#1Accolade PERSONALIZED HEALTHCARE Accolade Investor Presentation January 2022 NASDAQ: ACCD#22 This presentation contains "forward-looking statements” –that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance and financial condition, and often contain words such "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "guidance," "intend,” “may,” “plan," "potential," "predict," "project," "should,” “target," "will," or "would" or similar expressions. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. For us, particular uncertainties that could cause our actual results to be materially different than those expressed in our forward-looking statements include: our ability to achieve or maintain profitability; our reliance on a limited number of customers for a substantial portion of our revenue; our expectations and management of future growth; our market opportunity and our ability to estimate the size of our target market; the effects of increased competition as well as innovations by new and existing competitors in our market; and our ability to retain our existing customers and to increase our number of customers. Important risks and uncertainties that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: (i) changes in laws and regulations applicable to our business model; (ii) changes in market or industry conditions, regulatory environment and receptivity to our technology and services; (iii) results of litigation or a security incident; (iv) the loss of one or more key customers or partners; (v) the impact of COVID-19 on our business and results of operation; and (vi) changes to our abilities to recruit and retain qualified team members. For a detailed discussion of the risk factors that could affect our actual results, please refer to the risk factors identified in our Annual Report on Form 10-K for the fiscal year ended February 28, 2021, Quarterly Report on Form 10-Q for the fiscal quarter ended November 30, 2021 and subsequent reports that we file. This presentation includes non-GAAP financial measures. These non-GAAP financial measures are in addition to, and not a substitute for or superior to measures of financial performance prepared in accordance with GAAP. There are a number of limitations related to the use of these non-GAAP financial measures. For example, other companies may calculate similarly-titled non-GAAP financial measures differently. Refer to the Appendix for a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures. Accolade#3Our Mission Our mission is to empower people through expertise, empathy, and technology to make the best decisions for their health and well-being. Our Vision Our vision is every person living their healthiest life. 3#4We believe relationships matter healthcare is for everyone in value-based care in whole-person care#576% of people don't understand their available benefits or how they work $225.88B in lost workforce productivity due to poor healthcare and preventable chronic conditions cost U.S. companies in 2020 5 88% of workers reported extreme stress, compared to 16% before the onset of COVID 56% of people say healthcare coverage was a deciding factor in leaving their job The Cost of a Poor Healthcare Experience#6The healthcare system isn't designed for experience. The healthcare we have Transactional Disempowering Opaque Biased Wasteful 6 The healthcare we need Holistic Human centered Inclusive Data driven and personalized Value based#77 Welcome to Personalized Healthcare This is the future of healthcare, and the future is now. Personal | Data Driven | Value Based 15#8Personalized Healthcare Personal | Data Driven | Value Based 8#9Delivering Value Across the Entire Healthcare Journey Benefits Education, Utilization and Engagement 9 Annual Open Enrollment Research plan options Assess financial implications, make decisions Enroll in plan Receive Benefit card Review health benefits Understand benefits Manage Rx Enroll in point solutions Search providers Research symptoms Assess provider cost Consider telehealth