Driving lasting behavior change for members with unaddressed behavioral health conditions and chronic disease through AI-powered engagement and telehealth-enabled interventions.

Investor PresentationMarch 2021NASDAQ: OTRK

Forward Looking Statement

Except for statements of historical fact, the matters discussed in this presentation are forward-looking and made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect numerous assumptions and involve a variety of risks and uncertainties, many of which are beyond our control, which may cause actual results to differ materially from stated expectations. These risk factors include, among others, changes in regulations or issuance of new regulations or interpretations; limited operating history; our inability to execute our business plan; increase our revenue and achieve profitability; lower than anticipated eligible members under our contracts; our inability to recognize revenue; lack of outcomes and statistically significant formal research studies; difficulty enrolling new members and maintaining existing members in our programs; the risk that the treatment programs might not be effective; difficulty in developing, exploiting and protecting proprietary technologies; intense competition and substantial regulation in the health care industry; business disruption and related risks resulting from the outbreak of the novel coronavirus 2019; high customer concentration; dependence on key personnel and the ability to recruit, retain and develop a large and diverse workforce; the risks associated with the adequacy of our existing cash resources and our ability to continue as a going concern; our ability to raise additional capital when needed and our liquidity; and risks related to our ability to realize the potential benefits of and to effectively integrate acquisitions. You are urged to consider statements that include the words “may,” “will,” “could,” “should,” “believes,” “estimates,” “projects,” “potential,” “expects,” “plan,” “anticipates,” “intends,” “continues,” “forecast,” “designed,” “goal,” or the negative of those words or other comparable words to be uncertain and forward-looking. For a further list and description of the risks and uncertainties we face, please refer to our most recent Securities and Exchange Commission filings which are available on its website at http://www.sec.gov. Such forward-looking statements are current only as of the date they are made, and we assume no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

2

• Proven AI-powered and telehealth-enabled healthcare company focusing on untreated behavioral health and chronic conditions (Average savings of 52%)1

• Differentiated, proven, AI-driven technology platform

• Partnerships with over 11,600 high quality behavioral health providers in 40 states

• Underserved, large and fast-growing market

• Multiple avenues of growth: acquisition of LifeDojoexpands Ontrak total addressable market

• Founder-led organization, with experienced senior management

• Rapid revenue growth of 131% in 2019 and 136% in 2020

1Anaylsis of Ontrak medical claims data across all customers and lines of business.

Investment Highlights

4

Surging Demand for Behavioral Health Services

Second wave of mental health and substance use disorders is building.

5

McKinsey and Co “A holistic approach for the U.S. behavioral health crisis during the COVID-19 pandemic,” August 2020

In the post-COVID-19 period, traumatic stress, unemployment, and social isolation will lead to exacerbation of existing behavioral health conditions and onset of new

conditions that could drive $100 billion to $140 billion of additional spending on behavioral and physical health services in 2020 and 2021.

Post-COVID Behavioral Health Spend Expected to Soar

MILLIMAN RESEARCH REPORT: August 13, 2020The High-cost Behavioral Subgroup constituted 5.7% of the total population of 21 million insured lives yet accounted for 44% of total healthcare costs.

1 As of 3/5/21 2 FY 2020 versus FY 2019 3 Total enrolled members at end of Q4 2020 versus end of Q4 2019 4 LifeDojo and other intended acquisitions may expand TAM by up to 100%. 6

Ontrak, formerly known as Catasys, solves the hidden, high cost problem of untreated behavioral health conditions, improving member health and reducing medical expense

Unique ability to engage members who do not otherwise seek behavioral healthcare, leveraging proprietary enrollment capabilities built on deep insights into the drivers of care avoidance

Our program improves member health and delivers validated cost savings to healthcare payers of more than 50 percent for enrolled members

• Ontrak PRE™ predicts people whose chronic disease will improve with behavior change, recommends effective care pathways, and engages people who aren’t getting the care they need

