3 4 2 1 5 HEALTHCARE INVESTOR INSIGHTS & EXPECTATIONS Pandemic accelerates an increase in healthcare allocation While organizations offering “frontline services” were most likely to benefit from increased investment in 2021, investors anticipate continued growth across sub - sectors , particularly in medical devices / equipment and pharmaceuticals. Innovation is a top value driver The pandemic has proven companies can innovate quickly. Adaptability and technological advancement are seen as top value drivers by investors in healthcare. ESG expectations are high; continue to be an investor expectation Investors expect healthcare companies to make a tangible, positive impact on society, and believe companies that do deserve premium valuation. Healthcare companies seen as having poor communication On average, investors use 5 - 6 sources to assess potential healthcare investments, citing most companies as unprepared to communicate effectively with investors. Leadership & vision for future: critically important to trust Both forward - thinking leadership* and financial performance are critical in building trust when considering companies to invest in. *defined as strong leadership, a vision for the future, and willingness to take risks