Consider provider quality Provider Selection, Care Delivery and Support Schedule appointment Evaluate options Prep for visit Verify benefits Comply with pre-auth requirements Address medical bills and ongoing treatment costs Adhere to care plan Seek expert medical opinion Engage PCP Visit pharmacy Engage in care management Visit specialist c)#10A Truly Powerful, Personalized Healthcare Platform Accolade Advocacy Personalized, trusted guidance and education for all benefits and clinical needs 10 Personal | Data Driven | Value Based Accolade Expert MD Real-time expert consultations for members facing high impact conditions Accolade Care Same-day access to virtual primary and mental healthcare to address needs holistically Accolade One Value-based care that deeply integrates advocacy, virtual primary care, expert medical opinion and clinical programs#11A Truly Powerful, Personalized Healthcare Platform 11 24/7 Care Team. It's a long-term relationship. Personal | Data Driven | Value Based Care EQ. Building trust. True Health Engine. The right data. 808 True Health Action Plan. The right next steps.#12Engaging the Ecosystem Connecting members to the right program, at the right time, in the right way Apps and Portals 401k Discount Programs 12 Tuition Reimbursement * Travel Insurance Wellness and Health Optimizers Telehealth and 2nd Opinion EAP PBMs Benefits Admin WELLRIGHT Accolade ginger picwell choose smarter Hinge Health SWORD HEALTH O virta CARROT HEALTH limeade KAISER PERMANENTE Accolade Ecosystem sedgwick. UnitedHealthcare® CH LabCorp Laboratory Corporation of America me Quilibrium Partners vivante Brightside NATIONWIDE INSURANCE Nationwide is on your side HEALTH rethink COMPSYCH -The GuidanceResources Company"- WageWorks.W ܀ EXTRADE progyny Smarter Iertility Benes EXPRESS SCRIPTSⓇ OPTUM® Bright Horizons crossover HEALTH dr. on demand businessolver Fidelity INVESTMENTS vsp Ecosystem WebMD W W Vision care for life Benefit Harbor MetLife PLANSOURCE® CVS CAREMARK lovers DELTA DENTAL MERCER Pulse Virgin sedgwick.#13Quadruple Aim 13 Better Outcomes Patient Satisfaction COL Reduced Costs Physician Experience At Accolade, we're improving clinical outcomes, lowering healthcare costs, improving patient satisfaction, and improving care team and clinician satisfaction.#14The Future#15Accelerating Accolade's Clinical Innovation Lowering Healthcare Spend 15 2007 - 2019 Created a Proven High Touch, High Tech Personalized Advocacy Model 2020 JUNE Launched Accolade JANUARY COVID Launched Intelligent Response Care Provider Matching (MDI Acquisition) SEPTEMBER Launched Mental Health Integrated Care c₂ MARCH Added 2nd.MD - Expert Medical Opinion Accolade Nasda Opening Bell 2021 Nasdaq JUNE Added PlushCare - Virtual Primary Care IPO: July 2020 Follow-on: October 2020 Convert: March 2021 SEPTEMBER Introduced Personalized Healthcare - Accolade One and Accolade Care#16Significantly Expanded Addressable Market 700 600 500 400 300 200 100 0 16 15 20 Customers 54 112 400+ 600+ FY2018 FY2019 FY2020 FY2021 FY2021 Jan-22 (w/2ndMD) $170BN Primary Care $22BN Expert Medical Opinion $24BN Navigation & Advocacy $216 billion TAM#17Compelling Growth Strategy 17 Grow customer base Retain and expand customer relationships Continue to innovate Grow into adjacent markets Expand partnerships Pursue strategic M&A Further penetrate our market of 30,000+ self- and fully insured employers Grow relationships especially through the sale of add-on services such as Virtual Primary Care and Expert Medical Opinion Leverage machine learning, predictive analytics, and multimodal communication to generate efficiencies and better outcomes, while introducing new solutions - Accolade Care, Accolade Expert MD and Accolade One Our evolution into Accolade's new category of Personalized Healthcare opens the door to new opportunities, especially with government-sponsored healthcare plans, such as TRICARE, Medicare, Medicaid Establish partnerships that complement our solutions and extend capabilities and/or improve distribution Capitalize