonepeak deems reasonable. Stonepeak may modify and adapt its approach and investment decision-making process as it determines appropriate. There can be no assurances that Stonepeak will be able to implement its investment strategy, achieve its investment objectives, or avoid substantial losses. Please see the “Important Information” at the end of this presentation for additional information.


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Summary of Key IT Initiatives Stonepeak oversight and moderate investment required to complete IT projects in a timely manner Description / Details Estimated Completion Time1 Potential Investment ($mm) â–ª Roll-out following RIS features: online scheduling & registration, auto-reminders, virtual waiting room, Single Enhanced RIS 1 EMR connectivity, etc., as well as single PACS, VNA, 2 – 5 months $0.5 -$1.0mm & Tech Stack & data management solution â–ª Some investment in upgraded technology required â–ª Significant backlog of IT tickets with slow completion times; impacting productive work across Ongoing numerous teams 4 – 8 months $1.4mm Maintenance â–ª Potential investment includes contracting with outside vendors: e.g., networking, Tier 1 & 2 resolution, and hiring application trainer(s) â–ª Enterprise roll-out of remote operated command center for performing exams Remote Operated â–ª Project managers to support this and other IT Command Center 4 – 8 months $0.3mm projects (ROCC) â–ª Other investments should be net neutral with offsetting labor costs â–ª Establish separate team dedicated to new growth Growth Enablement (e.g., Oncology) 2 – 4 months $0.6mm & Innovation â–ª Establish dedicated resources to focus on Innovation to continue improving workflow and tech solutions Stonepeak believes key IT initiatives can be completed with $2.8 – 3.3mm of incremental investment Source: Company Materials. 1) Timelines referenced here-in are subject to change. 2) Initial deployment across key areas expected to be achieved in <5 months; full deployment across entire platform estimated ~1 year to completion. Note: There can be no guarantee that any past trends or estimates will continue or that any future projections will be met. Any data shown here is for illustrative purposes only and is not investment advice. There can be no guarantee that this transaction will be consummated or that,if consummated, it will be on terms currently contemplated. Stonepeak’s recommended course Strictly Confidential and Trade Secret 5 of action presented herein is based on Stonepeak’s current views and expectations regarding the company, which Stonepeak deems reasonable. Stonepeak may modify and adapt its approach and investment decision-making process as it determines appropriate. There can be no assurances that Stonepeak will be able to implement its investment strategy, achieve its investment objectives, or avoid substantial losses. Please see the “Important Information” at the end of this presentation for additional information.


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Capex Spend: WholeCo Maintenance Adjusted for use of operating leases, maintenance capex remains consistent with prior years FY2019A to FY2023E Summary Pro Forma Revenue and Maintenance Capex ($mm)1 Revenue (excl. Disc. Ops) Maintenance Capex (excl. Disc. Ops)2 749 751 716 728 Capex 683 % of Sales 3.1% 3.1% 4.1% 2.7% 3.3% 30 24 22 21 20 FY19A FY20A FY21A FY22A FY23E FY19A FY20A FY21A FY22A FY23E 3 Commentary Over past four years, Akumin has spent ~3-4% of revenue on maintenance capex per annum For 2023E, the business’s maintenance capex is trending in-line with historicals; noting, unlike prior years, Akumin received 3 mobile units under operating leases in 2Q23 (i.e., expensed vs. capitalized), requiring a $5.1mm adjustment to enable apples-to-apples comparison vs. prior years 1H23A adjusted maintenance capex (annualized above) reflects 3.3% of revenue Source: Company Materials. Footnotes: 1) Historical “pro forma” metrics include both legacy Akumin and legacy Alliance; includes in-year contribution only for smaller tuck-ins; 2) Maintenance capex figures based on all maintenance capex accrued in a given period (vs. cash outlay); 3) FY23E reflects annualization of 1H23A maintenance capex of $7.1mm plus $5.1mm of adjustments (expenditure on replacement machines, recognized as expense vs. capitalized) 6 Note: There can be no guarantee that any past trends will continue or that any future estimates or projections will be met. Any data shown here is for illustrative purposes only and is Strictly Confidential and Trade Secret not investment advice. Past performance is not necessarily indicative of future results. Please see the “Important Information” at the end of this presentation for additional information.


