#1talk space Talkspace: Feeling better starts with a single message 41st Annual J.P. Morgan Healthcare Conference Jon R. Cohen, MD, CEO Jennifer Fulk, CFO JANUARY 12, 2023 Sharon Sharon Adams Hurst Working today Dec 12, 11:30 AM By signing up for Talkspace you have made a really meaningful choice. I know it can be an overwhelming decision but therapy can help you become a happier you. Yeah, I'm going through a it's been a struggle. I fe to talk to a profession schedule is so busy. I can't wait to +Message Sharon... 9:41 all O talk space 1#2Disclaimer Talkspace, Inc. (the "Company") reports its financial results in accordance with U.S. generally accepted accounting principles ("GAAP"). The select preliminary, unaudited results described in this presentation are estimates only and are subject to revision until the Company reports its full financial and business results for the quarter and year ended December 31, 2022 including the completion of the preparation and audit of the Company's financial statements and the subsequent occurrence or identification of events prior to the formal issuance of the audited financial statements for fiscal 2022. This presentation may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking, including statements regarding our financial condition, anticipated financial performance, 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 press release, 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;; 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 in under the caption "Risk Factors" in our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2022 filed with the Securities and Exchange Commission ("SEC") on November 8, 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. 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. talk space 2#3National leader in virtual behavioral healthcare ● Diversified revenue streams across multiple channels Strong commercial pipeline through established, trusted relationships with national payers and large employers Improving outcomes and efficiencies from continued product and clinical innovation Leading brand driving customer recognition and organic traffic across distribution channels Nationwide network of licensed therapists and prescribers covering a broad spectrum of clinical expertise Path to profitability while maintaining strong cash position Sizable, underpenetrated TAM with continued growing demand#4Significant and growing demand, increasing telehealth adoption Sizeable and growing unmet need >30% Of U.S. adults experienced symptoms of anxiety or depression as of June 2022² 4 GNA Partners 5 FAIR Health, 2022 40% Of employees who left jobs in 2021 cited burnout as a main driver of their decision4 Telemedicine and e-Health 2017 2KFF and Epic Research Precedence Research $150B $100B $50B $OB Projected U.S. Behavioral Health Market Growth³ $91B 2020A +5.5% CAGR $97B 2021A $132B 2027E High effectiveness of telehealth and sustained increase in use 80% Of study participants found Talkspace more effective or as effective as in-person therapy¹ ~2x Increase in mental health claims as a percentage of total telehealth claims5 talk space 4#5Full spectrum of care offered within the platform Self-Guided Ready to Begin? You're on session 1 of 5 Let's Unpack: Your Meta-Emotions Navigating Emotions Start Now Today's Reflection New! Reflect on a new topic each day What stories did your family love to tell about you when you were growing up? Answer → Featured Classes Experts guide you through live exercises For Couples: Managing Stress Together with Aline Vanya Gulme (Today at 7:00 PM talk space Good morning, Jamie Date Range: All Time Trends Total Sign Ups 304 Utilization 9% Average Monthly Users 125 0 0 0 PNG 0 Therapy +Message Jennifer... 