#1talk space Talkspace: Accessible, High-Quality Mental Healthcare 40th Annual J.P. Morgan Healthcare Conference Doug Braunstein, Interim CEO Jennifer Fulk, CFO JANUARY 13TH 2022 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, 2021. These estimates are not a comprehensive statement of the Company's financial results for the fourth quarter and fiscal year ended December 31, 2021 and actual results may differ materially from these estimates as a result of the completion of year-end accounting procedures and adjustments, including the execution of the Company's internal control over financial reporting, 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 2021. In addition, the preliminary, unaudited results described in this presentation, including revenue, B2B covered lives, and cash balance, should not be relied upon as an indicator of overall quarterly and year-end financial results, which depend on a variety of factors, including the cost of goods sold and operating expenses, among others. 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 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; 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 in under the caption "Risk Factors" in our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2021 filed with the Securities and Exchange Commission ("SEC") on November 15, 2021 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#3Full-Stack Behavioral Health Platform With Proven Clinical and Tech Capabilities ● Full-stack behavioral health platform to serve sizable, underpenetrated, and growing TAM Network of licensed therapists, psychiatrists, and prescribers addressing a wide spectrum of specialties Growing B2B business with multiple drivers to increase market penetration and enhance profitability Solid brand to leverage across multiple distribution channels Integrated machine learning model to drive member engagement and improve clinical efficacy Strong balance sheet, which we believe enables investments to accelerate revenue growth and boost cash flow talk space 3#4Sizable, Underpenetrated and Growing TAM Widespread and Growing Incidence >30% U.S. adults experienced symptoms of anxiety or depression as of Fall 20211 ¹ https://www.cdc.gov/nchs/covid 19/pulse/mental-health.htm 2 https://www.fortunebusinessinsights.com/u-s-behavioral-health-market-105298 3 Source: SilverCloud 2021 Survey $100B $75B $50B $25B $OB Projected U.S. Market Growth² $69B 2020A +4.7% CAGR $78B 2021E $99B 2028E Virtual BH Preferred Delivery 78% Estimated number of behavioral health consumers that prefer virtual delivery over in-person³ talk space 4#5Leading Virtual Behavioral Health Provider We support Consumers, employers, and payors Adults Health Plans • Teens • Employers 8 • Couples • Academic and government institutions We provide We are Convenient, on-demand, and outcome-driven care • Assessment • Diagnosis • Therapy Medication • Self-help tools . Clinical outcome measures A secure, clinical-grade, and fully virtual solution • Mobile . Evidence-based ● Multi-modality • Effective . Private & secure • Researched#6Preliminary Financial Performance USD, millions $30 $20 $10 $0 Quarterly Revenue $26 $6 $19 Q4 '20A B2B ~$28(1) $11 $17 Q4 '21E B2C USD, millions $200 $150 $100 $50 $0 Annual Revenue $38 2019A Note: please reference Disclaimer for any revenue and covered lives estimates ¹ Midpoint of estimated 4Q '21E revenue range of $27.5-28.5M. 2 Midpoint of estimated FY 2021E revenue range of $112-$113M, which reflects 4Q' 21E estimated revenue of $27.5-28.5M. 369M eligible lives estimated as of 12/31/2021. This is consistent with the number of covered lives disclosed in the form 8-K filed on December 21, 2021. $76 2020A ~$112(2) 2021E Covered lives, millions 125 100 75 50 25 B2B Covered Lives 0 8 2019A 39 2020A (3) 69 2021E talk space 6#7Near-Term Priorities ● Grow and enhance clinical network Unify B2B2C conversion and service delivery Further resource B2B business for growth Optimize B2C marketing investment Prioritize and focus new product development and roll-out Implement more rigorous business processes to optimize cash generation over time talk space 7#8B2B Business Model Overview Managed Behavioral Health (MBH) ● Cigna. Optum Provide insured 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 ¹Run-rate of monthly revenues estimated for December 2021. Employee Assistance Programs (EAP) aetnaⓇ Resources for Living Wellspring EAP ● Provide employees fully-covered access to Talkspace O Employees have access to a limited number of sessions Fee-for-service model: O Talkspace bills EAP for each session delivered Direct-to-Employer (DTE) Blackstone ~40% of B2B run-rate revenue¹ is recurring West Virginia University. A1* Expensify ● Provide employees direct, fully-covered access to Talkspace o Client chooses which plan employees will have access to Per employee per month ("PEPM") model: o Employer pays a pre-negotiated amount per person on a monthly basis talk space 8#9Multiple Drivers of B2B Revenue Growth: MBH & EAP New Covered Lives • Convert pipeline of new partners, including regional plans • Sign additional covered lives with current partners + Increased Penetration • Activate current covered lives via B2B2C marketing and unified intake funnel . Strengthen payor partnerships + Increased Utilization • Increase number of sessions per active user via product enhancement • Promote user retention + Expanded Product Significant opportunity to increase market penetration & user engagement Suite 0 • Increase share of wallet by offering existing consumer products (e.g. Psychiatry, Lasting) to insured members talk space 9#10Multiple Drivers of B2B Revenue Growth: Direct-To-Employer New Employer Logos • Pipeline of renewals and new partnerships • Continued customer inbounds + Value-Driven Pricing $9 ● Marketplace currently allows for opportunities to optimize revenue + Expanded Product Suite 0 New product bundling provides opportunities to address a wide spectrum of care • Differentiated product suite vis-a-vis peers Demand tailwinds in 2022 have potential to drive meaningful growth in recurring profit talkspace 10#11● *Price for follow-up visits Self-Help lasting Applications - O Individual and couples: self-guided therapy O Live classes & workshops Clinical tools, including: o Therapeutic exercises O Worksheets B2C Full Spectrum of Care LO Starting at $30/month Multiple therapy subscription options, including treatment for: Therapy O Individuals o Couples O Teens ● Multiple modalities, including: Text Video Audio messaging Live chat OOO O Starting at $260/month Psychiatry Psychiatry services, including O Evaluations O Follow-ups O Psychiatric medication management Starting at $125/month* talkspace 11#12Path To Optimize B2C Returns Enhance Value Proposition Pricing o Shift to value-based pricing o Better match customer demand with clinician availability on a state-by-state basis 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 purchasing 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 o Increase number and efficacy of clinical tools for providers Clinical Network o Grow hybrid network o Enhance provider training and experience talkspace 12