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Capex Spend: Legacy Alliance 2023 capex on legacy Alliance segments also in-line with historical periods Legacy Alliance Historical Capex Summary Legacy Alliance Historical Capex 1H23A 1H23A Period 2019A 2020A 2021A 2022A Capex Op. Lease Adj. Capex Annualized Maintenance 9,023 8,082 8,194 11,258 4,333 3,273 7,606 15,212 Growth 10,635 10,348 7,382 11,259 3,424 1,817 5,241 10,482 Total Mobile 19,658 18,430 15,576 22,517 7,757 5,090 12,847 25,694 Total Oncology 8,068 10,952 12,619 2,785 900 0 900 1800 Legacy AHCS Total 27,725 29,382 28,194 25,302 8,657 5,090 13,747 27,494 Commentary 1H23A maintenance and growth capex for the Mobile segment are both in-line with, if not higher than, historical years, particularly when including units acquired using operating leases this year o Full year 2023E capex expected to come in higher than each of the last 4 years o Not all units replaced by maintenance capex are sold or left unused, but rather can still be redeployed for other opportunities, providing flexibility to meet other sources of demand across Akumin’s network (and as new pipeline opportunities are won) Oncology capex spend declined in 2022A given partnerships that rolled off and equipment was taken in-house (mentioned in prior deck) o 2023 deliveries generally back-weighted to 2H given ~12 month lead times post order placement (generally around budgeting process) Elevated 2015-2016 (pre-take private) Alliance reported capex in $50-55mm range was driven by investment in incremental units to win extensions with particular large health systems (Kaiser and Sutter, specifically) o Kaiser has since rolled off as contract (3-year contract ended in 2020; units redeployed) and Sutter renewed with generally same equipment Source: Company Materials. Note: There can be no guarantee that any past trends or estimates will continue or that any future projections will be met. Any data shown here is for illustrative purposes only and is not investment advice. Any data shown here is for illustrative purposes only and is not investment advice. The comparisons are presented for illustrative purposes only. The entities referenced herein may not be portfolio companies of Stonepeak and there is no assurance that Stonepeak will b e able to obtain comparable returns, implement its investment strategy, achieve its Strictly Confidential and Trade Secret 7 investment objectives, or avoid substantial losses. Public investments are inherently more volatile than private investment. A different selection of companies could suggest dissimilar trends. Please see the “Important Information” at the end of this presentation for additional information.


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Akumin Earnings Summary (‘22 vs ’23) As noted previously, we believe fixed sites are key source of underperformance Key P&L Metrics by Segment ($mm) Revenue 1H22 1H23 Var ($) Var (%) FY22 FY23 Var ($) Var (%) Fixed 125.2 115.4 (9.8) (7.8%) 245.3 231.9 (13.4) (5.5%) ADG 44.7 41.3 (3.3) (7.5%) 84.1 83.6 (0.5) (0.6%) Mobile 146.3 156.9 10.6 7.2% 295.4 314.3 18.9 6.4% Rad Total $316.2 $313.7 ($2.5) (0.8%) $624.8 $629.9 $5.0 0.8% Oncology 62.2 58.7 (3.4) (5.5%) 124.8 121.3 (3.5) (2.8%) Total $378.4 $372.4 ($6.0) (1.6%) $749.6 $751.2 $1.5 0.2% Adj. EBITDA (Pre-MI) 1H22 1H23 Var ($) Var (%) FY22 FY23 Var ($) Var (%) Fixed 12.6 2.5 (10.1) (79.9%) 23.4 2.7 (20.7) (88.3%) ADG 20.9 14.4 (6.4) (30.8%) 35.1 31.7 (3.4) (9.6%) Mobile 49.3 54.8 5.5 11.1% 101.9 106.5 4.6 4.5% Rad Total $82.8 $71.8 ($11.0) (13.3%) $160.4 $141.0 ($19.4) (12.1%) Oncology 23.1 20.8 (2.2) (9.7%) 48.1 46.0 (2.1) (4.4%) Total Pre Corporate $105.9 $92.6 ($13.3) (12.5%) $208.5 $187.0 ($21.5) (10.3%) Corporate (35.7) (32.9) 2.8 (7.7%) (64.4) (61.9) 2.5 (3.8%) Total $70.2 $59.7 ($10.5) (15.0%) $144.1 $125.0 ($19.1) (13.2%) Adj. EBITDA (Pre-MI)—Margin 1H22 1H23 Var ($) Var (%) FY22 FY23 Var ($) Var (%) Fixed 10.1% 2.2% (788 bps) 9.5% 1.2% (835 bps) ADG 46.7% 34.9% (1,178 bps) 41.7% 37.9% (379 bps) Mobile 33.7% 34.9% 122 bps 34.5% 33.9% (61 bps) Rad Total 26.2% 22.9% (331 bps) 25.7% 22.4% (329 bps) Oncology 37.1% 35.5% (165 bps) 38.6% 37.9% (65 bps) Total Pre Corporate 28.0% 24.9% (312 bps) 27.8% 24.9% (292 bps) Corporate Total 18.6% 16.0% (253 bps) 19.2% 16.6% (258 bps) Source: Company Materials. Note: There can be no guarantee that any past trends will continue or that any future estimates or projections 8 will be met. Any data shown here is for illustrative purposes only and is not investment advice. Past performance is not necessarily Strictly Confidential and Trade Secret indicative of future results. Please see the “Important Information” at the end of this presentation for additional information.


