#1Accolade PERSONALIZED HEALTHCARE Accolade Inc. Investor Presentation January 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, 2022, Quarterly Report on Form 10-Q for the fiscal quarter ended November 30, 2022 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#3The Cost of a Poor Healthcare Experience 3 76% 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 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#4An imperfect system The healthcare system is reactive Healthcare access is inadequate Investments alone aren't improving the experience 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#55 Accolade is Engineered to Care Proactive Care Predictive Engagement Addressing Barriers#6Member Insights and care recommendation 6 Outcomes Engineered to Care Technology 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#7Top Physicians & Medical Experts 7 From the top 50 U.S. medical schools Average experience of 15 years 900+ specialists and experts The People Behind Our Solutions Registered Nurses Varied experience across medical disciplines Average experience of 16 years Health Assistants 66% degreed professionals Benefits and claims experts Extended Care Team Claims and Benefits Specialist, Logistics Support, Medical Records Collection *published impact#88 The three pillars of Engineered to Care Predictive Engagement Going beyond standard engagement strategies to drive the right action Proactive Care Personalized recommendations and interventions delivered by Clinical Experts Addressing Barriers Identify and resolve barriers so members get the right care#99 Engineered to Care: Predictive Engagement Going beyond standard engagement strategies to drive the right action C Intercept Outbound Inbound Combine verification of benefits & utilization management with members insights to inform engagement approach Identify 50% more high-risk members earlier in the care journey High-risk members connect directly to a nurse 70%+ family engagement 95%+ high-cost engagement#1010 Engineered to Care: Proactive Care Personalized recommendations and interventions delivered by Clinical Experts Member Data + Possible Clinical Ranked Interventions Interventions True Health Actions™ Rank what is most impactful for each member according to their situation and need. 1. Find PCP 2. MSK Program 3. Referral to EAP 66% of members engage before seeking care#1111 Engineered to Care: Addressing Barriers Identify and resolve barriers so members get the care they need What We Do Listen with empathy Understand context Identify barriers to care Accolade Impact Good access to care Improved health literacy Confidence in care decisions 3x more likely to uncover contextual factors that doctors miss#12Delivering Value Across the Entire Healthcare Journey Benefits Education, Utilization and Engagement Annual Open Enrollment 12 Assess financial implications, make decisions Search providers Research symptoms Research plan options Enroll in plan Manage Rx Consider provider quality Receive Benefit card Enroll in point solutions Assess provider cost Review health benefits Understand benefits Consider telehealth Provider Selection, Care Delivery and Support Schedule appointment Prep for visit Evaluate options Comply with pre-auth requirements Verify benefits Adhere to care plan Seek expert medical opinion Address medical bills and ongoing treatment costs Visit pharmacy Engage PCP C c) Engage in care management Visit specialist#1313 A Truly Powerful, Personalized Healthcare Platform 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#14Engage whole population ▪ 60% of high-cost claimants turn over every year Achieving Better Outcomes What we know shapes what we do Build strong clinical relationships ▪ PCP use dropped 24% from 2008-2016 ▪ 46% of adults do not have a PCP Integrate all clinical needs ▪ 80% of a diabetic's health care spend is not on the treatment of diabetes Address high-cost members early ▪ 80% of members use less than $2,500 of healthcare a year Impact context/social determinants ▪ Health care determines only 10% of population health Integrate behavioral health ▪ 2-3x increase in chronic costs when a behavioral health condition is present 14 Source: Declining Use of Primary Care Among Commercially Insured Adults in the United States, 2008-2016, Annals of Internal Medicine, Feb. 2020; The Case For More Active Policy Attention To Health Promotion, Health Affairs, March/April 2202; Accolade actuarial analysis#1515 Benefit Inquiries Personalized Healthcare Engagement cannot be solved with any single approach Intelligent Inbound ACCOLADE ENGAGEMENT MODEL Member Services Utilization Management Provider Search Outreach#1616 Our Engagement 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% $10k to $25k 94% 52% $25k to $50k Middle-spend Families Disease management, maternity management, Rx support 93% 62% $50k to $100k 98% 70% $100k+ High-spend Families Case management, pre- admission/post-discharge support 25 20 15 10 5 0#1717 TRUE HEALTH ENGINE 60+% engagement 69% repeat engagement Personalized Healthcare Impact TRUE HEALTH ACTION PLAN 93% of members follow recommended action 91% of members state Accolade understands their care needs and saves time 4.7% lower claims costs - independent validation (Aon) 98% of members state having Accolade positively impacts how they view their employers#18Engaging the Ecosystem Accolade helps members learn about and leverage the benefits available to them. Driving appropriate utilization of these programs is core to our value proposition. Customers' Carriers (representative) MERITAIN™ HEALTH An Aetna Company