#1Accolade PERSONALIZED HEALTHCARE Accolade Inc. Investor Presentation June 2023 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, 2023, Quarterly Report on form 10-Q for the quarter ended May 31, 2023, 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#3Building a customer-obsessed, nationwide healthcare delivery company#4An imperfect system 4 The healthcare system is reactive Healthcare access is inadequate Investments alone aren't improving the experience O 75% of healthcare spending is on chronic health conditions* cdc.gov 80% of the US lacks adequate access to healthcare* goodrx.com $29B in digital health startup investment in 2021, more than 3X the 2019 level* * Rock Health#5A Truly Powerful, Personalized Healthcare Platform 5 Accolade Advocacy Personalized, trusted guidance and education for all benefits and clinical needs 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 Trusted Partners Leveraging Accolade's core competencies to improve access to and the efficacy of good innovation#6A differentiated service Flawless experience Scale Clinical population health strategy Ecosystem collaboration#7Engagement and Clinical Approach Drives Results 100% 80% 60% 40% 20% 0% 1% Assisted 42% 20% 0 - $2500 %Provider Engagement 79% 29% $2.5k-$10k Low-spend Families Nurse triage, benefits questions, provider search -Total Contacts 90% 40% 94% $10k to $25k 62% 52% |||| $25k to $50k 93% Middle-spend Families Disease management, maternity management, Rx support 98% $50k to $100k 70% $100k+ High-spend Families Case management, pre- admission/post-discharge support 25 20 15 10 5 O#8Accolade is Engineered to Care Proactive Care Predictive Engagement Addressing Barriers#9Engineered Technology Member Insights and care recommendation Outcomes to Care and People Deliver Early and Repeat Engagement 69% Ongoing data analysis 0 Member takes right action Member Expert Physicians Diagnosis & Treatment Review Care team interaction and influence Health Assistants Advocacy & Benefits Utilization PCPs & Therapists Acute, Chronic & Preventive Registered Nurses Care Mgmt. & Provider Steerage#10Care Navigation Disability, Family & Wellness Support Case Management + True Health Actions Healthcare Literacy 18 Care Decision Support Financial Navigation#11True Health Actions Drive Personalized FLCT Experience A Concept - Member Health Snapshot B Deployed - Alerts C Deployed - True Health Action Recommendations Regarding John Dale 03/22/1992 A B The Horn & Bulletin HIPAA John Dale Need to know Health Snapshot Actions to Take Clinical Risk Level: High Risk Chronic Conditions: Chronic pain, stiffness of right knee, obesity, and osteoarthritis Medications (past 6 months): 8 different medications filled OON usage This member has recently used an OON provider Profile Benefits Claims Provider Care History A Unnecessary ER visits Educate Member on urgent care and alternatives to emergency room. True health actions Preferred language Member prefers to primarily speak Spanish Primary Recommendation Warm transfer member to Accolade's EMO Intake Coordinator Enroll member into Musculoskeletal Program (MSK) Revised Virtual PCP Example (specifically PlushCare) Current reasons & tasks Benefit question Open Tasks (2) Unresolved reasons & tasks Claims question Wrap View more Open Tasks (1) Member account details Date of registration: Last mobile login: Last member portal login: Next step actions Action outcome Select Member forgot password HIPAA must be verified before button becomes enabled. Action outcome Select Notes 06/26/21 Action outcome Select 08/15/22 08/15/22#12True Health Actions Create a Personalized Digital Experience Accolade Driven user need "For you" Support call(s) to action (True Health Actions) Home Accolade is open until 7pm PT today For you Y Time for your primary care annual visit Lorem ipsum dolor sit amet, consectetur adipiscing elit. A Home Book an appointment today Q Search for a local doctor Talk to your Care Team Messages Find Care w My Health Benefits Member Driven user need "Ways we can help" Bring User Need resolution paths to front A message from your employer Flu season reminder Get a good line of defense against the cold and flu. If you haven't gotten your flu shot yet, stop