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2023 Performance: EBITDA by Segment Earnings either flat (-$0.3mm in revenue) or up (+$1.6mm) year-over-year, if exclude fixed segment 1H22A vs. 1H23A ($mm) % EBITDA 18.6% Margin 16.0% 70.2 +5.5 +2.8 59.7 (10.1 ) (6.4 ) (2.2 ) 1H22 Fixed ADG Mobile Oncology Corporate 1H23 FY22A vs. FY23E ($mm) 19.2% 16.6% 144.1 +4.6 +2.5 125.0 (20.7 ) (3.4 ) (2.1 ) FY22A Fixed ADG Mobile Oncology Corporate FY23E Source: Company Materials. Note: There can be no guarantee that any past trends will continue or that any future estimates or projections will be met. Any data shown here is for illustrative purposes only and is not investment advice. Past performance is not necessarily Strictly Confidential and Trade Secret 9 indicative of future results. Please see the “Important Information” at the end of this presentation for additional information.


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2023 Segment Review: Fixed Business To date, fixed sites have been treated almost entirely as a fixed cost business while volume opportunities were missed; we believe ability to drive variability in costs in near-term (e.g., in labor) is key as volume recovery efforts gain traction EBITDA Bridge: 1H22A vs. 1H23A EBITDA Bridge: FY22A vs. FY23E ($mm) ($mm) % EBITDA % EBITDA 10.1% Margin 9.5% Margin (835 bps) (788 bps) margin margin 23.4 (19.4 ) 12.6 (9.1 ) (1.3 ) (1.0 ) (5.5%) 2.2% Revenue (7.8%) 1.2% Revenue 2.5 2.7 1H22 1H23 Rev Margin 1H23 FY22A 1H23 Rev Margin FY23E @ 1H22 Change @ 1H22 Change Margin Margin EBITDA Bridge: 1H22A vs. 1H23A EBITDA Bridge: FY22A vs. FY23E ($mm) ($mm) % EBITDA % EBITDA 9.5% 10.1% Margin Margin Change from topline Change from topline 23.4 assuming constant costs 12.6 assuming constant costs 2.2% 1.2% 2.5 (13.4 ) 2.7 (9.8 ) (0.3 ) (7.2 ) 1H22 Costs Other 1H23 FY22A Costs Other FY23E Constant Change Constant Change Source: Company Materials. Note: There can be no guarantee that any past trends will continue or that any future estimates or projections will be met. Any data shown here is for illustrative purposes only and is not investment advice. Past performance is not necessarily Strictly Confidential and Trade Secret 10 indicative of future results. Please see the “Important Information” at the end of this presentation for additional information.


