FOR INVESTOR PURPOSES ONLY: NOT FOR PRODUCT PROMOTION 2024 Nuwellis, Inc. January 2024 Investor Presentation Aquadex FlexFlow and Aquadex SmartFlow are registered trademarks of Nuwellis, Inc. Aquadex is a trademark of Nu

1 | FOR INVESTOR PURPOSES ONLY: NOT FOR PRODUCT PROMOTION 2024 Nuwellis,

Inc. January 2024 Investor Presentation

Aquadex FlexFlow and Aquadex SmartFlow are registered trademarks of Nuwellis,

Inc. Aquadex is a trademark of Nuwellis, Inc. Safe Harbor Statement Financial and Statistical Data This presentation also contains estimates and other statistical data made by independent parties and by us relating to market shares and

other data about our industry. These data involve a number of assumptions and limitations and have not been reviewed or audited by our independent registered accounting firm. You are cautioned not to give undue weight to such estimates. In

addition, projections, assumptions and estimates of our future performance and future performance of the markets in which we operate are necessarily subject to a high degree of uncertainty and risk. Neither we nor our advisors or

representatives makes any representations as to the accuracy or completeness of that data or undertake to update such data after the date of this presentation. Trademarks The trademarks included herein are the property of the owners thereof

and are used for reference purposes only. Such use should not be construed as an endorsement of such products. Additional Information You should read the documents that we have filed with the SEC for more complete information about us. We

encourage you to read such documents in full for more detailed information, statistics, reports and clinical trials referenced in this presentation. You may access these documents for free by visiting EDGAR on the SEC website at

http://www.sec.gov. Forward Looking Statement This presentation contains forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities and Exchange Act, as amended

regarding our plans, expectations, beliefs, estimates, goals and outlook for the future that are intended to be covered by the Private Securities Litigation Reform Act of 1995. Except for statements of historical fact, all forward looking

statements are management's present expectations and are not guarantees of future events and are subject to a number of known and unknown risks and uncertainties and other factors that may cause actual results to differ materially from those

expressed in, or implied by, such forward looking statements. In some cases, you can identify forward looking statements by terminology such as "may," "will," "could," "would," "should," "plan," "predict," "potential," "project," "promising,"

"expect," "estimate," "anticipate," "intend," "goal," "strategy," "milestone," and similar expressions and variations thereof. Various factors could cause actual results to differ materially from these statements including our ability to

execute on our commercial strategy and to grow our Aquadex business, the possibility that we may be unable to raise sufficient funds necessary for our anticipated operations, our clinical data collection activities, benefits of our products to

patients, our expectations with respect to product development and commercialization efforts, our ability to increase market and physician acceptance of our products, potentially competitive product offerings, intellectual property protection,

our expectations regarding anticipated synergies with and benefits of the Aquadex business, our business strategy, market size, potential growth opportunities and the other risks set forth under the caption "Risk Factors" and elsewhere in our

periodic and other reports filed with the U.S. Securities and Exchange Commission ("SEC"), including our Annual Report on Form 10 K for the fiscal year ended December 31, 2022 and subsequent reports. We are providing this information as of the

date of this presentation, and we undertake no obligation to update any forward looking statements contained in this presentation as a result of new information, future events or otherwise. Although the Company believes that the forward looking

statements are reasonable and based on information currently available, it can give no assurances that the Company's expectations are correct. All forward looking statements are expressly qualified in their entirety by this cautionary

statement. 2 | FOR INVESTOR PURPOSES ONLY: NOT FOR PRODUCT PROMOTION 2024 Nuwellis, Inc.

Overview 2 | FOR INVESTOR PURPOSES ONLY: NOT FOR PRODUCT PROMOTION 2024

Nuwellis, Inc. The Problem: Fluid Overload The Market Opportunity Nuwellis Solutions Market Validation Growth Strategy Financial Snapshot Team

Nuwellis, Inc. 4 Our Mission 4 | FOR INVESTOR PURPOSES ONLY: NOT FOR PRODUCT

PROMOTION 2024 Nuwellis is dedicated to transforming the lives of patients suffering from Fluid Overload through science, collaboration, and innovation.