on Accolade's position as a natural platform for consolidation given our strategic relationships with employers, member engagement model, open technology architecture, and scale#1818 Financials#19Financial Highlights 19 ARR Bookings driving substantial revenue growth 29% revenue growth rate FY2020 to FY2021; Ended FY21 with $211mm ACV PMPM recurring revenue model provides significant revenue visibility Multi-year contracts with base + performance-based PMPM fees; demonstrated renewals Adjusted Gross Margin expansion provides path to profitability Delivering Cost of Revenue improvements via tech-driven efficiencies Higher margin product offerings and ecosystem partners leverage tech platform Investments in Sales & Marketing and Product & Tech driving market expansion Building out enterprise and mid-market salesforce to complement strategic segment Secure, open technology platform supports innovation including new offerings and add-ons Growing Customer Diversification Strong sales momentum and expansion of product suite supporting broader market capture C#20Strong Revenue Growth Predictable, highly visible, and recurring revenue 20 $300 $250 $200 $150 $100 $50 $0 Revenue ACV at FYE $94.8 Revenue and FYE ACV $ millions FY19 95% +30% CAGR $122 +33% CAGR $132.5 $161 FY20 Gross Dollar Retention 99% $170.4 $211 FY21 99% $306 - $309* FY22 (proj) *Revenue for FY22 and Q4 FY22 represent guidance as of January 10, 2022 $100 $90 $80 $70 $60 $50 $40 $30 $20 $10 $0 FY20 FY21 $28.8 $ 59.5 $35.9 Q1 Quarterly Revenue $ millions FY22 $29.7 $36.8 Q2 $ 73.3 $29.7 $ 83.5 $38.4 Q3 $44.4 Fiscal Year ends in February, i.e., FY21 ended 2/28/21 $90 - $93* $59.2 Q4#21Annual Result Trends 21 $94.8 mm (41.0%) Revenue $(38.9 mm) $132.5 mm ■FY19 FY20 = FY21 Adjusted EBITDA (Loss)* (as % of revenue) (25.0%) $(33.1 mm) $170.4 mm FY19 ■FY20 ■FY21 (15.8%) $(26.9 mm) Adjusted Gross Profit and Adjusted Gross Profit Margin $34.5 mm 36.4% $59.1 mm 77% 44.6% ■FY19 FY20 ■ FY21 Adjusted Operating Expenses as a % of Revenue* 70% $77.6 mm FY19 FY20 ■ FY21 45.6% 61% *Adjusted EBITDA (Loss) and Adjusted Operating Expenses exclude depreciation and amortization, acquisition and integration-related costs, stock-based compensation, and change in fair value of contingent consideration. See Appendix for disclosures and reconciliations related to preliminary results for periods ending February 28, 2021#2222 Revenue and Customer Growth + Unit Economics Drive Path to Profitability Revenue vs Adjusted EBITDA (Loss) as a % of Revenue* ($ in millions) 77 -56% FY18 95 -41% FY19 133 -25% FY20 170 -16% FY21 $306 $309* -16% FY22 | * 25% annual revenue growth -11% FY23 -6% FY24 ~$600 *Adjusted EBITDA (Loss) exclude depreciation and amortization, acquisition and integration-related costs, stock-based compensation, and change in fair value of contingent consideration. See Appendix for disclosures and reconciliations related to preliminary results for periods ending February 28, 2021 Breakeven FY25#23Financial Targets and Goals (Non-GAAP) 23 Adj. Gross Margin Adj. Operating Expenses P&T as % of Rev. S&M as % of Rev. G&A as % of Rev. Adj. EBITDA Margin Long-Term Goals Commentary 50-55% 13-17% 15-20% 7-9% 15-20% Investments in technology and offering mix projected to drive GM% up Projecting to continue to increase absolute dollar investments in Product & Tech at a decreasing rate As sales efficiency metrics continue to indicate investments yield attractive returns and revenue growth, expect to invest at 15-20% of revenues. As growth moderates, reduction in S&M is a lever to drive profitability Projecting to increase absolute dollar spend in G&A with growth, with % of revenues declining below 10% at scale Expecting to drive 15-20% Adj. EBITDA margin at scale#24Accolade PERSONALIZED HEALTHCARE Appendix#25Reconciliations of Revenue to Adjusted Gross Profit & Net loss to Adjusted EBITDA Adjusted Gross Profit is a non-GAAP financial measure that we define as revenue less cost of revenue, excluding depreciation and amortization, and excluding