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Fixed Cost Breakout (P&L View) Note: metrics pre-Corporate Fixed Site Costs Nominal Costs 1H22 1H23 Var ($) Var (%) FY22 FY23 Var ($) Var (%) Labor 43.2 42.1 (1.0) (2.4%) 84.3 87.7 3.4 4.0% Med Supplies 6.7 9.3 2.6 38.2% 13.9 18.6 4.7 33.9% Prof Services Fees 19.3 21.1 1.8 9.4% 39.9 41.0 1.1 2.6% Rent/Office/IT Expenses 15.5 16.7 1.3 8.1% 31.3 33.7 2.4 7.6% Customer Marketing 1.0 0.6 (0.5) (45.1%) 1.9 1.4 (0.5) (26.0%) Other Exp 0.5 1.2 0.8 164.3% 0.9 1.8 1.0 111.3% Total Customer / Site $86.2 $91.1 $4.9 5.7% $172.1 $184.1 $12.0 7.0% Unit & Tractor 9.8 9.0 (0.8) (8.1%) 19.3 18.1 (1.2) (6.0%) Field Management 4.0 1.8 (2.2) (55.7%) 7.1 4.1 (3.1) (43.0%) Total Costs (Pre SG&A) $99.9 $101.8 $1.9 1.9% $198.5 $206.3 $7.8 3.9% Segment SG&A 12.7 11.1 (1.6) (12.6%) 23.4 22.9 (0.5) (2.3%) Total Costs $112.6 $112.9 $0.3 0.3% $222.0 $229.2 $7.2 3.3% Costs as a % of Revenue 1H22 1H23 Var (bps) FY22 FY23 Var (bps) Labor 34.5% 36.5% 203 bps 34.3% 37.8% 345 bps Med Supplies 5.4% 8.0% 268 bps 5.7% 8.0% 236 bps Prof Services Fees 15.4% 18.3% 287 bps 16.3% 17.7% 140 bps Rent/Office/IT Expenses 12.4% 14.5% 214 bps 12.8% 14.5% 177 bps Customer Marketing 0.8% 0.5% (33 bps) 0.8% 0.6% (17 bps) Other Exp 0.4% 1.1% 70 bps 0.4% 0.8% 43 bps Total Customer / Site 68.8% 78.9% 1,008 bps 70.1% 79.4% 924 bps Unit & Tractor 7.8% 7.8% (2 bps) 7.9% 7.8% (5 bps) Field Management 3.2% 1.5% (165 bps) 2.9% 1.8% (116 bps) Total Costs (Pre SG&A) 79.8% 88.2% 841 bps 80.9% 89.0% 804 bps Segment SG&A 10.1% 9.6% (52 bps) 9.5% 9.9% 32 bps Total Costs 89.9% 97.8% 788 bps 90.5% 98.8% 835 bps Source: Company Materials. Note: There can be no guarantee that any past trends will continue or that any future estimates or projections 11 will be met. Any data shown here is for illustrative purposes only and is not investment advice. Past performance is not necessarily Strictly Confidential and Trade Secret indicative of future results. Please see the “Important Information” at the end of this presentation for additional information.


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1H Results: Fixed Site Cost Breakout Note: metrics pre-Corporate Fixed Segment Cost Breakout – 1H22A vs. 1H23A Nominal Change ($mm) 112.6 +2.6 +1.8 +1.3 +0.8 112.9 (0.5 ) (0.8 ) (2.2 ) (1.0 ) (1.6 ) 1H22 Labor Med Suppl. Prof. Fees Rent / IT Marketing Other Tractor Field Mgmt SG&A 1H23 Fixed Segment Cost Breakout – 1H22A vs. 1H23A % of Sales +0.7% +2.1% 97.8% +2.9% +2.7% 89.9% +2.0% (0.3% ) (0.0% ) (1.7% ) (0.5% ) Operating shift to manage labor, medical supplies, and prof. fees in variable manner necessary to curb cost overruns 1H22 Labor Med Suppl. Prof. Fees Rent / IT Marketing Other Unit / Equip. Field Mgmt SG&A 1H23 % (excl. Change Tracers)1 (excl. Tracers)1 89.9% +2.3% +2.1% +3.0% +2.3% (0.3%) +0.7% 0.0% (1.7%) (0.5%) 97.8% Source: Company Materials. 1) Calculation removes revenue and costs associated with pass-through tracers from both revenue and medical supplies metrics; overall 1H22A and 1H23A costs % of sales remain same Note: There can be no guarantee that any past trends will continue or that any future estimates or projections will be met. Any data shown here is for illustrative 12 purposes only and is not investment advice. Past performance is not necessarily indicative of future results. Please see the “Important Information” at the end of Strictly Confidential and Trade Secret this presentation for additional information.