• Ontrak provides healthcare solutions to members, either in-person or via telehealth, with behavioral conditions that cause or exacerbate chronic medical conditions which result in high medical cost

Serving members of major health plans and employers across the USA

The Nationwide Leader in Engagement

136%y/y Revenue Growth2

$0.5BEnterprise Value1

$33.7BTotal Addressable Market4

~735Employees 1

124%y/y Enrollment Increase3

~ At 20% enrollment that would be $6.7 billion in yearly revenue opportunity

for Ontrak

Commercial Fully Insured

$7.7B

Medicare Advantage

$3.8B

CommercialASO$12B

ManagedMedicaid$10.2B

7

LifeDojo and other intended acquisitions may expand our total addressable market by up to

100%.

*

*

1

1Estimated based on internal analysis.

Total Addressable Market (TAM)The Intersection of Behavioral Health and Chronic Disease

8

PAST YEAR, 2018 NSDUH, 12+

Most patients with behavioral health do not

receive the treatment they need

* No Treatment for SUD is defined as not receiving treatment at any location, such as a hospital (inpatient), rehabilitation facility (inpatient or outpatient), mental health center, emergency room, private doctor's office, self-help group, or prison/jail.

$3K

$5K

$6K

$4K

$2K

$1K

Per

Mem

ber

Per

Mon

th

Cost

3

Hypertension

Asthma Bipolar Chronic Pain

Diabetes CAD COPD CHF

All Others

Ontrak Target Members

Behavioral health conditions cause or exacerbate other chronic diseases costing health plans up to 4.5x more than patients without BH issues

Behavioral Healthcare Avoidance is an Underserved and Expensive PROBLEM

OntrakTM Program1of Ontrak

members have not received behavioral health services in the last 12 months

We address the member’s medical, social, and

behavioral barriers to engage them with the

health system they would otherwise avoid.

1Source: Ontrak total member ratings of OnTrak Program across all health plans, Q4 20202 Source: customer.guru/net-promoter-score/industry/health-care-insurance-and-managed-care

ENGAGEMENT is the game-changing SOLUTION

We don’t require members to take the first step, we engage those who others

cannot reach.

9

Ontrak “Member Obsession”drives engagement and loyalty

of Ontrak eligible population aren’t touched by health plan (targeted) care management programs

90%

97%Net Promoter Score

Average of Public Health Plans2

480Why can’t Health Plans do what Ontrak

does on their own?• Proprietary algorithms that identify and target an

otherwise untraceable population• Unique approach to outreach and fingerprinted

interventions that results in greater levels of engagement• Care avoidant members actively avoid the healthcare

system and require many more interventions than feasible for health plans

Ontrak PRE™PREDICT • RECOMMEND • ENGAGE

OntrakTM Program

Client 1

Client 2

Client 3

Client 4

Client 5

…

EffectiveOutreach

Pool

TotalOutreach

PoolContacted

Enrolled Members

Med

ical

and

Pha

rmac

y Cl

aim

s on

Mill

ions

of

indi

vidu

als

Apply proprietary AI-powered identification algorithms

Multi-modal member engagement: telephonic, video, email, text

Evidence based telehealth-enabled program1 2 3

Platforms

Ontrak Approach

Our Unique Approach to Engagement

10

An advanced analytic engine evolved over 10 years to apply machine intelligence to manage data at scale and

provide actionable insights at unmatched speed.

Designed and built using medical and pharmacy insurance claims data and clinical data from the OntrakTM Program.

Processes, organizes and analyzes medical and pharmacy data from the nation’s largest health plans representing

millions of covered lives and billions of individual data points.

Using machine learning, PRE imputes diagnoses for individuals with unaddressed behavioral health and medical

conditions.

PRETM Technology PlatformOntrak PRE™ (Predict – Recommend – Engage) is a cutting-edge analytics platform that powers OnTrak

TM

solutions.

