MSP Recovery : Q1 2024 Earnings Presentation

Q1 2024 LIFEWALLET FINANCIAL RESULTS

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SAFE HARBOR

Forward Looking Statements

Unless the context requires otherwise or unless otherwise noted, all references in this presentation to "LifeWallet," the "Company," "we," "us," or "our" are to MSP Recovery, Inc., d/b/a LifeWallet, a Delaware corporation. This presentation release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements may generally be identified by the use of words such as "anticipate," "believe," "expect," "intend," "plan," and "will" or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. By their nature, forward- looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. As a result, these statements are not guarantees of future performance or results and actual events may differ materially from those expressed in or suggested by the forward-looking statements. Any forward-looking statement made by the Company herein speaks only as of the date made. New risks and uncertainties come up from time to time, and it is impossible for the Company to predict or identify all such events or how they may affect it. LifeWallet has no obligation, and does not intend, to update any forward- looking statements after the date hereof, except as required by federal securities laws. Factors that could cause these differences include, but are not limited to, the Company's ability to capitalize on its assignment agreements and recover monies that were paid by the assignors; the inherent uncertainty surrounding settlement negotiations and/or litigation, including with respect to both the amount and timing of any such results; the validity of the assignments of claims to LifeWallet; the ability to successfully expand the scope of LifeWallet's claims or obtain new data and claims from LifeWallet's existing assignor base or otherwise; LifeWallet's ability to innovate and develop new solutions, and whether those solutions will be adopted by the Company's existing and potential assignors; negative publicity concerning healthcare data analytics and payment accuracy; and those other factors included in the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other reports filed by it with the SEC. These statements constitute the Company's cautionary statements under the Private Securities Litigation Reform Act of 1995.

Non-GAAP Financial Measures

In addition to the financial measures prepared in accordance with generally accepted accounting principles ("GAAP"), this presentation also contains Non-GAAP financial measures. We consider "adjusted net loss" and "adjusted operating loss" as non-GAAP financial measures and important indicators of performance and useful metrics for management and investors to evaluate our business's ongoing operating performance on a consistent basis across reporting periods. Adjusted net loss represents net loss adjusted for certain non-cash and non-recurring expenses, and adjusted operating loss represents operating loss adjusted for certain non-cash and non- recurring expenses. A reconciliation of GAAP to non-GAAP financial measures is provided on Slide 10.

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TABLE OF CONTENTS

Q1 Updates	Page	Financials	Page
First Quarter Updates	5-6	Balance Sheet	8
		Income Statement	9
		Non-GAAP Results	10

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First Quarter Updates

First Quarter Highlights

• LIFEWALLET ANNOUNCES A COMPREHENSIVE SETTLEMENT WITH 28 AFFILIATED PROPERTY AND CASUALTY INSURERS, BENEFITING LIFEWALLET'S MEDICARE CLIENTS ACROSS THE U.S.
• • In addition to settling existing claims, establishes a going-forward process to collaboratively and timely resolve future claims, as well as share important historical data The settlement includes:
  • • The P&C Insurers' agreement to provide ten years of historical data (identifying all claims processed from January 1, 2014 through the present) and data sharing of future claims, extending out for one year, assisting LifeWallet in reconciling its current and future assigned Medicare claims;
    • The P&C Insurers' Implementation of LifeWallet's coordination of benefits clearinghouse solution;
    • A 5-year agreement to resolve cooperatively, or through binding mediation, relevant Medicare claims (liens) that LifeWallet owns today and in the future;
    • The P&C Insurers' agreement that they are primary payers for any unreimbursed Medicare lien that LifeWallet identifies from data sharing, and the P&C Insurers' agreement to assign all rights to collect against other third parties that either failed to pay liens or collected twice from Medicare funds and the P&C Insurers; and
    • A confidential cash payment from the P&C Insurers to LifeWallet to settle existing historical claims.
• LIFEWALLET ANNOUNCES A COMPREHENSIVE SETTLEMENT WITH A GROUP OF AFFILIATED PROPERTY & CASUALTY INSURERS
• • The settlement includes:
  • • The P&C Insurers' agreement to provide historical data for claimants and also assist LifeWallet in reconciling its relevant current and future assigned Medicare claims;
    • The carrier will assign to LifeWallet all rights to collect additional sums from plaintiff attorneys and medical providers;
    • A 10-year agreement to resolve cooperatively, or through binding mediation, relevant Medicare claims (liens) that LifeWallet acquires in the future and non-Medicare claims that it owns today; and
    • The P&C Insurers' agreement that they may be primary payers for any unreimbursed Medicare lien that LifeWallet identifies from data sharing, and the property and casualty insurer's agreement to assign all rights to collect against other third parties that either failed to pay liens or collected twice from Medicare funds and the P&C Insurers.

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First Quarter Highlights

• The Company has implemented the terms of the March settlement by entering into a tri-party data collaboration agreement between the Company, Palantir, and the 28 affiliated settling counterparties. As described in the Company's previous announcement, the collaboration agreement allows for the sharing of data in order to reconcile potential Medicare liabilities. The Company is using this platform to reconcile existing owned claims and is part of the Company's initiative to maximize its Chase-to-Pay process.

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LIFEWALLET FINANCIALS

CONDENSED CONSOLIDATED BALANCE SHEET

(1)	As of March 31, 2024 and December 31, 2023, the total affiliate
	receivable, prepaid expenses, affiliate payable, other current liabilities,
	warrant liability, guaranty obligation and loan from related parties
	balances are with related parties. In addition, the prepaid expenses and
	other current assets, claims financing obligation and notes payable, and
	interest payable includes balances with related parties. See Note 15,
	Related Party Transactions, for further details.
(2)	As of March 31, 2024 and December 31, 2023, intangible assets, net
	included $2.1 billion and $2.2 billion, respectively, related to a
	consolidated VIE. See Note 9, Variable Interest Entities, for further
	details.
WWW.LIFEWALLET.COM	The accompanying notes are an integral part of these unaudited condensed	8
consolidated financial statements.

CONDENSED STATEMENT OF OPERATIONS (UN-AUDITED)

3 Months Ended 03.31.24

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NONGAAP ADJ OPERATING LOSS AND ADJ NET LOSS

3 Months Ended 03.31.24

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