00:15 a therapy for the first time is p towards feeling better. By the commitment iment to therapy already made progress we will explore what you experiencing and where ork and a t Sarah Strong Working today ike e to go. You mentioned s that nore about the a experiencing vrk? res really looking forward to getting started Sen May 15 12:30 744 4 0 20 DO Psychiatry talk spac Meet your provider Christina Perez LMHC, NY @Cailee new Profile It is no secret that life can present us with challenges, making it hard to get by at times. Sometimes all it. Read more 10 years in practice Joined Talkspace Availability 2 years ago Specialties Anxiety Relationships issues, Depression, Borderline Personality A Ⓡ talk space LO 5#6Trusted platform with established national partners Behavioral Health Plans Optum beacon health options Cigna. • In-network provider, accessed via member co-pay • Fee-for-service model Note: Reflects select commercial agreements as of 12/31/2022. Employee Assistance Programs Elevance aetna Health Resources for Living Wellspring EAP beacon health options Limited number of fully covered sessions with Talkspace • Fee-for-service model Employers THE HUMANE SOCIETY OF THE UNITED STATES evenflo e expedia group accenture University of devon FEDERAL RESERVE BANK • Fully covered access to Talkspace based on employer-selected plan Per employee per month subscription model talk space 6#7Multiple drivers of payer revenue growth New Covered Lives • Robust and growing pipeline of new partners • Add additional covered lives with current partners + K Increased Capture Rate 7 Targeted marketing • Increase member awareness + Increased Utilization Improve session adherence and treatment completion rates + Value-driven pricing • Opportunities to optimize reimbursement talk space 7#8Operating efficiencies driving towards profitability $60 $40 $20 $0 117% $45 $34 Q4'21 Normalized OpEx as % of Revenue 112% $36 $34 Q1'22 106% $36 Note: Percentage represents recurring cash OpEx divided by reported revenue $32 Q2'22 SBC + non-recurring 104% $34 $30 Q3'22 Normalized OpEx ● Labor cost efficiencies Efficiency measures taken ● Optimize marketing and brand spend across channels ● ● Consolidate and re-negotiate vendor contracts Focus on salesforce productivity Improve provider network productivity Disciplined corporate spend talk space 8#9Talkspace brand awareness drives marketing efficiencies Phelps as quoted on CNN "Amanpour" Leading brand awareness while spending significantly less than competitors talk space 25.2% betterhelp 24.8% dr. on demand May 2022 Brand survey - 800 U.S. Consumers, 18-65 year olds 1 Measurement of aided awareness 16.1% Cerebral 14.8% Top U.S. behavioral telehealth brands¹ Brightside 11.6% "I work with a therapist, I'm on Talkspace, you can go on your phone, you can go on your computer... whenever you want.” - Michael Phelps W verywell mind ONLINE THERAPY AWARDS 2022 talk space 9#10Product innovation supports business priorities Increase revenue • Improve bookings conversion • Improve member satisfaction and retention • Increase reimbursable sessions 9:41 < Su 6 13 < 27 Mo 7 14 20 21 28 talk space Morning 9:00 AM 9:15 AM 9:30 AM January 2022 Tu 2 1 2 8 15 22 We Th 29 9 16 23 Wednesday, Jan 23 America - New York. Afternoon 12:00 PM 30 31 12:15 PM 3 12:30 PM 10 17 24 > Fr 4 11 18 ill 25 Sa 5 12 19 26 Evening 3:00 PM 3:15 PM 3:30 PM talk space Meet your provider Christina Perez LMHC, NY, Online now Profile Availability It is no secret that life can present us with challenges, making it hard to get by at times. Sometimes all it... Read more. 10 years in practice Joined Talkspace + Decrease costs • Increase provider efficiency • Increase network utilization • Improve provider satisfaction M t M 98 = ($) Date and time : Today < > May 2022 EDT 10 AM 11.AM 12 PM Submit progress notes (3) 1 PM 2PM SUN 15 Mon, Jun 8 Messaging Session Fri, Jun 5 Messaging Session Krista T No-show Break MON 16 Alex D Occurred Break Josh H Occurred Break TUE 17 ID= Eliza G 45min Alan T Samantha R Barbara E 45min 45min Robert A. 45min Break WED 18 Ezra G 45min Break Jordan D 45min Break (optional) Nickname Room: 3017139 User: 3034411 Nickname Room: 3017139 User: 30344111 Status THU 19 Sarah H 45min Break (optional) Tom G 45min Break (optional) Nan T 45min Break (optional) Sam Y 45min Reopened FRI 20 Lily R 45min Break (optional) Teresa B 45min Break (optional) >> EAP Session occurred Robert M 45min, Initial se Break Kayla M 45min Jennifer Liu ✓ Edit availability > Action SAT 21 Submit Submit Reopen Snooze talkspace 10#11National network growing to meet demand Network overview 3K+ Total providers in network, licensed across all 50 states ~30% Growth in number of providers in the last 12 months 34% Clinicians who identify as a person of color Hybrid network In-house, full-time