The Problem Fluid Overload presents a significant public health challenge that

impacts both patient outcomes and hospital resources. 5 | FOR INVESTOR PURPOSES ONLY: NOT FOR PRODUCT PROMOTION 2024 Nuwellis, Inc.

What is Fluid Overload? Fluid Overload is an excess of fluid in the bloodstream,

vital organs and interstitial space that results in an array of patient symptoms Tiredness Shortness of breath 5 | FOR INVESTOR PURPOSES ONLY: NOT FOR PRODUCT PROMOTION 2024 Nuwellis, Inc. Pulmonary edema (excess fluid in lungs) Swelling

in ankles and legs Coughing Pleural effusion (excess fluid around lungs) Swelling in abdomen (ascites) Pumping action of the heart grows weaker

The market faces an urgent challenge as three patient categories grapple with the

debilitating impact of Fluid Overload across multiple hospital specialty units Fluid Overload is the leading cause of hospital readmission post 30 days following cardiac surgery2 1. Costanzo MR, et al. JACC. 2017 May 16;69(19):2428 2445. 2.

Iribarne A, et al. Ann Thorac Surg. 2014; 98(4): 1274 80. 3. Vaara ST et al. Crit Care.2012; 16: 1 11. 4. Sutherland SM, et al. Am J Kidney Disease. 2010; 5(2): 316 25. 5. Gillespie RS, et al. Ped Nephro. 2004; 19(12): 1394 99. Fluid Overload

is the leading cause of death for critically ill patients in the ICU within 90 days3 In pediatric patients, Fluid Overload is associated with significant increases in mortality4 5 90% of all heart failure hospitalizations are due to symptoms

of Fluid Overload 1 Heart Failure Critical Care Pediatric 5 | FOR INVESTOR PURPOSES ONLY: NOT FOR PRODUCT PROMOTION 2024 Nuwellis, Inc.

6.5 million US adults with Heart Failure and 40-45% will die within five years of

their diagnosis6 With Fluid Overload as the leading cause of HF hospitalization, it also presents a considerable economic burden on hospitals 10 | FOR INVESTOR PURPOSES ONLY: NOT FOR PRODUCT PROMOTION 2024 Nuwellis,

Inc. PATIENT HOSPITAL Over 1 million HF hospitalizations occur annually in the US1 Efficacy of diuretic use in HF & CV surgery patients 10 40%5 are refractory 68%5 show sub optimal response Decompensated HF admission drives ~$16K

loss per admission3 Non reimbursed 30 day readmissions can cost up to $15.2M annually2 High readmission rates lead to Medicare penalties4 The Healthcare Burden of Heart Failure/Fluid Overload 90% of Heart Failure (HF) hospitalizations are

due to signs and symptoms of Fluid Overload1 Unresolved Poor clinical congestion outcomes1 Long Lengths of Stay & High Costs of Care 8.3 Days $24,027 Average HF Length of Stay2 Total True Inpatient Cost per Encounter2 Low

Reimbursement High Loss per HF Hospitalization DRG 291 DRG 292 DRG 293 $8,2833 $5,7083 $3,9013 $20,126 $18,319 Loss per visit $15,744 Loss per visit Loss per visit High Readmission Rates Related Costs/Penalties 24% $24,027 30 Day

Readmission rate1 Non reimbursable cost estimate for readmission encounter2 Opportunity Cost of occupied bed 50% Up to 3% 90 Day Readmission rate1 of ALL Medicare reimbursements4 . 4.

https://www.cms.gov/Medicare/Medicare Fee for Service 1. Costanzo MR, et al. J Am Coll Cardiol. 2017 May 16;69(19):2428 2445. 2. From Premier Applied Sciences database. 3. Reimbursement estimates from