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FY23E Reforecast: Fixed Site Cost Breakout Note: metrics pre-Corporate Fixed Segment Cost Breakout – FY22A vs. FY23E Nominal Change ($mm) +3% +4.7 +1.1 +2.4 +1.0 229.2 222.0 +3.4 (0.5 ) (1.2 ) (3.1 ) (0.5 ) FY22A Labor Med Suppl. Prof. Fees Rent / IT Marketing Other Tractor Field Mgmt SG&A FY23E Fixed Segment Cost Breakout – FY22A vs. FY23E % of Revenue +2.4% +1.4% +1.8% +0.4% +0.3% 98.8% 90.5% +3.5% (0.2%) (0.0%) (1.2%) Operating shift to manage labor, medical supplies, and prof. fees in variable manner necessary to curb cost overruns FY22A Labor Med Suppl. Prof. Fees Rent / IT Marketing Other Tractor Field Mgmt SG&A FY23E % (excl. Change Tracers)1 (excl. Tracers)1 90.4% +3.7% +1.9% +1.5% +1.9% (0.2%) +0.4% +0.0% (1.2%) +0.5% 98.8% Source: Company Materials. 1) Calculation removes revenue and costs associated with pass-through tracers from both revenue and medical supplies metrics; overall FY23E costs % of sales remains same; FY22A changes slightly to 90.4% given slightly less than 100% of tracer costs passed through to revenue in FY22A Note: There can be no guarantee that any past trends will continue or that any future estimates or projections will be met. Any data shown here is for illustrative Strictly Confidential and Trade Secret 13 purposes only and is not investment advice. Past performance is not necessarily indicative of future results. Please see the “Important Information” at the end of this presentation for additional information.


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Important Information This presentation is provided to you upon request on a confidential basis for discussion and informational purposes only to provide background information with respect to Stonepeak Partners LP (together, with its affiliates, “Stonepeak”) and its investment activities, in connection with discussions of potential future partnership opportunities with you, and is not an offer to sell or the solicitation of an offer to buy an interest in any current or future vehicle, account, product, or fund sponsored or managed by Stonepeak (each fund, a “Fund”). Your acceptance of this presentation from Stonepeak constitutes your agreement to (i) keep confidential all the information contained in this presentation, as well as any information derived by you from the information contained in this presentation (collectively, “Confidential Information”) and not disclose any such Confidential Information to any other person, (ii) not use any of the Confidential Information for any purpose other than to evaluate Stonepeak, (iii) not use the Confidential Information for purposes of trading any security, including securities of any Stonepeak portfolio companies, (iv) not copy this document without the prior consent of Stonepeak, and (v) promptly return this document and any copies hereof to Stonepeak, or destroy any electronic copies hereof, in each case upon Stonepeak’s request and subject to the confidentiality provisions more fully set forth in any other written agreement between you and Stonepeak. Unless otherwise indicated, the information provided herein is based on matters as they exist as of the date of preparation of this presentation and not as of any future date. Certain information contained in this presentation (including certain forward looking statements and information) has been obtained from sources other than Stonepeak. In addition, certain information contained herein may have been obtained from companies in which investments have been made by Stonepeak. While such sources are believed to be reliable, none of Stonepeak, any Fund, or any of their respective directors, officers, employees, partners, members, shareholders, or their affiliates, or any other person, assumes any responsibility for the accuracy or completeness of such information, and Stonepeak is under no obligation to update or keep current such information. This presentation is not intended to, and does not, include all information necessary to make the statements herein not misleading. Certain information contained in this presentation constitutes “forward-looking statements,” which can be identified by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “target,” “intend,” “continue” or “believe,” or the negatives thereof, other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events or results or the actual performance of any actual or hypothetical investments described herein may differ materially from the events, results or performance reflected or contemplated in such forward-looking statements. Any projections, targets, forecasts and estimates contained herein are based upon certain assumptions that Stonepeak considers reasonable. Projections, targets, forecasts, and estimates are necessarily speculative in nature, and it can be expected that some or all of the assumptions underlying the projections, targets, forecasts, and estimates will not materialize and/or that actual events and consequences thereof will vary significantly from the assumptions upon which projections contained herein have been based. The inclusion of projections, targets, forecasts, and/or estimates herein should not be regarded as a representation or guarantee regarding the reliability, accuracy, or completeness of the information contained herein, and Stonepeak is under no obligation to update or keep current such information. Actual realized returns on any hypothetical investments may differ materially from Stonepeak estimates and will ultimately depend on, among other factors, future operating results, EBITDA growth, customer growth, future business plans, commodity prices, taxes, exchange rate fluctuations, capital expenditures, working capital requirements, expected holding period, the value of the assets, and market conditions at the time of disposition, legal and contractual restrictions, any related transaction costs, and the timing and manner of sale, all of which may differ from the assumptions and circumstances on which the valuations and other figures indicated herein are based. Materials herein were prepared by Stonepeak and its advisors and are not a work product of Akumin. Strictly Confidential and Trade Secret 14