by the on-site clinic to get one. If you're.... Learn more Ways we can help Medical health symptoms Understanding costs Mental health support What you can do What y 8 Book a doctor's visit O Search in- network care Your medical plan A Book a mental health visit See employer benefits AV BlueCross BlueShield of Alabama Upload your insurance card Ask about your coverage Connect with your care team T T#13Accolade's Advantages for the Healthcare Ecosystem Data set Front Line Care Teams + End to end reporting#14MERITAIN HEALTH An Aetna Company Customers' Carriers (representative) Cigna. WAR AmeriBen ♥aetna® UnitedHealthcare KAISER PERMANENTEⓇ Humana. UMR A United Healthcare Company Priority Health Accolade CARROT Rx Savings Solutions me Quilibrium Trusted Partner Ecosystem rxss™ health. sword Lyra headspace Hinge Health™ EQUIP O virta Vivante HEALTH Well Right FOLX Employer Direct Healthcare C carrum health Brightside Jellyvision. NATIONWIDE INSURANCE Nationwide is on your side Magellan HEALTH rethink COMPSYCH -The GuidanceResources Company- Fidelity Ecosystem progyny Smarter Tertility Be EXPRESS SCRIPTS® WageWorks.W Premise Health. crossover businessolver OPTUM CVS CAREMARK PLANSOURCE HEALTH vsp Laboratory Corporation of Amenna WebMD Vion care for like Benefit Harbor EXTRADEⓇ V Pulse limeade Allstate MERCER DELTA DENTAL sedgwick W W Bright Horizons MetLife#15Improved Outcomes Across Conditions Musculoskeletal 57% members engaged 44% received 1+ Interventions Depression or Anxiety 47% members engaged 35% received 1+ Interventions SDOH Barriers 31% members engaged 21% received 1+ Interventions Received 1+ Interventions AVOIDABLE ER VISITS No Interventions 15% 3.3 13% OUTPATIENT BH VISITS (per member per year) 47% 4.8 Improvement -13% 60% ANNUAL WELLNESS VISITS +47% +28%#16Grow customer base 16 Retain and expand customer Continue to innovate Grow into adjacent markets Expand partnerships Pursue strategic M&A Compelling Growth Strategy Underpenetrated market of 30,000+ self- and fully insured employers Grow relationships through add-on sales such as Accolade Care, Accolade Expert MD, TPE Leverage generative Al, machine learning, predictive analytics, and multimodal communication to generate efficiencies and better outcomes, while introducing new solutions Open the door to new opportunities, such as health plan virtual first offerings and government- sponsored healthcare plans Grow partnerships with health plans and other healthcare innovators that complement our solutions and extend capabilities and/or improve distribution Capitalize on Accolade's position as a consolidation platform given our strategic relationships with employers, member engagement model, open technology architecture, and scale#1717 Financials#18Platform built for Growth, Scale & Profitability Strategic hub for personalized healthcare driving customer ROI Growth driven by differentiated revenue mix addressing large TAM High revenue visibility and customer diversification Integrated platform enables scale, utilization, and margin expansion Clear path to profitability driven by growth, technology, and operating leverage C Accolade ©2023 18#19Created a Proven High Touch, High Tech Personalized Advocacy Model 19 Accelerating Accolade's Innovation Continuous investment in clinical transformation and operational excellence Launched Intelligent Provider Matching (MDI Acquisition) Launched Accolade COVID Response Care Launched Mental Health Integrated Care Acquired 2nd.MD - Expert Medical Opinion Accolade Nasda Opening Bell Nasdaq Acquired PlushCare - Virtual Primary Care IPO • July 2020 Follow-on • October 2020 Convertible March 2021 Introduced Personalized Healthcare#20Significantly Expanded Addressable Market 900 800 700 600 500 400 300 200 100 20 15 FY2018 20 FY2019 Customers 54 FY2020 112 FY2021 600+ FY2022 (w M&A) T 800+ FY2023 $170B Primary Care $22B Expert Medical Opinion $24B Navigation & Advocacy $216 billion TAM#21Consistent growth and progress toward profitability 33% CAGR $310M FYE = Revenue $133M FY20 70% -25% Adjusted EBITDA (Loss) & Adjusted OpEx as % of revenue FY20 $170M February FY21 61% -16% FY22 FY21 60% -14% FY22 $363M FY23 57% -10% FY23 ~$412M FY24P ~50% -2% FY24P Accolade ©2023 21#22Customer