July 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 DataThis present

July 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 DataThis 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. TrademarksThe 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 InformationYou 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 StatementThis 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, 2023 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.

Overview The Problem: Fluid Overload The Market Opportunity Nuwellis

Solutions Market Validation Growth Strategy Financial Snapshot Team

4 Our Mission Nuwellis is dedicated to transforming the lives of patients

suffering from Fluid Overload through science, collaboration, and innovation.

The ProblemFluid Overload presents a significant public health challenge that

impacts both patient outcomes and hospital resources.

What is Hypervolemia (Fluid Overload)? Hypervolemia 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 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

6.7 million US adults with Heart Failure and ~50% will die within five years of

their diagnosis 5,6 8 Days Average HF Length of Stay2 $24,027 Total True Inpatient Cost per Encounter2 Long Lengths of Stay & High Costs of Care 90% of Heart Failure (HF) hospitalizations are due to signs and symptoms of Fluid

Overload1 Unresolved congestion Poor clinical outcomes1 High Readmission Rates Related Costs/Penalties $24,027 Non-reimbursable cost estimate for readmission encounter2 Opportunity Cost of occupied bed of ALL Medicare

reimbursements4 Up to 3% 24% 30-Day Readmission rate1 50% 90-Day Readmission rate1 Low Reimbursement $8,2833 $15,744 Loss per visit DRG 291 DRG 292 $5,7083 $18,319 Loss per visit DRG 293 $3,9013 $20,126 Loss per visit High

Loss per HF Hospitalization The Healthcare Burden of Heart Failure/Fluid Overload With Fluid Overload as a leading cause of HF readmissions, it also presents a considerable economic burden on hospitals 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 economic loss per admission High readmission

rates lead to Medicare penalties4 1. Costanzo MR, et al. J Am Coll Cardiol. 2017 May 16;69(19):2428-2445. 2. From Premier Applied Sciences database. 3. 2021 DRG National Average Payment Table Update 4.

https://www.cms.gov/Medicare/Medicare-Fee-for-Service-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: 10.1159/000527204

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 a 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. For

critically ill patients in the ICU, Fluid Overload was associated with a markedly increased risk for 90-day mortality3 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

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

gap in clinical care Diuretics provide insufficient symptom relief and are associated with in hospital worsening heart failure and increased mortality after discharge1 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. 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 "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

Market OpportunityAcross our three strategic patient categories, we have an

enormous opportunity to improve outcomes for Fluid Overload patients across multiple hospital specialty units.

1. See Appendix. 2. 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 Nuwellis sales Heart Failure $900M Market1 ~40% of current Nuwellis sales Critical Care $130M Market1 ~30% of current Nuwellis sales Pediatric $2B+ TAM

Differentiated SolutionsNuwellis is a different company today

Aquadex represent our foundation, positioning the company to effectively address

significant market opportunities Collaborations Patent Portfolio Products Console Circuit Peripheral Access Accuracy & Safety Guided Therapy Robust clinical foundation reinforces strategic technology expansion and collaboration

Our hero therapy: Aquadex A clinically superior solution for Fluid

Overload The only device of its kind in the market

Filtered blood returns to the patient via the infusion line 5 Blood is taken

from the patient via the withdrawal line using proprietary catheters technology 1 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 How the Aquadex system works Predictable and precise fluid removal

At a Recent Late Breaking Clinical Trials, Significant Reduction in HF Events

and HF Hospitalization at 30 Days Presented at THT 2024 in early March, a re-appraisal of a 224-patients randomized controlled trial (AVOID-HF) demonstrated statistically significance reductions at 30 days. THT Boston 2024 - Featured

Late-Breaking Clinical Science Abstract III - Aquapheresis for Management of Decompensated Heart Failure: A Re-appraisal of AVOID-HF

Aquadex 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 for diuretic resistant patients Product Strategy &

Differentiation More effective in decongesting resulting in stabilized or improved cardiac hemodynamics2-5 Easier to set-up than CRRT; 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 A proven and predictable solution

for Fluid Overload. 1.74 fewer hospitalizations1 At one year after Aquadex therapy treatment, compared to 2.14 before treatment Compared to the 24% national average at 30 days1 12.4% readmission rate 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