11

Improves clinical outcomes and lowers the cost of care

Cognitive Segmentation, Behavioral Drivers & Goals

Care Coaches

Multiple Communication

Modalities

Program Type & Duration

Credentialed Network

Machine Learning and AI

Community Care Coordinators

Member Engagement Specialists

OntrakTM Program

12

Health Plans Experience Reduced Medical Expense in the First Quarter of Member Enrollment

AI–enabled hyper targeting of high cost, care-avoidant members

Proprietary identification algorithms for behavioral health conditions including substance use disorder, anxiety, depression & chronic disease conditions

Flexible program duration with one trusted OntrakCare Coach for up to 52 weeks

Industry-leading member retention and graduation rates due to “fingerprinted” interventions

Local Community Care Coordinators, Care Coaches, Providers, Member Engagement Specialists AND a proprietary behavioral health telehealth network

Unrivaled financial outcomes, durable medical claims savings and ROI

Ontrak methodology for evaluation of Ontrak program outcomes validated by Milliman1

1Milliman, actuarial industry leader, has peer reviewed the matched pairs study methodology used by Ontrak to evaluate the Ontrak program and has found it reasonable and appropriate for the circumstances. Specific calculations and conclusions were not reviewed.

Source: Ontrak cohort analysis of members across all customers and lines of business from 05/2011 to 09/2018. Members must have completed the 52 week Ontrak program and have 36 months of medical and pharmacy claims post Ontrak enrollment. Monthly costs post OnTrak enrollment are compared to the “baseline” medical and pharmacy claims for the period 12 months prior to enrollment.

Proven Playbook to Drive Lasting Behavior Transformation

13

“Really looking at the engagement, there's no doubt that you've proven to me that the program works.”

The demonstrated cost savings for Health Alliance Medical Plans are consistent with Ontrak’s 40% - 50% cost reduction results across our book of business.

14

Dr. Chester Ho, CMO of Health Alliance

1 ROI calculation = Return / Investment = Net Savings / Program Cost2 Analysis of Ontrak medical claims data across all customers and lines of business 15

Investment

X2$30,000 $15,600 $31,200

$6,700

$35K

$30K

$25K

$20K

$15K

$10K

$5K

Average OntrakProgram

Cost

2 Year Cost Savings2

Post Graduation Average Savings2

Prior Average Health Plan

Cost

Aver

age

Med

ical

Cos

t Pe

r Ye

ar

Case Study: Humana

52%Savings

Return 3.7Average

ROI

$24,500Net

Savings

52% Average Savings2 Year ROI Range : 2.8 to 4

2

1,2 PMPM Cost Decrease for OnTrak Members vs. Cost Increase for

Eligible Non-Members

ONTRAKMEMBERS

ELIGIBLENON-MEMBERS

Tangible Return on Investment

16

CURT MEDEIROSPresident & Chief Operating Officer• 20+ years experience in designing and executing growth strategies, establishing partnerships that improve the

healthcare system for all stakeholders

• Served nearly 10 years at UnitedHealth Group, most recently serving as President of OPTUM Analytics

• Joined Ontrak in 2019, heading Ontrak Operations, Sales and Marketing, and Digital Technology

TERREN PEIZERFounder, Chairman & Chief Executive Officer• Founder of several health care and life science companies

• Extensive background in venture capital, investing, mergers and acquisitions, corporate finance

• Held senior executive positions with investment banking firms Goldman Sachs, First Boston and Drexel Burnham Lambert

• Chairman of Acuitas Group Holdings (personal holding company with ~57% Ownership of OTRK)

• Chairman of Crede Capital Group, LLC, an industry leading Micro-Cap investment company

• Founder and Chairman of NeurMedix, Inc.