and revenue diversification FY20 ● ● 54 customers 6 customers ~ 75% of revenue FY23 800+ customers 200+ Advocacy 600+ EMO ● ● ● ● ● Launched eVPC in past year >10% with >1 core offering No 5% customer in FY24P Broad industry diversification Accolade ©2023 22#23Strong visibility to growth and profitability Targeting $1 billion revenue and 10-15% AEBITDA in FY29 Revenue AEBITDA $363M FY23 (10%) Horizon 1 $410M FY24P (2-4%) ~$500M 2-4% FY25P Horizon 2 20% CAGR FY26-28P $1B+ FY29P ● ● ● ● ● Key drivers Integrated healthcare platform o Advocacy o Primary Care and mental health O Expert Medical Opinion O Trusted Partner Ecosystem Continued market growth, penetration and leadership Increasing revenue-per-customer and net dollar retention Data-driven models achieve scale: Engineered to Care Scale drives margin expansion Accolade ©2023 23#24Financial Targets and Goals (Non-GAAP) 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 50-55% 13-17% 15-20% 7-9% 15-20% Accolade ©2023 24#25Growth, Scale & Profitability Highly diversified revenue mix Expanding margins and operating leverage One Accolade driving operational efficiencies Attractive and improving unit economics Clea vision toward $1B+ revenue and target financial model C Accolade ©2023 25#26Accolade PERSONALIZED HEALTHCARE Appendix#27Reconciliations 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 severance costs. 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 (income), net, income tax expense (benefit), depreciation and amortization, stock-based compensation, acquisition and integration-related costs, goodwill impairment, change in fair value of contingent consideration, severance costs, and other expense (income). Severance costs include severance payments related to the realignment of our resources. Other expense (income) includes foreign exchange gain or loss. We believe Adjusted EBITDA provides investors with useful information on period-to-period performance as evaluated by mana ement and comparison with our ast 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. 27#2828 Adjusted EBITDA (Loss) Reconciliation ($ in thousands) Fiscal year ended February 28 (29), Net Loss Adjusted for: Interest expense (income), net Income tax expense (benefit) Depreciation and amortization Stock-based compensation Acquisition & integration-related costs Goodwill impairment Change in fair value of contingent consideration Severance costs Other expense Adjusted EBITDA (Loss) 2019 $ (56,496) 2,374 55 9,391 5,721 1 90 $ (38,865) *Please refer to page 27 for important information regarding non-GAAP financial measures 2020 $ (51,365) 2,925 129 8,516 6,002 567 1 107 $ (33,119) 2021 $ (50,652) 3,724 4 8,212 9,576 2,050 1 2022 147 $ (123,124) 2,905 (5,639) 42,608 72,939 13,219 (45,416) 2023 133 $ (459,650) 7,065 15 $ (26,939) $ (42,375) $ (36,505) (255) (3,624) 46,377 72,644 1,218 299.705#2929 Adjusted Gross Margin 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 Severance costs, costs of revenue Adjusted Gross Profit Gross Margin, excluding depreciation and amortization Adjusted Gross Margin *Please refer to page 27 for important information regarding non-GAAP financial measures 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 $ 310,021 (93,673) 76,685 948 $ 77,633 45.0% 2022 45.6% (169,019) 141,002 3,197 $ 144,199 45.5% 46.5% 2023 $363,142 (198,905) 164,237 4,794 1,025 170,056 45.2% 46.8%#3030 Adjusted Operating Expense Reconciliation ($ in thousands) Fiscal year ended February 28 (29), Revenue Operating Expenses Less: Depreciation and amortization Stock-based compensation Acquisition, integration-related costs and other Goodwill Impairment Change in fair value of contingent consideration Severance costs Adjusted Operating Expenses Adjusted Operating Expenses as a % of Revenue *Please refer to page 27 for important information regarding non-GAAP financial measures 2019 $ 94,811 88,220 (9,391) (5,466) 1 1 $ 73,363 77% 2020 $ 132,507 107,026 (8,516) (5,684) (567) 1 $ 92,259 70% 2021 $ 170,358 123,462 (8,212) (8,628) (2,050) 1 $ 104,572 61% 2022 $ 310,021 266,727 (42,608) (69,742) (13,219) 45,416 $ 186,574 60% 2023 $363,142 627,751 (46,377) (67,850) (1,218) (299,705) (6,040) $206,561 57%#31Accolade PERSONALIZED HEALTHCARE