23andMe Confidential and Proprietary Information 100,000 Our Mission is to Help People Access , Understand and Benefit from the Human Genome 10.7M 1 1M 825,000 500,000 366,000 176,000 160,000 REGENERON ALL OF US MILLION VETERAN PROGRAM FINNGEN UK BIOBANK DECODE GENETICS GENOMICS ENGLAND Size and scale of 23andMe enables rapid, novel discoveries 1 8.5M of 23andMe’s genotyped customers consented to research. Participant counts sourced from company websites (January 19, 20 21 ). This comparison was conducted against databases that collect genetic information (genotypes, exomes, or genomes) on research participants and have disclose d o r published their consented research participant numbers, as of December 31, 2020. 3
23andMe Confidential and Proprietary Information Disclaimer This presentation (this “Presentation”) is for informational purposes only to assist interested parties in making their own e val uation of the proposed transaction (the “Transaction”) between VG Acquisition Corp. (“VG”) and 23andMe, Inc. (“23andMe”). Thi s P resentation does not constitute investment, tax or legal advice. No representation, express or implied, is or will be given by VG, 23andMe or thei r r espective affiliates and advisors as to the accuracy or completeness of the information contained herein, or any other writte n o r oral information made available in the course of an evaluation of the Transaction. To the fullest extent permitted by law, in no circumstances wil l V G, 23andMe or any of their respective stockholders, affiliates, representatives, partners, directors, officers, employees, ad vis ers or agents be responsible or liable for any direct, indirect or consequential loss or loss of profit arising from the use of this presentation, its con ten ts, its omissions, reliance on the information contained within it or on opinions communicated in relation thereto or otherwi se arising in connection therewith. Forward - Looking Statements This Presentation may contain certain “forward - looking statements” within the meaning of the Private Securities Litigation Refor m Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding VG’s and its management teams’ expectations, hopes, beliefs, intentions or strategies regardin g t he future. The words “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “intends”, “may”, “might”, “plan”, “ pos sible”, “potential”, “predict”, “project”, “should”, “would” and similar expressions may identify forward looking statements, but the absence of these words doe s not mean that a statement is not forward looking. The forward - looking statements contained herein are based on VG’s and 23andM e’s current expectations and beliefs concerning future developments and their potential effects on VG, 23andMe or any successor entity of th e Transaction. There can be no assurance that the future developments affecting VG, 23andMe or any successor entity of the Tr ans action will be those that have been anticipated. These forward - looking statements involve a number of risks, uncertainties (some of which are b eyond the control of VG and 23andMe) or other assumptions that may cause actual results or performance to be materially diffe ren t from those expressed or implied by these forward - looking statements. These factors include, among others: the inability to complete the Tra nsaction; the inability to recognize the anticipated benefits of the proposed transaction, including due to the failure to r ece ive required security holder approvals, or the failure of other closing conditions; and costs related to the proposed Transaction. Except as required by l aw, VG and 23andMe do not undertake any obligation to update or revise any forward - looking statements whether as a result of new in formation, future events or otherwise. Financial Information The historical financial information respecting 23andMe contained in this Presentation has been taken from or prepared based on unaudited historical financial statements of 23ndMe for its fiscal years ended March 31, 2019 and 2020, and the nine - month perio d ended December 31, 2020. An audit of such financial statements is in process and audited financial statements for such periods will be inclu ded in the registration statement/ proxy statement related to the Transaction. Accordingly, the historical financial information in cluded herein should be considered preliminary and subject adjustment in connection with the completion of the audits. 