#1talk space William Blair & Co. 42nd Annual Growth Stock Conference June 7, 2022 1#2Disclaimer talk space This presentation contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this presentation that do not relate to matters of historical fact should be considered forward-looking, including statements regarding our financial condition, anticipated financial performance, achieving profitability, business strategy and plans, market opportunity and expansion and objectives of our management for future operations. These forward-looking statements generally are identified by the words "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "forecast," "future," "intend," "may," "might," "opportunity," "plan," "possible," "potential," "predict," "project," "should," "strategy," "strive," "target," "will," or "would," the negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many important factors could cause actual future events to differ materially from the forward-looking statements in this presentation, including but not limited to: our history of losses; the rapid evolution of our business and the markets in which we operate; our ability to continue growing at the rates we have historically grown, or at all; the development of the virtual behavioral health market; COVID-19 and its impact on business and economic conditions; competition in our industry; and our relationships with affiliated professional entities to provide physician and other professional services. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption "Risk Factors" in our Annual Report on Form 10-K for the annual period ended December 31, 2021 filed with the Securities and Exchange Commission ("SEC") on February 25, 2022, and in our other documents filed from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. We do not give any assurance that we will achieve our expectations. The financial results reported in this presentation are unaudited and subject to change as additional information becomes available pending completion of the audit. Certain information contained in this presentation relate to or are based on studies, publications, surveys and other data obtained from third-party sources and the Company's own internal estimates and research. While the Company believes these third-party sources to be reliable as of the date of this presentation, it has not independently verified, and makes no representation as to the adequacy, fairness, accuracy or completeness of, any information obtained from third-party sources, and you are urged not to give undue weight to such third-party information. While the Company believes its internal research is reliable, such research has not been verified by any independent source. 2#3Full-Stack Behavioral Health Platform With Proven Clinical and Tech Capabilities Addressable market for digital delivery of mental healthcare is underpenetrated and growing Digital behavioral healthcare pioneer with leading brand and full-stack platform to serve both B2B and B2C markets talkspace Making continued progress on well-defined strategic priorities Strong balance sheet, which we believe enables investments to accelerate revenue growth and boost cash flow 3#4Digital Mental Healthcare is a Sizable, Underpenetrated and Growing Market A Growing Unmet Need >50% Americans living with a mental illness do not receive treatment for their disorder (~27M in 2022)¹ ¹https://www.mhanational.org/issues/state-mental-health-america 2 https://www.precedenceresearch.com/us-behavioral-health-market 3 SilverCloud 2021 Survey Projected U.S. Behavioral Health Market Growth² $150 $100 $50 $0 $91 2020A +5.5% CAGR $97 2021A $132 talkspace 2027E Virtual BH Preferred Delivery 78% Estimated number of behavioral health consumers who prefer virtual delivery over in-person³ 4#5Leading Virtual Behavioral Healthcare Provider We Support We Provide We are Consumers, employers, and health plans Adults ● Teens • Couples ● Health plans • Employers • Academic and government institutions Convenient, on-demand, and outcome-driven care • Assessment • Diagnosis • Therapy Medication • Self-guided tools . Clinical outcome measures talkspace A secure, clinical-grade, and fully virtual solution • Mobile ● Multi-modality • Private & secure • Evidence-based Effective Researched 5#6Technology Leveraged At Every Step Screening / Intake 1 • Robust data-supported provider network • Data-driven funnel and conversion optimization Match 2 • Proprietary user matching and switching algorithm Treatment 3 • Information retrieval model creates automated patient session highlights • Client engagement