HealthEquity : HQY Investor Presentation December 2021

Investor presentation

December 2021

Copyright © 2021 HealthEquity, Inc. All rights reserved.

HealthEquity does not provide legal, tax or financial advice.

Safe harbor

This presentation does not constitute an offer or invitation for the sale or purchase of securities and has been prepared solely for informational purposes. This presentation is a summary of information contained in our public filings filed with the Securities and Exchange Commission (SEC), which public filings are expressly incorporated herein by reference (see http://ir.healthequity.com/), and other publicly available information. Readers are encouraged to review our public filings for further information.

This presentation contains "forward-looking" statements that are based on our management's beliefs and assumptions and on information currently available to management. These forward-looking statements include, without limitation, statements regarding our industry, business strategy, plans, goals and expectations concerning our market position, product expansion, future operations, margins, profitability, future efficiencies, capital expenditures, liquidity and capital resources and other financial and operating information. When used in this discussion, the words "may," "believes," "intends," "seeks," "anticipates," "plans," "estimates," "expects,"

"should," "assumes," "continues," "could," "will," "future" and the negative of these or similar terms and phrases are intended to identify forward-looking statements.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements represent our management's beliefs and assumptions only as of the date of this presentation. Our actual future results may be materially different from what we expect. Except as required by law, we assume no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future. Readers are encouraged to review our public filings with the SEC for further disclosure of other factors that could cause actual results to differ materially from those indicated in any forward-looking statements included herein.

This presentation also contains estimates and other statistical data made by independent parties and by us relating to market size and growth and other data about our industry. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates.

This presentation includes certain non-GAAP financial measures as defined by SEC rules. As required by Regulation G, we have provided a reconciliation of those measures to the most directly comparable GAAP measures, which is available in our public filings.

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An industry leader

13.3M100K

Total Accounts

Employer Clients

6.2M174

HSA members

Network partners

$16.4B15K

HSA assets

Integrations

3 NOTE: HealthEquity Employer Clients, Network Partners and Integration metrics as of January 31, 2021. Total Accounts, HSA Members and HSA Assets metrics as of October 31, 2021.

Expanding market

	1	Devenir HSA Research Report as of June 30, 2021
4	2	Management estimate as of December 2021
3 HealthEquity information as of October 31, 2021
	4	Proprietary research June 2019

Multiple avenues for growth

New partners Cross-sell	Uptake &	M&A initiatives
& clients	balance growth

Rate recovery, return to work and regulatory tailwinds

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