23andMe’s results and financi al condition as reflected in the financial statements included in the registration statement/ proxy statement may be adjusted or pr esented differently from the historical financial information included herein, and the variations could be material. Non - GAAP Financial Measures Certain of the financial measures included in this Presentation, including Adjusted EBITDA, have not been prepared in accorda nce with generally accepted accounting principles, or “GAAP”, and constitute “non - GAAP financial measures” as defined by the rules of the Securities and Exchange Commission (the “SEC”). VG has included these non - GAAP financial measures because it believes they provide an add itional tool for investors to use in evaluating the financial performance and prospects of 23andMe or any successor entity of th e Transaction. These non - GAAP financial measures should not be considered in isolation from, or as an alternative to, financial measures determ ined in accordance with GAAP. In addition, these non - GAAP financial measures may differ from non - GAAP financial measures with co mparable names used by other companies. See the Appendix for a description of these non - GAAP financial measures and a reconciliation of t he historic measures to 23andMe’s most comparable GAAP financial measures. Note however, that to the extent forward looking n on - GAAP financial measures are provided herein, they are not reconciled to comparable forward - looking GAAP measures due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation. Intellectual Property All rights to the trademarks, copyrights, logos and other intellectual property listed herein belong to their respective owne rs and VG’s and 23andMe’s use thereof does not imply an affiliation with, or endorsement by the owners of such trademarks, copyr igh ts, logos and other intellectual property. Solely for convenience, trademarks and trade names referred to in this Presentation may appear with th e ® or ™ symbols, but such references are not intended to indicate, in any way, that such names and logos are trademarks or regis te red trademarks of VG or 23andMe. Industry and Market Data This Presentation relies on and refers to certain information and statistics based on 23andMe’s management’s estimates, and/o r o btained from third party sources which it believes to be reliable. Neither VG nor 23andMe has independently verified the acc ura cy or completeness of any such third party information. Additional Information VG intends to file with the SEC a registration statement on Form S - 4, which will include a preliminary proxy statement of VG and a prospectus. The definitive proxy statement and other relevant documents will be mailed to stockholders of VG as of a record d ate to be established for voting on the business combination. Shareholders of VG and other interested persons are advised to read, when available, the preliminary proxy statement, and amendments thereto, and the definitive proxy statement because these documents will contain im portant information about VG, 23andMe and the Transaction. Shareholders will also be able to obtain copies of the registration statem ent and the proxy statement/prospectus, without charge, by directing a request to: VG Acquisition Corp. VG Acquisition Corp. 65 B le ecker Street, 6th Floor, New York NY 10012. These documents, once available, and VG’s annual and other reports filed with the SEC can also be o bta ined, without charge, at the SEC’s internet site ( http://www.sec.gov ). This Presentation does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitati on of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or s ale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Participants in the Solicitation VG, 23andMe and their respective directors, executive officers, other members of management and employees may be deemed to be pa rticipants in the solicitation of proxies from VG’s shareholders in connection with the Transaction. Information regarding th e n ames and interests in the proposed transaction of VG’s directors and officers is contained VG’s filings with the SEC. Additional info rma tion regarding the interests of such potential participants in the solicitation process will also be included in the registra tio n statement (and will be included in the definitive proxy statement/prospectus) and other relevant documents when they are filed with the SEC.
23andMe Confidential and Proprietary Information Providing Customers With Key, Actionable Insights “Like me, there are many women who have slipped through the cracks of our current medical screening system, either because they don’t have a family history of breast or ovarian cancer. Or they do not know that they have Ashkenazi Jewish ancestry. In my case, even though I know I have Ashkenazi ancestry, that wasn’t enough to prompt my doctor to consider screening. So there are many women walking around with this risk, who, like me, would have never known of their own risk but for this test from 23andMe.” 23andMe customer who discovered she had a BRCA1 mutation 7,000+ Customers with Hypercholesterolemia (FH) variants 6, 000 + Customers with a tested BRCA1 / BRCA2 variant 12,000+ Customers with an increased risk for Chronic Kidney Disease 80% Customers receive a report with a meaningful genetic variant 23andMe Confidential and Proprietary Information Note: Estimates based on penetrance of variants in 23andMe’s Database. 7