stock-based compensation and other expenses. We define Adjusted Gross Margin as our Adjusted Gross Profit divided by our revenue. We believe Adjusted Gross Profit and Adjusted Gross Margin are useful to investors, as they eliminate the impact of certain noncash expenses and allow a direct comparison of these measures between periods without the impact of noncash expenses and certain other nonrecurring operating expenses. Adjusted EBITDA is a non-GAAP financial measure that we define as net loss adjusted to exclude interest expense (net), income tax expense (benefit), depreciation and amortization, stock-based compensation, and acquisition and integration-related costs. We believe Adjusted EBITDA provides investors with useful information on period-to-period performance as evaluated by management and comparison with our past financial performance. We believe Adjusted EBITDA is useful in evaluating our operating performance compared to that of other companies in our industry, as this measure generally eliminates the effects of certain items that may vary from company to company for reasons unrelated to overall operating performance. Adjusted Gross Profit, Adjusted Gross Margin and Adjusted EBITDA have certain limitations, including that they exclude the impact of certain non-cash charges, such as depreciation and amortization, whereas underlying assets may need to be replaced and result in cash capital expenditures, and stock-based compensation expense, which is a recurring charge. These non-GAAP financial measures may also not be comparable to similarly titled measures of other companies because they may not calculate such measures in the same manner, limiting their usefulness as comparative measures. In evaluating these non-GAAP financial measures, you should be aware that in the future we expect to incur expenses similar to the adjustments in this presentation. Our presentation of non-GAAP financial measures should not be construed as an inference that our future results will be unaffected by these expenses or any unusual or nonrecurring items. When evaluating our performance, you should consider these non-GAAP financial measures alongside other financial performance measures, including the most directly comparable GAAP measures set forth in the reconciliation tables below and our other GAAP results. The following tables present, for the periods indicated, reconciliation of our revenue to Adjusted Gross Profit and net loss to Adjusted EBITDA. 25#2627 Adjusted EBITDA GAAP to Non-GAAP Reconciliation ($ in thousands) Fiscal year ended February 28 (29), Net Income (Loss) Adjusted for: Interest expense, net Income tax (benefit) Depreciation and amortization Stock-based compensation Acquisition and integration-related costs Other expense (income) Adjusted EBITDA (Loss) 2019 $ (56,496) 2,374 55 9,391 5,721 90 $ (38,865) 2020 $ (51,365) 2,925 129 8,516 6,002 567 107 $ (33,119) 2021 $ (50,652) 3,724) 4 8,212 9,576 2,050 147 $ (26,939)#2728 Adjusted Gross Margin GAAP to Non-GAAP Reconciliation ($ in thousands) Fiscal year ended February 28 (29), Revenue Less: Cost of revenue, excluding depreciation and amortization Gross Profit, excluding depreciation and amortization Add: Stock-based compensation, cost of revenue Adjusted Gross Profit Gross Margin, excluding depreciation and amortization Adjusted Gross Margin 2019 $ 94,811 (60,568) 34,243 255 $34,498 36.1% 36.4% 2020 $ 132,507 (73,685) 58,822 318 $ 59,140 44.4% 44.6% 2021 $ 170,358 (93,673) 76,685 948 $ 77,633 45.0% 45.6%#2829 Adjusted Operating Expense Reconciliation ($ in thousands) Fiscal year ended February 28 (29), Revenue Operating Expenses Less: Depreciation and amortization Stock-based compensation Acquisition, integration-related costs and other Adjusted Operating Expenses Adjusted Operating Expenses as a % of Revenue 2019 $ 94,811 88,220 (9,391) (5,721) $ 73,108 77% 2020 $ 132,507 107,026 (8,516) (6,002) (567) $ 91,941 69% 2021 $ 170,358 123,462 (8,212) (9,576) (2,050) $ 103,624 61%#29Accolade PERSONALIZED HEALTHCARE