Coming soon: Vivian Our pediatric solution On track for H1 2027 launch

Received 510(k) and launched commerciallyin Q1 2020. We've seen a steady

increase in our pediatric business, providing patients with high mortality an opportunity at life1 1. Source: Menon S, et al. CJSN, 2019; 14: 1432-40. Aquadex is currently cleared for use in pediatric patients weighing 20 kg or

more. Attributes Group 1: <10kg Group 2: 10-20kg Group 3: >20kg # of Patients N = 72 N = 13 N = 34 Primary disease 43% kidney 29% cardiac 54% kidney 31%other 38% kidney 28% cardiac Survival at end of treatment

(Aquadex) 43 (60%) 13 (100%) 33 (97%) Group 1 patients traditionally do not receive any kind of therapy "For our babies born with diseased or absent kidneys, Aquadex has given them a chance at life because in the past, there were

no options to treat these patients." Kara Short MSN, CRNP, NICU nurse practitioner at Alabama Children's Hospital Improved patient survival at end of treatment 4-10 circuits/pts 3-6 consoles per hospital Pediatrics represents a $130M

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. Menon S, et al. CJSAN, vol 14, October 2019. Introducing Vivian Launch best-in-class pediatric CRRT system, H1

2027 Early feedback from pediatric nephrologists: "This will be a game-changer for us." Nuwellis Pediatric Advisory Board member Product Strategy & Differentiation Integrates Ultrafiltration with Hemofiltration and Hemodialysis

capabilities Expected broadest weight indication: 2.5 kg + Safety features: lowest extracorporeal blood volume; built-in hematocrit sensor Clinician-driven UX design Product name: "Viv" Latin root means life; Vivian - Lady of the Lake in

King Arthur, allusion to Land of 10,000 Lakes Therapy to fill crucial gaps, offering a lifeline to critically ill neonates and children Ultrafiltration Hemofiltration Hemodialysis 8.5x mortality Fluid Overload drives pediatric morbidity

and mortality risk in critically ill patients Children with >20% fluid overload had an odds ratio for mortality of 8.5 compared to children with <20% FO 1,2 Providing renal support and hemodynamic stability can be life-saving 60%

survival to end therapy In patients <20 kg who primarily received Slow Continuous Ultrafiltration (SCUF)3 $130m addressable pediatric market

External Pump Detection Hemolysis/Blood Leak Detector Accounting for

Density Auto Clamp Transport Mode Self-loading/Self-emptying Bags Open vs. Closed Loop Filter Clotting Prevention Source LineConnection Peripheral Flow Improvements Dual LumenCatheter Plasma and Blood Volume

Measurement Physiological Parameters Guidance Console Circuit Peripheral Access Accuracy & Safety Guided Therapy We are keenly focused on developing novel technology with a strong IP portfolio Robust and evolving portfolio of

patents circling the technology 16 Nuwellis patent applications (US & EU) in addition to licensed IP from Baxter Wide technology scope coverage 13 issued patents with protection to 2043

Strategic CollaborationsOur collaborations with DaVita and SeaStar are expanding

market access, bolstering technology offerings, and accelerating Nuwellis growth trajectory.

In June of 2023, we launched a supply and collaboration agreement with DaVita to

expand the access of Aquadex therapy for heart failure 790+ hospital partnerships1 2,500+ clinic1 11.6B in revenue in 20221 65,000+ employees1 1. Used with permission from DaVita 77% survival rate1 At day 60 At day 60 NO dialysis

dependency2 2x length of stay in ICU for patients with AKI (8 days vs. 4 days) as ICU patients without AKI3 SeaStar distribution and licensing agreement to offers a new Selective Cytopheretic Device (SCD-PED) for pediatric patients

with AKI 1) Use of the Selective Cytopheretic Device to Support Critically Ill Children Requiring Continuous Renal Replacement Therapy: A Probable Benefit-Risk Assessment Stuart L. Goldstein, Nicholas J. Ollberding, David

J. Askenazi, Rajit K. Basu, David T. Selewski, Kelli . Krallman, Lenar Yessayan, H. David HumesmedRxiv 2023.08.22.23294378; doi: https://doi.org/10.1101/2023.08.22.23294378 2) SL Goldstein et al.: The Selective Cytopheretic Device in

Children; Kidney International Reports (2021) 3) De Zan F, Amigoni A, Pozzato R, Pettenazzo A, Murer L, Vidal E. Acute Kidney Injury in Critically Ill Children: A Retrospective Analysis of Risk Factors. Blood Purif. 2020;49(1-2):1-7. doi:

10.1159/000502081. Epub 2019 Aug 5. PMID: 31382259.