Cigna. KAISER PERMANENTEⓇ AmeriBen aetna® UnitedHealthcare® Humana. Priority Health Accolade UMR A UnitedHealthcare Company @rxss Rx Savings Solutions CARROT Trusted Partner Ecosystem sword Ovirta Vivante headspace health. Hinge Health HEALTH WELLRIGHT FOLX Employer Direct Healthcare picwell choose smarter C carrum health Brightside NATIONWIDE INSURANCE Nationwide is on your side rethink me Quilibrium Magellan HEALTH COMPSYCHⓇ -The GuidanceResources Company"- Fidelity INVESTMENTS WageWorks. Ecosystem Programs (representative) progyny Smarter Fertility Benes EXPRESS SCRIPTSⓇ Premise Health. crossover businessolver OPTUM CVS CAREMARK PLANSOURCE HEALTH vsp LabCorp Laboratory Corporation of America WebMD Vision care for life Benefit Harbor Virgin E TRADEⓇ limeade Allstate MERCER Pulse DELTA DENTAL ( sedgwick W W Bright Horizons MetLife#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 Added 2nd.MD - Expert Medical Opinion Accolade Nasda Opening Bell C Nasdaq Added PlushCare - Virtual Primary Care IPO • July 2020 Follow-on • October 2020 Convertible March 2021 Introduced Personalized Healthcare#20Significantly Expanded Addressable Market 700 600 500 400 300 200 100 O 20 15 FY 2018 20 FY 2019 Customers 54 FY 2020 112 FY 2021 400+ FY 2021 (w/2ndMD) 600+ FY2022 $170B Primary Care $22B Expert Medical Opinion $24B Navigation & Advocacy $216 billion TAM#21Grow customer base Retain and expand customer relationships 21 Continue to innovate Grow into adjacent markets Expand partnerships Pursue strategic M&A Compelling Growth Strategy 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 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 natural platform for consolidation given our strategic relationships with employers, member engagement model, open technology architecture, and scale#2222 Financials#23Financial Highlights 23 ARR Bookings & new offerings driving substantial revenue growth 30% pro forma revenue growth FY21 to FY22; Ended FY22 with $286mm ACV; Growing DTC business PMPM recurring revenue model provides significant revenue visibility Multi-year contracts with base + performance-based PMPM fees; strong customer retention 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#24Strong Revenue Growth Predictable, highly visible, and recurring revenue 24 $300 $250 $200 $150 $100 $50 $0 Revenue ACV at FYE $94.8 Revenue and FYE ACV $ millions FY 19 95% +30% CAGR* $122 +33% CAGR $132.5 $161 $170.4 $211 FY 20 FY 21 Gross Dollar Retention 99% 99% $310 *Revenue CAGR is pro forma to account for acquisitions in FY 2022 $286 FY22 98% $110 $100 $90 $80 $70 $60 $50 $40 $30 $20 $10 $0 FY 21 FY 22 $35.9 $ 85.5 $59.5 Q1 Quarterly Revenue $ millions FY 23 $73.3 $36.8 $87.6 Q2 $38.4 $90.9 $83.5 Q3 $93.8 $59.2 Fiscal Year ends in February, i.e., FY22 ended 2/28/22 Q4 (est)#25Annual Result Trends 25 $94.8 M (41.0%) $(38.9 mm) Revenue $132.5 M $170.4 M FY19 FY20 FY21 FY22 Adjusted EBITDA (Loss)* (as % of revenue) (25.0%) $(33.1 mm) (15.8%) $(26.9 mm) ■FY19 FY20 ■FY21 ■FY22 $310.0 M (13.7%) $(42.4 mm) *Please refer to page 29 for important information regarding non-GAAP financial measures Adjusted Gross Profit and Adjusted Gross Profit Margin $34.5 mm 36.4% 77% $59.1 mm 44.6% $77.6 mm 45.6% ■FY19 FY20 ■ FY21 ■FY22 70% Adjusted Operating Expenses as a % of Revenue* $144.2 mm 61% FY19 FY20 FY21FY22 46.5% 60%#2626 Revenue and Customer Growth + Unit Economics Drive Path to Profitability Revenue vs Adjusted EBITDA (Loss) as a % of Revenue* ($ in millions) $77 (56)% FY18 Annual Contract Value Gross Dollar Retention $95 (41)% FY19 $122 95% $133 (25)% FY20 $161 99% + $170 *20% revenue growth excludes impact from terminated large customer in FY24 *Please refer to page 29 for important information regarding non-GAAP financial measures (16)% FY21 $211 99% $310 (13)% FY22 $361-$365 $286 98% (10-11)% FY23 * ~20% annual revenue growth ~$500 ~$410 (5-7)% FY24 0% -3% FY25 umm#27Financial Targets and Goals (Non-GAAP) 27 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 *Please refer to page 29 for important information regarding non-GAAP financial measures#28Accolade PERSONALIZED HEALTHCARE Appendix#29Reconciliations 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). 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. 29#3030 Adjusted EBITDA (Loss) GAAP to Non-GAAP Reconciliation ($ in thousands) Fiscal year ended February 28 (29), Net Income (Loss) Adjusted for: Interest expense, net Income tax expense (benefit) Depreciation and amortization Stock-based compensation Acquisition & integration-related costs Change in fair value of contingent consideration Other expense (income) Adjusted EBITDA (Loss) 2018 $ (61,286) 1,799 7,982 8,406 26 2019 *Please refer to page 29 for important information regarding non-GAAP financial measures $ (56,496) 2,374 55 9,391 5,721 90 $ (43,073) $ (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) 2022 $ (123,124) 2,905 (5,639) 42,608 72,939 13,219 (45,416) 133 $ (42,375)#3131 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 *Please refer to page 29 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 (93,673) 76,685 948 $ 77,633 45.0% 45.6% 2022 $ 310,021 (169,019) 141,002 3,197 $ 144,199 45.5% 46.5%#3232 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 Change in fair value of contingent consideration Adjusted Operating Expenses Adjusted Operating Expenses as a % of Revenue *Please refer to page 29 for important information regarding non-GAAP financial measures 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% 2022 $ 310,021 266,727 (42,608) (72,939) (13,219) 45,416 $ 183,377 59%#33Accolade PERSONALIZED HEALTHCARE