MCRA Payment/AcuteInpatientPPS/Readmissions Reduction Program 5. Testani, Circ Heart Failure, 2016;9:e002370. 6. Kazory A, Sgarabotto L, Ronco C: Extracorporeal Ultrafiltration for Acute Heart Failure. Cardiorenal Med 2023;13:1 8. doi:

Nearly 1 of 5 patients who undergo cardiac surgery require readmission Source:

Iribarne A, et al. Ann Thorac Surg. 2014 Oct; 98(4): 1274-80. 1. Vaara ST et al. Crit Care.2012; 16: 1-11. 2. Pradeep, A. et al. HSR Proc IC and Car An. 2010 Mar; 2(4): 287-296. 3. Costanzo MR, et al. J Am Coll Cardiol. 2017 May 16;69(19):2428-

2445. 10 | FOR INVESTOR PURPOSES ONLY: NOT FOR PRODUCT PROMOTION 2024 Nuwellis, Inc. In a multi center study, volume overload was among the top 3 most prevalent causes for first readmission within 30 days and beyond 30 days Fluid overload

is the leading cause of death for critically ill patients in the ICU within 90 days1 Excess fluid following cardiac surgery leads to three fold increase in mortality at 90 days2 90% of heart failure hospitalizations are due to signs and

symptoms of fluid overload3

Pediatric patients that experience Fluid Overload are vulnerable and have an

increased mortality rate 1. Sutherland SM, et al. American Journal of Kidney Diseases, vol. 55, no. 2, pp. 316 325, February 2010. 2. Gillespie RS, et al. Pediatric Nephrology, vol. 19, no. 12, pp. 1394 1399, December 2004. 3. Salahuddin et

al. BMC Nephrology; 2017:18:45. 4. Raina, R et al. Frontiers in Pediatrics. Vol 6, Article 306. Oct 2018. 5. Wang S, et al. Perfusion., vol. 27, no. 5, pp. 438 46, Sep 2012. 6. Askenazi D, et al. Pediatr Nephrol., vol. 31, no. 5, pp. 853 860,

May 2016. 7. Chakravarti S, et al. Pediatr Rep., vol. 8, no. 2, p. 6596, 23 Jun 2016. 8. Raina R, et al. PLoS ONE, vol. 12, no. 5, p. e0178233, 30 May 2017. In a pediatric study, a 3% increase in mortality was observed for every 1% increase

in fluid overload1,2 Children with more than 20% FO had an odds ratio for mortality of 8.5 compared with children with less than 20% FO.1,2 FO is an independent risk factor for acute kidney injury in critically ill patients3,4 Diuretics

and adult CRRT devices can be poorly tolerated by pediatric patients 5 8 10 | FOR INVESTOR PURPOSES ONLY: NOT FOR PRODUCT PROMOTION 2024 Nuwellis, Inc.

Diuretics, the current standard of care, have significant limitations leaving a

gap in clinical care 1. Costanzo MR, et al. JACC. 2017;69(19)2428 2445. 2. Felker MG & Mentz RJ. JACC. 2012;59(24):2145 53. 3. Al Naher et al. Br J Clin Pharmacol. 2018 Jan; 84(1): 5-17. 4. Butler J et al. Am Heart J. 2004

Feb;147(2):331 8. 5. Testani JM, et al. Circ Heart Fail. 2016;9(1):e002370. 6. Kazory et al. Cardiorenal Med 2023;13:1 8. doi: 10.1159/000527204. Diuretics do not remove sodium predictably, which causes fluid retention High risk of

readmissions 1 Long term use of diuretics is associated with kidney damage1 4 Efficacy of diuretic use in HF & CV surgery patients 10 40%5 have poor diuretic response 68%5 show sub optimal response 11 | FOR INVESTOR PURPOSES ONLY: NOT