providers Independent contractor providers Provider platform of choice ôf Rewards & recognition 3 Learning & development Community & culture @ Convenience & admin support Meaningful work talkspace 11#12Effectiveness demonstrated with strong clinical outcomes Demonstrated improvements with asynchronous messaging therapy 10K+ individuals participated across 50 states 12 Weeks of asynchronous messaging therapy 67% Resulted in remission or improvement of symptoms on measures of depression and anxiety Hall BMC Psychiatry (2020) 20:20 https://doi.org/10.1186/s12888-020-02721- RESEARCH ARTICLE JOURNAL OF MEDICAL INTERNET RESEARCH Original Paper Two-way messaging therapy for depression and anxiety: longitudinal response trajectories Matt NYL Colu Talk Sum Duk Message Delivery for the Treatment of Posttraumatic Stress Disorder: Longitudinal Observational Study of Symptom Trajectories these Corr Math NYL One New Uniti Phon Emai Ab: BMC Psychiatry Back as aw to tru exam Obje acun Open Access 16 vodov Journal of Technology in Behavioral Science https://doi.org/10.1007/941347-018-0054-4 Malgaroli et al. The Effect of Messaging Therapy for Depression and Anxiety on Employee Productivity Meghan DellaCrosse¹ @Kush Mahan². Thomas D. Hull' Mark Springer international Publishing AG part of Springer Nature 2018 Abstract The World Health Organization estimates that more than 300 million people suffer from depression worldwide, and mental and behavioral disorders top the list of the leading categories of diseases and disorders in the USA, coming in second only to cardio- vascular disease. Such impact is seen to disproportionately affect the workplace since over 70% of those diagnosed with depression are also employed. Past research has suggested that employee absenteeism can be reduced through treatment for depression and anxiety, yet no study to date has examined the effectiveness of text therapy as a scalable delivery medium. Employing a retrospective within-subjects design, this study evaluated the treatment outcomes of text therapy for depression and anxiety and the impact such treatment had on engagement with employment. Adults secking text therapy treatment for a variety of disorders were recruited from a text therapy service (N=51) Clinical outcomes were measured using the Patient Health Questionnaire-9 and the Generalized Anxiety Disorder-2 after 14 to 15 weeks of treatment. An additional outcome variable was measured with the Work Productivity and Activity Impairment scale. Treatment acceptability was assessed with ratings of cost-effectiveness and retum on investment concerning increased employee productivity. Participants reported significantly less depression and anxiety (PHQ-9, d=1J4; and GAD-2, d. 1.17) on 7) overall. Thirty-one of the 38 participants (84%) with clinically elevated depression and 25 of the 39 participants (64%) with clinically elevated anxiety experienced clinically significant symptom reduction. Participants reported Healthcare workers benefited during COVID-19 pandemic 820 Healthcare workers participated 35% first time in therapy 56% Resulted in remission or improvement of symptoms on measures of depression and anxiety with just 30 days of care in most cases talkspace 12#13Near-term priorities ● ● Achieve profitability while maintaining significant cash reserves Continue to invest in product and clinical innovation Evolve go-to-market strategies to meet changing customer needs through profitable solutions Strengthen leadership position with national payer coverage and activate covered lives Renew commitment to become platform of choice for providers talkspace 13#14Key Takeaways Diversified revenue streams across multiple channels Tor Strong commercial pipeline via established relationships with national payers and large employers Improving outcomes and efficiencies from continued product and clinical innovation Leading brand driving customer recognition and organic traffic across distribution channels Nationwide network of licensed therapists and prescribers covering a broad spectrum of clinical expertise Path to profitability while maintaining strong cash position talkspace 14#15talk space Q & A 41st Annual J.P. Morgan Healthcare Conference Jon R. Cohen, MD, CEO Jennifer Fulk, CFO JANUARY 12, 2023 talkspace 15