23andMe Confidential and Proprietary Information Pharmacogenetics Carrier Status Wellness 14 Including: Type 2 Diabetes (Powered by 23andMe Research) Celiac Disease Uterine Fibroids Chronic Kidney Disease G6PD Deficiency MUTYH - Associated Polyposis BRCA1/BRCA2 (selected variants) Health Predispositions 8 Including: Muscle Composition Genetic Weight Alcohol Flush Reaction Saturated Fat and Weight Sleep Movement 40+ Including: Cystic Fibrosis Sickle Cell Anemia Familial Hyperinsulinism (ABCC8 - Related) Tay - Sachs Disease Glycogen Storage Disease (Type 1a) 3 Including: SLCO1B1 Drug Transport CYP2C19 Drug Metabolism DPYD Drug Metabolism Our Health Service The First and Only Multi - Disease DTC Genetic Service That Includes FDA - Authorized Reports and Provides Personalized Genetic Insights and Tools 6 FDA Authorizatio ns 1 1 Wellness information does not require FDA Authorization. 14
23andMe Confidential and Proprietary Information Subscription is the Next Phase of Our D2C Journey Pharmacogenetics 3 reports (FDA - Authorized) Heart Health Reports Atrial Fibrillation, Coronary Artery Disease, LDL Cholesterol, Hypertension DNA Relatives Advanced filters, access up to 5,000 relatives Polygenic Risk Scores (Powered by 23andMe Research) Rapidly discovering new genetic insights: Cancer r isk Reproductive Health Diet Sleep Fitness and injuries Migraines 23andMe Confidential and Proprietary Information 17
23andMe Confidential and Proprietary Information Virgin’s Investment Thesis for 23andMe 1 Disrupting the Healthcare experience. 23andMe is building a personalized health and wellness experience that caters uniquely to the individual by harnessing the power of their DNA 5 Institutionally sponsored therapeutics efforts. A broad pipeline established in collaboration with GSK validates the approach of developing novel therapeutics using genetic data 2 The world’s premier re - contactable genetic database. A vast proprietary dataset rich with both genotypic and phenotypic information allows insights that unlock revenue streams across digital health, therapeutics, and much more 4 6 Recognized and trusted brand with leading engagement metrics. Impressive repeat customer engagement validates the 23andMe platform and the demand for genetics - based consumer service 3 A world - class management team. Pioneers in their industries, the team has a long track record of success and value creation Multiple avenues for value creation. The FDA - approved consumer platform, the therapeutics efforts, and the rich database each create optionality for outsized value creation that is difficult to replicate 2
23andMe Confidential and Proprietary Information Genetics - Based Primary Care Genetics - Based Approach Will Transform the Continuum of Care 70% Providers think genetic tests will improve clinical outcomes 1 Genetics - Based Primary Care Telehealth Diagnostics Testing Genetics - Based Primary Care Wellness Reports Pharmacy / E - Prescribing Medical Records Genetics - Based Primary Care Wearables Hospital Connection 1 Health Affairs, “Views Of Primary Care Providers On Testing Patients For Genetic Risks For Common Chronic Diseases.” (2018). 20
23andMe Confidential and Proprietary Information How Ancestry Matters In Connection To Your Health Ann M. 23andMe Customer Ann did not know her ancestry origins and would not have been eligible for clinical testing under current guidelines. Ann decided to do 23andMe to learn more about her potential health risks. Based on her 23andMe report, she discovered she had a BRCA1 mutation. Her doctor confirmed the results and she opted to have surgeries to reduce her risk of having ovarian and/or breast cancer. Current clinical guidelines and eligibility for insurance coverage limit BRCA testing to women with a personal or family history of cancer (Robson, 2003) Adult individuals with a BRCA1 or BRCA2 variant 50% 50% Meet NCCN® criteria 1 Do not meet NCCN® criteria 80% 20% Identified by healthcare system Missed by healthcare system 45% 21% No first - degree family history of a BRCA - related cancer Did not self - report having Jewish ancestry DTC Testing 1 NCCN is the National Comprehensive Cancer Network ® (NCCN®) . 13