monitoring • Crisis risk alerts Machine Learning-assisted diagnosis Outcomes 4 Outcome trends and engagement patterns . Clinical mentor app drives continuous quality improvement Discharge 5 . Clinical progress tracker and data-driven discharge results Digitally native technology platform and machine learning capabilities enable enhanced care throughout the clinical journey talkspace Maintenance 6 • Personal digital care exercises and self-help tools 6#7Optimizing B2C Returns Enhance Value Proposition Pricing o Shift to value-based pricing O Better meet customer demand with clinician availability across states Merchandising o Seek customer feedback to improve products, plans, and prices O Increase amount of bundled offerings o Continue investing in product innovation Increase Conversion Enhance user buying experience o Optimize and unify B2C & B2B intake funnels o Superbill adoption Media Upgrades o Accelerate organic content development O Launch & hone omnimedia campaigns o Upgrade affiliate platform o Increase media efficiencies Improve Retention Optimize user experience o Enhance user onboarding experience with focus on therapeutic connection talkspace o Increase number and efficacy of clinical tools for providers Clinical Network o Grow hybrid network O Enhance provider training and experience 7#8B2B: Coverage With National Health Plans and a Growing Number of Employers Managed Behavioral Health (MBH) Employee Assistance Programs (EAP) Direct-to-Employer (DTE) Cigna Optum beacon health options aetna™ Resources for Living Blackstone *Expensify Provide insurance members access to Talkspace • Fee-for-service model: o Talkspace pre-negotiates reimbursement rates with payors o Talkspace bills payors for each session delivered o Members may pay a co-pay • Provide employees fully-covered access to Talkspace: o Employees have access to negotiated number of sessions • Fee-for-service model: o Talkspace bills for each session delivered • Provide direct, fully-covered access to Talkspace: o Client chooses which plan employees will have access to • Per Employee Per Month ("PEPM"): o Employer pays a negotiated amount per person monthly talkspace 8#9B2B Segments Offer Multiple Growth Opportunities Increase Penetration & Utilization MBH & EAP DTE New Client Wins • Convert pipeline of new partners . Grow with new partners New Client Wins • Pipeline of renewals and new partnerships . Continued customer inbounds + + Activate current covered lives via B2B2C marketing, unified funnel • Increase sessions per user via product enhancement and promote user retention Value-Driven Pricing • Marketplace currently allows for opportunities to optimize revenue + + talk space Expand Product Suite • Increase share of wallet by offering multiple products (e.g. Psychiatry, self-guided) to insured members Expand Product Suite • Product bundling provides opportunities to address a wide spectrum of care and differentiate vs. peers 9#10We Continue to Execute on Our Strategic Priorities 1 4 Unify B2B2C Funnel Beta testing new unified funnel Streamlined matching process Optimize B2C Channel Improving economics Subscription mix 2 Grow & Enhance Clinical Network Therapist satisfaction Expanded capacity LO 5 Expand Product Suite Initial evaluation session Self-guided library 3 Resource B2B Business for Growth 6 Bundled offerings New team hires talkspace Optimize Cash Generation Revenue cycle management Reporting & analytics 10#11Closing Remarks Ⓡe talk space Full-stack behavioral health platform to serve sizable, underpenetrated & growing TAM Integrated machine learning drives member engagement & improves clinical efficacy Growing B2B business with multiple drivers to increase market penetration & enhance profitability; Optimizing B2C returns Solid brand to leverage across multiple distribution channels Network of licensed clinicians addressing a wide spectrum of specialties Strong balance sheet, which we believe enables investments to accelerate revenue growth and boost cash flow 11#12Appendix: 1Q 2022 Performance Highlights $40 $30 $20 $10 $0 Revenue $26.3 $18.6 $7.7 Q3 '21 B2C 1,2 $29.2 $16.5 Q4 '21 $30.2 $12.7 $12.9 B2B $17.3 Q1 '22 100 75 50 25 0 # B2B Sessions² 71.3 81.6 Q3 '21 Q4 '21 ¹B2B Revenue includes reserve allowance for credit losses on receivables. B2C Revenue includes a one-time non-cash reversal in deferred revenue. 2 Includes EAP and MBH sessions. 3 Based on the number of active members at the end of the period. 2 90.6 Q1 '22 80 60 40 20 Active Members 60.3 28.0 32.3 Q3 '21 55.6 B2C 23.8 31.8 Q4 '21 talk space B2B 3 64.5 22.2 42.3 Q1 '22 12 talkspace 12