FOR PRODUCT PROMOTION 2024 Nuwellis, Inc. Diuretics provide insufficient symptom relief and are associated with worsening heart failure and increased mortality after discharge1 "Diuretic resistance has been a well-known challenge in the

care of these patients, and not surprisingly is tied to worse prognosis."6 "Extracorporeal Ultrafiltration for Acute Heart Failure" Cardiorenal Medicine Journal

$2B+ Addressable Market Opportunity Across our three strategic patient

categories, we have an enormous opportunity to improve outcomes for Fluid Overload patients across multiple hospital specialty units. 11 | FOR INVESTOR PURPOSES ONLY: NOT FOR PRODUCT PROMOTION 2024 Nuwellis, Inc.

See Appendix. Approved for use in pediatric patients weighing 20 kg or

more. With a large and expanding addressable market, Nuwellis stands at the forefront of a transformative healthcare opportunity Outpatient market opportunity adds $0.5B+ to addressable market (heart failure and advanced liver disease) $1B

Market1 ~30% of current sales Heart Failure $900M Market1 ~40% of current sales Critical Care $130M Market1 ~30% of current sales Pediatric $2B+ TAM 11 | FOR INVESTOR PURPOSES ONLY: NOT FOR PRODUCT PROMOTION 2024 Nuwellis, Inc.

Near-term opportunities (U.S.) Mid to Long-term opportunities (U.S.) In addition

to the ongoing pediatric and HF segments, we will expand our use cases to address new critical care needs 1. Derived from: https://www.grandviewresearch.com/industry analysis/coronary artery bypass graft cabg market and growth rate from:

https://www.hcup us.ahrq.gov/reports/statbriefs/sb171 Operating Room Procedure Trends.pdf. 2. Derived from: https://www.healthline.com/health/liver transplant survival and this for growth rate:

https://www.marketwatch.com/press release/organ transplantation market size to grow at 934 cagr during the forecast period of 2022 2027 100 report pages 2022 09 23. 3. Derived from:

https://www.grandviewresearch.com/industry analysis/ventricular assist devices market ($600m estimated market in 2018 / Avg cost per procedure of $200k = 3k procedures) and growth rate from same source. 4. Derived

from: https://www.ncbi.nlm.nih.gov/pmc/articles/PMC6557150/. 5. Derived from: https://www.ncbi.nlm.nih.gov/pubmed/25291348. 6. Derived from: https://www.uclahealth.org/medical services/heart/ecmo/research/statistics and growth rate from same

source. 7. AKI in Hospitalized Children: Epidemiology and Clinical Associations in a National Cohort, Sutherland. 8. Costanzo MR, et al. J Am Coll Cardiol. 2017 May 16;69(19):2428 2445. Cardiac Surgery 550,000 patients/year1 Liver

Transplants 12,000 patients/year2 VAD 6,000 patients/year3 Sepsis 1.8M patients/year4 Advanced Liver Disease 700,000 patients/year5 Adult ECMO 15,000 patients/year6 Pediatric Patients 16,000 patients/year7 Heart Failure

Patients 360,000 patients/year8 14 | FOR INVESTOR PURPOSES ONLY: NOT FOR PRODUCT PROMOTION 2024 Nuwellis, Inc.

Differentiated Solutions Nuwellis has been in the business of fluid management

since 2016, and we're only getting started. 14 | FOR INVESTOR PURPOSES ONLY: NOT FOR PRODUCT PROMOTION 2024 Nuwellis, Inc.

We have strategically built a robust foundation, positioning the company to

effectively address a significant market opportunity Collaborations Patent Portfolio Products Console Circuit Peripheral Access Accuracy & Safety Guided Therapy Robust clinical foundation reinforces strategic technology expansion

and collaboration 14 | FOR INVESTOR PURPOSES ONLY: NOT FOR PRODUCT PROMOTION 2024 Nuwellis, Inc.