BRANDON LA VERNEChief Financial Officer• 26+ years experience in increasing financial leadership roles

• 12 years as Chief Financial Officer for PCM, a $2.2 billion technology solutions provider

• Significant experience with hyper growth, including through M&A transactions

• Deep experience in value creation through operational efficiencies and digital transformation

• Joined Ontrak in 2020

Proven Leadership

ROBERT NEWTONGeneral Counsel and Secretary• 30+ years of broad legal experience

• 15 years as EVP and Chief Legal Officer of a publicly traded multi-billion-dollar technology solutions provider

• Deep experience in M&A, corporate securities and litigation representing multiple healthcare clients

• Joined Ontrak in 2020

Management and board beneficially own

approximately 60% of equity

New customer acquisition and organic growth with major health plans

Aggressively pursue acquisitions that will accelerate growth

Increase addressable market through new solutionsfor behavioral health and severe chronic disease

Leverage technology to drive efficiency and connectacross the behavioral health system

Growth Strategy

17

18

Financial Overview

19

Proven Track Record of Revenue Growth

$7.7$15.2

$35.1

$82.8

$0

$20

$40

$60

$80

$100

2017 2018 2019 2020

Ont

rak

Reve

nue

($M

)

Revenue ($M)

20

A Per Enrolled Member Per Month (PEMPM) model is invoiced monthly based on active enrolled members until

graduation from the OnTrakTM program.

A Case Rate model invoices the full OnTrakTM program fees assuming full graduation, with variable clawbacks if

members disenroll prior to fixed timeline hurdles.

A Savings Share model is a blend of a lower Case Rate, supplemented by a percentage of documented savings

resulting from the OnTrakTM program.

In all models, revenue is recorded monthly based on estimated receipts over the estimated enrollment period of our

members in each plan.

Ontrak can flex its revenue model to support varying needs of our customers.

Flexible Business Model

21

$8

$15

$35

$83

$0

$10

$20

$30

$40

$50

$60

$70

$80

$90

2017 2018 2019 2020

Revenue ($Millions)

17.2%

26.7%

41.8%

47.3%

10%

15%

20%

25%

30%

35%

40%

45%

50%

2017 2018 2019 2020

Gross Margin %

-139.1%

-89.8%

-57.0%

-18.0%

-160%

-140%

-120%

-100%

-80%

-60%

-40%

-20%

0%2017 2018 2019 2020

Operating Margin %

Improving Financial Results

22

• Revenue of $100M for the year ending December 31, 2021• Approximately $88 million is from customers with existing contracts or in the

signature phase.• Launch of our Ontrak-CI contract in October 2020 is expected to drive 2021 growth,

with current enrollment already > 5,100 members• Continued momentum in our pipeline and customer expansions in Q1 2021 is

expected to expand our outreach pool

FY21 Financial Outlook

23

* Includes restricted cash associated with dividend payments through August 2022 under the Company’s non-convertible 9.50% Series A Cumulative Perpetual Preferred Stock.

Capital Structure 12/31/20Common Stock held by Insiders 9,203,726Common Stock held by Public 8,339,492Total Common Stock outstanding 17,543,218Warrants Outstanding 1,465,927% Warrants Held by Insiders 85%Stock Options Outstanding 3,616,314Fully Diluted Common Shares OS 21,624,416Preferred Stock Outstanding 3,770,265Preferred Stock at Liquidation Pref $94,256,625

Balance Sheet (in 000s) 12/31/20Total Cash* $103,210Total Assets $144,701Long Term Debt $45,719 Total Liabilities $83,950Total Stockholders’ Equity $60,751

Balance Sheet and Capital Structure

• Proven AI-powered and telehealth-enabled healthcare company focusing on untreated behavioral health and chronic conditions (Average savings of 52%)1

• Differentiated, proven, AI-driven technology platform

• Partnerships with over 11,600 high quality behavioral health providers in 40 states

• Underserved, large and fast-growing market

• Multiple avenues of growth: acquisition of LifeDojoexpands Ontrak TAM.

• Founder-led organization, with experienced senior management

• Rapid revenue growth of 131% in 2019 and 136% in 2020

1Anaylsis of Ontrak medical claims data across all customers and lines of business.

Investment Highlights