23andMe Confidential and Proprietary Information Consumer Research & Corporate Therapeutics Select Investors Kumar Iyer Head of Product Previously at Facebook, Netflix Steve Lemon VP, Engineering Previously at Loopt, WebMD, Apple Tracy Keim VP, Consumer, Marketing & Brand Previously at RAPP, Bonobos, Volvo Okey Onyejekwe, MD, JD VP, Healthcare Ops & Medical Affairs Previously at Veterans Health, U.S. Air Force, Virta Joyce Tung, PhD VP, Research Previously at Stanford University, UCSF David Baker Chief Security Officer Previously at Okta, Bugcrowd Jennifer Low, MD, PhD Head of Therapeutics Development Previously at Loxo, Genentech Adam Auton, PhD VP, Human Genetics Previously at Albert Einstein College of Medicine, University of Oxford Monica Viziano, PhD VP, Portfolio Strategy & Alliance Management Previously at GSK, Gilead Richard Scheller, PhD Board Director (former Chief Science Officer) Previously at Genentech, Stanford University Kathy Hibbs, JD Chief Legal & Regulatory Officer Steve Schoch Chief Financial Officer Jacquie Haggarty, MPP, JD VP, Deputy General Counsel & Privacy Officer Previously at Genomic Health, Latham & Watkins Kenneth Hillan, M.B., Ch.B. Head of Therapeutics Anne Wojcicki Co - Founder and Chief Executive Officer World Class Leadership Team Merging Tech , Biotech and Healthcare 8
23andMe Confidential and Proprietary Information We Are Redefining Healthcare. With Data. At Scale. Enabling Research & Services Empowering Consumers 10.7M Genotyped Customers 4B+ Phenotypic Data Points Developing Therapeutics 3 0 + Programs 2 Cumulative Genotyped Customers (in M, fiscal year ends March 31) FY17A FY18A FY19A FY20A FY21E FY22E FY23E FY24E 2.0 4.4 7.8 9.8 11.2 12.6 14.3 16.4 10M+ Genetic Profiles Created Critical Mass 1 1 8.5M consented customers allows 23andMe to perform Genome - Wide Association Studies with over 10,000 cases on all diseases over 0 .1% prevalence. 2 Based on internal estimates subject to scientific, development and compliance risks. Includes collaborated, 100% owned and ro ya lty interests targets . 10
23andMe Confidential and Proprietary Information - 15 The net positive score Americans gave the pharmaceutical industry 75% Consumers wish their healthcare experience was more personalized 25% U.S. healthcare spending is waste <12% Probability of success for a drug to be approved, taking ~10 years and costing $2.6B to develop 1 The Healthcare System is Dysfunctional 2 3 4 “Of course our system isn’t about healthcare, it’s about maximizing revenue for a whole bunch of different players that have nothing to do with what’s good for patients.” Elisabeth Rosenthal (Editor - in - Chief, Kaiser Health News) 1 JAMA, “Waste in the US Health Care System” (2019). 2 Redpoint Global / Dynata survey of over 1,000 U.S. consumers (2020). 3 Gallup, “Americans’ Views of U.S. Business and Industry Sectors” (2020). 4 PhRMA, “Biopharmaceutical Research & Development: The Process Behind New Medicines” (2015). 4
23andMe Confidential and Proprietary Information Novel Consumer Products Data Insights Drug Discoveries Phenotypic Data Genetic Data 10.7M Genotyped Customers 30K+ Daily Surveys Completed Innovative Results Return Value to the Customer We run hundreds of billions of association tests per year that further our unique understanding of human biology Consumer Powered Healthcare Flywheel Consumer Research Therapeutics / Product 80% Opt - In to Research 11
23andMe Confidential and Proprietary Information We Pioneered Digital D2C Healthcare to Empower Customers With Affordable, Direct Access 2015 Carrier Status (inherited conditions) 2016 GHR (genetic health risk) 2018 PGt (pharmacogenetic metabolism) 2019 MUTYH (colorectal cancer) 2017 BRCA (breast and ovarian cancer) 2020 PGt (pharmacogenetic drug response) Proven accuracy (99% NPV/PPV) and accessibility 1 TIME MAGAZINE INVENTION OF THE YEAR 6 FDA Authorizatio ns 1 See FDA De Novo Authorizations 140044, 160026, 170046 and 180028 and FDA 510K Clearances K182784 and K193492. 6
23andMe Confidential and Proprietary Information Genetic Data Helps Drive Behavior Change Eat healthier Set future goals to be healthier Adopt a healthier lifestyle in general Exercise more Get more rest / sleep Stop drinking / drink less Stop smoking / smoke less 76% Report taking a positive health action 1 55% 51% 50% 45% 42% 16% 7% 1 Based on 2019 online survey, designed by 23andMe and M/A/R/C Research, of 1,046 23andMe Health + Ancestry customers. 16
23andMe Confidential and Proprietary Information $2.6B average cost of drug development 3 ~90% failure rate 2, 3 7 years average time - to - IND 1 Drug Development is Inefficient Limited Use of Data and Lack of Patient Engagement Constrains Productivity 1 IND = Investigational New Drug Application. fdareview.org, “The Drug Development and Approval Process” (2020). 2 Probability of success for a drug to be approved is estimated to be <12%. 3 PhRMA, “Biopharmaceutical Research & Development: The Process Behind New Medicines” (2015). 21
Sign up for our newsletter to get product updates, exclusive client interviews, and more.