Our hero therapy: 14 | FOR INVESTOR PURPOSES ONLY: NOT FOR PRODUCT PROMOTION

2024 Nuwellis, Inc. Aquadex A clinically superior solution for Fluid Overload The only device of its kind in the market

Aquadex A proven and predictable solution for Fluid Overload. Reintroduced in

2016 An estimated 25,700 patients treated across all three of our customer categories9 From proprietary technology to unmatched advantages in Fluid Overload therapy, Aquadex has the potential to be the standard of care Product Strategy

& Differentiation More effective in decongesting resulting in stabilized or improved cardiac hemodynamics2 5 Easier to set up than CRRT with a higher, 4:1 nurse to patient monitoring ratio; built in Hematocrit sensor allows real time

measurement of blood volume changes Designed for multiple settings: ICU, Stepdown Unit, Telemetry Unit, HF Floor, and Outpatient - versus ICU only for CRRT Predictably removes excess isotonic fluid (water and sodium)8 No significant changes

to kidney function1 1 81% hospitalization reduction Compared to diuretics than the national average at 30 days1 48% lower readmission Over $2B addressable market 1. Watson R et al. J Cardiac Fail. 2020; 26(10): s56. 2. Kiziltepe, U, et

al. Ann Thorac Surg. 2001;71(2): 684 93. 3. Sahoo, TK, et al. Indian J Thorac Cardiovas Surg. 2007;23(2): 116 24. 4. Boga et al. Perfusion. 2000;15:143 50. 5. Onoe et al. Perfusion. 2001;16:37 42.65. 6. Costanzo MR et al. JACC. 2005; 46(11);

2457 51. 7. Costanzo, et. al., ISPOR 23rd Annual Int'l Mtg., May 19 23, 2018, Baltimore, MD, USA. 8. Kazory A, Sgarabotto L, Ronco C: Extracorporeal Ultrafiltration for Acute Heart Failure. Cardiorenal Med 2023;13:1 8. doi: 10.1159/000527204.

9. Utilization figures are based upon Company estimates, including certain good faith assumptions of the number of blood circuits used per adult and per pediatric procedures, such that patients served equals total number of units sold divided

by a per procedure estimate of circuit used per adult and pediatric patients. Reduces length of hospital stay when initiated early, resulting in average savings of $3,975 (14%)6 7 $3,975 in average savings 14 | FOR INVESTOR PURPOSES ONLY:

NOT FOR PRODUCT PROMOTION 2024 Nuwellis, Inc.

Filtered blood returns to the patient via the infusion line 5 The blood is

pushed through the filter by the blood pump (0 40 ml per minute) 2 The ultrafiltration pump withdraws fluid across filter membrane using negative pressure Hematocrit sensor monitors preset hematocrit limits 3 Ultrafiltration pump can pull

0 500 ml of fluid per hour 4 Predictable and precise fluid removal 1 Blood is taken from the patient via the withdrawal line 14 | FOR INVESTOR PURPOSES ONLY: NOT FOR PRODUCT PROMOTION 2024 Nuwellis, Inc. How the Aquadex system works

While the competitive landscape does address Fluid Overload, Aquadex is the only

device in the market that gently and predictably removes fluid Potential for more timely/effective treatment (UF) with Aquadex More flexible and predictable treatment (UF) with Aquadex Draw less blood, more predictably with

Aquadex Indicated for use in hospital, ambulatory, and physician office; Aquadex, with a flow rate of up to 40 ml/minute and 35ml extracorporeal volume, removes isotonic fluid Heart Failure Critical Care Pediatric 14 | FOR INVESTOR

PURPOSES ONLY: NOT FOR PRODUCT PROMOTION 2024 Nuwellis, Inc.

$1.1 $1.8 $2.1 $2.7 2019 2020 2021 2022 Pediatric Revenue ($M) Received